Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

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. Any further adjustments during the measurement period are not expected to be material.

	Dosatron International		All others		Total Consideration
Accounts receivable	$	1.8	$	16.3	$	18.1
Inventories	6.2		20.7		26.9
Other current assets	0.1		1.3		1.4
Property, plant and equipment	0.3		8.9		9.2
Goodwill	57.4		150.5		207.9
Intangible assets	41.9		43.0		84.9
Other noncurrent assets	13.8		0.9		14.7
Total current liabilities	(3.5)		(30.6)		(34.1)
Deferred tax liabilities	(13.8)		(9.7)		(23.5)
Other noncurrent liabilities	—		(1.9)		(1.9)
Total consideration	$	104.2	$	199.4	$	303.6

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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

	Seepex		M-D Pneumatics and Kinney Vacuum Pumps		Maximus Solutions		All Others		Total Consideration
Accounts receivable	$	24.9	$	4.8	$	4.3	$	9.4	$	43.4
Inventories	42.4		3.8		2.9		10.1		59.2
Other current assets	1.9		0.2		0.2		0.3		2.6
Property, plant and equipment	40.6		16.2		2.1		15.0		73.9
Goodwill	249.0		81.5		75.9		79.6		486.0
Intangible assets	239.2		82.5		39.5		95.9		457.1
Other noncurrent assets	1.4		—		—		—		1.4
Total current liabilities	(35.1)		(3.5)		(2.4)		(4.1)		(45.1)
Deferred tax liabilities	(75.6)		—		(11.3)		(4.2)		(91.1)
Other noncurrent liabilities	(6.6)		(1.5)		(0.2)		(1.8)		(10.1)
Total consideration	$	482.1	$	184.0	$	111.0	$	200.2	$	977.3

The following table summarizes the allocation of consideration to the fair values of assets acquired and liabilities assumed of Ingersoll Rand Industrial as of February 29, 2020. These amounts include assets and liabilities of the Specialty Vehicle Technologies segment, which was divested during the year ended December 31, 2021 and is reported as a discontinued operation. Refer to Note 3 for further information on the sale of SVT.

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

Schedule of Aggregate Purchase Consideration

On February 29, 2020, Ingersoll Rand (formerly Gardner Denver Holdings, Inc.) completed the acquisition of and merger with Ingersoll Rand Industrial in exchange for non-cash consideration comprising the following:

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

Schedule of Preliminary Fair Value of Property, Plant and Equipment

The fair value of property, plant and equipment was primarily calculated using replacement costs adjusted for the age and condition of the asset, with the exception of real property which was calculated using the market approach, and is summarized below.

Land and buildings	$	215.1
Machinery and equipment	256.9
Office furniture and equipment	13.4
Other	1.0
Construction in progress	30.1
Total property, plant and equipment	$	516.5

Schedule of Estimated Preliminary Fair Value and Weighted Average Useful Life of Identifiable Intangible Assets

The fair value and weighted average useful life of the Ingersoll Rand Industrial identifiable intangible assets are as follows.

	Fair Value		Weighted Average Useful Life (Years)
Tradenames	$	1,312.0	Indefinite
Developed technology	236.0		7
Customer relationships	2,101.0		13
Backlog	81.2		<1
Internal-use software and other	36.4		2
Total identifiable intangible assets	$	3,766.6

Schedule of Pro Forma Information

The pro forma results do not necessarily represent the revenue or results of operations would have been realized had the acquisition been completed on January 1, 2019. In addition, these results are not intended to be a projection of future operating results and do not reflect synergies that might be achieved.

	2020
Revenues	$	5,398.0
Net Income	164.8

Schedule of Material and Nonrecurring Adjustments to Unaudited Pro Forma Results

The table below reflects the impact of material and nonrecurring adjustments to the unaudited pro forma results for the year ended December 31, 2020 that are directly attributable to the acquisition.

	2020
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	$	13.8
Decrease to expense as a result of inventory fair value adjustment, net of tax	(89.6)
Decrease to expense as a result of transaction costs, net of tax	(34.8)