Segment Results (Tables)

6 Months Ended

Jun. 30, 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 and six month periods ended June 30, 2023 and 2022.


	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2023		2022		2023		2022
Revenue
Industrial Technologies and Services	$	1,378.4	$	1,150.5	$	2,695.6	$	2,190.1
Precision and Science Technologies	308.1		289.4		620.2		586.8


Total Revenue	$	1,686.5	$	1,439.9	$	3,315.8	$	2,776.9
Segment Adjusted EBITDA
Industrial Technologies and Services	$	377.5	$	292.0	$	723.1	$	539.4
Precision and Science Technologies	90.0		77.7		184.5		162.8


Total Segment Adjusted EBITDA	$	467.5	$	369.7	$	907.6	$	702.2
Less items to reconcile Segment Adjusted EBITDA to Income from Continuing Operations Before Income Taxes:
Corporate expenses not allocated to segments	$	42.8	$	34.8	$	82.8	$	63.7
Interest expense	40.8		23.2		79.7		42.2
Depreciation and amortization expense (a)	111.0		103.7		224.1		211.2

Restructuring and related business transformation costs (b)	5.9		9.5		10.2		23.7
Acquisition and other transaction related expenses and non-cash charges (c)	13.8		5.4		31.8		14.9
Stock-based compensation	11.9		22.4		24.0		42.2
Foreign currency transaction gains, net	(1.1)		(1.8)		(0.1)		(5.6)
Loss on extinguishment of debt	0.9		1.1		0.9		1.1
Adjustments to LIFO inventories	6.5		—		14.3		—
Cybersecurity incident costs (d)	2.2		—		2.2		—

Other adjustments (e)	(6.1)		(9.1)		(12.2)		(14.3)
Income from Continuing Operations Before Income Taxes	238.9		180.5		449.9		323.1
Provision for income taxes	60.5		41.9		108.6		74.3
Income (loss) on equity method investments	2.4		(0.8)		2.7		(5.1)
Income from Continuing Operations	180.8		137.8		344.0		243.7
Income from discontinued operations, net of tax	—		1.5		—		0.1
Net Income	$	180.8	$	139.3	$	344.0	$	243.8

a)Depreciation and amortization expense excludes $0.8 million and $0.8 million of depreciation of rental equipment for the three month periods ended June 30, 2023 and 2022, respectively, and excludes $1.7 million and $1.8 million for the six month periods ended June 30, 2023 and 2022, respectively.

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


	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2023		2022		2023		2022
Restructuring charges	$	5.2	$	8.9	$	8.1	$	21.4
Facility reorganization, relocation and other costs	0.7		0.6		2.1		2.3

Total restructuring and related business transformation costs	$	5.9	$	9.5	$	10.2	$	23.7

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 non-recoverable costs associated with a cybersecurity event.

e)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.