QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
ý | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth Company |
Page No. | |||||
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Selling and administrative expenses | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Other operating expense, net | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||
Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Income from Continuing Operations Before Income Taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Income (loss) on equity method investments | ( | ( | ( | ||||||||||||||||||||
Income from Continuing Operations | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Net Income Attributable to Ingersoll Rand Inc. | $ | $ | $ | $ | |||||||||||||||||||
Amounts attributable to Ingersoll Rand Inc. common stockholders: | |||||||||||||||||||||||
Income from continuing operations, net of tax | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net income attributable to Ingersoll Rand Inc. | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings (loss) per share of common stock: | |||||||||||||||||||||||
Earnings from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Loss from discontinued operations | ( | ( | |||||||||||||||||||||
Net earnings | |||||||||||||||||||||||
Diluted earnings (loss) per share of common stock: | |||||||||||||||||||||||
Earnings from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Loss from discontinued operations | ( | ( | |||||||||||||||||||||
Net earnings |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Comprehensive Income (Loss) Attributable to Ingersoll Rand Inc. | |||||||||||||||||||||||
Net income attributable to Ingersoll Rand Inc. | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments, net | ( | ( | ( | ( | |||||||||||||||||||
Unrecognized gain on cash flow hedges | |||||||||||||||||||||||
Pension and other postretirement prior service cost and gain (loss), net | |||||||||||||||||||||||
Total other comprehensive loss, net of tax | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income (loss) attributable to Ingersoll Rand Inc. | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments, net | ( | ( | ( | ||||||||||||||||||||
Total other comprehensive income (loss), net of tax | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||
Total Comprehensive Income (Loss) | $ | ( | $ | $ | ( | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance for credit losses of $ | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Assets of discontinued operations | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Deferred tax assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings and current maturities of long-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued liabilities | |||||||||||
Liabilities of discontinued operations | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, less current maturities | |||||||||||
Pensions and other postretirement benefits | |||||||||||
Deferred income taxes | |||||||||||
Other liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Commitments and contingencies (Note 16) | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $ | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock at cost; | ( | ( | |||||||||
Total Ingersoll Rand Inc. stockholders’ equity | $ | $ | |||||||||
Noncontrolling interests | |||||||||||
Total stockholders’ equity | $ | $ | |||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Month Period Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Ingersoll Rand Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Par | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation plans | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock for stock-based compensation plans | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends attributable to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Three Month Period Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Treasury Stock | Total Ingersoll Rand Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Par | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation plans | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock for stock-based compensation plans | — | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Divestiture of foreign subsidiaries | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Dividends attributable to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Nine Month Period Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Ingersoll Rand Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Par | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation plans | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock for stock-based compensation plans | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends attributable to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Nine Month Period Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Ingersoll Rand Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Par | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for stock-based compensation plans | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of treasury stock for stock-based compensation plans | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Divestiture of foreign subsidiaries | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Dividends attributable to noncontrolling interests | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
For the Nine Month Period Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows From Operating Activities From Continuing Operations: | |||||||||||
Net income | $ | $ | |||||||||
Income (loss) from discontinued operations, net of tax | ( | ||||||||||
Income from continuing operations | |||||||||||
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: | |||||||||||
Amortization of intangible assets | |||||||||||
Depreciation | |||||||||||
Non-cash restructuring charges | |||||||||||
Stock-based compensation expense | |||||||||||
Income (loss) on equity method investments | |||||||||||
Foreign currency transaction gains, net | ( | ( | |||||||||
Non-cash adjustments to carrying value of LIFO inventories | |||||||||||
Other non-cash adjustments | |||||||||||
Changes in assets and liabilities: | |||||||||||
Receivables | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable | |||||||||||
Accrued liabilities | ( | ||||||||||
Other assets and liabilities, net | ( | ( | |||||||||
Net cash provided by operating activities from continuing operations | |||||||||||
Cash Flows From Investing Activities From Continuing Operations: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Net cash paid in business combinations | ( | ( | |||||||||
Disposals of property, plant and equipment | |||||||||||
Other investing | |||||||||||
Net cash used in investing activities from continuing operations | ( | ( | |||||||||
Cash Flows From Financing Activities From Continuing Operations: | |||||||||||
Principal payments on long-term debt | ( | ( | |||||||||
Purchases of treasury stock | ( | ( | |||||||||
Cash dividends on common shares | ( | ||||||||||
Proceeds from stock option exercises | |||||||||||
Payments of interest rate cap premiums | ( | ||||||||||
Payments of deferred and contingent acquisition consideration | ( | ||||||||||
Other financing | ( | ||||||||||
Net cash used in financing activities from continuing operations | ( | ( | |||||||||
Cash Flows From Discontinued Operations: | |||||||||||
Net cash used in operating activities | ( | ( | |||||||||
Net cash provided by investing activities | |||||||||||
Net cash provided by (used in) discontinued operations | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental Cash Flow Information | |||||||||||
Cash paid for income taxes | $ | $ | |||||||||
Cash paid for interest | |||||||||||
Specialty Vehicle Technologies | High Pressure Solutions | Total | |||||||||||||||||||||||||||||||||
For the Three Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||||||||||||||
Selling and administrative expenses | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||||||||||||||
(Gain) loss on disposal group | ( | ( | |||||||||||||||||||||||||||||||||
Other operating expense, net | |||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations Before Income Taxes | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | ( | ( | ( | ||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | $ | ( | $ | ( | $ | $ | $ | ( |
Specialty Vehicle Technologies | High Pressure Solutions | Total | |||||||||||||||||||||||||||||||||
For the Nine Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||||||||||||||
Selling and administrative expenses | |||||||||||||||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||||||||||||||
Loss (gain) on sale | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Other operating expense, net | |||||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations Before Income Taxes | ( | ( | |||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | ( | ( | |||||||||||||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | $ | $ | $ | ( | $ | ( | $ | $ | ( |
December 31, 2021 | ||||||||
Cash and cash equivalents | $ | |||||||
Accounts receivable, net | ||||||||
Inventories | ||||||||
Other current assets | ||||||||
Property, plant and equipment, net | ||||||||
Total assets of discontinued operations | $ | |||||||
Accounts payable | $ | |||||||
Accrued liabilities | ||||||||
Total liabilities of discontinued operations | $ | |||||||
Specialty Vehicle Technologies | High Pressure Solutions | Total | |||||||||||||||||||||||||||||||||
For the Nine Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Loss (gain) on sale | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Capital expenditures |
Total | |||||
Accounts receivable | $ | ||||
Inventories | |||||
Other current assets | |||||
Property, plant and equipment | |||||
Goodwill | |||||
Other intangible assets | |||||
Other assets | |||||
Total current liabilities | ( | ||||
Deferred tax liabilities | ( | ||||
Total consideration | $ |
Seepex | M-D Pneumatics and Kinney Vacuum Pumps | Maximus Solutions | All Others | ||||||||||||||||||||
Accounts receivable | $ | $ | $ | ||||||||||||||||||||
Inventories | |||||||||||||||||||||||
Other current assets | |||||||||||||||||||||||
Property, plant and equipment | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other intangible assets | |||||||||||||||||||||||
Other assets | |||||||||||||||||||||||
Total current liabilities | ( | ( | ( | ( | |||||||||||||||||||
Deferred tax liabilities | ( | ( | ( | ||||||||||||||||||||
Other noncurrent liabilities | ( | ( | ( | ( | |||||||||||||||||||
Total consideration | $ | $ | $ |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Industrial Technologies and Services | $ | $ | $ | $ | |||||||||||||||||||
Precision and Science Technologies | |||||||||||||||||||||||
Corporate | ( | ||||||||||||||||||||||
Restructuring charges, net | $ | $ | $ | $ |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Charged to expense - termination benefits | |||||||||||||||||||||||
Charged to expense - other (1) | |||||||||||||||||||||||
Payments | ( | ( | ( | ( | |||||||||||||||||||
Currency translation adjustment and other | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Raw materials, including parts and subassemblies | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
LIFO reserve | ( | ( | |||||||||
Inventories | $ | $ |
Industrial Technologies and Services | Precision and Science Technologies | Total | |||||||||||||||
Balance at beginning of period | $ | $ | $ | ||||||||||||||
Acquisitions | |||||||||||||||||
Foreign currency translation and other(1) | ( | ( | ( | ||||||||||||||
Balance at end of period | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Amortized intangible assets | |||||||||||||||||||||||||||||||||||
Customer lists and relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Technology | ( | ( | |||||||||||||||||||||||||||||||||
Tradenames | ( | ( | |||||||||||||||||||||||||||||||||
Backlog | ( | ||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||
Unamortized intangible assets | |||||||||||||||||||||||||||||||||||
Tradenames | — | — | |||||||||||||||||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Salaries, wages and related fringe benefits | $ | $ | |||||||||
Contract liabilities | |||||||||||
Product warranty | |||||||||||
Operating lease liabilities | |||||||||||
Restructuring | |||||||||||
Taxes | |||||||||||
Other | |||||||||||
$ | $ |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Product warranty accruals | |||||||||||||||||||||||
Acquired warranty | |||||||||||||||||||||||
Settlements | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency translation and other | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||||||
For the Three Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Recognition of: | |||||||||||||||||||||||||||||||||||
Unrecognized prior service cost | ( | ||||||||||||||||||||||||||||||||||
Unrecognized net actuarial loss | |||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||
Gain on settlement | ( | ||||||||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ | $ |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||||||
For the Nine Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Recognition of: | |||||||||||||||||||||||||||||||||||
Unrecognized prior service cost | ( | ||||||||||||||||||||||||||||||||||
Unrecognized net actuarial loss | |||||||||||||||||||||||||||||||||||
( | |||||||||||||||||||||||||||||||||||
Gain on settlement | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Short-term borrowings | $ | $ | |||||||||
Long-term debt: | |||||||||||
Dollar Term Loan B, due 2027(1) | |||||||||||
Dollar Term Loan, due 2027(2) | |||||||||||
Euro Term Loan(3) | |||||||||||
Finance leases and other long-term debt | |||||||||||
