INGERSOLL RAND INC., 10-Q filed on 5/2/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 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, $0.01 Par Value per share  
Trading Symbol IR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   403,462,733
Entity Central Index Key 0001699150  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenues $ 1,716.8 $ 1,670.1
Cost of sales 951.3 923.8
Gross Profit 765.5 746.3
Selling and administrative expenses 350.0 336.3
Amortization of intangible assets 91.3 91.6
Other operating expense, net 21.7 25.2
Operating Income 302.5 293.2
Interest expense 61.2 36.8
Other income, net (11.8) (13.2)
Income Before Income Taxes 253.1 269.6
Provision for income taxes 58.5 54.4
Loss on equity method investments (6.2) (10.7)
Net Income 188.4 204.5
Less: Net income attributable to noncontrolling interests 1.9 2.3
Net Income Attributable to Ingersoll Rand Inc. $ 186.5 $ 202.2
Basic earnings per share (in usd per share) $ 0.46 $ 0.50
Diluted earnings per share (in usd per share) $ 0.46 $ 0.50
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Comprehensive Income Attributable to Ingersoll Rand Inc.    
Net income attributable to Ingersoll Rand Inc. $ 186.5 $ 202.2
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustments, net 123.7 (73.5)
Unrecognized loss on cash flow hedges (3.1) (0.1)
Pension and other postretirement prior service cost and gain (loss), net (2.6) (1.4)
Total other comprehensive income (loss), net of tax 118.0 (75.0)
Comprehensive income attributable to Ingersoll Rand Inc. 304.5 127.2
Comprehensive Income Attributable to Noncontrolling Interests    
Net income attributable to noncontrolling interests 1.9 2.3
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustments, net 0.7 (0.8)
Total other comprehensive income (loss), net of tax 0.7 (0.8)
Comprehensive income attributable to noncontrolling interests 2.6 1.5
Total Comprehensive Income $ 307.1 $ 128.7
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,612.8 $ 1,541.2
Accounts receivable, net of allowance for credit losses of $63.0 and $57.3, respectively 1,348.3 1,335.4
Inventories 1,133.0 1,055.0
Other current assets 257.6 231.9
Total current assets 4,351.7 4,163.5
Property, plant and equipment, net of accumulated depreciation of $606.2 and $567.5, respectively 852.9 842.1
Goodwill 8,339.1 8,148.1
Other intangible assets, net 4,360.5 4,372.8
Deferred tax assets 26.3 26.1
Other assets 448.9 457.2
Total assets 18,379.4 18,009.8
Current liabilities:    
Short-term borrowings and current maturities of long-term debt 1.7 3.1
Accounts payable 780.4 843.6
Accrued liabilities 1,044.7 972.2
Total current liabilities 1,826.8 1,818.9
Long-term debt, less current maturities 4,770.4 4,754.4
Pensions and other postretirement benefits 142.5 139.3
Deferred income tax liabilities 756.6 757.6
Other liabilities 329.4 294.3
Total liabilities 7,825.7 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; 431,384,081 and 430,745,964 shares issued as of March 31, 2025 and December 31, 2024, respectively 4.3 4.3
Capital in excess of par value 9,651.7 9,633.6
Retained earnings 2,681.9 2,503.5
Accumulated other comprehensive loss (350.5) (468.5)
Treasury stock at cost; 27,951,713 and 27,865,885 shares as of March 31, 2025 and December 31, 2024, respectively (1,502.6) (1,493.9)
Total Ingersoll Rand Inc. stockholders’ equity 10,484.8 10,179.0
Noncontrolling interests 68.9 66.3
Total stockholders’ equity 10,553.7 10,245.3
Total liabilities and stockholders’ equity $ 18,379.4 $ 18,009.8
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 63.0 $ 57.3
Accumulated depreciation on property, plant and equipment $ 606.2 $ 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) 431,384,081 430,745,964
Treasury stock (in shares) 27,951,713 27,865,885
v3.25.1
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 204.5 202.2     202.2     2.3
Dividends declared (8.1) (8.1)     (8.1)      
Issuance of common stock for stock-based compensation plans (in shares)     1.1          
Issuance of common stock for stock-based compensation plans 10.1 10.1   10.1        
Purchases of treasury stock (72.9) (72.9)         (72.9)  
Issuance of treasury stock for stock-based compensation plans 1.1 1.1   (5.2)     6.3  
Stock-based compensation 14.1 14.1   14.1        
Other comprehensive income (loss), net of tax (75.8) (75.0)       (75.0)   (0.8)
Balance at end of period (in shares) at Mar. 31, 2024     429.7          
Balance at end 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
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 188.4 186.5     186.5     1.9
Dividends declared (8.1) (8.1)     (8.1)      
Issuance of common stock for stock-based compensation plans (in shares)     0.7          
Issuance of common stock for stock-based compensation plans 5.1 5.1   5.1        
Purchases of treasury stock (10.0) (10.0)         (10.0)  
Issuance of treasury stock for stock-based compensation plans 0.1 0.1   (1.2)     1.3  
Stock-based compensation 14.2 14.2   14.2        
Other comprehensive income (loss), net of tax 118.7 118.0       118.0   0.7
Balance at end of period (in shares) at Mar. 31, 2025     431.4          
Balance at end 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
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities:    
Net income $ 188.4 $ 204.5
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 91.3 91.6
Depreciation 28.7 25.6
Stock-based compensation expense 14.2 14.1
Loss on equity method investments 6.2 10.7
Foreign currency transaction losses (gains), net 6.8 (0.7)
Non-cash adjustments to carrying value of LIFO inventories 3.0 6.7
Other non-cash adjustments 2.4 1.4
Changes in assets and liabilities:    
Receivables 25.3 (11.5)
Inventories (54.1) (58.2)
Accounts payable (70.4) (101.5)
Accrued liabilities 39.7 (1.8)
Other assets and liabilities, net (25.1) (19.3)
Net cash provided by operating activities 256.4 161.6
Cash Flows Used In Investing Activities:    
Capital expenditures (33.7) (62.3)
Net cash paid in acquisitions (163.4) (143.3)
Net cash used in investing activities (197.1) (205.6)
Cash Flows Used In Financing Activities:    
Principal payments on long-term debt 0.0 (7.1)
Purchases of treasury stock (10.0) (72.9)
Cash dividends on common shares (8.1) (8.1)
Proceeds from stock option exercises 5.2 11.2
Payments of deferred and contingent acquisition consideration (1.4) (2.2)
Other financing 4.3 (0.5)
Net cash used in financing activities (10.0) (79.6)
Effect of exchange rate changes on cash and cash equivalents 22.3 (19.6)
Net increase (decrease) in cash and cash equivalents 71.6 (143.2)
Cash and cash equivalents, beginning of period 1,541.2 1,595.5
Cash and cash equivalents, end of period 1,612.8 1,452.3
Supplemental Cash Flow Information    
Cash paid for income taxes, net of refunds 40.5 43.5
Cash paid for interest, net of interest rate derivative settlements $ 33.3 $ 58.2
v3.25.1
Basis of Presentation and Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 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 month period ended March 31, 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.
v3.25.1
Acquisitions
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, 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 $96.3 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 $17.4 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 $49.8 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.
Other acquisitions completed during the three months ended March 31, 2025 include a sales and service business, which has been reported within the Industrial Technologies and Services segment. The aggregate consideration for this acquisition was $3.2 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$14.6 
Inventories11.4 
Other current assets0.3 
Property, plant and equipment4.1 
Goodwill113.3 
Other intangible assets42.0 
Other assets0.4 
Total current liabilities(9.1)
Deferred tax liabilities(0.4)
Other noncurrent liabilities(0.2)
Total consideration$176.4 
The aggregate revenue and operating income (loss) included in the condensed consolidated financial statements for these acquisitions subsequent to the dates of acquisition was $9.5 million and $(0.7) million for the three month period ended March 31, 2025, respectively. The operating loss 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 $1,316.6 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 $55.4 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 Friulair, Controlled Fluidics, Ethafilter, and Air Systems is complete. Initial accounting for other acquisitions completed in 2024 is preliminary and amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained.
ILC DoverFriulairAPSCOAll OthersTotal
Accounts receivable$41.2 $14.2 $6.4 $37.5 $99.3 
Inventories78.7 13.2 7.5 45.6 145.0 
Other current assets35.1 0.5 0.5 4.6 40.7 
Property, plant and equipment90.8 7.2 2.3 18.4 118.7 
Goodwill1,316.6 69.2 51.6 239.7 1,677.1 
Other intangible assets972.6 84.5 48.1 80.5 1,185.7 
Other assets15.8 — 3.5 6.0 25.3 
Total current liabilities(31.4)(11.6)(3.7)(54.8)(101.5)
Deferred tax liabilities(152.2)(24.6)— (8.7)(185.5)
Other noncurrent liabilities(17.5)(2.8)(3.0)(5.8)(29.1)
Total consideration$2,349.7 $149.8 $113.2 $363.0 $2,975.7 
The revenues included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $139.5 million and $11.3 million for the three month periods ended March 31, 2025 and 2024, respectively. The operating income included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $7.9 million and $0.5 million for the three month periods ended March 31, 2025 and 2024, 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.
v3.25.1
Restructuring
 3 Months Ended
Mar. 31, 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 month periods ended March 31, 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 March 31,
20252024
Industrial Technologies and Services$4.0 $5.1 
Precision and Science Technologies1.4 4.4 
Corporate(0.1)0.2 
Restructuring charges, net$5.3 $9.7 
The following table summarizes the activity associated with the Company’s restructuring programs for the three month periods ended March 31, 2025 and 2024.
For the Three Month Period Ended March 31,
20252024
Balance at beginning of period$22.3 $15.5 
Charged to expense - termination benefits4.7 9.3 
Charged to expense - other0.6 0.4 
Payments(11.1)(4.3)
Currency translation adjustment and other0.5 (0.3)
Balance at end of period$17.0 $20.6 
v3.25.1
Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Allowance for Credit Losses Allowance for Credit Losses
The allowance for credit losses for the three month periods ended March 31, 2025 and 2024 consisted of the following.
