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Segment Reporting (Tables)
 12 Months Ended
Dec. 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 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 
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, 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”)