10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 10-Q

____________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________to___________

Commission File Number: 001-38095

____________________________

Ingersoll Rand Inc.

(Exact Name of Registrant as Specified in Its Charter)

____________________________

Delaware	46-2393770
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

800-A Beaty Street

Davidson, North Carolina 28036

(Address of Principal Executive Offices) (Zip Code)

(704) 655-4000

(Registrant’s Telephone Number, Including Area Code)

____________________________

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 Par Value per share	IR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý  No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ý  No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	ý	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ý

The registrant had outstanding 420,154,805 shares of Common Stock, par value $0.01 per share, as of July 23, 2021.

INGERSOLL RAND INC. AND SUBSIDIARIES

FORM 10-Q

INDEX

	Page No.
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements	6
Condensed Consolidated Statements of Operations (Unaudited)	6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	7
Condensed Consolidated Balance Sheets (Unaudited)	8
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)	10
Condensed Consolidated Statements of Cash Flows (Unaudited)	11
Note 1. Basis of Presentation and Recent Accounting Pronouncements	12
Note 2. Discontinued Operations	13
Note 3. Business Combinations	15
Note 4. Restructuring	18
Note 5. Inventories	19
Note 6. Goodwill and Other Intangible Assets	19
Note 7. Accrued Liabilities	20
Note 8. Benefit Plans	21
Note 9. Debt	22
Note 10. Stock-Based Compensation Plan	22
Note 11. Accumulated Other Comprehensive Income (Loss)	25
Note 12. Hedging Activities, Derivative Instruments and Fair Value Measurements	27
Note 13. Revenue from Contracts with Customers	30
Note 14. Income Taxes	34
Note 15. Other Operating Expense, Net	34
Note 16. Contingencies	34
Note 17. Segment Results	35
Note 18. Related Party Transactions	37
Note 19. Earnings (Loss) Per Share	37
Note 20. Subsequent Events	38
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3. Quantitative and Qualitative Disclosures About Market Risk	59
Item 4. Controls and Procedures	60
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	61
Item 1A. Risk Factors	61
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3. Defaults Upon Senior Securities	61
Item 4. Mine Safety Disclosures	61
Item 5. Other Information	61
Item 6. Exhibits	62
SIGNATURES	63

2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this Form 10-Q may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-Q, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, may be forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-Q. Such risks, uncertainties and other important factors that could cause actual results to differ include, among others, the risks, uncertainties and factors set forth under “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as such risk factors may be updated from time to time in our periodic filings with the SEC, and are accessible on the SEC’s website at www.sec.gov, and also include the following:

•The anticipated benefits of our acquisition of the Ingersoll Rand Industrial business may not be realized fully or at all, may take longer to realize than expected and the integration process will be complex, costly and time-consuming, which could adversely affect our business, financial results and financial condition.

•The COVID-19 pandemic has adversely affected our business and results of operations, and could have a material and adverse effect on our business, results of operations and financial condition in the future.

•We have exposure to the risks associated with instability in the global economy and financial markets, which may negatively impact our revenues, liquidity, suppliers and customers.

•More than half of our sales and operations are in non-U.S. jurisdictions and we are subject to the economic, political, regulatory and other risks of international operations.

•Shareholder and customer emphasis on environmental, social, and governance responsibility may impose additional costs on us or expose us to new risks.

•Our results of operations are subject to exchange rate and other currency risks. A significant movement in exchange rates could adversely impact our results of operations and cash flows.

•We face competition in the markets we serve, which could materially and adversely affect our operating results.

•Large or rapid increases in the cost of raw materials and component parts, substantial decreases in their availability or our dependence on particular suppliers of raw materials and component parts could materially and adversely affect our operating results.

•Our operating results could be adversely affected by a loss or reduction of business with key customers or consolidation or the vertical integration of our customer base.

•Credit and counterparty risks could harm our business.

•Acquisitions and integrating such acquisitions create certain risks and may affect our operating results.

•Dispositions create certain risks and may affect our operating results.

•Income generated by one of our equity method investments depends on the level of activity in the energy industry, which is significantly affected by volatile oil and gas prices.

•The loss of, or disruption in, our distribution network could have a negative impact on our abilities to ship products, meet customer demand and otherwise operate our business.

•Our ongoing and expected restructuring plans and other cost savings initiatives may not be as effective as we anticipate, and we may fail to realize the cost savings and increased efficiencies that we expect to result from these actions. Our operating results could be negatively affected by our inability to effectively implement such restructuring plans and other cost savings initiatives.

3

•Our success depends on our executive management and other key personnel and our ability to attract and retain top talent throughout the Company.

•If we are unable to develop new products and technologies, our competitive position may be impaired, which could materially and adversely affect our sales and market share.

•Cost overruns, delays, penalties or liquidated damages could negatively impact our results, particularly with respect to fixed-price contracts for custom engineered products.

•The risk of non-compliance with U.S. and foreign laws and regulations applicable to our international operations could have a significant impact on our results of operations, financial condition or strategic objectives.

•Changes in tax or other laws, regulations, or adverse determinations by taxing or other governmental authorities could increase our effective tax rate and cash taxes paid or otherwise affect our financial condition or operating results.

•A significant portion of our assets consists of goodwill and other intangible assets, the value of which may be reduced if we determine that those assets are impaired.

•Our business could suffer if we experience employee work stoppages, union and work council campaigns or other labor difficulties.

•We are a defendant in certain asbestos and silica-related personal injury lawsuits, which could adversely affect our financial condition.

•A natural disaster, catastrophe, pandemic or other event could adversely affect our operations.

•Information systems failure may disrupt our business and result in financial loss and liability to our customers.

•The nature of our products creates the possibility of significant product liability and warranty claims, which could harm our business.

•Environmental compliance costs and liabilities could adversely affect our financial condition.

•Third parties may infringe upon our intellectual property or may claim we have infringed their intellectual property, and we may expend significant resources enforcing or defending our rights or suffer competitive injury.

•We face risks associated with our pension and other postretirement benefit obligations.

•Our substantial indebtedness could have important adverse consequences and adversely affect our financial condition.

•We may not be able to generate sufficient cash to service all of our indebtedness, and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.

•Despite our level of indebtedness, we and our subsidiaries may still be able to incur substantially more debt, including off-balance sheet financing, contractual obligations and general and commercial liabilities. This could further exacerbate the risks to our financial condition described above.

•The terms of the credit agreement governing the Senior Secured Credit Facilities may restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.

•Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

•When we utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates on our variable rate indebtedness, we will be exposed to risks related to counterparty credit worthiness or non-performance of these instruments.

•If the financial institutions that are part of the syndicate of our Revolving Credit Facility fail to extend credit under our facility or reduce the borrowing base under our Revolving Credit Facility, our liquidity and results of operations may be adversely affected.

•The Company may face risk associated with the discontinuation of and transition from currently used financial reference rates.

We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factors’ likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) our strategy, which is based in part on this analysis, will be successful. All forward-looking statements in this report apply only as of the date of this report or as of the date they were made and, except as required by applicable law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

4

All references to “we,” “us,” “our,” the “Company” or “Ingersoll Rand” in this Quarterly Report on Form 10-Q mean Ingersoll Rand Inc. and its subsidiaries, unless the context otherwise requires.

Website Disclosure

We use our website www.irco.com as a channel of distribution of Company information. Financial and other important information regarding us is routinely accessible through and posted on our website. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about Ingersoll Rand Inc. when you enroll your email address by visiting the “Email Alerts” section of our website at investors.irco.com. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.

5

PART I.    FINANCIAL INFORMATION

ITEM 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Revenues	$	1,279.1	$	1,025.4	$	2,408.6	$	1,642.2
Cost of sales	766.4		716.8		1,443.8		1,130.3
Gross Profit	512.7		308.6		964.8		511.9
Selling and administrative expenses	267.2		209.1		519.5		348.5
Amortization of intangible assets	80.3		96.4		164.5		143.1
Other operating expense, net	25.1		48.1		19.4		144.6
Operating Income (Loss)	140.1		(45.0)		261.4		(124.3)
Interest expense	22.7		30.8		45.8		57.9
Loss on extinguishment of debt	—		—		—		2.0
Other income, net	(34.1)		(2.3)		(36.6)		(2.5)
Income (Loss) from Continuing Operations Before Income Taxes	151.5		(73.5)		252.2		(181.7)
Provision for income taxes	12.5		78.4		23.1		11.5
Loss on equity method investments	(0.7)		—		(0.7)		—
Income (Loss) from Continuing Operations	138.3		(151.9)		228.4		(193.2)
Income (loss) from discontinued operations, net of tax	96.3		(24.6)		(83.9)		(20.2)
Net Income (Loss)	234.6		(176.5)		144.5		(213.4)
Less: Net income attributable to noncontrolling interests	0.7		1.1		1.0		1.0
Net Income (Loss) Attributable to Ingersoll Rand Inc.	$	233.9	$	(177.6)	$	143.5	$	(214.4)
Amounts attributable to Ingersoll Rand Inc. common stockholders:
Income (loss) from continuing operations, net of tax	$	137.6	$	(153.0)	$	227.4	$	(194.2)
Income (loss) from discontinued operations, net of tax	96.3		(24.6)		(83.9)		(20.2)
Net income (loss) attributable to Ingersoll Rand Inc.	$	233.9	$	(177.6)	$	143.5	$	(214.4)
Basic earnings (loss) per share of common stock:
Earnings (loss) from continuing operations	$	0.33	$	(0.37)	$	0.54	$	(0.56)
Earnings (loss) from discontinued operations	0.23		(0.06)		(0.20)		(0.06)
Net earnings (loss)	0.56		(0.43)		0.34		(0.62)
Diluted earnings (loss) per share of common stock:
Earnings (loss) from continuing operations	$	0.32	$	(0.37)	$	0.53	$	(0.56)
Earnings (loss) from discontinued operations	0.23		(0.06)		(0.20)		(0.06)
Net earnings (loss)	0.55		(0.43)		0.34		(0.62)

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited; in millions)

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Comprehensive Income (Loss) Attributable to Ingersoll Rand Inc.
Net income (loss) attributable to Ingersoll Rand Inc.	$	233.9	$	(177.6)	$	143.5	$	(214.4)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net	49.1		44.9		(50.7)		(47.3)
Unrecognized gain on cash flow hedges, net	—		5.5		—		6.7
Pension and other postretirement prior service cost and gain or (loss), net	1.3		0.5		2.5		3.4
Total other comprehensive income (loss), net of tax	50.4		50.9		(48.2)		(37.2)
Comprehensive income (loss) Attributable to Ingersoll Rand Inc.	$	284.3	$	(126.7)	$	95.3	$	(251.6)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	$	0.7	$	1.1	$	1.0	$	1.0
Other comprehensive loss, net of tax
Foreign currency translation adjustments, net	(1.2)		(0.4)		(2.3)		(4.4)
Total other comprehensive loss, net of tax	(1.2)		(0.4)		(2.3)		(4.4)
Comprehensive income (loss) attributable to noncontrolling interests	(0.5)		0.7		(1.3)		(3.4)
Total Comprehensive Income (Loss)	$	283.8	$	(126.0)	$	94.0	$	(255.0)

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except share amounts)

	June 30, 2021		December 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	3,669.9	$	1,750.9
Accounts receivable, net of allowance for credit losses of $49.3 and $50.9, respectively	935.8		861.8
Inventories	796.8		716.7
Other current assets	236.2		195.3
Assets of discontinued operations - current	73.7		337.4
Total current assets	5,712.4		3,862.1
Property, plant and equipment, net of accumulated depreciation of $326.8 and $291.1, respectively	607.2		609.0
Goodwill	5,637.0		5,582.6
Other intangible assets, net	3,725.5		3,797.2
Deferred tax assets	21.2		15.6
Other assets	473.4		329.3
Assets of discontinued operations - long-term	—		1,862.8
Total assets	$	16,176.7	$	16,058.6
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term borrowings and current maturities of long-term debt	$	40.7	$	40.4
Accounts payable	660.8		536.4
Accrued liabilities	1,053.6		708.9
Liabilities of discontinued operations - current	67.9		212.9
Total current liabilities	1,823.0		1,498.6
Long-term debt, less current maturities	3,823.3		3,859.1
Pensions and other postretirement benefits	255.7		272.5
Deferred income taxes	624.5		702.4
Other liabilities	303.8		343.7
Liabilities of discontinued operations - long-term	—		192.8
Total liabilities	$	6,830.3	$	6,869.1
Commitments and contingencies (Note 16)	—		—
Stockholders’ equity
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 421,545,797 and 420,123,978 shares issued as of June 30, 2021 and December 31, 2020, respectively	4.2		4.2
Capital in excess of par value	9,376.0		9,310.3
Accumulated deficit	(32.2)		(175.7)
Accumulated other comprehensive income (loss)	(35.5)		14.2
Treasury stock at cost; 1,479,039 and 1,496,169 shares as of June 30, 2021 and December 31, 2020, respectively	(34.6)		(33.3)
Total Ingersoll Rand Inc. stockholders’ equity	$	9,277.9	$	9,119.7
Noncontrolling interests	68.5		69.8
Total stockholders’ equity	$	9,346.4	$	9,189.5
Total liabilities and stockholders’ equity	$	16,176.7	$	16,058.6

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited; in millions)

	Three Month Period Ended June 30, 2021
	Common Stock			Capital in Excess of Par Value		Accumulated Deficit		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders' Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	420.9	$	4.2	$	9,337.8	$	(266.1)	$	(84.4)	$	(34.8)	$	8,956.7	$	69.0	$	9,025.7
Net income	—	—		—		233.9		—		—		233.9		0.7		234.6
Issuance of common stock for stock-based compensation plans	0.6	—		7.6		—		—		—		7.6		—		7.6
Purchases of treasury stock	—	—		—		—		—		(0.2)		(0.2)		—		(0.2)
Issuance of treasury stock for stock-based compensation plans	—	—		—		—		—		0.4		0.4		—		0.4
Stock-based compensation	—	—		30.6		—		—		—		30.6		—		30.6
Other comprehensive income (loss), net of tax	—	—		—		—		50.4		—		50.4		(1.2)		49.2
Divestiture of foreign subsidiaries	—	—		—		—		(1.5)		—		(1.5)		—		(1.5)
Balance at end of period	421.5	$	4.2	$	9,376.0	$	(32.2)	$	(35.5)	$	(34.6)	$	9,277.9	$	68.5	$	9,346.4

	Three Month Period Ended June 30, 2020
	Common Stock			Capital in Excess of Par Value		Accumulated Deficit		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders' Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	418.2	$	4.2	$	9,241.5	$	(179.2)	$	(344.1)	$	(36.2)	$	8,686.2	$	69.3	$	8,755.5
Net income (loss)	—	—		—		(177.6)		—		—		(177.6)		1.1		(176.5)
Issuance of common stock for stock-based compensation plans	0.4	—		3.7		—		—		—		3.7		—		3.7
Purchases of treasury stock	—	—		—		—		—		(0.5)		(0.5)		—		(0.5)
Issuance of treasury stock for stock-based compensation plans	—	—		(0.5)		—		—		0.9		0.4		—		0.4
Stock-based compensation	—	—		11.8		—		—		—		11.8		—		11.8
Other comprehensive income (loss), net of tax	—	—		—		—		50.9		—		50.9		(1.5)		49.4
Adjustments for shares tendered in open offer	—	—		—		—		—		—		—		(2.0)		(2.0)
Balance at end of period	418.6	$	4.2	$	9,256.5	$	(356.8)	$	(293.2)	$	(35.8)	$	8,574.9	$	66.9	$	8,641.8

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)

(Unaudited; in millions)

	Six Month Period Ended June 30, 2021
	Common Stock			Capital in Excess of Par Value		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Ingersoll Rand Inc. Stockholders' Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	420.1	$	4.2	$	9,310.3	$	(175.7)	$	14.2	$	(33.3)	$	9,119.7	$	69.8	$	9,189.5
Net income	—	—		—		143.5		—		—		143.5		1.0		144.5
Issuance of common stock for stock-based compensation plans	1.4	—		12.3		—		—		—		12.3		—		12.3
Purchases of treasury stock	—	—		—		—		—		(3.2)		(3.2)		—		(3.2)
Issuance of treasury stock for stock-based compensation plans	—	—		(1.1)		—		—		1.9		0.8		—		0.8
Stock-based compensation	—	—		54.5		—		—		—		54.5		—		54.5
Other comprehensive loss, net of tax	—	—		—		—		(48.2)		—		(48.2)		(2.3)		(50.5)
Divestiture of foreign subsidiaries	—	—		—		—		(1.5)		—		(1.5)		—		(1.5)
Balance at end of period	421.5	$	4.2	$	9,376.0	$	(32.2)	$	(35.5)	$	(34.6)	$	9,277.9	$	68.5	$	9,346.4

	Six Month Period Ended June 30, 2020
	Common Stock			Capital in Excess of Par Value		Accumulated Deficit		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders' Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	206.8	$	2.1	$	2,302.0	$	(141.4)	$	(256.0)	$	(36.8)	$	1,869.9	$	—	$	1,869.9
Net income (loss)	—	—		—		(214.4)		—		—		(214.4)		1.0		(213.4)
Acquisition of Ingersoll Rand Industrial	211.0	2.1		6,934.9		—		—		—		6,937.0		72.3		7,009.3
Costs of issuing equity securities	—	—		(1.0)		—		—		—		(1.0)		—		(1.0)
Issuance of common stock for stock-based compensation plans	0.8	—		5.9		—		—		—		5.9		—		5.9
Purchases of treasury stock	—	—		—		—		—		(1.3)		(1.3)		—		(1.3)
Issuance of treasury stock for stock-based compensation plans	—	—		(1.5)		—		—		2.3		0.8		—		0.8
Stock-based compensation	—	—		16.2		—		—		—		16.2		—		16.2
Other comprehensive loss, net of tax	—	—		—		—		(37.2)		—		(37.2)		(4.4)		(41.6)
Adoption of new accounting standard (ASU 2016-13)	—	—		—		(1.0)		—		—		(1.0)		—		(1.0)
Adjustments for shares tendered in open offer	—	—		—		—		—		—		—		(2.0)		(2.0)
Balance at end of period	418.6	$	4.2	$	9,256.5	$	(356.8)	$	(293.2)	$	(35.8)	$	8,574.9	$	66.9	$	8,641.8

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

	For the Six Month Period Ended June 30,
	2021		2020
Cash Flows From Operating Activities From Continuing Operations:
Net income (loss)	$	144.5	$	(213.4)
Loss from discontinued operations, net of tax	(83.9)		(20.2)
Income (loss) from continuing operations	228.4		(193.2)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Amortization of intangible assets	164.5		143.1
Depreciation	43.3		35.7
Stock-based compensation expense	43.1		15.4
Foreign currency transaction losses (gains), net	(14.7)		6.9
Deferred income taxes	(81.1)		25.1
Non-cash adjustments to carrying value of LIFO inventories	—		35.6
Other non-cash adjustments	(0.4)		2.0
Changes in assets and liabilities:
Receivables	(73.0)		64.6
Inventories	(80.7)		(8.5)
Accounts payable	80.8		15.1
Accrued liabilities	2.9		83.8
Other assets and liabilities, net	(78.3)		(29.3)
Net cash provided by operating activities from continuing operations	234.8		196.3
Cash Flows From (Used In) Investing Activities From Continuing Operations:
Capital expenditures	(25.9)		(22.7)
Net cash acquired (paid) in business combinations	(215.8)		41.3
Disposals of property, plant and equipment	9.5		1.4
Net cash provided by (used in) investing activities from continuing operations	(232.2)		20.0
Cash Flows From (Used In) Financing Activities From Continuing Operations:
Principal payments on long-term debt	(19.7)		(1,599.6)
Proceeds from long-term debt	—		1,980.1
Purchases of treasury stock	(3.2)		(1.3)
Proceeds from stock option exercises	12.8		6.8
Payments of contingent consideration	—		(0.7)
Payments of debt issuance costs	—		(46.6)
Payments of costs incurred to issue shares for Ingersoll Rand Industrial acquisition	—		(1.0)
Other financing	—		(0.8)
Net cash provided by (used in) financing activities from continuing operations	(10.1)		336.9
Cash Flows From Discontinued Operations:
Net cash provided by operating activities	29.5		119.5
Net cash provided by (used in) investing activities	1,903.8		(2.7)
Net cash provided by discontinued operations	1,933.3		116.8
Effect of exchange rate changes on cash and cash equivalents	(6.8)		(1.9)
Net increase in cash and cash equivalents	1,919.0		668.1
Cash and cash equivalents, beginning of period	1,750.9		505.5
Cash and cash equivalents, end of period	$	3,669.9	$	1,173.6
Supplemental Cash Flow Information
Cash paid for income taxes	$	150.5	$	30.5
Cash paid for interest	41.6		54.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INGERSOLL RAND INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; in millions, except share and per share amounts)

Note 1. Basis of Presentation and Recent Accounting Pronouncements

Basis of Presentation

Ingersoll Rand Inc. is a diversified, global manufacturer of highly engineered, application-critical flow control products and provider of related aftermarket parts and services. 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” or the “Company”).

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, 2020. We have reclassified certain prior year amounts, including the results of discontinued operations, to conform to the current year presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations. See Note 2 “Discontinued Operations” for information on discontinued operations.

The results of operations for the interim period ended June 30, 2021 are not necessarily indicative of future results. The ongoing novel Coronavirus (“COVID-19”) pandemic is a continuously evolving situation around the globe that has negatively impacted and could continue to negatively impact the global economy. The Company’s operating results will be subject to fluctuations based on general economic conditions, and the extent to which COVID-19 may ultimately impact its business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate extent of the spread of the disease and the duration of the outbreak and business closures or business disruptions for the Company, suppliers and customers.

Recently Adopted Accounting Standard Updates (“ASU”)

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which added an impairment model that is based on expected losses rather than incurred losses and is called the Current Expected Credit Losses (“CECL”) model. This impairment model is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables as well as any other financial asset with the contractual right to receive cash. Under the new model, an allowance equal to the estimate of lifetime expected credit losses is recognized which will result in more timely loss recognition. The guidance is intended to reduce complexity by decreasing the number of credit impairment models. The Company adopted this guidance on January 1, 2020, using a modified retrospective transition method. The Company recorded a cumulative-effect adjustment on the adoption date increasing “Accumulated deficit” in the Condensed Consolidated Balance Sheets by $1.0 million and decreasing “Accounts receivable, net of allowance for credit losses” in the Condensed Consolidated Balance Sheets by $1.0 million.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and amending and clarifying existing guidance. The Company adopted this guidance on January 1, 2021. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. The Company has not utilized any of the

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optional expedients or exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period.

In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which explicitly clarifies which contracts, hedging relationships, and other transactions are within the scope of the optional expedients and exceptions allowed under Topic 848. The Company has not utilized any of the optional expedients or exceptions available under Topic 848. The Company will continue to assess whether this ASU is applicable throughout the effective period, in conjunction with our assessment of ASU 2020-4.

Note 2. Discontinued Operations

Discontinued operations comprise two formerly-owned businesses, Specialty Vehicle Technologies (“SVT” or “Club Car”) and High Pressure Solutions (“HPS”). The results of operations, financial positions and cash flows of these businesses are reported as discontinued operations for all periods presented in these Condensed Consolidated financial statements.

Specialty Vehicle Technologies

On April 9, 2021, the Company entered into an agreement to sell Club Car to private equity firm Platinum Equity Advisors, LLC (“Platinum Equity”) for $1.68 billion in cash. The sale was substantially completed on June 1, 2021. The transfer of legal ownership of certain of SVT's non-U.S. subsidiaries has not yet occurred as of June 30, 2021 due to local regulatory and administrative requirements. Transfer of ownership of these entities is expected to be completed in the second half of 2021.

SVT has been presented as a discontinued operation and its net assets are classified as held for sale and comparable prior periods are recast to reflect this change.

The Company recognized a pre-tax gain on sale of $256.7 million in the second quarter of 2021. The sale proceeds and the related gain on sale are subject to further adjustment upon the finalization customary post-closing steps of the transaction. These steps are expected to be completed by the end of 2021.

High Pressure Solutions

On February 14, 2021, the Company entered into an agreement to sell its majority interest in High Pressure Solutions to private equity firm American Industrial Partners. In exchange for its majority interest of 55%, the Company received net cash proceeds of $278.3 million and retains a 45% common equity interest in the newly-formed entity comprising the HPS business. The Company expects to maintain its minority investment in HPS indefinitely and is unable to estimate when this interest may be disposed. This sale was substantially completed on April 1, 2021. The transfer of legal ownership of one of HPS's non-U.S. subsidiary has not yet occurred as of June 30, 2021 due to local regulatory and administrative requirements. Transfer of ownership of this entity is expected to be completed in the second half of 2021.

HPS has been presented as a discontinued operation and its net assets are classified as held for sale and comparable prior periods are recast to reflect this change.

The Company recognized a pre-tax loss on sale of $211.7 million in the six month period ended June 30, 2021. The sale proceeds and the related loss on sale are subject to further adjustment upon the finalization customary post-closing steps of the transaction. These steps are expected to be completed by the end of 2021.

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Financial information of discontinued operations

The results of operations of SVT and HPS are presented as discontinued operations as summarized below:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Three Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	184.0	$	217.5	$	3.0	$	21.5	$	187.0	$	239.0
Cost of sales	137.9		166.4		3.9		21.2		141.8		187.6
Gross Profit	46.1		51.1		(0.9)		0.3		45.2		51.4
Selling and administrative expenses	16.9		18.2		0.6		20.4		17.5		38.6
Amortization of intangible assets	0.9		12.3		—		5.9		0.9		18.2
Loss (gain) on sale	(256.7)		—		8.4		—		(248.3)		—
Other operating expense (income), net	9.2		(0.1)		7.4		1.9		16.6		1.8
Income (Loss) from Discontinued Operations Before Income Taxes	275.8		20.7		(17.3)		(27.9)		258.5		(7.2)
Provision (benefit) for income taxes	162.8		29.2		(0.6)		(11.8)		162.2		17.4
Income (Loss) from Discontinued Operations, Net of Tax	$	113.0	$	(8.5)	$	(16.7)	$	(16.1)	$	96.3	$	(24.6)

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	424.3	$	304.2	$	65.4	$	117.9	$	489.7	$	422.1
Cost of sales	314.9		238.7		54.4		90.8		369.3		329.5
Gross Profit	109.4		65.5		11.0		27.1		120.4		92.6
Selling and administrative expenses	35.3		26.0		4.9		28.6		40.2		54.6
Amortization of intangible assets	10.4		14.9		2.4		11.8		12.8		26.7
Loss (gain) on sale	(256.7)		—		211.7		—		(45.0)		—
Other operating expense, net	16.2		0.7		15.5		5.3		31.7		6.0
Income (Loss) from Discontinued Operations Before Income Taxes	304.2		23.9		(223.5)		(18.6)		80.7		5.3
Provision (benefit) for income taxes	169.7		30.0		(5.1)		(4.5)		164.6		25.5
Income (Loss) from Discontinued Operations, Net of Tax	$	134.5	$	(6.1)	$	(218.4)	$	(14.1)	$	(83.9)	$	(20.2)

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The carrying amount of major classes of assets and liabilities classified that were included in discontinued operations at June 30, 2021 and December 31, 2020 related to SVT and HPS are shown in the table below. Long-term assets and liabilities as of June 30, 2021 have been reclassified as current in the Condensed Consolidated Balance Sheets.