For the Three Month Period Ended March 31,
20252024
Balance at beginning of the period$57.3 $53.8 
Provision charged to expense4.8 2.5 
Write-offs, net of recoveries(0.6)(0.3)
Foreign currency translation and other1.5 (0.7)
Balance at end of the period$63.0 $55.3 
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories as of March 31, 2025 and December 31, 2024 consisted of the following.
March 31, 2025December 31, 2024
Raw materials, including parts and subassemblies$702.0 $675.1 
Work-in-process109.8 116.3 
Finished goods403.4 342.8 
1,215.2 1,134.2 
LIFO reserve(82.2)(79.2)
Inventories$1,133.0 $1,055.0 
v3.25.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 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 three month period ended March 31, 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 
Acquisitions113.3 — 113.3 
Foreign currency translation and other(1)
46.1 31.6 77.7 
Balance at end of period$5,090.1 $3,249.0 $8,339.1 
(1)Includes measurement period adjustments
As of both March 31, 2025 and December 31, 2024, goodwill included accumulated impairment losses of $220.6 million within the Industrial Technologies and Services segment.
Other Intangible Assets, Net
Other intangible assets as of March 31, 2025 and December 31, 2024 consisted of the following.
March 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortized intangible assets
Customer lists and relationships$4,083.4 $(1,923.2)$2,160.2 $4,010.1 $(1,830.1)$2,180.0 
Technology545.6 (260.9)284.7 549.1 (243.3)305.8 
Tradenames68.9 (34.4)34.5 63.6 (32.4)31.2 
Backlog1.4 (1.4)— 4.3 (4.2)0.1 
Other147.3 (115.0)32.3 128.5 (112.1)16.4 
Unamortized intangible assets
Tradenames1,848.8 — 1,848.8 1,839.3 — 1,839.3 
Total other intangible assets$6,695.4 $(2,334.9)$4,360.5 $6,594.9 $(2,222.1)$4,372.8 
Intangible Asset Impairment Considerations
As of March 31, 2025 and December 31, 2024, there were no indications that the carrying value of goodwill and other intangible assets may not be recoverable. The current macro-economic uncertainty increases the risk of negative changes in forecast estimates, or the need to apply alternative assumptions in future periods. Two reporting units in our Precision and Science Technologies segment have limited cushions due to the fair values assigned from the recent ILC Dover acquisition. This results in elevated impairment risk for the goodwill of these reporting units and their associated other intangible assets.
v3.25.1
Supply Chain Finance Program
 3 Months Ended
Mar. 31, 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 March 31, 2025 and December 31, 2024 were $27.0 million and $24.5 million of outstanding payment obligations, respectively, that were sold to the financial institution by participating suppliers.
v3.25.1
Accrued Liabilities
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities as of March 31, 2025 and December 31, 2024 consisted of the following.
March 31, 2025December 31, 2024
Salaries, wages and related fringe benefits$252.8 $229.5 
Contract liabilities328.9 318.6 
Product warranty62.7 67.9 
Operating lease liabilities62.3 56.3 
Restructuring17.0 22.3 
Taxes91.9 72.5 
Accrued interest60.8 33.2 
Other168.3 171.9 
Total accrued liabilities$1,044.7 $972.2 
A reconciliation of the changes in the accrued product warranty liability for the three month periods ended March 31, 2025 and 2024 are as follows.
For the Three Month Period Ended March 31,
20252024
Balance at beginning of period$67.9 $61.9 
Product warranty accruals1.3 13.6 
Settlements(7.3)(9.3)
Foreign currency translation and other0.8 (0.6)
Balance at end of period$62.7 $65.6 
v3.25.1
Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
Net Periodic Benefit Cost
The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three month periods ended March 31, 2025 and 2024.
Pension BenefitsOther Postretirement Benefits
U.S. PlansNon-U.S. Plans
For the Three Month Period Ended March 31,
202520242025202420252024
Service cost$— $— $0.7 $0.7 $— $— 
Interest cost3.5 3.5 2.8 2.7 0.1 0.2 
Expected return on plan assets(2.8)(3.3)(2.3)(2.8)— — 
Recognition of:
Unrecognized prior service cost— — — — (2.7)— 
Unrecognized net actuarial loss— — (0.2)(0.3)(0.2)(0.2)
$0.7 $0.2 $1.0 $0.3 $(2.8)$— 
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.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt as of March 31, 2025 and December 31, 2024 is summarized as follows.
March 31, 2025December 31, 2024
Short-term borrowings$0.3 $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)
498.7 498.6 
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)
993.6 993.4 
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 debt13.8 14.1 
Swap valuation adjustments13.5 (0.3)
Unamortized debt issuance costs(44.9)(47.0)
Total long-term debt, net, including current maturities4,771.8 4,755.8 
Current maturities of long-term debt1.4 1.4 
Total long-term debt, net$4,770.4 $4,754.4 
(1)This amount is net of unamortized discounts. Total unamortized discounts aggregated to $10.6 million and $11.0 million as of March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 2025.
Fair Value of Debt
The fair value of the Company’s debt instruments was $4.9 billion at March 31, 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.
v3.25.1
Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 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 (“2013 Plan”) and the 2017 Omnibus Incentive Plan (as amended by the First Amendment, dated April 27, 2021, “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 March 31, 2025 and 2024, the Company recognized stock-based compensation expense of $14.2 million and $14.1 million, respectively. These costs are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations.
As of March 31, 2025, there was $146.1 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 three month period ended March 31, 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 
Granted665 83.36 
Exercised or settled(141)37.00 
Forfeited(22)70.52 
Expired(2)84.26 
Stock options outstanding as of March 31, 20254,685 49.06 
Vested as of March 31, 20253,034 33.74 
The following assumptions were used to estimate the fair value of options granted during the three month periods ended March 31, 2025 and 2024 using the Black-Scholes option-pricing model.
For the Three Month Period Ended March 31,
Assumptions20252024
Expected life of options (in years)
6.3 - 7.5
6.3 - 7.5
Risk-free interest rate
4.1% - 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 three month period ended March 31, 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 
Granted284 83.36 
Vested(267)62.45 
Forfeited(21)79.69 
Non-vested as of March 31, 2025830 79.77 
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 will become 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 three month period ended March 31, 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 March 31, 20251,358 55.20 
The following assumptions were used to estimate the fair value of performance stock units granted during the three month periods ended March 31, 2025 and 2024 using the Monte Carlo simulation pricing model.
For the Three Month Period Ended March 31,
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 %
v3.25.1
Accumulated Other Comprehensive Loss
 3 Months Ended
Mar. 31, 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 March 31,
20252024
Before-Tax AmountTax Benefit (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$114.5 $9.2 $123.7 $(67.4)$(6.1)$(73.5)
Unrecognized losses on cash flow hedges(3.0)(0.1)(3.1)(0.1)— (0.1)
Pension and other postretirement benefit prior service cost and gain or loss, net(3.5)0.9 (2.6)(1.9)0.5 (1.4)
Other comprehensive income (loss)$108.0 $10.0 $118.0 $(69.4)$(5.6)$(75.0)
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 $0.7 million and $(0.8) million for the three month periods ended March 31, 2025 and 2024, respectively, and related entirely to foreign currency translation adjustments.
Changes in accumulated other comprehensive loss by component for the three month periods ended March 31, 2025 and 2024 are presented in the following table, net of tax.
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2024$(479.6)$3.1 $8.0 $(468.5)
Other comprehensive income (loss) before reclassifications127.4 (0.9)(0.3)126.2 
Amounts reclassified from accumulated other comprehensive loss(3.7)(2.2)(2.3)(8.2)
Other comprehensive income (loss)123.7 (3.1)(2.6)118.0 
Balance as of March 31, 2025$(355.9)$— $5.4 $(350.5)
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2023$(248.0)$12.2 $8.2 $(227.6)
Other comprehensive income (loss) before reclassifications(70.4)3.4 (1.0)(68.0)
Amounts reclassified from accumulated other comprehensive loss(3.1)(3.5)(0.4)(7.0)
Other comprehensive loss(73.5)(0.1)(1.4)(75.0)
Balance as of March 31, 2024$(321.5)$12.1 $6.8 $(302.6)
Reclassifications out of accumulated other comprehensive loss for the three month periods ended March 31, 2025 and 2024 are presented in the following table.
Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components
For the Three Month Period Ended March 31,Affected Line(s) in the Statement Where Net Income is Presented
20252024
Cash flow hedges (interest rate swaps and caps)$(3.0)$(4.7)Interest expense
Provision for income taxes0.8 1.2 Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax$(2.2)$(3.5)
Net investment hedges$(5.0)$(4.2)Interest expense
Provision for income taxes1.3 1.1 Provision for income taxes
Net investment hedges, net of tax$(3.7)$(3.1)
Amortization of defined benefit pension and other postretirement benefit items(1)
$(3.1)$(0.5)Cost of sales and Selling and administrative expenses
Provision for income taxes0.8 0.1 Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax$(2.3)$(0.4)
Total reclassifications for the period, net of tax$(8.2)$(7.0)
(1)These components are included in the computation of net periodic benefit cost. See Note 9 “Benefit Plans” for additional details.
v3.25.1
Hedging Activities and Derivative Instruments
 3 Months Ended
Mar. 31, 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 March 31, 2025 and December 31, 2024.
March 31, 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 $— $14.6 $1.1 $— 
Cross-currency interest rate swap contractsNet investment1,332.7 18.3 — — 31.6 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair value$143.2 $1.8 $— $— $— 
Foreign currency forwardsFair value54.5 — — 0.5 — 
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 March 31, 2025 or December 31, 2024.
Interest Rate Swap Contracts Designated as Fair Value Hedges
As of March 31, 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 March 31, 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 March 31, 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 March 31, 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.
