Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

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 from Continuing Operations Before Income Taxes for the years ended December 31, 2023, 2022 and 2021.

	2023		2022		2021
Revenue
Industrial Technologies and Services	$	5,632.8	$	4,705.1	$	4,161.0
Precision and Science Technologies	1,243.3		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 Technologies	372.8		347.5		291.4
Total Segment Adjusted EBITDA	1,960.1		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 expense	156.7		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), net	5.1		(5.9)		(12.0)
Loss on extinguishment of debt	13.5		1.1		9.0
Adjustments to LIFO inventories	12.0		36.1		33.2
Cybersecurity incident costs	2.3		—		—
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.

	2023		2022		2021
Restructuring charges	$	19.9	$	29.3	$	13.4
Facility reorganization, relocation and other costs	3.0		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

	2023		2022		2021
Industrial Technologies and Services	$	313.8	$	294.7	$	296.6
Precision and Science Technologies	135.4		133.6		108.3
Corporate and other	9.9		4.5		17.2
Total depreciation and amortization expense	$	459.1	$	432.8	$	422.1

Capital Expenditures

	2023		2022		2021
Industrial Technologies and Services	$	83.9	$	66.3	$	53.1
Precision and Science Technologies	18.5		17.7		10.7
Corporate and other	3.0		10.6		0.3
Total capital expenditures	$	105.4	$	94.6	$	64.1

Identifiable Assets

	2023		2022
Industrial Technologies and Services	$	10,138.8	$	9,204.7
Precision and Science Technologies	3,464.7		3,540.4
Corporate and other	1,960.0		2,020.8
Total identifiable assets	$	15,563.5	$	14,765.9

Scheduled of Property, Plant and Equipment by Geographic Region

The following table presents property, plant and equipment, net by geographic region for the years ended December 31, 2023, and 2022.

	2023		2022
United States	$	286.0	$	225.7
Other Americas	12.8		18.5
Total Americas	298.8		244.2
EMEIA(1)	245.7		216.6
Asia Pacific	166.9		163.6
Total	$	711.4	$	624.4

(1)Europe, Middle East, India and Africa (“EMEIA”)