	June 30, 2021 (1)		December 31, 2020 (2)
Assets
Current assets:
Accounts receivable, net	$	18.7	$	104.8
Inventories	19.6		226.9
Other current assets	4.5		5.7
Total current assets	42.8		337.4
Property, plant and equipment, net	2.1		188.3
Goodwill	0.8		721.0
Other intangible assets, net	28.0		935.4
Deferred tax assets	—		0.5
Other assets	—		17.6
Total non-current assets	30.9		1,862.8
Total assets	$	73.7	$	2,200.2
Liabilities
Current liabilities:
Accounts payable	$	32.3	$	134.7
Accrued liabilities	31.8		78.2
Total current liabilities	64.1		212.9
Pensions and other postretirement benefits	—		2.5
Deferred income taxes	3.8		173.3
Other liabilities	—		17.0
Total non-current liabilities	3.8		192.8
Total liabilities	$	67.9	$	405.7

(1)Primarily relates to non-U.S. subsidiaries for which legal ownership will transfer in the second half of 2021.

(2)Total assets and total liabilities related to SVT were $1,512.7 million and $354.1 million, respectively, at December 31, 2020.

The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the six months periods ended June 30, 2021 and 2020 include the following:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Loss (gain) on sale	$	(256.7)	$	—	$	211.7	$	—	$	(45.0)	$	—
Depreciation and amortization	14.8		19.8		4.0		18.2		18.8		38.0
Stock-based compensation expense	8.2		0.4		2.7		0.4		10.9		0.8
Capital expenditures	1.6		1.3		0.3		1.4		1.9		2.7

Note 3. Business Combinations

Acquisitions in 2021

On January 31, 2021, the Company acquired the Vacuum and Blower Systems division of Tuthill Corporation for cash consideration of $184.4 million. The business operates under the tradenames M-D Pneumatics and Kinney Vacuum Pumps and is a leader in the design and manufacture of positive displacement blowers, mechanical vacuum pumps, vacuum boosters and

15

engineered blower and vacuum systems. The results of this business are reported within the Industrial Technologies and Services segment from the date of acquisition. Due to the timing of the acquisition, the allocation of purchase price is preliminary and will be refined as additional information becomes available. The preliminary goodwill recognized of $80.0 million is attributable to the expected cost synergies, anticipated growth of new and existing customers, and the assembled workforce. The goodwill resulting from this acquisition is expected to be deductible for tax purposes.

Also in the six months ended June 30, 2021, the Company acquired five sales and service businesses in the Industrial Technologies and Services segment and one pump technology business in the Precision Science and Technologies segment. The aggregate consideration for these acquisitions was $31.5 million.

The following table summarizes the preliminary allocation of consideration to the fair values of identifiable assets acquired and liabilities assumed at the acquisition date.

	M-D Pneumatics and Kinney Vacuum Pumps		All Others
Accounts receivable	$	4.8	$	2.5
Inventories	3.8		2.7
Other current assets	0.6		—
Property, plant and equipment	16.2		2.5
Goodwill	80.0		3.5
Other intangible assets	82.5		23.9
Total current liabilities	(3.5)		(1.8)
Total noncurrent liabilities	—		(1.8)
Total consideration	$	184.4	$	31.5

The revenue and operating income included in the financial statements for these acquisitions subsequent to their date of acquisition is $31.5 million and $4.0 million, respectively.

Acquisition of Ingersoll Rand Industrial in 2020

On February 29, 2020, Ingersoll Rand (formerly Gardner Denver Holdings, Inc.) completed the acquisition of and merger with Ingersoll Rand Industrial in exchange for shares of the Company's common stock with a fair value of $6,937.0 million.

Fair value of Ingersoll Rand common stock issued for Ingersoll Rand Industrial outstanding common stock	$	6,919.5
Fair value attributable to pre-merger service for replacement equity awards	8.6
Fair value attributable to pre-merger service for deferred compensation plan	8.9
Total purchase consideration	$	6,937.0

Ingersoll Rand Industrial was separated from Ingersoll Rand plc (subsequently renamed Trane Technologies Plc) through a distribution to shareholders of Trane Technologies and subsequently merged with Gardner Denver Holdings, Inc. This transaction was accounted for as a business combination. The assets and liabilities of Ingersoll Rand Industrial were measured at their fair values as of the date of the merger. The determination of fair values required the Company to make estimates about expected future cash flows, discount rates, royalty rates and other subjective assumptions and future events that are highly uncertain. These measurements were finalized within one year of the closing date of the transaction.

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The following table summarizes the allocation of consideration to the fair values of assets acquired and liabilities assumed of Ingersoll Rand Industrial as of February 29, 2020. Included in these amounts are assets and liabilities of SVT, which has been reported as a discontinued operation in these Condensed Consolidated financial statements. Refer to Note 2 for further information on the sale of SVT.

	Fair value
Cash	$	38.8
Accounts receivable	585.8
Inventories	625.4
Other current assets	87.2
Property, plant and equipment	516.5
Goodwill	4,899.2
Other intangible assets	3,766.6
Other noncurrent assets	270.9
Total current liabilities, including current maturities of long-term debt of $19.0 million	(753.0)
Deferred tax liability	(842.4)
Long-term debt, net of debt issuance costs and an original issue discount	(1,851.7)
Other noncurrent liabilities	(333.0)
Noncontrolling interest	(73.3)
Total consideration	$	6,937.0

The Company incurred $87.3 million of acquisition-related costs, including $42.3 million during the three-month period ended March 31, 2020. The remainder was incurred in 2019. These costs are presented within “Other operating expenses, net” in the Condensed Consolidated Statements of Operations. For additional information, see Note 2 “Business Combinations” of the annual report on Form 10-K for the year ended December 31, 2020.

Results of Ingersoll Rand Industrial Subsequent to the Acquisition

The operating results of Ingersoll Rand Industrial have been included in the Company’s condensed consolidated financial statements since the date of acquisition. The results of Ingersoll Rand Industrial in the year of acquisition are shown below. These amounts include the effects of purchase accounting adjustments, primarily the amortization of intangible assets and the impacts on operating expenses of fair value adjustments to acquired inventory and property, plant and equipment. The amounts below exclude the operating results of SVT, which has been reported as a discontinued operation as a result of the transaction discussed in Note 2.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Revenues	$	609.0	$	815.7
Income (Loss) from Continuing Operations Before Income Taxes	(82.1)		(124.8)

Unaudited Pro Forma Information

The following unaudited pro forma financial information summarizes the combined results of operations for the Company and Ingersoll Rand Industrial as if the acquisition had been completed on January 1, 2019. The pro forma results have been prepared for comparative purposes only and do not necessarily represent what the revenue or results of operations would have been had the acquisition been completed on January 1, 2019. In addition, these results are not intended to be a projection of future operating results and do not reflect synergies that might be achieved. These amounts include revenue and net income attributable to SVT

17

that are reported within Income (loss) from discontinued operations, net of tax on the Condensed Consolidated Statement of Operations.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Revenues	$	1,271.6	$	2,541.3
Net Income (Loss)	7.0		6.8

The unaudited pro forma information includes adjustments for the preliminary purchase price allocation (including, but not limited to, amortization and depreciation for intangible assets and property, plant and equipment acquired, adjustments to stock-based compensation expense, fair value adjustments to acquired inventories, the purchase accounting effect on deferred revenue, interest expense and amortization of debt issuance costs, transaction costs and related tax impacts) and the alignment of accounting policies.

The table below reflects the impact of material and nonrecurring adjustments to the unaudited pro forma results for the three and six month periods ended June 30, 2020 that are directly attributable to the acquisition.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	$	5.6	$	5.5
Decrease to expense as a result of inventory fair value adjustment, net of tax	(58.5)		(89.6)
Decrease to expense as a result of transaction costs, net of tax	—		(38.1)

Settlement of post-acquisition contingencies

During the three months ended June 30, 2021, the Company and Trane Technologies concluded several post-closing steps of the Ingersoll Rand Industrial transaction. These steps included determining the final measurements of transferred working capital, indebtedness and retirement plan funding. Upon finalizing these measurements, Trane Technologies agreed to make a net payment of $49.5 million to Ingersoll Rand. This payment was made in July 2021. The Company realized a gain of $30.1 million during the second quarter to adjust its receivables for these items. This gain is reported within "Other income, net" on the Condensed Consolidated Statement of Operations.

Other Acquisitions in 2020

On September 1, 2020, the Company acquired a manufacturer of electric peristaltic pumps for cash consideration, net of cash acquired, of $15.5 million and deferred consideration of $0.9 million. The results of this business are reported within the Precision and Science Technologies segment from the date of acquisition.

Also in the third quarter, within the Industrial Technologies and Services segment, the Company acquired two sales and service businesses for cash consideration of $15.0 million and deferred consideration of $5.1 million.

The revenue and operating income for the six months ended June 30, 2020 included in the financial statements for these acquisitions subsequent to their date of acquisition is $5.3 million and $2.0 million, respectively.

Note 4. Restructuring

Restructuring Program 2020 to 2022

Subsequent to the acquisition of Ingersoll Rand Industrial, the Company announced a restructuring program (“2020 Plan”) to create efficiencies and synergies, reduce the number of facilities and optimize operating margin within the merged Company. The Company expects to incur total expenses of approximately $350.0 million related to workforce reductions, lease termination costs, other facility rationalization costs and other business related transformation costs from 2020 until 2022. The Company continues to evaluate operating efficiencies and anticipates incurring additional costs in the coming years in connection with these activities, but is unable to estimate those amounts at this time as such plans are not yet finalized.

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For the three month period ended June 30, 2021, expense of $6.8 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($2.5 million for Industrial Technologies and Services, $(0.2) million for Precision and Science Technologies and $4.5 million for Corporate). For the six month period ended June 30, 2021, expense of $9.2 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($4.2 million for Industrial Technologies and Services, $0.1 million for Precision and Science Technologies and $4.9 million for Corporate). Through June 30, 2021, we recognized expense related to the 2020 Plan of $74.5 million, $7.0 million and $10.9 million for Industrial Technologies and Services, Precision and Science Technologies and Corporate, respectively.

The following table summarizes the activity associated with the Company’s restructuring programs for the six month period ended June 30, 2021.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	11.9	$	27.8	$	17.5	$	4.8
Charged to expense - termination benefits	6.2		29.7		8.6		64.9
Charged to expense - other	0.6		(0.3)		0.6		2.5
Payments	(4.2)		(26.3)		(11.8)		(41.3)
Currency translation adjustment and other	0.2		(1.9)		(0.2)		(1.9)
Balance at end of period	$	14.7	$	29.0	$	14.7	$	29.0

Note 5. Inventories

Inventories as of June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021		December 31, 2020
Raw materials, including parts and subassemblies	$	490.4	$	451.0
Work-in-process	87.0		62.2
Finished goods	210.6		194.7
	788.0		707.9
Excess of LIFO costs over FIFO costs	8.8		8.8
Inventories	$	796.8	$	716.7

Note 6. Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill attributable to each reportable segment for the six month period ended June 30, 2021 is presented in the table below.

	Industrial Technologies and Services		Precision and Science Technologies		Total
Balance as of December 31, 2020	$	4,151.2	$	1,431.4	$	5,582.6
Acquisitions	76.7		—		76.7
Foreign currency translation	(18.4)		(3.9)		(22.3)
Balance as of June 30, 2021	$	4,209.5	$	1,427.5	$	5,637.0

As of June 30, 2021, goodwill included accumulated impairment losses of $220.6 million within the Industrial Technologies and Services segment.

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Other Intangible Assets, Net

Other intangible assets as of June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Customer lists and relationships	$	2,857.7	$	(928.1)	$	1,929.6	$	2,835.0	$	(841.3)	$	1,993.7
Technology	293.9		(56.4)		237.5		279.9		(38.1)		241.8
Tradenames	41.5		(17.8)		23.7		41.8		(15.6)		26.2
Other	107.2		(71.7)		35.5		102.8		(58.6)		44.2
Unamortized intangible assets
Tradenames	1,499.2		—		1,499.2		1,491.3		—		1,491.3
Total other intangible assets	$	4,799.5	$	(1,074.0)	$	3,725.5	$	4,750.8	$	(953.6)	$	3,797.2

Intangible Asset Impairment Considerations

As of June 30, 2021, there were no indications that the carrying value of goodwill and other intangible assets may not be recoverable.

Note 7. Accrued Liabilities

Accrued liabilities as of June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021		December 31, 2020
Salaries, wages and related fringe benefits	$	191.5	$	197.0
Contract liabilities	189.2		164.6
Product warranty	42.0		41.1
Operating lease liabilities	40.2		47.1
Restructuring	14.7		17.5
Taxes	439.3		116.1
Other	136.7		125.5
Total accrued liabilities	$	1,053.6	$	708.9

A reconciliation of the changes in the accrued product warranty liability for the three and six month periods ended June 30, 2021 and 2020 are as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	40.4	$	37.6	$	41.1	$	19.1
Product warranty accruals	5.4		3.0		9.8		7.6
Acquired warranty	—		—		0.1		19.8
Settlements	(4.1)		(2.5)		(8.9)		(7.9)
Charged to other accounts(1)	0.3		0.6		(0.1)		0.1
Balance at end of period	$	42.0	$	38.7	$	42.0	$	38.7

(1)Primarily the effects of foreign currency translation adjustments

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Note 8. Benefit Plans

Net Periodic Benefit Cost

The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three and six month periods ended June 30, 2021 and 2020.

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Three Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	1.7	$	1.7	$	1.1	$	1.2	$	—	$	—
Interest cost	2.8		2.8		1.1		1.5		0.1		0.2
Expected return on plan assets	(3.1)		(3.9)		(3.0)		(2.7)		—		—
Recognition of:
Unrecognized prior service cost	—		—		0.1		0.1		(0.1)		—
Unrecognized net actuarial loss	—		—		1.2		0.7		—		—
	$	1.4	$	0.6	$	0.5	$	0.8	$	—	$	0.2

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	3.4	$	2.3	$	2.2	$	1.9	$	—	$	—
Interest cost	5.5		4.0		2.3		3.0		0.3		0.3
Expected return on plan assets	(6.2)		(5.5)		(6.1)		(5.4)		—		—
Recognition of:
Unrecognized prior service cost	—		—		0.1		0.1		(0.2)		—
Unrecognized net actuarial loss	—		—		2.5		1.4		—		—
	$	2.7	$	0.8	$	1.0	$	1.0	$	0.1	$	0.3

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.

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Note 9. Debt

Debt as of June 30, 2021 and December 31, 2020 is summarized as follows.

	June 30, 2021		December 31, 2020
Short-term borrowings	$	—	$	—
Long-term debt:
Revolving credit facility, due 2025	$	—	$	—
Dollar Term Loan B, due 2027(1)	1,874.3		1,883.7
Dollar Term Loan, due 2027(2)	915.1		919.6
Euro Term Loan, due 2027(3)	703.2		728.0
Dollar Term Loan Series A, due 2027(4)	390.9		392.4
Finance leases and other long-term debt	17.9		17.2
Unamortized debt issuance costs	(37.4)		(41.4)
Total long-term debt, net, including current maturities	3,864.0		3,899.5
Current maturities of long-term debt	40.7		40.4
Total long-term debt, net	$	3,823.3	$	3,859.1

(1)As of June 30, 2021, this amount is presented net of unamortized discounts of $1.9 million. As of June 30, 2021, the applicable interest rate was approximately 1.84% and the weighted-average interest rate was 1.86% for the six month period ended June 30, 2021.

(2)As of June 30, 2021, this amount is presented net of unamortized discounts of $0.9 million. As of June 30, 2021, the applicable interest rate was approximately 1.84% and the weighted average interest rate was 1.86% for the six month period ended June 30, 2021.

(3)As of June 30, 2021, this amount is presented net of unamortized discounts of $0.7 million. As of June 30, 2021, the applicable interest rate was 2.00% and the weighted average interest rate was 2.00% for the six month period ended June 30, 2021.

(4)As of June 30, 2021, this amount is presented net of unamortized discounts of $5.1 million. As of June 30, 2021, the applicable interest rate was approximately 2.84% and the weighted average interest rate was 2.86% for the six month period ended June 30, 2021.

Senior Secured Credit Facilities

The Senior Secured Credit Facilities provided senior secured financing consisting of (i) a senior secured term loan facility denominated in U.S. dollars (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Original Dollar Term Loan”), (ii) a senior secured term loan facility denominated in Euros (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Original Euro Term Loan”) and (iii) a senior secured revolving credit facility (as refinanced and otherwise modified from time to time the “Revolving Credit Facility”). The Revolving Credit Facility is available to be drawn in U.S. dollars (“USD”), Euros (“EUR”), Great British Pounds (“GBP”) and other reasonably accepted foreign currencies, subject to certain sublimits for the foreign currencies.

See Note 10 “Debt” to the consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2020 for further information on the Senior Secured Credit Facilities.

As of June 30, 2021, the aggregate amount of commitments under the Revolving Credit Facility was $1,100.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $400.0 million. As of June 30, 2021, the Company had no outstanding borrowings under the Revolving Credit Facility, outstanding letters of credit under the Revolving Credit Facility of $84.1 million and unused availability under the Revolving Credit Facility of $1,015.9 million.

As of June 30, 2021, we were in compliance with all covenants of our Senior Secured Credit Facilities.

Note 10. 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 (“2017 Plan”) as described in Note 17, “Stock-Based Compensation Plans” to the consolidated financial statements in its annual report on Form 10-K for the year ended December 31, 2020.

The Company’s stock-based compensation awards are typically granted in the first quarter of the year and primarily consist of stock options, restricted stock units and performance share units. Eligible employees were also granted restricted stock units, during the three months ended September 30, 2020, that vest ratably over two years, subject to the passage of time and the

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employee's continued employment during such period. In some instances, such as death, awards may vest concurrently with or following an employee's termination.

Stock-Based Compensation

Stock-based compensation expense for the six month periods ended June 30, 2021 and 2020 are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations and are as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Stock-based compensation expense - continuing and discontinued operations	$	29.9	$	12.7	$	54.0	$	16.2
Stock-based compensation expense recognized in discontinued operations	8.4		0.6		10.9		0.8
Stock-based compensation expense recognized in continuing operations	$	21.5	$	12.1	$	43.1	$	15.4

Stock-Based Compensation - Continuing Operations

In the six month period ended June 30, 2021, the $43.1 million of stock-based compensation expense included expense for equity awards granted under the 2013 and 2017 Plan of $42.9 million and an increase in the liability for stock appreciation rights (“SAR”) of $0.2 million. Of the $42.9 million of expense for equity awards granted under the 2013 Plan and 2017 Plan, $28.9 million related to the $150 million equity grant to nearly 16,000 employees worldwide made in the third quarter of 2020 (“All-Employee Equity Grant”).

As of June 30, 2021, there was $132.4 million of total unrecognized compensation expense related to outstanding stock options, restricted stock unit awards and performance stock unit awards.

Stock-Based Compensation - Discontinued Operations

In the six month period ended June 30, 2021, the $10.9 million of stock-based compensation expense included expense for modifications of equity awards of $3.8 million and expense for equity awards granted under the 2013 and 2017 Plan of $7.1 million. The modifications allowed for the vesting of the first tranche of the All-Employee Equity Grant awarded to HPS and SVT employees despite their termination due to the divestitures. Of the $7.1 million of expense for equity awards granted under the 2013 Plan and 2017 Plan, $5.4 million related to the All-Employee Equity Grant.

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 or five years and expire ten years from the date of grant.

A summary of the Company’s stock option (including SARs) activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2020	7,742	$	18.47
Granted	758	45.58
Exercised or settled	(800)	16.83
Forfeited	(209)	30.57
Expired	(5)	9.07
Stock options outstanding as of June 30, 2021	7,486	21.06
Vested as of June 30, 2021	5,041	15.69

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The following assumptions were used to estimate the fair value of options granted during the six month periods ended June 30, 2021 and 2020 using the Black-Scholes option-pricing model.

	For the Six Month Period Ended June 30,
Assumptions	2021		2020
Expected life of options (in years)	6.3		6.3
Risk-free interest rate	0.9% - 1.1%		0.4% - 1.5%
Assumed volatility	39.1% - 39.4%		24.6% - 41.1%
Expected dividend rate	0.0	%	0.0	%

Restricted Stock Unit Awards

Restricted stock units are granted to employees and non-employee directors based on the market price of the Company’s common stock on the grant date and recognized in compensation expense over the vesting period. A summary of the Company’s restricted stock unit activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2020	5,546	$	33.09
Granted	326	45.58
Vested	(711)	30.30
Forfeited	(532)	34.15
Non-vested as of June 30, 2021	4,629	34.28

Performance Share Unit Awards

Performance share units are granted to employees and are subject to a three years performance period. 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.

A summary of the Company’s performance stock unit activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2020	255	$	29.72
Granted	158	55.84
Forfeited	(20)	36.36
Non-vested as of June 30, 2021	393	39.89

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The following assumptions were used to estimate the fair value of performance share units granted during the six month periods ended June 30, 2021 and 2020 using the Monte Carlo simulation pricing model.

	For the Six Month Period Ended June 30,
Assumptions	2021		2020
Expected term (in years)	2.9		2.8
Risk-free interest rate	0.2	%	0.5	%
Assumed volatility	36.9	%	35.2	%
Expected dividend rate	—	%	—	%

Note 11. Accumulated Other Comprehensive Income (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 intercompany notes of a long-term nature and 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 swaps), net of income taxes; and (iv) pension and other postretirement prior service cost and actuarial gains or losses, net of income taxes. See Note 8 “Benefit Plans” and Note 12 “Hedging Activities, Derivative Instruments and Fair Value Measurements.”

The before tax income (loss) and related income tax effect are as follows.

	For the Three Month Period Ended June 30, 2021						For the Three Month Period Ended June 30, 2020
	Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	51.0	$	(1.9)	$	49.1	$	41.9	$	3.0	$	44.9
Unrecognized gains on cash flow hedges, net	—		—		—		7.3		(1.8)		5.5
Pension and other postretirement benefit prior service cost and gain or loss, net	1.5		(0.2)		1.3		0.4		0.1		0.5
Other comprehensive income (loss)	$	52.5	$	(2.1)	$	50.4	$	49.6	$	1.3	$	50.9

	For the Six Month Period Ended June 30, 2021						For the Six Month Period Ended June 30, 2020
	Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	(56.2)	$	5.5	$	(50.7)	$	(47.7)	$	0.4	$	(47.3)
Unrecognized gains on cash flow hedges, net	—		—		—		8.8		(2.1)		6.7
Pension and other postretirement benefit prior service cost and gain or loss, net	3.0		(0.5)		2.5		3.9		(0.5)		3.4
Other comprehensive income (loss)	$	(53.2)	$	5.0	$	(48.2)	$	(35.0)	$	(2.2)	$	(37.2)

The tables above include only the other comprehensive income (loss), net of tax, attributable to Ingersoll Rand Inc. Other comprehensive loss, net, attributable to noncontrolling interest holders was $1.2 million and $0.4 million for the three month periods ended June 30, 2021 and 2020, respectively, and $2.3 million and $4.4 million for the six month periods ended June 30, 2021 and 2020, respectively, and related entirely to foreign currency translation adjustments.

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Changes in accumulated other comprehensive income (loss) by component for the six month periods ended June 30, 2021 and 2020 are presented in the following table(1).

	Foreign Currency Translation Adjustments, Net		Unrecognized Gains (Losses) on Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2020	$	74.6	$	—	$	(60.4)	$	14.2
Other comprehensive income (loss) before reclassifications	(50.7)		—		0.6		(50.1)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		1.9		1.9
Other comprehensive income (loss)	(50.7)		—		2.5		(48.2)
Divestiture of foreign subsidiaries	(1.5)		—		—		(1.5)
Balance as of June 30, 2021	$	22.4	$	—	$	(57.9)	$	(35.5)

	Foreign Currency Translation Adjustments, Net		Unrecognized Gains (Losses) on Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2019	$	(193.6)	$	(10.9)	$	(51.5)	$	(256.0)
Other comprehensive income (loss) before reclassifications	(47.3)		(3.2)		2.3		(48.2)
Amounts reclassified from accumulated other comprehensive income (loss)	—		9.9		1.1		11.0
Other comprehensive income (loss)	(47.3)		6.7		3.4		(37.2)
Balance as of June 30, 2020	$	(240.9)	$	(4.2)	$	(48.1)	$	(293.2)

(1)All amounts are net of tax. Amounts in parentheses indicate debits.

Reclassifications out of accumulated other comprehensive income (loss) for the six month periods ended June 30, 2021 and 2020 are presented in the following table.

Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	For the Six Month Period Ended June 30, 2021				Affected Line(s) in the Statement Where Net Income is Presented
	2021		2020
Loss on cash flow hedges (interest rate swaps)	$	—	$	13.2	Interest expense
Benefit for income taxes	—		(3.3)		Benefit for income taxes
Loss on cash flow hedges (interest rate swaps), net of tax	$	—	$	9.9
Amortization of defined benefit pension and other postretirement benefit items(1)	$	2.6	$	1.5	Cost of sales and Selling and administrative expenses
Benefit for income taxes	(0.7)		(0.4)		Benefit for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax	$	1.9	$	1.1
Total reclassifications for the period, net of tax	$	1.9	$	11.0

(1)These components are included in the computation of net periodic benefit cost. See Note 8 “Benefit Plans” for additional details.

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Note 12. Hedging Activities, Derivative Instruments and Fair Value Measurements

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 foreign currency forward contracts and interest rate swaps, 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. Fluctuations in interest rates and foreign currency exchange rates can be volatile, and the Company’s risk management activities do not totally eliminate these risks. Consequently, these fluctuations could have a significant effect on the Company’s financial results.

The Company’s exposure to interest rate risk results primarily from its variable-rate borrowings. 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 pay-fixed interest rate swaps, from time to time, as cash flow hedges of variable rate debt in order to adjust the relative fixed and variable proportions.

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. Other than 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 has certain U.S. subsidiaries borrow in currencies other than the USD.

The Company and its subsidiaries are also subject to the risk that arises when they, from time to time, enter into transactions in currencies other than their functional currency. To mitigate this risk, the Company and its subsidiaries typically settle intercompany trading balances at least quarterly. The Company also selectively uses forward currency contracts to manage this risk. These contracts for the sale or purchase of European and other currencies generally mature within one year.

Derivative Instruments

The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.

June 30, 2021
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 Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	78.3	$	0.4	$	—	$	—	$	—
Foreign currency forwards	Fair Value	100.6		—		—		0.8		—

December 31, 2020
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 Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	230.5	$	2.9	$	—	$	—	$	—
Foreign currency forwards	Fair Value	51.2		—		—		0.7		—

(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.

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Losses on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2021 and 2020 are as presented in the table below.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Interest rate swap contracts
Loss recognized in AOCI on derivatives	$	—	$	(0.6)	$	—	$	(4.3)
Loss reclassified from AOCI into income (effective portion)(1)	—		(7.9)		—		(13.2)

(1)Losses on derivatives reclassified from accumulated other comprehensive income (“AOCI”) into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.

As of June 30, 2021, the Company has no interest rate swap contracts. Our previous interest rate swap contracts expired during the third quarter of 2020 and the remaining amounts in AOCI were reclassified to Interest expense during the same period. The Company’s LIBOR-based variable rate borrowings outstanding as of June 30, 2021 were $3,188.2 million and €593.6 million.

The Company had seven foreign currency forward contracts outstanding as of June 30, 2021 with notional amounts ranging from $10.8 million to $48.4 million. These contracts are used to hedge the change in fair value of recognized foreign currency denominated assets or liabilities caused by changes in currency exchange rates. The changes in the fair value of these contracts generally offset the changes in the fair value of a corresponding amount of the hedged items, both of which are included within “Other operating expense, net” in the Condensed Consolidated Statements of Operations. The Company’s foreign currency forward contracts are subject to master netting arrangements or agreements between the Company and each counterparty for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract with that certain counterparty. It is the Company’s practice to recognize the gross amounts in the Condensed Consolidated Balance Sheets. The amount available to be netted is not material.