March 31, 2025December 31, 2024
Long-term debt:
Carrying amount of hedged debt$1,013.5 $749.7 
Cumulative hedging adjustments, included in carrying amount13.5 (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 March 31, 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 are still expected to occur as specified in the Company’s hedge designations; therefore, the unrecognized gain at the time of termination will be reclassified into earnings over the remaining period of original term of the contracts, ending in June 2025. The unrecognized gain remaining in AOCI as of March 31, 2025 was $2.4 million, all of which is expected to be reclassified into earnings as a reduction to interest expense during the next 12 months.
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 are still expected to occur as specified in the Company’s hedge designations; therefore, the unrecognized gain at the time of termination will be reclassified into earnings over the remaining period of the original term of the contracts, ending in June 2025. The unrecognized gain remaining in AOCI as of March 31, 2025 was $0.6 million, all of which is expected to be reclassified into earnings as a reduction to interest expense during the next 12 months.
Gains on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2025 and 2024 are as presented in the table below.
For the Three Month Period Ended March 31,
20252024
Gain recognized in OCI on derivatives$— $4.6 
Gain reclassified from AOCI into income (effective portion)(1)
3.0 4.7 
(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 March 31, 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 March 31, 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 March 31, 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 $9.9 million. The recorded AOCI at the termination of the cross-currency interest rate swaps will remain in AOCI until there is a substantial liquidation of the Company’s net investment in subsidiaries with EUR functional currencies.
Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2025 and 2024 are as presented in the table below.
For the Three Month Period Ended March 31,
20252024
Gain (loss) recognized in OCI on derivatives$(35.6)$28.6 
Gain reclassified from AOCI into income (effective portion)(1)
5.0 4.2 
(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 eight foreign currency forward contracts outstanding as of March 31, 2025 with notional amounts ranging from $8.5 million to $68.9 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 on derivative instruments not designated as accounting hedges and total net foreign currency gains (losses) for the three month periods ended March 31, 2025 and 2024 were as follows.
For the Three Month Period Ended March 31,
20252024
Foreign currency forward contracts gains$3.2 $— 
Total foreign currency transaction gains (losses), net(6.8)0.7 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 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 March 31, 2025 and December 31, 2024.
March 31, 2025
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$18.9 $— $— $18.9 
Interest rate swaps(2)
— 14.6 — 14.6 
Cross-currency interest rate swaps(3)
— 18.3 — 18.3 
Foreign currency forwards(4)
— 1.8 — 1.8 
Total$18.9 $34.7 $— $53.6 
Financial Liabilities
Deferred compensation plans(1)
$24.5 $— $— $24.5 
Interest rate swaps(2)
— 1.1 — 1.1 
Cross-currency interest rate swaps(3)
— 31.6 — 31.6 
Foreign currency forwards(4)
— 0.5 — 0.5 
Contingent consideration(5)
— — 32.8 32.8 
Total$24.5 $33.2 $32.8 $90.5 
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 month periods ended March 31, 2025 and 2024.
For the Three Month Period Ended March 31,
20252024
Balance at beginning of the period$22.2 $42.2 
Acquisitions9.7 6.5 
Changes in fair value— 0.2 
Foreign currency translation0.9 (0.5)
Balance at end of the period$32.8 $48.4 
As of March 31, 2025, all contingent consideration is included in “Other liabilities” on the Condensed Consolidated Balance Sheet.
v3.25.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 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 month periods ended March 31, 2025 and 2024.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended March 31,
202520242025202420252024
Primary Geographic Markets
United States$585.1 $597.1 $168.9 $137.1 $754.0 $734.2 
Other Americas119.1 112.7 22.7 8.1 141.8 120.8 
Total Americas704.2 709.8 191.6 145.2 895.8 855.0 
EMEIA431.0 445.4 136.4 113.7 567.4 559.1 
China139.4 154.6 27.5 28.2 166.9 182.8 
Other Asia Pacific77.5 63.6 9.2 9.6 86.7 73.2 
Total Asia Pacific216.9 218.2 36.7 37.8 253.6 256.0 
Total$1,352.1 $1,373.4 $364.7 $296.7 $1,716.8 $1,670.1 
Product Categories
Original equipment(1)
$777.1 $827.1 $286.4 $225.0 $1,063.5 $1,052.1 
Aftermarket(2)
575.0 546.3 78.3 71.7 653.3 618.0 
Total$1,352.1 $1,373.4 $364.7 $296.7 $1,716.8 $1,670.1 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$1,227.9 $1,244.4 $345.7 $295.5 $1,573.6 $1,539.9 
Revenue recognized over time(4)
124.2 129.0 19.0 1.2 143.2 130.2 
Total$1,352.1 $1,373.4 $364.7 $296.7 $1,716.8 $1,670.1 
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 March 31, 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 $766.2 million in the next twelve months and $794.9 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 March 31, 2025 and December 31, 2024 presented in the Condensed Consolidated Balance Sheets.
March 31, 2025December 31, 2024
Accounts receivable, net$1,348.3 $1,335.4 
Contract assets116.3 111.2 
Contract liabilities - current328.9 318.6 
Contract liabilities - noncurrent1.0 0.9 
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 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 month periods ended March 31, 2025 and 2024.
For the Three Month Period Ended March 31,
20252024
Income before income taxes$253.1 $269.6 
Provision for income taxes$58.5 $54.4 
Effective income tax provision rate23.1 %20.2 %
The increase in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended March 31, 2025 when compared to the same three month period of 2024 is primarily due to a lower benefit from a windfall tax deduction in the 2025 period compared to the 2024 period.
v3.25.1
Other Operating Expense , Net
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Other Operating Expense, Net Other Operating Expense, Net
The components of “Other operating expense, net” for the three month periods ended March 31, 2025 and 2024 were as follows.
For the Three Month Period Ended March 31,
20252024
Foreign currency transaction losses (gains), net$6.8 $(0.7)
Restructuring charges, net(1)
5.3 9.7 
Acquisition and other transaction related expenses(2)
9.8 15.3 
Other, net(0.2)0.9 
Total other operating expense, net$21.7 $25.2 
(1)See Note 3 “Restructuring.”
(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.
v3.25.1
Contingencies
 3 Months Ended
Mar. 31, 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 $12.6 million and $13.6 million as of March 31, 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.
v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 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.
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 month periods ended March 31, 2025 and 2024.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended March 31,
202520242025202420252024
Revenue$1,352.1 $1,373.4 $364.7 $296.7 $1,716.8 $1,670.1 
Segment cost of sales(1)
729.9 742.8 188.6 148.0 918.5 890.8 
Segment selling and administrative expenses(2)
231.7 219.6 69.9 57.4 301.6 277.0 
Other segment items(3)
1.4 (0.1)— (0.1)1.4 (0.2)
Segment Adjusted EBITDA$389.1 $411.1 $106.2 $91.4 $495.3 $502.5 
(1)Segment cost of sales excludes adjustments to LIFO inventories, depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges.
(2)Segment selling and administrative expenses excludes depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges.
(3)Other miscellaneous segment expenses.
For the Three Month Period Ended March 31,
20252024
Total Segment Adjusted EBITDA$495.3 $502.5 
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments35.6 44.0 
Interest expense61.2 36.8 
Depreciation and amortization expense (a)
118.9 116.3 
Restructuring and related business transformation costs (b)
5.4 10.7 
Acquisition and other transaction related expenses and non-cash charges (c)
9.8 15.3 
Stock-based compensation14.2 14.1 
Foreign currency transaction losses (gains), net6.8 (0.7)
Adjustments to LIFO inventories3.0 6.8 
Cybersecurity incident costs (d)
(0.2)0.6 
Interest income on cash and cash equivalents(10.3)(11.4)
Other adjustments (e)
(2.2)0.4 
Income Before Income Taxes253.1 269.6 
Provision for income taxes58.5 54.4 
Loss on equity method investments(6.2)(10.7)
Net Income$188.4 $204.5 
a)Depreciation and amortization expense excludes $1.1 million and $0.9 million of depreciation of rental equipment for the three month periods ended March 31, 2025 and 2024, respectively.
b)Restructuring and related business transformation costs consist of the following.
For the Three Month Period Ended March 31,
20252024
Restructuring charges$5.3 $9.7 
Facility reorganization, relocation and other costs0.1 1.0 
Total restructuring and related business transformation costs$5.4 $10.7 
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 March 31,
20252024
Industrial Technologies and Services$67.6 $80.9 
Precision and Science Technologies51.2 33.4 
Corporate and other1.2 2.9 
Total depreciation and amortization expense$120.0 $117.2 
Capital Expenditures
For the Three Month Period Ended March 31,
20252024
Industrial Technologies and Services$26.4 $20.2 
Precision and Science Technologies6.9 5.3 
Corporate and other0.4 36.8 
Total capital expenditures$33.7 $62.3 
Identifiable Assets
March 31, 2025December 31, 2024
Industrial Technologies and Services$10,637.1 $10,369.6 
Precision and Science Technologies5,905.1 5,884.1 
Corporate and other1,837.2 1,756.1 
Total identifiable assets$18,379.4 $18,009.8 
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings 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 per share are as follows.
For the Three Month Period Ended March 31,
20252024
Weighted-average shares outstanding - Basic403.1 403.5 
Dilutive effect of outstanding share-based compensation awards3.3 4.4 
Weighted-average shares outstanding - Diluted406.4 407.9 
For the three month periods ended March 31, 2025 and 2024, 1.1 million and 0.4 million, respectively, of anti-dilutive shares were not included in the computation of diluted earnings per share.
v3.25.1
Subsequent Event
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On May 1, 2025, the Company announced that its Board of Directors authorized a $1.0 billion increase to the Company’s share repurchase program. This increase is incremental to the $993.0 million remaining under the existing authorization. These authorizations do not have any expiration date. Under the repurchase program, Ingersoll Rand may from time to time repurchase shares of the Company’s common stock in the open market at prevailing market prices (including through Rule 10b5-1 plans), in privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of any shares repurchased will depend on several factors, including the market price of the Company’s stock, general market and economic conditions, the Company’s liquidity requirements, applicable legal requirements, and other business considerations.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income attributable to Ingersoll Rand Inc. $ 186.5 $ 202.2
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Basis of Presentation and Recent Accounting Pronouncements (Policies)
 3 Months Ended
Mar. 31, 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 month period ended March 31, 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.
v3.25.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, 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$14.6 
Inventories11.4 
Other current assets0.3 
Property, plant and equipment4.1 
Goodwill113.3 
Other intangible assets42.0 
Other assets0.4 
Total current liabilities(9.1)
Deferred tax liabilities(0.4)
Other noncurrent liabilities(0.2)
Total consideration$176.4 
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 Friulair, Controlled Fluidics, Ethafilter, and Air Systems is complete. Initial accounting for other acquisitions completed in 2024 is preliminary and amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained.
