Segment Results (Tables)

3 Months Ended

Mar. 31, 2023

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 month periods ended March 31, 2023 and 2022.


	For the Three Month Period Ended March 31,
	2023		2022
Revenue
Industrial Technologies and Services	$	1,317.2	$	1,039.6
Precision and Science Technologies	312.1		297.4


Total Revenue	$	1,629.3	$	1,337.0
Segment Adjusted EBITDA
Industrial Technologies and Services	$	345.6	$	247.4
Precision and Science Technologies	94.5		85.1


Total Segment Adjusted EBITDA	$	440.1	$	332.5
Less items to reconcile Segment Adjusted EBITDA to Income from Continuing Operations Before Income Taxes:
Corporate expenses not allocated to segments	$	40.0	$	28.9
Interest expense	38.9		19.0
Depreciation and amortization expense (a)	113.1		107.5

Restructuring and related business transformation costs (b)	4.3		14.2
Acquisition and other transaction related expenses and non-cash charges (c)	18.0		9.5
Stock-based compensation	12.1		19.8
Foreign currency transaction losses (gains), net	1.0		(3.8)

Adjustments to LIFO inventories	7.8		—

Other adjustments (d)	(6.1)		(5.2)
Income from Continuing Operations Before Income Taxes	211.0		142.6
Provision for income taxes	48.1		32.4
Income (loss) on equity method investments	0.3		(4.3)
Income from Continuing Operations	163.2		105.9
Loss from discontinued operations, net of tax	—		(1.4)
Net Income	$	163.2	$	104.5

a)Depreciation and amortization expense excludes $0.9 million and $1.0 million of depreciation of rental equipment for the three month periods ended March 31, 2023 and 2022, respectively.

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


	For the Three Month Period Ended March 31,
	2023		2022
Restructuring charges	$	2.9	$	12.5
Facility reorganization, relocation and other costs	1.4		1.7

Total restructuring and related business transformation costs	$	4.3	$	14.2

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)Includes (i) pension and other postemployment plan costs other than service cost, (ii) interest income on cash and cash equivalents and (iii) other miscellaneous adjustments.