The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Foreign currency forward contracts gains (losses)	$	0.7	$	0.5	$	(0.1)	$	(2.1)
Total foreign currency transaction gains (losses), net	(3.4)		(4.9)		14.7		(6.9)

The Company has a significant investment in consolidated subsidiaries with functional currencies other than the USD, particularly the EUR. On August 17, 2017, the Company designated its €615.0 million Original Euro Term Loan as a hedge of the Company’s net investment in subsidiaries with EUR functional currencies until it was extinguished and replaced on February 28, 2020 by a €601.2 million Euro Term Loan, further described in Note 9 “Debt”. As of June 30, 2021, the Euro Term Loan of €593.6 million remained designated.

The Company’s gains (losses), net of income tax, associated with changes in the value of debt for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Gain, net of income tax, recorded through other comprehensive income	$	(5.7)	$	(9.1)	$	13.2	$	0.9

The net balance of such gains (losses) included in accumulated other comprehensive income (loss) as of June 30, 2021 and 2020 was $43.9 million and $74.9 million, respectively.

For the periods presented, all cash flows associated with derivatives are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows.

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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, derivatives and debt instruments. The carrying values of cash and cash equivalents, trade accounts receivables, trade accounts payables, and variable rate debt instruments are a reasonable estimate of their respective fair values.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or more advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows.

Level 1    Quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date.

Level 2    Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities as of the reporting date.

Level 3    Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	0.4	$	—	$	0.4
Trading securities held in deferred compensation plan(2)	11.2		—		—		11.2
Total	$	11.2	$	0.4	$	—	$	11.6
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.8	$	—	$	0.8
Deferred compensation plans(2)	25.1		—		—		25.1
Total	$	25.1	$	0.8	$	—	$	25.9

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	2.9	$	—	$	2.9
Trading securities held in deferred compensation plan(2)	9.1		—		—		9.1
Total	$	9.1	$	2.9	$	—	$	12.0
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.7	$	—	$	0.7
Deferred compensation plan(2)	25.7		—		—		25.7
Total	$	25.7	$	0.7	$	—	$	26.4

(1)Based on calculations that use readily observable market parameters at their basis, such as spot and forward rates.

(2)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.

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Goodwill and Other Intangible Assets

Certain of our non-financial assets are subject to impairment analysis, including indefinite-lived intangible assets and goodwill. We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually. Any resulting impairment would require that the asset be recorded at its fair value. At December 31, 2020, we did not have any significant non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis. Refer to Note 6 “Goodwill and Other Intangible Assets” for further discussion pertaining to our annual and interim evaluation of goodwill and other intangible assets for impairment.

Note 13. 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.

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Disaggregation of Revenue

The following tables provide disaggregated revenue by reportable segment for the three month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	391.9	$	103.1	$	495.0
Other Americas	66.6		3.5		70.1
Total Americas	458.5		106.6		565.1
EMEIA	336.3		83.1		419.4
Asia Pacific	252.7		41.9		294.6
Total	$	1,047.5	$	231.6	$	1,279.1
Product Categories
Original equipment	$	623.7	$	198.5	$	822.2
Aftermarket	423.8		33.1		456.9
Total	$	1,047.5	$	231.6	$	1,279.1
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	959.9	$	231.0	$	1,190.9
Revenue recognized over time(2)	87.6		0.6		88.2
Total	$	1,047.5	$	231.6	$	1,279.1

	For the Three Month Period Ended June 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	289.8	$	83.7	$	373.5
Other Americas	70.5		9.9		80.4
Total Americas	360.3		93.6		453.9
EMEIA	247.1		63.7		310.8
Asia Pacific	222.2		38.5		260.7
Total	$	829.6	$	195.8	$	1,025.4
Product Categories
Original equipment	$	502.0	$	169.1	$	671.1
Aftermarket	327.6		26.7		354.3
Total	$	829.6	$	195.8	$	1,025.4
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	750.1	$	195.8	$	945.9
Revenue recognized over time(2)	79.5		—		79.5
Total	$	829.6	$	195.8	$	1,025.4

(1)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.

(2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

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The following tables provide disaggregated revenue by reportable segment for the six month periods ended June 30, 2021 and 2020.

	For the Six Month Period Ended June 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	745.0	$	201.2	$	946.2
Other Americas	126.8		7.0		133.8
Total Americas	871.8		208.2		1,080.0
EMEIA	655.7		163.2		818.9
Asia Pacific	433.8		75.9		509.7
Total	$	1,961.3	$	447.3	$	2,408.6
Product Categories
Original equipment	$	1,152.4	$	377.2	$	1,529.6
Aftermarket	808.9		70.1		879.0
Total	$	1,961.3	$	447.3	$	2,408.6
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	1,807.8	$	445.8	$	2,253.6
Revenue recognized over time(2)	153.5		1.5		155.0
Total	$	1,961.3	$	447.3	$	2,408.6

	For the Six Month Period Ended June 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	466.9	$	133.0	$	599.9
Other Americas	115.8		14.8		130.6
Total Americas	582.7		147.8		730.5
EMEIA	447.7		104.6		552.3
Asia Pacific	303.2		56.2		359.4
Total	$	1,333.6	$	308.6	$	1,642.2
Product Categories
Original equipment	$	805.2	$	268.1	$	1,073.3
Aftermarket	528.4		40.5		568.9
Total	$	1,333.6	$	308.6	$	1,642.2
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	1,209.6	$	308.6	$	1,518.2
Revenue recognized over time(2)	124.0		—		124.0
Total	$	1,333.6	$	308.6	$	1,642.2

(1)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.

(2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

Performance Obligations

The majority of the Company’s contracts have a single performance obligation as the promise to transfer goods and/or services. For contracts with multiple performance obligations, the Company utilizes observable prices to determine standalone selling price

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or cost plus margin if a standalone price is not available. The Company has elected to account for shipping and handling activities as fulfillment costs and not a separate performance obligation. If control transfers and related revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued.

The Company’s primary performance obligations include delivering standard or configured to order (“CTO”) goods to customers, designing and manufacturing a broad range of equipment customized to a customer’s specifications in ETO arrangements, rendering of services (maintenance and repair contracts), and certain extended or service type warranties. For incidental items that are immaterial in the context of the contract, costs are expensed as incurred or accrued at delivery.

As of June 30, 2021, 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 $429.4 million in the next twelve months and $390.6 million in periods thereafter. The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year.

Contract Balances

The following table provides the contract balances as of June 30, 2021 and December 31, 2020 presented in the Condensed Consolidated Balance Sheets.

	June 30, 2021		December 31, 2020
Accounts receivable, net	$	935.8	$	861.8
Contract assets	52.3		60.4
Contract liabilities	190.5		166.2

Accounts receivable, net – Amounts due where the Company’s right to receive cash is unconditional. Customer receivables are recorded at face amount less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for expected losses as a result of customers’ inability to make required payments. Management evaluates the aging of customer receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of customer receivables that may not be collected in the future and records the appropriate provision.

The allowance for credit losses for the three and six month periods ended June 30, 2021 consisted of the following.

	For the Three Month Period Ended June 30, 2021		For the Six Month Period Ended June 30, 2021
Balance at beginning of the period	$	49.2	$	50.9
Provision charged to expense	1.3		1.6
Write-offs, net of recoveries	(1.7)		(2.7)
Foreign currency translation and other	0.5		(0.5)
Balance at end of the period	$	49.3	$	49.3

Contract assets – The Company’s rights to consideration for the satisfaction of performance obligations subject to constraints apart from timing. Contract assets are transferred to receivables when the right to collect consideration becomes unconditional. Contract assets are presented net of progress billings and related advances from customers.

Contract liabilities – Advance payments received from customers for contracts for which revenue is not yet recognized. Contract liability balances are generally recognized in revenue within twelve months.

Contract assets and liabilities are reported in the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities are presented net on a contract level, where required.

Payments from customers are generally due 30-60 days after invoicing. Invoicing for sales of standard products generally coincides with shipment or delivery of goods. Invoicing for CTO and ETO contracts typically follows a schedule for billing at contractual milestones. Payment milestones normally include down payments upon the contract signing, completion of product design, completion of customer’s preliminary inspection, shipment or delivery, completion of installation, and customer’s on-site

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inspection. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets.

The Company has elected the practical expedient from ASC 606-10-32-18 and does not adjust the transaction price for the effects of a financing component if, at contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Note 14. Income Taxes

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,						For the Six Month Period Ended June 30,
	2021			2020			2021			2020
Income (loss) before income taxes	$	151.5		$	(73.5)		$	252.2		$	(181.7)
Provision for income taxes	$	12.5		$	78.4		$	23.1		$	11.5
Effective income tax provision rate	8.3		%	(106.7		%)	9.2		%	(6.3		%)

The decrease in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended June 30, 2021 when compared to the same three month period of 2020 is primarily due to the benefits in 2021 associated with the final settlement on the merger transaction and a restructuring benefit recognized during the second quarter.

The increase in the provision for income taxes and increase in the effective income tax provision rate for the six month period ended June 30, 2021 when compared to the same six month period of 2020 is primarily due to an increase in the pretax book income in jurisdictions with higher effective tax rates combined with decreased earnings in jurisdictions with lower tax rates. This rate increase was mitigated by a reduction of unrecognized tax reserves as a result of the lapse of the limitation on statutes, a benefit associated with the final settlement on the merger transaction, and a restructuring benefit recognized during the second quarter.

Note 15. Other Operating Expense, Net

The components of “Other operating expense, net” for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Other Operating Expense, Net
Foreign currency transaction losses (gains), net	$	3.4	$	4.9	$	(14.7)	$	6.9
Restructuring charges, net(1)	6.8		29.4		9.2		67.4
Acquisition and other transaction related expenses(2)	15.3		12.8		23.6		67.8
Other, net	(0.4)		1.0		1.3		2.5
Total other operating expense, net	$	25.1	$	48.1	$	19.4	$	144.6

(1)See Note 4 “Restructuring.”

(2)Represents costs associated with successful and/or abandoned acquisitions and divestitures, including third-party expenses and post-closure integration costs (including certain incentive and non-incentive cash compensation costs).

Note 16. 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

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Company’s contingencies, reference is made to Note 20, “Contingencies” in the notes to consolidated financial statements in the Company’s 2020 Form 10-K.

Asbestos and Silica Related Litigation

The Company believes that the pending and future asbestos and silica-related lawsuits are not likely to, in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or liquidity. “Accrued liabilities” and “Other liabilities” of the Condensed Consolidated Balance Sheets include a total litigation reserve of $127.5 million and $131.4 million as of June 30, 2021 and December 31, 2020, respectively, with regards to potential liability arising from the Company’s asbestos-related litigation. Asbestos related defense costs are excluded from the asbestos claims liability and are recorded separately as services are incurred. In the event of unexpected future developments, it is possible that the ultimate resolution of these matters may be material to the Company’s consolidated financial position, results of operation or liquidity.

The Company has entered into a series of agreements with certain of its or its predecessors’ legacy insurers and certain potential indemnitors to secure insurance coverage and/or reimbursement for the costs associated with the asbestos and silica-related lawsuits filed against the Company. The Company has an insurance recovery receivable for probable asbestos related recoveries of approximately $132.1 million and $132.1 million as of June 30, 2021 and December 31, 2020, respectively, which was included in “Other assets” in the Condensed Consolidated Balance Sheets. The amounts recorded by the Company for asbestos-related liabilities and insurance recoveries are based on currently available information and assumptions that the Company believes are reasonable based on an evaluation of relevant factors. The actual liabilities or insurance recoveries could be higher or lower than those recorded if actual results vary significantly from the assumptions.

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 $13.4 million and $13.7 million as of June 30, 2021 and December 31, 2020, 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.

Note 17. Segment Results

A description of the Company’s two reportable segments is presented below. During the first quarter of 2021, the Company agreed to sell a majority interest in the business comprising its High Pressure Solutions segment. This sale was substantially completed on April 1, 2021. During the second quarter of 2021, the Company agreed to sell the business comprising its Specialty Vehicle Technologies segment. This sale was substantially completed on June 1, 2021. The HPS and SVT businesses are presented as a discontinued operation in current and prior periods and has been excluded from the segment information below unless otherwise noted. Refer to Note 2 “Discontinued Operations” for further discussion of the sale of majority interest in the High Pressure Solutions business and of the Specialty Vehicle Technologies business.

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, loading systems, power tools and lifting equipment. The Company’s compression and vacuum products are used worldwide in industrial manufacturing, transportation, chemical processing, food and beverage production, 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. The Company’s power tools and lifting equipment are used by customers in industrial manufacturing, vehicle maintenance, energy and other markets for precision fastening, bolt removal, grinding, sanding, drilling, demolition and the safe and efficient lifting, positioning and movement of loads. The Company sells its products primarily through independent distributors worldwide and also sells directly to the customer.

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In the Precision and Science Technologies segment, the Company designs, manufactures and markets a broad range of specialized positive displacement pumps, fluid management equipment and aftermarket parts for medical, laboratory, industrial manufacturing, water and wastewater, chemical processing, energy, food and beverage, agriculture and other markets. The Company’s products are used for a diverse set of applications including precision dosing of chemicals and supplements, blood dialysis, oxygen therapy, food processing, fluid transfer and dispensing, spray finishing and coating, mixing, high-pressure air and gas management and others. The Company sells primarily through a broad global network of specialized and national distributors and original equipment manufacturers (“OEM”) who integrate the Company’s products into their devices and systems.

The Chief Operating Decision Maker (“CODM”) evaluates the performance of the Company’s reportable segments based on, among other measures, Segment Adjusted EBITDA. Management closely monitors the Segment Adjusted EBITDA of each reportable segment to evaluate past performance and actions required to improve profitability. Inter-segment sales and transfers are not significant. 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 business segments. Certain administrative expenses, including senior management compensation, treasury, internal audit, tax compliance, certain information technology, and other corporate functions, are not allocated to the business segments.

The following table provides summarized information about the Company’s operations by reportable segment and reconciles Segment Adjusted EBITDA to Income (Loss) from Continuing Operations Before Income Taxes for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Revenue
Industrial Technologies and Services	$	1,047.5	$	829.6	$	1,961.3	$	1,333.6
Precision and Science Technologies	231.6		195.8		447.3		308.6
Total Revenue	$	1,279.1	$	1,025.4	$	2,408.6	$	1,642.2
Segment Adjusted EBITDA
Industrial Technologies and Services	$	258.6	$	183.8	$	470.1	$	278.6
Precision and Science Technologies	71.1		59.3		138.3		92.2
Total Segment Adjusted EBITDA	$	329.7	$	243.1	$	608.4	$	370.8
Less items to reconcile Segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Corporate expenses not allocated to segments	$	37.6	$	25.6	$	72.3	$	41.1
Interest expense	22.7		30.8		45.8		57.9
Depreciation and amortization expense (a)	101.3		118.9		205.8		177.9
Restructuring and related business transformation costs (b)	6.7		31.0		9.4		69.6
Acquisition and other transaction related expenses and non-cash charges (c)	14.3		90.3		24.8		179.8
Stock-based compensation (d)	21.5		12.1		43.1		14.9
Foreign currency transaction losses (gains), net	3.4		4.9		(14.7)		6.9
Loss on extinguishment of debt (e)	—		—		—		2.0
Gain on settlement of post-acquisition contingencies (f)	(30.1)		—		(30.1)		—
Other adjustments (g)	0.8		3.0		(0.2)		2.4
Income (Loss) from Continuing Operations Before Income Taxes	151.5		(73.5)		252.2		(181.7)
Provision for income taxes	12.5		78.4		23.1		11.5
Loss on equity method investments	(0.7)		—		(0.7)		—
Income (Loss) from Continuing Operations	138.3		(151.9)		228.4		(193.2)
Income (loss) from discontinued operations, net of tax	96.3		(24.6)		(83.9)		(20.2)
Net Income (Loss)	$	234.6	$	(176.5)	$	144.5	$	(213.4)

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a)Depreciation and amortization expense excludes $1.0 million and $0.4 million of depreciation of rental equipment for the three month periods ended June 30, 2021 and 2020, respectively, and excludes $2.0 million and $0.9 million for the six month periods ended June 30, 2021 and 2020, respectively.

b)Restructuring and related business transformation costs consist of the following.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Restructuring charges	$	6.8	$	29.4	$	9.2	$	67.4
Facility reorganization, relocation and other costs	—		0.1		—		0.5
Other, net	(0.1)		1.5		0.2		1.7
Total restructuring and related business transformation costs	$	6.7	$	31.0	$	9.4	$	69.6

c)Represents costs associated with successful and/or abandoned acquisitions and divestitures, including third-party expenses, post-closure integration costs (including certain incentive and non-incentive cash compensation costs) and non-cash charges and credits arising from fair value purchase accounting adjustments.

d)Represents stock-based compensation expense recognized for the three and six month periods ended June 30, 2021 of $21.5 million and $43.1 million, respectively.

Represents stock-based compensation expense recognized for the three and six month periods ended June 30, 2020 of $12.1 million and $15.4 million, respectively, and decreased by $0.5 million for the six month period ended June 30, 2020, due to costs associated with employer taxes.

e)Represents a loss on extinguishment of a portion of the U.S. term loan and the amendment of the revolving credit facility.

f)Represents a gain on settlement of post-acquisition contingencies outside of the measurement period related to adjustments to the transaction price for retirement plan funding and net working capital.

g)Includes (i) effects of amortization of prior service costs and amortization of losses in pension and other postemployment (“OPEB”) expense, (ii) certain legal and compliance costs and (iii) other miscellaneous adjustments.

Note 18. Related Party Transactions

Affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”) own 29,788,635 shares of common stock, or approximately 7% of the total outstanding common stock based on the number of shares outstanding as of June 30, 2021.

Affiliates of KKR participated as a lender in the Company’s Senior Secured Credit Facilities. As of June 30, 2021, KKR held a position in the Euro Term Loan of €38.2 million and a position in the Dollar Term Loan B of $39.5 million.

The Company incurred and paid underwriting fees of $0.8 million and $7.5 million in the three and six month periods ended June 30, 2020, respectively, to KKR Capital Markets LLC, an affiliate of KKR, for services rendered in connection with the term loan transactions.

Note 19. Earnings (Loss) Per Share

The number of weighted-average shares outstanding used in the computations of basic and diluted earnings (loss) per share are as follows.

	For the Three Month Period Ended June 30,		For the Six Month Period Ended June 30,
	2021	2020	2021	2020
Average shares outstanding
Basic	419.9	417.0	419.5	347.2
Diluted	426.8	417.0	426.4	347.2

For the three and six month periods ended June 30, 2021, 0.8 million and 0.7 million, respectively, of anti-dilutive shares were not included in the computation of diluted earnings per share. For the three and six month period ended June 30, 2020, 3.8 million and 3.9 million, respectively, of potentially dilutive stock-based awards were not included in the computation of diluted loss per share as we incurred a net loss during the period.

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Note 20. Subsequent Event

On July 30, 2021, the Company completed the acquisition of Maximus Solutions for cash consideration of approximately C$135.4 million Canadian dollars, subject to post-closing adjustments. Maximus Solutions is a provider of digital controls and Industrial Internet of Things (IIoT) production management systems for the agritech software and controls market. The initial accounting for the business combination, including the estimated fair value of assets and liabilities acquired, is incomplete as a result of the timing of the acquisition. The results of operations of the acquired business will be reported within the Precision and Science Technologies segment beginning in the third quarter of 2021.

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion contains management’s discussion and analysis of our financial condition and results of operations and should be read together with the unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including, but not limited to, those described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q.

Overview

Our Company

We are a leading global provider of mission-critical flow creation technologies and associated aftermarket parts, consumables and services, which we sell across multiple attractive end-markets. We manufacture one of the broadest and most complete ranges of compressor, pump, vacuum and blower products in our markets, which, when combined with our global geographic footprint and application expertise, allows us to provide differentiated product and service offerings to our customers. Our products are sold under a collection of premier, market-leading brands, including Ingersoll Rand, Gardner Denver, CompAir, Nash, Elmo Rietschle, Robuschi, Thomas, Milton Roy, ARO, Emco Wheaton and Runtech Systems, which we believe are globally recognized in their respective end-markets and known for product quality, reliability, efficiency and superior customer service.

Recent Developments

Sale of Majority Interest in HPS Business

On February 14, 2021, the Company entered into an agreement to sell a majority interest in its High Pressure Solutions (“HPS”) business to private equity firm American Industrial Partners. In exchange for its majority interest of 55%, the Company received cash of $278.3 million at closing and retains a 45% common equity interest in the newly-formed entity comprising the HPS business. This transaction substantially closed on April 1, 2021. The sale of the majority interest in the HPS business significantly reduces our direct exposure to the upstream oil and gas market.

The historical financial results of the HPS Segment are reflected in our unaudited condensed consolidated financial statements as discontinued operations. Refer to Note 2 “Discontinued Operations” to our unaudited condensed consolidated financial statements for additional discussion of the sale of the HPS segment.

Sale of Special Vehicle Technologies Segment

On April 9, 2021, the Company entered into an agreement to sell its Specialty Vehicle Technologies segment (“SVT” or “Club Car”) to private equity firm Platinum Equity Advisors, LLC for an aggregate purchase price of $1.68 billion. This transaction substantially closed on June 1, 2021.

The historical financial results of the SVT Segment are reflected in our unaudited condensed consolidated financial statements as discontinued operations. Refer to Note 2 “Discontinued Operations” to our unaudited condensed consolidated financial statements for additional discussion of the SVT divestiture.

Recent and Pending Acquisitions

On June 19, 2021, the Company entered into an agreement to acquire Seepex GmbH, a global leader in progressive cavity (positive displacement) pump technology, for €431.5 million. This transaction is expected to close in Q3 2021, subject to regulatory approvals and customary closing conditions.

On June 25, 2021, the Company entered into an agreement to acquire Maximus Solutions, a provider of digital controls and Industrial Internet of Things (IIoT) production management systems for the agritech software and controls market, for C$135.4 million. This transaction closed on July 30, 2021. Refer to Note 20 “Subsequent Event” to our unaudited condensed consolidated financial statements for additional discussion of this acquisition.

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Our Segments

Effective upon the presentation of the HPS business as discontinued operations, the Company began operating with three reportable segments and effective upon the presentation of the SVT business as discontinued operations, the Company began operating with two reportable segments. As a result of these changes, information that the Company’s chief operating decision maker regularly reviews for purposes of allocating resources and assessing performance changed. Therefore, beginning in the three month period ended June 30, 2021, we report utilizing the two reportable segments of Industrial Technologies and Services and Precision and Science Technologies. Our Chief Operating Decision Maker regularly reviews financial information to allocate resources and assess performance utilizing these reorganized segments. See Note 6 “Goodwill and Other Intangible Assets” for the allocation of goodwill to the remaining reportable segments. See Note 17 “Segment Results” for a description of the remaining reportable segments.

Industrial Technologies and Services

We design, manufacture, market and service a broad range of air and gas compression, vacuum and blower products, fluid transfer equipment, loading systems, power tools and lifting equipment, including associated aftermarket parts, consumables and services. We primarily sell under the Ingersoll Rand, Gardner Denver, CompAir, Elmo Rietschle, Robuschi, Nash, Emco Wheaton and Runtech Systems brands. Our customers deploy our products across a wide array of technologies and applications for use in diverse end-markets. Compressors are used to increase the pressure of air or gas, vacuum products are used to remove air or gas in order to reduce the pressure below atmospheric levels, and blower products are used to produce a high volume of air or gas at low pressure. Almost every manufacturing and industrial facility, and many service and process industry applications, use air compression, vacuum and blower products in a variety of process-critical applications such as the operation of pneumatic tools, pumps and motion control components, air and gas separation, vacuum packaging of food products and aeration of waste water, among others. Our liquid ring vacuum pumps and compressors are used in many power generation, mining, oil and gas refining and processing, chemical processing and general industrial applications including flare gas and vapor recovery, geothermal gas removal, vacuum de-aeration, water extraction in mining and paper and chlorine compression in petrochemical operations. Our 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. Our power tools and lifting equipment portfolio includes electric and cordless fastening systems, pneumatic bolting tools, drilling and material removal tools, hoists, winches and ergonomic handling devices. Typical applications for these products include the precision fastening of bolted joints in the production, assembly and servicing of industrial machinery, on-highway and off-highway vehicles, aircraft, electronics and other equipment.

Our compression products cover the full range of technologies, including rotary screw, reciprocating piston, scroll, rotary vane and centrifugal compressors. Our vacuum products and blowers also cover the full technology spectrum; vacuum technologies include side channel, liquid ring, claw vacuum, screw, turbo and rotary vane vacuum pumps among others, while blower technologies include rotary lobe blowers, screw, claw and vane, side channel and radial blowers. Our liquid ring vacuum pumps and compressors are highly engineered products specifically designed for continuous duty in harsh environments to serve a wide range of applications, including oil and gas refining and processing, mining, chemical processing and industrial applications. In addition to our vacuum and blower technology, our engineered fluid loading and transfer equipment and systems ensure the safe and efficient transportation and transfer of petroleum products as well as certain other liquid commodity products in a wide range of industries.

We complement these products with a broad portfolio of service options tailored to customer needs and a complete range of aftermarket parts, air treatment equipment, controls and other accessories delivered through our global network of manufacturing and service locations and distributor partners. The breadth and depth of our product offering creates incremental business opportunities by allowing us to cross-sell our full product portfolio and uniquely address customers’ needs in one complete solution.

We sell our products through an integrated network of direct sales representatives and independent distributors, which is strategically tailored to meet the dynamics of each target geography or end-market. Our large installed base also provides for a significant stream of recurring aftermarket revenue. For example, the useful life of a compressor is, on average, between 10 and 12 years. However, a customer typically services the compressor at regular intervals, starting within the first two years of purchase and continuing throughout the life of the product. The cumulative aftermarket revenue generated by a compressor over the product’s life cycle will typically exceed its original sale price.

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Precision and Science Technologies

We design, manufacture and market a broad range of highly-specialized positive displacement pumps, fluid management systems and aftermarket parts that provide liquid and gas dosing, transfer, dispensing, compression, sampling, pressure management and flow control in specialized or critical applications. Our product offering covers a range of pump and flow control technologies, including mechanically- and hydraulically-actuated diaphragm pumps, air-operated diaphragm and piston pumps, water-powered pumps, peristaltic pumps, gear pumps, flexible impeller pumps, self-priming centrifugal pumps, syringe pumps, motion control components, filtration/regulation/lubrication components, gas boosters, high pressure valves, hydrogen compression systems, liquid and gas sampling systems, odorant injection systems and more. These offerings are sold under brands that are highly recognized in their end markets including ARO, Dosatron, Haskel, Milton Roy, Oberdorfer, Thomas and Welch. Our customer base is composed of a wide range of end users in markets including medical, laboratory, industrial manufacturing, water and waste water, chemical processing, energy, food and beverage, agriculture and others. Our sales are realized primarily through a combination of independent specialty and national distributors and relationships directly with original equipment manufacturers (“OEM”).

Components of Our Revenue and Expenses

Revenues

We generate revenue from sales of original equipment and associated aftermarket parts, consumables and services. We sell our products and deliver services both directly to end-users and through independent distribution channels, depending on the product line and geography. Revenue derived from short duration contracts is recognized at a single point in time when control is transferred to the customer, generally at shipment or when delivery has occurred or as services are performed. Certain contracts involve significant design engineering to customer specifications, and depending upon the contractual terms, revenue is recognized either over the duration of the contract or at contract completion when equipment is delivered to the customer.

Expenses

Cost of Sales

Cost of sales includes the costs we incur, including purchased materials, labor and overhead related to manufactured products and aftermarket parts sold during a period. Depreciation related to manufacturing equipment and facilities is included in cost of sales. Purchased materials represent the majority of costs of sales, with steel, aluminum, copper and partially finished castings representing our most significant material inputs. Stock-based compensation expense for employees associated with the manufacture of products or delivery of services to customers is included in cost of sales. We have instituted a global sourcing strategy to take advantage of coordinated purchasing opportunities of key materials across our manufacturing plant locations.

Cost of sales for services includes the direct costs we incur, including direct labor, parts and other overhead costs including depreciation of equipment and facilities, to deliver repair, maintenance and other field services to our customers.