ILC DoverFriulairAPSCOAll OthersTotal
Accounts receivable$41.2 $14.2 $6.4 $37.5 $99.3 
Inventories78.7 13.2 7.5 45.6 145.0 
Other current assets35.1 0.5 0.5 4.6 40.7 
Property, plant and equipment90.8 7.2 2.3 18.4 118.7 
Goodwill1,316.6 69.2 51.6 239.7 1,677.1 
Other intangible assets972.6 84.5 48.1 80.5 1,185.7 
Other assets15.8 — 3.5 6.0 25.3 
Total current liabilities(31.4)(11.6)(3.7)(54.8)(101.5)
Deferred tax liabilities(152.2)(24.6)— (8.7)(185.5)
Other noncurrent liabilities(17.5)(2.8)(3.0)(5.8)(29.1)
Total consideration$2,349.7 $149.8 $113.2 $363.0 $2,975.7 
v3.25.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Activity in Restructuring Programs
For the three month periods ended March 31, 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 March 31,
20252024
Industrial Technologies and Services$4.0 $5.1 
Precision and Science Technologies1.4 4.4 
Corporate(0.1)0.2 
Restructuring charges, net$5.3 $9.7 
The following table summarizes the activity associated with the Company’s restructuring programs for the three month periods ended March 31, 2025 and 2024.
For the Three Month Period Ended March 31,
20252024
Balance at beginning of period$22.3 $15.5 
Charged to expense - termination benefits4.7 9.3 
Charged to expense - other0.6 0.4 
Payments(11.1)(4.3)
Currency translation adjustment and other0.5 (0.3)
Balance at end of period$17.0 $20.6 
v3.25.1
Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
The allowance for credit losses for the three month periods ended March 31, 2025 and 2024 consisted of the following.
For the Three Month Period Ended March 31,
20252024
Balance at beginning of the period$57.3 $53.8 
Provision charged to expense4.8 2.5 
Write-offs, net of recoveries(0.6)(0.3)
Foreign currency translation and other1.5 (0.7)
Balance at end of the period$63.0 $55.3 
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories as of March 31, 2025 and December 31, 2024 consisted of the following.
March 31, 2025December 31, 2024
Raw materials, including parts and subassemblies$702.0 $675.1 
Work-in-process109.8 116.3 
Finished goods403.4 342.8 
1,215.2 1,134.2 
LIFO reserve(82.2)(79.2)
Inventories$1,133.0 $1,055.0 
v3.25.1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 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 three month period ended March 31, 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 
Acquisitions113.3 — 113.3 
Foreign currency translation and other(1)
46.1 31.6 77.7 
Balance at end of period$5,090.1 $3,249.0 $8,339.1 
(1)Includes measurement period adjustments
Schedule of Other Intangible Assets
Other intangible assets as of March 31, 2025 and December 31, 2024 consisted of the following.
March 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortized intangible assets
Customer lists and relationships$4,083.4 $(1,923.2)$2,160.2 $4,010.1 $(1,830.1)$2,180.0 
Technology545.6 (260.9)284.7 549.1 (243.3)305.8 
Tradenames68.9 (34.4)34.5 63.6 (32.4)31.2 
Backlog1.4 (1.4)— 4.3 (4.2)0.1 
Other147.3 (115.0)32.3 128.5 (112.1)16.4 
Unamortized intangible assets
Tradenames1,848.8 — 1,848.8 1,839.3 — 1,839.3 
Total other intangible assets$6,695.4 $(2,334.9)$4,360.5 $6,594.9 $(2,222.1)$4,372.8 
v3.25.1
Accrued Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities as of March 31, 2025 and December 31, 2024 consisted of the following.
March 31, 2025December 31, 2024
Salaries, wages and related fringe benefits$252.8 $229.5 
Contract liabilities328.9 318.6 
Product warranty62.7 67.9 
Operating lease liabilities62.3 56.3 
Restructuring17.0 22.3 
Taxes91.9 72.5 
Accrued interest60.8 33.2 
Other168.3 171.9 
Total accrued liabilities$1,044.7 $972.2 
Schedule of Product Warranty Liability
A reconciliation of the changes in the accrued product warranty liability for the three month periods ended March 31, 2025 and 2024 are as follows.
For the Three Month Period Ended March 31,
20252024
Balance at beginning of period$67.9 $61.9 
Product warranty accruals1.3 13.6 
Settlements(7.3)(9.3)
Foreign currency translation and other0.8 (0.6)
Balance at end of period$62.7 $65.6 
v3.25.1
Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three month periods ended March 31, 2025 and 2024.
Pension BenefitsOther Postretirement Benefits
U.S. PlansNon-U.S. Plans
For the Three Month Period Ended March 31,
202520242025202420252024
Service cost$— $— $0.7 $0.7 $— $— 
Interest cost3.5 3.5 2.8 2.7 0.1 0.2 
Expected return on plan assets(2.8)(3.3)(2.3)(2.8)— — 
Recognition of:
Unrecognized prior service cost— — — — (2.7)— 
Unrecognized net actuarial loss— — (0.2)(0.3)(0.2)(0.2)
$0.7 $0.2 $1.0 $0.3 $(2.8)$— 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt as of March 31, 2025 and December 31, 2024 is summarized as follows.
March 31, 2025December 31, 2024
Short-term borrowings$0.3 $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)
498.7 498.6 
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)
993.6 993.4 
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 debt13.8 14.1 
Swap valuation adjustments13.5 (0.3)
Unamortized debt issuance costs(44.9)(47.0)
Total long-term debt, net, including current maturities4,771.8 4,755.8 
Current maturities of long-term debt1.4 1.4 
Total long-term debt, net$4,770.4 $4,754.4 
(1)This amount is net of unamortized discounts. Total unamortized discounts aggregated to $10.6 million and $11.0 million as of March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Stock-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of the Company’s stock option activity for the three month period ended March 31, 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 
Granted665 83.36 
Exercised or settled(141)37.00 
Forfeited(22)70.52 
Expired(2)84.26 
Stock options outstanding as of March 31, 20254,685 49.06 
Vested as of March 31, 20253,034 33.74 
Schedule of Stock Option Fair Value Assumptions
The following assumptions were used to estimate the fair value of options granted during the three month periods ended March 31, 2025 and 2024 using the Black-Scholes option-pricing model.
For the Three Month Period Ended March 31,
Assumptions20252024
Expected life of options (in years)
6.3 - 7.5
6.3 - 7.5
Risk-free interest rate
4.1% - 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 three month periods ended March 31, 2025 and 2024 using the Monte Carlo simulation pricing model.
For the Three Month Period Ended March 31,
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 three month period ended March 31, 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 
Granted284 83.36 
Vested(267)62.45 
Forfeited(21)79.69 
Non-vested as of March 31, 2025830 79.77 
Schedule of Performance Stock Unit Activity
A summary of the Company’s performance stock unit activity for the three month period ended March 31, 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 March 31, 20251,358 55.20 
v3.25.1
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 31, 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 March 31,
20252024
Before-Tax AmountTax Benefit (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$114.5 $9.2 $123.7 $(67.4)$(6.1)$(73.5)
Unrecognized losses on cash flow hedges(3.0)(0.1)(3.1)(0.1)— (0.1)
Pension and other postretirement benefit prior service cost and gain or loss, net(3.5)0.9 (2.6)(1.9)0.5 (1.4)
Other comprehensive income (loss)$108.0 $10.0 $118.0 $(69.4)$(5.6)$(75.0)
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive loss by component for the three month periods ended March 31, 2025 and 2024 are presented in the following table, net of tax.
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2024$(479.6)$3.1 $8.0 $(468.5)
Other comprehensive income (loss) before reclassifications127.4 (0.9)(0.3)126.2 
Amounts reclassified from accumulated other comprehensive loss(3.7)(2.2)(2.3)(8.2)
Other comprehensive income (loss)123.7 (3.1)(2.6)118.0 
Balance as of March 31, 2025$(355.9)$— $5.4 $(350.5)
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2023$(248.0)$12.2 $8.2 $(227.6)
Other comprehensive income (loss) before reclassifications(70.4)3.4 (1.0)(68.0)
Amounts reclassified from accumulated other comprehensive loss(3.1)(3.5)(0.4)(7.0)
Other comprehensive loss(73.5)(0.1)(1.4)(75.0)
Balance as of March 31, 2024$(321.5)$12.1 $6.8 $(302.6)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss
Reclassifications out of accumulated other comprehensive loss for the three month periods ended March 31, 2025 and 2024 are presented in the following table.
Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components
For the Three Month Period Ended March 31,Affected Line(s) in the Statement Where Net Income is Presented
20252024
Cash flow hedges (interest rate swaps and caps)$(3.0)$(4.7)Interest expense
Provision for income taxes0.8 1.2 Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax$(2.2)$(3.5)
Net investment hedges$(5.0)$(4.2)Interest expense
Provision for income taxes1.3 1.1 Provision for income taxes
Net investment hedges, net of tax$(3.7)$(3.1)
Amortization of defined benefit pension and other postretirement benefit items(1)
$(3.1)$(0.5)Cost of sales and Selling and administrative expenses
Provision for income taxes0.8 0.1 Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax$(2.3)$(0.4)
Total reclassifications for the period, net of tax$(8.2)$(7.0)
(1)These components are included in the computation of net periodic benefit cost. See Note 9 “Benefit Plans” for additional details.
v3.25.1
Hedging Activities and Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2025 and December 31, 2024.
