Segment Results (Tables)

3 Months Ended

Mar. 31, 2024

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 Before Income Taxes for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Revenue
Industrial Technologies and Services	$	1,373.4	$	1,317.2
Precision and Science Technologies	296.7		312.1
Total Revenue	$	1,670.1	$	1,629.3
Segment Adjusted EBITDA
Industrial Technologies and Services	$	411.1	$	345.6
Precision and Science Technologies	91.4		94.5
Total Segment Adjusted EBITDA	$	502.5	$	440.1
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments	$	44.0	$	40.0
Interest expense	36.8		38.9
Depreciation and amortization expense (a)	116.3		113.1
Restructuring and related business transformation costs (b)	10.7		4.3
Acquisition and other transaction related expenses and non-cash charges (c)	15.3		18.0
Stock-based compensation	14.1		12.1
Foreign currency transaction losses (gains), net	(0.7)		1.0
Adjustments to LIFO inventories	6.8		7.8
Cybersecurity incident costs (d)	0.6		—
Interest income on cash and cash equivalents	(11.4)		(4.7)
Other adjustments (e)	0.4		(1.4)
Income Before Income Taxes	269.6		211.0
Provision for income taxes	54.4		48.1
Income (loss) on equity method investments	(10.7)		0.3
Net Income	$	204.5	$	163.2

a)Depreciation and amortization expense excludes $0.9 million and $0.9 million of depreciation of rental equipment for the three month periods ended March 31, 2024 and 2023, respectively.

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

	For the Three Month Period Ended March 31,
	2024		2023
Restructuring charges	$	9.7	$	2.9
Facility reorganization, relocation and other costs	1.0		1.4
Total restructuring and related business transformation costs	$	10.7	$	4.3

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 and (ii) other miscellaneous adjustments.