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Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
A description of the Company’s two reportable segments, including the specific products manufactured and sold follows 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 and loading systems. The Company’s compression and vacuum products are used worldwide in industrial manufacturing, transportation, chemical processing, food and beverage production, clean 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.
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, clean 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 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 the United States 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 years ended December 31, 2023, 2022 and 2021.
202320222021
Revenue
Industrial Technologies and Services$5,632.8 $4,705.1 $4,161.0 
Precision and Science Technologies1,243.3 1,211.2 991.4 
Total Revenue$6,876.1 $5,916.3 $5,152.4 
Segment Adjusted EBITDA
Industrial Technologies and Services$1,587.3 $1,214.0 $1,033.7 
Precision and Science Technologies372.8 347.5 291.4 
Total Segment Adjusted EBITDA1,960.1 1,561.5 1,325.1 
Less items to reconcile Segment Adjusted EBITDA to Income from Continuing Operations Before Income Taxes:
Corporate expenses not allocated to segments
173.3 126.7 133.2 
Interest expense156.7 103.2 87.7 
Depreciation and amortization expense(1)
455.4 429.4 418.0 
Restructuring and related business transformation costs(2)
22.9 32.3 18.8 
Acquisition related expenses and non-cash charges(3)
63.9 40.7 65.2 
Stock-based compensation(4)
51.9 85.6 95.9 
Foreign currency transaction losses (gains), net5.1 (5.9)(12.0)
Loss on extinguishment of debt
13.5 1.1 9.0 
Adjustments to LIFO inventories12.0 36.1 33.2 
Cybersecurity incident costs2.3 — — 
Gain on settlement of post-acquisition contingencies(5)
— (6.2)(30.1)
Other adjustments(6)
(28.0)(23.7)(6.8)
Income from Continuing Operations Before Income Taxes$1,031.1 $742.2 $513.0 
(1)Depreciation and amortization expense excludes $3.7 million, $3.4 million and $4.1 million of depreciation of rental equipment for the years ended December 31, 2023, 2022 and 2021, respectively.
(2)Restructuring and related business transformation costs consist of the following.
202320222021
Restructuring charges$19.9 $29.3 $13.4 
Facility reorganization, relocation and other costs3.0 3.0 3.1 
Other, net— — 2.3 
Total restructuring and related business transformation costs$22.9 $32.3 $18.8 
(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.
(5)Represents gains from settling post-acquisition contingencies related to the Merger outside of the measurement period.
(6)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
202320222021
Industrial Technologies and Services$313.8 $294.7 $296.6 
Precision and Science Technologies135.4 133.6 108.3 
Corporate and other9.9 4.5 17.2 
Total depreciation and amortization expense$459.1 $432.8 $422.1 
Capital Expenditures
202320222021
Industrial Technologies and Services$83.9 $66.3 $53.1 
Precision and Science Technologies18.5 17.7 10.7 
Corporate and other3.0 10.6 0.3 
Total capital expenditures$105.4 $94.6 $64.1 
Identifiable Assets
20232022
Industrial Technologies and Services$10,138.8 $9,204.7 
Precision and Science Technologies3,464.7 3,540.4 
Corporate and other1,960.0 2,020.8 
Total identifiable assets$15,563.5 $14,765.9 
The following table presents property, plant and equipment, net by geographic region for the years ended December 31, 2023, and 2022.
20232022
United States$286.0 $225.7 
Other Americas12.8 18.5 
Total Americas298.8 244.2 
EMEIA(1)
245.7 216.6 
Asia Pacific166.9 163.6 
Total$711.4 $624.4 
(1)Europe, Middle East, India and Africa (“EMEIA”)