March 31, 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 $— $14.6 $1.1 $— 
Cross-currency interest rate swap contractsNet investment1,332.7 18.3 — — 31.6 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair value$143.2 $1.8 $— $— $— 
Foreign currency forwardsFair value54.5 — — 0.5 — 
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
March 31, 2025December 31, 2024
Long-term debt:
Carrying amount of hedged debt$1,013.5 $749.7 
Cumulative hedging adjustments, included in carrying amount13.5 (0.3)
Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss)
Gains on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2025 and 2024 are as presented in the table below.
For the Three Month Period Ended March 31,
20252024
Gain recognized in OCI on derivatives$— $4.6 
Gain reclassified from AOCI into income (effective portion)(1)
3.0 4.7 
(1)Gains on derivatives reclassified from AOCI into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2025 and 2024 are as presented in the table below.
For the Three Month Period Ended March 31,
20252024
Gain (loss) recognized in OCI on derivatives$(35.6)$28.6 
Gain reclassified from AOCI into income (effective portion)(1)
5.0 4.2 
(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 Losses
The Company’s gains on derivative instruments not designated as accounting hedges and total net foreign currency gains (losses) for the three month periods ended March 31, 2025 and 2024 were as follows.
For the Three Month Period Ended March 31,
20252024
Foreign currency forward contracts gains$3.2 $— 
Total foreign currency transaction gains (losses), net(6.8)0.7 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2025 and December 31, 2024.
March 31, 2025
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$18.9 $— $— $18.9 
Interest rate swaps(2)
— 14.6 — 14.6 
Cross-currency interest rate swaps(3)
— 18.3 — 18.3 
Foreign currency forwards(4)
— 1.8 — 1.8 
Total$18.9 $34.7 $— $53.6 
Financial Liabilities
Deferred compensation plans(1)
$24.5 $— $— $24.5 
Interest rate swaps(2)
— 1.1 — 1.1 
Cross-currency interest rate swaps(3)
— 31.6 — 31.6 
Foreign currency forwards(4)
— 0.5 — 0.5 
Contingent consideration(5)
— — 32.8 32.8 
Total$24.5 $33.2 $32.8 $90.5 
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 month periods ended March 31, 2025 and 2024.
For the Three Month Period Ended March 31,
20252024
Balance at beginning of the period$22.2 $42.2 
Acquisitions9.7 6.5 
Changes in fair value— 0.2 
Foreign currency translation0.9 (0.5)
Balance at end of the period$32.8 $48.4 
v3.25.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 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 month periods ended March 31, 2025 and 2024.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended March 31,
202520242025202420252024
Primary Geographic Markets
United States$585.1 $597.1 $168.9 $137.1 $754.0 $734.2 
Other Americas119.1 112.7 22.7 8.1 141.8 120.8 
Total Americas704.2 709.8 191.6 145.2 895.8 855.0 
EMEIA431.0 445.4 136.4 113.7 567.4 559.1 
China139.4 154.6 27.5 28.2 166.9 182.8 
Other Asia Pacific77.5 63.6 9.2 9.6 86.7 73.2 
Total Asia Pacific216.9 218.2 36.7 37.8 253.6 256.0 
Total$1,352.1 $1,373.4 $364.7 $296.7 $1,716.8 $1,670.1 
Product Categories
Original equipment(1)
$777.1 $827.1 $286.4 $225.0 $1,063.5 $1,052.1 
Aftermarket(2)
575.0 546.3 78.3 71.7 653.3 618.0 
Total$1,352.1 $1,373.4 $364.7 $296.7 $1,716.8 $1,670.1 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$1,227.9 $1,244.4 $345.7 $295.5 $1,573.6 $1,539.9 
Revenue recognized over time(4)
124.2 129.0 19.0 1.2 143.2 130.2 
Total$1,352.1 $1,373.4 $364.7 $296.7 $1,716.8 $1,670.1 
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 March 31, 2025 and December 31, 2024 presented in the Condensed Consolidated Balance Sheets.
March 31, 2025December 31, 2024
Accounts receivable, net$1,348.3 $1,335.4 
Contract assets116.3 111.2 
Contract liabilities - current328.9 318.6 
Contract liabilities - noncurrent1.0 0.9 
v3.25.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 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 month periods ended March 31, 2025 and 2024.
For the Three Month Period Ended March 31,
20252024
Income before income taxes$253.1 $269.6 
Provision for income taxes$58.5 $54.4 
Effective income tax provision rate23.1 %20.2 %
v3.25.1
Other Operating Expense, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Operating Expense, Net
The components of “Other operating expense, net” for the three month periods ended March 31, 2025 and 2024 were as follows.
For the Three Month Period Ended March 31,
20252024
Foreign currency transaction losses (gains), net$6.8 $(0.7)
Restructuring charges, net(1)
5.3 9.7 
Acquisition and other transaction related expenses(2)
9.8 15.3 
Other, net(0.2)0.9 
Total other operating expense, net$21.7 $25.2 
(1)See Note 3 “Restructuring.”
(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.
v3.25.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 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 month periods ended March 31, 2025 and 2024.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended March 31,
202520242025202420252024
Revenue$1,352.1 $1,373.4 $364.7 $296.7 $1,716.8 $1,670.1 
Segment cost of sales(1)
729.9 742.8 188.6 148.0 918.5 890.8 
Segment selling and administrative expenses(2)
231.7 219.6 69.9 57.4 301.6 277.0 
Other segment items(3)
1.4 (0.1)— (0.1)1.4 (0.2)
Segment Adjusted EBITDA$389.1 $411.1 $106.2 $91.4 $495.3 $502.5 
(1)Segment cost of sales excludes adjustments to LIFO inventories, depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges.
(2)Segment selling and administrative expenses excludes depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges.
(3)Other miscellaneous segment expenses.
For the Three Month Period Ended March 31,
20252024
Total Segment Adjusted EBITDA$495.3 $502.5 
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments35.6 44.0 
Interest expense61.2 36.8 
Depreciation and amortization expense (a)
118.9 116.3 
Restructuring and related business transformation costs (b)
5.4 10.7 
Acquisition and other transaction related expenses and non-cash charges (c)
9.8 15.3 
Stock-based compensation14.2 14.1 
Foreign currency transaction losses (gains), net6.8 (0.7)
Adjustments to LIFO inventories3.0 6.8 
Cybersecurity incident costs (d)
(0.2)0.6 
Interest income on cash and cash equivalents(10.3)(11.4)
Other adjustments (e)
(2.2)0.4 
Income Before Income Taxes253.1 269.6 
Provision for income taxes58.5 54.4 
Loss on equity method investments(6.2)(10.7)
Net Income$188.4 $204.5 
a)Depreciation and amortization expense excludes $1.1 million and $0.9 million of depreciation of rental equipment for the three month periods ended March 31, 2025 and 2024, respectively.
b)Restructuring and related business transformation costs consist of the following.
For the Three Month Period Ended March 31,
20252024
Restructuring charges$5.3 $9.7 
Facility reorganization, relocation and other costs0.1 1.0 
Total restructuring and related business transformation costs$5.4 $10.7 
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 March 31,
20252024
Industrial Technologies and Services$67.6 $80.9 
Precision and Science Technologies51.2 33.4 
Corporate and other1.2 2.9 
Total depreciation and amortization expense$120.0 $117.2 
Capital Expenditures
For the Three Month Period Ended March 31,
20252024
Industrial Technologies and Services$26.4 $20.2 
Precision and Science Technologies6.9 5.3 
Corporate and other0.4 36.8 
Total capital expenditures$33.7 $62.3 
Identifiable Assets
March 31, 2025December 31, 2024
Industrial Technologies and Services$10,637.1 $10,369.6 
Precision and Science Technologies5,905.1 5,884.1 
Corporate and other1,837.2 1,756.1 
Total identifiable assets$18,379.4 $18,009.8 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share The number of weighted-average shares outstanding used in the computations of basic and diluted earnings per share are as follows.
