Segment Results (Tables)

6 Months Ended

Jun. 30, 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 and six month periods ended June 30, 2024 and 2023.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2024		2023		2024		2023
Revenue
Industrial Technologies and Services	$	1,466.5	$	1,378.4	$	2,839.9	$	2,695.6
Precision and Science Technologies	338.8		308.1		635.5		620.2
Total Revenue	$	1,805.3	$	1,686.5	$	3,475.4	$	3,315.8
Segment Adjusted EBITDA
Industrial Technologies and Services	$	436.2	$	377.5	$	847.3	$	723.1
Precision and Science Technologies	102.5		90.0		193.9		184.5
Total Segment Adjusted EBITDA	$	538.7	$	467.5	$	1,041.2	$	907.6
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments	$	44.1	$	42.8	$	88.1	$	82.8
Interest expense	50.8		40.8		87.6		79.7
Depreciation and amortization expense (a)	115.8		111.0		232.1		224.1
Restructuring and related business transformation costs (b)	3.9		5.9		14.6		10.2
Acquisition and other transaction related expenses and non-cash charges (c)	27.7		13.8		43.0		31.8
Stock-based compensation	14.5		11.9		28.6		24.0
Foreign currency transaction gains, net	—		(1.1)		(0.7)		(0.1)
Loss on extinguishment of debt	3.0		0.9		3.0		0.9
Adjustments to LIFO inventories	0.4		6.5		7.2		14.3
Cybersecurity incident costs (d)	(0.1)		2.2		0.5		2.2
Loss on asbestos sale	58.8		—		58.8		—
Interest income on cash and cash equivalents	(16.3)		(6.1)		(27.7)		(10.8)
Other adjustments (e)	—		—		0.4		(1.4)
Income Before Income Taxes	236.1		238.9		505.7		449.9
Provision for income taxes	46.1		60.5		100.5		108.6
Income (loss) on equity method investments	(3.5)		2.4		(14.2)		2.7
Net Income	$	186.5	$	180.8	$	391.0	$	344.0

a)Depreciation and amortization expense excludes $1.1 million and $0.8 million of depreciation of rental equipment for the three month periods ended June 30, 2024 and 2023, respectively, and excludes $2.0 million and $1.7 million for the six month periods ended June 30, 2024 and 2023, 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,
	2024		2023		2024		2023
Restructuring charges	$	3.9	$	5.2	$	13.6	$	8.1
Facility reorganization, relocation and other costs	—		0.7		1.0		2.1
Total restructuring and related business transformation costs	$	3.9	$	5.9	$	14.6	$	10.2

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)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.