INGERSOLL RAND INC., 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-38095  
Entity Registrant Name Ingersoll Rand Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-2393770  
Entity Address, Address Line One 525 Harbour Place Drive  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Davidson  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 28036  
City Area Code 704  
Local Phone Number 655-4000  
Title of 12(b) Security Common Stock, $0.01 Par Value per share  
Trading Symbol IR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   397,452,515
Entity Central Index Key 0001699150  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenues $ 1,887.9 $ 1,805.3 $ 3,604.7 $ 3,475.4
Cost of sales 1,063.0 1,012.0 2,014.3 1,935.8
Gross Profit 824.9 793.3 1,590.4 1,539.6
Selling and administrative expenses 371.2 342.1 721.2 678.4
Amortization of intangible assets 91.6 91.2 182.9 182.8
Impairment of goodwill 229.7 0.0 229.7 0.0
Impairment of other intangible assets 36.1 0.0 36.1 0.0
Other operating expense, net 19.9 88.2 41.6 113.4
Operating Income 76.4 271.8 378.9 565.0
Interest expense 62.7 50.8 123.9 87.6
Loss on extinguishment of debt 0.0 3.0 0.0 3.0
Other income, net (14.4) (18.1) (26.2) (31.3)
Income Before Income Taxes 28.1 236.1 281.2 505.7
Provision for income taxes 21.0 46.1 79.5 100.5
Loss on equity method investments (120.9) (3.5) (127.1) (14.2)
Net Income (Loss) (113.8) 186.5 74.6 391.0
Less: Net income attributable to noncontrolling interests 1.5 1.5 3.4 3.8
Net Income (Loss) Attributable to Ingersoll Rand Inc. $ (115.3) $ 185.0 $ 71.2 $ 387.2
Basic earnings (loss) per share (in usd per share) $ (0.29) $ 0.46 $ 0.18 $ 0.96
Diluted earnings (loss) per share (in usd per share) $ (0.29) $ 0.45 $ 0.18 $ 0.95
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Comprehensive Income Attributable to Ingersoll Rand Inc.        
Net income (loss) attributable to Ingersoll Rand Inc. $ (115.3) $ 185.0 $ 71.2 $ 387.2
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustments, net 215.7 (34.0) 339.4 (107.5)
Unrecognized loss on cash flow hedges (2.9) (2.1) (6.0) (2.2)
Pension and other postretirement prior service cost and gain (loss), net (3.1) (1.4) (5.7) (2.8)
Total other comprehensive income (loss), net of tax 209.7 (37.5) 327.7 (112.5)
Comprehensive income attributable to Ingersoll Rand Inc. 94.4 147.5 398.9 274.7
Comprehensive Income Attributable to Noncontrolling Interests        
Net income attributable to noncontrolling interests 1.5 1.5 3.4 3.8
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustments, net (0.3) 0.1 0.4 (0.7)
Total other comprehensive income (loss), net of tax (0.3) 0.1 0.4 (0.7)
Comprehensive income attributable to noncontrolling interests 1.2 1.6 3.8 3.1
Total Comprehensive Income $ 95.6 $ 149.1 $ 402.7 $ 277.8
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,310.6 $ 1,541.2
Accounts receivable, net of allowance for credit losses of $66.2 and $57.3, respectively 1,387.9 1,335.4
Inventories 1,205.6 1,055.0
Other current assets 284.3 231.9
Total current assets 4,188.4 4,163.5
Property, plant and equipment, net of accumulated depreciation of $653.7 and $567.5, respectively 879.4 842.1
Goodwill 8,276.6 8,148.1
Other intangible assets, net 4,334.6 4,372.8
Deferred tax assets 27.4 26.1
Other assets 352.7 457.2
Total assets 18,059.1 18,009.8
Current liabilities:    
Short-term borrowings and current maturities of long-term debt 2.0 3.1
Accounts payable 832.8 843.6
Accrued liabilities 997.6 972.2
Total current liabilities 1,832.4 1,818.9
Long-term debt, less current maturities 4,781.4 4,754.4
Pensions and other postretirement benefits 149.8 139.3
Deferred income tax liabilities 665.7 757.6
Other liabilities 472.4 294.3
Total liabilities 7,901.7 7,764.5
Commitments and contingencies (Note 18) 0.0 0.0
Stockholders’ equity    
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 431,525,684 and 430,745,964 shares issued as of June 30, 2025 and December 31, 2024, respectively 4.3 4.3
Capital in excess of par value 9,672.2 9,633.6
Retained earnings 2,558.6 2,503.5
Accumulated other comprehensive loss (140.8) (468.5)
Treasury stock at cost; 34,098,049 and 27,865,885 shares as of June 30, 2025 and December 31, 2024, respectively (2,007.0) (1,493.9)
Total Ingersoll Rand Inc. stockholders’ equity 10,087.3 10,179.0
Noncontrolling interests 70.1 66.3
Total stockholders’ equity 10,157.4 10,245.3
Total liabilities and stockholders’ equity $ 18,059.1 $ 18,009.8
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 66.2 $ 57.3
Accumulated depreciation on property, plant and equipment $ 653.7 $ 567.5
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 1,000,000,000 1,000,000,000
Common stock issued (in shares) 431,525,684 430,745,964
Treasury stock (in shares) 34,098,049 27,865,885
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Total Ingersoll Rand Inc. Stockholders’ Equity
Common Stock
Capital in Excess of Par Value
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Noncontrolling Interests
Balance at beginning of period (in shares) at Dec. 31, 2023     428.6          
Balance at beginning of period at Dec. 31, 2023 $ 9,846.7 $ 9,783.8 $ 4.3 $ 9,550.8 $ 1,697.2 $ (227.6) $ (1,240.9) $ 62.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 391.0 387.2     387.2     3.8
Dividends declared (16.1) (16.1)     (16.1)      
Issuance of common stock for stock-based compensation plans (in shares)     1.8          
Issuance of common stock for stock-based compensation plans 21.3 21.3   21.3        
Purchases of treasury stock (135.5) (135.5)         (135.5)  
Issuance of treasury stock for stock-based compensation plans 1.4 1.4   (5.4)     6.8  
Stock-based compensation 28.6 28.6   28.6        
Other comprehensive income (loss), net of tax (113.2) (112.5)       (112.5)   (0.7)
Balance at end of period (in shares) at Jun. 30, 2024     430.4          
Balance at end of period at Jun. 30, 2024 10,024.2 9,958.2 $ 4.3 9,595.3 2,068.3 (340.1) (1,369.6) 66.0
Balance at beginning of period (in shares) at Mar. 31, 2024     429.7          
Balance at beginning of period at Mar. 31, 2024 9,919.7 9,855.3 $ 4.3 9,569.8 1,891.3 (302.6) (1,307.5) 64.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 186.5 185.0     185.0     1.5
Dividends declared (8.0) (8.0)     (8.0)      
Issuance of common stock for stock-based compensation plans (in shares)     0.7          
Issuance of common stock for stock-based compensation plans 11.2 11.2   11.2        
Purchases of treasury stock (62.6) (62.6)         (62.6)  
Issuance of treasury stock for stock-based compensation plans 0.3 0.3   (0.2)     0.5  
Stock-based compensation 14.5 14.5   14.5        
Other comprehensive income (loss), net of tax (37.4) (37.5)       (37.5)   0.1
Balance at end of period (in shares) at Jun. 30, 2024     430.4          
Balance at end of period at Jun. 30, 2024 10,024.2 9,958.2 $ 4.3 9,595.3 2,068.3 (340.1) (1,369.6) 66.0
Balance at beginning of period (in shares) at Dec. 31, 2024     430.7          
Balance at beginning of period at Dec. 31, 2024 10,245.3 10,179.0 $ 4.3 9,633.6 2,503.5 (468.5) (1,493.9) 66.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 74.6 71.2     71.2     3.4
Dividends declared (16.1) (16.1)     (16.1)      
Issuance of common stock for stock-based compensation plans (in shares)     0.8          
Issuance of common stock for stock-based compensation plans 8.9 8.9   8.9        
Purchases of treasury stock (514.6) (514.6)         (514.6)  
Issuance of treasury stock for stock-based compensation plans 0.3 0.3   (1.2)     1.5  
Stock-based compensation 30.9 30.9   30.9        
Other comprehensive income (loss), net of tax 328.1 327.7       327.7   0.4
Balance at end of period (in shares) at Jun. 30, 2025     431.5          
Balance at end of period at Jun. 30, 2025 10,157.4 10,087.3 $ 4.3 9,672.2 2,558.6 (140.8) (2,007.0) 70.1
Balance at beginning of period (in shares) at Mar. 31, 2025     431.4          
Balance at beginning of period at Mar. 31, 2025 10,553.7 10,484.8 $ 4.3 9,651.7 2,681.9 (350.5) (1,502.6) 68.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (113.8) (115.3)     (115.3)     1.5
Dividends declared (8.0) (8.0)     (8.0)      
Issuance of common stock for stock-based compensation plans (in shares)     0.1          
Issuance of common stock for stock-based compensation plans 3.8 3.8   3.8        
Purchases of treasury stock (504.6) (504.6)         (504.6)  
Issuance of treasury stock for stock-based compensation plans 0.2 0.2   0.0     0.2  
Stock-based compensation 16.7 16.7   16.7        
Other comprehensive income (loss), net of tax 209.4 209.7       209.7   (0.3)
Balance at end of period (in shares) at Jun. 30, 2025     431.5          
Balance at end of period at Jun. 30, 2025 $ 10,157.4 $ 10,087.3 $ 4.3 $ 9,672.2 $ 2,558.6 $ (140.8) $ (2,007.0) $ 70.1
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net income $ 74.6 $ 391.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 182.9 182.8
Depreciation 57.6 51.3
Impairment of goodwill and other intangible assets 265.8 0.0
Stock-based compensation expense 30.9 28.6
Loss on equity method investments 127.1 14.2
Foreign currency transaction losses (gains), net 12.8 (0.7)
Non-cash adjustments to carrying value of LIFO inventories 10.3 7.2
Loss on extinguishment of debt 0.0 3.0
Loss on sale of asbestos-related assets and liabilities 0.0 33.7
Other non-cash adjustments 4.8 3.4
Changes in assets and liabilities:    
Receivables 38.3 (8.1)
Inventories (86.0) (63.6)
Accounts payable (44.2) (72.8)
Accrued liabilities (50.6) (44.3)
Other assets and liabilities, net (122.2) (59.2)
Net cash provided by operating activities 502.1 466.5
Cash Flows Used In Investing Activities:    
Capital expenditures (69.0) (84.1)
Net cash paid in acquisitions (210.4) (2,744.0)
Other investing 0.0 (6.0)
Net cash used in investing activities (279.4) (2,834.1)
Cash Flows From (Used In) Financing Activities:    
Principal payments on long-term debt 0.0 (1,240.7)
Proceeds from long-term debt 0.0 3,296.9
Purchases of treasury stock (510.2) (135.5)
Cash dividends on common shares (16.1) (16.1)
Proceeds from stock option exercises 9.1 22.7
Payments to settle cross-currency swaps 0.0 (19.9)
Payments of deferred and contingent acquisition consideration (2.8) (12.0)
Payments of debt issuance costs 0.0 (32.3)
Other financing (3.1) (1.1)
Net cash provided by (used in) financing activities (523.1) 1,862.0
Effect of exchange rate changes on cash and cash equivalents 69.8 (27.4)
Net decrease in cash and cash equivalents (230.6) (533.0)
Cash and cash equivalents, beginning of period 1,541.2 1,595.5
Cash and cash equivalents, end of period 1,310.6 1,062.5
Supplemental Cash Flow Information    
Cash paid for income taxes, net of refunds 129.2 128.9
Cash paid for interest, net of interest rate derivative settlements $ 123.9 $ 56.9
v3.25.2
Basis of Presentation and Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Recent Accounting Pronouncements Basis of Presentation and Recent Accounting Pronouncements
Basis of Presentation
Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products, and industrial and life science solutions. The accompanying condensed consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as “Ingersoll Rand,” “Company,” “we,” “us,” “our,” or “ourselves”).
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. In the Company’s opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Annual Report”).
The results of operations for the three and six month periods ended June 30, 2025 are not necessarily indicative of future results.
Recently Adopted Accounting Standard Updates (“ASU”)
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update were applied retrospectively to all prior periods presented in the financial statements. The segment expense categories and amounts disclosed in the prior periods were based on the significant segment expense categories identified and disclosed in Note 19 “Segment Reporting.” The adoption has modified our disclosures but has not had a material effect on our consolidated financial statements.
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of additional disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, amortization, and depletion. The amendment is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The amendment should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.
v3.25.2
Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Acquisitions in 2025
On February 3, 2025, the Company completed the acquisition of SSI Aeration, Inc. (“SSI”) for cash consideration of $96.9 million. The business is a manufacturer of wastewater treatment plant equipment. The acquisition will enable Ingersoll Rand to combine several technologies like low pressure compressors with SSI’s aeration offerings to provide a comprehensive, end-to-end solution. SSI has been reported within the Industrial Technologies and Services segment.
On February 3, 2025, the Company completed the acquisition of Excelsior Blower Systems, Inc. (“Excelsior”) for cash consideration of $17.5 million. The business is a manufacturer of blower packages. Excelsior has been reported within the Industrial Technologies and Services segment.
On February 3, 2025, the Company completed the acquisition of Cullum & Brown of Kansas City, Inc. (“Cullum & Brown”) for initial cash consideration of $50.7 million and contingent consideration of up to $10.0 million. The business is a provider of compressors, blowers, pumps and associated parts and services. Cullum & Brown has been reported within the Industrial Technologies and Services segment.
On April 1, 2025, the Company completed the acquisition of G & D Chillers, Inc. (“G & D”) for cash consideration of $19.9 million. The business is a manufacturer of glycol chillers. G & D has been reported within the Industrial Technologies and Services segment.
On June 3, 2025, the Company completed the acquisition of Lead Fluid (Baoding) Intelligent Equipment Manufacturing Co., Ltd. (“Lead Fluid”) for cash consideration of $18.1 million and contingent consideration of up to approximately $4.2 million. The business designs and manufactures fluid-handling products, including peristaltic pumps, syringe pumps, gear pumps, and pump heads, used for life science applications. Lead Fluid has been reported within the Precision and Science Technologies segment.
Other acquisitions completed during the six months ended June 30, 2025 include four sales and service businesses, which have been reported within the Industrial Technologies and Services segment. The aggregate consideration for these acquisitions was $20.0 million.
The following table summarizes the allocation of consideration for all businesses acquired in 2025 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for these acquisitions is preliminary, and amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained.
Accounts receivable$19.2 
Inventories19.8 
Other current assets0.8 
Property, plant and equipment5.5 
Goodwill140.4 
Other intangible assets71.9 
Other assets4.1 
Total current liabilities(21.1)
Deferred tax liabilities(0.4)
Other noncurrent liabilities(3.5)
Total consideration$236.7 
The aggregate revenue and operating income included in the condensed consolidated financial statements for these acquisitions subsequent to the dates of acquisition was $26.2 million and $4.2 million for the three month period ended June 30, 2025, respectively, and $35.7 million and $3.5 million for the six month period then ended, respectively. The operating income of these acquired businesses include the effects of acquisition-related accounting adjustments such as amortization of intangible assets and fair value adjustments to acquired inventory.
Acquisitions in 2024
On February 1, 2024, the Company completed the acquisition of Friulair S.r.l. (“Friulair”) for initial cash consideration of $143.3 million and contingent consideration of up to approximately $11.0 million. The business is a manufacturer of dryers, filters, aftercoolers, and accessories for the treatment of compressed air and its chiller product line. The acquisition is intended to increase the scale of the Company’s air dryer business and will add new chiller production capabilities. Friulair has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. Substantially all of this goodwill is not expected to be deductible for tax purposes.
On April 1, 2024, the Company completed the acquisition of Controlled Fluidics, LLC (“Controlled Fluidics”) for initial cash consideration of $49.9 million and contingent consideration of up to $2.0 million. The business specializes in thermoplastic, high-performance plastic bonding and custom plastic assembly products for life science, medical, aerospace, and industrial
applications. The acquisition will complement Ingersoll Rand’s current life science offerings and increase the Company’s market share in high-growth, sustainable end markets. Controlled Fluidics has been reported within the Precision and Science Technologies segment.
On April 2, 2024, the Company completed the acquisition of Ethafilter s.r.l. (“Ethafilter”) for cash consideration of $15.5 million. The business primarily produces filters and filter elements that can be used with all major brands in the compressed air sector. The acquisition will expand Ingersoll Rand’s product portfolio, extend its reach in highly attractive end markets with the addition of sterile filter technology, and drive ongoing growth from aftermarket services and offerings. Ethafilter has been reported within the Industrial Technologies and Services segment.
On May 1, 2024, the Company completed the acquisition of Air Systems, LLC (“Air Systems”) for cash consideration of $34.9 million. The business is a provider of compressed air services. Air Systems has been reported within the Industrial Technologies and Services segment.
On May 31, 2024, the Company completed the acquisition of Complete Air and Power Solutions (“CAPS”) for cash consideration of $99.3 million. The business is a provider of compressed air and power generation services. The acquisition is expected to expand the Company’s channel within Australia. CAPS has been reported within the Industrial Technologies and Services segment.
On May 31, 2024, the Company completed the acquisition of Fruvac Ltd. (“Fruitland Manufacturing”) for cash consideration of $28.0 million. The business is a manufacturer of mobile and truck mounted vacuum pumps, systems, and peripheral parts. The acquisition is expected to expand the Company’s capabilities to include low flow applications in the mobile vacuum market. Fruitland Manufacturing has been reported within the Industrial Technologies and Services segment.
On June 1, 2024, the Company completed the acquisition of Del PD Pumps & Gear Pvt Ltd. (“Del Pumps”) for cash consideration of $25.2 million. The business is a manufacturer of rotary, twin, and triple gear pumps for the loading, unloading, transfer, and pressurization of liquids. The acquisition will complement the Company’s portfolio of mission critical, high margin pumping solutions across life science, food and beverage, medical, natural gas, and wastewater treatment industries. Del Pumps has been reported within the Precision and Science Technologies segment.
On June 3, 2024, the Company completed the acquisition of Astronaut Topco, LP and Astronaut Topco GP, LLC (collectively “ILC Dover”) for initial cash consideration of $2,349.7 million and contingent consideration of up to $75.0 million. ILC Dover’s offerings include solutions for biopharmaceutical, pharmaceutical, and medical device markets as well as products for the space industry and has been reported in the Precision and Science Technologies segment. The amount allocated to definite-lived intangible assets represents the estimated fair values of customer relationships of $620.5 million and technology of $142.0 million and will be amortized over the estimated remaining useful lives of 14 years and 8 years, respectively. The amount allocated to indefinite-lived intangible assets represents the estimated fair values of tradenames of $207.5 million and goodwill of $1,300.0 million. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. The majority of this goodwill is not expected to be deductible for tax purposes.
On October 1, 2024, the Company completed the acquisition of Air Power Systems Co LLC (“APSCO”) for cash consideration of $113.2 million. The business is a provider of hydraulic and pneumatic products and engineered solutions serving diverse specialty work truck vehicles. APSCO’s offerings include hydraulic coolers, systems, and components in addition to pneumatic consoles, cylinders, valves, and switches. The acquisition will expand Ingersoll Rand’s position in the dry and liquid bulk markets with energy efficient, innovative solutions. APSCO has been reported within the Industrial Technologies and Services segment. The majority of this goodwill is expected to be deductible for tax purposes.
On October 1, 2024, the Company completed the acquisition of Blutek S.r.l. (“Blutek”) for cash consideration of $9.6 million. The business specializes in the design and production of highly engineered solutions for compressed air and nitrogen generation in mission-critical environments. The acquisition will increase Ingersoll Rand’s ability to compete in high specification projects, adding technology capabilities, expertise, and aftermarket potential in high-growth end markets including biogas and carbon capture. Blutek has been reported within the Industrial Technologies and Services segment.
