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Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 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 (Loss) Before Income Taxes for the years ended December 31, 2022, 2021 and 2020.
202220212020
Revenue
Industrial Technologies and Services$4,705.1 $4,161.0 $3,248.2 
Precision and Science Technologies1,211.2 991.4 725.0 
Total Revenue$5,916.3 $5,152.4 $3,973.2 
Segment Adjusted EBITDA
Industrial Technologies and Services$1,214.0 $1,033.7 $759.8 
Precision and Science Technologies347.5 291.4 220.2 
Total Segment Adjusted EBITDA1,561.5 1,325.1 980.0 
Less items to reconcile Segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Corporate expenses not allocated to segments
126.7 133.2 101.9 
Interest expense103.2 87.7 111.1 
Depreciation and amortization expense(1)
429.4 418.0 410.4 
Impairment of other intangible assets
— — 19.9 
Restructuring and related business transformation costs(2)
32.3 18.8 88.0 
Acquisition related expenses and non-cash charges(3)
40.7 65.2 181.5 
Stock-based compensation(4)
85.6 95.9 47.0 
Foreign currency transaction losses (gains), net(5.9)(12.0)18.6 
Loss on extinguishment of debt
1.1 9.0 2.0 
Adjustments to LIFO inventories(5)
36.1 33.2 39.8 
Gain on settlement of post-acquisition contingencies(6)
(6.2)(30.1)— 
Other adjustments(7)
(23.7)(6.8)5.2 
Income (Loss) Before Income Taxes$742.2 $513.0 $(45.4)
(1)Depreciation and amortization expense excludes $3.4 million, $4.1 million and $2.1 million of depreciation of rental equipment for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)Restructuring and related business transformation costs consist of the following.
202220212020
Restructuring charges$29.3 $13.4 $83.0 
Facility reorganization, relocation and other costs3.0 3.1 2.1 
Other, net— 2.3 2.9 
Total restructuring and related business transformation costs$32.3 $18.8 $88.0 
(3)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.
(4)Represents stock-based compensation expense recognized for the year ended December 31, 2022 of $78.9 million and associated employer taxes of $6.7 million. Represents stock-based compensation expense recognized for the year ended December 31, 2021 of $87.2 million and associated employer taxes of $8.7 million. Represents stock-based compensation expense recognized for the year ended December 31, 2020 of $47.5 million decreased by $0.5 million due to costs associated with employer taxes.
(5)For the years ended December 31, 2022 and 2021, represents $36.1 million and $33.2 million of LIFO reserve changes, respectively. For the year ended December 31, 2020, includes $4.2 million of LIFO reserve changes and $35.6 million to reduce the carrying value of inventories acquired in the merger with Ingersoll Rand Industrial accounted for under the LIFO method.
(6)Represents gains from settling post-acquisition contingencies related to the Merger outside of the measurement period.
(7)Includes (i) pension and other postretirement benefits (“OPEB”) plan costs other than service cost, (ii) interest income on cash and cash equivalents and (iii) other miscellaneous adjustments.
The following tables provide summarized information about the Company’s reportable segments.
Depreciation and Amortization Expense
202220212020
Industrial Technologies and Services$294.7 $296.6 $306.0 
Precision and Science Technologies133.6 108.3 102.4 
Corporate and other4.5 17.2 4.1 
Total depreciation and amortization expense$432.8 $422.1 $412.5 
Capital Expenditures
202220212020
Industrial Technologies and Services$66.3 $53.1 $32.2 
Precision and Science Technologies17.7 10.7 9.8 
Corporate and other10.6 0.3 — 
Total capital expenditures$94.6 $64.1 $42.0 
Identifiable Assets
20222021
Industrial Technologies and Services$9,204.7 $9,101.7 
Precision and Science Technologies3,540.4 3,572.2 
Corporate and other2,020.8 2,465.0 
Assets of discontinued operations— 15.6 
Total identifiable assets$14,765.9 $15,154.5 
Scheduled of Geographic Region
The following table presents property, plant and equipment, net by geographic region for the years ended December 31, 2022, and 2021.
20222021
United States$225.7 $225.8 
Other Americas18.5 16.5 
Total Americas244.2 242.3 
EMEIA(1)
216.6 221.3 
Asia Pacific163.6 185.0 
Total$624.4 $648.6 
(1)Europe, Middle East, India and Africa (“EMEIA”)