Unamortized debt issuance costs | ( | ( | |||||||||
Total long-term debt, net, including current maturities | |||||||||||
Current maturities of long-term debt | |||||||||||
Total long-term debt, net | $ | $ |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Stock-based compensation expense recognized in: | |||||||||||||||||||||||
Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Shares | Weighted-Average Exercise Price (per share) | ||||||||||
Stock options outstanding as of December 31, 2021 | $ | ||||||||||
Granted | |||||||||||
Exercised or settled | ( | ||||||||||
Forfeited | ( | ||||||||||
Expired | ( | ||||||||||
Stock options outstanding as of September 30, 2022 | |||||||||||
Vested as of September 30, 2022 |
For the Nine Month Period Ended September 30, | |||||||||||
Assumptions | 2022 | 2021 | |||||||||
Expected life of options (in years) | |||||||||||
Risk-free interest rate | |||||||||||
Assumed volatility | |||||||||||
Expected dividend rate | % | % |
Shares | Weighted-Average Grant-Date Fair Value | ||||||||||
Non-vested as of December 31, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested as of September 30, 2022 |
Shares | Weighted-Average Grant-Date Fair Value | ||||||||||
Non-vested as of December 31, 2021 | $ | ||||||||||
Granted | |||||||||||
Forfeited | ( | ||||||||||
Non-vested as of September 30, 2022 |
For the Nine Month Period Ended September 30, | |||||||||||
Assumptions | 2022 | 2021 | |||||||||
Expected term (in years) | |||||||||||
Risk-free interest rate | % | ||||||||||
Assumed volatility | % | ||||||||||
Expected dividend rate | % | % |
For the Three Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Before-Tax Amount | Tax Benefit or (Expense) | Net of Tax Amount | Before-Tax Amount | Tax Benefit or (Expense) | Net of Tax Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Unrecognized gains on cash flow hedges | ( | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit prior service cost and gain or loss, net | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( |
For the Nine Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Before-Tax Amount | Tax Benefit or (Expense) | Net of Tax Amount | Before-Tax Amount | Tax Benefit or (Expense) | Net of Tax Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
Unrecognized gains on cash flow hedges | ( | ||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit prior service cost and gain or loss, net | ( | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Foreign Currency Translation Adjustments, Net | Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Total | ||||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | $ | ( | $ | ( |
Foreign Currency Translation Adjustments, Net | Cash Flow Hedges | Pension and Other Postretirement Benefit Plans | Total | ||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Divestiture of foreign subsidiaries | ( | ( | |||||||||||||||||||||
Balance as of September 30, 2021 | $ | ( | $ | $ | ( | $ | ( |
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | For the Nine Month Period Ended September 30, | Affected Line(s) in the Statement Where Net Income is Presented | ||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Cash flow hedges (interest rate swaps and caps) | $ | $ | Interest expense | |||||||||||||||||
Benefit for income taxes | ( | Provision for income taxes | ||||||||||||||||||
Cash flow hedges (interest rate swaps and caps), net of tax | $ | $ | ||||||||||||||||||
Net investment hedges | $ | ( | $ | Interest expense | ||||||||||||||||
Provision for income taxes | Provision for income taxes | |||||||||||||||||||
Net investment hedges, net of tax | $ | ( | $ | |||||||||||||||||
Amortization of defined benefit pension and other postretirement benefit items(1) | $ | ( | $ | Cost of sales and Selling and administrative expenses | ||||||||||||||||
Provision (benefit) for income taxes | ( | Provision for income taxes | ||||||||||||||||||
Amortization of defined benefit pension and other postretirement benefit items, net of tax | $ | ( | $ | |||||||||||||||||
Total reclassifications for the period, net of tax | $ | ( | $ |
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Derivative Classification | Notional Amount(1) | Fair Value(1) Other Current Assets | Fair Value(1) Other Assets | Fair Value(1) Accrued Liabilities | Fair Value(1) Other Liabilities | ||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||
Interest rate swap contracts | Cash flow | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest rate cap contracts | Cash flow | ||||||||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | Net investment | ||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||
Foreign currency forwards | Fair value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Foreign currency forwards | Fair value |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Derivative Classification | Notional Amount(1) | Fair Value(1) Other Current Assets | Fair Value(1) Other Assets | Fair Value(1) Accrued Liabilities | Fair Value(1) Other Liabilities | ||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||||||||
Foreign currency forwards | Fair Value | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Foreign currency forwards | Fair Value |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Gain recognized in OCI on derivatives | $ | $ | $ | $ | |||||||||||||||||||
Loss reclassified from AOCI into income (effective portion)(1) | ( | ( |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Gain recognized in OCI on derivatives | $ | $ | $ | $ | |||||||||||||||||||
Gain reclassified from AOCI into income (effective portion)(1) |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Foreign currency forward contracts gains (losses) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Total foreign currency transaction gains (losses), net | ( |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Gain, net of income tax, recorded through other comprehensive income | $ | $ | $ | $ |
September 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Trading securities held in deferred compensation plan(1) | $ | $ | $ | $ | |||||||||||||||||||
Interest rate swaps(2) | |||||||||||||||||||||||
Interest rate caps(3) | |||||||||||||||||||||||
Cross-currency interest rate swaps(4) | |||||||||||||||||||||||
Foreign currency forwards(5) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Deferred compensation plans(1) | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Trading securities held in deferred compensation plan(1) | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency forwards(5) | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||
Deferred compensation plan(1) | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency forwards(5) | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Industrial Technologies and Services | Precision and Science Technologies | Total | |||||||||||||||||||||||||||||||||
Three Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Primary Geographic Markets | |||||||||||||||||||||||||||||||||||
United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other Americas | |||||||||||||||||||||||||||||||||||
Total Americas | |||||||||||||||||||||||||||||||||||
EMEIA | |||||||||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Product Categories | |||||||||||||||||||||||||||||||||||
Original equipment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Aftermarket | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Pattern of Revenue Recognition | |||||||||||||||||||||||||||||||||||
Revenue recognized at point in time(1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Revenue recognized over time(2) | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Industrial Technologies and Services | Precision and Science Technologies | Total | |||||||||||||||||||||||||||||||||
Nine Month Period Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Primary Geographic Markets | |||||||||||||||||||||||||||||||||||
United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other Americas | |||||||||||||||||||||||||||||||||||
Total Americas | |||||||||||||||||||||||||||||||||||
EMEIA | |||||||||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Product Categories | |||||||||||||||||||||||||||||||||||
Original equipment | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Aftermarket | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Pattern of Revenue Recognition | |||||||||||||||||||||||||||||||||||
Revenue recognized at point in time(1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Revenue recognized over time(2) | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Accounts receivable, net | $ | $ | |||||||||
Contract assets | |||||||||||
Contract liabilities - current | |||||||||||
Contract liabilities - noncurrent |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Balance at beginning of the period | $ | $ | $ | $ | |||||||||||||||||||
Provision charged to expense | |||||||||||||||||||||||
Write-offs, net of recoveries | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency translation and other | ( | ( | ( | ||||||||||||||||||||
Balance at end of the period | $ | $ | $ | $ |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Income before income taxes | $ | $ | $ | $ | |||||||||||||||||||
Provision for income taxes | $ | $ | $ | $ | |||||||||||||||||||
Effective income tax provision rate | % | % | % | % |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Foreign currency transaction losses (gains), net | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Restructuring charges, net(1) | |||||||||||||||||||||||
Acquisition and other transaction related expenses(2) | |||||||||||||||||||||||
Other, net | |||||||||||||||||||||||
Total other operating expense, net | $ | $ | $ | $ |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Industrial Technologies and Services | $ | $ | $ | $ | |||||||||||||||||||
Precision and Science Technologies | |||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | |||||||||||||||||||
Segment Adjusted EBITDA | |||||||||||||||||||||||
Industrial Technologies and Services | $ | $ | $ | $ | |||||||||||||||||||
Precision and Science Technologies | |||||||||||||||||||||||
Total Segment Adjusted EBITDA | $ | $ | $ | $ | |||||||||||||||||||
Less items to reconcile Segment Adjusted EBITDA to Income from Continuing Operations Before Income Taxes: | |||||||||||||||||||||||
Corporate expenses not allocated to segments | $ | $ | $ | $ | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Depreciation and amortization expense (a) | |||||||||||||||||||||||
Restructuring and related business transformation costs (b) | |||||||||||||||||||||||
Acquisition and other transaction related expenses and non-cash charges (c) | |||||||||||||||||||||||
Stock-based compensation (d) | |||||||||||||||||||||||
Foreign currency transaction losses (gains), net | ( | ( | ( | ||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||
Adjustments to LIFO inventories | |||||||||||||||||||||||
Gain on settlement of post-acquisition contingencies (e) | ( | ( | ( | ||||||||||||||||||||
Other adjustments (f) | ( | ( | ( | ( | |||||||||||||||||||
Income from Continuing Operations Before Income Taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Income (loss) on equity method investments | ( | ( | ( | ||||||||||||||||||||
Income from Continuing Operations | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net Income | $ | $ | $ | $ |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Restructuring charges | $ | $ | $ | $ | |||||||||||||||||||
Facility reorganization, relocation and other costs | |||||||||||||||||||||||
Other, net | |||||||||||||||||||||||
Total restructuring and related business transformation costs | $ | $ | $ | $ |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Average shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Condensed Consolidated Statement of Operations: | |||||||||||||||||||||||
Revenues | $ | 1,515.7 | $ | 1,325.0 | $ | 4,292.6 | $ | 3,733.6 | |||||||||||||||
Cost of sales | 940.4 | 810.7 | 2,621.4 | 2,254.5 | |||||||||||||||||||
Gross profit | 575.3 | 514.3 | 1,671.2 | 1,479.1 | |||||||||||||||||||
Selling and administrative expenses | 278.7 | 252.6 | 819.8 | 772.1 | |||||||||||||||||||
Amortization of intangible assets | 93.8 | 80.3 | 263.6 | 244.8 | |||||||||||||||||||
Other operating expense, net | 12.8 | 17.5 | 43.4 | 36.9 | |||||||||||||||||||
Operating income | 190.0 | 163.9 | 544.4 | 425.3 | |||||||||||||||||||
Interest expense | 26.6 | 22.5 | 68.8 | 68.3 | |||||||||||||||||||
Loss on extinguishment of debt | — | 9.0 | 1.1 | 9.0 | |||||||||||||||||||
Other income, net | (9.8) | (3.5) | (21.8) | (40.1) | |||||||||||||||||||
Income before income taxes | 173.2 | 135.9 | 496.3 | 388.1 | |||||||||||||||||||
Provision for income taxes | 30.3 | 2.7 | 104.6 | 25.8 | |||||||||||||||||||
Income (loss) on equity method investments | 2.6 | (2.2) | (2.5) | (2.9) | |||||||||||||||||||
Income from Continuing Operations | 145.5 | 131.0 | 389.2 | 359.4 | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 0.5 | (4.2) | 0.6 | (88.1) | |||||||||||||||||||
Net income | 146.0 | 126.8 | 389.8 | 271.3 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 0.9 | 0.8 | 2.5 | 1.8 | |||||||||||||||||||
Net income attributable to Ingersoll Rand Inc. | $ | 145.1 | $ | 126.0 | $ | 387.3 | $ | 269.5 | |||||||||||||||
Percentage of Revenues: | |||||||||||||||||||||||
Gross profit | 38.0 | % | 38.8 | % | 38.9 | % | 39.6 | % | |||||||||||||||
Selling and administrative expenses | 18.4 | % | 19.1 | % | 19.1 | % | 20.7 | % | |||||||||||||||
Operating income | 12.5 | % | 12.4 | % | 12.7 | % | 11.4 | % | |||||||||||||||
Income from Continuing Operations | 9.6 | % | 9.9 | % | 9.1 | % | 9.6 | % | |||||||||||||||
Adjusted EBITDA | 24.8 | % | 23.7 | % | 23.6 | % | 22.8 | % | |||||||||||||||