On October 1, 2024, the Company completed the acquisition of UT Pumps & Systems Private Ltd. (“UT Pumps”) for cash consideration of $11.7 million. The business is a manufacturer of screw pumps and triplex plunger pumps. The acquisition adds new pump technology to Ingersoll Rand’s portfolio. Its high-pressure pumps are mainly focused on attractive end markets including water, wastewater, food and beverage, pharmaceuticals, general industrial, and chemicals. UT Pumps has been reported within the Precision and Science Technologies segment.
On October 31, 2024, the Company completed the acquisition of Penn Valley Pump Co., LLC (“Penn Valley Pumps”) for cash consideration of $33.2 million. The business is a manufacturer of positive displacement pumps with its Double Disc Pump technology for use in the municipal, industrial, chemical, and food industries. Penn Valley Pumps has been reported within the Precision and Science Technologies segment.
Other acquisitions completed during the year ended December 31, 2024 include several sales and service businesses and a manufacturer of vacuum pumps and accessories, substantially all of which have been reported within the Industrial Technologies and Services segment. The aggregate consideration for these acquisitions was $55.9 million.
The following table summarizes the allocation of consideration for all businesses acquired in 2024 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for all acquisitions completed in 2024 is substantially complete and any further measurement period adjustments are not expected to be material.
ILC DoverFriulairAPSCOAll OthersTotal
Accounts receivable$41.2 $14.2 $6.4 $37.5 $99.3 
Inventories78.1 13.2 7.5 45.6 144.4 
Other current assets37.5 0.5 0.5 4.6 43.1 
Property, plant and equipment89.2 7.2 2.3 18.4 117.1 
Goodwill1,300.0 69.2 51.6 249.9 1,670.7 
Other intangible assets972.6 84.5 48.1 80.5 1,185.7 
Other assets15.8 — 3.5 5.9 25.2 
Total current liabilities(32.4)(11.6)(3.7)(55.8)(103.5)
Deferred tax liabilities(131.2)(24.6)— (17.3)(173.1)
Other noncurrent liabilities(21.1)(2.8)(3.0)(5.8)(32.7)
Total consideration$2,349.7 $149.8 $113.2 $363.5 $2,976.2 
The revenues included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $153.0 million and $64.5 million for the three month periods ended June 30, 2025 and 2024, respectively, and $292.5 million and $75.8 million for the six month periods then ended, respectively. The operating income included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $12.4 million and $6.1 million for the three month periods ended June 30, 2025 and 2024, respectively, and $20.3 million and $6.6 million for the six month periods then ended, respectively. The operating income of these acquired businesses include the effects of acquisition-related accounting adjustments such as amortization of intangible assets and fair value adjustments to acquired inventory.
v3.25.2
Restructuring
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
2025 and 2024 Actions
The Company continues to undertake restructuring actions to optimize our cost structure. Charges incurred from actions taken in 2025 and 2024 include workforce restructuring, facility consolidation and other exit and disposal costs.
For the three and six month periods ended June 30, 2025 and 2024, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations and consisted of the following.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Industrial Technologies and Services$1.8 $3.1 $5.8 $8.2 
Precision and Science Technologies0.9 0.6 2.3 5.0 
Corporate0.5 0.2 0.4 0.4 
Restructuring charges, net$3.2 $3.9 $8.5 $13.6 
The following table summarizes the activity associated with the Company’s restructuring programs for the three and six month periods ended June 30, 2025 and 2024.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Balance at beginning of period$17.0 $20.6 $22.3 $15.5 
Charged to expense - termination benefits2.7 3.4 7.4 12.7 
Charged to expense - other0.5 0.5 1.1 0.9 
Payments(5.4)(8.9)(16.5)(13.2)
Currency translation adjustment and other1.2 — 1.7 (0.3)
Balance at end of period$16.0 $15.6 $16.0 $15.6 
v3.25.2
Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
The allowance for credit losses for the three and six month periods ended June 30, 2025 and 2024 consisted of the following.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Balance at beginning of the period$63.0 $55.3 $57.3 $53.8 
Provision charged to expense2.3 1.8 7.1 4.3 
Write-offs, net of recoveries(0.8)(0.6)(1.4)(0.9)
Foreign currency translation and other1.7 0.4 3.2 (0.3)
Balance at end of the period$66.2 $56.9 $66.2 $56.9 
v3.25.2
Inventories
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories as of June 30, 2025 and December 31, 2024 consisted of the following.
June 30, 2025December 31, 2024
Raw materials, including parts and subassemblies$753.3 $675.1 
Work-in-process130.0 116.3 
Finished goods411.8 342.8 
1,295.1 1,134.2 
LIFO reserve(89.5)(79.2)
Inventories$1,205.6 $1,055.0 
v3.25.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
The changes in the carrying amount of goodwill attributable to each reportable segment for the six month period ended June 30, 2025 is presented in the table below.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Balance at beginning of period$4,930.7 $3,217.4 $8,148.1 
Acquisitions120.3 20.1 140.4 
Impairments— (229.7)(229.7)
Foreign currency translation and other(1)
149.8 68.0 217.8 
Balance at end of period$5,200.8 $3,075.8 $8,276.6 
(1)Includes measurement period adjustments
Accumulated impairment losses within the Industrial Technologies and Services segment was $220.6 million as of both June 30, 2025 and December 31, 2024. Accumulated impairment losses within the Precision and Science Technologies segment was $229.7 million and $0.0 million as of June 30, 2025 and December 31, 2024, respectively.
Other Intangible Assets, Net
Other intangible assets as of June 30, 2025 and December 31, 2024 consisted of the following.
June 30, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortized intangible assets
Customer lists and relationships$4,204.9 $(2,044.4)$2,160.5 $4,010.1 $(1,830.1)$2,180.0 
Technology556.8 (284.7)272.1 549.1 (243.3)305.8 
Tradenames70.9 (36.9)34.0 63.6 (32.4)31.2 
Backlog— — — 4.3 (4.2)0.1 
Other155.9 (120.2)35.7 128.5 (112.1)16.4 
Unamortized intangible assets
Tradenames1,832.3 — 1,832.3 1,839.3 — 1,839.3 
Total other intangible assets$6,820.8 $(2,486.2)$4,334.6 $6,594.9 $(2,222.1)$4,372.8 
Intangible Asset Impairment Considerations
During the second quarter of 2025, certain organizational changes occurred that impacted the composition of all reporting units within our Precision and Science Technologies segment. As a result of these changes, the Company performed an interim goodwill impairment test for all affected reporting units, utilizing a combination of an income and market approach weighted 75% and 25%, respectively, to determine the fair value.
In the second quarter of 2025, the Company recognized non-cash impairments of $170.3 million and $59.4 million to reduce the carrying value of goodwill of our Biopharma and Aerospace & Defense reporting units, respectively. Both the Biopharma and Aerospace & Defense reporting units are comprised entirely of businesses acquired in the recent ILC Dover acquisition.
The impairment of the Biopharma reporting unit was primarily attributable to an increase in the discount rate and contraction in market multiples. The impairment of the Aerospace & Defense reporting unit was primarily attributable to a reduction in the long-term forecast associated with a reduction in business with a significant customer of the reporting unit.
After considering the effect of the impairments, the Biopharma and Aerospace & Defense reporting units had goodwill of $816.6 million and $15.9 million, respectively.
Due to the reduction in the forecast for Aerospace & Defense and the increase in discount rates, the Company also quantitatively tested the relevant indefinite lived tradename for impairment which resulted in a non-cash charge of $36.1 million in the second quarter of 2025, also within the Precision and Science Technologies segment.
As of June 30, 2025 and December 31, 2024, there were no other indications that the carrying value of any other reporting unit's goodwill or other intangible assets may not be recoverable. However, a prolonged adverse impact of geopolitical events on the Company's consolidated financial results may require an impairment charge related to one or more of these intangible assets in a future period.
v3.25.2
Supply Chain Finance Program
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Supply Chain Finance Program Supply Chain Finance Program
The Company has agreements with financial institutions to facilitate a supply chain finance program (the “SCF Program”). Under the SCF Program, qualifying suppliers may elect to sell their receivables from the Company to the financial institution. Participating suppliers negotiate arrangements for sale of their receivables directly with the financial institution, and the terms of the Company’s payment obligations are not impacted by a supplier’s participation in the SCF Program. Once a qualifying supplier elects to participate in the SCF Program and reaches an agreement with the financial institution, the supplier elects which
individual Company invoices they sell to the financial institution. However, all of the Company’s payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The Company has not pledged any assets as security or provided other forms of guarantees. All outstanding amounts related to suppliers participating in the SCF Program are recorded within “Accounts payable” in our Condensed Consolidated Balance Sheets, and the associated payments are included in “Net cash provided by operating activities” within our Condensed Consolidated Statements of Cash Flows. Included in “Accounts payable” in the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 were $28.5 million and $24.5 million of outstanding payment obligations, respectively, that were sold to the financial institution by participating suppliers.
v3.25.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities as of June 30, 2025 and December 31, 2024 consisted of the following.
June 30, 2025December 31, 2024
Salaries, wages and related fringe benefits$207.1 $229.5 
Contract liabilities324.1 318.6 
Product warranty61.0 67.9 
Operating lease liabilities63.4 56.3 
Restructuring16.0 22.3 
Taxes113.8 72.5 
Accrued interest33.3 33.2 
Other178.9 171.9 
Total accrued liabilities$997.6 $972.2 
A reconciliation of the changes in the accrued product warranty liability for the three and six month periods ended June 30, 2025 and 2024 are as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Balance at beginning of period$62.7 $65.6 $67.9 $61.9 
Product warranty accruals4.7 12.7 6.0 26.3 
Acquired warranty— 0.7 — 0.7 
Settlements(8.2)(6.5)(15.5)(15.8)
Foreign currency translation and other1.8 (0.2)2.6 (0.8)
Balance at end of period$61.0 $72.3 $61.0 $72.3 
v3.25.2
Benefit Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
Net Periodic Benefit Cost
The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three and six month periods ended June 30, 2025 and 2024.
Pension BenefitsOther Postretirement Benefits
U.S. PlansNon-U.S. Plans
For the Three Month Period Ended June 30,
202520242025202420252024
Service cost$— $— $0.8 $0.7 $— $— 
Interest cost3.4 3.5 2.9 2.6 — 0.2 
Expected return on plan assets(2.7)(3.3)(2.3)(2.7)— — 
Recognition of:
Unrecognized prior service cost— — 0.1 0.1 (2.8)— 
Unrecognized net actuarial loss (gain)— 0.1 (0.3)(0.4)(0.1)(0.2)
$0.7 $0.3 $1.2 $0.3 $(2.9)$— 
Pension BenefitsOther Postretirement Benefits
U.S. PlansNon-U.S. Plans
For the Six Month Period Ended June 30,
202520242025202420252024
Service cost$— $— $1.5 $1.4 $— $— 
Interest cost6.9 7.0 5.7 5.3 0.1 0.4 
Expected return on plan assets(5.5)(6.6)(4.6)(5.5)— — 
Recognition of:
Unrecognized prior service cost— — 0.1 0.1 (5.5)— 
Unrecognized net actuarial loss (gain)— 0.1 (0.5)(0.7)(0.3)(0.4)
$1.4 $0.5 $2.2 $0.6 $(5.7)$— 
The components of net periodic benefit cost other than the service cost component are included in “Other income, net” in the Condensed Consolidated Statements of Operations.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt as of June 30, 2025 and December 31, 2024 is summarized as follows.
June 30, 2025December 31, 2024
Short-term borrowings$0.7 $1.7 
Long-term debt:
5.197% Senior Notes, due June 2027(1)
699.9 699.9 
5.400% Senior Notes, due August 2028(1)
498.8 498.6 
5.176% Senior Notes, due June 2029(1)
750.0 750.0 
5.314% Senior Notes, due June 2031(1)
500.0 500.0 
5.700% Senior Notes, due August 2033(1)
993.8 993.4 
5.450% Senior Notes, due June 2034(1)
749.6 749.5 
5.700% Senior Notes, due June 2054(1)
597.6 597.6 
Finance leases and other long-term debt13.4 14.1 
Swap valuation adjustments22.5 (0.3)
Unamortized debt issuance costs(42.9)(47.0)
Total long-term debt, net, including current maturities4,782.7 4,755.8 
Current maturities of long-term debt1.3 1.4 
Total long-term debt, net$4,781.4 $4,754.4 
(1)This amount is net of unamortized discounts. Total unamortized discounts aggregated to $10.3 million and $11.0 million as of June 30, 2025 and December 31, 2024, respectively.
Senior Notes
On May 10, 2024, the Company issued $3,300.0 million in aggregate principal amount of senior unsecured notes comprised of $700.0 million aggregate principal amount of 5.197% Senior Notes due 2027 (the “2027 Notes”), $750.0 million aggregate principal amount of 5.176% Senior Notes due 2029 (the “2029 Notes”), $500.0 million aggregate principal amount of 5.314% Senior Notes due 2031 (the “2031 Notes”), $750.0 million aggregate principal amount of 5.450% Senior Notes due 2034 (the “2034 Notes”) and $600.0 million aggregate principal amount of 5.700% Senior Notes due 2054 (the “2054 Notes” and, together with the 2027 Notes, 2029 Notes, 2031 Notes and 2034 Notes, the “New Notes,” and collectively with the existing senior unsecured notes, the “Senior Notes”). The Company used the net proceeds of the 2034 Notes and the 2054 Notes to repay in full all indebtedness under, and terminate all commitments and discharge and release all guarantees in respect of, the Company’s former senior secured credit facilities and used the remaining net proceeds of such New Notes for general corporate purposes. The Company used the net proceeds of the 2027 Notes, the 2029 Notes and the 2031 Notes to partially fund the cash consideration of the acquisition of ILC Dover, with any remaining cash consideration funded with cash on hand. The New Notes were issued pursuant to a base indenture, dated as of August 14, 2023 (the “Base Indenture”), between the Company and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as supplemented by the third supplemental indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “New Indenture”) dated as of May 10, 2024, between the Company and the Trustee. The interest payment dates for the New Notes are June 15 and December 15 of each year, with interest payable in arrears.
On August 14, 2023, the Company completed its issuance of $1,500.0 million in aggregate principal amount of senior unsecured notes comprised of $500.0 million aggregate principal amount of 5.400% Senior Notes due August 2028 (the “2028 Senior Notes”) and $1,000.0 million aggregate principal amount of 5.700% Senior Notes due August 2033 (the “2033 Senior Notes” and, together with the 2028 Senior Notes, the “Existing Notes”). The Company used the proceeds of the offering of the Existing Notes to repay a portion of the amounts outstanding under its former senior secured credit facilities. The Existing Notes were issued pursuant to the Base Indenture, as supplemented by a 2028 Supplemental Indenture No. 1 with respect to the 2028 Senior Notes and a 2033 Senior Notes Supplemental Indenture No. 1 with respect to the 2033 Senior Notes, each dated as of August 14, 2023, between the Company and the Trustee (collectively, the “Existing Indenture”). The interest payment dates for the Senior Notes are February 14 and August 14 of each year, with interest payable in arrears.
Prior to (i) May 15, 2027, in the case of the 2027 Notes, (ii) July 14, 2028, in the case of the 2028 Senior Notes, (iii) May 15, 2029, in the case of the 2029 Notes, (iv) April 15, 2031, in the case of the 2031 Notes, (v) May 14, 2033, in the case of the 2033 Senior Notes, (vi) March 15, 2034, in the case of the 2034 Notes, and (vii) December 15, 2053, in the case of the 2054 Notes, the Company may redeem the Senior Notes of a series at its option, in whole or in part, at any time from time to time, at a “make-
whole” premium, plus accrued and unpaid interest thereon to, but not including, the redemption date. On or after (i) May 15, 2027, in the case of the 2027 Notes, (ii) July 14, 2028, in the case of the 2028 Senior Notes, (iii) May 15, 2029, in the case of the 2029 Notes, (iv) April 15, 2031, in the case of the 2031 Notes, (v) May 14, 2033, in the case of the 2033 Senior Notes, (vi) March 15, 2034, in the case of the 2034 Notes, and (vii) December 15, 2053, in the case of the 2054 Notes, the Company may redeem the Senior Notes of a series at its option, in whole or in part, at any time from time to time, at a price equal to 100% of the principal amount of the Senior Notes of such series to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. Additionally, if the Company experiences certain types of change of control transactions, the Company must offer to repurchase the Senior Notes at 101% of the aggregate principal amount of the Senior Notes repurchased (or such higher amount as the Company may determine) plus accrued and unpaid interest thereon to, but not including, the date of repurchase.
The Senior Notes are senior unsecured obligations of the Company and rank equally in right of payment with all of the Company’s other senior unsecured indebtedness from time to time outstanding, senior in right of payment to all of the Company’s subordinated indebtedness from time to time outstanding, and effectively junior to all of the indebtedness and other liabilities of the Company’s subsidiaries from time to time outstanding and to all of the Company’s secured indebtedness from time to time outstanding to the extent of the value of the assets securing such secured indebtedness.
The Existing Indenture and New Indenture contain covenants that limit the Company’s (and its subsidiaries’) ability to, among other things: (i) create liens on certain assets; (ii) consolidate, merge, sell or otherwise dispose of all or substantially all of its consolidated assets; and (iii) enter into sale and leaseback transactions with respect to certain assets, as well as customary events of default and covenants for an issuer of investment grade debt securities.
Revolving Credit Facility
On May 10, 2024, the Company entered into a credit agreement (the “Revolving Credit Facility”), with the lenders party thereto and Citibank, N.A., as administrative agent. The Revolving Credit Facility provides for a senior unsecured revolving facility in an aggregate committed amount of $2,600 million, a portion of which is available for the issuance of letters of credit in U.S. dollars, EUR or GBP. The Revolving Credit Facility will mature on May 10, 2029, subject to up to two additional one-year extensions pursuant to the terms of the Revolving Credit Facility.
Borrowings under the Revolving Credit Facility (other than borrowings in EUR or GBP) bear interest at a rate determined, at the Company’s option, based on either (i) an alternate base rate or (ii) a Term SOFR rate with a 0.10% per annum Term SOFR adjustment, plus, in each case, an applicable margin that varies depending on the credit rating of the Company. Borrowings under the Revolving Credit Facility in EUR (if any) bear interest at a EURIBOR rate, plus, in each case, an applicable margin that varies depending on the credit rating of the Company. Borrowings under the Revolving Credit Facility in GBP (if any) bear interest at a daily simple SONIA rate plus, in each case, an applicable margin that varies depending on the credit rating of the Company.
The financial covenant in the Revolving Credit Facility requires the Company to maintain, as of the last day of each fiscal quarter, a ratio of adjusted consolidated total net debt to consolidated adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of not more than 3.50 to 1.00, provided that the Company may elect to increase such ratio to 4.00 to 1.00 following a qualified acquisition up to two times, each for a period of four fiscal quarters beginning with the quarter during which such qualified acquisition is consummated (and if the second election occurs during the first increase period, such increase will be effective for a total of eight consecutive fiscal quarters).
As of June 30, 2025, the aggregate amount of commitments under the Revolving Credit Facility was $2,600.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $200.0 million. As of June 30, 2025, the Company had no outstanding borrowings under the Revolving Credit Facility, no outstanding letters of credit under the Revolving Credit Facility and unused availability under the Revolving Credit Facility of $2,600.0 million.
As of June 30, 2025, we were in compliance with all covenants under our Senior Notes and Revolving Credit Facility.
Commercial Paper Program
On August 13, 2024, the Company established a commercial paper program (the “Commercial Paper Program”), pursuant to which it may issue short-term, unsecured commercial paper notes in a maximum aggregate principal amount of $2,600 million, with maturities of up to 397 days from the date of issuance. The proceeds of the notes issued under the Commercial Paper Program may be used for various purposes including acquisitions. The Company had no outstanding borrowings under the Commercial Paper Program as of June 30, 2025.