For the Three Month Period Ended March 31,
20252024
Weighted-average shares outstanding - Basic403.1 403.5 
Dilutive effect of outstanding share-based compensation awards3.3 4.4 
Weighted-average shares outstanding - Diluted406.4 407.9 
v3.25.1
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Feb. 03, 2025
Oct. 31, 2024
Oct. 01, 2024
Jun. 03, 2024
Jun. 01, 2024
May 31, 2024
May 01, 2024
Apr. 02, 2024
Apr. 01, 2024
Feb. 01, 2024
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Business Acquisition [Line Items]                          
Goodwill                     $ 8,339.1   $ 8,148.1
SSI Aeration                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition $ 96.3                        
Excelsior Blower Systems                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition 17.4                        
Cullum & Brown of Kansas City                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition 49.8                        
Contingent consideration $ 10.0                        
All Others                          
Business Acquisition [Line Items]                          
Purchase consideration                     3.2   55.4
Goodwill                         239.7
Acquisitions In 2025                          
Business Acquisition [Line Items]                          
Revenue from acquisition date                     9.5    
Net income (loss) from acquisition date                     (0.7)    
Goodwill                     113.3    
Friulair                          
Business Acquisition [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 Acquisition [Line Items]                          
Cash consideration for acquisition                 $ 49.9        
Contingent consideration                 $ 2.0        
Ethafilter s.r.l.                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition               $ 15.5          
Air Systems, LLC                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition             $ 34.9            
APSCO                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition     $ 113.2     $ 99.3              
Goodwill                         51.6
Fruitland                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition           $ 28.0              
Del Pumps                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition         $ 25.2                
ILC Dover                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition       $ 2,349.7                  
Contingent consideration       75.0                  
Expected tax deductible amount of goodwill acquired       0.0                  
Goodwill       1,316.6                 1,316.6
ILC Dover | Customer relationships                          
Business Acquisition [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 Acquisition [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 Acquisition [Line Items]                          
Business combination, recognized identifiable assets acquired and liabilities assumed, indefinite-lived intangibles       $ 207.5                  
Blutek                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition     9.6                    
UT Pumps & Systems Private Ltd                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition     $ 11.7                    
Penn Valley Pump Co LLC                          
Business Acquisition [Line Items]                          
Cash consideration for acquisition   $ 33.2                      
Acquisitions In 2024                          
Business Acquisition [Line Items]                          
Revenue from acquisition date                     139.5 $ 11.3  
Net income (loss) from acquisition date                     $ 7.9 $ 0.5  
Goodwill                         $ 1,677.1
v3.25.1
Acquisitions - Schedule of Business Acquisitions by Acquisition, Consideration (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Jun. 03, 2024
Business Acquisition [Line Items]      
Goodwill $ 8,339.1 $ 8,148.1  
Acquisitions In 2025      
Business Acquisition [Line Items]      
Accounts receivable 14.6    
Inventories 11.4    
Other current assets 0.3    
Property, plant and equipment 4.1    
Goodwill 113.3    
Other intangible assets 42.0    
Other assets 0.4    
Total current liabilities (9.1)    
Deferred tax liabilities (0.4)    
Other noncurrent liabilities (0.2)    
Total consideration $ 176.4    
Acquisitions In 2024      
Business Acquisition [Line Items]      
Accounts receivable   99.3  
Inventories   145.0  
Other current assets   40.7  
Property, plant and equipment   118.7  
Goodwill   1,677.1  
Other intangible assets   1,185.7  
Other assets   25.3  
Total current liabilities   (101.5)  
Deferred tax liabilities   (185.5)  
Other noncurrent liabilities   (29.1)  
Total consideration   2,975.7  
ILC Dover      
Business Acquisition [Line Items]      
Accounts receivable   41.2  
Inventories   78.7  
Other current assets   35.1  
Property, plant and equipment   90.8  
Goodwill   1,316.6 $ 1,316.6
Other intangible assets   972.6  
Other assets   15.8  
Total current liabilities   (31.4)  
Deferred tax liabilities   (152.2)  
Other noncurrent liabilities   (17.5)  
Total consideration   2,349.7  
Friulair      
Business Acquisition [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 Acquisition [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 Acquisition [Line Items]      
Accounts receivable   37.5  
Inventories   45.6  
Other current assets   4.6  
Property, plant and equipment   18.4  
Goodwill   239.7  
Other intangible assets   80.5  
Other assets   6.0  
Total current liabilities   (54.8)  
Deferred tax liabilities   (8.7)  
Other noncurrent liabilities   (5.8)  
Total consideration   $ 363.0  
v3.25.1
Restructuring - Schedule of Restructuring Charges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 5.3 $ 9.7
Restructuring Program 2020    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 5.3 9.7
Restructuring Program 2020 | Corporate    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges (0.1) 0.2
Restructuring Program 2020 | Industrial Technologies and Services    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 4.0 5.1
Restructuring Program 2020 | Precision and Science Technologies    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 1.4 $ 4.4
v3.25.1
Restructuring - Schedule of Activity in Restructuring Programs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Reserve [Roll Forward]    
Balance at beginning of period $ 22.3 $ 15.5
Charged to expense - termination benefits 4.7 9.3
Charged to expense - other 0.6 0.4
Payments (11.1) (4.3)
Currency translation adjustment and other 0.5 (0.3)
Balance at end of period $ 17.0 $ 20.6
v3.25.1
Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of the period $ 57.3 $ 53.8
Provision charged to expense 4.8 2.5
Write-offs, net of recoveries (0.6) (0.3)
Foreign currency translation and other 1.5 (0.7)
Balance at end of the period $ 63.0 $ 55.3
v3.25.1
Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Inventory, Net [Abstract]    
Raw materials, including parts and subassemblies $ 702.0 $ 675.1
Work-in-process 109.8 116.3
Finished goods 403.4 342.8
Gross inventories 1,215.2 1,134.2
LIFO reserve (82.2) (79.2)
Inventories $ 1,133.0 $ 1,055.0
v3.25.1
Goodwill and Other Intangible Assets - Schedule of Goodwill by Segment (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Balance at beginning of period $ 8,148.1
Acquisitions 113.3
Foreign currency translation and other 77.7
Balance at end of period 8,339.1
Industrial Technologies and Services  
Goodwill [Roll Forward]  
Balance at beginning of period 4,930.7
Acquisitions 113.3
Foreign currency translation and other 46.1
Balance at end of period 5,090.1
Precision and Science Technologies  
Goodwill [Roll Forward]  
Balance at beginning of period 3,217.4
Acquisitions 0.0
Foreign currency translation and other 31.6
Balance at end of period $ 3,249.0
v3.25.1
Goodwill and Other Intangible Assets - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
unit
Dec. 31, 2024
USD ($)
Industrial Technologies and Services    
Goodwill [Line Items]    
Accumulated impairment on goodwill | $ $ 220.6 $ 220.6
Precision and Science Technologies    
Goodwill [Line Items]    
Number of reporting units | unit 2  
v3.25.1
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Amortized intangible assets    
Accumulated Amortization $ (2,334.9) $ (2,222.1)
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Amount 6,695.4 6,594.9
Accumulated Amortization (2,334.9) (2,222.1)
Net Carrying Amount 4,360.5 4,372.8
Tradenames    
Unamortized intangible assets    
Carrying amount 1,848.8 1,839.3
Customer lists and relationships    
Amortized intangible assets    
Gross Carrying Amount 4,083.4 4,010.1
Accumulated Amortization (1,923.2) (1,830.1)
Net Carrying Amount 2,160.2 2,180.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (1,923.2) (1,830.1)
Technology    
Amortized intangible assets    
Gross Carrying Amount 545.6 549.1
Accumulated Amortization (260.9) (243.3)
Net Carrying Amount 284.7 305.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (260.9) (243.3)
Tradenames    
Amortized intangible assets    
Gross Carrying Amount 68.9 63.6
Accumulated Amortization (34.4) (32.4)
Net Carrying Amount 34.5 31.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (34.4) (32.4)
Backlog    
Amortized intangible assets    
Gross Carrying Amount 1.4 4.3
Accumulated Amortization (1.4) (4.2)
Net Carrying Amount 0.0 0.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (1.4) (4.2)
Other    
Amortized intangible assets    
Gross Carrying Amount 147.3 128.5
Accumulated Amortization (115.0) (112.1)
Net Carrying Amount 32.3 16.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization $ (115.0) $ (112.1)
v3.25.1
Supply Chain Finance Program (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Supplier finance program, obligation $ 27.0 $ 24.5
v3.25.1
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]        
Salaries, wages and related fringe benefits $ 252.8 $ 229.5    
Contract liabilities 328.9 318.6    
Product warranty 62.7 67.9 $ 65.6 $ 61.9
Operating lease liabilities 62.3 56.3    
Restructuring 17.0 22.3    
Taxes 91.9 72.5    
Accrued interest 60.8 33.2    
Other $ 168.3 $ 171.9    
Operating lease, liability, current, statement of financial position Total accrued liabilities Total accrued liabilities    
Total accrued liabilities $ 1,044.7 $ 972.2    
v3.25.1
Accrued Liabilities - Schedule of Product Warranty Liability (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]    
Balance at beginning of period $ 67.9 $ 61.9
Product warranty accruals 1.3 13.6
Settlements (7.3) (9.3)
Foreign currency translation and other 0.8 (0.6)
Balance at end of period $ 62.7 $ 65.6
v3.25.1
Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pension Benefits | U.S. Plans    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost $ 0.0 $ 0.0
Interest cost 3.5 3.5
Expected return on plan assets (2.8) (3.3)
Recognition of:    
Unrecognized prior service cost 0.0 0.0
Unrecognized net actuarial loss 0.0 0.0
Total recognized in other comprehensive (loss) income 0.7 0.2
Pension Benefits | Non-U.S. Plans    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost 0.7 0.7
Interest cost 2.8 2.7
Expected return on plan assets (2.3) (2.8)
Recognition of:    
Unrecognized prior service cost 0.0 0.0
Unrecognized net actuarial loss (0.2) (0.3)
Total recognized in other comprehensive (loss) income 1.0 0.3
Other Postretirement Benefits    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost 0.0 0.0
Interest cost 0.1 0.2
Expected return on plan assets 0.0 0.0
Recognition of:    
Unrecognized prior service cost (2.7) 0.0
Unrecognized net actuarial loss (0.2) (0.2)
Total recognized in other comprehensive (loss) income $ (2.8) $ 0.0
v3.25.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
May 10, 2024
Aug. 14, 2023
Debt [Abstract]        
Short-term borrowings $ 0.3 $ 1.7    
Long-term debt:        