Other Financial Data: | |||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 376.1 | $ | 313.7 | $ | 1,014.6 | 849.8 | ||||||||||||||||
Adjusted Net Income (1) | 253.1 | 238.6 | 676.8 | 601.4 | |||||||||||||||||||
Cash flows - operating activities | 274.4 | 146.1 | 510.6 | 380.9 | |||||||||||||||||||
Cash flows - investing activities | (54.0) | (608.8) | (119.5) | (841.0) | |||||||||||||||||||
Cash flows - financing activities | (20.0) | (1,132.1) | (934.8) | (1,142.2) | |||||||||||||||||||
Free Cash Flow (1) | 252.6 | 130.8 | 449.5 | 339.7 |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Income | $ | 146.0 | $ | 126.8 | $ | 389.8 | $ | 271.3 | |||||||||||||||
Less: Income (loss) from discontinued operations | 0.6 | (7.6) | 0.8 | 73.1 | |||||||||||||||||||
Less: Income tax benefit (provision) from discontinued operations | (0.1) | 3.4 | (0.2) | (161.2) | |||||||||||||||||||
Income from Continuing Operations, Net of Tax | 145.5 | 131.0 | 389.2 | 359.4 | |||||||||||||||||||
Plus: | |||||||||||||||||||||||
Interest expense | 26.6 | 22.5 | 68.8 | 68.3 | |||||||||||||||||||
Provision for income taxes | 30.3 | 2.7 | 104.6 | 25.8 | |||||||||||||||||||
Depreciation expense (a) | 20.4 | 21.2 | 61.8 | 62.5 | |||||||||||||||||||
Amortization expense (b) | 93.8 | 80.3 | 263.6 | 244.8 | |||||||||||||||||||
Restructuring and related business transformation costs (c) | 7.2 | 3.1 | 30.9 | 12.5 | |||||||||||||||||||
Acquisition and other transaction related expenses and non-cash charges (d) | 12.1 | 14.4 | 27.0 | 39.2 | |||||||||||||||||||
Stock-based compensation (e) | 27.1 | 29.8 | 69.3 | 72.9 | |||||||||||||||||||
Foreign currency transaction losses (gains), net | (6.7) | 1.1 | (12.3) | (13.6) | |||||||||||||||||||
Loss (income) on equity method investments | (2.6) | 2.2 | 2.5 | 2.9 | |||||||||||||||||||
Loss on extinguishment of debt | — | 9.0 | 1.1 | 9.0 | |||||||||||||||||||
Adjustments to LIFO inventories | 33.0 | — | 33.0 | — | |||||||||||||||||||
Gain on settlement of post-acquisition contingencies (f) | (6.2) | — | (6.2) | (30.1) | |||||||||||||||||||
Other adjustments (g) | (4.4) | (3.6) | (18.7) | (3.8) | |||||||||||||||||||
Adjusted EBITDA | $ | 376.1 | $ | 313.7 | $ | 1,014.6 | $ | 849.8 | |||||||||||||||
Minus: | |||||||||||||||||||||||
Interest expense | $ | 26.6 | $ | 22.5 | $ | 68.8 | $ | 68.3 | |||||||||||||||
Income tax provision, as adjusted (h) | 70.0 | 27.2 | 194.8 | 104.8 | |||||||||||||||||||
Depreciation expense | 20.4 | 21.2 | 61.8 | 62.5 | |||||||||||||||||||
Amortization of non-acquisition related intangible assets | 9.0 | 4.2 | 15.4 | 12.8 | |||||||||||||||||||
Interest income on cash and cash equivalents | (3.0) | — | (3.0) | — | |||||||||||||||||||
Adjusted Income from Continuing Operations, Net of Tax | $ | 253.1 | $ | 238.6 | $ | 676.8 | $ | 601.4 | |||||||||||||||
Free Cash Flow from Continuing Operations: | |||||||||||||||||||||||
Cash flows from operating activities from continuing operations | $ | 274.4 | $ | 146.1 | $ | 510.6 | $ | 380.9 | |||||||||||||||
Minus: | |||||||||||||||||||||||
Capital expenditures | 21.8 | 15.3 | 61.1 | 41.2 | |||||||||||||||||||
Free Cash Flow from Continuing Operations | $ | 252.6 | $ | 130.8 | $ | 449.5 | $ | 339.7 |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Restructuring charges | $ | 6.7 | $ | 1.1 | $ | 28.1 | $ | 10.3 | |||||||||||||||
Facility reorganization, relocation and other costs | 0.5 | 2.0 | 2.8 | 2.0 | |||||||||||||||||||
Other, net | — | — | — | 0.2 | |||||||||||||||||||
Total restructuring and related business transformation costs | $ | 7.2 | $ | 3.1 | $ | 30.9 | $ | 12.5 |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Provision for income taxes | $ | 30.3 | $ | 2.7 | $ | 104.6 | $ | 25.8 | |||||||||||||||
Tax impact of pre-tax income adjustments | 37.5 | 24.8 | 84.9 | 69.4 | |||||||||||||||||||
Discrete tax items | 2.2 | (0.3) | 5.3 | 9.6 | |||||||||||||||||||
Income tax provision, as adjusted | $ | 70.0 | $ | 27.2 | $ | 194.8 | $ | 104.8 |
For the Three Month Period Ended September 30, | Percent Change | ||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | |||||||||||||||
Segment Revenues | $ | 1,199.6 | $ | 1,070.7 | 12.0 | % | |||||||||||
Segment Adjusted EBITDA | $ | 314.0 | $ | 272.9 | 15.1 | % | |||||||||||
Segment Margin | 26.2 | % | 25.5 | % | 70 | bps |
For the Nine Month Period Ended September 30, | Percent Change | ||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | |||||||||||||||
Segment Revenues | $ | 3,389.7 | $ | 3,032.0 | 11.8 | % | |||||||||||
Segment Adjusted EBITDA | $ | 853.4 | $ | 743.0 | 14.9 | % | |||||||||||
Segment Margin | 25.2 | % | 24.5 | % | 70 | bps |
For the Three Month Period Ended September 30, | Percent Change | ||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | |||||||||||||||
Segment Revenues | $ | 316.1 | $ | 254.3 | 24.3 | % | |||||||||||
Segment Adjusted EBITDA | $ | 92.0 | $ | 75.5 | 21.9 | % | |||||||||||
Segment Margin | 29.1 | % | 29.7 | % | (60) | bps |
For the Nine Month Period Ended September 30, | Percent Change | ||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | |||||||||||||||
Segment Revenues | $ | 902.9 | $ | 701.6 | 28.7 | % | |||||||||||
Segment Adjusted EBITDA | $ | 254.8 | $ | 213.8 | 19.2 | % | |||||||||||
Segment Margin | 28.2 | % | 30.5 | % | (230) | bps |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | — | $ | 4.4 | $ | 6.6 | $ | 428.7 | |||||||||||||||
Cost of sales | — | 4.2 | 6.5 | 319.1 | |||||||||||||||||||
Gross profit | — | 0.2 | 0.1 | 109.6 | |||||||||||||||||||
Selling and administrative expenses | — | 0.3 | 0.1 | 35.6 | |||||||||||||||||||
Amortization of intangible assets | — | — | — | 10.4 | |||||||||||||||||||
(Gain) loss on sale | (2.8) | 3.9 | (2.8) | (252.8) | |||||||||||||||||||
Other operating expense, net | 2.1 | 1.8 | 0.4 | 18.0 | |||||||||||||||||||
Income (loss) before income taxes | 0.7 | (5.8) | 2.4 | 298.4 | |||||||||||||||||||
Provision (benefit) for income taxes | 0.1 | (1.5) | 0.5 | 168.2 | |||||||||||||||||||
Income (Loss) from Discontinued Operations | $ | 0.6 | $ | (4.3) | $ | 1.9 | $ | 130.2 |
For the Three Month Period Ended September 30, | For the Nine Month Period Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | — | $ | 2.6 | $ | — | $ | 68.0 | |||||||||||||||
Cost of sales | — | 2.4 | — | 56.8 | |||||||||||||||||||
Gross profit | — | 0.2 | — | 11.2 | |||||||||||||||||||
Selling and administrative expenses | — | 0.2 | — | 5.1 | |||||||||||||||||||
Amortization of intangible assets | — | — | — | 2.4 | |||||||||||||||||||
Loss on disposal group | — | — | — | 211.7 | |||||||||||||||||||
Other operating expense, net | 0.1 | 1.8 | 1.6 | 17.3 | |||||||||||||||||||
Loss before income taxes | (0.1) | (1.8) | (1.6) | (225.3) | |||||||||||||||||||
Benefit for income taxes | — | (1.9) | (0.3) | (7.0) | |||||||||||||||||||
Income (Loss) from Discontinued Operations | $ | (0.1) | $ | 0.1 | $ | (1.3) | $ | (218.3) |
September 30, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 1,459.5 | $ | 2,109.6 | |||||||
Short-term borrowings and current maturities of long-term debt | $ | 32.8 | $ | 38.8 | |||||||
Long-term debt | 2,720.1 | 3,401.8 | |||||||||
Total debt | $ | 2,752.9 | $ | 3,440.6 |
September 30, 2022 | December 31, 2021 | ||||||||||
Net Working Capital: | |||||||||||
Current assets of continuing operations: | |||||||||||
Current assets | $ | 3,744.8 | $ | 4,114.9 | |||||||
Less: Assets of discontinued operations | — | 15.6 | |||||||||
Current assets of continuing operations | 3,744.8 | 4,099.3 | |||||||||
Current liabilities of continuing operations: | |||||||||||
Current liabilities | 1,523.0 | 1,467.7 | |||||||||
Less: Liabilities of discontinued operations | — | 17.1 | |||||||||
Current liabilities of continuing operations | 1,523.0 | 1,450.6 | |||||||||
Net working capital of continuing operations | $ | 2,221.8 | $ | 2,648.7 | |||||||
Operating Working Capital: | |||||||||||
Accounts receivable | $ | 1,032.3 | $ | 948.6 | |||||||
Plus: Inventories (excluding LIFO reserve) | 1,069.9 | 878.6 | |||||||||
Plus: Contract assets | 70.5 | 60.8 | |||||||||
Less: Accounts payable | 698.9 | 670.5 | |||||||||
Less: Contract liabilities (current) | 299.7 | 242.1 | |||||||||
Operating working capital | $ | 1,174.1 | $ | 975.4 |
For the Nine Month Period Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows provided by (used in) continuing operations: | |||||||||||
Cash flows provided by operating activities | $ | 510.6 | $ | 380.9 | |||||||
Cash flows used in investing activities | (119.5) | (841.0) | |||||||||
Cash flows used in financing activities | (934.8) | (1,142.2) | |||||||||
Net cash provided by (used in) discontinued operations | (0.6) | 1,901.9 | |||||||||
Free cash flow(1) | 449.5 | 339.7 |
2022 Third Quarter Months | Total Number of Shares Purchased(1) | Average Price Paid Per Share(2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(3) | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(3) | |||||||||||||||||||
July 1, 2022 - July 31, 2022 | 444 | $ | 42.08 | — | $ | 500,000,236 | |||||||||||||||||
August 1, 2022 - August 31, 2022 | 915 | $ | 49.55 | — | $ | 500,000,236 | |||||||||||||||||
September 1, 2022 - September 30, 2022 | 92,354 | $ | 43.94 | 91,243 | $ | 495,998,472 |
Exhibit No. | Description | |||||||
2.1 | Agreement and Plan of Merger, dated as of April 30, 2019, by and among Ingersoll-Rand plc, Gardner Denver Holdings, Inc., Ingersoll-Rand U.S. HoldCo, Inc. and Charm Merger Sub Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Ingersoll-Rand plc on May 6, 2019). | |||||||
2.2 | Separation and Distribution Agreement, dated as of April 30, 2019, by and between Ingersoll-Rand plc and Ingersoll-Rand U.S. HoldCo, Inc. (incorporated by reference to Exhibit 2.2 to the Current Report on Form 8-K filed by Ingersoll-Rand plc on May 6, 2019). | |||||||
Securities Purchase Agreement, dated as of April 9, 2021, by and among Ingersoll Rand Inc., Club Car, LLC and MajorDrive Holdings IV, LLC (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Company on April 12, 2021). | ||||||||
Employment Agreement, dated September 1, 2022, between Ingersoll Rand Inc. and Vicente Reynal. | ||||||||
Performance Stock Unit Grant Notice and Agreement, dated September 1, 2022, between Ingersoll Rand Inc. and Vicente Reynal. | ||||||||
Certification of Periodic Report by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Periodic Report by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Scheme Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101). |
Date: November 4, 2022 | INGERSOLL RAND INC. | |||||||
By: | /s/ Michael J. Scheske | |||||||
Name: Michael J. Scheske | ||||||||
Vice President and Chief Accounting Officer (Principal Accounting Officer) |
Participant: | Vicente Reynal | ||||
Date of Grant: | [Insert Date of Grant] | ||||
Vesting Commencement Date: | [Insert Vesting Commencement Date] | ||||
Number of Options: | [Insert No. of Options Granted] | ||||
Option Exercise Price: | [Insert Exercise Price] | ||||
Option Period Expiration Date: | Ten years from Date of Grant | ||||
Type of Option: | Nonqualified Stock Option | ||||
Vesting Schedule: | Provided the Participant has not undergone a Termination prior to such anniversary, 100% of the Options shall become vested and exercisable on the fifth anniversary of the Vesting Commencement Date. | ||||
In the event of the Participant’s Termination, all vesting with respect to the Options shall cease and all unvested Options shall be forfeited by the Participant for no consideration as of the date of such Termination; provided, that in the event of the Participant’s Qualifying Termination or a termination due to the Participant’s death or Disability, the number of Options that shall become vested and exercisable on the date of such Termination shall be determined as if the Vesting Schedule above is instead 20% of the Options vesting on each of the first through fifth anniversaries of the Vesting Commencement Date; provided, further, solely in the event of the Participant’s death or Disability, the Participant shall immediately vest in additional 20% of the Options as of the date of such death or Disability. | |||||
In the event of Change in Control in which the Options are not assumed by the successor to the Company in connection with such Change in Control, all unvested Options shall immediately vest as of the date of the consummation of such Change in Control; provided, that the Participant remains continuously employed through such date. | |||||
If the Option is assumed in connection with a Change in Control and there is a Qualifying Termination or a Termination due to the Participant’s death or Disability during the two-year period following such Change in Control, all unvested Options shall immediately vest as of the date of such Termination. | |||||
Definitions: | “Cause” has the meaning set forth in the Participant’s employment agreement with the Service Recipient. | ||||
“Disability” has the meaning set forth in the Participant’s employment agreement with the Service Recipient. | |||||
“Good Reason” has the meaning set forth in the Participant’s employment agreement with the Service Recipient. | |||||
“Qualifying Termination” means a Termination by the Company without Cause or by the Participant with Good Reason. |
Participant: | Vicente Reynal | ||||
Date of Grant: | September 1, 2022 | ||||
Number of Performance Stock Units Subject to Award: | 1,000,000 |
Date: November 4, 2022 | |||||
/s/ Vicente Reynal | |||||
Vicente Reynal | |||||
Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
Date: November 4, 2022 | |||||
/s/ Vikram U. Kini | |||||
Vikram U. Kini | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: November 4, 2022 | |||||
/s/ Vicente Reynal | |||||
Vicente Reynal | |||||
Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
Date: November 4, 2022 | |||||
/s/ Vikram U. Kini | |||||