Fair Value of Debt
The fair value of the Company’s debt instruments was $4.9 billion at June 30, 2025 and December 31, 2024. The Company measures the fair value of its debt instruments for disclosure purposes based upon observable market prices quoted on public exchanges for similar assets. These fair value inputs are considered Level 2 within the fair value hierarchy. See Note 14, “Fair Value Measurements” for information on the fair value hierarchy.
v3.25.2
Stock-Based Compensation Plans
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans Stock-Based Compensation Plans
The Company has outstanding stock-based compensation awards granted under the 2013 Stock Incentive Plan (the “2013 Plan”) and the Ingersoll Rand Inc. Amended and Restated 2017 Omnibus Incentive Plan (as amended by the First Amendment, dated April 27, 2021, the “2017 Plan”) as described in Note 18, “Stock-Based Compensation Plans” to the consolidated financial statements in its 2024 Annual Report.
The Company’s stock-based compensation awards are generally granted in the first quarter of the year and consist of stock options, restricted stock units and performance stock units. In some instances, such as death, awards may vest concurrently with or following an employee’s termination.
Stock-Based Compensation
For the three month periods ended June 30, 2025 and 2024, the Company recognized stock-based compensation expense of $16.7 million and $14.5 million, respectively, and $30.9 million and $28.6 million for the six month period then ended, respectively. These costs are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations.
As of June 30, 2025, there was $138.1 million of total unrecognized compensation expense related to outstanding stock options, restricted stock unit awards and performance stock unit awards granted to employees and non-employee directors, as well as 200,000 conditional stock options awarded during the third quarter of 2022 to our Chairman and CEO in which the service date precedes the grant date, and will be granted upon achievement of certain performance targets. These 200,000 stock options have not been included in the Stock Option Awards section below since the grant date has not occurred.
Stock Option Awards
Stock options are granted to employees with an exercise price equal to the fair value of the Company’s per share common stock on the date of grant. Stock option awards typically vest over four years or five years and expire ten years from the date of grant.
A summary of the Company’s stock option activity for the six month period ended June 30, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 20244,185 $43.33 
Granted676 83.36 
Exercised or settled(281)32.45 
Forfeited(48)75.19 
Expired(4)78.68 
Stock options outstanding as of June 30, 20254,528 49.61 
Vested as of June 30, 20252,900 34.10 
The following assumptions were used to estimate the fair value of options granted during the six month periods ended June 30, 2025 and 2024 using the Black-Scholes option-pricing model.
For the Six Month Period Ended June 30,
Assumptions20252024
Expected life of options (in years)
6.3 - 7.5
6.3 - 7.5
Risk-free interest rate
4.1% - 4.2%
4.2% - 4.3%
Assumed volatility
34.2% - 34.3%
35.1% - 35.2%
Expected dividend rate0.1 %0.1 %
Restricted Stock Unit Awards
Restricted stock units are granted to employees and non-employee directors based on the market price of the Company’s common stock on the grant date and recognized in compensation expense over the vesting period. A summary of the Company’s restricted stock unit activity for the six month period ended June 30, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2024834 $73.00 
Granted410 83.26 
Vested(271)62.57 
Forfeited(41)80.88 
Non-vested as of June 30, 2025932 80.19 
Performance Stock Unit (“PSUs”) Awards
Annually, during the first quarter, the Company grants TSR PSUs to certain officers in which the number of shares issued at the end of the performance period is determined by the Company’s total shareholder return percentile rank versus the S&P 500 index for the three year performance period. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation cost is recognized straight-line over a three year period.
During the third quarter of 2022, the Company granted Special TSR PSUs to its Chairman and CEO that were earned (but not vested) on the first date during the five year performance period on which the sum of (i) the 60-day volume-weighted average closing price of the Company’s common stock, plus (ii) the cumulative value of any dividends paid during the five year performance period equals or exceeds $81.85. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation cost is recognized straight-line over a five year period. The share price performance goal was achieved on March 6, 2024, but the PSUs will not vest until September 1, 2027, generally subject to Mr. Reynal’s continued employment through such date. The Company also granted its Chairman and CEO Special EPS PSUs that are eligible to vest based on the level of compounded annual growth rate of the Company’s Adjusted EPS during the five year performance period. The grant date fair value of these awards is based on the market price of the Company’s common stock on the grant date and recognized as a compensation expense over a 4.3 year period.
A summary of the Company’s performance stock unit activity for the six month period ended June 30, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 20241,339 $54.28 
Granted147 70.71 
Change in units based on performance127 63.39 
Vested(255)63.39 
Non-vested as of June 30, 20251,358 55.20 
The following assumptions were used to estimate the fair value of performance stock units granted during the six month periods ended June 30, 2025 and 2024 using the Monte Carlo simulation pricing model.
For the Six Month Period Ended June 30,
Assumptions20252024
Expected term (in years)
2.8
2.8
Risk-free interest rate
4.0%
4.5 %
Assumed volatility
28.6%
28.9 %
Expected dividend rate0.1 %0.1 %
v3.25.2
Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
The Company’s other comprehensive income (loss) consists of (i) unrealized foreign currency net gains and losses on the translation of the assets and liabilities of its foreign operations; (ii) realized and unrealized foreign currency gains and losses on certain hedges of net investments in foreign operations, net of income taxes; (iii) unrealized gains and losses on cash flow hedges (consisting of interest rate swap and cap contracts), net of income taxes; and (iv) pension and other postretirement prior service cost and actuarial gains or losses, net of income taxes. See Note 9 “Benefit Plans” and Note 13 “Hedging Activities and Derivative Instruments.”
The before tax income (loss) and related income tax effect are as follows.
For the Three Month Period Ended June 30,
20252024
Before-Tax AmountTax Benefit (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$187.7 $28.0 $215.7 $(26.5)$(7.5)$(34.0)
Unrecognized losses on cash flow hedges(2.9)— (2.9)(7.1)5.0 (2.1)
Pension and other postretirement benefit prior service cost and gain or loss, net(4.1)1.0 (3.1)(1.8)0.4 (1.4)
Other comprehensive income (loss)$180.7 $29.0 $209.7 $(35.4)$(2.1)$(37.5)
For the Six Month Period Ended June 30,
20252024
Before-Tax AmountTax Benefit (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$302.2 $37.2 $339.4 $(93.9)$(13.6)$(107.5)
Unrecognized losses on cash flow hedges(5.9)(0.1)(6.0)(7.2)5.0 (2.2)
Pension and other postretirement benefit prior service cost and gain or loss, net(7.6)1.9 (5.7)(3.7)0.9 (2.8)
Other comprehensive income (loss)$288.7 $39.0 $327.7 $(104.8)$(7.7)$(112.5)
The tables above include only the other comprehensive income (loss), net of tax, attributable to Ingersoll Rand Inc. Other comprehensive income (loss), net, attributable to noncontrolling interest holders was $(0.3) million and $0.1 million for the three month periods ended June 30, 2025 and 2024, respectively, and $0.4 million and $(0.7) million for the six month periods ended June 30, 2025 and 2024, respectively, and related entirely to foreign currency translation adjustments.
Changes in accumulated other comprehensive loss by component for the six month periods ended June 30, 2025 and 2024 are presented in the following table, net of tax.
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2024$(479.6)$3.1 $8.0 $(468.5)
Other comprehensive income (loss) before reclassifications346.1 (1.5)(1.1)343.5 
Amounts reclassified from accumulated other comprehensive loss(6.7)(4.5)(4.6)(15.8)
Other comprehensive income (loss)339.4 (6.0)(5.7)327.7 
Balance as of June 30, 2025$(140.2)$(2.9)$2.3 $(140.8)
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2023$(248.0)$12.2 $8.2 $(227.6)
Other comprehensive income (loss) before reclassifications(101.1)4.4 (2.1)(98.8)
Amounts reclassified from accumulated other comprehensive loss(6.4)(6.6)(0.7)(13.7)
Other comprehensive loss(107.5)(2.2)(2.8)(112.5)
Balance as of June 30, 2024$(355.5)$10.0 $5.4 $(340.1)
Reclassifications out of accumulated other comprehensive loss for the six month periods ended June 30, 2025 and 2024 are presented in the following table.
Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components
For the Six Month Period Ended June 30,Affected Line(s) in the Statement Where Net Income is Presented
20252024
Cash flow hedges (interest rate swaps and caps)$(6.0)$(8.8)Interest expense
Provision for income taxes1.5 2.2 Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax$(4.5)$(6.6)
Net investment hedges$(8.9)$(8.5)Interest expense
Provision for income taxes2.2 2.1 Provision for income taxes
Net investment hedges, net of tax$(6.7)$(6.4)
Amortization of defined benefit pension and other postretirement benefit items(1)
$(6.2)$(0.9)Cost of sales and Selling and administrative expenses
Provision for income taxes1.6 0.2 Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax$(4.6)$(0.7)
Total reclassifications for the period, net of tax$(15.8)$(13.7)
(1)These components are included in the computation of net periodic benefit cost. See Note 9 “Benefit Plans” for additional details.
v3.25.2
Hedging Activities and Derivative Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Hedging Activities and Derivative Instruments Hedging Activities and Derivative Instruments
Hedging Activities
The Company is exposed to certain market risks during the normal course of its business arising from adverse changes in interest rates and foreign currency exchange rates. The Company selectively uses derivative financial instruments (“derivatives”), including cross-currency interest rate swap and foreign currency forward contracts and interest rate swap and cap contracts, to manage the risks from fluctuations in foreign currency exchange rates and interest rates, respectively. The Company does not purchase or hold derivatives for trading or speculative purposes.
The Company manages its debt centrally, considering tax consequences and its overall financing strategies. The Company manages its exposure to interest rate risk by using interest rate derivatives as cash flow hedges of variable rate debt or fair value hedges of fixed rate debt in order to adjust the relative fixed and variable proportions. The Company’s exposure to interest rate risk results primarily from its fixed rate to floating rate interest rate swap contracts.
A substantial portion of the Company’s operations is conducted by its subsidiaries outside of the United States in currencies other than the USD. Almost all of the Company’s non-U.S. subsidiaries conduct their business primarily in their local currencies, which are also their functional currencies. The USD, the EUR, GBP, Chinese Renminbi and Indian rupee are the principal currencies in which the Company and its subsidiaries enter into transactions. The Company is exposed to the impacts of changes in foreign currency exchange rates on the translation of its non-U.S. subsidiaries’ assets, liabilities and earnings into USD. The Company manages this exposure by having certain U.S. subsidiaries borrow in currencies other than the USD or utilizing cross-currency interest rate swaps as net investment hedges.
The Company and its subsidiaries are also subject to the risk that arises when they, from time to time, enter into transactions in currencies other than their functional currency. To mitigate this risk, the Company and its subsidiaries typically settle intercompany trading balances at least quarterly. The Company also selectively uses forward currency contracts to manage this risk. These contracts for the sale or purchase of European and other currencies generally mature within one year.
Derivative Instruments
The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.
June 30, 2025
Derivative Classification
Notional Amount(1)
Fair Value(1) Other Current Assets
Fair Value(1) Other Assets
Fair Value(1) Accrued Liabilities
Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contractsFair Value$1,000.0 $1.0 $22.1 $0.6 $— 
Cross-currency interest rate swap contractsNet investment1,332.7 10.3 — — 147.3 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair value$100.2 $1.2 $— $— $— 
Foreign currency forwardsFair value68.6 — — 0.7 — 
December 31, 2024
Derivative Classification
Notional Amount(1)
Fair Value(1) Other Current Assets
Fair Value(1) Other Assets
Fair Value(1) Accrued Liabilities
Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contractsFair Value$750.0 $— $1.4 $0.9 $0.9 
Cross-currency interest rate swap contractsNet investment1,074.3 11.5 15.8 — — 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair Value$124.3 $1.8 $— $— $— 
Foreign currency forwardsFair Value69.0 — — 1.2 — 
(1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.
Payments to settle cross-currency swaps are classified as financing cash flows in the Condensed Consolidated Statements of Cash Flows. All other cash flows related to derivatives are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows.
There were no off-balance sheet derivative instruments as of June 30, 2025 or December 31, 2024.
Interest Rate Swap Contracts Designated as Fair Value Hedges
As of June 30, 2025, the Company was the variable rate payor on four interest rate swap contracts that effectively convert a total of $400.0 million of the Company’s fixed rate borrowings to variable rate borrowings. These contracts expire in May 2029. These swap agreements qualify as hedging instruments and have been designated as fair value hedges of $400.0 million of the 2029 Notes, and were considered to be perfectly effective under the shortcut method.
As of June 30, 2025, the Company was the variable rate payor on two interest rate swap contracts that effectively convert a total of $250.0 million of the Company’s fixed rate borrowings to variable rate borrowings. These contracts expire in April 2031. These swap agreements qualify as hedging instruments and have been designated as fair value hedges of $250.0 million of the 2031 Notes, and were considered to be perfectly effective under the shortcut method.
As of June 30, 2025, the Company was the variable rate payor on two interest rate swap contracts that effectively convert a total of $250.0 million of the Company’s fixed rate borrowings to variable rate borrowings. These contracts expire in May 2033. These swap agreements qualify as hedging instruments and have been designated as fair value hedges of $250.0 million of the 2033 Notes, and were considered to be perfectly effective under the shortcut method.
As of June 30, 2025, the Company was the variable rate payor on one interest rate swap contract that effectively convert a total of $100.0 million of the Company’s fixed rate borrowings to variable rate borrowings. This contract expires in March 2034. This swap agreement qualifies as a hedging instrument and has been designated as a fair value hedge of $100.0 million of the 2034 Notes, and were considered to be perfectly effective under the shortcut method.
June 30, 2025December 31, 2024
Long-term debt:
Carrying amount of hedged debt$1,022.5 $749.7 
Cumulative hedging adjustments, included in carrying amount22.5 (0.3)
Interest Rate Swap and Cap Contracts Designated as Cash Flow Hedges
In April 2024, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of debt. During the second quarter of 2024, the Company entered into and terminated cash flow hedges with notional value of $750.0 million in connection with the 2034 Notes and $500.0 million in connection with the 2054 Notes, both of which were issued on May 10, 2024. The Company and its counterparties terminated these contracts in May 2024. Prior to their termination, these swap agreements qualified as hedging instruments and were designated as cash flow hedges of forecasted interest payments. These forecasted interest payments are still expected to occur as specified in the Company’s hedge designations; therefore, the unrecognized loss at the time of termination will be reclassified into earnings over the term of the respective notes. The unrecognized loss in AOCI as of June 30, 2025 was $4.1 million, of which $0.3 million is expected to be reclassified into earnings as an increase to interest expense during the next 12 months.
The Company was previously the fixed rate payor on two interest rate swap contracts that effectively fixed the SOFR-based index used to determine the interest rates charged on a total of $528.5 million of the Company’s SOFR-based variable rate borrowings. These contracts carried a fixed rate of 3.2%. The Company and its counterparties terminated these contracts in May 2024. Prior to their termination, these swap agreements qualified as hedging instruments and were designated as cash flow hedges of forecasted interest payments. These forecasted interest payments were still expected to occur as specified in the Company’s hedge designations; therefore, the unrecognized gain at the time of termination was reclassified into earnings over the remaining period of original term of the contracts, which ended in June 2025.
The Company was previously a party to interest rate cap contracts that effectively limited the SOFR-based interest rates charged on a portion of the Company’s variable rate borrowings to 4.0%. The Company and its counterparties terminated these contracts in August 2023. Prior to their termination, these cap contracts qualified as hedging instruments and were designated as cash flow hedges of forecasted interest payments. These forecasted interest payments were still expected to occur as specified in the Company’s hedge designations; therefore, the unrecognized gain at the time of termination was reclassified into earnings over the remaining period of original term of the contracts, which ended in June 2025.
Gains (losses) on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2025 and 2024 are as presented in the table below.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Gain (loss) recognized in OCI on derivatives$— $(3.0)$— $1.6 
Gain reclassified from AOCI into income (effective portion)(1)
3.0 4.1 6.0 8.8 
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Cross-Currency Interest Rate Swap Contracts Designated as Net Investment Hedges
In February 2025, the Company entered into a cross-currency interest rate swap contract that replace a fixed rate of 5.2% on a total of $129.2 million with a fixed rate of 3.1% on a total of €125.0 million. These contracts expire in February 2028 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.
In February 2025, the Company entered into a cross-currency interest rate swap contract that replace a fixed rate of 5.3% on a total of $129.2 million with a fixed rate of 3.4% on a total of €125.0 million. These contracts expire in February 2030 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.
As of June 30, 2025, the Company was the fixed rate payor on three cross-currency interest rate swap contracts that replace a fixed rate of 5.4% on a total of $428.9 million with a fixed rate of 3.7% on a total of €400.0 million. These contracts expire in May 2027 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.
As of June 30, 2025, the Company was the fixed rate payor on three cross-currency interest rate swap contracts that replace a fixed rate of 5.7% on a total of $322.7 million with a fixed rate of 4.1% on a total of €300.0 million. These contracts expire in May 2029 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.
As of June 30, 2025, the Company was the fixed rate payor on three cross-currency interest rate swap contracts that replace a fixed rate of 5.7% on a total of $322.7 million with a fixed rate of 4.1% on a total of €300.0 million. These contracts expire in May 2031 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.
The Company was previously the fixed rate payor on two cross-currency interest rate swap contracts that replaced a fixed rate of 3.2% on a total of $528.5 million with a fixed rate of 1.6% on a total of €500.0 million. These contracts were designated as net investment hedges of our Euro denominated subsidiaries until May 10, 2024 when they were terminated for $10.0 million. The recorded AOCI at the termination of the cross-currency interest rate swaps will remain in AOCI until there is a substantial liquidation of the Company’s net investment in subsidiaries with EUR functional currencies.
The Company was previously a party to three cross-currency interest rate swap contracts where we received SOFR on a total of $525.7 million and paid EURIBOR on a total of €500.0 million. These contracts were designated as net investment hedges of our Euro denominated subsidiaries until May 10, 2024 when they were terminated for $9.9 million. The recorded AOCI at the termination of the cross-currency interest rate swaps will remain in AOCI until there is a substantial liquidation of the Company’s net investment in subsidiaries with EUR functional currencies.
Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2025 and 2024 are as presented in the table below.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Gain (loss) recognized in OCI on derivatives$(119.8)$15.1 $(155.4)$43.7 
Gain reclassified from AOCI into income (effective portion)(1)
3.9 4.3 8.9 8.5 
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Foreign Currency Forwards Not Designated as Hedging Instruments
The Company had seven foreign currency forward contracts outstanding as of June 30, 2025 with notional amounts ranging from $8.8 million to $72.6 million. These contracts are used to hedge the change in fair value of recognized foreign currency denominated assets or liabilities caused by changes in currency exchange rates. The changes in the fair value of these contracts generally offset the changes in the fair value of a corresponding amount of the hedged items, both of which are included within “Other operating expense, net” in the Condensed Consolidated Statements of Operations. The Company’s foreign currency forward contracts are subject to master netting arrangements or agreements between the Company and each counterparty for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract with that certain counterparty. It is the Company’s practice to recognize the gross amounts in the Condensed Consolidated Balance Sheets. The amount available to be netted is not material.
The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency gains (losses) for the three and six month periods ended June 30, 2025 and 2024 were as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Foreign currency forward contracts gains (losses)$3.6 $(2.0)$6.8 $(2.0)
Total foreign currency transaction gains (losses), net(6.0)— (12.8)0.7 
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
A financial instrument is defined as cash or cash equivalents, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from another party. The Company’s financial instruments consist primarily of cash and cash equivalents, trade accounts receivables, trade accounts payables, deferred compensation assets and obligations, acquisition related contingent consideration obligations, derivatives and debt instruments. The carrying values of cash and cash equivalents, trade accounts receivables, trade accounts payables, and variable rate debt instruments are a reasonable estimate of their respective fair values.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or more advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows.