Selling and Administrative Expenses

Selling and administrative expenses consist of (i) salaries and other employee-related expenses for our selling and administrative functions and other activities not associated with the manufacture of products or delivery of services to customers; (ii) facility operating expenses for selling and administrative activities, including office rent, maintenance, depreciation and insurance; (iii) marketing and direct costs of selling products and services to customers including internal and external sales commissions; (iv) research and development expenditures; (v) professional and consultant fees; (vi) expenses related to our public stock offerings and to establish public company reporting compliance; (vii) employee related stock-based compensation for our selling and administrative functions and other activities not associated with the manufacture of products or delivery of services to customers; and (viii) other miscellaneous expenses. Certain corporate expenses, including those related to our shared service centers in the United States and Europe, that directly benefit our businesses are allocated to our business segments. Certain corporate administrative expenses, including corporate executive compensation, treasury, certain information technology, internal audit and tax compliance, are not allocated to the business segments.

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Amortization of Intangible Assets

Amortization of intangible assets includes the periodic amortization of intangible assets including customer relationships, tradenames, developed technology, backlog and internally developed software.

Other Operating Expense, Net

Other operating expense, net includes foreign currency transaction gains and losses, net, restructuring charges, certain shareholder litigation settlement recoveries, acquisition and other transaction related expenses and non-cash charges, losses and gains on asset disposals and other miscellaneous operating expenses.

Provision for Income Taxes

The provision for income taxes includes U.S. federal, state and local income taxes and all non-U.S. income taxes. We are subject to income tax in approximately 46 jurisdictions outside of the United States. Because we conduct operations on a global basis, our effective tax rate depends, and will continue to depend, on the geographic distribution of our pre-tax earnings among several different taxing jurisdictions. Our effective tax rate can also vary based on changes in the tax rates of the different jurisdictions, the availability of tax credits and non-deductible items.

Items Affecting our Reported Results

General Economic Conditions and Capital Spending in the Industries We Serve

Our financial results closely follow changes in the industries and end-markets we serve. Demand for most of our products depends on the level of new capital investment and planned and unplanned maintenance expenditures by our customers. The level of capital expenditures depends, in turn, on the general economic conditions as well as access to capital at reasonable cost. In particular, demand for our Industrial Technologies and Services products generally correlates with the rate of total industrial capacity utilization and the rate of change of industrial production. Capacity utilization rates above 80% have historically indicated a strong demand environment for industrial equipment. In the midstream and downstream portions of our Industrial Technologies and Services segment, overall economic growth and industrial production, as well as secular trends, impact demand for our products. In our Precision and Science Technologies segment we expect demand for our products to be driven by favorable trends, including the growth in healthcare spend and expansion of healthcare systems due to an aging population requiring medical care and increased investment in health solutions and safety infrastructures in emerging economies. Over longer time periods, we believe that demand for all of our products also tends to follow economic growth patterns indicated by the rates of change in the GDP around the world, as augmented by secular trends in each segment. Our ability to grow and our financial performance will also be affected by our ability to address a variety of challenges and opportunities that are a consequence of our global operations, including efficiently utilizing our global sales, manufacturing and distribution capabilities and engineering innovative new product applications for end-users in a variety of geographic markets.

Foreign Currency Fluctuations

A significant portion of our revenues, approximately 58% for the six month period ended June 30, 2021, was denominated in currencies other than the U.S. dollar. Because much of our manufacturing facilities and labor force costs are outside of the United States, a significant portion of our costs are also denominated in currencies other than the U.S. dollar. Changes in foreign exchange rates can therefore impact our results of operations and are quantified when significant to our discussion.

Factors Affecting the Comparability of our Results of Operations

As a result of a number of factors, our historical results of operations are not comparable from period to period and may not be comparable to our financial results of operations in future periods. Key factors affecting the comparability of our results of operations are summarized below.

Acquisition of Ingersoll Rand Industrial

On February 29, 2020, we completed the acquisition of Ingersoll Rand Industrial. We reorganized our reportable segments as a result of the Ingersoll Rand Industrial acquisition and formed four new reportable segments.

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•Industrial Technologies and Services segment – Ingersoll Rand Industrial’s Compression Technologies and Services (“CTS”) and Power Tools and Lift (“PTL”) businesses joined the legacy Gardner Denver Industrial segment (excluding the Specialty Pump businesses) and the midstream and downstream portions of the Gardner Denver Energy segment to form the new “Industrial Technologies and Services” segment.

•Precision and Science Technologies segment – Ingersoll Rand Industrial’s Precision Flow Systems (“PFS”) and ARO businesses joined the legacy Gardner Denver Medical segment and Specialty Pump businesses from the legacy Gardner Denver Industrial segment to form the new “Precision and Science Technologies” segment.

•Specialty Vehicle Technologies segment – Ingersoll Rand Industrial’s Club Car golf, utility and consumer low-speed vehicles business formed the new “Specialty Vehicle Technologies” segment. On April 9, 2021, we entered into an agreement to sell the Specialty Vehicle Technologies segment. For additional information, see “―Recent Developments” above and refer to Note 2 “Discontinued Operations” for discussion on the sale of the Specialty Vehicle Technologies segment that closed on June 1, 2021.

•High Pressure Solutions segment – The upstream energy portion of the legacy Gardner Denver Energy segment was disaggregated to form the new “High Pressure Solutions” segment. For additional information, see “―Recent Developments” above and refer to Note 2 “Discontinued Operations” for discussion on the sale of the High Pressure Solutions segment that closed on April 1, 2021.

Ingersoll Rand Industrial is included in our results of operations beginning on the acquisition date (close of business February 29, 2020). Comparability between the six month periods ended June 30, 2021 and 2020 will be affected by two months of activity from Ingersoll Rand Industrial.

See Note 3 “Business Combinations” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further discussion of the acquisition of Ingersoll Rand Industrial.

Impact of Coronavirus (COVID-19)

We continue to assess and actively manage the impact of the ongoing COVID-19 pandemic on our global operations and also the operations of our suppliers and customers. Demand for our products was negatively impacted throughout the majority of 2020 as a result of the pandemic. Demand began to improve in the fourth quarter of 2020 and accelerated in the first half of 2021 as markets strengthened and gained greater visibility to vaccine roll-out strategies in various regions. Order rates in the first half of 2021 were particularly strong and we believe represents some deferred demand from 2020. In order to position ourselves to fulfill demand we continue to monitor the supply chain closely and are taking proactive steps to ensure continuity of supply. We are adhering to all state and country mandates and guidelines wherever we operate. Currently all our major manufacturing locations in the United States, United Kingdom, Germany, Italy, Brazil and China are operational. We have taken certain actions to reduce costs and preserve cash given the uncertain environment. The degree to which the pandemic will continue to impact our operations, and the operations of our customers and suppliers remains uncertain. See “The COVID-19 pandemic has adversely affected our business and results of operations, and could have a material and adverse effect on our business, results of operations and financial condition in the future” in Part I Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.

Restructuring and Other Business Transformation Initiatives

Subsequent to the acquisition of Ingersoll Rand Industrial, we announced a restructuring program (“2020 Plan”) to drive efficiencies and synergies, reduce the number of facilities and optimize operating margins within our merged Company. We expect total expenses of approximately $350.0 million related to workforce reductions, lease termination costs, other facility rationalization costs and other business related transformation costs from 2020 until 2022. We expect to realize approximately $300.0 million in annualized cost synergies by the end of 2022. We continue to evaluate operating efficiencies and anticipate incurring additional costs in the coming years in connection with these activities, but we are unable to estimate those amounts at this time as such plans are not yet finalized.

For the three month period ended June 30, 2021, expense of $6.8 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($2.5 million for Industrial Technologies and Services, $(0.2) million for Precision and Science Technologies and $4.5 million for Corporate). For the six month period ended June 30, 2021, expense of $9.2 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($4.2 million for Industrial Technologies and Services, $0.1 million for Precision and Science Technologies and $4.9 million for Corporate). Through June 30, 2021, we recognized expense related to the 2020 Plan of $74.5 million, $7.0 million, and $10.9 million for Industrial Technologies and Services, Precision and Science Technologies, and Corporate, respectively.

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Outlook

Industrial Technologies and Services Segment

The mission-critical nature of our products across manufacturing processes drives a demand environment and outlook that are correlated with global and regional industrial production, capacity utilization and long-term GDP growth. Economic conditions remain uncertain with regard to COVID-19, and its impact on end markets, however, recent order rates have begun to improve as markets strengthened and gained greater visibility to vaccine roll-out strategies in various regions. In the second quarter of 2021, we had $1,204.0 million of orders in our Industrial Technologies and Services segment, an increase of 52.8% over the second quarter of 2020.

Precision and Science Technologies Segment

During the COVID-19 pandemic, the Precision and Science Technologies segment has seen increased demand for our vacuum pump and compressor solutions used in respirator and ventilator applications. Demand of other products and services which had been negatively impacted in 2020 have begun to recover in 2021 as markets strengthened and gained greater visibility to vaccine roll-out strategies in various regions. In the second quarter of 2021, we had $255.2 million of orders in our Precision and Science Technologies segment, an increase of 26.8% over 2020.

How We Assess the Performance of Our Business

We manage operations through the two business segments described above. In addition to our consolidated GAAP financial measures, we review various non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income and Free Cash Flow.

We believe Adjusted EBITDA and Adjusted Net Income are helpful supplemental measures to assist us and investors in evaluating our operating results as they exclude certain items whose fluctuation from period to period do not necessarily correspond to changes in the operations of our business. Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. We believe that the adjustments applied in presenting Adjusted EBITDA are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that we do not expect to continue at the same level in the future. Adjusted Net Income is defined as net income (loss) including interest, depreciation and amortization of non-acquisition related intangible assets and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions.

We use Free Cash Flow to review the liquidity of our operations. We measure Free Cash Flow as cash flows from operating activities less capital expenditures. We believe Free Cash Flow is a useful supplemental financial measure for us and investors in assessing our ability to pursue business opportunities and investments and to service our debt. Free Cash Flow is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows from operating activities.

Management and our board of directors regularly use these measures as tools in evaluating our operating and financial performance and in establishing discretionary annual compensation. Such measures are provided in addition to, and should not be considered to be a substitute for, or superior to, the comparable measures under GAAP. In addition, we believe that Adjusted EBITDA, Adjusted Net Income and Free Cash Flow are frequently used by investors and other interested parties in the evaluation of issuers, many of which also present Adjusted EBITDA, Adjusted Net Income and Free Cash Flow when reporting their results in an effort to facilitate an understanding of their operating and financial results and liquidity.

Adjusted EBITDA, Adjusted Net Income and Free Cash Flow should not be considered as alternatives to net income (loss) or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA, Adjusted Net Income and Free Cash Flow have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing our results as reported under GAAP.

See “Non-GAAP Financial Measures” below for reconciliation information.

Results of Continuing Operations

Consolidated results should be read in conjunction with the segment results section herein and Note 17 “Segment Results” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q, which provides more detailed

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discussions concerning certain components of our Condensed Consolidated Statements of Operations. All intercompany accounts and transactions have been eliminated within the consolidated results.

The following table presents selected Consolidated Results of Operations of our business for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,						For the Six Month Period Ended June 30,
	2021			2020			2021			2020
Condensed Consolidated Statement of Operations:
Revenues	$	1,279.1		$	1,025.4		$	2,408.6		$	1,642.2
Cost of sales	766.4			716.8			1,443.8			1,130.3
Gross profit	512.7			308.6			964.8			511.9
Selling and administrative expenses	267.2			209.1			519.5			348.5
Amortization of intangible assets	80.3			96.4			164.5			143.1
Other operating expense, net	25.1			48.1			19.4			144.6
Operating income (loss)	140.1			(45.0)			261.4			(124.3)
Interest expense	22.7			30.8			45.8			57.9
Loss on extinguishment of debt	—			—			—			2.0
Other income, net	(34.1)			(2.3)			(36.6)			(2.5)
Income (loss) before income taxes	151.5			(73.5)			252.2			(181.7)
Provision for income taxes	12.5			78.4			23.1			11.5
Loss on equity method investments	(0.7)			—			(0.7)			—
Income (Loss) from Continuing Operations	138.3			(151.9)			228.4			(193.2)
Income (loss) from discontinued operations, net of tax	96.3			(24.6)			(83.9)			(20.2)
Net income (loss)	234.6			(176.5)			144.5			(213.4)
Less: Net income attributable to noncontrolling interests	0.7			1.1			1.0			1.0
Net income (loss) attributable to Ingersoll Rand Inc.	$	233.9		$	(177.6)		$	143.5		$	(214.4)
Percentage of Revenues:
Gross profit	40.1		%	30.1		%	40.1		%	31.2		%
Selling and administrative expenses	20.9		%	20.4		%	21.6		%	21.2		%
Operating income (loss)	11.0		%	(4.4)		%	10.9		%	(7.6)		%
Income (loss) from continuing operations	10.8		%	(14.8)		%	9.5		%	(11.8)		%
Adjusted EBITDA	22.8		%	21.2		%	22.3		%	20.1		%
Other Financial Data:
Adjusted EBITDA (1)	$	292.1		$	217.5		$	536.1		329.7
Adjusted Net Income (1)	194.8			123.3			362.8			177.8
Cash flows - operating activities	147.3			198.8			234.8			196.3
Cash flows - investing activities	(25.0)			(14.3)			(232.2)			20.0
Cash flows - financing activities	(2.3)			378.8			(10.1)			336.9
Free Cash Flow (1)	135.7			183.2			208.9			173.6

(1)See the “Non-GAAP Financial Measures” section for a reconciliation to comparable GAAP measure.

Revenues

Revenues for the three month period ended June 30, 2021 were $1,279.1 million, an increase of $253.7 million, or 24.7%, compared to $1,025.4 million for the same three month period in 2020. The increase in revenues was primarily due to higher

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organic volumes of $132.0 million, favorable impact of foreign currencies of $62.9 million and higher pricing of $31.7 million. Organic volume growth included the adverse impact of COVID-19 in the three month period ended June 30, 2020. The percentage of consolidated revenues derived from aftermarket parts and services was 35.7% in the three month period ended June 30, 2021 compared to 34.6% in the same three month period in 2020.

Revenues for the six month period ended June 30, 2021 were $2,408.6 million, an increase of $766.4 million, or 46.7%, compared to $1,642.2 million for the same six month period in 2020. The increase in revenues was primarily due to acquisitions of $448.3 million, higher organic volumes of $179.7 million, favorable impact of foreign currencies of $92.4 million and higher pricing of $46.0 million. Organic volume growth included the adverse impact of COVID-19 in the six month period ended June 30, 2020. The percentage of consolidated revenues derived from aftermarket parts and services was 36.5% in the six month period ended June 30, 2021 compared to 34.6% in the same six month period in 2020.

Gross Profit

Gross profit for the three month period ended June 30, 2021 was $512.7 million, an increase of $204.1 million, or 66.1%, compared to $308.6 million for the same three month period in 2020, and as a percentage of revenues was 40.1% for the three month period ended June 30, 2021 and 30.1% for the same three month period in 2020. The increase in gross profit is primarily due to higher organic volumes discussed above. The increase in gross profit as a percentage of revenues is due to the runoff of the fair valuation adjustments related to purchase price allocation from inventory into cost of sales in the 2020 period that did not recur in the 2021 period.

Gross profit for the six month period ended June 30, 2021 was $964.8 million, an increase of $452.9 million, or 88.5%, compared to $511.9 million for the same six month period in 2020, and as a percentage of revenues was 40.1% for the six month period ended June 30, 2021 and 31.2% for the same six month period in 2020. The increase in gross profit is primarily due to acquisitions, including Ingersoll Rand Industrial, and the runoff of the fair valuation adjustments related to purchase price allocation from inventory into cost of sales in the 2020 period that did not recur in the 2021 period. The increase in gross profit as a percentage of revenues is primarily due to the runoff of the fair valuation adjustments related to purchase price allocation from inventory into cost of sales in the 2020 period that did not recur in the 2021 period.

Selling and Administrative Expenses

Selling and administrative expenses were $267.2 million for the three month period ended June 30, 2021, an increase of $58.1 million, or 27.8%, compared to $209.1 million for the same three month period in 2020. Selling and administrative expenses as a percentage of revenues increased to 20.9% for the three month period ended June 30, 2021 from 20.4% in the same three month period in 2020. The increase in selling and administrative expenses is primarily due to increased incentive compensation.

Selling and administrative expenses were $519.5 million for the six month period ended June 30, 2021, an increase of $171.0 million, or 49.1%, compared to $348.5 million for the same six month period in 2020. Selling and administrative expenses as a percentage of revenues increased to 21.6% for the six month period ended June 30, 2021 from 21.2% in the same six month period in 2020. The increase in selling and administrative expenses is primarily due to acquisitions, including Ingersoll Rand Industrial and increased incentive compensation.

Amortization of Intangible Assets

Amortization of intangible assets was $80.3 million for the three month period ended June 30, 2021, a decrease of $16.1 million, compared to $96.4 million in the same three month period in 2020. The decrease was primarily due to certain intangible assets, primarily backlog, related to the acquisition of Ingersoll Rand Industrial becoming fully amortized during the period.

Amortization of intangible assets was $164.5 million for the six month period ended June 30, 2021, an increase of $21.4 million, compared to $143.1 million in the same six month period in 2020. The increase was primarily due to the amortization of intangible assets related to the acquisition of Ingersoll Rand Industrial, partially offset by certain intangible assets, primarily backlog, also related to the acquisition of Ingersoll Rand Industrial becoming fully amortized during the period.

Other Operating Expense, Net

Other operating expense, net was $25.1 million for the three month period ended June 30, 2021, a decrease of $23.0 million, compared to $48.1 million in the same three month period in 2020. The decrease was primarily due to lower restructuring charges

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of $22.6 million and lower foreign currency transaction losses, net of $1.5 million, partially offset by higher acquisition and other transaction related expenses and non-cash charges of $2.5 million.

Other operating expense, net was $19.4 million for the six month period ended June 30, 2021, a decrease of $125.2 million, compared to $144.6 million in the same six month period in 2020. The decrease was primarily due to lower restructuring charges of $58.2 million, lower acquisition and other transaction related expenses and non-cash charges of $44.2 million, and higher foreign currency transaction gains, net of $21.6 million.

Interest Expense

Interest expense was $22.7 million for the three month period ended June 30, 2021, a decrease of $8.1 million, compared to $30.8 million in the same three month period in 2020. The decrease was primarily due to a decrease in the weighted-average interest rate. The weighted average interest rate was approximately 2.0% for the three month period ended June 30, 2021 and 3.4% in the same period in 2020.

Interest expense was $45.8 million for the six month period ended June 30, 2021, a decrease of $12.1 million, compared to $57.9 million in the same six month period in 2020. The decrease was primarily due to the weighted average interest rate decreasing to approximately 2.0% for the six month period ended June 30, 2021 when compared to 4.2% in the same period in 2020.

Loss on Extinguishment of Debt

Loss on extinguishment of debt was $2.0 million for the six month period ended June 30, 2020, which was related to the refinancing of the Original Dollar Term Loan and the Original Euro Term Loan.

Other Income, Net

Other income, net was $34.1 million and $2.3 million in the three month periods ended June 30, 2021 and 2020, respectively. The increase was primarily due to a gain on post close settlements.

Other income, net was $36.6 million and $2.5 million in the six month periods ended June 30, 2021 and 2020, respectively. The increase was primarily due to a gain on post close settlements.

Provision for Income Taxes

The provision for income taxes was $12.5 million resulting in a 8.3% effective income tax provision rate for the three month period ended June 30, 2021, compared to a provision for income taxes of $78.4 million resulting in a (106.7)% effective income tax provision rate in the same three month period in 2020. The decrease in the tax provision for the three month period ended June 30, 2021 is primarily due to the benefits in 2021 associated with the final settlement on the merger transaction and a restructuring benefit recognized during this quarter.

The provision for income taxes was $23.1 million resulting in a 9.2% effective income tax provision rate for the six month period ended June 30, 2021, compared to a provision for income taxes of $11.5 million resulting in a (6.3)% effective income tax provision rate in the same six month period in 2020. The increase in the tax provision for the six month period ended June 30, 2021 is primarily due to an increase in the pretax book income in jurisdictions with higher effective tax rates combined with decreased earnings in jurisdictions with lower tax rates. This rate increase was mitigated by a reduction of unrecognized tax reserves as a result of the lapse of the limitation on statues, a benefit associated with the final settlement on the merger transaction, and a restructuring benefit recognized during this quarter.

Net Income (Loss)

Net income was $234.6 million for the three month period ended June 30, 2021 compared to net loss of $176.5 million in the same three month period in 2020. The increase in net income was primarily due to the gain on sale (see “―Results of Discontinued Operations” below), higher gross profit on increased revenues, increased other income, net, decreased other

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operating expenses, net, lower amortization of intangible assets, and lower interest expense, partially offset by higher selling and administrative expenses.

Net income was $144.5 million for the six month period ended June 30, 2021 compared to net loss of $213.4 million in the same six month period in 2020. The change in net income (loss) was primarily due to higher gross profit on increased revenues, the gain on sale (see “―Results of Discontinued Operations” below), decreased other operating expenses, net, increased other income, net, and lower interest expense, partially offset by higher selling and administrative expenses and higher amortization.

Adjusted EBITDA

Adjusted EBITDA increased $74.6 million to $292.1 million for the three month period ended June 30, 2021 compared to $217.5 million in the same three month period in 2020. Adjusted EBITDA as a percentage of revenues increased 160 basis points to 22.8% for the three month period ended June 30, 2021 from 21.2% for the same three month period in 2020. The increase in Adjusted EBITDA was primarily due to higher organic sales volume of $50.7 million, higher pricing of $31.7 million and favorable impact of foreign currencies of $16.4 million, partially offset by higher selling and administrative expenses of $41.8 million. The increase in Adjusted EBITDA as a percentage of revenues is primarily attributable to productivity related actions implemented subsequent to the acquisition of Ingersoll Rand Industrial including procurement initiatives, Innovate 2 Value (“I2V”) initiatives and structural selling and administrative cost actions.

Adjusted EBITDA increased $206.4 million to $536.1 million for the six month period ended June 30, 2021 compared to $329.7 million in the same six month period in 2020. Adjusted EBITDA as a percentage of revenues increased 220 basis points to 22.3% for the six month period ended June 30, 2021 from 20.1% for the same six month period in 2020. The increase in Adjusted EBITDA was primarily due to acquisitions, including Ingersoll Rand Industrial, of $105.7 million, higher organic sales volume of $69.8 million, higher pricing of $46.0 million and favorable impact of foreign currencies of $23.9 million, partially offset by higher selling and administrative expenses of $51.8 million. The increase in Adjusted EBITDA as a percentage of revenues is primarily attributable to productivity related actions implemented subsequent to the acquisition of Ingersoll Rand Industrial including procurement initiatives, I2V initiatives and structural selling and administrative cost actions.

Adjusted Net Income

Adjusted Net Income increased $71.5 million to $194.8 million for the three month period ended June 30, 2021 compared to $123.3 million in the same three month period in 2020. The increase was primarily due to increased Adjusted EBITDA and lower interest expense , partially offset by an increased income tax provision, as adjusted.

Adjusted Net Income increased $185.0 million to $362.8 million for the six month period ended June 30, 2021 compared to $177.8 million in the same six month period in 2020. The increase was primarily due to increased Adjusted EBITDA and lower interest expense, partially offset by an increased income tax provision, as adjusted.

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Non-GAAP Financial Measures

Set forth below are the reconciliations of Net Income (Loss) to Adjusted EBITDA and Adjusted Net Income and Cash Flows from Operating Activities to Free Cash Flow.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Net Income (Loss)	$	234.6	$	(176.5)	$	144.5	$	(213.4)
Less: Income (loss) from discontinued operations	258.5		(7.2)		80.7		5.3
Less: Income tax provision from discontinued operations	(162.2)		(17.4)		(164.6)		(25.5)
Income (loss) from continuing operations, net of tax	138.3		(151.9)		228.4		(193.2)
Plus:
Interest expense	22.7		30.8		45.8		57.9
Provision for income taxes	12.5		78.4		23.1		11.5
Depreciation expense (a)	21.0		22.5		41.3		34.8
Amortization expense (b)	80.3		96.4		164.5		143.1
Restructuring and related business transformation costs (c)	6.7		31.0		9.4		69.6
Acquisition related expenses and non-cash charges (d)	14.3		90.3		24.8		179.8
Stock-based compensation (e)	21.5		12.1		43.1		14.9
Foreign currency transaction losses (gains), net	3.4		4.9		(14.7)		6.9
Loss on equity method investments	0.7		—		0.7		—
Loss on extinguishment of debt (f)	—		—		—		2.0
Gain on settlement of post-acquisition contingencies (g)	(30.1)		—		(30.1)		—
Other adjustments (h)	0.8		3.0		(0.2)		2.4
Adjusted EBITDA	$	292.1	$	217.5	$	536.1	$	329.7
Minus:
Interest expense	$	22.7	$	30.8	$	45.8	$	57.9
Income tax provision, as adjusted (i)	49.6		38.5		77.6		56.1
Depreciation expense	21.0		22.5		41.3		34.8
Amortization of non-acquisition related intangible assets	4.0		2.4		8.6		3.1
Adjusted Income from Continuing Operations, Net of Tax	$	194.8	$	123.3	$	362.8	$	177.8
Free Cash Flow from Continuing Operations:
Cash flows - operating activities	$	147.3	$	198.8	$	234.8	$	196.3
Minus:
Capital expenditures	11.6		15.6		25.9		22.7
Free Cash Flow from Continuing Operations	$	135.7	$	183.2	$	208.9	$	173.6

(a)Depreciation expense excludes $1.0 million and $0.4 million of depreciation of rental equipment for the three month periods ended June 30, 2021 and 2020, respectively, and excludes $2.0 million and $0.9 million for the six month periods ended June 30, 2021 and 2020.

(b)Represents $76.3 million and $94.0 million of amortization of intangible assets arising from the acquisition of Ingersoll Rand Industrial and other acquisitions (customer relationships, technology, tradenames and backlog) and $4.0 million and $2.4 million of amortization of non-acquisition related intangible assets, in each case for the three month periods ended June 30, 2021 and 2020, respectively.

Represents $155.9 million and $140.0 million of amortization of intangible assets arising from the acquisition of Ingersoll Rand Industrial and other acquisitions (customer relationships, technology, tradenames and backlog) and $8.6 million and $3.1 million of amortization of non-acquisition related intangible assets, in each case for the six month periods ended June 30, 2021 and 2020, respectively.

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(c)Restructuring and related business transformation costs consisted of the following.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Restructuring charges	$	6.8	$	29.4	$	9.2	$	67.4
Facility reorganization, relocation and other costs	—		0.1		—		0.5
Other, net	(0.1)		1.5		0.2		1.7
Total restructuring and related business transformation costs	$	6.7	$	31.0	$	9.4	$	69.6

(d)Represents costs associated with successful and/or abandoned acquisitions and divestitures, including third-party expenses, post-closure integration costs (including certain incentive and non-incentive cash compensation costs), and non-cash charges and credits arising from fair value purchase accounting adjustments.

(e)Represents stock-based compensation expense recognized for the three and six month periods ended June 30, 2021 of $21.5 million and $43.1 million.

Represents stock-based compensation expense recognized for the three and six month periods ended June 30, 2020 of $12.1 million and $15.4 million, decreased by $0.5 million for the six month period ended June 30, 2020 due to costs associated with employer taxes.

(f)Represents losses on extinguishment of a portion of the U.S. term loan and the amendment of the revolving credit facility.

(g)Represents a gain on settlement of post-acquisition contingencies outside of the measurement period related to adjustments to the transaction price for retirement plan funding and net working capital.

(h)Includes (i) effects of the amortization of prior service costs and amortization of losses in pension and other postemployment (“OPEB”) expense, (ii) certain legal and compliance costs and (iii) other miscellaneous adjustments.