Vikram U. Kini | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 47.8 | $ 42.3 |
Accumulated depreciation on property, plant and equipment | $ 386.9 | $ 357.7 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock issued (in shares) | 426,112,396 | 423,785,571 |
Treasury stock (in shares) | 21,190,495 | 16,000,364 |
Basis of Presentation and Recent Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Recent Accounting Pronouncements | Basis of Presentation and Recent Accounting Pronouncements Basis of Presentation Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products and industrial solutions. The accompanying condensed consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as “Ingersoll Rand” or the “Company”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. In the Company’s opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). We have reclassified certain prior year amounts to conform to the current year presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations. See Note 2 “Discontinued Operations” for information on discontinued operations. The results of operations for the three month period ended September 30, 2022 are not necessarily indicative of future results. The novel Coronavirus (“COVID-19”) pandemic and related supply chain constraints could impact the global economy. The Company’s operating results will be subject to fluctuations based on general economic conditions, and the extent to which COVID-19 may ultimately impact its business will depend on future developments. Recently Adopted Accounting Standard Updates (“ASU”) In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which explicitly clarifies which contracts, hedging relationships, and other transactions are within the scope of the optional expedients and exceptions allowed under Topic 848. In April 2022, the Company and its lenders executed Amendment No. 8 to the Credit Agreement, the primary purpose of which was to change the reference rate for existing and new borrowings under the Credit Agreement by replacing LIBOR with the Secured Overnight Financing Rate (“SOFR”). We applied practical expedients provided in Topic 848 allowing for the changes in contractual terms to be accounted for prospectively. These modifications had no significant impact on our financial statements. Refer to Note 9 “Debt” for further information regarding the terms of the Credit Agreement. The Company will continue to assess whether other provisions of Topic 848 are applicable throughout the effective period. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in this update are effective for fiscal years beginning after December 15, 2022 for public companies. Early adoption is permitted. The adoption is not expected to have a material impact on our consolidated financial statements.
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The amendments in this update are effective for fiscal years beginning after December 15, 2022, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The adoption is not expected to have a material impact on our consolidated financial statements. |
Discontinued Operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations Discontinued operations consists of two formerly-owned businesses: Specialty Vehicle Technologies (“SVT” or “Club Car”) and High Pressure Solutions (“HPS”). The results of operations, financial positions and cash flows of these businesses are reported as discontinued operations for all periods presented in these condensed consolidated financial statements. Specialty Vehicle Technologies On April 9, 2021, the Company entered into an agreement to sell Club Car to private equity firm Platinum Equity Advisors, LLC (“Platinum Equity”) for $1.68 billion in cash. The sale was substantially completed on June 1, 2021 and concluded in the third quarter of 2022. High Pressure Solutions On February 14, 2021, the Company entered into an agreement to sell the majority interest in its High Pressure Solutions business to private equity firm American Industrial Partners. The Company received net cash proceeds of $278.3 million for its majority interest of 55%, and retained a 45% common equity interest in the newly-formed entity comprising the HPS business. This sale was substantially completed on April 1, 2021. The Company expects to maintain its minority investment in HPS indefinitely and is unable to estimate when this interest may be disposed. Financial information of discontinued operations The results of operations attributable to discontinued operations are summarized below:
The carrying amount of assets and liabilities attributable to discontinued operations are shown in the table below. There were no assets or liabilities of discontinued operations as of September 30, 2022.
The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the nine month periods ended September 30, 2022 and 2021 include the following:
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Business Combinations |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations Acquisitions in 2022 During the first quarter of 2022, the Company acquired Houdstermaatschappij Jorc B.V. (“Jorc”), a manufacturer of condensate management products, for cash consideration of $30.1 million. The Company also acquired two sales and services businesses in Europe for aggregate cash consideration of $7.4 million. All three businesses have been reported in the Industrial Technologies and Services segment from the date of acquisition. During the third quarter of 2022, the Company acquired Westwood Technical Limited (“Westwood Technical”), a control and instrumentation specialist based in the United Kingdom with unique Industrial Internet of Things (IIoT) capabilities, for cash consideration of $8.1 million and contingent consideration of up to $9.3 million. The Company also acquired Holtec Gas Systems LLC (“Holtec”), an internationally recognized nitrogen generator manufacturer, for cash consideration of $12.6 million. Lastly, the Company acquired Hydro Prokav Pumps (India) Private Limited (“Hydro Prokav”), for cash consideration of $14.0 million. Westwood Technical and Hydro Prokav have been reported in the Precision and Science Technologies segment from the date of acquisition, while Holtec has been reported in the Industrial Technologies and Services segment. Only the goodwill resulting from the Holtec acquisition is expected to be deductible for tax purposes. The following table summarizes the allocation of consideration for all businesses acquired in 2022 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for all 2022 acquisitions is substantially complete.
The aggregate revenue and operating income included in the condensed consolidated financial statements for these acquisitions subsequent to the dates of acquisition was $6.8 million and $1.0 million for the three month period ended September 30, 2022, respectively, and $15.9 million and $3.0 million for the nine month period then ended, respectively. The operating income of these acquired businesses includes the effects of acquisition-related accounting adjustments such as amortization of intangible assets and fair value adjustments to acquired inventory. Acquisitions in 2021 On January 31, 2021, the Company acquired the Vacuum and Blower Systems division of Tuthill Corporation for cash consideration of $184.0 million. The business operates under the tradenames M-D Pneumatics and Kinney Vacuum Pumps and is a leader in the design and manufacture of positive displacement blowers, mechanical vacuum pumps, vacuum boosters and engineered blower and vacuum systems. The results of this business are reported within the Industrial Technologies and Services segment from the date of acquisition. The goodwill recognized is attributable to the expected cost synergies, anticipated growth of new and existing customers, and the assembled workforce. The goodwill resulting from this acquisition is expected to be deductible for tax purposes. On July 30, 2021, the Company acquired Maximus Solutions for cash consideration of $111.0 million, net of cash acquired. The business is a provider of digital controls and IIoT production management systems for the agritech software and controls market. The results of this business are reported within the Precision and Science Technologies segment from the date of acquisition. The goodwill recognized is attributable to synergies expected from combining Maximus’s significant expertise in digital controls and IIoT systems with other brands and channels in the Precision and Science Technologies segment and from anticipated growth from existing and new customers. None of the goodwill resulting from this acquisition is expected to be deductible for tax purposes. On August 31, 2021, the Company acquired Seepex GmbH (“Seepex”) for cash consideration of $482.1 million, net of cash acquired. The business is a global leader in progressive cavity pump solutions. Seepex is a global leader in progressive cavity pump solutions. The acquisition expands the product portfolio of the Precision and Science Technologies segment with offerings that primarily serve the water, wastewater, food and beverage, and chemical end markets. The goodwill arising from the acquisition is attributable to the expected cost synergies, anticipated growth of new and existing customers, and the assembled workforce. None of this goodwill is expected to be deductible for tax purposes. On October 29, 2021, the Company acquired Air Dimensions Inc. for cash consideration of $70.8 million. The business designs, manufactures and sells vacuum diaphragm pumps primarily for environmental applications. The acquisition is intended to expand the product portfolio of the Precision and Science Technologies segment and further penetrate end markets such as emission monitoring, biogas, utility and chemical processing. The goodwill arising from the acquisition is attributable to growth expected from product and channel synergies and to the assembled workforce. The goodwill resulting from this acquisition is expected to be deductible for tax purposes. On December 1, 2021, the Company acquired the assets of Tuthill Corporation’s Pump Group for cash consideration of $84.8 million. The business is a market leader in gear and piston pump solutions. The acquisition is intended to complement existing brands and technologies in the Precision and Science Technologies segment and further penetrate high growth end markets, including life and sciences, food and beverage, medical and water and wastewater treatment. The goodwill arising from the acquisition is attributable to revenue growth and cost savings opportunities and to the assembled workforce. The majority of the goodwill resulting from this acquisition is expected to be deductible for tax purposes. Also during 2021, the Company acquired several sales and service businesses in the Industrial Technologies and Services segment and a pump technology business and sales and service business in the Precision and Science Technologies segment. The aggregate consideration for these acquisitions was $44.6 million. The following table summarizes the allocation of consideration to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for the acquisitions of M-D Pneumatics and Kinney Vacuum Pumps, Seepex and Maximus Solutions is complete. Initial accounting for other 2021 acquisitions is substantially complete. The remaining measurement period adjustments are not expected to be significant and will be completed in the fourth quarter of 2022.
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Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring Restructuring Program 2020 to 2022 Subsequent to the acquisition of and merger with the Industrial business of Ingersoll-Rand plc (“Ingersoll Rand Industrial”) in the first quarter of 2020 (the “Merger”), the Company announced a restructuring program (“2020 Plan”) to create efficiencies and synergies, reduce the number of facilities and optimize operating margin within the merged Company. Through September 30, 2022, we have recognized cumulative expense related to the 2020 Plan of $124.5 million, comprised of $96.7 million, $16.3 million and $11.5 million for Industrial Technologies and Services, Precision and Science Technologies and Corporate, respectively. The Company expects total expense for workforce restructuring, facility consolidation and other exit and disposal activities under the 2020 Plan to be approximately $123 million to $138 million. For the three and nine month periods ended September 30, 2022 and 2021, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statement of Operations and consisted of the following.
The following table summarizes the activity associated with the Company’s restructuring programs for the three and nine month periods ended September 30, 2022 and 2021.
(1)Excludes $1.2 million and $6.0 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three and nine month periods ended September 30, 2022, respectively.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories as of September 30, 2022 and December 31, 2021 consisted of the following.
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill attributable to each reportable segment for the nine month period ended September 30, 2022 is presented in the table below.
(1)Includes measurement period adjustments. As of both September 30, 2022 and December 31, 2021, goodwill included accumulated impairment losses of $220.6 million within the Industrial Technologies and Services segment. Other Intangible Assets, Net Other intangible assets as of September 30, 2022 and December 31, 2021 consisted of the following.
Intangible Asset Impairment Considerations As of September 30, 2022 and December 31, 2021, there were no indications that the carrying value of goodwill and other intangible assets may not be recoverable.