Level 1    Quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date.
Level 2    Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities as of the reporting date.
Level 3    Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.
June 30, 2025
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$22.0 $— $— $22.0 
Interest rate swaps(2)
— 23.1 — 23.1 
Cross-currency interest rate swaps(3)
— 10.3 — 10.3 
Foreign currency forwards(4)
— 1.2 — 1.2 
Total$22.0 $34.6 $— $56.6 
Financial Liabilities
Deferred compensation plans(1)
$28.2 $— $— $28.2 
Interest rate swaps(2)
— 0.6 — 0.6 
Cross-currency interest rate swaps(3)
— 147.3 — 147.3 
Foreign currency forwards(4)
— 0.7 — 0.7 
Contingent consideration(5)
— — 39.8 39.8 
Total$28.2 $148.6 $39.8 $216.6 
December 31, 2024
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$21.0 $— $— $21.0 
Interest rate swaps(2)
— 1.4 — 1.4 
Cross-currency interest rate swaps(3)
— 27.3 — 27.3 
Foreign currency forwards(4)
— 1.8 — 1.8 
Total$21.0 $30.5 $— $51.5 
Financial Liabilities
Deferred compensation plan(1)
$28.7 $— $— $28.7 
Interest rate swaps(2)
— 1.8 — 1.8 
Foreign currency forwards(4)
— 1.2 — 1.2 
Contingent consideration(5)
— — 22.2 22.2 
Total$28.7 $3.0 $22.2 $53.9 
(1)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method.
(2)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of the end of the period. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.
(3)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties.
(4)Based on calculations that use readily observable market parameters as their basis, such as spot and forward rates.
(5)Measured as the present value of expected consideration payable for completed acquisitions, generally derived using probability-weighted analysis of achieving projected revenue or EBITDA targets.
Contingent Consideration
Certain of the Company’s acquisitions may result in payments of consideration in future periods that are contingent upon the achievement of certain targets, generally measures of revenue and EBITDA. As part of the initial accounting for the acquisition, a liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations. This fair value measurement of contingent
consideration is categorized within Level 3 of the fair value hierarchy, as the measurement amount is based primarily on significant inputs that are not observable in the market.
The following table provides a reconciliation of the activity for contingent consideration for the three and six month periods ended June 30, 2025 and 2024.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Balance at beginning of the period$32.8 $48.4 $22.2 $42.2 
Acquisitions6.1 50.2 15.8 56.7 
Changes in fair value0.3 0.3 0.3 0.5 
Payments— (0.2)— (0.2)
Foreign currency translation0.6 — 1.5 (0.5)
Balance at end of the period$39.8 $98.7 $39.8 $98.7 
As of June 30, 2025, the contingent consideration included in “Accrued liabilities” and “Other liabilities” on the Condensed Consolidated Balance Sheets were $1.6 million and $38.2 million, respectively.
Goodwill and Other Intangible Assets
Certain of our non-financial assets are subject to impairment analysis, including indefinite-lived intangible assets and goodwill. We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually. Any resulting impairment would require that the asset be recorded at its fair value. At December 31, 2024, we did not have any significant non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis. Refer to Note 6 for further discussion pertaining to our annual and interim evaluation of goodwill and other intangible assets for impairment, including the goodwill and other intangible asset impairment charges recognized during the three and six months ended June 30, 2025.
v3.25.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Overview
The Company recognizes revenue when the Company has satisfied its obligation and control is transferred to the customer. The amount of revenue recognized includes adjustments for any variable consideration, such as rebates, sales discounts, liquidated damages, etc., which are included in the transaction price, and allocated to each performance obligation. The variable consideration is estimated throughout the course of the contract using the Company’s best estimates.
The majority of the Company’s revenues are derived from short duration contracts and revenue is recognized at a single point in time when control is transferred to the customer, generally at shipment or when delivery has occurred or services have been rendered.
The Company has certain long duration engineered to order (“ETO”) contracts that require highly engineered solutions designed to customer specific applications. For contracts where the contractual deliverables have no alternative use and the contract termination clauses provide for the recovery of cost plus a reasonable margin, revenue is recognized over time based on the Company’s progress in satisfying the contractual performance obligations, generally measured as the ratio of actual costs incurred to date to the estimated total costs to complete the contract. For contracts with termination provisions that do not provide for recovery of cost and a reasonable margin, revenue is recognized at a point in time, generally at shipment or delivery to the customer. Identification of performance obligations, determination of alternative use, assessment of contractual language regarding termination provisions, and estimation of total project costs are all significant judgments required in the application of ASC 606.
Contractual specifications and requirements may be modified. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. In the event a contract modification is for goods or services that are not distinct in the contract, and therefore, form part of a single performance obligation that is partially satisfied as of the modification date, the effect of the contract modification on the transaction price and the Company’s measure of progress for the performance obligation to which it relates, is recognized on a cumulative catch-up basis.
Taxes assessed by a government authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Sales commissions are generally due at either collection of payment from customers or recognition of revenue. Applying the practical expedient from ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations.
Disaggregation of Revenue
The following tables provide disaggregated revenue by reportable segment for the three and six month periods ended June 30, 2025 and 2024.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended June 30,
202520242025202420252024
Primary Geographic Markets
United States$617.7 $626.2 $180.7 $158.3 $798.4 $784.5 
Other Americas123.4 109.6 33.2 17.8 156.6 127.4 
Total Americas741.1 735.8 213.9 176.1 955.0 911.9 
EMEIA468.3 461.2 142.7 119.9 611.0 581.1 
China179.2 183.6 29.3 31.0 208.5 214.6 
Other Asia Pacific103.0 85.9 10.4 11.8 113.4 97.7 
Total Asia Pacific282.2 269.5 39.7 42.8 321.9 312.3 
Total$1,491.6 $1,466.5 $396.3 $338.8 $1,887.9 $1,805.3 
Product Categories
Original equipment(1)
$884.8 $897.6 $312.1 $265.2 $1,196.9 $1,162.8 
Aftermarket(2)
606.8 568.9 84.2 73.6 691.0 642.5 
Total$1,491.6 $1,466.5 $396.3 $338.8 $1,887.9 $1,805.3 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$1,343.1 $1,334.2 $365.5 $337.0 $1,708.6 $1,671.2 
Revenue recognized over time(4)
148.5 132.3 30.8 1.8 179.3 134.1 
Total$1,491.6 $1,466.5 $396.3 $338.8 $1,887.9 $1,805.3 
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Six Month Period Ended June 30,
202520242025202420252024
Primary Geographic Markets
United States$1,202.8 $1,223.3 $349.6 $295.4 $1,552.4 $1,518.7 
Other Americas242.5 222.3 55.9 25.9 298.4 248.2 
Total Americas1,445.3 1,445.6 405.5 321.3 1,850.8 1,766.9 
EMEIA899.3 906.6 279.1 233.6 1,178.4 1,140.2 
China318.6 338.2 56.8 59.2 375.4 397.4 
Other Asia Pacific180.5 149.5 19.6 21.4 200.1 170.9 
Total Asia Pacific499.1 487.7 76.4 80.6 575.5 568.3 
Total$2,843.7 $2,839.9 $761.0 $635.5 $3,604.7 $3,475.4 
Product Categories
Original equipment(1)
$1,661.9 $1,724.7 $598.5 $490.2 $2,260.4 $2,214.9 
Aftermarket(2)
1,181.8 1,115.2 162.5 145.3 1,344.3 1,260.5 
Total$2,843.7 $2,839.9 $761.0 $635.5 $3,604.7 $3,475.4 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$2,571.0 $2,578.6 $711.2 $632.5 $3,282.2 $3,211.1 
Revenue recognized over time(4)
272.7 261.3 49.8 3.0 322.5 264.3 
Total$2,843.7 $2,839.9 $761.0 $635.5 $3,604.7 $3,475.4 
Revenues from sales of capital equipment within the Industrial Technologies and Services segment and sales of components to original equipment manufacturers in the Precision and Science Technologies segment.
(2)Revenues from sales of spare parts, accessories, other components and services in support of maintaining customer owned, installed base of the Company’s original equipment. Service revenue represents less than 10% of consolidated revenue.
(3)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered.
(4)Revenues primarily from long duration ETO product contracts, certain multi-year service contracts, and certain contracts for the delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.
Performance Obligations
As of June 30, 2025, for contracts with an original duration greater than one year, the Company expects to recognize revenue in the future related to unsatisfied (or partially satisfied) performance obligations of $806.9 million in the next twelve months and $812.1 million in periods thereafter. The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year.
Contract Balances
The following table provides the contract balances as of June 30, 2025 and December 31, 2024 presented in the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
Accounts receivable, net$1,387.9 $1,335.4 
Contract assets117.3 111.2 
Contract liabilities - current324.1 318.6 
Contract liabilities - noncurrent1.1 0.9 
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and six month periods ended June 30, 2025 and 2024.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Income before income taxes$28.1 $236.1 $281.2 $505.7 
Provision for income taxes$21.0 $46.1 $79.5 $100.5 
Effective income tax provision rate74.7%19.5%28.3%19.9%
The decrease in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended June 30, 2025 when compared to the same three month period of 2024 is primarily due to nondeductible impairment of goodwill, tradenames, and equity investment and a lower benefit from a windfall tax deduction in the 2025 period compared to the 2024 period.
The decrease in the provision for income taxes and increase in the effective income tax provision rate for the six month period ended June 30, 2025 when compared to the same six month period of 2024 is primarily due to nondeductible impairment of goodwill, tradenames, and equity investment and a lower benefit from a windfall tax deduction in the 2025 period compared to the 2024 period.
v3.25.2
Other Operating Expense, Net
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Other Operating Expense, Net Other Operating Expense, Net
The components of “Other operating expense, net” for the three and six month periods ended June 30, 2025 and 2024 were as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Foreign currency transaction losses (gains), net$6.0 $— $12.8 $(0.7)
Restructuring charges, net(1)
3.2 3.9 8.5 13.6 
Acquisition and other transaction related expenses(2)
11.8 25.9 21.6 41.2 
Loss on asbestos sale(3)
— 58.8 — 58.8 
Other, net(1.1)(0.4)(1.3)0.5 
Total other operating expense, net$19.9 $88.2 $41.6 $113.4 
(1)See Note 3 “Restructuring.”
(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.
(3)During the second quarter of 2024, the Company transferred 100% of the equity interests of three wholly-owned subsidiaries that held asbestos liabilities and certain assets, including the related insurance assets, to an unrelated third party buyer. Following the completion of the transfer, the Company no longer has any obligation with respect to pending and future asbestos claims. The transaction resulted in a pre-tax loss of $58.8 million during the three month period ended June 30, 2024.
v3.25.2
Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
The Company is a party to various legal proceedings, lawsuits and administrative actions, which are of an ordinary or routine nature for a company of its size and sector. The Company believes that such proceedings, lawsuits and administrative actions will not materially adversely affect its operations, financial condition, liquidity or competitive position. For further description of the Company’s contingencies, reference is made to Note 21, “Contingencies” in the notes to consolidated financial statements in the Company’s 2024 Annual Report.
Environmental Matters
The Company has been identified as a potentially responsible party (“PRP”) with respect to several sites designated for cleanup under U.S. federal “Superfund” or similar state laws that impose liability for cleanup of certain waste sites and for related natural resource damages. The Company has undiscounted accrued liabilities of $12.1 million and $13.6 million as of June 30, 2025 and
December 31, 2024, respectively, on its Condensed Consolidated Balance Sheets to the extent costs are known or can be reasonably estimated for its remaining financial obligations in relation to environmental matters and does not anticipate that any of these matters will result in material additional costs beyond amounts accrued. Based upon consideration of currently available information, the Company does not anticipate any material adverse effect on its results of operations, financial condition, liquidity or competitive position as a result of compliance with federal, state, local or foreign environmental laws or regulations, or cleanup costs relating to these matters.
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
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. When determining the reportable segments, we aggregate operating segments based on their similar economic and operating characteristics.
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 Before Income Taxes for the three and six month periods ended June 30, 2025 and 2024.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended June 30,
202520242025202420252024
Revenue$1,491.6 $1,466.5 $396.3 $338.8 $1,887.9 $1,805.3 
Segment cost of sales(1)
824.9 808.7 202.4 173.5 1,027.3 982.2 
Segment selling and administrative expenses(2)
241.6 221.5 77.2 63.0 318.8 284.5 
Other segment items(3)
(2.1)0.1 (0.1)(0.2)(2.2)(0.1)
Segment Adjusted EBITDA$427.2 $436.2 $116.8 $102.5 $544.0 $538.7 
(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 (income).
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Six Month Period Ended June 30,
202520242025202420252024
Revenue$2,843.7 $2,839.9 $761.0 $635.5 $3,604.7 $3,475.4 
Segment cost of sales(1)
1,554.8 1,551.5 391.0 321.5 1,945.8 1,873.0 
Segment selling and administrative expenses(2)
473.3 441.1 147.1 120.4 620.4 561.5 
Other segment items(3)
(0.7)— (0.1)(0.3)(0.8)(0.3)
Segment Adjusted EBITDA$816.3 $847.3 $223.0 $193.9 $1,039.3 $1,041.2 
(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 (income).
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Total Segment Adjusted EBITDA$544.0 $538.7 $1,039.3 $1,041.2 
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments34.6 44.1 $70.2 $88.1 
Interest expense62.7 50.8 123.9 87.6 
Depreciation and amortization expense (a)
119.2 115.8 238.1 232.1 
Impairment of goodwill and other intangible assets265.8 — 265.8 — 
Restructuring and related business transformation costs (b)
3.4 3.9 8.8 14.6 
Acquisition and other transaction related expenses and non-cash charges (c)
11.8 27.7 21.6 43.0 
Stock-based compensation16.7 14.5 30.9 28.6 
Foreign currency transaction losses (gains), net6.0 — 12.8 (0.7)
Loss on extinguishment of debt— 3.0 — 3.0 
Adjustments to LIFO inventories7.3 0.4 10.3 7.2 
Cybersecurity incident costs (d)
(1.1)(0.1)(1.3)0.5 
Loss on asbestos sale— 58.8 — 58.8 
Interest income on cash and cash equivalents(8.9)(16.3)(19.2)(27.7)
Other adjustments (e)
(1.6)— (3.8)0.4 
Income Before Income Taxes28.1 236.1 281.2 505.7 
Provision for income taxes21.0 46.1 79.5 100.5 
Loss on equity method investments(120.9)(3.5)(127.1)(14.2)
Net Income (Loss)$(113.8)$186.5 $74.6 $391.0 
a)Depreciation and amortization expense excludes $1.3 million and $1.1 million of depreciation of rental equipment for the three month periods ended June 30, 2025 and 2024, respectively, and excludes $2.4 million and $2.0 million for the six month periods ended June 30, 2025 and 2024, 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,
2025202420252024
Restructuring charges$3.2 $3.9 $8.5 $13.6 
Facility reorganization, relocation and other costs0.2 — 0.3 1.0 
Total restructuring and related business transformation costs$3.4 $3.9 $8.8 $14.6 
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.

The following tables provide summarized information about the Company’s reportable segments.
Depreciation and Amortization Expense
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Industrial Technologies and Services$68.5 $75.4 $136.1 $156.3 
Precision and Science Technologies50.9 38.4 102.1 71.8 
Corporate and other1.1 3.1 2.3 6.0 
Total depreciation and amortization expense$120.5 $116.9 $240.5 $234.1 
Capital Expenditures
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Industrial Technologies and Services$17.1 $15.1 $43.5 $35.3 
Precision and Science Technologies14.6 3.0 21.5 8.3 
Corporate and other3.5 3.7 3.9 40.5 
Total capital expenditures$35.3 $21.8 $69.0 $84.1 
Identifiable Assets
June 30, 2025December 31, 2024
Industrial Technologies and Services$10,904.1 $10,369.6 
Precision and Science Technologies5,738.5 5,884.1 
Corporate and other1,416.5 1,756.1 
Total identifiable assets$18,059.1 $18,009.8 
v3.25.2
Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
The calculation of earnings per share is based on the weighted-average number of the Company’s shares outstanding for the applicable period. The calculation of diluted earnings per share reflects the effect of all potentially dilutive shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. The Company uses the treasury stock
method to calculate the dilutive effect of outstanding share-based compensation awards. The number of weighted-average shares outstanding used in the computations of basic and diluted earnings (loss) per share are as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Weighted-average shares outstanding - Basic400.5 403.5 401.8 403.5 
Dilutive effect of outstanding share-based compensation awards— 3.9 3.1 4.2 
Weighted-average shares outstanding - Diluted400.5 407.4 404.9 407.7 
For the three month period ended June 30, 2025, 6.8 million of potentially dilutive stock-based awards were not included in the computation of diluted loss per share as we incurred a net loss during the period. For the three month period ended June 30, 2024, 0.6 million of anti-dilutive shares were not included in the computation of diluted earnings per share. For the six month periods ended June 30, 2025 and June 30, 2024, 1.2 million and 0.4 million of anti-dilutive shares were not included in the computation of diluted earnings per share, respectively.
v3.25.2
Equity Method Investment
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment Equity Method Investment
The Company previously sold its majority interest in the legacy High Pressure Solutions (“HPS”) upstream oil and gas business while retaining a 45% common equity interest. The Company expects to maintain its minority investment indefinitely and is unable to estimate when this interest may be disposed.
The Company accounts for this investment as an equity method investment and evaluates the investment each reporting period for evidence of a loss in value. During the second quarter of 2025, the Company received an updated long-term forecast which indicated a decline in value that was determined to be other than temporary. A valuation of the investment was performed using a discounted cash flow model. After completing its impairment assessment, management determined that the carrying amount exceeded its estimated fair value and the assumptions that most significantly affected the fair value determination included projected cash flows and the discount rate which were unobservable inputs. As a result, the Company recognized an impairment charge of $120.9 million in the three month period ended June 30, 2025, which is included in “Loss on equity method investments” on our Condensed Consolidated Statement of Operations. The carrying value of this equity method investment was $0.0 million and $128.6 million at June 30, 2025 and December 31, 2024, respectively, and is included in “Other assets” in our Condensed Consolidated Balance Sheets.
v3.25.2
Subsequent Event
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On July 1, 2025, the Company completed the acquisition of Termomeccanica Industrial Compressors S.p.A. (“TMIC”) and its subsidiary Adicomp S.p.A. (“Adicomp”) (collectively “TMIC/Adicomp”) for a purchase price of approximately €160 million. TMIC is a provider of air and gas compressors and Adicomp provides engineered-to-order (ETO) solutions in the renewable natural gas (RNG) industry. TMIC/Adicomp will be reported within the Industrial Technologies and Services segment. Management is in the process of preparing the preliminary fair values of the assets and liabilities acquired.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income (loss) attributable to Ingersoll Rand Inc. $ (115.3) $ 185.0 $ 71.2 $ 387.2
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 22, 2025, Vicente Reynal, the Company's Chairman, President and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement (a “10b5-1 Plan”). Mr. Reynal’s 10b5-1 Plan provides for the potential sale of up to 496,746 shares of the Company’s common stock, obtained from the exercise of vested stock options covered by the 10b5-1 Plan, from September 2, 2025 through May 11, 2026, and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Vicente Reynal [Member]  
Trading Arrangements, by Individual  
Name Vicente Reynal
Title Chairman, President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 22, 2025
Expiration Date May 11, 2026
Arrangement Duration 251 days
Aggregate Available 496,746
v3.25.2
Basis of Presentation and Recent Accounting Pronouncements (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products, and industrial and life science solutions. The accompanying condensed consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as “Ingersoll Rand,” “Company,” “we,” “us,” “our,” or “ourselves”).
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. In the Company’s opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Annual Report”).
The results of operations for the three and six month periods ended June 30, 2025 are not necessarily indicative of future results.