(i)Represents our income tax provision adjusted for the tax effect of pre-tax items excluded from Adjusted Net Income and the removal of the applicable discrete tax items. The tax effect of pre-tax items excluded from Adjusted Income is computed using the statutory tax rate related to the jurisdiction that was impacted by the adjustment after taking into account the impact of permanent differences and valuation allowances. Discrete tax items include changes in tax laws or rates, changes in uncertain tax positions relating to prior years and changes in valuation allowances. The adjusted amounts are then used to calculate an adjusted provision for the quarter.

The income tax provision, as adjusted for each of the periods presented below consisted of the following.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Provision for income taxes	$	12.5	$	78.4	$	23.1	$	11.5
Tax impact of pre-tax income adjustments	36.4		(39.5)		44.6		48.6
Discrete tax items	0.7		(0.4)		9.9		(4.0)
Income tax provision, as adjusted	$	49.6	$	38.5	$	77.6	$	56.1

Segment Results

We classify our business into two segments: Industrial Technologies and Services and Precision and Science Technologies. Our Corporate operations are not discussed separately as any results that had a significant impact on operating results are included in the “Results of Operations” discussion above. We recast certain prior period amounts to conform to the way we are internally managed and how we monitor segment performance during the current fiscal year.

We evaluate the performance of our segments based on Segment Revenues and Segment Adjusted EBITDA. Segment Adjusted EBITDA is indicative of operational performance and ongoing profitability. Our management closely monitors Segment Adjusted EBITDA to evaluate past performance and identify actions required to improve profitability.

The segment measurements provided to and evaluated by the chief operating decision maker are described in Note 17 “Segment Results” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.

Segment Results for the Three and Six Month Periods Ended June 30, 2021 and 2020

The following tables display Segment Revenues, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin (Segment Adjusted EBITDA as a percentage of Segment Revenues) for each of our Segments.

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Industrial Technologies and Services Segment Results

	For the Three Month Period Ended June 30,						Percent Change
	2021			2020			2021 vs. 2020
Segment Revenues	$	1,047.5		$	829.6		26.3	%
Segment Adjusted EBITDA	$	258.6		$	183.8		40.7	%
Segment Margin	24.7		%	22.2		%	250	bps

Segment Revenues for the three month period ended June 30, 2021 were $1,047.5 million, an increase of $217.9 million, or 26.3%, compared to $829.6 million in the same three month period in 2020. The increase in Segment Revenues was due to higher organic volumes of $112.5 million or 13.6%, favorable impact of foreign currencies of $52.6 million or 6.3%, higher pricing of $28.1 million or 3.4%, and acquisitions of $24.7 million or 3.0%. Organic volume growth included the adverse impact of COVID-19 in the three month period ended June 30, 2020. The percentage of Segment Revenues derived from aftermarket parts and service was 40.5% in the three month period ended June 30, 2021 compared to 39.5% in the same three month period in 2020.

Segment Adjusted EBITDA for the three month period ended June 30, 2021 was $258.6 million, an increase of $74.8 million, or 40.7%, from $183.8 million in the same three month period in 2020. Segment Adjusted EBITDA Margin increased 250 basis points to 24.7% from 22.2% in 2020. The increase in Segment Adjusted EBITDA was primarily due to higher organic sales volume of $41.8 million or 22.7%, higher pricing of $28.1 million or 15.3%, favorable impact of foreign currencies of $13.8 million or 7.5%, productivity related procurement and I2V initiatives of $12.3 million or 6.7%, and acquisitions of $7.7 million or 4.2%, partially offset by higher selling and administrative costs of $25.5 million or 13.9%.

	For the Six Month Period Ended June 30,						Percent Change
	2021			2020			2021 vs. 2020
Segment Revenues	$	1,961.3		$	1,333.6		47.1	%
Segment Adjusted EBITDA	$	470.1		$	278.6		68.7	%
Segment Margin	24.0		%	20.9		%	310	bps

Segment Revenues for the six month period ended June 30, 2021 were $1,961.3 million, an increase of $627.7 million, or 47.1%, compared to $1,333.6 in the same six month period in 2020. The increase in Segment Revenues was primarily due to acquisitions, including of Ingersoll Rand Industrial, of $361.8 million or 27.1%, higher organic volume of $148.2 million or 11.1%, favorable impact of foreign currencies of $77.0 million or 5.8% and higher pricing of $40.7 million or 3.1%. Organic volume growth includeded the adverse impact of COVID-19 in the six month period ended June 30, 2020. The percentage of Segment Revenues derived from aftermarket parts and service was 41.2% in the six month period ended June 30, 2021 compared to 39.6% in the same six month period in 2020.

Segment Adjusted EBITDA for the six month period ended June 30, 2021 was $470.1 million, an increase of $191.5 million, or 68.7%, from $278.6 million in the same six month period in 2020. Segment Adjusted EBITDA Margin increased 310 bps to 24.0% from 20.9% in 2020. The increase in Segment Adjusted EBITDA was primarily due to acquisitions, including Ingersoll Rand Industrial, of $82.7 million or 29.7%, higher organic sales volumes of $55.6 million or 20.0%, higher pricing of $40.7 million or 14.6%, favorable impact of foreign currencies of $20.0 million or 7.2%, and productivity related procurement and I2V initiatives of $18.9 million or 6.8%, partially offset by higher selling and administrative costs of $22.7 million or 8.1%.

Precision and Science Technologies Segment Results

	For the Three Month Period Ended June 30,						Percent Change
	2021			2020			2021 vs. 2020
Segment Revenues	$	231.6		$	195.8		18.3	%
Segment Adjusted EBITDA	$	71.1		$	59.3		19.9	%
Segment Margin	30.7		%	30.3		%	40	bps

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Segment Revenues for the three month period ended June 30, 2021 were $231.6 million, an increase of $35.8 million, or 18.3%, compared to $195.8 million in the same three month period in 2020. The increase in Segment Revenues was primarily due to higher organic volume of $19.5 million or 10.0%, favorable impact of foreign currencies of $10.3 million or 5.3%, higher pricing of $3.6 million or 1.8%, and acquisitions of $2.4 million or 1.2%. Organic volume growth included the adverse impact of COVID-19 in the three month period ended June 30, 2020. The percentage of Segment Revenues derived from aftermarket parts and service was 14.3% in the three month period ended June 30, 2021 compared to 13.6% in the same three month period in 2020.

Segment Adjusted EBITDA for the three month period ended June 30, 2021 was $71.1 million, an increase of $11.8 million, or 19.9%, from $59.3 million in the same three month period in 2020. Segment Adjusted EBITDA Margin increased 40 basis points to 30.7% from 30.3% in 2020. The increase in Segment Adjusted EBITDA was primarily due to higher organic sales volume of $8.9 million or 15.0%, favorable impact of foreign currencies of $3.6 million or 6.1%, higher pricing of $3.6 million or 6.1%, and acquisitions of $0.6 million or 1.0%, partially offset by higher selling and administrative costs of $2.6 million or 4.4%.

	For the Six Month Period Ended June 30,						Percent Change
	2021			2020			2021 vs. 2020
Segment Revenues	$	447.3		$	308.6		44.9	%
Segment Adjusted EBITDA	$	138.3		$	92.2		50.0	%
Segment Margin	30.9		%	29.9		%	100	bps

Segment Revenues for the six month period ended June 30, 2021 were $447.3 million, an increase of $138.7 million, or 44.9%, compared to $308.6 million in the same six month period in 2020. The increase in Segment Revenues was primarily due to acquisitions, including Ingersoll Rand Industrial, of $86.5 million or 28.0%, higher organic volume of $31.5 million or 10.2%, favorable impact of foreign currencies of $15.4 million or 5.0% and higher pricing of $5.3 million or 1.7%. Organic volume growth included the adverse impact of COVID-19 in the six month period ended June 30, 2020. The percentage of Segment Revenues derived from aftermarket parts and service was 15.7% in the six month period ended June 30, 2021 compared to 13.1% in the same six month period in 2020.

Segment Adjusted EBITDA for the six month period ended June 30, 2021 was $138.3 million, an increase of $46.1 million, or 50.0%, from $92.2 million in the same six month period in 2020. Segment Adjusted EBITDA Margin increased 100 bps to 30.9% from 29.9% in 2020. The increase in Segment Adjusted EBITDA was primarily due to acquisitions, including Ingersoll Rand Industrial, of $25.0 million or 27.1%, higher organic sales volume of $14.2 million or 15.4%, favorable impact of foreign currencies of $5.5 million or 6.0% and higher pricing of $5.3 million or 5.7%, partially offset by higher selling and administrative costs of $2.1 million or 2.3%.

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Results of Discontinued Operations

Results of Discontinued Operations - SVT

The following table presents selected Consolidated Results of Operations of our business for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Revenues	$	184.0	$	217.5	$	424.3	$	304.2
Cost of sales	137.9		166.4		314.9		238.7
Gross profit	46.1		51.1		109.4		65.5
Selling and administrative expenses	16.9		18.2		35.3		26.0
Amortization of intangible assets	0.9		12.3		10.4		14.9
Gain on sale	(256.7)		—		(256.7)		—
Other operating expense, net	9.2		(0.1)		16.2		0.7
Income before income taxes	275.8		20.7		304.2		23.9
Provision for income taxes	162.8		29.2		169.7		30.0
Income (Loss) from Continuing Operations	$	113.0	$	(8.5)	$	134.5	$	(6.1)

Revenues

Revenues for the three month period ended June 30, 2021 were $184.0 million, a decrease of $33.5 million, or 15.4%, compared to $217.5 million in the same three month period in 2020. The decrease in revenues from discontinued operations was primarily due to the sale being substantially completed on June 1, 2021.

Revenues for the six month period ended June 30, 2021 were $424.3 million, an increase of $120.1 million, or 39.5%, compared to $304.2 million in the same six month period in 2020. The increase in revenues from discontinued operations was primarily due to five months of activity for the six month period ended June 30, 2021 compared to four months in the same six month period in 2020.

Gross Profit

Gross profit for the three month period ended June 30, 2021 was $46.1 million, a decrease of $5.0 million, or 9.8%, compared to $51.1 million for the same three month period in 2020, and as a percentage of revenues was 25.1% for the three month period ended June 30, 2021 and 23.5% for the same three month period in 2020. The decrease in gross profit is primarily due to the sale being substantially completed on June 1, 2021 described above.

Gross profit for the six month period ended June 30, 2021 was $109.4 million, an increase of $43.9 million, or 67.0%, compared to $65.5 million for the same six month period in 2020, and as a percentage of revenues was 25.8% for the six month period ended June 30, 2021 and 21.5% for the same six month period in 2020. The increase in gross profit is primarily due to five months of activity for the six month period ended June 30, 2021 compared to four months in the same six month period in 2020 described above.

Gain on Sale

Gain on sale for the three and six month periods ended June 30, 2021 of $256.7 million and was due to the purchase price exceeding the carrying value of the SVT business.

Other Operating Expense (Income), Net

Other operating expense (income), net was $9.2 million for the three month period ended June 30, 2021, an increase of $9.3 million, compared to $(0.1) million in the same three month period in 2020. The increase was primarily due to higher separation related expenses and non-cash charges of $9.2 million.

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Other operating expense, net was $16.2 million for the six month period ended June 30, 2021, an increase of $15.5 million, compared to $0.7 million in the same six month period in 2020. The increase was primarily due to higher separation related expenses and non-cash charges of $16.2 million, partially offset by lower restructuring charges of $0.7 million.

Provision (Benefit) for Income Taxes

The provision for income taxes was $162.8 million resulting in a 59.0% effective income tax rate for the three month period ended June 30, 2021, compared to a provision for income taxes of $29.2 million resulting in a 141.1% effective income tax rate in the same three month period in 2020. The increase in the tax provision for the three month period ended June 30, 2021 is primarily due to one-time discrete items associated with the sale of the SVT business.

The provision for income taxes was $169.7 million resulting in a 55.8% effective income tax rate for the six month period ended June 30, 2021, compared to a provision for income taxes of $30.0 million resulting in a 125.5% effective income tax rate in the same six month period in 2020. The increase in the tax provision for the six month period ended June 30, 2021 is primarily due to one-time discrete items associated with the sale of the SVT business.

Results of Discontinued Operations - HPS

The following table presents selected Consolidated Results of Operations of our business for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Revenues	$	3.0	$	21.5	$	65.4	$	117.9
Cost of sales	3.9		21.2		54.4		90.8
Gross profit	(0.9)		0.3		11.0		27.1
Selling and administrative expenses	0.6		20.4		4.9		28.6
Amortization of intangible assets	—		5.9		2.4		11.8
Loss on sale	8.4		—		211.7		—
Other operating expense, net	7.4		1.9		15.5		5.3
Loss before income taxes	(17.3)		(27.9)		(223.5)		(18.6)
Benefit for income taxes	(0.6)		(11.8)		(5.1)		(4.5)
Income (Loss) from Continuing Operations	$	(16.7)	$	(16.1)	$	(218.4)	$	(14.1)

Revenues

Revenues for the three month period ended June 30, 2021 were $3.0 million, a decrease of $18.5 million, or 86.0%, compared to $21.5 million in the same three month period in 2020. The decrease in revenues from discontinued operations was primarily due to the sale of substantially all of the HPS business on April 1, 2021.

Revenues for the six month period ended June 30, 2021 were $65.4 million, a decrease of $52.5 million, or 44.5%, compared to $117.9 million in the same six month period in 2020. The decrease in revenues from discontinued operations was primarily due to three months of activity for the six month period ended June 30, 2021 compared to six months in the same six month period in 2020.

Gross Profit

Gross profit for the three month period ended June 30, 2021 was $(0.9) million, a decrease of $1.2 million, or 400.0%, compared to $0.3 million for the same three month period in 2020, and as a percentage of revenues was (30.0)% for the three month period ended June 30, 2021 and 1.4% for the same three month period in 2020. The decrease in gross profit is primarily due to the revenue decline described above.

Gross profit for the six month period ended June 30, 2021 was $11.0 million, a decrease of $16.1 million, or 59.4%, compared to $27.1 million for the same six month period in 2020, and as a percentage of revenues was 16.8% for the six month period ended

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June 30, 2021 and 23.0% for the same six month period in 2020. The decrease in gross profit is primarily due to the revenue decline described above.

Loss on Sale

Loss on sale for the three month period ended June 30, 2021 of $8.4 million was a charge taken to reduce the carrying value of the HPS business to the estimated fair value of the net proceeds and residual equity interest from the transaction.

Loss on sale for the six month period ended June 30, 2021 of $211.7 million was a charge taken to reduce the carrying value of the HPS business to the estimated fair value of the net proceeds and residual equity interest from the transaction.

Other Operating Expense, Net

Other operating expense, net was $7.4 million for the three month period ended June 30, 2021, an increase of $5.5 million, compared to $1.9 million in the same three month period in 2020. The increase was primarily due to expenses incurred in connection with the separation of $7.0 million, partially offset by lower restructuring charges of $1.0 million.

Other operating expense, net was $15.5 million for the six month period ended June 30, 2021, an increase of $10.2 million, compared to $5.3 million in the same six month period in 2020. The increase was primarily due to expenses incurred in connection with the separation of $13.8 million, partially offset by lower restructuring charges of $3.5 million.

Provision (Benefit) for Income Taxes

The benefit for income taxes was $0.6 million resulting in a 3.5% effective income tax rate for the three month period ended June 30, 2021, compared to a benefit for income taxes of $11.8 million resulting in a 42.3% effective income tax rate in the same three month period in 2020. The increase in the tax provision for the three month period ended June 30, 2021 is primarily due to one-time discrete items associated with the sale of the HPS business.

The benefit for income taxes was $5.1 million resulting in a 2.3% effective income tax rate for the six month period ended June 30, 2021, compared to a benefit for income taxes of $4.5 million resulting in a 24.2% effective income tax rate in the same six month period in 2020. The decrease in the tax provision for the six month period ended June 30, 2021 is primarily due to one-time discrete items associated with the sale of the HPS business.

Liquidity and Capital Resources

Our investment resources include cash on hand, cash generated from operations and borrowings under our Revolving Credit Facility. We also have the ability to seek additional secured and unsecured borrowings, subject to Credit Agreement restrictions.

As of June 30, 2021, we had $84.1 million of outstanding letters of credit written against the Revolving Credit Facility and $1,015.9 million of unused availability.

See the description of these line-of-credit resources in Note 10 “Debt” to the consolidated financial statements in our annual report on Form 10-K for the fiscal year ended December 31, 2020 and Note 9 “Debt” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.

As of June 30, 2021, we were in compliance with all of our debt covenants and no event of default had occurred or was ongoing.

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Liquidity

A substantial portion of our liquidity needs arise from debt service requirements, and from the ongoing cost of operations, working capital and capital expenditures.

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	3,669.9	$	1,750.9
Short-term borrowings and current maturities of long-term debt	$	40.7	$	40.4
Long-term debt	3,823.3		3,859.1
Total debt	$	3,864.0	$	3,899.5

We can increase the borrowing availability under the Senior Secured Credit Facilities by up to $1,600.0 million in the form of additional commitments under the Revolving Credit Facility and/or incremental term loans plus an additional amount so long as we do not exceed a specified senior secured leverage ratio. We can incur additional secured indebtedness under the term loan facilities if certain specified conditions are met under the credit agreement governing the Senior Secured Credit Facilities. Our liquidity requirements are significant primarily due to debt service requirements. See Note 10 “Debt” to the consolidated financial statements in our annual report on Form 10-K for the fiscal year ended December 31, 2020 and Note 9 “Debt” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further details.

Our principal sources of liquidity have been existing cash and cash equivalents, cash generated from operations and borrowings under the Senior Secured Credit Facilities. Our principal uses of cash will be to provide working capital, meet debt service requirements, fund capital expenditures and finance strategic plans, including possible acquisitions. We may also seek to finance capital expenditures under capital leases or other debt arrangements that provide liquidity or favorable borrowing terms. We continue to consider acquisition opportunities, but the size and timing of any future acquisitions and the related potential capital requirements cannot be predicted. In the event that suitable businesses are available for acquisition upon acceptable terms, we may obtain all or a portion of the necessary financing through the incurrence of additional long-term borrowings. As market conditions warrant, we may from time to time, seek to repay loans that we have borrowed, including the borrowings under the Senior Secured Credit Facilities. Based on our current level of operations and available cash, we believe our cash flow from operations, together with availability under the Revolving Credit Facility, will provide sufficient liquidity to fund our current obligations, projected working capital requirements, debt service requirements and capital spending requirements for the foreseeable future. Our business may not generate sufficient cash flows from operations or future borrowings may not be available to us under our Revolving Credit Facility in an amount sufficient to enable us to pay our indebtedness, or to fund our other liquidity needs. Our ability to do so depends on, among other factors, prevailing economic conditions, many of which are beyond our control. In addition, upon the occurrence of certain events, such as a change in control, we could be required to repay or refinance our indebtedness. We may not be able to refinance any of our indebtedness, including the Senior Secured Credit Facilities, on commercially reasonable terms or at all. Any future acquisitions, joint ventures, or other similar transactions may require additional capital and there can be no assurance that any such capital will be available to us on acceptable terms or at all.

A substantial portion of our cash is in jurisdictions outside the United States. We do not assert ASC 740-30 (formerly APB 23) indefinite reinvestment of our historical non-U.S. earnings or future non-U.S. earnings. The Company records a deferred foreign tax liability to cover all estimated withholding, state income tax and foreign income tax associated with repatriating all non-U.S. earnings back to the United States. Our deferred income tax liability as of June 30, 2021 was $42.8 million which primarily consisted of withholding taxes.

56

Working Capital

	June 30, 2021		December 31, 2020
Net Working Capital:
Current assets of continuing operations:
Current assets	$	5,712.4	$	3,862.1
Less: Assets of discontinued operations - current	73.7		337.4
Current assets of continuing operations	5,638.7		3,524.7
Current liabilities of continuing operations:
Current liabilities	1,823.0		1,498.6
Less: Liabilities of discontinued operations - current	67.9		212.9
Current liabilities of continuing operations	1,755.1		1,285.7
Net working capital of continuing operations	$	3,883.6	$	2,239.0
Operating Working Capital:
Accounts receivable and contract assets	$	988.1	$	922.2
Plus: Inventories (excluding LIFO)	788.0		707.9
Less: Accounts payable	660.8		536.4
Less: Contract liabilities (current)	189.2		164.6
Operating working capital	$	926.1	$	929.1

Net working capital of continuing operations increased $1,644.6 million to $3,883.6 million as of June 30, 2021 from $2,239.0 million as of December 31, 2020. Operating working capital decreased $3.0 million to $926.1 million as of June 30, 2021 from $929.1 million as of December 31, 2020. The decrease in operating working capital is primarily due to higher accounts payable, higher contract liabilities and lower contract assets, partially offset by higher inventories and higher accounts receivable.

The increase in accounts receivable was primarily due to the increase in revenue in the second quarter of 2021 compared to the fourth quarter of 2020. The decrease in contract assets was primarily due to the timing of revenue recognition and billing on our overtime contracts. The increase in inventories was primarily due to additions to inventory in anticipation of increased demand for certain products. The increase in accounts payable was primarily due to the timing of vendor cash disbursements. The increase in contract liabilities was primarily due to the timing of customer milestone payments for in-process engineered to order contracts.

Cash Flows

The following table reflects the major categories of cash flows for the six month periods ended June 30, 2021 and 2020, respectively.

	For the Six Month Period Ended June 30,
	2021		2020
Cash flows from (used in) continuing operations:
Cash flows from operating activities	$	234.8	$	196.3
Cash flows from (used in) investing activities	(232.2)		20.0
Cash flows used in financing activities	(10.1)		336.9
Cash flows from discontinued operations	1,933.3		116.8
Free cash flow(1)	208.9		173.6

(1)See the “Non-GAAP Financial Measures” section included in this Quarterly Report for a reconciliation to the nearest GAAP measure.

Operating Activities

Cash provided by operating activities increased $38.5 million to $234.8 million for the six month period ended June 30, 2021 from $196.3 million in the same six month period in 2020, primarily due to an increase in income from continuing operations, partially offset by increases in accounts receivable and inventories and a decrease in accrued liabilities.

57

Investing Activities

Cash used in investing activities included capital expenditures of $25.9 million and $22.7 million for the six month periods ended June 30, 2021 and 2020, respectively. Net cash paid in a business combination was $215.8 million in the six month period ended June 30, 2021 and cash acquired in business combinations for the six month period ended June 30, 2020 was $41.3 million.

Financing Activities

Cash used in financing activities of $10.1 million for the six month period ended June 30, 2021 primarily reflected repayments of long term debt of $19.7 million and purchases of treasury stock of $3.2 million, partially offset by proceeds from stock option exercises of $12.8 million.

Cash used in financing activities of $336.9 million for the six month period ended June 30, 2020 primarily reflected proceeds from long-term debt of $1,980.1 million offset by repayments of long-term borrowings of $1,599.6 million and payments of debt issuance costs of $46.6 million.

Discontinued Operations

Cash provided by discontinued operations increased $1,816.5 million to $1,933.3 million for the six month period ended June 30, 2021 from $116.8 million in the same six month period in 2020, primarily due to proceeds from sale of discontinued operations.

Free Cash Flow

Free cash flow increased $35.3 million to $208.9 million in the six month period ended June 30, 2021 from $173.6 million in the same six month period in 2020 primarily due to increased cash provided by operating activities.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are materially likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Critical Accounting Estimates

Management has evaluated the accounting estimates used in the preparation of the Company’s condensed consolidated financial statements and related notes and believe those estimates to be reasonable and appropriate. Certain of these accounting estimates require the application of significant judgment by management in selecting appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. These judgments are based on historical experience, trends in the industry, information provided by customers and information available from other outside sources, as appropriate. The most significant areas involving management judgments and estimates may be found in the section “Critical Accounting Estimates” of “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Note 1 “Summary of Significant Accounting Policies” of “Item 8. Financial Statements and Supplementary Data” included in our annual report on Form 10-K for the fiscal year ended December 31, 2020.

Environmental Matters

Information with respect to the effect of compliance with environmental protection requirements and resolution of environmental claims on us and our manufacturing operations is contained in Note 16 “Contingencies” to the condensed consolidated financial statements. We believe that as of June 30, 2021, there have been no material changes to the environmental matters disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2020.

Recent Accounting Pronouncements

The information set forth in Note 1 “Condensed Consolidated Financial Statements” to our Condensed Consolidated Financial Statements under Part 1 Item 1 “Financial Statements” under the heading “Recently Issued Accounting Pronouncements” is incorporated herein by reference.

58

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to interest rate risk as a result of our variable-rate borrowings. We manage our exposure to interest rate risk by using pay-fixed interest rate swaps, from time to time, as cash flow hedges of our variable rate debt in order to adjust the relative fixed and variable portions.

In addition, we are exposed to foreign currency risks that arise from our global business operations. Changes in foreign currency exchange rates affect the translation of local currency balances of foreign subsidiaries, transaction gains and losses associated with intercompany loans with foreign subsidiaries and transactions denominated in currencies other than a subsidiary’s functional currency. While future changes in foreign currency exchange rates are difficult to predict, our revenues and earnings may be adversely affected if the U.S. dollar further strengthens.

We seek to minimize our exposure to foreign currency risks through a combination of normal operating activities, including by conducting our international business operations primarily in their functional currencies to match expenses with revenues and the use of foreign currency forward exchange contracts and debt denominated in currencies other than the U.S. dollar. In addition, to mitigate the risk arising from entering into transactions in currencies other than our functional currencies, we typically settle intercompany trading balances at least quarterly.

As of June 30, 2021, there have been no material changes to our market risk assessment previously disclosed in the annual report on Form 10-K for the fiscal year ended December 31, 2020.

59

ITEM 4.    CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company maintains a set of disclosure controls and procedures as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission (“SEC”) rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. The design of any disclosure controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. In accordance with Rule 13a-15(b) of the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on their evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this Quarterly Report on Form 10-Q, were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

60

PART II.    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

The information set forth in Note 16 “Contingencies” to our Condensed Consolidated Financial Statements under Part I Item 1 “Financial Statements,” is incorporated herein by reference.

ITEM 1A.    RISK FACTORS

As of June 30, 2021, there have been no material changes to our risk factors included in our annual report on Form 10-K for the year ended December 31, 2020 (the “Annual Report”).

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Company Purchases

The following table contains detail related to the repurchase of our common stock based on the date of trade during the three month period ended June 30, 2021.

2021 Second Quarter Months	Total Number of Shares Purchased(1)	Average Price Paid Per Share(2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2021 - April 30, 2021	1,046	$	49.61	—	$	—
May 1, 2021 - May 31, 2021	301	$	48.54	—	$	—
June 1, 2021 - June 30, 2021	3,613	$	49.75	—	$	—

(1)All of the shares purchased during the three month period ended June 30, 2021 were in connection with net exercises of stock options or the surrender to us of shares of common stock to satisfy tax withholding obligations in connection with the vesting of certain restricted stock units.

(2)The average price paid per share includes brokerage commissions.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.    MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.    OTHER INFORMATION

None.

61

ITEM 6.    EXHIBITS

The following is a list of all exhibits filed or furnished as part of this report.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosures other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual statement of affairs as of the date they were made or at any other time.