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Accrued Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities as of September 30, 2022 and December 31, 2021 consisted of the following.
A reconciliation of the changes in the accrued product warranty liability for the three and nine month periods ended September 30, 2022 and 2021 are as follows.
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Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans Net Periodic Benefit Cost The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three and nine month periods ended September 30, 2022 and 2021.
The components of net periodic benefit cost other than the service cost component are included in “Other income, net” in the Condensed Consolidated Statements of Operations.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt as of September 30, 2022 and December 31, 2021 is summarized as follows.
(1)As of September 30, 2022, this amount is presented net of unamortized discounts of $1.5 million. As of September 30, 2022, the applicable interest rate was approximately 4.88% and the weighted-average interest rate was 2.80% for the nine month period ended September 30, 2022. (2)As of September 30, 2022, this amount is presented net of unamortized discounts of $0.7 million. As of September 30, 2022, the applicable interest rate was approximately 4.88% and the weighted average interest rate was 2.80% for the nine month period ended September 30, 2022. (3)The weighted average interest rate was 2.00% for the six month period prior to the loan repayment on June 30, 2022, as discussed below. Senior Secured Credit Facilities The Senior Secured Credit Facilities provided senior secured financing consisting of (i) a senior secured term loan facility denominated in U.S. dollars (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Original Dollar Term Loan”), (ii) a senior secured term loan facility denominated in U.S. dollars (entered into at the time of the Merger, the “Dollar Term Loan B”), (iii) a senior secured term loan facility denominated in Euros (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Euro Term Loan”) and (iv) a senior secured revolving credit facility (as refinanced and otherwise modified from time to time the “Revolving Credit Facility”). The Revolving Credit Facility is available to be drawn in U.S. dollars (“USD”), Euros (“EUR”), Great British Pounds (“GBP”) and other reasonably accepted foreign currencies, subject to certain sublimits for the foreign currencies. See Note 11 “Debt” to the consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2021 for further information on the Senior Secured Credit Facilities. On April 1, 2022, through its subsidiary, Gardner Denver, Inc., the Company entered into Amendment No. 8 to the Credit Agreement. This amendment was entered into pursuant to the terms of the Senior Secured Credit Facilities and provides for the replacement of USD LIBOR with the SOFR as the benchmark interest rate for all existing USD borrowings with LIBOR-based rates and any subsequent USD borrowings. These modifications had no significant impact on our financial statements. On June 30, 2022, the Company repaid the Euro Term Loan outstanding principal balance of €589.1 million using cash on hand. The prepayment resulted in the write-off of unamortized debt issuance costs and unamortized issuance discount of $1.1 million which was recognized in “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations. As of September 30, 2022, the aggregate amount of commitments under the Revolving Credit Facility was $1,100.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $400.0 million. As of September 30, 2022, the Company had no outstanding borrowings under the Revolving Credit Facility, no outstanding letters of credit under the Revolving Credit Facility and unused availability under the Revolving Credit Facility of $1,100.0 million. As of September 30, 2022, we were in compliance with all covenants of our Senior Secured Credit Facilities.
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Stock-Based Compensation Plans |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company has outstanding stock-based compensation awards granted under the 2013 Stock Incentive Plan (“2013 Plan”) and the 2017 Omnibus Incentive Plan (as amended by the First Amendment, dated April 27, 2021, “2017 Plan”) as described in Note 18, “Stock-Based Compensation Plans” to the consolidated financial statements in its 2021 Form 10-K. The Company’s stock-based compensation awards are generally granted in the first quarter of the year and consist of stock options, restricted stock units and performance share units. Eligible employees were also granted restricted stock units, during the three month period ended September 30, 2020, that vest ratably over two years, subject to the passage of time and the employee's continued employment during such period. In some instances, such as death, awards may vest concurrently with or following an employee's termination. Stock-Based Compensation Stock-based compensation expense for the nine month periods ended September 30, 2022 and 2021 are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations and are as follows.
Stock-Based Compensation - Continuing Operations In the nine month period ended September 30, 2022, the $62.3 million of stock-based compensation expense included expense for equity awards granted under the 2013 and 2017 Plan of $63.6 million and a decrease in the liability for stock appreciation rights (“SAR”) of $1.3 million. Of the $63.6 million of expense for equity awards granted under the 2013 Plan and 2017 Plan, $33.1 million related to the $150 million equity grant to nearly 16,000 employees worldwide made in the third quarter of 2020 (“All-Employee Equity Grant”). As of September 30, 2022, there was $123.4 million of total unrecognized compensation expense related to outstanding stock options, restricted stock unit awards and performance stock unit awards granted to employees and non-employee directors, as well as 500,000 conditional stock options awarded during the third quarter of 2022 to our Chairman and CEO in which the service date precedes the grant date, and will be granted upon achievement of certain performance targets. These 500,000 stock options have not been included in the Stock Option Awards section below since the grant date has not occurred. Stock Option Awards Stock options are granted to employees with an exercise price equal to the fair value of the Company’s per share common stock on the date of grant. Stock option awards typically vest over or five years and expire ten years from the date of grant. A summary of the Company’s stock option (including SARs) activity for the nine month period ended September 30, 2022 is presented in the following table (underlying shares in thousands).
The following assumptions were used to estimate the fair value of options granted during the nine month periods ended September 30, 2022 and 2021 using the Black-Scholes option-pricing model.
Restricted Stock Unit Awards Restricted stock units are granted to employees and non-employee directors based on the market price of the Company’s common stock on the grant date and recognized in compensation expense over the vesting period. A summary of the Company’s restricted stock unit activity for the nine month period ended September 30, 2022 is presented in the following table (underlying shares in thousands).
Performance Share Unit (“PSUs”) Awards Annually, during the first quarter, the Company grants TSR PSUs to certain officers in which the number of shares issued at the end of the performance period is determined by the Company’s total shareholder return percentile rank versus the S&P 500 index for the three year performance period. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation cost is recognized straight-line over a three year period. During the third quarter of 2022, the Company granted Special TSR PSUs to its Chairman and CEO that will become earned (but not vested) on the first date during the five year performance period on which the sum of (i) the 60-day volume-weighted average closing price of the Company’s common stock, plus (ii) the cumulative value of any dividends paid during the five year performance period equals or exceeds $81.85. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation cost is recognized straight-line over a five year period. The Company also granted its Chairman and CEO Special EPS PSUs that are eligible to vest based on the level of compounded annual growth rate of the Company’s Adjusted EPS during the five year performance period. The grant date fair value of these awards is based on the market price of the Company’s common stock on the grant date and recognized as a compensation expense over a 4.3 year period. A summary of the Company’s performance stock unit activity for the nine month period ended September 30, 2022 is presented in the following table (underlying shares in thousands).
The following assumptions were used to estimate the fair value of performance share units granted during the nine month periods ended September 30, 2022 and 2021 using the Monte Carlo simulation pricing model.
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Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The Company’s other comprehensive income (loss) consists of (i) unrealized foreign currency net gains and losses on the translation of the assets and liabilities of its foreign operations; (ii) realized and unrealized foreign currency gains and losses on certain hedges of net investments in foreign operations, net of income taxes; (iii) unrealized gains and losses on cash flow hedges (consisting of interest rate swap and cap contracts), net of income taxes; and (iv) pension and other postretirement prior service cost and actuarial gains or losses, net of income taxes. See Note 8 “Benefit Plans” and Note 12 “Hedging Activities, Derivative Instruments and Fair Value Measurements.” The before tax income (loss) and related income tax effect are as follows.
The tables above include only the other comprehensive loss, net of tax, attributable to Ingersoll Rand Inc. Other comprehensive income (loss), net of tax, attributable to noncontrolling interest holders was $(1.9) million and $0.2 million for the three month periods ended September 30, 2022 and 2021, respectively, and $(6.1) million and $(2.1) million for the nine month periods ended September 30, 2022 and 2021, respectively, and related entirely to foreign currency translation adjustments. Changes in accumulated other comprehensive income (loss) by component for the nine month periods ended September 30, 2022 and 2021 are presented in the following table net of tax.
Reclassifications out of accumulated other comprehensive income (loss) for the nine month periods ended September 30, 2022 and 2021 are presented in the following table.
(1)These components are included in the computation of net periodic benefit cost. See Note 8 “Benefit Plans” for additional details.
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Hedging Activities, Derivative Instruments and Fair Value Measurements |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedging Activities, Derivative Instruments and Fair Value Measurements | Hedging Activities, Derivative Instruments and Fair Value Measurements Hedging Activities The Company is exposed to certain market risks during the normal course of its business arising from adverse changes in interest rates and foreign currency exchange rates. The Company selectively uses derivative financial instruments (“derivatives”), including cross-currency interest rate swap and foreign currency forward contracts and interest rate swap and cap contracts, to manage the risks from fluctuations in foreign currency exchange rates and interest rates, respectively. The Company does not purchase or hold derivatives for trading or speculative purposes. The Company’s exposure to interest rate risk results primarily from its variable-rate borrowings. The Company manages its debt centrally, considering tax consequences and its overall financing strategies. The Company manages its exposure to interest rate risk by using interest rate caps and pay-fixed swaps as cash flow hedges of variable rate debt in order to adjust the relative fixed and variable proportions. A substantial portion of the Company’s operations is conducted by its subsidiaries outside of the United States in currencies other than the USD. Almost all of the Company’s non-U.S. subsidiaries conduct their business primarily in their local currencies, which are also their functional currencies. The USD, the EUR, GBP, Chinese Renminbi and Indian rupee are the principal currencies in which the Company and its subsidiaries enter into transactions. The Company is exposed to the impacts of changes in foreign currency exchange rates on the translation of its non-U.S. subsidiaries’ assets, liabilities and earnings into USD. The Company manages this exposure by having certain U.S. subsidiaries borrow in currencies other than the USD or utilizing cross-currency interest rate swaps as net investment hedges. The Company and its subsidiaries are also subject to the risk that arises when they, from time to time, enter into transactions in currencies other than their functional currency. To mitigate this risk, the Company and its subsidiaries typically settle intercompany trading balances at least quarterly. The Company also selectively uses forward currency contracts to manage this risk. These contracts for the sale or purchase of European and other currencies generally mature within one year. Derivative Instruments The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021.
(1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively. Payments of interest rate cap premiums are classified as financing cash flows in the Condensed Consolidated Statements of Cash Flows. All other cash flows related to derivatives are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows. There were no off-balance sheet derivative instruments as of September 30, 2022 or December 31, 2021. Interest Rate Swap and Cap Contracts Designated as Cash Flow Hedges As of September 30, 2022, the Company was the fixed rate payor on two interest rate swap contracts that effectively fix the SOFR-based index used to determine the interest rates charged on a total of $528.5 million of the Company’s SOFR-based variable rate borrowings. These contracts carry a fixed rate of 3.2% and expire in 2025. These swap agreements qualify as hedging instruments and have been designated as cash flow hedges of forecasted SOFR-based interest payments. Based on SOFR-based swap yield curves as of September 30, 2022, the Company expects to reclassify gains of $5.7 million out of accumulated other comprehensive income (“AOCI”) into earnings during the next 12 months. As of September 30, 2022, the Company entered into three interest rate cap contracts that effectively limit the SOFR-based index used to determine the interest rates charged on a total of $1,000.0 million of the Company’s SOFR-based variable rate borrowings to 4.0% and expire in 2025. These swap agreements qualify as hedging instruments and have been designated as cash flow hedges of forecasted SOFR-based interest payments. As of September 30, 2022, the Company expects to reclassify $1.7 million of expense out of AOCI into earnings during the next 12 months. Gains on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine month periods ended September 30, 2022 and 2021 are as presented in the table below.