Finance leases and other long-term debt 13.8 14.1    
Swap valuation adjustments 13.5 (0.3)    
Unamortized debt issuance costs (44.9) (47.0)    
Total long-term debt, net, including current maturities 4,771.8 4,755.8    
Current maturities of long-term debt 1.4 1.4    
Total long-term debt, net 4,770.4 4,754.4    
Unamortized discounts $ 10.6 $ 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 $ 498.7 $ 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 $ 993.6 $ 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    
v3.25.1
Debt - Narrative (Details)
Aug. 13, 2024
USD ($)
May 10, 2024
USD ($)
extensionOption
Mar. 31, 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%
v3.25.1
Stock-Based Compensation Plans - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense $ 146.1    
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) 3 years   5 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 $ 14.2 $ 14.1  
v3.25.1
Stock-Based Compensation Plans - Schedule of Stock Option Awards (Details) - Stock Options
shares in Thousands
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Stock Option Awards shares  
Balance at beginning of period (in shares) | shares 4,185
Granted (in shares) | shares 665
Exercised or settled (in shares) | shares (141)
Forfeited (in shares) | shares (22)
Expired (in shares) | shares (2)
Balance at end of period (in shares) | shares 4,685
Vested (in shares) | shares 3,034
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 37.00
Forfeited (in usd per share) | $ / shares 70.52
Expired (in usd per share) | $ / shares 84.26
Balance at end of period (in usd per share) | $ / shares 49.06
Vested (in usd per share) | $ / shares $ 33.74
v3.25.1
Stock-Based Compensation Plans - Schedule of Assumptions Used to Estimate Fair Value of Options Granted (Details) - Stock Options
 3 Months Ended
Mar. 31, 2025
Mar. 31, 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% 4.30%
Risk-free interest rate, maximum (as percent) 4.20%  
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
v3.25.1
Stock-Based Compensation Plans - Schedule of Restricted Stock Unit Awards (Details) - Restricted Stock Units
shares in Thousands
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Restricted Stock Unit Awards Shares  
Balance at beginning of period (in shares) | shares 834
Granted (in shares) | shares 284
Vested (in shares) | shares (267)
Forfeited (in shares) | shares (21)
Balance at end of period (in shares) | shares 830
Weighted-Average Grant-Date Fair Value  
Balance at beginning of period (in usd per share) | $ / shares $ 73.00
Granted (in usd per share) | $ / shares 83.36
Vested (in usd per share) | $ / shares 62.45
Forfeited (in usd per share) | $ / shares 79.69
Balance at end of period (in usd per share) | $ / shares $ 79.77
v3.25.1
Stock-Based Compensation Plans - Schedule of Performance Share Unit Activity (Details) - Performance Share Units
shares in Thousands
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Performance Share Unit Awards 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
v3.25.1
Stock-Based Compensation Plans - Schedule of Performance Share Unit Fair Value Assumptions (Details) - Performance Share Units
 3 Months Ended
Mar. 31, 2025
Mar. 31, 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%
v3.25.1
Accumulated Other Comprehensive Loss - Schedule of Before Tax Income (Loss) and Related Income Tax Effect (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Before-Tax Amount    
Foreign currency translation adjustments, net $ 114.5 $ (67.4)
Unrecognized losses on cash flow hedges (3.0) (0.1)
Pension and other postretirement benefit prior service cost and gain or loss, net (3.5) (1.9)
Other comprehensive income (loss) 108.0 (69.4)
Tax Benefit (Expense)    
Foreign currency translation adjustments, net 9.2 (6.1)
Unrecognized losses on cash flow hedges (0.1) 0.0
Pension and other postretirement benefit prior service cost and gain or loss, net 0.9 0.5
Other comprehensive income (loss) 10.0 (5.6)
Net of Tax Amount    
Foreign currency translation adjustments, net 123.7 (73.5)
Unrecognized losses on cash flow hedges (3.1) (0.1)
Pension and other postretirement benefit prior service cost and gain or loss, net (2.6) (1.4)
Total other comprehensive income (loss), net of tax 118.0 (75.0)
Other comprehensive income, net of tax [Abstract]    
Other comprehensive income (loss), net of tax, attributable to noncontrolling interest $ 0.7 $ (0.8)
v3.25.1
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period $ 10,245.3 $ 9,846.7
Other comprehensive income (loss) 118.7 (75.8)
Balance at end of period 10,553.7 9,919.7
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (468.5) (227.6)
Other comprehensive income (loss) before reclassifications 126.2 (68.0)
Amounts reclassified from accumulated other comprehensive loss (8.2) (7.0)
Other comprehensive income (loss) 118.0 (75.0)
Balance at end of period (350.5) (302.6)
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 127.4 (70.4)
Amounts reclassified from accumulated other comprehensive loss (3.7) (3.1)
Other comprehensive income (loss) 123.7 (73.5)
Balance at end of period (355.9) (321.5)
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 (0.9) 3.4
Amounts reclassified from accumulated other comprehensive loss (2.2) (3.5)
Other comprehensive income (loss) (3.1) (0.1)
Balance at end of period 0.0 12.1
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 (0.3) (1.0)
Amounts reclassified from accumulated other comprehensive loss (2.3) (0.4)
Other comprehensive income (loss) (2.6) (1.4)
Balance at end of period $ 5.4 $ 6.8
v3.25.1
Accumulated Other Comprehensive Loss - Schedule of Reclassifications out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Interest expense $ 61.2 $ 36.8
Provision for income taxes 58.5 54.4
Net Income Attributable to Ingersoll Rand Inc. 186.5 202.2
Reclassification out of Accumulated Other Comprehensive Loss    
Income Statement [Abstract]    
Net Income Attributable to Ingersoll Rand Inc. (8.2) (7.0)
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Loss    
Income Statement [Abstract]    
Interest expense (3.0) (4.7)
Provision for income taxes 0.8 1.2
Net Income Attributable to Ingersoll Rand Inc. (2.2) (3.5)
Net investment hedges | Reclassification out of Accumulated Other Comprehensive Loss    
Income Statement [Abstract]    
Interest expense (5.0) (4.2)
Provision for income taxes 1.3 1.1
Net Income Attributable to Ingersoll Rand Inc. (3.7) (3.1)
Pension and Other Postretirement Benefit Plans | Reclassification out of Accumulated Other Comprehensive Loss    
Income Statement [Abstract]    
Provision for income taxes 0.8 0.1
Cost of sales and Selling and administrative expenses (3.1) (0.5)
Net Income Attributable to Ingersoll Rand Inc. $ (2.3) $ (0.4)
v3.25.1
Hedging Activities and Derivative Instruments - Narrative (Details)
 3 Months Ended
May 10, 2024
USD ($)
Mar. 31, 2025
USD ($)
contract
Mar. 31, 2024
USD ($)
Mar. 31, 2025
EUR (€)
contract
Feb. 28, 2025
USD ($)
Feb. 28, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Derivatives, Fair Value [Line Items]                
Off-balance sheet derivative instruments   $ 0         $ 0  
Unrecognized loss on cash flow hedges   $ (3,100,000) $ (100,000)          
Net investment | Derivatives Designated as Hedging Instruments                
Derivatives, Fair Value [Line Items]                
Fixed interest rate of derivative (as percent)   3.20%   3.20%        
Foreign currency forwards                
Derivatives, Fair Value [Line Items]                
Number of derivatives held | contract   8   8        
Foreign currency forwards | Maximum                
Derivatives, Fair Value [Line Items]                
Term of derivative contract (in years)   1 year            
Notional amount of derivative   $ 68,900,000            
Foreign currency forwards | Minimum                
Derivatives, Fair Value [Line Items]                
Notional amount of derivative   $ 8,500,000            
Interest rate swap contracts                
Derivatives, Fair Value [Line Items]                
Number of derivatives held | contract   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        
Interest rate swap contracts | Fair value | 5.314% Senior Notes Due 2031                
Derivatives, Fair Value [Line Items]                
Number of derivatives held | contract   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        
Interest rate swap contracts | Fair value | 5.450% Senior Notes Due 2034                
Derivatives, Fair Value [Line Items]                
Number of derivatives held | contract   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         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            
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            
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            
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            
Interest rate swap contracts | Fair Value | Derivatives Designated as Hedging Instruments                
Derivatives, Fair Value [Line Items]                
Notional amount of derivative   528,500,000            
Unrecognized loss on cash flow hedges   2,400,000            
Unrecognized gains (losses) on cash flow hedges   $ 2,400,000            
Fixed interest rate of derivative (as percent)   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)            
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
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
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%        
Other comprehensive income (loss), cash Flow hedge, gain (loss), after reclassification, before tax   $ 600,000            
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        
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         $ 1,074,300,000  
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            
Fixed interest rate of derivative (as percent)   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%        
Cross Currency Interest Rate Contract, Expiring May 2029                
Derivatives, Fair Value [Line Items]                
Number of derivatives held | contract   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%        
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            
Fixed interest rate of derivative (as percent)   5.70%   5.70%        
Cross Currency Interest Rate Contract, Expiring May 2031                
Derivatives, Fair Value [Line Items]                
Number of derivatives held | contract   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%        
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            
Fixed interest rate of derivative (as percent)   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        
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   € 500,000,000.0        
Fixed interest rate of derivative (as percent)   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        
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   € 500,000,000.0        
Payments to settle cross-currency swaps $ 9,900,000              
v3.25.1
Hedging Activities and Derivative Instruments - Schedule of Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 31, 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 0.0 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 14.6 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 1.1 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 18.3 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 31.6 0.0
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value [Line Items]    
Notional amount of derivative 143.2 124.3
Foreign currency forwards | Fair value | Derivatives Not Designated as Hedging Instruments | Fair Value Other Current Assets    
Derivatives, Fair Value [Line Items]    
Assets fair value 1.8 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 54.5 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 0.5 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
v3.25.1