Exhibit No.	Description
2.1	Agreement and Plan of Merger, dated as of April 30, 2019, by and among Ingersoll-Rand plc, Gardner Denver Holdings, Inc., Ingersoll-Rand U.S. HoldCo, Inc. and Charm Merger Sub Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Ingersoll-Rand plc on May 6, 2019).
2.2	Separation and Distribution Agreement, dated as of April 30, 2019, by and between Ingersoll-Rand plc and Ingersoll-Rand U.S. HoldCo, Inc. (incorporated by reference to Exhibit 2.2 to the Current Report on Form 8-K filed by Ingersoll-Rand plc on May 6, 2019).
2.3	Securities Purchase Agreement, dated as of April 9, 2021, by and among Ingersoll Rand Inc., Club Car, LLC and MajorDrive Holdings IV, LLC (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Company on April 12, 2021).
3.1	Restated Certificate of Incorporation of Ingersoll Rand Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by the Company on June 21, 2021).
3.2	Second Amended and Restated Bylaws of Ingersoll Rand Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Company on June 21, 2021).
31.1	Certification of Periodic Report by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
31.2	Certification of Periodic Report by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Scheme Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)

62

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: July 30, 2021	INGERSOLL RAND INC.
	By:	/s/ Michael J. Scheske
	Name: Michael J. Scheske
	Vice President and Corporate Controller (Principal Accounting Officer)

63

EX-31.1

Exhibit 31.1

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Vicente Reynal, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2021 of Ingersoll Rand Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 30, 2021
	/s/ Vicente Reynal
	Vicente Reynal
	Chief Executive Officer and Director
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Vikram U. Kini, certify that:

1.I have reviewed this quarterly report on Form 10-Q for the quarterly period ended June 30, 2021 of Ingersoll Rand Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 30, 2021
	/s/ Vikram U. Kini
	Vikram U. Kini
	Vice President and Chief Financial Officer
	(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Ingersoll Rand Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2021 filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Vicente Reynal, Chief Executive Officer and Director of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

Date: July 30, 2021
	/s/ Vicente Reynal
	Vicente Reynal
	Chief Executive Officer and Director
	(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Ingersoll Rand Inc. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2021 filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Vikram U. Kini, Vice President and Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

•The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein.

Date: July 30, 2021
	/s/ Vikram U. Kini
	Vikram U. Kini
	Vice President and Chief Financial Officer
	(Principal Financial Officer)

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	800-A Beaty Street
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		420,154,805
Entity Central Index Key	0001699150
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenues	$ 1,279.1	$ 1,025.4	$ 2,408.6	$ 1,642.2
Cost of sales	766.4	716.8	1,443.8	1,130.3
Gross Profit	512.7	308.6	964.8	511.9
Selling and administrative expenses	267.2	209.1	519.5	348.5
Amortization of intangible assets	80.3	96.4	164.5	143.1
Other operating expense, net	25.1	48.1	19.4	144.6
Operating Income (Loss)	140.1	(45.0)	261.4	(124.3)
Interest expense	22.7	30.8	45.8	57.9
Loss on extinguishment of debt	0.0	0.0	0.0	2.0
Other income, net	(34.1)	(2.3)	(36.6)	(2.5)
Income (Loss) from Continuing Operations Before Income Taxes	151.5	(73.5)	252.2	(181.7)
Provision for income taxes	12.5	78.4	23.1	11.5
Loss on equity method investments	(0.7)	0.0	(0.7)	0.0
Income (Loss) from Continuing Operations	138.3	(151.9)	228.4	(193.2)
Income (loss) from discontinued operations, net of tax	96.3	(24.6)	(83.9)	(20.2)
Net Income (Loss)	234.6	(176.5)	144.5	(213.4)
Less: Net income attributable to noncontrolling interests	0.7	1.1	1.0	1.0
Net Income (Loss) Attributable to Ingersoll Rand Inc.	233.9	(177.6)	143.5	(214.4)
Amounts attributable to Ingersoll Rand Inc. common stockholders:
Income (loss) from continuing operations, net of tax	137.6	(153.0)	227.4	(194.2)
Income (loss) from discontinued operations, net of tax	96.3	(24.6)	(83.9)	(20.2)
Net income (loss) attributable to Ingersoll Rand Inc.	$ 233.9	$ (177.6)	$ 143.5	$ (214.4)
Basic earnings (loss) per share of common stock:
Earnings (loss) from continuing operations (in usd per share)	$ 0.33	$ (0.37)	$ 0.54	$ (0.56)
Earnings (loss) from discontinued operations (in usd per share)	0.23	(0.06)	(0.20)	(0.06)
Net earnings (loss) (in usd per share)	0.56	(0.43)	0.34	(0.62)
Diluted earnings (loss) per share of common stock:
Earnings (loss) from continuing operations (in usd per share)	0.32	(0.37)	0.53	(0.56)
Earnings (loss) from discontinued operations (in usd per share)	0.23	(0.06)	(0.20)	(0.06)
Net earnings (loss) (in usd per share)	$ 0.55	$ (0.43)	$ 0.34	$ (0.62)

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Comprehensive Income (Loss) Attributable to Ingersoll Rand Inc.
Net income (loss) attributable to Ingersoll Rand Inc.	$ 233.9	$ (177.6)	$ 143.5	$ (214.4)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net	49.1	44.9	(50.7)	(47.3)
Unrecognized gain on cash flow hedges, net	0.0	5.5	0.0	6.7
Pension and other postretirement prior service cost and gain or (loss), net	1.3	0.5	2.5	3.4
Total other comprehensive income (loss), net of tax	50.4	50.9	(48.2)	(37.2)
Comprehensive income (loss) Attributable to Ingersoll Rand Inc.	284.3	(126.7)	95.3	(251.6)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	0.7	1.1	1.0	1.0
Other comprehensive loss, net of tax
Foreign currency translation adjustments, net	(1.2)	(0.4)	(2.3)	(4.4)
Total other comprehensive loss, net of tax	(1.2)	(0.4)	(2.3)	(4.4)
Comprehensive income (loss) attributable to noncontrolling interests	(0.5)	0.7	(1.3)	(3.4)
Total Comprehensive Income (Loss)	$ 283.8	$ (126.0)	$ 94.0	$ (255.0)

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 3,669.9	$ 1,750.9
Accounts receivable, net of allowance for credit losses of $49.3 and $50.9, respectively	935.8	861.8
Inventories	796.8	716.7
Other current assets	236.2	195.3
Assets of discontinued operations - current	73.7	337.4
Total current assets	5,712.4	3,862.1
Property, plant and equipment, net of accumulated depreciation of $326.8 and $291.1, respectively	607.2	609.0
Goodwill	5,637.0	5,582.6
Other intangible assets, net	3,725.5	3,797.2
Deferred tax assets	21.2	15.6
Other assets	473.4	329.3
Assets of discontinued operations - long-term	0.0	1,862.8
Total assets	16,176.7	16,058.6
Current liabilities:
Short-term borrowings and current maturities of long-term debt	40.7	40.4
Accounts payable	660.8	536.4
Accrued liabilities	1,053.6	708.9
Liabilities of discontinued operations - current	67.9	212.9
Total current liabilities	1,823.0	1,498.6
Long-term debt, less current maturities	3,823.3	3,859.1
Pensions and other postretirement benefits	255.7	272.5
Deferred income taxes	624.5	702.4
Other liabilities	303.8	343.7
Liabilities of discontinued operations - long-term	0.0	192.8
Total liabilities	6,830.3	6,869.1
Commitments and contingencies (Note 16)	0.0	0.0
Stockholders’ equity
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 421,545,797 and 420,123,978 shares issued as of June 30, 2021 and December 31, 2020, respectively	4.2	4.2
Capital in excess of par value	9,376.0	9,310.3
Accumulated deficit	(32.2)	(175.7)
Accumulated other comprehensive income (loss)	(35.5)	14.2
Treasury stock at cost; 1,479,039 and 1,496,169 shares as of June 30, 2021 and December 31, 2020, respectively	(34.6)	(33.3)
Total Ingersoll Rand Inc. stockholders’ equity	9,277.9	9,119.7
Noncontrolling interests	68.5	69.8
Total stockholders’ equity	9,346.4	9,189.5
Total liabilities and stockholders’ equity	$ 16,176.7	$ 16,058.6

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 49.3	$ 50.9
Accumulated depreciation on property, plant and equipment	$ 326.8	$ 291.1
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)	421,545,797	420,123,978
Treasury stock (in shares)	1,479,039	1,496,169

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Ingersoll Rand Inc. Stockholders' Equity	Total Ingersoll Rand Inc. Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Noncontrolling Interests
Balance at beginning of period (in shares) at Dec. 31, 2019					206.8
Balance at beginning of period at Dec. 31, 2019	$ 1,869.9	$ (1.0)	$ 1,869.9	$ (1.0)	$ 2.1	$ 2,302.0	$ (141.4)	$ (1.0)	$ (256.0)	$ (36.8)	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(213.4)		(214.4)				(214.4)				1.0
Acquisition of Ingersoll Rand Industrial (in shares)					211.0
Acquisition of Ingersoll Rand Industrial	7,009.3		6,937.0		$ 2.1	6,934.9					72.3
Costs of issuing equity securities	(1.0)		(1.0)			(1.0)
Issuance of common stock for stock-based compensation plans (in shares)					0.8
Issuance of common stock for stock-based compensation plans	5.9		5.9			5.9
Purchases of treasury stock	(1.3)		(1.3)							(1.3)
Issuance of treasury stock for stock-based compensation plans	0.8		0.8			(1.5)				2.3
Stock-based compensation	16.2		16.2			16.2
Other comprehensive income (loss), net of tax	(41.6)		(37.2)						(37.2)		(4.4)
Adjustments for shares tendered in open offer	2.0										2.0
Balance at end of period (in shares) at Jun. 30, 2020					418.6
Balance at end of period at Jun. 30, 2020	8,641.8		8,574.9		$ 4.2	9,256.5	(356.8)		(293.2)	(35.8)	66.9
Balance at beginning of period (in shares) at Mar. 31, 2020					418.2
Balance at beginning of period at Mar. 31, 2020	8,755.5		8,686.2		$ 4.2	9,241.5	(179.2)		(344.1)	(36.2)	69.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(176.5)		(177.6)				(177.6)				1.1
Issuance of common stock for stock-based compensation plans (in shares)					0.4
Issuance of common stock for stock-based compensation plans	3.7		3.7			3.7
Purchases of treasury stock	(0.5)		(0.5)							(0.5)
Issuance of treasury stock for stock-based compensation plans	0.4		0.4			(0.5)				0.9
Stock-based compensation	11.8		11.8			11.8
Other comprehensive income (loss), net of tax	49.4		50.9						50.9		(1.5)
Adjustments for shares tendered in open offer	2.0										2.0
Balance at end of period (in shares) at Jun. 30, 2020					418.6
Balance at end of period at Jun. 30, 2020	8,641.8		8,574.9		$ 4.2	9,256.5	(356.8)		(293.2)	(35.8)	66.9
Balance at beginning of period (in shares) at Dec. 31, 2020					420.1
Balance at beginning of period at Dec. 31, 2020	9,189.5		9,119.7		$ 4.2	9,310.3	(175.7)		14.2	(33.3)	69.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	144.5		143.5				143.5				1.0
Issuance of common stock for stock-based compensation plans (in shares)					1.4
Issuance of common stock for stock-based compensation plans	12.3		12.3			12.3
Purchases of treasury stock	(3.2)		(3.2)							(3.2)
Issuance of treasury stock for stock-based compensation plans	0.8		0.8			(1.1)				1.9
Stock-based compensation	54.5		54.5			54.5
Other comprehensive income (loss), net of tax	(50.5)		(48.2)						(48.2)		(2.3)
Divestiture of foreign subsidiaries	(1.5)		(1.5)						(1.5)
Balance at end of period (in shares) at Jun. 30, 2021					421.5
Balance at end of period at Jun. 30, 2021	9,346.4		9,277.9		$ 4.2	9,376.0	(32.2)		(35.5)	(34.6)	68.5
Balance at beginning of period (in shares) at Mar. 31, 2021					420.9
Balance at beginning of period at Mar. 31, 2021	9,025.7		8,956.7		$ 4.2	9,337.8	(266.1)		(84.4)	(34.8)	69.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	234.6		233.9				233.9				0.7
Issuance of common stock for stock-based compensation plans (in shares)					0.6
Issuance of common stock for stock-based compensation plans	7.6		7.6			7.6
Purchases of treasury stock	(0.2)		(0.2)							(0.2)
Issuance of treasury stock for stock-based compensation plans	0.4		0.4							0.4
Stock-based compensation	30.6		30.6			30.6
Other comprehensive income (loss), net of tax	49.2		50.4						50.4		(1.2)
Divestiture of foreign subsidiaries	(1.5)		(1.5)						(1.5)
Balance at end of period (in shares) at Jun. 30, 2021					421.5
Balance at end of period at Jun. 30, 2021	$ 9,346.4		$ 9,277.9		$ 4.2	$ 9,376.0	$ (32.2)		$ (35.5)	$ (34.6)	$ 68.5

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities From Continuing Operations:
Net income (loss)	$ 144.5	$ (213.4)
Loss from discontinued operations, net of tax	(83.9)	(20.2)
Income (loss) from continuing operations	228.4	(193.2)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Amortization of intangible assets	164.5	143.1
Depreciation	43.3	35.7
Stock-based compensation expense	43.1	15.4
Foreign currency transaction losses (gains), net	(14.7)	6.9
Deferred income taxes	(81.1)	25.1
Non-cash adjustments to carrying value of LIFO inventories	0.0	35.6
Other non-cash adjustments	(0.4)	2.0
Changes in assets and liabilities:
Receivables	(73.0)	64.6
Inventories	(80.7)	(8.5)
Accounts payable	80.8	15.1
Accrued liabilities	2.9	83.8
Other assets and liabilities, net	(78.3)	(29.3)
Net cash provided by operating activities from continuing operations	234.8	196.3
Cash Flows From (Used In) Investing Activities From Continuing Operations:
Capital expenditures	(25.9)	(22.7)
Net cash acquired (paid) in business combinations	(215.8)
Net cash acquired (paid) in business combinations		41.3
Disposals of property, plant and equipment	9.5	1.4
Net cash provided by (used in) investing activities from continuing operations	(232.2)	20.0
Cash Flows From (Used In) Financing Activities From Continuing Operations:
Principal payments on long-term debt	(19.7)	(1,599.6)
Proceeds from long-term debt	0.0	1,980.1
Purchases of treasury stock	(3.2)	(1.3)
Proceeds from stock option exercises	12.8	6.8
Payments of contingent consideration	0.0	(0.7)
Payments of debt issuance costs	0.0	(46.6)
Payments of costs incurred to issue shares for Ingersoll Rand Industrial acquisition	0.0	(1.0)
Other financing	0.0	(0.8)
Net cash provided by (used in) financing activities from continuing operations	(10.1)	336.9
Cash Flows From Discontinued Operations:
Net cash provided by operating activities	29.5	119.5
Net cash provided by (used in) investing activities	1,903.8	(2.7)
Net cash provided by discontinued operations	1,933.3	116.8
Effect of exchange rate changes on cash and cash equivalents	(6.8)	(1.9)
Net increase in cash and cash equivalents	1,919.0	668.1
Cash and cash equivalents, beginning of period	1,750.9	505.5
Cash and cash equivalents, end of period	3,669.9	1,173.6
Supplemental Cash Flow Information
Cash paid for income taxes	150.5	30.5
Cash paid for interest	$ 41.6	$ 54.2

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Basis of Presentation and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

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 manufacturer of highly engineered, application-critical flow control products and provider of related aftermarket parts and services. 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” or the “Company”).

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, 2020. We have reclassified certain prior year amounts, including the results of discontinued operations, to conform to the current year presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations. See Note 2 “Discontinued Operations” for information on discontinued operations.

The results of operations for the interim period ended June 30, 2021 are not necessarily indicative of future results. The ongoing novel Coronavirus (“COVID-19”) pandemic is a continuously evolving situation around the globe that has negatively impacted and could continue to negatively impact the global economy. The Company’s operating results will be subject to fluctuations based on general economic conditions, and the extent to which COVID-19 may ultimately impact its business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate extent of the spread of the disease and the duration of the outbreak and business closures or business disruptions for the Company, suppliers and customers.

Recently Adopted Accounting Standard Updates (“ASU”)

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which added an impairment model that is based on expected losses rather than incurred losses and is called the Current Expected Credit Losses (“CECL”) model. This impairment model is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables as well as any other financial asset with the contractual right to receive cash. Under the new model, an allowance equal to the estimate of lifetime expected credit losses is recognized which will result in more timely loss recognition. The guidance is intended to reduce complexity by decreasing the number of credit impairment models. The Company adopted this guidance on January 1, 2020, using a modified retrospective transition method. The Company recorded a cumulative-effect adjustment on the adoption date increasing “Accumulated deficit” in the Condensed Consolidated Balance Sheets by $1.0 million and decreasing “Accounts receivable, net of allowance for credit losses” in the Condensed Consolidated Balance Sheets by $1.0 million.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and amending and clarifying existing guidance. The Company adopted this guidance on January 1, 2021. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. The Company has not utilized any of the

optional expedients or exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period.

In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which explicitly clarifies which contracts, hedging relationships, and other transactions are within the scope of the optional expedients and exceptions allowed under Topic 848. The Company has not utilized any of the optional expedients or exceptions available under Topic 848. The Company will continue to assess whether this ASU is applicable throughout the effective period, in conjunction with our assessment of ASU 2020-4.

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Discontinued Operations

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

Discontinued operations comprise two formerly-owned businesses, Specialty Vehicle Technologies (“SVT” or “Club Car”) and High Pressure Solutions (“HPS”). The results of operations, financial positions and cash flows of these businesses are reported as discontinued operations for all periods presented in these Condensed Consolidated financial statements.

Specialty Vehicle Technologies

On April 9, 2021, the Company entered into an agreement to sell Club Car to private equity firm Platinum Equity Advisors, LLC (“Platinum Equity”) for $1.68 billion in cash. The sale was substantially completed on June 1, 2021. The transfer of legal ownership of certain of SVT's non-U.S. subsidiaries has not yet occurred as of June 30, 2021 due to local regulatory and administrative requirements. Transfer of ownership of these entities is expected to be completed in the second half of 2021.

SVT has been presented as a discontinued operation and its net assets are classified as held for sale and comparable prior periods are recast to reflect this change.

The Company recognized a pre-tax gain on sale of $256.7 million in the second quarter of 2021. The sale proceeds and the related gain on sale are subject to further adjustment upon the finalization customary post-closing steps of the transaction. These steps are expected to be completed by the end of 2021.

High Pressure Solutions

On February 14, 2021, the Company entered into an agreement to sell its majority interest in High Pressure Solutions to private equity firm American Industrial Partners. In exchange for its majority interest of 55%, the Company received net cash proceeds of $278.3 million and retains a 45% common equity interest in the newly-formed entity comprising the HPS business. The Company expects to maintain its minority investment in HPS indefinitely and is unable to estimate when this interest may be disposed. This sale was substantially completed on April 1, 2021. The transfer of legal ownership of one of HPS's non-U.S. subsidiary has not yet occurred as of June 30, 2021 due to local regulatory and administrative requirements. Transfer of ownership of this entity is expected to be completed in the second half of 2021.

HPS has been presented as a discontinued operation and its net assets are classified as held for sale and comparable prior periods are recast to reflect this change.

The Company recognized a pre-tax loss on sale of $211.7 million in the six month period ended June 30, 2021. The sale proceeds and the related loss on sale are subject to further adjustment upon the finalization customary post-closing steps of the transaction. These steps are expected to be completed by the end of 2021.

Financial information of discontinued operations

The results of operations of SVT and HPS are presented as discontinued operations as summarized below:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Three Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	184.0	$	217.5	$	3.0	$	21.5	$	187.0	$	239.0
Cost of sales	137.9		166.4		3.9		21.2		141.8		187.6
Gross Profit	46.1		51.1		(0.9)		0.3		45.2		51.4
Selling and administrative expenses	16.9		18.2		0.6		20.4		17.5		38.6
Amortization of intangible assets	0.9		12.3		—		5.9		0.9		18.2
Loss (gain) on sale	(256.7)		—		8.4		—		(248.3)		—
Other operating expense (income), net	9.2		(0.1)		7.4		1.9		16.6		1.8
Income (Loss) from Discontinued Operations Before Income Taxes	275.8		20.7		(17.3)		(27.9)		258.5		(7.2)
Provision (benefit) for income taxes	162.8		29.2		(0.6)		(11.8)		162.2		17.4
Income (Loss) from Discontinued Operations, Net of Tax	$	113.0	$	(8.5)	$	(16.7)	$	(16.1)	$	96.3	$	(24.6)

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	424.3	$	304.2	$	65.4	$	117.9	$	489.7	$	422.1
Cost of sales	314.9		238.7		54.4		90.8		369.3		329.5
Gross Profit	109.4		65.5		11.0		27.1		120.4		92.6
Selling and administrative expenses	35.3		26.0		4.9		28.6		40.2		54.6
Amortization of intangible assets	10.4		14.9		2.4		11.8		12.8		26.7
Loss (gain) on sale	(256.7)		—		211.7		—		(45.0)		—
Other operating expense, net	16.2		0.7		15.5		5.3		31.7		6.0
Income (Loss) from Discontinued Operations Before Income Taxes	304.2		23.9		(223.5)		(18.6)		80.7		5.3
Provision (benefit) for income taxes	169.7		30.0		(5.1)		(4.5)		164.6		25.5
Income (Loss) from Discontinued Operations, Net of Tax	$	134.5	$	(6.1)	$	(218.4)	$	(14.1)	$	(83.9)	$	(20.2)

The carrying amount of major classes of assets and liabilities classified that were included in discontinued operations at June 30, 2021 and December 31, 2020 related to SVT and HPS are shown in the table below. Long-term assets and liabilities as of June 30, 2021 have been reclassified as current in the Condensed Consolidated Balance Sheets.

	June 30, 2021 (1)		December 31, 2020 (2)
Assets
Current assets:
Accounts receivable, net	$	18.7	$	104.8
Inventories	19.6		226.9
Other current assets	4.5		5.7
Total current assets	42.8		337.4
Property, plant and equipment, net	2.1		188.3
Goodwill	0.8		721.0
Other intangible assets, net	28.0		935.4
Deferred tax assets	—		0.5
Other assets	—		17.6
Total non-current assets	30.9		1,862.8
Total assets	$	73.7	$	2,200.2
Liabilities
Current liabilities:
Accounts payable	$	32.3	$	134.7
Accrued liabilities	31.8		78.2
Total current liabilities	64.1		212.9
Pensions and other postretirement benefits	—		2.5
Deferred income taxes	3.8		173.3
Other liabilities	—		17.0
Total non-current liabilities	3.8		192.8
Total liabilities	$	67.9	$	405.7

(1)Primarily relates to non-U.S. subsidiaries for which legal ownership will transfer in the second half of 2021.

(2)Total assets and total liabilities related to SVT were $1,512.7 million and $354.1 million, respectively, at December 31, 2020.

The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the six months periods ended June 30, 2021 and 2020 include the following:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Loss (gain) on sale	$	(256.7)	$	—	$	211.7	$	—	$	(45.0)	$	—
Depreciation and amortization	14.8		19.8		4.0		18.2		18.8		38.0
Stock-based compensation expense	8.2		0.4		2.7		0.4		10.9		0.8
Capital expenditures	1.6		1.3		0.3		1.4		1.9		2.7

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Business Combinations

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Business Combinations

Acquisitions in 2021

On January 31, 2021, the Company acquired the Vacuum and Blower Systems division of Tuthill Corporation for cash consideration of $184.4 million. The business operates under the tradenames M-D Pneumatics and Kinney Vacuum Pumps and is a leader in the design and manufacture of positive displacement blowers, mechanical vacuum pumps, vacuum boosters and

engineered blower and vacuum systems. The results of this business are reported within the Industrial Technologies and Services segment from the date of acquisition. Due to the timing of the acquisition, the allocation of purchase price is preliminary and will be refined as additional information becomes available. The preliminary goodwill recognized of $80.0 million is attributable to the expected cost synergies, anticipated growth of new and existing customers, and the assembled workforce. The goodwill resulting from this acquisition is expected to be deductible for tax purposes.

Also in the six months ended June 30, 2021, the Company acquired five sales and service businesses in the Industrial Technologies and Services segment and one pump technology business in the Precision Science and Technologies segment. The aggregate consideration for these acquisitions was $31.5 million.

The following table summarizes the preliminary allocation of consideration to the fair values of identifiable assets acquired and liabilities assumed at the acquisition date.

	M-D Pneumatics and Kinney Vacuum Pumps		All Others
Accounts receivable	$	4.8	$	2.5
Inventories	3.8		2.7
Other current assets	0.6		—
Property, plant and equipment	16.2		2.5
Goodwill	80.0		3.5
Other intangible assets	82.5		23.9
Total current liabilities	(3.5)		(1.8)
Total noncurrent liabilities	—		(1.8)
Total consideration	$	184.4	$	31.5

The revenue and operating income included in the financial statements for these acquisitions subsequent to their date of acquisition is $31.5 million and $4.0 million, respectively.

Acquisition of Ingersoll Rand Industrial in 2020

On February 29, 2020, Ingersoll Rand (formerly Gardner Denver Holdings, Inc.) completed the acquisition of and merger with Ingersoll Rand Industrial in exchange for shares of the Company's common stock with a fair value of $6,937.0 million.

Fair value of Ingersoll Rand common stock issued for Ingersoll Rand Industrial outstanding common stock	$	6,919.5
Fair value attributable to pre-merger service for replacement equity awards	8.6
Fair value attributable to pre-merger service for deferred compensation plan	8.9
Total purchase consideration	$	6,937.0

Ingersoll Rand Industrial was separated from Ingersoll Rand plc (subsequently renamed Trane Technologies Plc) through a distribution to shareholders of Trane Technologies and subsequently merged with Gardner Denver Holdings, Inc. This transaction was accounted for as a business combination. The assets and liabilities of Ingersoll Rand Industrial were measured at their fair values as of the date of the merger. The determination of fair values required the Company to make estimates about expected future cash flows, discount rates, royalty rates and other subjective assumptions and future events that are highly uncertain. These measurements were finalized within one year of the closing date of the transaction.

The following table summarizes the allocation of consideration to the fair values of assets acquired and liabilities assumed of Ingersoll Rand Industrial as of February 29, 2020. Included in these amounts are assets and liabilities of SVT, which has been reported as a discontinued operation in these Condensed Consolidated financial statements. Refer to Note 2 for further information on the sale of SVT.

	Fair value
Cash	$	38.8
Accounts receivable	585.8
Inventories	625.4
Other current assets	87.2
Property, plant and equipment	516.5
Goodwill	4,899.2
Other intangible assets	3,766.6
Other noncurrent assets	270.9
Total current liabilities, including current maturities of long-term debt of $19.0 million	(753.0)
Deferred tax liability	(842.4)
Long-term debt, net of debt issuance costs and an original issue discount	(1,851.7)
Other noncurrent liabilities	(333.0)
Noncontrolling interest	(73.3)
Total consideration	$	6,937.0

The Company incurred $87.3 million of acquisition-related costs, including $42.3 million during the three-month period ended March 31, 2020. The remainder was incurred in 2019. These costs are presented within “Other operating expenses, net” in the Condensed Consolidated Statements of Operations. For additional information, see Note 2 “Business Combinations” of the annual report on Form 10-K for the year ended December 31, 2020.

Results of Ingersoll Rand Industrial Subsequent to the Acquisition

The operating results of Ingersoll Rand Industrial have been included in the Company’s condensed consolidated financial statements since the date of acquisition. The results of Ingersoll Rand Industrial in the year of acquisition are shown below. These amounts include the effects of purchase accounting adjustments, primarily the amortization of intangible assets and the impacts on operating expenses of fair value adjustments to acquired inventory and property, plant and equipment. The amounts below exclude the operating results of SVT, which has been reported as a discontinued operation as a result of the transaction discussed in Note 2.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Revenues	$	609.0	$	815.7
Income (Loss) from Continuing Operations Before Income Taxes	(82.1)		(124.8)

Unaudited Pro Forma Information

The following unaudited pro forma financial information summarizes the combined results of operations for the Company and Ingersoll Rand Industrial as if the acquisition had been completed on January 1, 2019. The pro forma results have been prepared for comparative purposes only and do not necessarily represent what the revenue or results of operations would have been had the acquisition been completed on January 1, 2019. In addition, these results are not intended to be a projection of future operating results and do not reflect synergies that might be achieved. These amounts include revenue and net income attributable to SVT

that are reported within Income (loss) from discontinued operations, net of tax on the Condensed Consolidated Statement of Operations.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Revenues	$	1,271.6	$	2,541.3
Net Income (Loss)	7.0		6.8

The unaudited pro forma information includes adjustments for the preliminary purchase price allocation (including, but not limited to, amortization and depreciation for intangible assets and property, plant and equipment acquired, adjustments to stock-based compensation expense, fair value adjustments to acquired inventories, the purchase accounting effect on deferred revenue, interest expense and amortization of debt issuance costs, transaction costs and related tax impacts) and the alignment of accounting policies.