(1)Losses on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations. Cross-Currency Interest Rate Swap Contracts Designated as Net Investment Hedges As of September 30, 2022, the Company was the fixed rate payor on two cross-currency interest rate swap contracts that replace a fixed rate of 3.2% on a total of $528.5 million with a fixed rate of 1.6% on a total of €500.0 million. These contracts expire in 2025. These contracts have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity. As of September 30, 2022, the Company entered into three cross-currency interest rate swap contracts where we receive SOFR on a total of $525.7 million and pay EURIBOR on a total of €500.0 million. These contracts expire in 2025. These contracts have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity. Gains on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine month periods ended September 30, 2022 and 2021 are as presented in the table below.
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations. Foreign Currency Forwards Not Designated as Hedging Instruments The Company had three foreign currency forward contracts outstanding as of September 30, 2022 with notional amounts ranging from $5.4 million to $10.2 million. These contracts are used to hedge the change in fair value of recognized foreign currency denominated assets or liabilities caused by changes in currency exchange rates. The changes in the fair value of these contracts generally offset the changes in the fair value of a corresponding amount of the hedged items, both of which are included within “Other operating expense, net” in the Condensed Consolidated Statements of Operations. The Company’s foreign currency forward contracts are subject to master netting arrangements or agreements between the Company and each counterparty for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract with that certain counterparty. It is the Company’s practice to recognize the gross amounts in the Condensed Consolidated Balance Sheets. The amount available to be netted is not material. The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three and nine month periods ended September 30, 2022 and 2021 were as follows.
Foreign Currency Denominated Debt Designated as a Net Investment Hedge In February 2020, the Company designated its Euro Term Loan, which had a principal balance at that time of €601.2 million, as a hedge of the Company's net investment in subsidiaries with a functional currency of euro. This loan was repaid in June 2022 and the hedge has been discontinued. See Note 9 “Debt” for further discussion of the repayment of the Euro Term Loan. The Company’s gains (losses), net of income tax, associated with changes in the value of debt for the three and nine month periods ended September 30, 2022 and 2021 were as follows.
Fair Value Measurements A financial instrument is defined as cash or cash equivalents, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from another party. The Company’s financial instruments consist primarily of cash and cash equivalents, trade accounts receivables, trade accounts payables, deferred compensation assets and obligations, derivatives and debt instruments. The carrying values of cash and cash equivalents, trade accounts receivables, trade accounts payables, and variable rate debt instruments are a reasonable estimate of their respective fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or more advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows. Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities as of the reporting date. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021.
(1)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method. (2)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of September 30, 2022. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties. (3)Measured as the present value of all expected future cash flows that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market volatilities and interest rate curves. (4)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties. (5)Based on calculations that use readily observable market parameters at their basis, such as spot and forward rates. At September 30, 2022 and December 31, 2021, we did not have any significant non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers Overview The Company recognizes revenue when the Company has satisfied its obligation and control is transferred to the customer. The amount of revenue recognized includes adjustments for any variable consideration, such as rebates, sales discounts, liquidated damages, etc., which are included in the transaction price, and allocated to each performance obligation. The variable consideration is estimated throughout the course of the contract using the Company’s best estimates. The majority of the Company’s revenues are derived from short duration contracts and revenue is recognized at a single point in time when control is transferred to the customer, generally at shipment or when delivery has occurred or services have been rendered. The Company has certain long duration engineered to order (“ETO”) contracts that require highly engineered solutions designed to customer specific applications. For contracts where the contractual deliverables have no alternative use and the contract termination clauses provide for the recovery of cost plus a reasonable margin, revenue is recognized over time based on the Company’s progress in satisfying the contractual performance obligations, generally measured as the ratio of actual costs incurred to date to the estimated total costs to complete the contract. For contracts with termination provisions that do not provide for recovery of cost and a reasonable margin, revenue is recognized at a point in time, generally at shipment or delivery to the customer. Identification of performance obligations, determination of alternative use, assessment of contractual language regarding termination provisions, and estimation of total project costs are all significant judgments required in the application of ASC 606. Contractual specifications and requirements may be modified. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. In the event a contract modification is for goods or services that are not distinct in the contract, and therefore, form part of a single performance obligation that is partially satisfied as of the modification date, the effect of the contract modification on the transaction price and the Company’s measure of progress for the performance obligation to which it relates, is recognized on a cumulative catch-up basis. Taxes assessed by a government authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Sales commissions are generally due at either collection of payment from customers or recognition of revenue. Applying the practical expedient from ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations. Disaggregation of Revenue The following tables provide disaggregated revenue by reportable segment for the three and nine month periods ended September 30, 2022 and 2021.
(1)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered. (2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed. Performance Obligations As of September 30, 2022, for contracts with an original duration greater than one year, the Company expects to recognize revenue in the future related to unsatisfied (or partially satisfied) performance obligations of $542.7 million in the next twelve months and $472.6 million in periods thereafter. The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year. Contract Balances The following table provides the contract balances as of September 30, 2022 and December 31, 2021 presented in the Condensed Consolidated Balance Sheets.
The allowance for credit losses for the three and nine month periods ended September 30, 2022 and 2021 consisted of the following.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and nine month periods ended September 30, 2022 and 2021.
The increase in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended September 30, 2022 when compared to the same three month period of 2021 is primarily due to an increase in the pretax book income in jurisdictions with higher effective tax rates combined with decreased earnings in jurisdictions with lower tax rates. In addition, in the three month period ended September 30, 2021, there were additional benefits due to a larger windfall tax deduction and the utilization of excess foreign tax credits as a result of restructuring activities during the third quarter of 2021. The increase in the provision for income taxes and increase in the effective income tax provision rate for the nine month period ended September 30, 2022 when compared to the same nine month period of 2021 is primarily due to an increase in the pretax book income in jurisdictions with higher effective tax rates combined with decreased earnings in jurisdictions with lower tax rates. In addition, in the nine month period ended September 30, 2021, there was a reduction of a significant unrecognized tax reserve related to a non-recurring item as a result of the lapse of the limitation on statutes, a benefit associated with the final settlement on the Merger, and a restructuring benefit recognized through the third quarter of 2021.
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Other Operating Expense (Income), Net |
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Other Operating Expense (Income), Net | Other Operating Expense (Income), Net The components of “Other operating expense, net” for the three and nine month periods ended September 30, 2022 and 2021 were as follows.
(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.
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Contingencies |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is a party to various legal proceedings, lawsuits and administrative actions, which are of an ordinary or routine nature for a company of its size and sector. The Company believes that such proceedings, lawsuits and administrative actions will not materially adversely affect its operations, financial condition, liquidity or competitive position. For further description of the Company’s contingencies, reference is made to Note 21, “Contingencies” in the notes to consolidated financial statements in the Company’s 2021 Form 10-K. Asbestos and Silica Related Litigation The Company believes that the pending and future asbestos and silica-related lawsuits are not likely to, in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or liquidity. “Accrued liabilities” and “Other liabilities” of the Condensed Consolidated Balance Sheets include a total litigation reserve of $130.3 million and $136.9 million as of September 30, 2022 and December 31, 2021, respectively, with regards to potential liability arising from the Company’s asbestos-related litigation. Asbestos related defense costs are excluded from the asbestos claims liability and are recorded separately as services are incurred. In the event of unexpected future developments, it is possible that the ultimate resolution of these matters may be material to the Company’s consolidated financial position, results of operation or liquidity. The Company has entered into a series of agreements with certain of its or its predecessors’ legacy insurers and certain potential indemnitors to secure insurance coverage and/or reimbursement for the costs associated with the asbestos and silica-related lawsuits filed against the Company. The Company has an insurance recovery receivable for probable asbestos related recoveries of approximately $143.5 million and $145.1 million as of September 30, 2022 and December 31, 2021, respectively, which was included in “Other assets” in the Condensed Consolidated Balance Sheets. The amounts recorded by the Company for asbestos-related liabilities and insurance recoveries are based on currently available information and assumptions that the Company believes are reasonable based on an evaluation of relevant factors. The actual liabilities or insurance recoveries could be higher or lower than those recorded if actual results vary significantly from the assumptions. Environmental Matters The Company has been identified as a potentially responsible party (“PRP”) with respect to several sites designated for cleanup under U.S. federal “Superfund” or similar state laws that impose liability for cleanup of certain waste sites and for related natural resource damages. The Company has undiscounted accrued liabilities of $15.2 million and $12.9 million as of September 30, 2022 and December 31, 2021, respectively, on its Condensed Consolidated Balance Sheets to the extent costs are known or can be reasonably estimated for its remaining financial obligations in relation to environmental matters and does not anticipate that any of these matters will result in material additional costs beyond amounts accrued. Based upon consideration of currently available information, the Company does not anticipate any material adverse effect on its results of operations, financial condition, liquidity or competitive position as a result of compliance with federal, state, local or foreign environmental laws or regulations, or cleanup costs relating to these matters.
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Segment Results |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Results | Segment Results A description of the Company’s two reportable segments is presented below. In the Industrial Technologies and Services segment, the Company designs, manufactures, markets and services a broad range of compression and vacuum equipment as well as fluid transfer equipment, loading systems, power tools and lifting equipment. The Company’s compression and vacuum products are used worldwide in industrial manufacturing, transportation, chemical processing, food and beverage production, energy, environmental and other applications. In addition to equipment sales, the Company offers a broad portfolio of service options tailored to customer needs and complete range of aftermarket parts, air treatment equipment, controls and other accessories. The Company’s engineered loading systems and fluid transfer equipment ensure the safe handling and transfer of crude oil, liquefied natural gas, compressed natural gas, chemicals, and bulk materials. The Company’s power tools and lifting equipment are used by customers in industrial manufacturing, vehicle maintenance, energy and other markets for precision fastening, bolt removal, grinding, sanding, drilling, demolition and the safe and efficient lifting, positioning and movement of loads. The Company sells its products primarily through independent distributors worldwide and also sells directly to the customer. In the Precision and Science Technologies segment, the Company designs, manufactures and markets a broad range of specialized positive displacement pumps, fluid management equipment and aftermarket parts for medical, laboratory, industrial manufacturing, water and wastewater, chemical processing, energy, food and beverage, agriculture and other markets. The Company’s products are used for a diverse set of applications including precision dosing of chemicals and supplements, blood dialysis, oxygen therapy, food processing, fluid transfer and dispensing, spray finishing and coating, mixing, high-pressure air and gas management and others. The Company sells primarily through a broad global network of specialized and national distributors and original equipment manufacturers (“OEM”) who integrate the Company’s products into their devices and systems. The Chief Operating Decision Maker (“CODM”) evaluates the performance of the Company’s reportable segments based on, among other measures, Segment Adjusted EBITDA. Management closely monitors the Segment Adjusted EBITDA of each reportable segment to evaluate past performance and actions required to improve profitability. Inter-segment sales and transfers are not significant. Administrative expenses related to the Company’s corporate offices and shared service centers in North America and Europe, which includes transaction processing, accounting and other business support functions, are allocated to the business segments. Certain administrative expenses, including senior management compensation, treasury, internal audit, tax compliance, certain information technology, and other corporate functions, are not allocated to the business segments. 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 nine month periods ended September 30, 2022 and 2021.
a)Depreciation and amortization expense excludes $0.8 million and $1.0 million of depreciation of rental equipment for the three month periods ended September 30, 2022 and 2021, respectively, and excludes $2.6 million and $3.0 million for the nine month periods ended September 30, 2022 and 2021, respectively. b)Restructuring and related business transformation costs consist of the following.
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 stock-based compensation expense recognized for the three and nine month periods ended September 30, 2022 of $20.1 million and $62.3 million, respectively, and increased by $7.0 million for the three and nine month periods ended September 30, 2022, 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, 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. e)Represents gains from settling post-acquisition contingencies related to the Merger outside of the measurement period. f)Includes (i) pension and other postemployment (“OPEB”) plan costs other than service cost, (ii) interest income on cash and cash equivalents and (iii) other miscellaneous adjustments.
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share The number of weighted-average shares outstanding used in the computations of basic and diluted earnings (loss) per share are as follows.
