Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

We evaluate performance based on net sales and segment income (loss) and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income (loss) represents equity income of unconsolidated subsidiaries and operating income exclusive of intangible amortization, certain acquisition related expenses, costs of restructuring and transformation activities, impairments and other unusual non-operating items.

Financial information by reportable segment is as follows:

	Three months ended				Nine months ended
In millions	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Net sales
Consumer Solutions	$	665.3	$	613.6	$	1,992.7	$	1,711.9
Industrial & Flow Technologies	389.5		355.1		1,125.0		1,063.1
Other	0.3		0.5		1.2		1.2
Consolidated	$	1,055.1	$	969.2	$	3,118.9	$	2,776.2
Segment income (loss)
Consumer Solutions	$	158.6	$	144.2	$	466.3	$	418.6
Industrial & Flow Technologies	65.7		52.4		177.0		159.5
Other	(17.4)		(16.9)		(58.4)		(59.1)
Consolidated	$	206.9	$	179.7	$	584.9	$	519.0

The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes:

	Three months ended				Nine months ended
In millions	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Segment income	$	206.9	$	179.7	$	584.9	$	519.0
Deal-related costs and expenses	(13.4)		(2.1)		(21.4)		(3.8)
Inventory step-up	(5.8)		—		(5.8)		—
Restructuring and other	(12.5)		(0.2)		(15.7)		(5.9)
Transformation costs	(10.1)		(4.0)		(20.8)		(5.9)
Intangible amortization	(18.5)		(6.0)		(31.4)		(19.4)
Gain on sale of businesses	0.2		1.4		0.2		1.4
Russia business exit impact	0.8		—		(5.1)		—
Legal accrual adjustments and settlements	—		—		0.2		2.4
Net interest expense	(19.3)		(2.6)		(34.2)		(11.5)
Other expense	(0.6)		(0.4)		(1.7)		(1.2)
Income from continuing operations before income taxes	$	127.7	$	165.8	$	449.2	$	475.1