The table below reflects the impact of material and nonrecurring adjustments to the unaudited pro forma results for the three and six month periods ended June 30, 2020 that are directly attributable to the acquisition.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	$	5.6	$	5.5
Decrease to expense as a result of inventory fair value adjustment, net of tax	(58.5)		(89.6)
Decrease to expense as a result of transaction costs, net of tax	—		(38.1)

Settlement of post-acquisition contingencies

During the three months ended June 30, 2021, the Company and Trane Technologies concluded several post-closing steps of the Ingersoll Rand Industrial transaction. These steps included determining the final measurements of transferred working capital, indebtedness and retirement plan funding. Upon finalizing these measurements, Trane Technologies agreed to make a net payment of $49.5 million to Ingersoll Rand. This payment was made in July 2021. The Company realized a gain of $30.1 million during the second quarter to adjust its receivables for these items. This gain is reported within "Other income, net" on the Condensed Consolidated Statement of Operations.

Other Acquisitions in 2020

On September 1, 2020, the Company acquired a manufacturer of electric peristaltic pumps for cash consideration, net of cash acquired, of $15.5 million and deferred consideration of $0.9 million. The results of this business are reported within the Precision and Science Technologies segment from the date of acquisition.

Also in the third quarter, within the Industrial Technologies and Services segment, the Company acquired two sales and service businesses for cash consideration of $15.0 million and deferred consideration of $5.1 million.

The revenue and operating income for the six months ended June 30, 2020 included in the financial statements for these acquisitions subsequent to their date of acquisition is $5.3 million and $2.0 million, respectively.

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Restructuring

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

Restructuring Program 2020 to 2022

Subsequent to the acquisition of Ingersoll Rand Industrial, the Company announced a restructuring program (“2020 Plan”) to create efficiencies and synergies, reduce the number of facilities and optimize operating margin within the merged Company. The Company expects to incur total expenses of approximately $350.0 million related to workforce reductions, lease termination costs, other facility rationalization costs and other business related transformation costs from 2020 until 2022. The Company continues to evaluate operating efficiencies and anticipates incurring additional costs in the coming years in connection with these activities, but is unable to estimate those amounts at this time as such plans are not yet finalized.

For the three month period ended June 30, 2021, expense of $6.8 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($2.5 million for Industrial Technologies and Services, $(0.2) million for Precision and Science Technologies and $4.5 million for Corporate). For the six month period ended June 30, 2021, expense of $9.2 million was recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations ($4.2 million for Industrial Technologies and Services, $0.1 million for Precision and Science Technologies and $4.9 million for Corporate). Through June 30, 2021, we recognized expense related to the 2020 Plan of $74.5 million, $7.0 million and $10.9 million for Industrial Technologies and Services, Precision and Science Technologies and Corporate, respectively.

The following table summarizes the activity associated with the Company’s restructuring programs for the six month period ended June 30, 2021.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	11.9	$	27.8	$	17.5	$	4.8
Charged to expense - termination benefits	6.2		29.7		8.6		64.9
Charged to expense - other	0.6		(0.3)		0.6		2.5
Payments	(4.2)		(26.3)		(11.8)		(41.3)
Currency translation adjustment and other	0.2		(1.9)		(0.2)		(1.9)
Balance at end of period	$	14.7	$	29.0	$	14.7	$	29.0

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Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories as of June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021		December 31, 2020
Raw materials, including parts and subassemblies	$	490.4	$	451.0
Work-in-process	87.0		62.2
Finished goods	210.6		194.7
	788.0		707.9
Excess of LIFO costs over FIFO costs	8.8		8.8
Inventories	$	796.8	$	716.7

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill attributable to each reportable segment for the six month period ended June 30, 2021 is presented in the table below.

	Industrial Technologies and Services		Precision and Science Technologies		Total
Balance as of December 31, 2020	$	4,151.2	$	1,431.4	$	5,582.6
Acquisitions	76.7		—		76.7
Foreign currency translation	(18.4)		(3.9)		(22.3)
Balance as of June 30, 2021	$	4,209.5	$	1,427.5	$	5,637.0

As of June 30, 2021, 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 June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Customer lists and relationships	$	2,857.7	$	(928.1)	$	1,929.6	$	2,835.0	$	(841.3)	$	1,993.7
Technology	293.9		(56.4)		237.5		279.9		(38.1)		241.8
Tradenames	41.5		(17.8)		23.7		41.8		(15.6)		26.2
Other	107.2		(71.7)		35.5		102.8		(58.6)		44.2
Unamortized intangible assets
Tradenames	1,499.2		—		1,499.2		1,491.3		—		1,491.3
Total other intangible assets	$	4,799.5	$	(1,074.0)	$	3,725.5	$	4,750.8	$	(953.6)	$	3,797.2

Intangible Asset Impairment Considerations

As of June 30, 2021, there were no indications that the carrying value of goodwill and other intangible assets may not be recoverable.

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Accrued Liabilities

6 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued Liabilities

Accrued liabilities as of June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021		December 31, 2020
Salaries, wages and related fringe benefits	$	191.5	$	197.0
Contract liabilities	189.2		164.6
Product warranty	42.0		41.1
Operating lease liabilities	40.2		47.1
Restructuring	14.7		17.5
Taxes	439.3		116.1
Other	136.7		125.5
Total accrued liabilities	$	1,053.6	$	708.9

A reconciliation of the changes in the accrued product warranty liability for the three and six month periods ended June 30, 2021 and 2020 are as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	40.4	$	37.6	$	41.1	$	19.1
Product warranty accruals	5.4		3.0		9.8		7.6
Acquired warranty	—		—		0.1		19.8
Settlements	(4.1)		(2.5)		(8.9)		(7.9)
Charged to other accounts(1)	0.3		0.6		(0.1)		0.1
Balance at end of period	$	42.0	$	38.7	$	42.0	$	38.7

(1)Primarily the effects of foreign currency translation adjustments

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Benefit Plans

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

Net Periodic Benefit Cost

The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three and six month periods ended June 30, 2021 and 2020.

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Three Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	1.7	$	1.7	$	1.1	$	1.2	$	—	$	—
Interest cost	2.8		2.8		1.1		1.5		0.1		0.2
Expected return on plan assets	(3.1)		(3.9)		(3.0)		(2.7)		—		—
Recognition of:
Unrecognized prior service cost	—		—		0.1		0.1		(0.1)		—
Unrecognized net actuarial loss	—		—		1.2		0.7		—		—
	$	1.4	$	0.6	$	0.5	$	0.8	$	—	$	0.2

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	3.4	$	2.3	$	2.2	$	1.9	$	—	$	—
Interest cost	5.5		4.0		2.3		3.0		0.3		0.3
Expected return on plan assets	(6.2)		(5.5)		(6.1)		(5.4)		—		—
Recognition of:
Unrecognized prior service cost	—		—		0.1		0.1		(0.2)		—
Unrecognized net actuarial loss	—		—		2.5		1.4		—		—
	$	2.7	$	0.8	$	1.0	$	1.0	$	0.1	$	0.3

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.

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Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

Debt as of June 30, 2021 and December 31, 2020 is summarized as follows.

	June 30, 2021		December 31, 2020
Short-term borrowings	$	—	$	—
Long-term debt:
Revolving credit facility, due 2025	$	—	$	—
Dollar Term Loan B, due 2027(1)	1,874.3		1,883.7
Dollar Term Loan, due 2027(2)	915.1		919.6
Euro Term Loan, due 2027(3)	703.2		728.0
Dollar Term Loan Series A, due 2027(4)	390.9		392.4
Finance leases and other long-term debt	17.9		17.2
Unamortized debt issuance costs	(37.4)		(41.4)
Total long-term debt, net, including current maturities	3,864.0		3,899.5
Current maturities of long-term debt	40.7		40.4
Total long-term debt, net	$	3,823.3	$	3,859.1

(1)As of June 30, 2021, this amount is presented net of unamortized discounts of $1.9 million. As of June 30, 2021, the applicable interest rate was approximately 1.84% and the weighted-average interest rate was 1.86% for the six month period ended June 30, 2021.

(2)As of June 30, 2021, this amount is presented net of unamortized discounts of $0.9 million. As of June 30, 2021, the applicable interest rate was approximately 1.84% and the weighted average interest rate was 1.86% for the six month period ended June 30, 2021.

(3)As of June 30, 2021, this amount is presented net of unamortized discounts of $0.7 million. As of June 30, 2021, the applicable interest rate was 2.00% and the weighted average interest rate was 2.00% for the six month period ended June 30, 2021.

(4)As of June 30, 2021, this amount is presented net of unamortized discounts of $5.1 million. As of June 30, 2021, the applicable interest rate was approximately 2.84% and the weighted average interest rate was 2.86% for the six month period ended June 30, 2021.

Senior Secured Credit Facilities

The Senior Secured Credit Facilities provided senior secured financing consisting of (i) a senior secured term loan facility denominated in U.S. dollars (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Original Dollar Term Loan”), (ii) a senior secured term loan facility denominated in Euros (as refinanced and otherwise modified from time to time prior to February 28, 2020, the “Original Euro Term Loan”) and (iii) a senior secured revolving credit facility (as refinanced and otherwise modified from time to time the “Revolving Credit Facility”). The Revolving Credit Facility is available to be drawn in U.S. dollars (“USD”), Euros (“EUR”), Great British Pounds (“GBP”) and other reasonably accepted foreign currencies, subject to certain sublimits for the foreign currencies.

See Note 10 “Debt” to the consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2020 for further information on the Senior Secured Credit Facilities.

As of June 30, 2021, the aggregate amount of commitments under the Revolving Credit Facility was $1,100.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $400.0 million. As of June 30, 2021, the Company had no outstanding borrowings under the Revolving Credit Facility, outstanding letters of credit under the Revolving Credit Facility of $84.1 million and unused availability under the Revolving Credit Facility of $1,015.9 million.

As of June 30, 2021, we were in compliance with all covenants of our Senior Secured Credit Facilities.

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Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2021

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 (“2017 Plan”) as described in Note 17, “Stock-Based Compensation Plans” to the consolidated financial statements in its annual report on Form 10-K for the year ended December 31, 2020.

The Company’s stock-based compensation awards are typically granted in the first quarter of the year and primarily consist of stock options, restricted stock units and performance share units. Eligible employees were also granted restricted stock units, during the three months ended September 30, 2020, that vest ratably over two years, subject to the passage of time and the

employee's continued employment during such period. In some instances, such as death, awards may vest concurrently with or following an employee's termination.

Stock-Based Compensation

Stock-based compensation expense for the six month periods ended June 30, 2021 and 2020 are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations and are as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Stock-based compensation expense - continuing and discontinued operations	$	29.9	$	12.7	$	54.0	$	16.2
Stock-based compensation expense recognized in discontinued operations	8.4		0.6		10.9		0.8
Stock-based compensation expense recognized in continuing operations	$	21.5	$	12.1	$	43.1	$	15.4

Stock-Based Compensation - Continuing Operations

In the six month period ended June 30, 2021, the $43.1 million of stock-based compensation expense included expense for equity awards granted under the 2013 and 2017 Plan of $42.9 million and an increase in the liability for stock appreciation rights (“SAR”) of $0.2 million. Of the $42.9 million of expense for equity awards granted under the 2013 Plan and 2017 Plan, $28.9 million related to the $150 million equity grant to nearly 16,000 employees worldwide made in the third quarter of 2020 (“All-Employee Equity Grant”).

As of June 30, 2021, there was $132.4 million of total unrecognized compensation expense related to outstanding stock options, restricted stock unit awards and performance stock unit awards.

Stock-Based Compensation - Discontinued Operations

In the six month period ended June 30, 2021, the $10.9 million of stock-based compensation expense included expense for modifications of equity awards of $3.8 million and expense for equity awards granted under the 2013 and 2017 Plan of $7.1 million. The modifications allowed for the vesting of the first tranche of the All-Employee Equity Grant awarded to HPS and SVT employees despite their termination due to the divestitures. Of the $7.1 million of expense for equity awards granted under the 2013 Plan and 2017 Plan, $5.4 million related to the All-Employee Equity Grant.

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 or five years and expire ten years from the date of grant.

A summary of the Company’s stock option (including SARs) activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2020	7,742	$	18.47
Granted	758	45.58
Exercised or settled	(800)	16.83
Forfeited	(209)	30.57
Expired	(5)	9.07
Stock options outstanding as of June 30, 2021	7,486	21.06
Vested as of June 30, 2021	5,041	15.69

The following assumptions were used to estimate the fair value of options granted during the six month periods ended June 30, 2021 and 2020 using the Black-Scholes option-pricing model.

	For the Six Month Period Ended June 30,
Assumptions	2021		2020
Expected life of options (in years)	6.3		6.3
Risk-free interest rate	0.9% - 1.1%		0.4% - 1.5%
Assumed volatility	39.1% - 39.4%		24.6% - 41.1%
Expected dividend rate	0.0	%	0.0	%

Restricted Stock Unit Awards

Restricted stock units are granted to employees and non-employee directors based on the market price of the Company’s common stock on the grant date and recognized in compensation expense over the vesting period. A summary of the Company’s restricted stock unit activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2020	5,546	$	33.09
Granted	326	45.58
Vested	(711)	30.30
Forfeited	(532)	34.15
Non-vested as of June 30, 2021	4,629	34.28

Performance Share Unit Awards

Performance share units are granted to employees and are subject to a three years performance period. 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.

A summary of the Company’s performance stock unit activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2020	255	$	29.72
Granted	158	55.84
Forfeited	(20)	36.36
Non-vested as of June 30, 2021	393	39.89

The following assumptions were used to estimate the fair value of performance share units granted during the six month periods ended June 30, 2021 and 2020 using the Monte Carlo simulation pricing model.

	For the Six Month Period Ended June 30,
Assumptions	2021		2020
Expected term (in years)	2.9		2.8
Risk-free interest rate	0.2	%	0.5	%
Assumed volatility	36.9	%	35.2	%
Expected dividend rate	—	%	—	%

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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (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 intercompany notes of a long-term nature and 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 swaps), net of income taxes; and (iv) pension and other postretirement prior service cost and actuarial gains or losses, net of income taxes. See Note 8 “Benefit Plans” and Note 12 “Hedging Activities, Derivative Instruments and Fair Value Measurements.”

The before tax income (loss) and related income tax effect are as follows.

	For the Three Month Period Ended June 30, 2021						For the Three Month Period Ended June 30, 2020
	Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	51.0	$	(1.9)	$	49.1	$	41.9	$	3.0	$	44.9
Unrecognized gains on cash flow hedges, net	—		—		—		7.3		(1.8)		5.5
Pension and other postretirement benefit prior service cost and gain or loss, net	1.5		(0.2)		1.3		0.4		0.1		0.5
Other comprehensive income (loss)	$	52.5	$	(2.1)	$	50.4	$	49.6	$	1.3	$	50.9

	For the Six Month Period Ended June 30, 2021						For the Six Month Period Ended June 30, 2020
	Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	(56.2)	$	5.5	$	(50.7)	$	(47.7)	$	0.4	$	(47.3)
Unrecognized gains on cash flow hedges, net	—		—		—		8.8		(2.1)		6.7
Pension and other postretirement benefit prior service cost and gain or loss, net	3.0		(0.5)		2.5		3.9		(0.5)		3.4
Other comprehensive income (loss)	$	(53.2)	$	5.0	$	(48.2)	$	(35.0)	$	(2.2)	$	(37.2)

The tables above include only the other comprehensive income (loss), net of tax, attributable to Ingersoll Rand Inc. Other comprehensive loss, net, attributable to noncontrolling interest holders was $1.2 million and $0.4 million for the three month periods ended June 30, 2021 and 2020, respectively, and $2.3 million and $4.4 million for the six month periods ended June 30, 2021 and 2020, respectively, and related entirely to foreign currency translation adjustments.

Changes in accumulated other comprehensive income (loss) by component for the six month periods ended June 30, 2021 and 2020 are presented in the following table(1).

	Foreign Currency Translation Adjustments, Net		Unrecognized Gains (Losses) on Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2020	$	74.6	$	—	$	(60.4)	$	14.2
Other comprehensive income (loss) before reclassifications	(50.7)		—		0.6		(50.1)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		1.9		1.9
Other comprehensive income (loss)	(50.7)		—		2.5		(48.2)
Divestiture of foreign subsidiaries	(1.5)		—		—		(1.5)
Balance as of June 30, 2021	$	22.4	$	—	$	(57.9)	$	(35.5)

	Foreign Currency Translation Adjustments, Net		Unrecognized Gains (Losses) on Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2019	$	(193.6)	$	(10.9)	$	(51.5)	$	(256.0)
Other comprehensive income (loss) before reclassifications	(47.3)		(3.2)		2.3		(48.2)
Amounts reclassified from accumulated other comprehensive income (loss)	—		9.9		1.1		11.0
Other comprehensive income (loss)	(47.3)		6.7		3.4		(37.2)
Balance as of June 30, 2020	$	(240.9)	$	(4.2)	$	(48.1)	$	(293.2)

(1)All amounts are net of tax. Amounts in parentheses indicate debits.

Reclassifications out of accumulated other comprehensive income (loss) for the six month periods ended June 30, 2021 and 2020 are presented in the following table.

Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	For the Six Month Period Ended June 30, 2021				Affected Line(s) in the Statement Where Net Income is Presented
	2021		2020
Loss on cash flow hedges (interest rate swaps)	$	—	$	13.2	Interest expense
Benefit for income taxes	—		(3.3)		Benefit for income taxes
Loss on cash flow hedges (interest rate swaps), net of tax	$	—	$	9.9
Amortization of defined benefit pension and other postretirement benefit items(1)	$	2.6	$	1.5	Cost of sales and Selling and administrative expenses
Benefit for income taxes	(0.7)		(0.4)		Benefit for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax	$	1.9	$	1.1
Total reclassifications for the period, net of tax	$	1.9	$	11.0

(1)These components are included in the computation of net periodic benefit cost. See Note 8 “Benefit Plans” for additional details.

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Hedging Activities, Derivative Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Activities, Derivative Instruments and Fair Value Measurements

Hedging Activities, Derivative Instruments and Fair Value Measurements

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 foreign currency forward contracts and interest rate swaps, 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. Fluctuations in interest rates and foreign currency exchange rates can be volatile, and the Company’s risk management activities do not totally eliminate these risks. Consequently, these fluctuations could have a significant effect on the Company’s financial results.

The Company’s exposure to interest rate risk results primarily from its variable-rate borrowings. 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 pay-fixed interest rate swaps, from time to time, as cash flow hedges of variable rate debt in order to adjust the relative fixed and variable proportions.

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. Other than 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 has certain U.S. subsidiaries borrow in currencies other than the USD.

The Company and its subsidiaries are also subject to the risk that arises when they, from time to time, enter into transactions in currencies other than their functional currency. To mitigate this risk, the Company and its subsidiaries typically settle intercompany trading balances at least quarterly. The Company also selectively uses forward currency contracts to manage this risk. These contracts for the sale or purchase of European and other currencies generally mature within one year.

Derivative Instruments

The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.

June 30, 2021
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 Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	78.3	$	0.4	$	—	$	—	$	—
Foreign currency forwards	Fair Value	100.6		—		—		0.8		—

December 31, 2020
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 Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	230.5	$	2.9	$	—	$	—	$	—
Foreign currency forwards	Fair Value	51.2		—		—		0.7		—

(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.

Losses on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2021 and 2020 are as presented in the table below.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Interest rate swap contracts
Loss recognized in AOCI on derivatives	$	—	$	(0.6)	$	—	$	(4.3)
Loss reclassified from AOCI into income (effective portion)(1)	—		(7.9)		—		(13.2)

(1)Losses on derivatives reclassified from accumulated other comprehensive income (“AOCI”) into income were included within “Interest expense” in the Condensed Consolidated Statements of Operations.

As of June 30, 2021, the Company has no interest rate swap contracts. Our previous interest rate swap contracts expired during the third quarter of 2020 and the remaining amounts in AOCI were reclassified to Interest expense during the same period. The Company’s LIBOR-based variable rate borrowings outstanding as of June 30, 2021 were $3,188.2 million and €593.6 million.

The Company had seven foreign currency forward contracts outstanding as of June 30, 2021 with notional amounts ranging from $10.8 million to $48.4 million. These contracts are used to hedge the change in fair value of recognized foreign currency denominated assets or liabilities caused by changes in currency exchange rates. The changes in the fair value of these contracts generally offset the changes in the fair value of a corresponding amount of the hedged items, both of which are included within “Other operating expense, net” in the Condensed Consolidated Statements of Operations. The Company’s foreign currency forward contracts are subject to master netting arrangements or agreements between the Company and each counterparty for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract with that certain counterparty. It is the Company’s practice to recognize the gross amounts in the Condensed Consolidated Balance Sheets. The amount available to be netted is not material.

The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Foreign currency forward contracts gains (losses)	$	0.7	$	0.5	$	(0.1)	$	(2.1)
Total foreign currency transaction gains (losses), net	(3.4)		(4.9)		14.7		(6.9)

The Company has a significant investment in consolidated subsidiaries with functional currencies other than the USD, particularly the EUR. On August 17, 2017, the Company designated its €615.0 million Original Euro Term Loan as a hedge of the Company’s net investment in subsidiaries with EUR functional currencies until it was extinguished and replaced on February 28, 2020 by a €601.2 million Euro Term Loan, further described in Note 9 “Debt”. As of June 30, 2021, the Euro Term Loan of €593.6 million remained designated.

The Company’s gains (losses), net of income tax, associated with changes in the value of debt for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Gain, net of income tax, recorded through other comprehensive income	$	(5.7)	$	(9.1)	$	13.2	$	0.9

The net balance of such gains (losses) included in accumulated other comprehensive income (loss) as of June 30, 2021 and 2020 was $43.9 million and $74.9 million, respectively.

For the periods presented, all cash flows associated with derivatives are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows.

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, derivatives and debt instruments. The carrying values of cash and cash equivalents, trade accounts receivables, trade accounts payables, and variable rate debt instruments are a reasonable estimate of their respective fair values.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or more advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows.

Level 1    Quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date.

Level 2    Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities as of the reporting date.

Level 3    Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	0.4	$	—	$	0.4
Trading securities held in deferred compensation plan(2)	11.2		—		—		11.2
Total	$	11.2	$	0.4	$	—	$	11.6
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.8	$	—	$	0.8
Deferred compensation plans(2)	25.1		—		—		25.1
Total	$	25.1	$	0.8	$	—	$	25.9

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	2.9	$	—	$	2.9
Trading securities held in deferred compensation plan(2)	9.1		—		—		9.1
Total	$	9.1	$	2.9	$	—	$	12.0
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.7	$	—	$	0.7
Deferred compensation plan(2)	25.7		—		—		25.7
Total	$	25.7	$	0.7	$	—	$	26.4

(1)Based on calculations that use readily observable market parameters at their basis, such as spot and forward rates.

(2)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.

Goodwill and Other Intangible Assets

Certain of our non-financial assets are subject to impairment analysis, including indefinite-lived intangible assets and goodwill. We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually. Any resulting impairment would require that the asset be recorded at its fair value. At December 31, 2020, we did not have any significant non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis. Refer to Note 6 “Goodwill and Other Intangible Assets” for further discussion pertaining to our annual and interim evaluation of goodwill and other intangible assets for impairment.

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Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and 2020.

	For the Three Month Period Ended June 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	391.9	$	103.1	$	495.0
Other Americas	66.6		3.5		70.1
Total Americas	458.5		106.6		565.1
EMEIA	336.3		83.1		419.4
Asia Pacific	252.7		41.9		294.6
Total	$	1,047.5	$	231.6	$	1,279.1
Product Categories
Original equipment	$	623.7	$	198.5	$	822.2
Aftermarket	423.8		33.1		456.9
Total	$	1,047.5	$	231.6	$	1,279.1
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	959.9	$	231.0	$	1,190.9
Revenue recognized over time(2)	87.6		0.6		88.2
Total	$	1,047.5	$	231.6	$	1,279.1

	For the Three Month Period Ended June 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	289.8	$	83.7	$	373.5
Other Americas	70.5		9.9		80.4
Total Americas	360.3		93.6		453.9
EMEIA	247.1		63.7		310.8
Asia Pacific	222.2		38.5		260.7
Total	$	829.6	$	195.8	$	1,025.4
Product Categories
Original equipment	$	502.0	$	169.1	$	671.1
Aftermarket	327.6		26.7		354.3
Total	$	829.6	$	195.8	$	1,025.4
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	750.1	$	195.8	$	945.9
Revenue recognized over time(2)	79.5		—		79.5
Total	$	829.6	$	195.8	$	1,025.4

(1)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.

(2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

The following tables provide disaggregated revenue by reportable segment for the six month periods ended June 30, 2021 and 2020.

	For the Six Month Period Ended June 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	745.0	$	201.2	$	946.2
Other Americas	126.8		7.0		133.8
Total Americas	871.8		208.2		1,080.0
EMEIA	655.7		163.2		818.9
Asia Pacific	433.8		75.9		509.7
Total	$	1,961.3	$	447.3	$	2,408.6
Product Categories
Original equipment	$	1,152.4	$	377.2	$	1,529.6
Aftermarket	808.9		70.1		879.0
Total	$	1,961.3	$	447.3	$	2,408.6
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	1,807.8	$	445.8	$	2,253.6
Revenue recognized over time(2)	153.5		1.5		155.0
Total	$	1,961.3	$	447.3	$	2,408.6

	For the Six Month Period Ended June 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	466.9	$	133.0	$	599.9
Other Americas	115.8		14.8		130.6
Total Americas	582.7		147.8		730.5
EMEIA	447.7		104.6		552.3
Asia Pacific	303.2		56.2		359.4
Total	$	1,333.6	$	308.6	$	1,642.2
Product Categories
Original equipment	$	805.2	$	268.1	$	1,073.3
Aftermarket	528.4		40.5		568.9
Total	$	1,333.6	$	308.6	$	1,642.2
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	1,209.6	$	308.6	$	1,518.2
Revenue recognized over time(2)	124.0		—		124.0
Total	$	1,333.6	$	308.6	$	1,642.2

(1)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.

(2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

Performance Obligations

The majority of the Company’s contracts have a single performance obligation as the promise to transfer goods and/or services. For contracts with multiple performance obligations, the Company utilizes observable prices to determine standalone selling price

or cost plus margin if a standalone price is not available. The Company has elected to account for shipping and handling activities as fulfillment costs and not a separate performance obligation. If control transfers and related revenue is recognized for the related good before the shipping and handling activities occur, the related costs of those shipping and handling activities are accrued.

The Company’s primary performance obligations include delivering standard or configured to order (“CTO”) goods to customers, designing and manufacturing a broad range of equipment customized to a customer’s specifications in ETO arrangements, rendering of services (maintenance and repair contracts), and certain extended or service type warranties. For incidental items that are immaterial in the context of the contract, costs are expensed as incurred or accrued at delivery.

As of June 30, 2021, 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 $429.4 million in the next twelve months and $390.6 million in periods thereafter. The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year.

Contract Balances

The following table provides the contract balances as of June 30, 2021 and December 31, 2020 presented in the Condensed Consolidated Balance Sheets.