Recently Adopted Accounting Standards Updates ("ASU") & Recently Issued Accounting Pronouncements
Recently Adopted Accounting Standard Updates (“ASU”)
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update were applied retrospectively to all prior periods presented in the financial statements. The segment expense categories and amounts disclosed in the prior periods were based on the significant segment expense categories identified and disclosed in Note 19 “Segment Reporting.” The adoption has modified our disclosures but has not had a material effect on our consolidated financial statements.
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of additional disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, amortization, and depletion. The amendment is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The amendment should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.
v3.25.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the allocation of consideration for all businesses acquired in 2025 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for these acquisitions is preliminary, and amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained.
Accounts receivable$19.2 
Inventories19.8 
Other current assets0.8 
Property, plant and equipment5.5 
Goodwill140.4 
Other intangible assets71.9 
Other assets4.1 
Total current liabilities(21.1)
Deferred tax liabilities(0.4)
Other noncurrent liabilities(3.5)
Total consideration$236.7 
The following table summarizes the allocation of consideration for all businesses acquired in 2024 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for all acquisitions completed in 2024 is substantially complete and any further measurement period adjustments are not expected to be material.
ILC DoverFriulairAPSCOAll OthersTotal
Accounts receivable$41.2 $14.2 $6.4 $37.5 $99.3 
Inventories78.1 13.2 7.5 45.6 144.4 
Other current assets37.5 0.5 0.5 4.6 43.1 
Property, plant and equipment89.2 7.2 2.3 18.4 117.1 
Goodwill1,300.0 69.2 51.6 249.9 1,670.7 
Other intangible assets972.6 84.5 48.1 80.5 1,185.7 
Other assets15.8 — 3.5 5.9 25.2 
Total current liabilities(32.4)(11.6)(3.7)(55.8)(103.5)
Deferred tax liabilities(131.2)(24.6)— (17.3)(173.1)
Other noncurrent liabilities(21.1)(2.8)(3.0)(5.8)(32.7)
Total consideration$2,349.7 $149.8 $113.2 $363.5 $2,976.2 
v3.25.2
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Activity in Restructuring Programs
For the three and six month periods ended June 30, 2025 and 2024, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations and consisted of the following.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Industrial Technologies and Services$1.8 $3.1 $5.8 $8.2 
Precision and Science Technologies0.9 0.6 2.3 5.0 
Corporate0.5 0.2 0.4 0.4 
Restructuring charges, net$3.2 $3.9 $8.5 $13.6 
The following table summarizes the activity associated with the Company’s restructuring programs for the three and six month periods ended June 30, 2025 and 2024.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Balance at beginning of period$17.0 $20.6 $22.3 $15.5 
Charged to expense - termination benefits2.7 3.4 7.4 12.7 
Charged to expense - other0.5 0.5 1.1 0.9 
Payments(5.4)(8.9)(16.5)(13.2)
Currency translation adjustment and other1.2 — 1.7 (0.3)
Balance at end of period$16.0 $15.6 $16.0 $15.6 
v3.25.2
Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The allowance for credit losses for the three and six month periods ended June 30, 2025 and 2024 consisted of the following.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Balance at beginning of the period$63.0 $55.3 $57.3 $53.8 
Provision charged to expense2.3 1.8 7.1 4.3 
Write-offs, net of recoveries(0.8)(0.6)(1.4)(0.9)
Foreign currency translation and other1.7 0.4 3.2 (0.3)
Balance at end of the period$66.2 $56.9 $66.2 $56.9 
v3.25.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories as of June 30, 2025 and December 31, 2024 consisted of the following.
June 30, 2025December 31, 2024
Raw materials, including parts and subassemblies$753.3 $675.1 
Work-in-process130.0 116.3 
Finished goods411.8 342.8 
1,295.1 1,134.2 
LIFO reserve(89.5)(79.2)
Inventories$1,205.6 $1,055.0 
v3.25.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Segment
The changes in the carrying amount of goodwill attributable to each reportable segment for the six month period ended June 30, 2025 is presented in the table below.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Balance at beginning of period$4,930.7 $3,217.4 $8,148.1 
Acquisitions120.3 20.1 140.4 
Impairments— (229.7)(229.7)
Foreign currency translation and other(1)
149.8 68.0 217.8 
Balance at end of period$5,200.8 $3,075.8 $8,276.6 
(1)Includes measurement period adjustments
Schedule of Other Intangible Assets
Other intangible assets as of June 30, 2025 and December 31, 2024 consisted of the following.
June 30, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortized intangible assets
Customer lists and relationships$4,204.9 $(2,044.4)$2,160.5 $4,010.1 $(1,830.1)$2,180.0 
Technology556.8 (284.7)272.1 549.1 (243.3)305.8 
Tradenames70.9 (36.9)34.0 63.6 (32.4)31.2 
Backlog— — — 4.3 (4.2)0.1 
Other155.9 (120.2)35.7 128.5 (112.1)16.4 
Unamortized intangible assets
Tradenames1,832.3 — 1,832.3 1,839.3 — 1,839.3 
Total other intangible assets$6,820.8 $(2,486.2)$4,334.6 $6,594.9 $(2,222.1)$4,372.8 
v3.25.2
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities as of June 30, 2025 and December 31, 2024 consisted of the following.
June 30, 2025December 31, 2024
Salaries, wages and related fringe benefits$207.1 $229.5 
Contract liabilities324.1 318.6 
Product warranty61.0 67.9 
Operating lease liabilities63.4 56.3 
Restructuring16.0 22.3 
Taxes113.8 72.5 
Accrued interest33.3 33.2 
Other178.9 171.9 
Total accrued liabilities$997.6 $972.2 
Schedule of Product Warranty Liability
A reconciliation of the changes in the accrued product warranty liability for the three and six month periods ended June 30, 2025 and 2024 are as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Balance at beginning of period$62.7 $65.6 $67.9 $61.9 
Product warranty accruals4.7 12.7 6.0 26.3 
Acquired warranty— 0.7 — 0.7 
Settlements(8.2)(6.5)(15.5)(15.8)
Foreign currency translation and other1.8 (0.2)2.6 (0.8)
Balance at end of period$61.0 $72.3 $61.0 $72.3 
v3.25.2
Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three and six month periods ended June 30, 2025 and 2024.
Pension BenefitsOther Postretirement Benefits
U.S. PlansNon-U.S. Plans
For the Three Month Period Ended June 30,
202520242025202420252024
Service cost$— $— $0.8 $0.7 $— $— 
Interest cost3.4 3.5 2.9 2.6 — 0.2 
Expected return on plan assets(2.7)(3.3)(2.3)(2.7)— — 
Recognition of:
Unrecognized prior service cost— — 0.1 0.1 (2.8)— 
Unrecognized net actuarial loss (gain)— 0.1 (0.3)(0.4)(0.1)(0.2)
$0.7 $0.3 $1.2 $0.3 $(2.9)$— 
Pension BenefitsOther Postretirement Benefits
U.S. PlansNon-U.S. Plans
For the Six Month Period Ended June 30,
202520242025202420252024
Service cost$— $— $1.5 $1.4 $— $— 
Interest cost6.9 7.0 5.7 5.3 0.1 0.4 
Expected return on plan assets(5.5)(6.6)(4.6)(5.5)— — 
Recognition of:
Unrecognized prior service cost— — 0.1 0.1 (5.5)— 
Unrecognized net actuarial loss (gain)— 0.1 (0.5)(0.7)(0.3)(0.4)
$1.4 $0.5 $2.2 $0.6 $(5.7)$— 
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt as of June 30, 2025 and December 31, 2024 is summarized as follows.
June 30, 2025December 31, 2024
Short-term borrowings$0.7 $1.7 
Long-term debt:
5.197% Senior Notes, due June 2027(1)
699.9 699.9 
5.400% Senior Notes, due August 2028(1)
498.8 498.6 
5.176% Senior Notes, due June 2029(1)
750.0 750.0 
5.314% Senior Notes, due June 2031(1)
500.0 500.0 
5.700% Senior Notes, due August 2033(1)
993.8 993.4 
5.450% Senior Notes, due June 2034(1)
749.6 749.5 
5.700% Senior Notes, due June 2054(1)
597.6 597.6 
Finance leases and other long-term debt13.4 14.1 
Swap valuation adjustments22.5 (0.3)
Unamortized debt issuance costs(42.9)(47.0)
Total long-term debt, net, including current maturities4,782.7 4,755.8 
Current maturities of long-term debt1.3 1.4 
Total long-term debt, net$4,781.4 $4,754.4 
(1)This amount is net of unamortized discounts. Total unamortized discounts aggregated to $10.3 million and $11.0 million as of June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Stock-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of the Company’s stock option activity for the six month period ended June 30, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 20244,185 $43.33 
Granted676 83.36 
Exercised or settled(281)32.45 
Forfeited(48)75.19 
Expired(4)78.68 
Stock options outstanding as of June 30, 20254,528 49.61 
Vested as of June 30, 20252,900 34.10 
Schedule of Stock Option Fair Value Assumptions
The following assumptions were used to estimate the fair value of options granted during the six month periods ended June 30, 2025 and 2024 using the Black-Scholes option-pricing model.
For the Six Month Period Ended June 30,
Assumptions20252024
Expected life of options (in years)
6.3 - 7.5
6.3 - 7.5
Risk-free interest rate
4.1% - 4.2%
4.2% - 4.3%
Assumed volatility
34.2% - 34.3%
35.1% - 35.2%
Expected dividend rate0.1 %0.1 %
The following assumptions were used to estimate the fair value of performance stock units granted during the six month periods ended June 30, 2025 and 2024 using the Monte Carlo simulation pricing model.
For the Six Month Period Ended June 30,
Assumptions20252024
Expected term (in years)
2.8
2.8
Risk-free interest rate
4.0%
4.5 %
Assumed volatility
28.6%
28.9 %
Expected dividend rate0.1 %0.1 %
Schedule of Restricted Stock Unit Activity A summary of the Company’s restricted stock unit activity for the six month period ended June 30, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2024834 $73.00 
Granted410 83.26 
Vested(271)62.57 
Forfeited(41)80.88 
Non-vested as of June 30, 2025932 80.19 
Schedule of Performance Stock Unit Activity
A summary of the Company’s performance stock unit activity for the six month period ended June 30, 2025 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 20241,339 $54.28 
Granted147 70.71 
Change in units based on performance127 63.39 
Vested(255)63.39 
Non-vested as of June 30, 20251,358 55.20 
v3.25.2
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Before Tax Income (Loss) and Related Income Tax Effect
The before tax income (loss) and related income tax effect are as follows.
For the Three Month Period Ended June 30,
20252024
Before-Tax AmountTax Benefit (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$187.7 $28.0 $215.7 $(26.5)$(7.5)$(34.0)
Unrecognized losses on cash flow hedges(2.9)— (2.9)(7.1)5.0 (2.1)
Pension and other postretirement benefit prior service cost and gain or loss, net(4.1)1.0 (3.1)(1.8)0.4 (1.4)
Other comprehensive income (loss)$180.7 $29.0 $209.7 $(35.4)$(2.1)$(37.5)
For the Six Month Period Ended June 30,
20252024
Before-Tax AmountTax Benefit (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$302.2 $37.2 $339.4 $(93.9)$(13.6)$(107.5)
Unrecognized losses on cash flow hedges(5.9)(0.1)(6.0)(7.2)5.0 (2.2)
Pension and other postretirement benefit prior service cost and gain or loss, net(7.6)1.9 (5.7)(3.7)0.9 (2.8)
Other comprehensive income (loss)$288.7 $39.0 $327.7 $(104.8)$(7.7)$(112.5)
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive loss by component for the six month periods ended June 30, 2025 and 2024 are presented in the following table, net of tax.
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2024$(479.6)$3.1 $8.0 $(468.5)
Other comprehensive income (loss) before reclassifications346.1 (1.5)(1.1)343.5 
Amounts reclassified from accumulated other comprehensive loss(6.7)(4.5)(4.6)(15.8)
Other comprehensive income (loss)339.4 (6.0)(5.7)327.7 
Balance as of June 30, 2025$(140.2)$(2.9)$2.3 $(140.8)
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2023$(248.0)$12.2 $8.2 $(227.6)
Other comprehensive income (loss) before reclassifications(101.1)4.4 (2.1)(98.8)
Amounts reclassified from accumulated other comprehensive loss(6.4)(6.6)(0.7)(13.7)
Other comprehensive loss(107.5)(2.2)(2.8)(112.5)
Balance as of June 30, 2024$(355.5)$10.0 $5.4 $(340.1)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss
Reclassifications out of accumulated other comprehensive loss for the six month periods ended June 30, 2025 and 2024 are presented in the following table.
Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components
For the Six Month Period Ended June 30,Affected Line(s) in the Statement Where Net Income is Presented
20252024
Cash flow hedges (interest rate swaps and caps)$(6.0)$(8.8)Interest expense
Provision for income taxes1.5 2.2 Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax$(4.5)$(6.6)
Net investment hedges$(8.9)$(8.5)Interest expense
Provision for income taxes2.2 2.1 Provision for income taxes
Net investment hedges, net of tax$(6.7)$(6.4)
Amortization of defined benefit pension and other postretirement benefit items(1)
$(6.2)$(0.9)Cost of sales and Selling and administrative expenses
Provision for income taxes1.6 0.2 Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax$(4.6)$(0.7)
Total reclassifications for the period, net of tax$(15.8)$(13.7)
(1)These components are included in the computation of net periodic benefit cost. See Note 9 “Benefit Plans” for additional details.
v3.25.2
Hedging Activities and Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.
June 30, 2025
Derivative Classification
Notional Amount(1)
Fair Value(1) Other Current Assets
Fair Value(1) Other Assets
Fair Value(1) Accrued Liabilities
Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contractsFair Value$1,000.0 $1.0 $22.1 $0.6 $— 
Cross-currency interest rate swap contractsNet investment1,332.7 10.3 — — 147.3 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair value$100.2 $1.2 $— $— $— 
Foreign currency forwardsFair value68.6 — — 0.7 — 
December 31, 2024
Derivative Classification
Notional Amount(1)
Fair Value(1) Other Current Assets
Fair Value(1) Other Assets
Fair Value(1) Accrued Liabilities
Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contractsFair Value$750.0 $— $1.4 $0.9 $0.9 
Cross-currency interest rate swap contractsNet investment1,074.3 11.5 15.8 — — 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair Value$124.3 $1.8 $— $— $— 
Foreign currency forwardsFair Value69.0 — — 1.2 — 
(1)Notional amounts represent the gross contract amounts of the outstanding derivatives excluding the total notional amount of positions that have been effectively closed through offsetting positions. The net gains and net losses associated with positions that have been effectively closed through offsetting positions but not yet settled are included in the asset and liability derivatives fair value columns, respectively.
Schedule of Long Term Hedge
June 30, 2025December 31, 2024
Long-term debt:
Carrying amount of hedged debt$1,022.5 $749.7 
Cumulative hedging adjustments, included in carrying amount22.5 (0.3)
Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss)
Gains (losses) on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2025 and 2024 are as presented in the table below.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Gain (loss) recognized in OCI on derivatives$— $(3.0)$— $1.6 
Gain reclassified from AOCI into income (effective portion)(1)
3.0 4.1 6.0 8.8 
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2025 and 2024 are as presented in the table below.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Gain (loss) recognized in OCI on derivatives$(119.8)$15.1 $(155.4)$43.7 
Gain reclassified from AOCI into income (effective portion)(1)
3.9 4.3 8.9 8.5 
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Schedule of Gains (Losses) on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Gains (Losses)
The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency gains (losses) for the three and six month periods ended June 30, 2025 and 2024 were as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Foreign currency forward contracts gains (losses)$3.6 $(2.0)$6.8 $(2.0)
Total foreign currency transaction gains (losses), net(6.0)— (12.8)0.7 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.
June 30, 2025
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$22.0 $— $— $22.0 
Interest rate swaps(2)
— 23.1 — 23.1 
Cross-currency interest rate swaps(3)
— 10.3 — 10.3 
Foreign currency forwards(4)
— 1.2 — 1.2 
Total$22.0 $34.6 $— $56.6 
Financial Liabilities
Deferred compensation plans(1)
$28.2 $— $— $28.2 
Interest rate swaps(2)
— 0.6 — 0.6 
Cross-currency interest rate swaps(3)
— 147.3 — 147.3 
Foreign currency forwards(4)
— 0.7 — 0.7 
Contingent consideration(5)
— — 39.8 39.8 
Total$28.2 $148.6 $39.8 $216.6 
December 31, 2024
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$21.0 $— $— $21.0 
Interest rate swaps(2)
— 1.4 — 1.4 
Cross-currency interest rate swaps(3)
— 27.3 — 27.3 
Foreign currency forwards(4)
— 1.8 — 1.8 
Total$21.0 $30.5 $— $51.5 
Financial Liabilities
Deferred compensation plan(1)
$28.7 $— $— $28.7 
Interest rate swaps(2)
— 1.8 — 1.8 
Foreign currency forwards(4)
— 1.2 — 1.2 
Contingent consideration(5)
— — 22.2 22.2 
Total$28.7 $3.0 $22.2 $53.9 
(1)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method.
(2)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of the end of the period. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.
(3)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties.
(4)Based on calculations that use readily observable market parameters as their basis, such as spot and forward rates.
(5)Measured as the present value of expected consideration payable for completed acquisitions, generally derived using probability-weighted analysis of achieving projected revenue or EBITDA targets.
Schedule of Reconciliation of Contingent Consideration
The following table provides a reconciliation of the activity for contingent consideration for the three and six month periods ended June 30, 2025 and 2024.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Balance at beginning of the period$32.8 $48.4 $22.2 $42.2 
Acquisitions6.1 50.2 15.8 56.7 
Changes in fair value0.3 0.3 0.3 0.5 
Payments— (0.2)— (0.2)
Foreign currency translation0.6 — 1.5 (0.5)
Balance at end of the period$39.8 $98.7 $39.8 $98.7 
v3.25.2
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Segment
The following tables provide disaggregated revenue by reportable segment for the three and six month periods ended June 30, 2025 and 2024.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended June 30,
202520242025202420252024
Primary Geographic Markets
United States$617.7 $626.2 $180.7 $158.3 $798.4 $784.5 
Other Americas123.4 109.6 33.2 17.8 156.6 127.4 
Total Americas741.1 735.8 213.9 176.1 955.0 911.9 
EMEIA468.3 461.2 142.7 119.9 611.0 581.1 
China179.2 183.6 29.3 31.0 208.5 214.6 
Other Asia Pacific103.0 85.9 10.4 11.8 113.4 97.7 
Total Asia Pacific282.2 269.5 39.7 42.8 321.9 312.3 
Total$1,491.6 $1,466.5 $396.3 $338.8 $1,887.9 $1,805.3 
Product Categories
Original equipment(1)
$884.8 $897.6 $312.1 $265.2 $1,196.9 $1,162.8 
Aftermarket(2)
606.8 568.9 84.2 73.6 691.0 642.5 
Total$1,491.6 $1,466.5 $396.3 $338.8 $1,887.9 $1,805.3 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$1,343.1 $1,334.2 $365.5 $337.0 $1,708.6 $1,671.2 
Revenue recognized over time(4)
148.5 132.3 30.8 1.8 179.3 134.1 
Total$1,491.6 $1,466.5 $396.3 $338.8 $1,887.9 $1,805.3 
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Six Month Period Ended June 30,
202520242025202420252024
Primary Geographic Markets
United States$1,202.8 $1,223.3 $349.6 $295.4 $1,552.4 $1,518.7 
Other Americas242.5 222.3 55.9 25.9 298.4 248.2 
Total Americas1,445.3 1,445.6 405.5 321.3 1,850.8 1,766.9 
EMEIA899.3 906.6 279.1 233.6 1,178.4 1,140.2 
China318.6 338.2 56.8 59.2 375.4 397.4 
Other Asia Pacific180.5 149.5 19.6 21.4 200.1 170.9 
Total Asia Pacific499.1 487.7 76.4 80.6 575.5 568.3 
Total$2,843.7 $2,839.9 $761.0 $635.5 $3,604.7 $3,475.4 
Product Categories
Original equipment(1)
$1,661.9 $1,724.7 $598.5 $490.2 $2,260.4 $2,214.9 
Aftermarket(2)
1,181.8 1,115.2 162.5 145.3 1,344.3 1,260.5 
Total$2,843.7 $2,839.9 $761.0 $635.5 $3,604.7 $3,475.4 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$2,571.0 $2,578.6 $711.2 $632.5 $3,282.2 $3,211.1 
Revenue recognized over time(4)
272.7 261.3 49.8 3.0 322.5 264.3 
Total$2,843.7 $2,839.9 $761.0 $635.5 $3,604.7 $3,475.4 
Revenues from sales of capital equipment within the Industrial Technologies and Services segment and sales of components to original equipment manufacturers in the Precision and Science Technologies segment.
