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Segment Reporting
 12 Months Ended
Dec. 31, 2024
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, single-use powder handling systems, and contract design and production services for silicone, thermoplastic, and specialty components and assemblies for medical devices. These products are used in 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, liquid and solid transfer, dispensing, gas compression, gas sampling, pressure management, flow control, and powder handling, amongst other applications. 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.
Ingersoll Rand’s Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. The CODM evaluates the performance of the Company’s segments based on Segment Adjusted EBITDA. The CODM closely monitors the Segment Adjusted EBITDA of each segment to evaluate past performance and actions required to improve profitability. Inter-segment sales and transfers are not significant. Certain 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 segments and are included in Segment selling and administrative expenses. Certain other administrative expenses, including senior management compensation, treasury, internal audit, tax compliance, certain information technology, and other corporate functions, are not allocated to the segments to determine Segment Adjusted EBITDA.
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, 2024, 2023 and 2022.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
202420232022202420232022202420232022
Revenue$5,818.1 $5,632.8 $4,705.1 1,416.9 1,243.3 1,211.2 $7,235.0 $6,876.1 $5,916.3 
Segment cost of sales(1)
3,193.3 3,225.0 2,785.5 736.2 648.8 652.4 3,929.5 3,873.8 3,437.9 
Segment selling and administrative expenses(2)
868.5 818.5 702.5 264.6 222.5 212.6 1,133.1 1,041.0 915.1 
Other segment items(3)
1.5 2.0 3.1 (2.7)(0.8)(1.3)(1.2)1.2 1.8 
Segment Adjusted EBITDA$1,754.8 $1,587.3 $1,214.0 418.8 372.8 347.5 2,173.6 1,960.1 1,561.5 
(1)Segment cost of sales excludes adjustments to LIFO inventories, depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges.
(2)Segment selling and administrative expenses excludes depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges.
(3)Other miscellaneous segment expenses.
202420232022
Total Segment Adjusted EBITDA2,173.6 1,960.1 1,561.5 
Less items to reconcile Segment Adjusted EBITDA to Income from Continuing Operations Before Income Taxes:
Corporate expenses not allocated to segments
155.5 173.3 126.7 
Interest expense213.2 156.7 103.2 
Depreciation and amortization expense(1)
478.0 455.4 429.4 
Impairment of other intangible assets
13.9 — — 
Restructuring and related business transformation costs(2)
32.3 22.9 32.3 
Acquisition and other transaction related expenses and non-cash charges(3)
59.8 63.9 40.7 
Stock-based compensation(4)
58.8 51.9 85.6 
Foreign currency transaction losses (gains), net3.2 5.1 (5.9)
Loss on extinguishment of debt
3.0 13.5 1.1 
Adjustments to LIFO inventories6.7 12.0 36.1 
Cybersecurity incident costs0.5 2.3 — 
Loss on asbestos sale58.8 — — 
Gain on settlement of post-acquisition contingencies(5)
— — (6.2)
Interest income on cash and cash equivalents(43.3)(28.8)(8.0)
Other adjustments(6)
0.4 0.8 (15.7)
Income from Continuing Operations Before Income Taxes$1,132.8 $1,031.1 $742.2 
(1)Depreciation and amortization expense excludes $4.0 million, $3.7 million and $3.4 million of depreciation of rental equipment for the years ended December 31, 2024, 2023 and 2022, respectively.
(2)Restructuring and related business transformation costs consist of the following.
202420232022
Restructuring charges$31.2 $19.9 $29.3 
Facility reorganization, relocation and other costs1.1 3.0 3.0 
Total restructuring and related business transformation costs$32.3 $22.9 $32.3 
(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.
(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 and (ii) other miscellaneous adjustments.
The following tables provide summarized information about the Company’s reportable segments.
Depreciation and Amortization Expense
202420232022
Industrial Technologies and Services$296.0 $313.8 $294.7 
Precision and Science Technologies177.1 135.4 133.6 
Corporate and other8.9 9.9 4.5 
Total depreciation and amortization expense$482.0 $459.1 $432.8 
Capital Expenditures
202420232022
Industrial Technologies and Services$83.0 $83.9 $66.3 
Precision and Science Technologies21.3 18.5 17.7 
Corporate and other44.8 3.0 10.6 
Total capital expenditures$149.1 $105.4 $94.6 
Identifiable Assets
20242023
Industrial Technologies and Services$10,369.6 $10,138.8 
Precision and Science Technologies5,884.1 3,464.7 
Corporate and other1,756.1 1,960.0 
Total identifiable assets$18,009.8 $15,563.5 
The following table presents property, plant and equipment, net by geographic region for the years ended December 31, 2024, and 2023.
20242023
United States$381.8 $286.0 
Other Americas38.1 12.8 
Total Americas419.9 298.8 
EMEIA(1)
256.5 245.7 
China152.3 160.9 
Other Asia Pacific13.4 6.0 
Total Asia Pacific165.7 166.9 
Total$842.1 $711.4 
(1)Europe, Middle East, India and Africa (“EMEIA”)