For the three month periods ended September 30, 2022 and 2021, 2.3 million and 0.7 million, respectively, of anti-dilutive shares were not included in the computation of diluted earnings per share. For the nine month periods ended September 30, 2022 and September 30, 2021, 2.1 million and 0.7 million of anti-dilutive shares were not included in the computation of diluted earnings per share, respectively.
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Subsequent Events |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 3, 2022, the Company acquired Dosatron International L.L.C. and Dilution Solutions L.L.C. (collectively, “Dosatron International”) for a base purchase price of $90 million with additional contingent consideration of up to $15 million. The business is a leading technology solutions provider of water powered dosing pumps and systems in North America, with an established presence in attractive end markets including hydroponics, horticulture, animal health, food safety and sanitation, and water treatment. Dosatron International will be reported within the Precision and Science Technologies segment. On October 6, 2022, the Company entered into an agreement to acquire SPX FLOW’s Air Treatment business for approximately $525 million. The business is a leading manufacturer of reliable and energy efficient desiccant and refrigerated dryers, filtration systems and purifiers for dehydration in compressed air. This transaction is expected to close late in the fourth quarter of 2022 or early in the first quarter of 2023, subject to regulatory approvals and customary closing conditions. Upon closing, the Air Treatment business will be reported within the Industrial Technologies and Services segment. On October 25, 2022, the Company entered into an agreement to acquire Everest Blowers Private Limited and Everest Blower Systems Private Limited (collectively, “Everest Group”) for an all-cash upfront purchase price of approximately $72 million with additional potential consideration based on achievement of financial targets of up to approximately $17 million. Everest Group is a leading domestic manufacturer of blowers and vacuum systems in India. This transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals and customary closing conditions. Upon closing, Everest Group will be reported within the Industrial Technologies and Services segment.
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Basis of Presentation and Recent Accounting Pronouncements (Policies) |
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Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products and industrial solutions. The accompanying condensed consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as “Ingersoll Rand” or the “Company”). The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. In the Company’s opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). We have reclassified certain prior year amounts to conform to the current year presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations. See Note 2 “Discontinued Operations” for information on discontinued operations. The results of operations for the three month period ended September 30, 2022 are not necessarily indicative of future results. The novel Coronavirus (“COVID-19”) pandemic and related supply chain constraints could impact the global economy. The Company’s operating results will be subject to fluctuations based on general economic conditions, and the extent to which COVID-19 may ultimately impact its business will depend on future developments.
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Recently Adopted Accounting Standard Updates ("ASU") and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Standard Updates (“ASU”) In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which explicitly clarifies which contracts, hedging relationships, and other transactions are within the scope of the optional expedients and exceptions allowed under Topic 848. In April 2022, the Company and its lenders executed Amendment No. 8 to the Credit Agreement, the primary purpose of which was to change the reference rate for existing and new borrowings under the Credit Agreement by replacing LIBOR with the Secured Overnight Financing Rate (“SOFR”). We applied practical expedients provided in Topic 848 allowing for the changes in contractual terms to be accounted for prospectively. These modifications had no significant impact on our financial statements. Refer to Note 9 “Debt” for further information regarding the terms of the Credit Agreement. The Company will continue to assess whether other provisions of Topic 848 are applicable throughout the effective period. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in this update are effective for fiscal years beginning after December 15, 2022 for public companies. Early adoption is permitted. The adoption is not expected to have a material impact on our consolidated financial statements.
In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The amendments in this update are effective for fiscal years beginning after December 15, 2022, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The adoption is not expected to have a material impact on our consolidated financial statements. |
Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The results of operations attributable to discontinued operations are summarized below:
The carrying amount of assets and liabilities attributable to discontinued operations are shown in the table below. There were no assets or liabilities of discontinued operations as of September 30, 2022.
The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the nine month periods ended September 30, 2022 and 2021 include the following:
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Business Combinations (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of consideration for all businesses acquired in 2022 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for all 2022 acquisitions is substantially complete.
The following table summarizes the allocation of consideration to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for the acquisitions of M-D Pneumatics and Kinney Vacuum Pumps, Seepex and Maximus Solutions is complete. Initial accounting for other 2021 acquisitions is substantially complete. The remaining measurement period adjustments are not expected to be significant and will be completed in the fourth quarter of 2022.
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Restructuring (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity in Restructuring Programs | For the three and nine month periods ended September 30, 2022 and 2021, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statement of Operations and consisted of the following.
The following table summarizes the activity associated with the Company’s restructuring programs for the three and nine month periods ended September 30, 2022 and 2021.
(1)Excludes $1.2 million and $6.0 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three and nine month periods ended September 30, 2022, respectively.
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories as of September 30, 2022 and December 31, 2021 consisted of the following.
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Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill attributable to each reportable segment for the nine month period ended September 30, 2022 is presented in the table below.
(1)Includes measurement period adjustments.
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Schedule of Other Intangible Assets | Other intangible assets as of September 30, 2022 and December 31, 2021 consisted of the following.
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Accrued Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued liabilities as of September 30, 2022 and December 31, 2021 consisted of the following.
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Schedule of Product Warranty Liability | A reconciliation of the changes in the accrued product warranty liability for the three and nine month periods ended September 30, 2022 and 2021 are as follows.
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Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost | The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three and nine month periods ended September 30, 2022 and 2021.
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt as of September 30, 2022 and December 31, 2021 is summarized as follows.
(1)As of September 30, 2022, this amount is presented net of unamortized discounts of $1.5 million. As of September 30, 2022, the applicable interest rate was approximately 4.88% and the weighted-average interest rate was 2.80% for the nine month period ended September 30, 2022. (2)As of September 30, 2022, this amount is presented net of unamortized discounts of $0.7 million. As of September 30, 2022, the applicable interest rate was approximately 4.88% and the weighted average interest rate was 2.80% for the nine month period ended September 30, 2022. (3)The weighted average interest rate was 2.00% for the six month period prior to the loan repayment on June 30, 2022, as discussed below.
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Stock-Based Compensation Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-based Compensation Expense | Stock-based compensation expense for the nine month periods ended September 30, 2022 and 2021 are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations and are as follows.
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Schedule of Stock Option Activity | A summary of the Company’s stock option (including SARs) activity for the nine month period ended September 30, 2022 is presented in the following table (underlying shares in thousands).
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Schedule of Stock Option Fair Value Assumptions | The following assumptions were used to estimate the fair value of options granted during the nine month periods ended September 30, 2022 and 2021 using the Black-Scholes option-pricing model.
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Schedule of Restricted Stock Unit Activity | A summary of the Company’s restricted stock unit activity for the nine month period ended September 30, 2022 is presented in the following table (underlying shares in thousands).
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Schedule of Performance Stock Unit Activity | A summary of the Company’s performance stock unit activity for the nine month period ended September 30, 2022 is presented in the following table (underlying shares in thousands).
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Schedule of Performance Share Units Fair Value Assumptions | The following assumptions were used to estimate the fair value of performance share units granted during the nine month periods ended September 30, 2022 and 2021 using the Monte Carlo simulation pricing model.
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Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Before Tax Income (Loss) and Related Income Tax Effect | The before tax income (loss) and related income tax effect are as follows.
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Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) by component for the nine month periods ended September 30, 2022 and 2021 are presented in the following table net of tax.
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Schedule of Reclassification out of Accumulated Other Comprehensive Loss | Reclassifications out of accumulated other comprehensive income (loss) for the nine month periods ended September 30, 2022 and 2021 are presented in the following table.
(1)These components are included in the computation of net periodic benefit cost. See Note 8 “Benefit Plans” for additional details.
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Hedging Activities, Derivative Instruments and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021.
(1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.
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Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss) | Gains on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine month periods ended September 30, 2022 and 2021 are as presented in the table below.
(1)Losses on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
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Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | Gains on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine month periods ended September 30, 2022 and 2021 are as presented in the table below.
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
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Schedule of Gains (Losses) on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Losses | The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three and nine month periods ended September 30, 2022 and 2021 were as follows.
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Schedule of Changes in Value of Debt and Designated Interest Rate Swaps | The Company’s gains (losses), net of income tax, associated with changes in the value of debt for the three and nine month periods ended September 30, 2022 and 2021 were as follows.
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Schedule of Assets and Liabilities Measured at Fair Value | The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021.
(1)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method. (2)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of September 30, 2022. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties. (3)Measured as the present value of all expected future cash flows that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market volatilities and interest rate curves. (4)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties. (5)Based on calculations that use readily observable market parameters at their basis, such as spot and forward rates.
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Revenue from Contracts with Customers (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue by Segment | The following tables provide disaggregated revenue by reportable segment for the three and nine month periods ended September 30, 2022 and 2021.
(1)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered. (2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.
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Schedule of Contract Balances | The following table provides the contract balances as of September 30, 2022 and December 31, 2021 presented in the Condensed Consolidated Balance Sheets.
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Schedule of Allowance for Credit Losses | The allowance for credit losses for the three and nine month periods ended September 30, 2022 and 2021 consisted of the following.
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Taxes and Effective Income Tax Rate | The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and nine month periods ended September 30, 2022 and 2021.
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Other Operating Expense (Income), Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Expense, Net | The components of “Other operating expense, net” for the three and nine month periods ended September 30, 2022 and 2021 were as follows.
(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.
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Segment Results (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 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 nine month periods ended September 30, 2022 and 2021.
a)Depreciation and amortization expense excludes $0.8 million and $1.0 million of depreciation of rental equipment for the three month periods ended September 30, 2022 and 2021, respectively, and excludes $2.6 million and $3.0 million for the nine month periods ended September 30, 2022 and 2021, respectively. b)Restructuring and related business transformation costs consist of the following.
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 stock-based compensation expense recognized for the three and nine month periods ended September 30, 2022 of $20.1 million and $62.3 million, respectively, and increased by $7.0 million for the three and nine month periods ended September 30, 2022, 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, 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. e)Represents gains from settling post-acquisition contingencies related to the Merger outside of the measurement period. f)Includes (i) pension and other postemployment (“OPEB”) plan costs other than service cost, (ii) interest income on cash and cash equivalents and (iii) other miscellaneous adjustments.
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Earnings (Loss) Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Earnings Per Share | The number of weighted-average shares outstanding used in the computations of basic and diluted earnings (loss) per share are as follows.