(2)Revenues from sales of spare parts, accessories, other components and services in support of maintaining customer owned, installed base of the Company’s original equipment. Service revenue represents less than 10% of consolidated revenue.
(3)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered.
(4)Revenues primarily from long duration ETO product contracts, certain multi-year service contracts, and certain contracts for the delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.
Schedule of Contract Balances
The following table provides the contract balances as of June 30, 2025 and December 31, 2024 presented in the Condensed Consolidated Balance Sheets.
June 30, 2025December 31, 2024
Accounts receivable, net$1,387.9 $1,335.4 
Contract assets117.3 111.2 
Contract liabilities - current324.1 318.6 
Contract liabilities - noncurrent1.1 0.9 
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes and Effective Income Tax Rate
The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and six month periods ended June 30, 2025 and 2024.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Income before income taxes$28.1 $236.1 $281.2 $505.7 
Provision for income taxes$21.0 $46.1 $79.5 $100.5 
Effective income tax provision rate74.7%19.5%28.3%19.9%
v3.25.2
Other Operating Expense, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Operating Expense, Net
The components of “Other operating expense, net” for the three and six month periods ended June 30, 2025 and 2024 were as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Foreign currency transaction losses (gains), net$6.0 $— $12.8 $(0.7)
Restructuring charges, net(1)
3.2 3.9 8.5 13.6 
Acquisition and other transaction related expenses(2)
11.8 25.9 21.6 41.2 
Loss on asbestos sale(3)
— 58.8 — 58.8 
Other, net(1.1)(0.4)(1.3)0.5 
Total other operating expense, net$19.9 $88.2 $41.6 $113.4 
(1)See Note 3 “Restructuring.”
(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.
(3)During the second quarter of 2024, the Company transferred 100% of the equity interests of three wholly-owned subsidiaries that held asbestos liabilities and certain assets, including the related insurance assets, to an unrelated third party buyer. Following the completion of the transfer, the Company no longer has any obligation with respect to pending and future asbestos claims. The transaction resulted in a pre-tax loss of $58.8 million during the three month period ended June 30, 2024.
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
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, 2025 and 2024.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended June 30,
202520242025202420252024
Revenue$1,491.6 $1,466.5 $396.3 $338.8 $1,887.9 $1,805.3 
Segment cost of sales(1)
824.9 808.7 202.4 173.5 1,027.3 982.2 
Segment selling and administrative expenses(2)
241.6 221.5 77.2 63.0 318.8 284.5 
Other segment items(3)
(2.1)0.1 (0.1)(0.2)(2.2)(0.1)
Segment Adjusted EBITDA$427.2 $436.2 $116.8 $102.5 $544.0 $538.7 
(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 (income).
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Six Month Period Ended June 30,
202520242025202420252024
Revenue$2,843.7 $2,839.9 $761.0 $635.5 $3,604.7 $3,475.4 
Segment cost of sales(1)
1,554.8 1,551.5 391.0 321.5 1,945.8 1,873.0 
Segment selling and administrative expenses(2)
473.3 441.1 147.1 120.4 620.4 561.5 
Other segment items(3)
(0.7)— (0.1)(0.3)(0.8)(0.3)
Segment Adjusted EBITDA$816.3 $847.3 $223.0 $193.9 $1,039.3 $1,041.2 
(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 (income).
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Total Segment Adjusted EBITDA$544.0 $538.7 $1,039.3 $1,041.2 
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments34.6 44.1 $70.2 $88.1 
Interest expense62.7 50.8 123.9 87.6 
Depreciation and amortization expense (a)
119.2 115.8 238.1 232.1 
Impairment of goodwill and other intangible assets265.8 — 265.8 — 
Restructuring and related business transformation costs (b)
3.4 3.9 8.8 14.6 
Acquisition and other transaction related expenses and non-cash charges (c)
11.8 27.7 21.6 43.0 
Stock-based compensation16.7 14.5 30.9 28.6 
Foreign currency transaction losses (gains), net6.0 — 12.8 (0.7)
Loss on extinguishment of debt— 3.0 — 3.0 
Adjustments to LIFO inventories7.3 0.4 10.3 7.2 
Cybersecurity incident costs (d)
(1.1)(0.1)(1.3)0.5 
Loss on asbestos sale— 58.8 — 58.8 
Interest income on cash and cash equivalents(8.9)(16.3)(19.2)(27.7)
Other adjustments (e)
(1.6)— (3.8)0.4 
Income Before Income Taxes28.1 236.1 281.2 505.7 
Provision for income taxes21.0 46.1 79.5 100.5 
Loss on equity method investments(120.9)(3.5)(127.1)(14.2)
Net Income (Loss)$(113.8)$186.5 $74.6 $391.0 
a)Depreciation and amortization expense excludes $1.3 million and $1.1 million of depreciation of rental equipment for the three month periods ended June 30, 2025 and 2024, respectively, and excludes $2.4 million and $2.0 million for the six month periods ended June 30, 2025 and 2024, 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,
2025202420252024
Restructuring charges$3.2 $3.9 $8.5 $13.6 
Facility reorganization, relocation and other costs0.2 — 0.3 1.0 
Total restructuring and related business transformation costs$3.4 $3.9 $8.8 $14.6 
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.

The following tables provide summarized information about the Company’s reportable segments.
Depreciation and Amortization Expense
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Industrial Technologies and Services$68.5 $75.4 $136.1 $156.3 
Precision and Science Technologies50.9 38.4 102.1 71.8 
Corporate and other1.1 3.1 2.3 6.0 
Total depreciation and amortization expense$120.5 $116.9 $240.5 $234.1 
Capital Expenditures
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Industrial Technologies and Services$17.1 $15.1 $43.5 $35.3 
Precision and Science Technologies14.6 3.0 21.5 8.3 
Corporate and other3.5 3.7 3.9 40.5 
Total capital expenditures$35.3 $21.8 $69.0 $84.1 
Identifiable Assets
June 30, 2025December 31, 2024
Industrial Technologies and Services$10,904.1 $10,369.6 
Precision and Science Technologies5,738.5 5,884.1 
Corporate and other1,416.5 1,756.1 
Total identifiable assets$18,059.1 $18,009.8 
v3.25.2
Earnings (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings (Loss) Per Share The number of weighted-average shares outstanding used in the computations of basic and diluted earnings (loss) per share are as follows.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2025202420252024
Weighted-average shares outstanding - Basic400.5 403.5 401.8 403.5 
Dilutive effect of outstanding share-based compensation awards— 3.9 3.1 4.2 
Weighted-average shares outstanding - Diluted400.5 407.4 404.9 407.7 
v3.25.2
Acquisitions - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 03, 2025
USD ($)
Apr. 01, 2025
USD ($)
Feb. 03, 2025
USD ($)
Oct. 31, 2024
USD ($)
Oct. 01, 2024
USD ($)
Jun. 03, 2024
USD ($)
Jun. 01, 2024
USD ($)
May 31, 2024
USD ($)
May 01, 2024
USD ($)
Apr. 02, 2024
USD ($)
Apr. 01, 2024
USD ($)
Feb. 01, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
acquisition
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Business Combination [Line Items]                                  
Goodwill                         $ 8,276.6   $ 8,276.6   $ 8,148.1
SSI Aeration                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition     $ 96.9                            
Excelsior Blower Systems                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition     17.5                            
Cullum & Brown of Kansas City                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition     50.7                            
Contingent consideration     $ 10.0                            
G & D Chillers, Inc.                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition   $ 19.9                              
Lead Fluid                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition $ 18.1                                
Contingent consideration $ 4.2                                
All Others                                  
Business Combination [Line Items]                                  
Number of acquisitions | acquisition                             4    
Purchase consideration                             $ 20.0   55.9
Goodwill                                 249.9
Acquisitions In 2025                                  
Business Combination [Line Items]                                  
Revenue from acquisition date                         26.2   35.7    
Net income (loss) from acquisition date                         4.2   3.5    
Goodwill                         140.4   140.4    
Friulair                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition                       $ 143.3          
Contingent consideration                       11.0          
Expected tax deductible amount of goodwill acquired                       $ 0.0          
Goodwill                                 69.2
Fluidics                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition                     $ 49.9            
Contingent consideration                     $ 2.0            
Ethafilter s.r.l.                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition                   $ 15.5              
Air Systems, LLC                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition                 $ 34.9                
APSCO                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition         $ 113.2     $ 99.3                  
Goodwill                                 51.6
Fruitland                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition               $ 28.0                  
Del Pumps                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition             $ 25.2                    
ILC Dover                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition           $ 2,349.7                      
Contingent consideration           75.0                      
Expected tax deductible amount of goodwill acquired           0.0                      
Goodwill           1,300.0                     1,300.0
ILC Dover | Customer relationships                                  
Business Combination [Line Items]                                  
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles           $ 620.5                      
Acquired finite-lived intangible assets, weighted average useful life           14 years                      
ILC Dover | Technology                                  
Business Combination [Line Items]                                  
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles           $ 142.0                      
Acquired finite-lived intangible assets, weighted average useful life           8 years                      
ILC Dover | Tradenames                                  
Business Combination [Line Items]                                  
Business combination, recognized identifiable assets acquired and liabilities assumed, indefinite-lived intangibles           $ 207.5                      
Blutek                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition         9.6                        
UT Pumps & Systems Private Ltd                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition         $ 11.7                        
Penn Valley Pump Co LLC                                  
Business Combination [Line Items]                                  
Cash consideration for acquisition       $ 33.2                          
Acquisitions In 2024                                  
Business Combination [Line Items]                                  
Revenue from acquisition date                         153.0 $ 64.5 292.5 $ 75.8  
Net income (loss) from acquisition date                         $ 12.4 $ 6.1 $ 20.3 $ 6.6  
Goodwill                                 $ 1,670.7
v3.25.2
Acquisitions - Schedule of Business Acquisitions by Acquisition, Consideration (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 03, 2024
Business Combination [Line Items]      
Goodwill $ 8,276.6 $ 8,148.1  
Acquisitions In 2025      
Business Combination [Line Items]      
Accounts receivable 19.2    
Inventories 19.8    
Other current assets 0.8    
Property, plant and equipment 5.5    
Goodwill 140.4    
Other intangible assets 71.9    
Other assets 4.1    
Total current liabilities (21.1)    
Deferred tax liabilities (0.4)    
Other noncurrent liabilities (3.5)    
Total consideration $ 236.7    
Acquisitions In 2024      
Business Combination [Line Items]      
Accounts receivable   99.3  
Inventories   144.4  
Other current assets   43.1  
Property, plant and equipment   117.1  
Goodwill   1,670.7  
Other intangible assets   1,185.7  
Other assets   25.2  
Total current liabilities   (103.5)  
Deferred tax liabilities   (173.1)  
Other noncurrent liabilities   (32.7)  
Total consideration   2,976.2  
ILC Dover      
Business Combination [Line Items]      
Accounts receivable   41.2  
Inventories   78.1  
Other current assets   37.5  
Property, plant and equipment   89.2  
Goodwill   1,300.0 $ 1,300.0
Other intangible assets   972.6  
Other assets   15.8  
Total current liabilities   (32.4)  
Deferred tax liabilities   (131.2)  
Other noncurrent liabilities   (21.1)  
Total consideration   2,349.7  
Friulair      
Business Combination [Line Items]      
Accounts receivable   14.2  
Inventories   13.2  
Other current assets   0.5  
Property, plant and equipment   7.2  
Goodwill   69.2  
Other intangible assets   84.5  
Other assets   0.0  
Total current liabilities   (11.6)  
Deferred tax liabilities   (24.6)  
Other noncurrent liabilities   (2.8)  
Total consideration   149.8  
APSCO      
Business Combination [Line Items]      
Accounts receivable   6.4  
Inventories   7.5  
Other current assets   0.5  
Property, plant and equipment   2.3  
Goodwill   51.6  
Other intangible assets   48.1  
Other assets   3.5  
Total current liabilities   (3.7)  
Deferred tax liabilities   0.0  
Other noncurrent liabilities   (3.0)  
Total consideration   113.2  
All Others      
Business Combination [Line Items]      
Accounts receivable   37.5  
Inventories   45.6  
Other current assets   4.6  
Property, plant and equipment   18.4  
Goodwill   249.9  
Other intangible assets   80.5  
Other assets   5.9  
Total current liabilities   (55.8)  
Deferred tax liabilities   (17.3)  
Other noncurrent liabilities   (5.8)  
Total consideration   $ 363.5  
v3.25.2
Restructuring - Schedule of Restructuring Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring charges, net $ 3.2 $ 3.9 $ 8.5 $ 13.6
Restructuring Program 2020        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges, net 3.2 3.9 8.5 13.6
Restructuring Program 2020 | Corporate        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges, net 0.5 0.2 0.4 0.4
Restructuring Program 2020 | Industrial Technologies and Services        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges, net 1.8 3.1 5.8 8.2
Restructuring Program 2020 | Precision and Science Technologies        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges, net $ 0.9 $ 0.6 $ 2.3 $ 5.0
v3.25.2
Restructuring - Schedule of Activity in Restructuring Programs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Reserve [Roll Forward]        
Balance at beginning of period $ 17.0 $ 20.6 $ 22.3 $ 15.5
Charged to expense - termination benefits 2.7 3.4 7.4 12.7
Charged to expense - other 0.5 0.5 1.1 0.9
Payments (5.4) (8.9) (16.5) (13.2)
Currency translation adjustment and other 1.2 0.0 1.7 (0.3)
Balance at end of period $ 16.0 $ 15.6 $ 16.0 $ 15.6
v3.25.2
Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of the period $ 63.0 $ 55.3 $ 57.3 $ 53.8
Provision charged to expense 2.3 1.8 7.1 4.3
Write-offs, net of recoveries (0.8) (0.6) (1.4) (0.9)
Foreign currency translation and other 1.7 0.4 3.2 (0.3)
Balance at end of the period $ 66.2 $ 56.9 $ 66.2 $ 56.9
v3.25.2
Inventories (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Inventory, Net [Abstract]    
Raw materials, including parts and subassemblies $ 753.3 $ 675.1
Work-in-process 130.0 116.3
Finished goods 411.8 342.8
Gross inventories 1,295.1 1,134.2
LIFO reserve (89.5) (79.2)
Inventories $ 1,205.6 $ 1,055.0
v3.25.2
Goodwill and Other Intangible Assets - Schedule of Goodwill by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill [Roll Forward]        
Balance at beginning of period     $ 8,148.1  
Acquisitions     140.4  
Impairments $ (229.7) $ 0.0 (229.7) $ 0.0
Foreign currency translation and other     217.8  
Balance at end of period 8,276.6   8,276.6  
Industrial Technologies and Services        
Goodwill [Roll Forward]        
Balance at beginning of period     4,930.7  
Acquisitions     120.3  
Impairments     0.0  
Foreign currency translation and other     149.8  
Balance at end of period 5,200.8   5,200.8  
Precision and Science Technologies        
Goodwill [Roll Forward]        
Balance at beginning of period     3,217.4  
Acquisitions     20.1  
Impairments     (229.7)  
Foreign currency translation and other     68.0  
Balance at end of period $ 3,075.8   $ 3,075.8  
v3.25.2
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Goodwill [Line Items]          
Impairments $ 229.7 $ 0.0 $ 229.7 $ 0.0  
Goodwill 8,276.6   8,276.6   $ 8,148.1
Industrial Technologies and Services          
Goodwill [Line Items]          
Accumulated impairment on goodwill 220.6   220.6   220.6
Impairments     0.0    
Goodwill 5,200.8   5,200.8   4,930.7
Precision and Science Technologies          
Goodwill [Line Items]          
Accumulated impairment on goodwill 229.7   229.7   0.0
Impairments     229.7    
Goodwill 3,075.8   3,075.8   $ 3,217.4
Precision and Science Technologies | Tradenames          
Goodwill [Line Items]          
Impairment of intangible assets 36.1        
Biopharma          
Goodwill [Line Items]          
Impairments 170.3        
Goodwill 816.6   816.6    
Aerospace & Defense          
Goodwill [Line Items]          
Impairments 59.4        
Goodwill $ 15.9   $ 15.9    
v3.25.2
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Amortized intangible assets    
Accumulated Amortization $ (2,486.2) $ (2,222.1)
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Amount 6,820.8 6,594.9
Accumulated Amortization (2,486.2) (2,222.1)
Net Carrying Amount 4,334.6 4,372.8
Tradenames    
Unamortized intangible assets    
Carrying amount 1,832.3 1,839.3
Customer lists and relationships    
Amortized intangible assets    
Gross Carrying Amount 4,204.9 4,010.1
Accumulated Amortization (2,044.4) (1,830.1)
Net Carrying Amount 2,160.5 2,180.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (2,044.4) (1,830.1)
Technology    
Amortized intangible assets    
Gross Carrying Amount 556.8 549.1
Accumulated Amortization (284.7) (243.3)
Net Carrying Amount 272.1 305.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (284.7) (243.3)
Tradenames    
Amortized intangible assets    
Gross Carrying Amount 70.9 63.6
Accumulated Amortization (36.9) (32.4)
Net Carrying Amount 34.0 31.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (36.9) (32.4)
Backlog    
Amortized intangible assets    
Gross Carrying Amount 0.0 4.3
Accumulated Amortization 0.0 (4.2)
Net Carrying Amount 0.0 0.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 0.0 (4.2)
Other    
Amortized intangible assets    
Gross Carrying Amount 155.9 128.5
Accumulated Amortization (120.2) (112.1)
Net Carrying Amount 35.7 16.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization $ (120.2) $ (112.1)
v3.25.2
Supply Chain Finance Program (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Supplier finance program, obligation $ 28.5 $ 24.5
v3.25.2
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]            
Salaries, wages and related fringe benefits $ 207.1   $ 229.5      
Contract liabilities 324.1   318.6      
Product warranty 61.0 $ 62.7 67.9 $ 72.3 $ 65.6 $ 61.9
Operating lease liabilities 63.4   56.3      
Restructuring 16.0   22.3      
Taxes 113.8   72.5      
Accrued interest 33.3   33.2      
Other $ 178.9   $ 171.9      
Operating lease, liability, current, statement of financial position Total accrued liabilities   Total accrued liabilities      
Total accrued liabilities $ 997.6   $ 972.2      
v3.25.2
Accrued Liabilities - Schedule of Product Warranty Liability (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]        
Balance at beginning of period $ 62.7 $ 65.6 $ 67.9 $ 61.9
Product warranty accruals 4.7 12.7 6.0 26.3
Acquired warranty 0.0 0.7 0.0 0.7
Settlements (8.2) (6.5) (15.5) (15.8)
Foreign currency translation and other 1.8 (0.2) 2.6 (0.8)
Balance at end of period $ 61.0 $ 72.3 $ 61.0 $ 72.3
v3.25.2
Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pension Benefits | U.S. Plans        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost $ 0.0 $ 0.0 $ 0.0 $ 0.0
Interest cost 3.4 3.5 6.9 7.0
Expected return on plan assets (2.7) (3.3) (5.5) (6.6)
Recognition of:        
Unrecognized prior service cost 0.0 0.0 0.0 0.0
Unrecognized net actuarial loss (gain) 0.0 0.1 0.0 0.1
