Inventories

3 Months Ended

Mar. 31, 2026

Madison Industries IAQ Solutions Corporation

Inventory [Line Items]

Inventories

Inventories

Inventories consisted of the following:

	March 31, 2026		December 31, 2025
Raw materials	$	236.1	$	215.5
Work in process	40.3		33.1
Finished goods	146.2		159.8
Inventories	$	422.6	$	408.4

Inventories are stated at the lower of cost or net realizable value with cost generally determined on the first in, first out (“FIFO”) method or at fair value when part of a business acquisition. Management determines the allowance for excess and obsolete inventory by evaluating inventory levels and customer demand. Reserve balances, primarily related to obsolete and slow-moving inventories were $34.0 and $33.0 at March 31, 2026 and December 31, 2025, respectively.