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Discontinued Operations - Balance Sheet (Details) - Discontinued Operations, Disposed of by Sale - High Pressure Solutions $ in Millions |
Dec. 31, 2021
USD ($)
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Assets | |
Cash and cash equivalents | $ 6.2 |
Accounts receivable, net | 2.5 |
Inventories | 5.6 |
Other current assets | 0.1 |
Property, plant and equipment, net | 1.2 |
Total assets of discontinued operations | 15.6 |
Liabilities | |
Accounts payable | 2.2 |
Accrued liabilities | 14.9 |
Total liabilities of discontinued operations | $ 17.1 |
Restructuring - Restructuring Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 33 Months Ended | ||
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Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 6.7 | $ 1.1 | $ 28.1 | $ 10.3 | |
Restructuring Program 2020 to 2022 | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 6.7 | 1.1 | 28.1 | 10.3 | $ 124.5 |
Restructuring Program 2020 to 2022 | Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | (0.3) | 0.1 | 0.7 | 5.0 | 11.5 |
Restructuring Program 2020 to 2022 | Industrial Technologies and Services | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 5.7 | 1.0 | 18.0 | 5.2 | 96.7 |
Restructuring Program 2020 to 2022 | Precision and Science Technologies | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 1.3 | $ 0.0 | $ 9.4 | $ 0.1 | $ 16.3 |
Restructuring - Activity in Restructuring Programs (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Restructuring Reserve [Roll Forward] | ||||
Balance at beginning of period | $ 18.0 | $ 14.7 | $ 12.3 | $ 17.5 |
Charged to expense - termination benefits | 4.1 | 0.2 | 16.6 | 8.8 |
Charged to expense - other | 1.4 | 0.9 | 5.5 | 1.5 |
Payments | (3.9) | (3.0) | (12.1) | (14.8) |
Currency translation adjustment and other | (1.9) | (0.2) | (4.6) | (0.4) |
Balance at end of period | 17.7 | $ 12.6 | 17.7 | $ 12.6 |
Restructuring Program 2020 to 2022 | Energy Segment | Other Operating Expense, Net | ||||
Restructuring Reserve [Roll Forward] | ||||
Non-cash charges | $ 1.2 | $ 6.0 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory, Net [Abstract] | ||
Raw materials, including parts and subassemblies | $ 623.7 | $ 506.6 |
Work-in-process | 104.5 | 88.6 |
Finished goods | 341.7 | 283.4 |
Gross inventories | 1,069.9 | 878.6 |
LIFO reserve | (57.4) | (24.4) |
Inventories | $ 1,012.5 | $ 854.2 |
Goodwill and Other Intangible Assets - Goodwill by Segment (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 5,981.6 |
Acquisitions | 65.2 |
Foreign currency translation and other | (257.8) |
Balance at end of period | 5,789.0 |
Industrial Technologies and Services | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 4,177.3 |
Acquisitions | 36.3 |
Foreign currency translation and other | (181.8) |
Balance at end of period | 4,031.8 |
Precision and Science Technologies | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 1,804.3 |
Acquisitions | 28.9 |
Foreign currency translation and other | (76.0) |
Balance at end of period | $ 1,757.2 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Industrial Technologies and Services | ||
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | ||
Accumulated impairment on goodwill | $ 220.6 | $ 220.6 |
Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
Accrued Liabilities [Abstract] | ||||||
Salaries, wages and related fringe benefits | $ 207.0 | $ 232.1 | ||||
Contract liabilities | 299.7 | 242.1 | ||||
Product warranty | 42.8 | $ 43.1 | 42.5 | $ 44.5 | $ 42.0 | $ 41.1 |
Operating lease liabilities | 38.5 | 34.9 | ||||
Restructuring | 17.7 | 12.3 | ||||
Taxes | 33.9 | 41.6 | ||||
Other | 151.7 | 135.8 | ||||
Total accrued liabilities | $ 791.3 | $ 741.3 | ||||
Operating lease, liability, current, statement of financial position | Total accrued liabilities | Total accrued liabilities |
Accrued Liabilities - Accrued Product Warranty Liability (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | $ 43.1 | $ 42.0 | $ 42.5 | $ 41.1 |
Product warranty accruals | 4.9 | 4.3 | 14.3 | 14.1 |
Acquired warranty | 0.0 | 1.9 | 0.0 | 2.0 |
Settlements | (3.5) | (3.2) | (10.8) | (12.1) |
Foreign currency translation and other | (1.7) | (0.5) | (3.2) | (0.6) |
Balance at end of period | $ 42.8 | $ 44.5 | $ 42.8 | $ 44.5 |
Debt - Narrative (Details) € in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2022
EUR (€)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 1.1 | $ 0.0 | $ 9.0 | $ 1.1 | $ 9.0 | ||
Dollar Term Loan, Due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of debt | € | € 589.1 | ||||||
Long-term debt | 903.7 | 903.7 | $ 910.5 | ||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 1,100.0 | 1,100.0 | |||||
Letters of credit outstanding | 0.0 | 0.0 | |||||
Outstanding borrowings | 0.0 | 0.0 | |||||
Unused borrowing capacity | 1,100.0 | 1,100.0 | |||||
Revolving Credit Facility | Ingersoll Rand | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit outstanding | $ 400.0 | $ 400.0 |
Stock-Based Compensation Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 20.1 | $ 21.9 | $ 62.3 | $ 75.9 |
Continuing operations | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 20.1 | 21.9 | 62.3 | 65.0 |
Discontinued operations | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0.0 | $ 0.0 | $ 0.0 | $ 10.9 |
Stock-Based Compensation Plans - Stock Option Awards (Details) - Stock Options shares in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Stock Option Awards shares | |
Balance at beginning of period (in shares) | shares | 6,746 |
Granted (in shares) | shares | 741 |
Exercised or settled (in shares) | shares | (711) |
Forfeited (in shares) | shares | (127) |
Expired (in shares) | shares | (6) |
Balance at end of period (in shares) | shares | 6,643 |
Vested (in shares) | shares | 4,649 |
Weighted-Average Exercise Price (per share) | |
Balance at beginning of period (in usd per share) | $ / shares | $ 21.76 |
Granted (in usd per share) | $ / shares | 53.05 |
Exercised or settled (in usd per share) | $ / shares | 20.67 |
Forfeited (in usd per share) | $ / shares | 37.49 |
Expired (in usd per share) | $ / shares | 38.19 |
Balance at end of period (in usd per share) | $ / shares | 25.05 |
Vested (in usd per share) | $ / shares | $ 18.34 |
Stock-Based Compensation Plans - Restricted Stock Unit Awards (Details) - Restricted Stock Units shares in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Restricted Stock Unit Awards Shares | |
Balance at beginning of period (in shares) | shares | 2,677 |
Granted (in shares) | shares | 551 |
Vested (in shares) | shares | (1,997) |
Forfeited (in shares) | shares | (176) |
Balance at end of period (in shares) | shares | 1,055 |
Weighted-Average Grant-Date Fair Value | |
Balance at beginning of period (in usd per share) | $ / shares | $ 34.08 |
Granted (in usd per share) | $ / shares | 52.33 |
Vested (in usd per share) | $ / shares | 34.02 |
Forfeited (in usd per share) | $ / shares | 36.67 |
Balance at end of period (in usd per share) | $ / shares | $ 43.29 |
Stock-Based Compensation Plans - Performance Share Unit Awards (Details) - Performance Share Units shares in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
$ / shares
shares
| |
Performance Share Unit Awards Shares | |
Balance at beginning of period (in shares) | shares | 393 |
Granted (in shares) | shares | 1,175 |
Forfeited (in shares) | shares | (29) |
Balance at end of period (in shares) | shares | 1,539 |
Weighted-Average Grant-Date Fair Value | |
Balance at beginning of period (in usd per share) | $ / shares | $ 39.89 |
Granted (in usd per share) | $ / shares | 46.56 |
Forfeited (in usd per share) | $ / shares | 39.61 |
Balance at end of period (in usd per share) | $ / shares | $ 44.99 |
Stock-Based Compensation Plans - Performance Share Unit Fair Value Assumptions (Details) - Performance Share Units |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 2 years 10 months 24 days | |
Risk-free interest rate, minimum (as a percent) | 1.70% | |
Risk-free interest rate, maximum (as a percent) | 3.40% | |
Risk-free interest rate (as a percent) | 0.20% | |
Assumed volatility, minimum (as a percent) | 35.00% | |
Assumed volatility, maximum (as a percent) | 36.40% | |
Assumed volatility (as a percent) | 36.90% | |
Expected dividend rate (as a percent) | 0.20% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 2 years 10 months 24 days | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years |
Hedging Activities, Derivative Instruments and Fair Value Measurements - Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss) (Details) - Interest rate swap contracts - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Derivatives, Fair Value [Line Items] | ||||
Gain recognized in OCI on derivatives | $ 23.7 | $ 0.0 | $ 17.1 | $ 0.0 |
Loss reclassified from AOCI into income (effective portion) | $ (2.4) | $ 0.0 | $ (2.5) | $ 0.0 |
Hedging Activities, Derivative Instruments and Fair Value Measurements - Schedule of Net Investment Hedges included in Accumulated Other Comprehensive Income (Loss) (Details) - Cross-currency interest rate swap contracts - Net investment - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain recognized in OCI on derivatives | $ 65.9 | $ 0.0 | $ 71.9 | $ 0.0 |
Gain reclassified from AOCI into income (effective portion) | $ 5.6 | $ 0.0 | $ 5.7 | $ 0.0 |
Hedging Activities, Derivative Instruments and Fair Value Measurements - Derivative Instruments not Designated as Accounting Hedges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||||
Total foreign currency transaction gains (losses), net | $ 6.7 | $ (1.1) | $ 12.3 | $ 13.6 |
Foreign currency forward contracts gains (losses) | ||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||||
Total foreign currency transaction gains (losses), net | $ (0.1) | $ (2.4) | $ 3.0 | $ (2.5) |
Hedging Activities, Derivative Instruments and Fair Value Measurements - Gains (Losses), Net of Income Tax (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Interest rate swap contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Gain, net of income tax, recorded through other comprehensive income | $ 0.0 | $ 12.2 | $ 36.4 | $ 25.4 |
Revenue from Contracts with Customers - Remaining Performance Obligation (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 542.7 |
Remaining performance obligation, expected timing of satisfaction | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 472.6 |
Remaining performance obligation, expected timing of satisfaction |
Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Accounts receivable, net | $ 1,032.3 | $ 948.6 |
Contract assets | 70.5 | 60.8 |
Contract liabilities - current | 299.7 | 242.1 |
Contract liabilities - noncurrent | $ 1.1 | $ 1.4 |
Revenue from Contracts with Customers - Allowance for Credit Losses (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of the period | $ 45.2 | $ 49.3 | $ 42.3 | $ 50.9 |
Provision charged to expense | 4.6 | 0.6 | 11.3 | 2.2 |
Write-offs, net of recoveries | (0.3) | (0.3) | (1.8) | (3.0) |
Foreign currency translation and other | (1.7) | 0.3 | (4.0) | (0.2) |
Balance at end of the period | $ 47.8 | $ 49.9 | $ 47.8 | $ 49.9 |
Income Taxes - Effective Income Tax Provision Rate (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 173.2 | $ 135.9 | $ 496.3 | $ 388.1 |
Provision (benefit) for income taxes | $ 30.3 | $ 2.7 | $ 104.6 | $ 25.8 |
Effective income tax provision rate (as a percent) | 17.50% | 2.00% | 21.10% | 6.60% |
Other Operating Expense (Income), Net - Summary (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Other Income and Expenses [Abstract] | ||||
Foreign currency transaction losses (gains), net | $ (6.7) | $ 1.1 | $ (12.3) | $ (13.6) |
Restructuring charges, net | 6.7 | 1.1 | 28.1 | 10.3 |
Acquisition and other transaction related expenses | 12.1 | 14.0 | 25.0 | 37.6 |
Other, net | 0.7 | 1.3 | 2.6 | 2.6 |
Total other operating expense, net | $ 12.8 | $ 17.5 | $ 43.4 | $ 36.9 |
Contingencies (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Loss Contingencies [Line Items] | ||
Undiscounted accrued liabilities for environmental loss contingencies | $ 15.2 | $ 12.9 |
Asbestos and Silica Related Litigation | ||
Loss Contingencies [Line Items] | ||
Estimated litigation liability | 130.3 | 136.9 |
Insurance recovery receivable | $ 143.5 | $ 145.1 |
Segment Results - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Earnings (Loss) Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Average shares outstanding | ||||
Basic (in shares) | 404.0 | 412.3 | 405.4 | 417.1 |
Diluted (in shares) | 408.5 | 418.5 | 410.3 | 423.7 |
Earnings (Loss) Per Share - Narrative (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings (loss) per share (in shares) | 2.3 | 0.7 | 2.1 | 0.7 |
Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions |
Oct. 25, 2022 |
Oct. 06, 2022 |
Oct. 03, 2022 |
---|---|---|---|
Dosatron International L.L.C. and Dilution Solutions L.L.C. | |||
Subsequent Event [Line Items] | |||
Purchase consideration | $ 90 | ||
Contingent consideration | $ 15 | ||
SPX FLOW’s Air Treatment | |||
Subsequent Event [Line Items] | |||
Purchase consideration | $ 525 | ||
Everest Blowers Private Limited | |||
Subsequent Event [Line Items] | |||
Purchase consideration | $ 72 | ||
Contingent consideration | $ 17 |
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