Hedging Activities and Derivative Instruments - Schedule of Long Term Hedge (Details) - USD ($)
$ in Millions
Mar. 31, 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 $ 1,013.5 $ 749.7
Cumulative hedging adjustments, included in carrying amount $ 13.5 $ (0.3)
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Derivatives, Fair Value [Line Items]    
Gain recognized in OCI on derivatives $ 0.0 $ 4.6
Gain reclassified from AOCI into income (effective portion) $ 3.0 $ 4.7
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Gain (loss) recognized in OCI on derivatives $ (35.6) $ 28.6
Gain reclassified from AOCI into income (effective portion) $ 5.0 $ 4.2
v3.25.1
Hedging Activities and Derivative Instruments - Schedule of Derivative Instruments not Designated as Accounting Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]    
Total foreign currency transaction gains (losses), net $ (6.8) $ 0.7
Foreign currency forward contracts gains    
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]    
Total foreign currency transaction gains (losses), net $ 3.2 $ 0.0
v3.25.1
Fair Value Measurements - Schedule of Fair Value Measurements (Details) - Recurring - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Financial Assets    
Trading securities held in deferred compensation plan $ 18.9 $ 21.0
Interest rate swaps 14.6 1.4
Cross-currency interest rate swaps 18.3 27.3
Foreign currency forwards 1.8 1.8
Total 53.6 51.5
Financial Liabilities    
Deferred compensation plans 24.5 28.7
Interest rate swaps 1.1 1.8
Cross-currency interest rate swaps 31.6  
Foreign currency forwards 0.5 1.2
Contingent consideration 32.8 22.2
Total 90.5 53.9
Level 1    
Financial Assets    
Trading securities held in deferred compensation plan 18.9 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 18.9 21.0
Financial Liabilities    
Deferred compensation plans 24.5 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 24.5 28.7
Level 2    
Financial Assets    
Trading securities held in deferred compensation plan 0.0 0.0
Interest rate swaps 14.6 1.4
Cross-currency interest rate swaps 18.3 27.3
Foreign currency forwards 1.8 1.8
Total 34.7 30.5
Financial Liabilities    
Deferred compensation plans 0.0 0.0
Interest rate swaps 1.1 1.8
Cross-currency interest rate swaps 31.6  
Foreign currency forwards 0.5 1.2
Contingent consideration 0.0 0.0
Total 33.2 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 32.8 22.2
Total $ 32.8 $ 22.2
v3.25.1
Fair Value Measurements - Schedule of Contingent Consideration (Details) - Contingent Consideration - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of the period $ 22.2 $ 42.2
Acquisitions 9.7 6.5
Changes in fair value 0.0 0.2
Foreign currency translation 0.9 (0.5)
Balance at end of the period $ 32.8 $ 48.4
v3.25.1
Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenues $ 1,716.8 $ 1,670.1
Revenue recognized at point in time    
Disaggregation of Revenue [Line Items]    
Revenues 1,573.6 1,539.9
Revenue recognized over time    
Disaggregation of Revenue [Line Items]    
Revenues 143.2 130.2
Original equipment    
Disaggregation of Revenue [Line Items]    
Revenues 1,063.5 1,052.1
Aftermarket    
Disaggregation of Revenue [Line Items]    
Revenues 653.3 618.0
Americas    
Disaggregation of Revenue [Line Items]    
Revenues 895.8 855.0
United States    
Disaggregation of Revenue [Line Items]    
Revenues 754.0 734.2
Other Americas    
Disaggregation of Revenue [Line Items]    
Revenues 141.8 120.8
EMEIA    
Disaggregation of Revenue [Line Items]    
Revenues 567.4 559.1
Total Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 253.6 256.0
China    
Disaggregation of Revenue [Line Items]    
Revenues 166.9 182.8
Other Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 86.7 73.2
Industrial Technologies and Services    
Disaggregation of Revenue [Line Items]    
Revenues 1,352.1 1,373.4
Industrial Technologies and Services | Revenue recognized at point in time    
Disaggregation of Revenue [Line Items]    
Revenues 1,227.9 1,244.4
Industrial Technologies and Services | Revenue recognized over time    
Disaggregation of Revenue [Line Items]    
Revenues 124.2 129.0
Industrial Technologies and Services | Original equipment    
Disaggregation of Revenue [Line Items]    
Revenues 777.1 827.1
Industrial Technologies and Services | Aftermarket    
Disaggregation of Revenue [Line Items]    
Revenues 575.0 546.3
Industrial Technologies and Services | Americas    
Disaggregation of Revenue [Line Items]    
Revenues 704.2 709.8
Industrial Technologies and Services | United States    
Disaggregation of Revenue [Line Items]    
Revenues 585.1 597.1
Industrial Technologies and Services | Other Americas    
Disaggregation of Revenue [Line Items]    
Revenues 119.1 112.7
Industrial Technologies and Services | EMEIA    
Disaggregation of Revenue [Line Items]    
Revenues 431.0 445.4
Industrial Technologies and Services | Total Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 216.9 218.2
Industrial Technologies and Services | China    
Disaggregation of Revenue [Line Items]    
Revenues 139.4 154.6
Industrial Technologies and Services | Other Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 77.5 63.6
Precision and Science Technologies    
Disaggregation of Revenue [Line Items]    
Revenues 364.7 296.7
Precision and Science Technologies | Revenue recognized at point in time    
Disaggregation of Revenue [Line Items]    
Revenues 345.7 295.5
Precision and Science Technologies | Revenue recognized over time    
Disaggregation of Revenue [Line Items]    
Revenues 19.0 1.2
Precision and Science Technologies | Original equipment    
Disaggregation of Revenue [Line Items]    
Revenues 286.4 225.0
Precision and Science Technologies | Aftermarket    
Disaggregation of Revenue [Line Items]    
Revenues 78.3 71.7
Precision and Science Technologies | Americas    
Disaggregation of Revenue [Line Items]    
Revenues 191.6 145.2
Precision and Science Technologies | United States    
Disaggregation of Revenue [Line Items]    
Revenues 168.9 137.1
Precision and Science Technologies | Other Americas    
Disaggregation of Revenue [Line Items]    
Revenues 22.7 8.1
Precision and Science Technologies | EMEIA    
Disaggregation of Revenue [Line Items]    
Revenues 136.4 113.7
Precision and Science Technologies | Total Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 36.7 37.8
Precision and Science Technologies | China    
Disaggregation of Revenue [Line Items]    
Revenues 27.5 28.2
Precision and Science Technologies | Other Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues $ 9.2 $ 9.6
v3.25.1
Revenue from Contracts with Customers - Remaining Performance Obligation (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 766.2
Remaining performance obligation, expected timing of satisfaction 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 794.9
Remaining performance obligation, expected timing of satisfaction
v3.25.1
Revenue from Contracts with Customers - Schedule of Contract Balances (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Accounts receivable, net $ 1,348.3 $ 1,335.4
Contract assets 116.3 111.2
Contract liabilities - current 328.9 318.6
Contract liabilities - noncurrent $ 1.0 $ 0.9
v3.25.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income before income taxes $ 253.1 $ 269.6
Provision for income taxes $ 58.5 $ 54.4
Effective income tax provision rate (as percent) 23.10% 20.20%
v3.25.1
Other Operating Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Foreign currency transaction losses (gains), net $ 6.8 $ (0.7)
Restructuring charges, net 5.3 9.7
Acquisition and other transaction related expenses 9.8 15.3
Other, net (0.2) 0.9
Total other operating expense, net $ 21.7 $ 25.2
v3.25.1
Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Undiscounted accrued liabilities for environmental loss contingencies $ 12.6 $ 13.6
v3.25.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.25.1
Segment Reporting - Schedule of Segment Results (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Segment Reporting [Abstract]      
Revenue $ 1,716.8 $ 1,670.1  
Segment cost of sales 951.3 923.8  
Segment selling and administrative expenses 350.0 336.3  
Other segment items (21.7) (25.2)  
Segment Adjusted EBITDA 495.3 502.5  
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:      
Interest expense 61.2 36.8  
Restructuring and related business transformation costs 5.4 10.7  
Stock-based compensation 14.2 14.1  
Foreign currency transaction losses (gains), net 6.8 (0.7)  
Adjustments to LIFO inventories 3.0 6.7  
Income Before Income Taxes 253.1 269.6  
Provision for income taxes 58.5 54.4  
Loss on equity method investments (6.2) (10.7)  
Net Income 188.4 204.5  
Depreciation of rental equipment 1.1 0.9  
Restructuring Costs [Abstract]      
Restructuring charges 5.3 9.7  
Facility reorganization, relocation and other costs 0.1 1.0  
Total restructuring and related business transformation costs 5.4 10.7  
Total depreciation and amortization expense 120.0 117.2  
Total capital expenditures 33.7 62.3  
Total identifiable assets 18,379.4 18,009.8 $ 18,009.8
Industrial Technologies and Services      
Segment Reporting [Abstract]      
Revenue 1,352.1 1,373.4  
Precision and Science Technologies      
Segment Reporting [Abstract]      
Revenue 364.7 296.7  
Operating Segments      
Segment Reporting [Abstract]      
Segment cost of sales 918.5 890.8  
Segment selling and administrative expenses 301.6 277.0  
Other segment items 1.4 (0.2)  
Operating Segments | Industrial Technologies and Services      
Segment Reporting [Abstract]      
Revenue 1,352.1 1,373.4  
Segment cost of sales 729.9 742.8  
Segment selling and administrative expenses 231.7 219.6  
Other segment items 1.4 (0.1)  
Segment Adjusted EBITDA 389.1 411.1  
Restructuring Costs [Abstract]      
Total depreciation and amortization expense 67.6 80.9  
Total capital expenditures 26.4 20.2  
Total identifiable assets 10,637.1 10,369.6  
Operating Segments | Precision and Science Technologies      
Segment Reporting [Abstract]      
Revenue 364.7 296.7  
Segment cost of sales 188.6 148.0  
Segment selling and administrative expenses 69.9 57.4  
Other segment items 0.0 (0.1)  
Segment Adjusted EBITDA 106.2 91.4  
Restructuring Costs [Abstract]      
Total depreciation and amortization expense 51.2 33.4  
Total capital expenditures 6.9 5.3  
Total identifiable assets 5,905.1 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 35.6 44.0  
Restructuring Costs [Abstract]      
Total depreciation and amortization expense 1.2 2.9  
Total capital expenditures 0.4 36.8  
Total identifiable assets 1,837.2 1,756.1  
Segment Reconciling Items      
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:      
Interest expense 61.2 36.8  
Depreciation, Depletion And Amortization, Excluding Rental Equipment 118.9 116.3  
Restructuring and related business transformation costs 5.4 10.7  
Acquisition and other transaction related expenses and non-cash charges 9.8 15.3  
Stock-based compensation 14.2 14.1  
Foreign currency transaction losses (gains), net 6.8 (0.7)  
Adjustments to LIFO inventories 3.0 6.8  
Cybersecurity incident costs (0.2) 0.6  
Interest income on cash and cash equivalents (10.3) (11.4)  
Other adjustments (2.2) 0.4  
Income Before Income Taxes 253.1 269.6  
Restructuring Costs [Abstract]      
Total restructuring and related business transformation costs $ 5.4 $ 10.7  
v3.25.1
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Average shares outstanding    
Weighted-average shares outstanding - Basic (in shares) 403.1 403.5
Dilutive effect of outstanding share-based compensation awards (in shares) 3.3 4.4
Weighted-average shares outstanding - Diluted (in shares) 406.4 407.9
v3.25.1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share (in shares) 1.1 0.4
v3.25.1
Subsequent Event (Details) - Subsequent Event - Repurchase Program 2021
$ in Millions
May 01, 2025
USD ($)
Subsequent Event [Line Items]  
Increase in authorized amount $ 1,000.0
Share repurchase program, authorized, amount $ 993.0