Total recognized in other comprehensive (loss) income 0.7 0.3 1.4 0.5
Pension Benefits | Non-U.S. Plans        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost 0.8 0.7 1.5 1.4
Interest cost 2.9 2.6 5.7 5.3
Expected return on plan assets (2.3) (2.7) (4.6) (5.5)
Recognition of:        
Unrecognized prior service cost 0.1 0.1 0.1 0.1
Unrecognized net actuarial loss (gain) (0.3) (0.4) (0.5) (0.7)
Total recognized in other comprehensive (loss) income 1.2 0.3 2.2 0.6
Other Postretirement Benefits        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]        
Service cost 0.0 0.0 0.0 0.0
Interest cost 0.0 0.2 0.1 0.4
Expected return on plan assets 0.0 0.0 0.0 0.0
Recognition of:        
Unrecognized prior service cost (2.8) 0.0 (5.5) 0.0
Unrecognized net actuarial loss (gain) (0.1) (0.2) (0.3) (0.4)
Total recognized in other comprehensive (loss) income $ (2.9) $ 0.0 $ (5.7) $ 0.0
v3.25.2
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
May 10, 2024
Aug. 14, 2023
Debt [Abstract]        
Short-term borrowings $ 0.7 $ 1.7    
Long-term debt:        
Finance leases and other long-term debt 13.4 14.1    
Swap valuation adjustments 22.5 (0.3)    
Unamortized debt issuance costs (42.9) (47.0)    
Total long-term debt, net, including current maturities 4,782.7 4,755.8    
Current maturities of long-term debt 1.3 1.4    
Total long-term debt, net 4,781.4 4,754.4    
Unamortized discounts $ 10.3 $ 11.0    
5.197% Senior Notes Due 2027 | Senior Notes        
Long-term debt:        
Stated interest rate of debt instrument (as percent) 5.197% 5.197% 5.197%  
Long-term debt $ 699.9 $ 699.9    
5.40% Senior Notes due 2028 | Senior Notes        
Long-term debt:        
Stated interest rate of debt instrument (as percent) 5.40% 5.40%   5.40%
Long-term debt $ 498.8 $ 498.6    
5.176% Senior Notes Due 2029 | Senior Notes        
Long-term debt:        
Stated interest rate of debt instrument (as percent) 5.176% 5.176% 5.176%  
Long-term debt $ 750.0 $ 750.0    
5.314% Senior Notes Due 2031 | Senior Notes        
Long-term debt:        
Stated interest rate of debt instrument (as percent) 5.314% 5.314% 5.314%  
Long-term debt $ 500.0 $ 500.0    
5.70% Senior Notes due 2033 | Senior Notes        
Long-term debt:        
Stated interest rate of debt instrument (as percent) 5.70% 5.70%   5.70%
Long-term debt $ 993.8 $ 993.4    
5.450% Senior Notes Due 2034 | Senior Notes        
Long-term debt:        
Stated interest rate of debt instrument (as percent) 5.45% 5.45% 5.45%  
Long-term debt $ 749.6 $ 749.5    
5.700% Senior Notes Due 2054 | Senior Notes        
Long-term debt:        
Stated interest rate of debt instrument (as percent) 5.70% 5.70% 5.70%  
Long-term debt $ 597.6 $ 597.6    
v3.25.2
Debt - Narrative (Details)
Aug. 13, 2024
USD ($)
May 10, 2024
USD ($)
extensionOption
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Aug. 14, 2023
USD ($)
Debt Instrument [Line Items]          
Line of credit facility, fair value of amount outstanding     $ 0    
Fair value of debt     4,900,000,000 $ 4,900,000,000  
New Revolving Credit Facility | Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity   $ 2,600,000,000      
Debt instrument, extension options | extensionOption   2      
Debt instrument, extension term   1 year      
Basis spread on variable rate (as a percent)   0.10%      
Debt instrument, covenant, adjusted consolidated total net debt to consolidated adjusted ebitda ratio, maximum   3.50      
Debt instrument, covenant, following a qualified acquisition, adjusted consolidated total net debt to consolidated adjusted ebitda ratio, maximum   4.00      
Revolving Credit Facility, Due 2020 | Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity     2,600,000,000    
Revolving Credit Facility, Due 2020 | Letter of Credit          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity     200,000,000.0    
Revolving Credit Facility, Due 2024          
Debt Instrument [Line Items]          
Letters of credit outstanding     0    
Revolving Credit Facility, Due 2024 | Revolving Credit Facility          
Debt Instrument [Line Items]          
Outstanding borrowings     0    
Unused borrowing capacity     $ 2,600,000,000    
Commercial Paper Notes | Commercial Paper          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity $ 2,600,000,000        
Line of credit facility, expiration period 397 days        
Senior Notes          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 3,300,000,000     $ 1,500,000,000
Senior Notes | Debt Instrument, Redemption, Period One          
Debt Instrument [Line Items]          
Redemption price, percentage   100.00%      
Senior Notes | Debt Instrument, Redemption, Period Two          
Debt Instrument [Line Items]          
Redemption price, percentage   101.00%      
Senior Notes | 5.197% Senior Notes Due 2027          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 700,000,000      
Stated interest rate of debt instrument (as percent)   5.197% 5.197% 5.197%  
Senior Notes | 5.176% Senior Notes Due 2029          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 750,000,000      
Stated interest rate of debt instrument (as percent)   5.176% 5.176% 5.176%  
Senior Notes | 5.314% Senior Notes Due 2031          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 500,000,000      
Stated interest rate of debt instrument (as percent)   5.314% 5.314% 5.314%  
Senior Notes | 5.450% Senior Notes Due 2034          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 750,000,000      
Stated interest rate of debt instrument (as percent)   5.45% 5.45% 5.45%  
Senior Notes | 5.700% Senior Notes Due 2054          
Debt Instrument [Line Items]          
Aggregate principal amount   $ 600,000,000      
Stated interest rate of debt instrument (as percent)   5.70% 5.70% 5.70%  
Senior Notes | 5.40% Senior Notes due 2028          
Debt Instrument [Line Items]          
Aggregate principal amount         $ 500,000,000
Stated interest rate of debt instrument (as percent)     5.40% 5.40% 5.40%
Senior Notes | 5.70% Senior Notes due 2033          
Debt Instrument [Line Items]          
Aggregate principal amount         $ 1,000,000,000
Stated interest rate of debt instrument (as percent)     5.70% 5.70% 5.70%
v3.25.2
Stock-Based Compensation Plans - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Sep. 30, 2022
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation expense $ 138.1     $ 138.1  
Grant date and recognized in compensation expense over (in year)     4 years 3 months 18 days    
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Issuance of common stock for stock-based compensation plans (in shares)     200,000    
Award expiration period (in years)       10 years  
Stock Options | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting/performance period (in years)       4 years  
Stock Options | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting/performance period (in years)       5 years  
Performance Share Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting/performance period (in years)     5 years 3 years  
Volume-weighted average closing (in days)     60 days    
Closing price per share (in usd per share)     $ 81.85    
Continuing Operations          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based payment arrangement, expense $ 16.7 $ 14.5   $ 30.9 $ 28.6
v3.25.2
Stock-Based Compensation Plans - Schedule of Stock Option Awards (Details) - Stock Options
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Shares  
Balance at beginning of period (in shares) | shares 4,185
Granted (in shares) | shares 676
Exercised or settled (in shares) | shares (281)
Forfeited (in shares) | shares (48)
Expired (in shares) | shares (4)
Balance at end of period (in shares) | shares 4,528
Vested (in shares) | shares 2,900
Weighted-Average Exercise Price (per share)  
Balance at beginning of period (in usd per share) | $ / shares $ 43.33
Granted (in usd per share) | $ / shares 83.36
Exercised or settled (in usd per share) | $ / shares 32.45
Forfeited (in usd per share) | $ / shares 75.19
Expired (in usd per share) | $ / shares 78.68
Balance at end of period (in usd per share) | $ / shares 49.61
Vested (in usd per share) | $ / shares $ 34.10
v3.25.2
Stock-Based Compensation Plans - Schedule of Assumptions Used to Estimate Fair Value of Options Granted (Details) - Stock Options
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Risk-free interest rate, minimum (as percent) 4.10% 4.20%
Risk-free interest rate, maximum (as percent) 4.20% 4.30%
Assumed volatility, minimum (as a percent) 34.20% 35.10%
Assumed volatility, maximum (as a percent) 34.30% 35.20%
Expected dividend rate (as percent) 0.10% 0.10%
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Expected life of options (in years) 6 years 3 months 18 days 6 years 3 months 18 days
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Expected life of options (in years) 7 years 6 months 7 years 6 months
v3.25.2
Stock-Based Compensation Plans - Schedule of Restricted Stock Unit Awards (Details) - Restricted Stock Units
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Shares  
Balance at beginning of period (in shares) | shares 834
Granted (in shares) | shares 410
Vested (in shares) | shares (271)
Forfeited (in shares) | shares (41)
Balance at end of period (in shares) | shares 932
Weighted-Average Grant-Date Fair Value  
Balance at beginning of period (in usd per share) | $ / shares $ 73.00
Granted (in usd per share) | $ / shares 83.26
Vested (in usd per share) | $ / shares 62.57
Forfeited (in usd per share) | $ / shares 80.88
Balance at end of period (in usd per share) | $ / shares $ 80.19
v3.25.2
Stock-Based Compensation Plans - Schedule of Performance Share Unit Activity (Details) - Performance Share Units
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Shares  
Balance at beginning of period (in shares) | shares 1,339
Granted (in shares) | shares 147
Change in units based on performance (in shares) | shares 127
Vested (in shares) | shares (255)
Balance at end of period (in shares) | shares 1,358
Weighted-Average Grant-Date Fair Value  
Balance at beginning of period (in usd per share) | $ / shares $ 54.28
Granted (in usd per share) | $ / shares 70.71
Change in units based on performance (in usd per share) | $ / shares 63.39
Vested (in usd per share) | $ / shares 63.39
Balance at end of period (in usd per share) | $ / shares $ 55.20
v3.25.2
Stock-Based Compensation Plans - Schedule of Performance Share Unit Fair Value Assumptions (Details) - Performance Share Units
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 2 years 9 months 18 days 2 years 9 months 18 days
Risk-free interest rate (as percent) 4.00% 4.50%
Assumed volatility (as percent) 28.60% 28.90%
Expected dividend rate (as percent) 0.10% 0.10%
v3.25.2
Accumulated Other Comprehensive Loss - Schedule of Before Tax Income (Loss) and Related Income Tax Effect (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Before-Tax Amount        
Foreign currency translation adjustments, net $ 187.7 $ (26.5) $ 302.2 $ (93.9)
Unrecognized losses on cash flow hedges (2.9) (7.1) (5.9) (7.2)
Pension and other postretirement benefit prior service cost and gain or loss, net (4.1) (1.8) (7.6) (3.7)
Other comprehensive income (loss) 180.7 (35.4) 288.7 (104.8)
Tax Benefit (Expense)        
Foreign currency translation adjustments, net 28.0 (7.5) 37.2 (13.6)
Unrecognized losses on cash flow hedges 0.0 5.0 (0.1) 5.0
Pension and other postretirement benefit prior service cost and gain or loss, net 1.0 0.4 1.9 0.9
Other comprehensive income (loss) 29.0 (2.1) 39.0 (7.7)
Net of Tax Amount        
Foreign currency translation adjustments, net 215.7 (34.0) 339.4 (107.5)
Unrecognized losses on cash flow hedges (2.9) (2.1) (6.0) (2.2)
Pension and other postretirement benefit prior service cost and gain or loss, net (3.1) (1.4) (5.7) (2.8)
Other comprehensive income (loss) 209.7 (37.5) 327.7 (112.5)
Other comprehensive income, net of tax [Abstract]        
Other comprehensive income (loss), net of tax, attributable to noncontrolling interest $ (0.3) $ 0.1 $ 0.4 $ (0.7)
v3.25.2
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance at beginning of period $ 10,553.7 $ 9,919.7 $ 10,245.3 $ 9,846.7
Other comprehensive income (loss) 209.4 (37.4) 328.1 (113.2)
Balance at end of period 10,157.4 10,024.2 10,157.4 10,024.2
Accumulated Other Comprehensive Income (Loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance at beginning of period (350.5) (302.6) (468.5) (227.6)
Other comprehensive income (loss) before reclassifications     343.5 (98.8)
Amounts reclassified from accumulated other comprehensive loss     (15.8) (13.7)
Other comprehensive income (loss) 209.7 (37.5) 327.7 (112.5)
Balance at end of period (140.8) (340.1) (140.8) (340.1)
Foreign Currency Translation Adjustments, Net        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance at beginning of period     (479.6) (248.0)
Other comprehensive income (loss) before reclassifications     346.1 (101.1)
Amounts reclassified from accumulated other comprehensive loss     (6.7) (6.4)
Other comprehensive income (loss)     339.4 (107.5)
Balance at end of period (140.2) (355.5) (140.2) (355.5)
Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance at beginning of period     3.1 12.2
Other comprehensive income (loss) before reclassifications     (1.5) 4.4
Amounts reclassified from accumulated other comprehensive loss     (4.5) (6.6)
Other comprehensive income (loss)     (6.0) (2.2)
Balance at end of period (2.9) 10.0 (2.9) 10.0
Pension and Other Postretirement Benefit Plans        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance at beginning of period     8.0 8.2
Other comprehensive income (loss) before reclassifications     (1.1) (2.1)
Amounts reclassified from accumulated other comprehensive loss     (4.6) (0.7)
Other comprehensive income (loss)     (5.7) (2.8)
Balance at end of period $ 2.3 $ 5.4 $ 2.3 $ 5.4
v3.25.2
Accumulated Other Comprehensive Loss - Schedule of Reclassifications out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Interest expense $ 62.7 $ 50.8 $ 123.9 $ 87.6
Provision for income taxes 21.0 46.1 79.5 100.5
Net Income (Loss) Attributable to Ingersoll Rand Inc. $ (115.3) $ 185.0 71.2 387.2
Reclassification out of Accumulated Other Comprehensive Loss        
Income Statement [Abstract]        
Net Income (Loss) Attributable to Ingersoll Rand Inc.     (15.8) (13.7)
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Loss        
Income Statement [Abstract]        
Interest expense     (6.0) (8.8)
Provision for income taxes     1.5 2.2
Net Income (Loss) Attributable to Ingersoll Rand Inc.     (4.5) (6.6)
Net investment hedges | Reclassification out of Accumulated Other Comprehensive Loss        
Income Statement [Abstract]        
Interest expense     (8.9) (8.5)
Provision for income taxes     2.2 2.1
Net Income (Loss) Attributable to Ingersoll Rand Inc.     (6.7) (6.4)
Pension and Other Postretirement Benefit Plans | Reclassification out of Accumulated Other Comprehensive Loss        
Income Statement [Abstract]        
Provision for income taxes     1.6 0.2
Cost of sales and Selling and administrative expenses     (6.2) (0.9)
Net Income (Loss) Attributable to Ingersoll Rand Inc.     $ (4.6) $ (0.7)
v3.25.2
Hedging Activities and Derivative Instruments - Narrative (Details)
 3 Months Ended 6 Months Ended
May 10, 2024
USD ($)
Jun. 30, 2025
USD ($)
contract
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
contract
Jun. 30, 2024
USD ($)
Jun. 30, 2025
EUR (€)
contract
Feb. 28, 2025
USD ($)
Feb. 28, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Derivatives, Fair Value [Line Items]                  
Off-balance sheet derivative instruments   $ 0   $ 0         $ 0
Unrecognized loss on cash flow hedges   $ (2,900,000) $ (2,100,000) (6,000,000.0) $ (2,200,000)        
Payments to settle cross-currency swaps       $ 0 19,900,000        
Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Fixed interest rate of derivative (as percent)   3.20%   3.20%   3.20%      
Foreign currency forwards                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   7   7   7      
Foreign currency forwards | Maximum                  
Derivatives, Fair Value [Line Items]                  
Term of derivative contract (in years)       1 year          
Notional amount of derivative   $ 72,600,000   $ 72,600,000          
Foreign currency forwards | Minimum                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 8,800,000   $ 8,800,000          
Interest rate swap contracts                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   2   2   2      
Interest rate swap contracts | Fair value | 5.176% Senior Notes Due 2029                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   4   4   4      
Interest rate swap contracts | Fair value | 5.314% Senior Notes Due 2031                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   2   2   2      
Interest rate swap contracts | Fair value | 5.70% Senior Notes due 2033                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   2   2   2      
Interest rate swap contracts | Fair value | 5.450% Senior Notes Due 2034                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   1   1   1      
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 1,000,000,000   $ 1,000,000,000         750,000,000.0
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments | 5.176% Senior Notes Due 2029                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   400,000,000.0   400,000,000.0          
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments | 5.314% Senior Notes Due 2031                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   250,000,000.0   250,000,000.0          
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments | 5.70% Senior Notes due 2033                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   250,000,000.0   250,000,000.0          
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments | 5.450% Senior Notes Due 2034                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   100,000,000.0   100,000,000.0          
Interest rate swap contracts | Fair Value | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 528,500,000   $ 528,500,000          
Fixed interest rate of derivative (as percent)   3.20%   3.20%   3.20%      
Forward-starting Interest Rate Swap | Fair Value | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Unrecognized loss on cash flow hedges       $ 4,100,000          
Unrecognized gains (losses) on cash flow hedges   $ 300,000   $ 300,000          
Forward-starting Interest Rate Swap | Fair Value | Derivatives Designated as Hedging Instruments | 5.450% Senior Notes Due 2034                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative     750,000,000   750,000,000        
Forward-starting Interest Rate Swap | Fair Value | Derivatives Designated as Hedging Instruments | 5.700% Senior Notes Due 2054                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative     $ 500,000,000   $ 500,000,000        
Interest rate cap contracts | Fair Value | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Cap interest rate of derivative (as percent)   4.00%   4.00%   4.00%      
Cross Currency Interest Rate Contract, 5.2% Fixed Rate | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative             $ 129,200,000    
Fixed interest rate of derivative (as percent)             5.20% 5.20%  
Cross Currency Interest Rate Contract, Expiring February 2028 | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative | €               € 125,000,000  
Fixed interest rate of derivative (as percent)             3.10% 3.10%  
Cross Currency Interest Rate Contract, 5.3% Fixed Rate | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative             $ 129,200,000    
Fixed interest rate of derivative (as percent)             5.30% 5.30%  
Cross Currency Interest Rate Contract, Expiring February 2030 | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative | €               € 125,000,000  
Fixed interest rate of derivative (as percent)             3.40% 3.40%  
Cross-currency interest rate swap contracts                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   3   3   3      
Cross-currency interest rate swap contracts | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 1,332,700,000   $ 1,332,700,000         $ 1,074,300,000
Cross Currency Interest Rate Contract, 5.4% Fixed Rate | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 428,900,000   $ 428,900,000          
Fixed interest rate of derivative (as percent)   5.40%   5.40%   5.40%      
Cross Currency Interest Rate Contract, Expiring May 2027 | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative | €           € 400,000,000      
Fixed interest rate of derivative (as percent)   3.70%   3.70%   3.70%      
Cross Currency Interest Rate Contract, Expiring May 2029                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   3   3   3      
Cross Currency Interest Rate Contract, Expiring May 2029 | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative | €           € 300,000,000      
Fixed interest rate of derivative (as percent)   4.10%   4.10%   4.10%      
Cross Currency Interest Rate Contract, 5.7% Fixed Rate One | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 322,700,000   $ 322,700,000          
Fixed interest rate of derivative (as percent)   5.70%   5.70%   5.70%      
Cross Currency Interest Rate Contract, Expiring May 2031                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   3   3   3      
Cross Currency Interest Rate Contract, Expiring May 2031 | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative | €           € 300,000,000      
Fixed interest rate of derivative (as percent)   4.10%   4.10%   4.10%      
Cross Currency Interest Rate Contract, 5.7% Fixed Rate Two | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 322,700,000   $ 322,700,000          
Fixed interest rate of derivative (as percent)   5.70%   5.70%   5.70%      
Cross Currency Interest Rate Contract, 3.2% Fixed Rate                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   2   2   2      
Cross Currency Interest Rate Contract, 3.2% Fixed Rate | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 528,500,000   $ 528,500,000   € 500,000,000.0      
Fixed interest rate of derivative (as percent)   1.60%   1.60%   1.60%      
Payments to settle cross-currency swaps $ 10,000,000                
Cross Currency Interest Rate Contract, SOFR                  
Derivatives, Fair Value [Line Items]                  
Number of derivatives held | contract   3   3   3      
Cross Currency Interest Rate Contract, SOFR | Net investment | Derivatives Designated as Hedging Instruments                  
Derivatives, Fair Value [Line Items]                  
Notional amount of derivative   $ 525,700,000   $ 525,700,000   € 500,000,000.0      
Payments to settle cross-currency swaps $ 9,900,000                
v3.25.2
Hedging Activities and Derivative Instruments - Schedule of Balance Sheets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional amount of derivative $ 1,000.0 $ 750.0
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments | Fair Value Other Current Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 1.0 0.0
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments | Fair Value Other Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 22.1 1.4
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments | Fair Value Accrued Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities fair value 0.6 0.9
Interest rate swap contracts | Fair value | Derivatives Designated as Hedging Instruments | Fair Value Other Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities fair value 0.0 0.9
Cross-currency interest rate swap contracts | Net investment | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional amount of derivative 1,332.7 1,074.3
Cross-currency interest rate swap contracts | Net investment | Derivatives Designated as Hedging Instruments | Fair Value Other Current Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 10.3 11.5
Cross-currency interest rate swap contracts | Net investment | Derivatives Designated as Hedging Instruments | Fair Value Other Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 0.0 15.8
Cross-currency interest rate swap contracts | Net investment | Derivatives Designated as Hedging Instruments | Fair Value Accrued Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities fair value 0.0 0.0
Cross-currency interest rate swap contracts | Net investment | Derivatives Designated as Hedging Instruments | Fair Value Other Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities fair value 147.3 0.0
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional amount of derivative 100.2 124.3
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Other Current Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 1.2 1.8
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Other Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 0.0 0.0
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Accrued Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities fair value 0.0 0.0
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Other Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities fair value 0.0 0.0
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional amount of derivative 68.6 69.0
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Other Current Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 0.0 0.0
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Other Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 0.0 0.0
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Accrued Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities fair value 0.7 1.2
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Other Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities fair value $ 0.0 $ 0.0
v3.25.2
Hedging Activities and Derivative Instruments - Schedule of Long Term Hedge (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Hedged Liability, Statement of Financial Position [Extensible Enumeration] Long-term debt, less current maturities Long-term debt, less current maturities
Carrying amount of hedged debt $ 1,022.5 $ 749.7
Cumulative hedging adjustments, included in carrying amount $ 22.5 $ (0.3)
v3.25.2
Hedging Activities and Derivative Instruments - Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss) (Details) - Interest rate swap contracts - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivatives, Fair Value [Line Items]        
Gain (loss) recognized in OCI on derivatives $ 0.0 $ (3.0) $ 0.0 $ 1.6
Gain reclassified from AOCI into income (effective portion) $ 3.0 $ 4.1 $ 6.0 $ 8.8
v3.25.2
Hedging Activities and Derivative Instruments - Schedule of Net Investment Hedges included in Accumulated Other Comprehensive Income (Loss) (Details) - Cross-currency interest rate swap contracts - Net investment - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (loss) recognized in OCI on derivatives $ (119.8) $ 15.1 $ (155.4) $ 43.7
Gain reclassified from AOCI into income (effective portion) $ 3.9 $ 4.3 $ 8.9 $ 8.5
v3.25.2
Hedging Activities and Derivative Instruments - Schedule of Derivative Instruments not Designated as Accounting Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]        
Total foreign currency transaction gains (losses), net $ (6.0) $ 0.0 $ (12.8) $ 0.7
Foreign currency forward contracts gains (losses)        
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]        
Total foreign currency transaction gains (losses), net $ 3.6 $ (2.0) $ 6.8 $ (2.0)
v3.25.2
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - Recurring - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Financial Assets    
Trading securities held in deferred compensation plan $ 22.0 $ 21.0
Interest rate swaps 23.1 1.4
Cross-currency interest rate swaps 10.3 27.3
Foreign currency forwards 1.2 1.8
Total 56.6 51.5
Financial Liabilities    
Deferred compensation plans 28.2 28.7
Interest rate swaps 0.6 1.8
Cross-currency interest rate swaps 147.3  
Foreign currency forwards 0.7 1.2
Contingent consideration 39.8 22.2
Total 216.6 53.9
Level 1    
Financial Assets    
Trading securities held in deferred compensation plan 22.0 21.0
Interest rate swaps 0.0 0.0
Cross-currency interest rate swaps 0.0 0.0
Foreign currency forwards 0.0 0.0
Total 22.0 21.0
Financial Liabilities    
Deferred compensation plans 28.2 28.7
Interest rate swaps 0.0 0.0
Cross-currency interest rate swaps 0.0  
Foreign currency forwards 0.0 0.0
Contingent consideration 0.0 0.0
Total 28.2 28.7
Level 2    
Financial Assets    
Trading securities held in deferred compensation plan 0.0 0.0
Interest rate swaps 23.1 1.4
Cross-currency interest rate swaps 10.3 27.3
Foreign currency forwards 1.2 1.8
Total 34.6 30.5
Financial Liabilities    
Deferred compensation plans 0.0 0.0
Interest rate swaps 0.6 1.8
Cross-currency interest rate swaps 147.3  
Foreign currency forwards 0.7 1.2
Contingent consideration 0.0 0.0
Total 148.6 3.0
Level 3    
Financial Assets    
Trading securities held in deferred compensation plan 0.0 0.0
Interest rate swaps 0.0 0.0
Cross-currency interest rate swaps 0.0 0.0
Foreign currency forwards 0.0 0.0
Total 0.0 0.0
Financial Liabilities    
Deferred compensation plans 0.0 0.0
Interest rate swaps 0.0 0.0
Cross-currency interest rate swaps 0.0  
Foreign currency forwards 0.0 0.0
Contingent consideration 39.8 22.2
Total $ 39.8 $ 22.2
v3.25.2
Fair Value Measurements - Schedule of Contingent Consideration (Details) - Contingent Consideration - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance at beginning of the period $ 32.8 $ 48.4 $ 22.2 $ 42.2
Acquisitions 6.1 50.2 15.8 56.7
Changes in fair value 0.3 0.3 0.3 0.5
Payments 0.0 (0.2) 0.0 (0.2)
Foreign currency translation 0.6 0.0 1.5 (0.5)
Balance at end of the period $ 39.8 $ 98.7 $ 39.8 $ 98.7
v3.25.2
Fair Value Measurements - Narrative (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Fair Value Disclosures [Abstract]  
Contingent consideration, current $ 1.6
Contingent consideration, noncurrent $ 38.2
v3.25.2
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues $ 1,887.9 $ 1,805.3 $ 3,604.7 $ 3,475.4
Revenue recognized at point in time        
Disaggregation of Revenue [Line Items]        
Revenues 1,708.6 1,671.2 3,282.2 3,211.1
Revenue recognized over time        
Disaggregation of Revenue [Line Items]        
Revenues 179.3 134.1 322.5 264.3
Original equipment        
Disaggregation of Revenue [Line Items]        
Revenues 1,196.9 1,162.8 2,260.4 2,214.9
Aftermarket        
Disaggregation of Revenue [Line Items]        
Revenues 691.0 642.5 1,344.3 1,260.5
Americas        
Disaggregation of Revenue [Line Items]        
Revenues 955.0 911.9 1,850.8 1,766.9
United States        
Disaggregation of Revenue [Line Items]        
Revenues 798.4 784.5 1,552.4 1,518.7
Other Americas        
Disaggregation of Revenue [Line Items]        
Revenues 156.6 127.4 298.4 248.2
EMEIA        
Disaggregation of Revenue [Line Items]        
Revenues 611.0 581.1 1,178.4 1,140.2
Total Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 321.9 312.3 575.5 568.3
China        
Disaggregation of Revenue [Line Items]        
Revenues 208.5 214.6 375.4 397.4
Other Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 113.4 97.7 200.1 170.9
Industrial Technologies and Services        
Disaggregation of Revenue [Line Items]        
Revenues 1,491.6 1,466.5 2,843.7 2,839.9
Industrial Technologies and Services | Revenue recognized at point in time        
Disaggregation of Revenue [Line Items]        
Revenues 1,343.1 1,334.2 2,571.0 2,578.6
Industrial Technologies and Services | Revenue recognized over time        
Disaggregation of Revenue [Line Items]        
Revenues 148.5 132.3 272.7 261.3
Industrial Technologies and Services | Original equipment        
Disaggregation of Revenue [Line Items]        
Revenues 884.8 897.6 1,661.9 1,724.7
Industrial Technologies and Services | Aftermarket        
Disaggregation of Revenue [Line Items]        
Revenues 606.8 568.9 1,181.8 1,115.2
Industrial Technologies and Services | Americas        
Disaggregation of Revenue [Line Items]        
Revenues 741.1 735.8 1,445.3 1,445.6
Industrial Technologies and Services | United States        
Disaggregation of Revenue [Line Items]        
Revenues 617.7 626.2 1,202.8 1,223.3
Industrial Technologies and Services | Other Americas        
Disaggregation of Revenue [Line Items]        
Revenues 123.4 109.6 242.5 222.3
Industrial Technologies and Services | EMEIA        
Disaggregation of Revenue [Line Items]        
Revenues 468.3 461.2 899.3 906.6
Industrial Technologies and Services | Total Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 282.2 269.5 499.1 487.7
Industrial Technologies and Services | China        
Disaggregation of Revenue [Line Items]        
Revenues 179.2 183.6 318.6 338.2
Industrial Technologies and Services | Other Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 103.0 85.9 180.5 149.5
Precision and Science Technologies        
Disaggregation of Revenue [Line Items]        
Revenues 396.3 338.8 761.0 635.5
Precision and Science Technologies | Revenue recognized at point in time        
Disaggregation of Revenue [Line Items]        
Revenues 365.5 337.0 711.2 632.5
Precision and Science Technologies | Revenue recognized over time        
Disaggregation of Revenue [Line Items]        
Revenues 30.8 1.8 49.8 3.0
Precision and Science Technologies | Original equipment        
Disaggregation of Revenue [Line Items]        
Revenues 312.1 265.2 598.5 490.2
Precision and Science Technologies | Aftermarket        
Disaggregation of Revenue [Line Items]        
Revenues 84.2 73.6 162.5 145.3
Precision and Science Technologies | Americas        
Disaggregation of Revenue [Line Items]        
Revenues 213.9 176.1 405.5 321.3
Precision and Science Technologies | United States        
Disaggregation of Revenue [Line Items]        
Revenues 180.7 158.3 349.6 295.4
Precision and Science Technologies | Other Americas        
Disaggregation of Revenue [Line Items]        
Revenues 33.2 17.8 55.9 25.9
Precision and Science Technologies | EMEIA        
Disaggregation of Revenue [Line Items]        
Revenues 142.7 119.9 279.1 233.6
Precision and Science Technologies | Total Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 39.7 42.8 76.4 80.6
Precision and Science Technologies | China        
Disaggregation of Revenue [Line Items]        
Revenues 29.3 31.0 56.8 59.2
Precision and Science Technologies | Other Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues $ 10.4 $ 11.8 $ 19.6 $ 21.4
v3.25.2
Revenue from Contracts with Customers - Remaining Performance Obligation (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 806.9
Remaining performance obligation, expected timing of satisfaction 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 812.1
Remaining performance obligation, expected timing of satisfaction
v3.25.2
Revenue from Contracts with Customers - Schedule of Contract Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Accounts receivable, net $ 1,387.9 $ 1,335.4
Contract assets 117.3 111.2
Contract liabilities - current 324.1 318.6
Contract liabilities - noncurrent $ 1.1 $ 0.9
v3.25.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income before income taxes $ 28.1 $ 236.1 $ 281.2 $ 505.7
Provision for income taxes $ 21.0 $ 46.1 $ 79.5 $ 100.5
Effective income tax provision rate (as percent) 74.70% 19.50% 28.30% 19.90%
v3.25.2
Other Operating Expense, Net (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 05, 2024
subsidiary
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Other Income and Expenses [Line Items]          
Foreign currency transaction losses (gains), net   $ 6.0 $ 0.0 $ 12.8 $ (0.7)
Restructuring charges, net   3.2 3.9 8.5 13.6
Acquisition and other transaction related expenses   11.8 25.9 21.6 41.2
Loss on asbestos sale   0.0 58.8 0.0 58.8
Other, net   (1.1) (0.4) (1.3) 0.5
Total other operating expense, net   $ 19.9 88.2 $ 41.6 $ 113.4
Number of subsidiaries that hold asbestos liabilities and assets | subsidiary 3        
Discontinued Operations, Disposed of by Sale | Asbestos Portfolio Sale          
Other Income and Expenses [Line Items]          
Pre tax loss     $ 58.8    
InTelCo | Onyx TopCo LLC          
Other Income and Expenses [Line Items]          
Ownership interest 100.00%        
v3.25.2
Commitment and Contingencies (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Undiscounted accrued liabilities for environmental loss contingencies $ 12.1 $ 13.6
v3.25.2
Segment Reporting - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.2
Segment Reporting - Schedule of Segment Results (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting [Abstract]          
Revenue $ 1,887.9 $ 1,805.3 $ 3,604.7 $ 3,475.4  
Segment cost of sales 1,063.0 1,012.0 2,014.3 1,935.8  
Segment selling and administrative expenses 371.2 342.1 721.2 678.4  
Other segment items (19.9) (88.2) (41.6) (113.4)  
Segment Adjusted EBITDA 544.0 538.7 1,039.3 1,041.2  
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:          
Interest expense 62.7 50.8 123.9 87.6  
Impairment of goodwill and other intangible assets     265.8 0.0  
Restructuring and related business transformation costs 3.4 3.9 8.8 14.6  
Stock-based compensation     30.9 28.6  
Foreign currency transaction losses (gains), net 6.0 0.0 12.8 (0.7)  
Loss on extinguishment of debt 0.0 3.0 0.0 3.0  
Adjustments to LIFO inventories     10.3 7.2  
Loss on asbestos sale 0.0 58.8 0.0 58.8  
Income Before Income Taxes 28.1 236.1 281.2 505.7  
Provision for income taxes 21.0 46.1 79.5 100.5  
Loss on equity method investments (120.9) (3.5) (127.1) (14.2)  
Net Income (Loss) (113.8) 186.5 74.6 391.0  
Depreciation of rental equipment 1.3 1.1 2.4 2.0  
Restructuring Costs [Abstract]          
Restructuring charges 3.2 3.9 8.5 13.6  
Facility reorganization, relocation and other costs 0.2 0.0 0.3 1.0  
Total restructuring and related business transformation costs 3.4 3.9 8.8 14.6  
Total depreciation and amortization expense 120.5 116.9 240.5 234.1  
Total capital expenditures 35.3 21.8 69.0 84.1  
Total identifiable assets 18,059.1   18,059.1   $ 18,009.8
Industrial Technologies and Services          
Segment Reporting [Abstract]          
Revenue 1,491.6 1,466.5 2,843.7 2,839.9  
Precision and Science Technologies          
Segment Reporting [Abstract]          
Revenue 396.3 338.8 761.0 635.5  
Operating Segments          
Segment Reporting [Abstract]          
Revenue 1,887.9 1,805.3      
Segment cost of sales 1,027.3 982.2 1,945.8 1,873.0  
Segment selling and administrative expenses 318.8 284.5 620.4 561.5  
Other segment items (2.2) (0.1) (0.8) (0.3)  
Segment Adjusted EBITDA 544.0 538.7      
Operating Segments | Industrial Technologies and Services          
Segment Reporting [Abstract]          
Revenue 1,491.6 1,466.5 2,843.7 2,839.9  
Segment cost of sales 824.9 808.7 1,554.8 1,551.5  
Segment selling and administrative expenses 241.6 221.5 473.3 441.1  
Other segment items (2.1) 0.1 (0.7) 0.0  
Segment Adjusted EBITDA 427.2 436.2 816.3 847.3  
Restructuring Costs [Abstract]          
Total depreciation and amortization expense 68.5 75.4 136.1 156.3  
Total capital expenditures 17.1 15.1 43.5 35.3  
Total identifiable assets 10,904.1   10,904.1   10,369.6
Operating Segments | Precision and Science Technologies          
Segment Reporting [Abstract]          
Revenue 396.3 338.8 761.0 635.5  
Segment cost of sales 202.4 173.5 391.0 321.5  
Segment selling and administrative expenses 77.2 63.0 147.1 120.4  
Other segment items (0.1) (0.2) (0.1) (0.3)  
Segment Adjusted EBITDA 116.8 102.5 223.0 193.9  
Restructuring Costs [Abstract]          
Total depreciation and amortization expense 50.9 38.4 102.1 71.8  
Total capital expenditures 14.6 3.0 21.5 8.3  
Total identifiable assets 5,738.5   5,738.5   5,884.1
Corporate expenses not allocated to segments          
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:          
Corporate expenses not allocated to segments 34.6 44.1 70.2 88.1  
Restructuring Costs [Abstract]          
Total depreciation and amortization expense 1.1 3.1 2.3 6.0  
Total capital expenditures 3.5 3.7 3.9 40.5  
Total identifiable assets 1,416.5   1,416.5   $ 1,756.1
Segment Reconciling Items          
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:          
Interest expense 62.7 50.8 123.9 87.6  
Depreciation and amortization expense 119.2 115.8 238.1 232.1  
Impairment of goodwill and other intangible assets 265.8 0.0 265.8 0.0  
Restructuring and related business transformation costs 3.4 3.9 8.8 14.6  
Acquisition and other transaction related expenses and non-cash charges 11.8 27.7 21.6 43.0  
Stock-based compensation 16.7 14.5 30.9 28.6  
Foreign currency transaction losses (gains), net 6.0 0.0 12.8 (0.7)  
Loss on extinguishment of debt 0.0 3.0 0.0 3.0  
Adjustments to LIFO inventories 7.3 0.4 10.3 7.2  
Cybersecurity incident costs (1.1) (0.1) (1.3) 0.5  
Loss on asbestos sale 0.0 58.8 0.0 58.8  
Interest income on cash and cash equivalents (8.9) (16.3) (19.2) (27.7)  
Other adjustments (1.6) 0.0 (3.8) 0.4  
Income Before Income Taxes 28.1 236.1 281.2 505.7  
Restructuring Costs [Abstract]          
Total restructuring and related business transformation costs $ 3.4 $ 3.9 $ 8.8 $ 14.6  
v3.25.2
Earnings (Loss) Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Average shares outstanding        
Weighted-average shares outstanding - Basic (in shares) 400.5 403.5 401.8 403.5
Dilutive effect of outstanding share-based compensation awards (in shares) 0.0 3.9 3.1 4.2
Weighted-average shares outstanding - Diluted (in shares) 400.5 407.4 404.9 407.7
v3.25.2
Earnings (Loss) Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (in shares) 6.8 0.6 1.2 0.4
v3.25.2
Equity Method Investment (Details) - High Pressure Solutions - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 45.00%  
Impairment charge $ 120.9  
Equity method investment $ 0.0 $ 128.6
v3.25.2
Subsequent Event (Details)
€ in Millions
Jul. 01, 2025
EUR (€)
TMIC/Adicomp Inc. | Subsequent Event  
Subsequent Event [Line Items]  
Total purchase price € 160