	June 30, 2021		December 31, 2020
Accounts receivable, net	$	935.8	$	861.8
Contract assets	52.3		60.4
Contract liabilities	190.5		166.2

Accounts receivable, net – Amounts due where the Company’s right to receive cash is unconditional. Customer receivables are recorded at face amount less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for expected losses as a result of customers’ inability to make required payments. Management evaluates the aging of customer receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of customer receivables that may not be collected in the future and records the appropriate provision.

The allowance for credit losses for the three and six month periods ended June 30, 2021 consisted of the following.

	For the Three Month Period Ended June 30, 2021		For the Six Month Period Ended June 30, 2021
Balance at beginning of the period	$	49.2	$	50.9
Provision charged to expense	1.3		1.6
Write-offs, net of recoveries	(1.7)		(2.7)
Foreign currency translation and other	0.5		(0.5)
Balance at end of the period	$	49.3	$	49.3

Contract assets – The Company’s rights to consideration for the satisfaction of performance obligations subject to constraints apart from timing. Contract assets are transferred to receivables when the right to collect consideration becomes unconditional. Contract assets are presented net of progress billings and related advances from customers.

Contract liabilities – Advance payments received from customers for contracts for which revenue is not yet recognized. Contract liability balances are generally recognized in revenue within twelve months.

Contract assets and liabilities are reported in the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities are presented net on a contract level, where required.

Payments from customers are generally due 30-60 days after invoicing. Invoicing for sales of standard products generally coincides with shipment or delivery of goods. Invoicing for CTO and ETO contracts typically follows a schedule for billing at contractual milestones. Payment milestones normally include down payments upon the contract signing, completion of product design, completion of customer’s preliminary inspection, shipment or delivery, completion of installation, and customer’s on-site

inspection. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets.

The Company has elected the practical expedient from ASC 606-10-32-18 and does not adjust the transaction price for the effects of a financing component if, at contract inception, the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

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Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,						For the Six Month Period Ended June 30,
	2021			2020			2021			2020
Income (loss) before income taxes	$	151.5		$	(73.5)		$	252.2		$	(181.7)
Provision for income taxes	$	12.5		$	78.4		$	23.1		$	11.5
Effective income tax provision rate	8.3		%	(106.7		%)	9.2		%	(6.3		%)

The decrease in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended June 30, 2021 when compared to the same three month period of 2020 is primarily due to the benefits in 2021 associated with the final settlement on the merger transaction and a restructuring benefit recognized during the second quarter.

The increase in the provision for income taxes and increase in the effective income tax provision rate for the six month period ended June 30, 2021 when compared to the same six month period of 2020 is primarily due to an increase in the pretax book income in jurisdictions with higher effective tax rates combined with decreased earnings in jurisdictions with lower tax rates. This rate increase was mitigated by a reduction of unrecognized tax reserves as a result of the lapse of the limitation on statutes, a benefit associated with the final settlement on the merger transaction, and a restructuring benefit recognized during the second quarter.

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Other Operating Expense, Net

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Other Operating Expense, Net

Other Operating Expense, Net

The components of “Other operating expense, net” for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Other Operating Expense, Net
Foreign currency transaction losses (gains), net	$	3.4	$	4.9	$	(14.7)	$	6.9
Restructuring charges, net(1)	6.8		29.4		9.2		67.4
Acquisition and other transaction related expenses(2)	15.3		12.8		23.6		67.8
Other, net	(0.4)		1.0		1.3		2.5
Total other operating expense, net	$	25.1	$	48.1	$	19.4	$	144.6

(1)See Note 4 “Restructuring.”

(2)Represents costs associated with successful and/or abandoned acquisitions and divestitures, including third-party expenses and post-closure integration costs (including certain incentive and non-incentive cash compensation costs).

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Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingencies

ContingenciesThe 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 20, “Contingencies” in the notes to consolidated financial statements in the Company’s 2020 Form 10-K.

Asbestos and Silica Related Litigation

The Company believes that the pending and future asbestos and silica-related lawsuits are not likely to, in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or liquidity. “Accrued liabilities” and “Other liabilities” of the Condensed Consolidated Balance Sheets include a total litigation reserve of $127.5 million and $131.4 million as of June 30, 2021 and December 31, 2020, respectively, with regards to potential liability arising from the Company’s asbestos-related litigation. Asbestos related defense costs are excluded from the asbestos claims liability and are recorded separately as services are incurred. In the event of unexpected future developments, it is possible that the ultimate resolution of these matters may be material to the Company’s consolidated financial position, results of operation or liquidity.

The Company has entered into a series of agreements with certain of its or its predecessors’ legacy insurers and certain potential indemnitors to secure insurance coverage and/or reimbursement for the costs associated with the asbestos and silica-related lawsuits filed against the Company. The Company has an insurance recovery receivable for probable asbestos related recoveries of approximately $132.1 million and $132.1 million as of June 30, 2021 and December 31, 2020, respectively, which was included in “Other assets” in the Condensed Consolidated Balance Sheets. The amounts recorded by the Company for asbestos-related liabilities and insurance recoveries are based on currently available information and assumptions that the Company believes are reasonable based on an evaluation of relevant factors. The actual liabilities or insurance recoveries could be higher or lower than those recorded if actual results vary significantly from the assumptions.

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 $13.4 million and $13.7 million as of June 30, 2021 and December 31, 2020, 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.

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Segment Results

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Results

Segment Results

A description of the Company’s two reportable segments is presented below. During the first quarter of 2021, the Company agreed to sell a majority interest in the business comprising its High Pressure Solutions segment. This sale was substantially completed on April 1, 2021. During the second quarter of 2021, the Company agreed to sell the business comprising its Specialty Vehicle Technologies segment. This sale was substantially completed on June 1, 2021. The HPS and SVT businesses are presented as a discontinued operation in current and prior periods and has been excluded from the segment information below unless otherwise noted. Refer to Note 2 “Discontinued Operations” for further discussion of the sale of majority interest in the High Pressure Solutions business and of the Specialty Vehicle Technologies business.

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, loading systems, power tools and lifting equipment. The Company’s compression and vacuum products are used worldwide in industrial manufacturing, transportation, chemical processing, food and beverage production, 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. The Company’s power tools and lifting equipment are used by customers in industrial manufacturing, vehicle maintenance, energy and other markets for precision fastening, bolt removal, grinding, sanding, drilling, demolition and the safe and efficient lifting, positioning and movement of loads. The Company sells its products primarily through independent distributors worldwide and also sells directly to the customer.

In the Precision and Science Technologies segment, the Company designs, manufactures and markets a broad range of specialized positive displacement pumps, fluid management equipment and aftermarket parts for medical, laboratory, industrial manufacturing, water and wastewater, chemical processing, energy, food and beverage, agriculture and other markets. The Company’s products are used for a diverse set of applications including precision dosing of chemicals and supplements, blood dialysis, oxygen therapy, food processing, fluid transfer and dispensing, spray finishing and coating, mixing, high-pressure air and gas management and others. The Company sells primarily through a broad global network of specialized and national distributors and original equipment manufacturers (“OEM”) who integrate the Company’s products into their devices and systems.

The Chief Operating Decision Maker (“CODM”) evaluates the performance of the Company’s reportable segments based on, among other measures, Segment Adjusted EBITDA. Management closely monitors the Segment Adjusted EBITDA of each reportable segment to evaluate past performance and actions required to improve profitability. Inter-segment sales and transfers are not significant. 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 business segments. Certain administrative expenses, including senior management compensation, treasury, internal audit, tax compliance, certain information technology, and other corporate functions, are not allocated to the business segments.

The following table provides summarized information about the Company’s operations by reportable segment and reconciles Segment Adjusted EBITDA to Income (Loss) from Continuing Operations Before Income Taxes for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Revenue
Industrial Technologies and Services	$	1,047.5	$	829.6	$	1,961.3	$	1,333.6
Precision and Science Technologies	231.6		195.8		447.3		308.6
Total Revenue	$	1,279.1	$	1,025.4	$	2,408.6	$	1,642.2
Segment Adjusted EBITDA
Industrial Technologies and Services	$	258.6	$	183.8	$	470.1	$	278.6
Precision and Science Technologies	71.1		59.3		138.3		92.2
Total Segment Adjusted EBITDA	$	329.7	$	243.1	$	608.4	$	370.8
Less items to reconcile Segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Corporate expenses not allocated to segments	$	37.6	$	25.6	$	72.3	$	41.1
Interest expense	22.7		30.8		45.8		57.9
Depreciation and amortization expense (a)	101.3		118.9		205.8		177.9
Restructuring and related business transformation costs (b)	6.7		31.0		9.4		69.6
Acquisition and other transaction related expenses and non-cash charges (c)	14.3		90.3		24.8		179.8
Stock-based compensation (d)	21.5		12.1		43.1		14.9
Foreign currency transaction losses (gains), net	3.4		4.9		(14.7)		6.9
Loss on extinguishment of debt (e)	—		—		—		2.0
Gain on settlement of post-acquisition contingencies (f)	(30.1)		—		(30.1)		—
Other adjustments (g)	0.8		3.0		(0.2)		2.4
Income (Loss) from Continuing Operations Before Income Taxes	151.5		(73.5)		252.2		(181.7)
Provision for income taxes	12.5		78.4		23.1		11.5
Loss on equity method investments	(0.7)		—		(0.7)		—
Income (Loss) from Continuing Operations	138.3		(151.9)		228.4		(193.2)
Income (loss) from discontinued operations, net of tax	96.3		(24.6)		(83.9)		(20.2)
Net Income (Loss)	$	234.6	$	(176.5)	$	144.5	$	(213.4)

a)Depreciation and amortization expense excludes $1.0 million and $0.4 million of depreciation of rental equipment for the three month periods ended June 30, 2021 and 2020, respectively, and excludes $2.0 million and $0.9 million for the six month periods ended June 30, 2021 and 2020, respectively.

b)Restructuring and related business transformation costs consist of the following.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Restructuring charges	$	6.8	$	29.4	$	9.2	$	67.4
Facility reorganization, relocation and other costs	—		0.1		—		0.5
Other, net	(0.1)		1.5		0.2		1.7
Total restructuring and related business transformation costs	$	6.7	$	31.0	$	9.4	$	69.6

c)Represents costs associated with successful and/or abandoned acquisitions and divestitures, including third-party expenses, post-closure integration costs (including certain incentive and non-incentive cash compensation costs) and non-cash charges and credits arising from fair value purchase accounting adjustments.

d)Represents stock-based compensation expense recognized for the three and six month periods ended June 30, 2021 of $21.5 million and $43.1 million, respectively.

Represents stock-based compensation expense recognized for the three and six month periods ended June 30, 2020 of $12.1 million and $15.4 million, respectively, and decreased by $0.5 million for the six month period ended June 30, 2020, due to costs associated with employer taxes.

e)Represents a loss on extinguishment of a portion of the U.S. term loan and the amendment of the revolving credit facility.

f)Represents a gain on settlement of post-acquisition contingencies outside of the measurement period related to adjustments to the transaction price for retirement plan funding and net working capital.

g)Includes (i) effects of amortization of prior service costs and amortization of losses in pension and other postemployment (“OPEB”) expense, (ii) certain legal and compliance costs and (iii) other miscellaneous adjustments.

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Related Party Transactions

6 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”) own 29,788,635 shares of common stock, or approximately 7% of the total outstanding common stock based on the number of shares outstanding as of June 30, 2021.

Affiliates of KKR participated as a lender in the Company’s Senior Secured Credit Facilities. As of June 30, 2021, KKR held a position in the Euro Term Loan of €38.2 million and a position in the Dollar Term Loan B of $39.5 million.

The Company incurred and paid underwriting fees of $0.8 million and $7.5 million in the three and six month periods ended June 30, 2020, respectively, to KKR Capital Markets LLC, an affiliate of KKR, for services rendered in connection with the term loan transactions.

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Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Earnings (Loss) Per Share

The number of weighted-average shares outstanding used in the computations of basic and diluted earnings (loss) per share are as follows.

	For the Three Month Period Ended June 30,		For the Six Month Period Ended June 30,
	2021	2020	2021	2020
Average shares outstanding
Basic	419.9	417.0	419.5	347.2
Diluted	426.8	417.0	426.4	347.2

For the three and six month periods ended June 30, 2021, 0.8 million and 0.7 million, respectively, of anti-dilutive shares were not included in the computation of diluted earnings per share. For the three and six month period ended June 30, 2020, 3.8 million and 3.9 million, respectively, of potentially dilutive stock-based awards were not included in the computation of diluted loss per share as we incurred a net loss during the period.

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Subsequent Event	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventOn July 30, 2021, the Company completed the acquisition of Maximus Solutions for cash consideration of approximately C$135.4 million Canadian dollars, subject to post-closing adjustments. Maximus Solutions is a provider of digital controls and Industrial Internet of Things (IIoT) production management systems for the agritech software and controls market. The initial accounting for the business combination, including the estimated fair value of assets and liabilities acquired, is incomplete as a result of the timing of the acquisition. The results of operations of the acquired business will be reported within the Precision and Science Technologies segment beginning in the third quarter of 2021.

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Basis of Presentation and Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

Ingersoll Rand Inc. is a diversified, global manufacturer of highly engineered, application-critical flow control products and provider of related aftermarket parts and services. 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” or the “Company”).

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, 2020. We have reclassified certain prior year amounts, including the results of discontinued operations, to conform to the current year presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations. See Note 2 “Discontinued Operations” for information on discontinued operations.

The results of operations for the interim period ended June 30, 2021 are not necessarily indicative of future results. The ongoing novel Coronavirus (“COVID-19”) pandemic is a continuously evolving situation around the globe that has negatively impacted and could continue to negatively impact the global economy. The Company’s operating results will be subject to fluctuations based on general economic conditions, and the extent to which COVID-19 may ultimately impact its business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate extent of the spread of the disease and the duration of the outbreak and business closures or business disruptions for the Company, suppliers and customers.

Recently Adopted Accounting Standard Updates ("ASU") and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Standard Updates (“ASU”)

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which added an impairment model that is based on expected losses rather than incurred losses and is called the Current Expected Credit Losses (“CECL”) model. This impairment model is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables as well as any other financial asset with the contractual right to receive cash. Under the new model, an allowance equal to the estimate of lifetime expected credit losses is recognized which will result in more timely loss recognition. The guidance is intended to reduce complexity by decreasing the number of credit impairment models. The Company adopted this guidance on January 1, 2020, using a modified retrospective transition method. The Company recorded a cumulative-effect adjustment on the adoption date increasing “Accumulated deficit” in the Condensed Consolidated Balance Sheets by $1.0 million and decreasing “Accounts receivable, net of allowance for credit losses” in the Condensed Consolidated Balance Sheets by $1.0 million.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and amending and clarifying existing guidance. The Company adopted this guidance on January 1, 2021. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. The Company has not utilized any of the

optional expedients or exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period.

In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which explicitly clarifies which contracts, hedging relationships, and other transactions are within the scope of the optional expedients and exceptions allowed under Topic 848. The Company has not utilized any of the optional expedients or exceptions available under Topic 848. The Company will continue to assess whether this ASU is applicable throughout the effective period, in conjunction with our assessment of ASU 2020-4.

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Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The results of operations of SVT and HPS are presented as discontinued operations as summarized below:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Three Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	184.0	$	217.5	$	3.0	$	21.5	$	187.0	$	239.0
Cost of sales	137.9		166.4		3.9		21.2		141.8		187.6
Gross Profit	46.1		51.1		(0.9)		0.3		45.2		51.4
Selling and administrative expenses	16.9		18.2		0.6		20.4		17.5		38.6
Amortization of intangible assets	0.9		12.3		—		5.9		0.9		18.2
Loss (gain) on sale	(256.7)		—		8.4		—		(248.3)		—
Other operating expense (income), net	9.2		(0.1)		7.4		1.9		16.6		1.8
Income (Loss) from Discontinued Operations Before Income Taxes	275.8		20.7		(17.3)		(27.9)		258.5		(7.2)
Provision (benefit) for income taxes	162.8		29.2		(0.6)		(11.8)		162.2		17.4
Income (Loss) from Discontinued Operations, Net of Tax	$	113.0	$	(8.5)	$	(16.7)	$	(16.1)	$	96.3	$	(24.6)

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Revenues	$	424.3	$	304.2	$	65.4	$	117.9	$	489.7	$	422.1
Cost of sales	314.9		238.7		54.4		90.8		369.3		329.5
Gross Profit	109.4		65.5		11.0		27.1		120.4		92.6
Selling and administrative expenses	35.3		26.0		4.9		28.6		40.2		54.6
Amortization of intangible assets	10.4		14.9		2.4		11.8		12.8		26.7
Loss (gain) on sale	(256.7)		—		211.7		—		(45.0)		—
Other operating expense, net	16.2		0.7		15.5		5.3		31.7		6.0
Income (Loss) from Discontinued Operations Before Income Taxes	304.2		23.9		(223.5)		(18.6)		80.7		5.3
Provision (benefit) for income taxes	169.7		30.0		(5.1)		(4.5)		164.6		25.5
Income (Loss) from Discontinued Operations, Net of Tax	$	134.5	$	(6.1)	$	(218.4)	$	(14.1)	$	(83.9)	$	(20.2)

The carrying amount of major classes of assets and liabilities classified that were included in discontinued operations at June 30, 2021 and December 31, 2020 related to SVT and HPS are shown in the table below. Long-term assets and liabilities as of June 30, 2021 have been reclassified as current in the Condensed Consolidated Balance Sheets.

	June 30, 2021 (1)		December 31, 2020 (2)
Assets
Current assets:
Accounts receivable, net	$	18.7	$	104.8
Inventories	19.6		226.9
Other current assets	4.5		5.7
Total current assets	42.8		337.4
Property, plant and equipment, net	2.1		188.3
Goodwill	0.8		721.0
Other intangible assets, net	28.0		935.4
Deferred tax assets	—		0.5
Other assets	—		17.6
Total non-current assets	30.9		1,862.8
Total assets	$	73.7	$	2,200.2
Liabilities
Current liabilities:
Accounts payable	$	32.3	$	134.7
Accrued liabilities	31.8		78.2
Total current liabilities	64.1		212.9
Pensions and other postretirement benefits	—		2.5
Deferred income taxes	3.8		173.3
Other liabilities	—		17.0
Total non-current liabilities	3.8		192.8
Total liabilities	$	67.9	$	405.7

(1)Primarily relates to non-U.S. subsidiaries for which legal ownership will transfer in the second half of 2021.

(2)Total assets and total liabilities related to SVT were $1,512.7 million and $354.1 million, respectively, at December 31, 2020.

The significant non-cash operating items and capital expenditures reflected in cash flows of discontinued operations for the six months periods ended June 30, 2021 and 2020 include the following:

	Specialty Vehicle Technologies				High Pressure Solutions				Total
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Loss (gain) on sale	$	(256.7)	$	—	$	211.7	$	—	$	(45.0)	$	—
Depreciation and amortization	14.8		19.8		4.0		18.2		18.8		38.0
Stock-based compensation expense	8.2		0.4		2.7		0.4		10.9		0.8
Capital expenditures	1.6		1.3		0.3		1.4		1.9		2.7

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Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of consideration to the fair values of identifiable assets acquired and liabilities assumed at the acquisition date.

	M-D Pneumatics and Kinney Vacuum Pumps		All Others
Accounts receivable	$	4.8	$	2.5
Inventories	3.8		2.7
Other current assets	0.6		—
Property, plant and equipment	16.2		2.5
Goodwill	80.0		3.5
Other intangible assets	82.5		23.9
Total current liabilities	(3.5)		(1.8)
Total noncurrent liabilities	—		(1.8)
Total consideration	$	184.4	$	31.5

The following table summarizes the allocation of consideration to the fair values of assets acquired and liabilities assumed of Ingersoll Rand Industrial as of February 29, 2020. Included in these amounts are assets and liabilities of SVT, which has been reported as a discontinued operation in these Condensed Consolidated financial statements. Refer to Note 2 for further information on the sale of SVT.

	Fair value
Cash	$	38.8
Accounts receivable	585.8
Inventories	625.4
Other current assets	87.2
Property, plant and equipment	516.5
Goodwill	4,899.2
Other intangible assets	3,766.6
Other noncurrent assets	270.9
Total current liabilities, including current maturities of long-term debt of $19.0 million	(753.0)
Deferred tax liability	(842.4)
Long-term debt, net of debt issuance costs and an original issue discount	(1,851.7)
Other noncurrent liabilities	(333.0)
Noncontrolling interest	(73.3)
Total consideration	$	6,937.0

Schedule of Aggregate Purchase Consideration

Fair value of Ingersoll Rand common stock issued for Ingersoll Rand Industrial outstanding common stock	$	6,919.5
Fair value attributable to pre-merger service for replacement equity awards	8.6
Fair value attributable to pre-merger service for deferred compensation plan	8.9
Total purchase consideration	$	6,937.0

Schedule of Pro Forma Information

The operating results of Ingersoll Rand Industrial have been included in the Company’s condensed consolidated financial statements since the date of acquisition. The results of Ingersoll Rand Industrial in the year of acquisition are shown below. These amounts include the effects of purchase accounting adjustments, primarily the amortization of intangible assets and the impacts on operating expenses of fair value adjustments to acquired inventory and property, plant and equipment. The amounts below exclude the operating results of SVT, which has been reported as a discontinued operation as a result of the transaction discussed in Note 2.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Revenues	$	609.0	$	815.7
Income (Loss) from Continuing Operations Before Income Taxes	(82.1)		(124.8)

The following unaudited pro forma financial information summarizes the combined results of operations for the Company and Ingersoll Rand Industrial as if the acquisition had been completed on January 1, 2019. The pro forma results have been prepared for comparative purposes only and do not necessarily represent what the revenue or results of operations would have been had the acquisition been completed on January 1, 2019. In addition, these results are not intended to be a projection of future operating results and do not reflect synergies that might be achieved. These amounts include revenue and net income attributable to SVT

that are reported within Income (loss) from discontinued operations, net of tax on the Condensed Consolidated Statement of Operations.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Revenues	$	1,271.6	$	2,541.3
Net Income (Loss)	7.0		6.8

The table below reflects the impact of material and nonrecurring adjustments to the unaudited pro forma results for the three and six month periods ended June 30, 2020 that are directly attributable to the acquisition.

	For the Three Month Period Ended June 30, 2020		For the Six Month Period Ended June 30, 2020
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	$	5.6	$	5.5
Decrease to expense as a result of inventory fair value adjustment, net of tax	(58.5)		(89.6)
Decrease to expense as a result of transaction costs, net of tax	—		(38.1)

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Restructuring (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

Schedule of Activity in Restructuring Programs

The following table summarizes the activity associated with the Company’s restructuring programs for the six month period ended June 30, 2021.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	11.9	$	27.8	$	17.5	$	4.8
Charged to expense - termination benefits	6.2		29.7		8.6		64.9
Charged to expense - other	0.6		(0.3)		0.6		2.5
Payments	(4.2)		(26.3)		(11.8)		(41.3)
Currency translation adjustment and other	0.2		(1.9)		(0.2)		(1.9)
Balance at end of period	$	14.7	$	29.0	$	14.7	$	29.0

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Inventories (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories as of June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021		December 31, 2020
Raw materials, including parts and subassemblies	$	490.4	$	451.0
Work-in-process	87.0		62.2
Finished goods	210.6		194.7
	788.0		707.9
Excess of LIFO costs over FIFO costs	8.8		8.8
Inventories	$	796.8	$	716.7

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill attributable to each reportable segment for the six month period ended June 30, 2021 is presented in the table below.

	Industrial Technologies and Services		Precision and Science Technologies		Total
Balance as of December 31, 2020	$	4,151.2	$	1,431.4	$	5,582.6
Acquisitions	76.7		—		76.7
Foreign currency translation	(18.4)		(3.9)		(22.3)
Balance as of June 30, 2021	$	4,209.5	$	1,427.5	$	5,637.0

Schedule of Other Intangible Assets

Other intangible assets as of June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Customer lists and relationships	$	2,857.7	$	(928.1)	$	1,929.6	$	2,835.0	$	(841.3)	$	1,993.7
Technology	293.9		(56.4)		237.5		279.9		(38.1)		241.8
Tradenames	41.5		(17.8)		23.7		41.8		(15.6)		26.2
Other	107.2		(71.7)		35.5		102.8		(58.6)		44.2
Unamortized intangible assets
Tradenames	1,499.2		—		1,499.2		1,491.3		—		1,491.3
Total other intangible assets	$	4,799.5	$	(1,074.0)	$	3,725.5	$	4,750.8	$	(953.6)	$	3,797.2

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Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities as of June 30, 2021 and December 31, 2020 consisted of the following.

	June 30, 2021		December 31, 2020
Salaries, wages and related fringe benefits	$	191.5	$	197.0
Contract liabilities	189.2		164.6
Product warranty	42.0		41.1
Operating lease liabilities	40.2		47.1
Restructuring	14.7		17.5
Taxes	439.3		116.1
Other	136.7		125.5
Total accrued liabilities	$	1,053.6	$	708.9

Schedule of Product Warranty Liability

A reconciliation of the changes in the accrued product warranty liability for the three and six month periods ended June 30, 2021 and 2020 are as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Balance at beginning of period	$	40.4	$	37.6	$	41.1	$	19.1
Product warranty accruals	5.4		3.0		9.8		7.6
Acquired warranty	—		—		0.1		19.8
Settlements	(4.1)		(2.5)		(8.9)		(7.9)
Charged to other accounts(1)	0.3		0.6		(0.1)		0.1
Balance at end of period	$	42.0	$	38.7	$	42.0	$	38.7

(1)Primarily the effects of foreign currency translation adjustments

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Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three and six month periods ended June 30, 2021 and 2020.

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Three Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	1.7	$	1.7	$	1.1	$	1.2	$	—	$	—
Interest cost	2.8		2.8		1.1		1.5		0.1		0.2
Expected return on plan assets	(3.1)		(3.9)		(3.0)		(2.7)		—		—
Recognition of:
Unrecognized prior service cost	—		—		0.1		0.1		(0.1)		—
Unrecognized net actuarial loss	—		—		1.2		0.7		—		—
	$	1.4	$	0.6	$	0.5	$	0.8	$	—	$	0.2

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Six Month Period Ended June 30,
	2021		2020		2021		2020		2021		2020
Service cost	$	3.4	$	2.3	$	2.2	$	1.9	$	—	$	—
Interest cost	5.5		4.0		2.3		3.0		0.3		0.3
Expected return on plan assets	(6.2)		(5.5)		(6.1)		(5.4)		—		—
Recognition of:
Unrecognized prior service cost	—		—		0.1		0.1		(0.2)		—
Unrecognized net actuarial loss	—		—		2.5		1.4		—		—
	$	2.7	$	0.8	$	1.0	$	1.0	$	0.1	$	0.3

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.

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Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Debt as of June 30, 2021 and December 31, 2020 is summarized as follows.

	June 30, 2021		December 31, 2020
Short-term borrowings	$	—	$	—
Long-term debt:
Revolving credit facility, due 2025	$	—	$	—
Dollar Term Loan B, due 2027(1)	1,874.3		1,883.7
Dollar Term Loan, due 2027(2)	915.1		919.6
Euro Term Loan, due 2027(3)	703.2		728.0
Dollar Term Loan Series A, due 2027(4)	390.9		392.4
Finance leases and other long-term debt	17.9		17.2
Unamortized debt issuance costs	(37.4)		(41.4)
Total long-term debt, net, including current maturities	3,864.0		3,899.5
Current maturities of long-term debt	40.7		40.4
Total long-term debt, net	$	3,823.3	$	3,859.1

(1)As of June 30, 2021, this amount is presented net of unamortized discounts of $1.9 million. As of June 30, 2021, the applicable interest rate was approximately 1.84% and the weighted-average interest rate was 1.86% for the six month period ended June 30, 2021.

(2)As of June 30, 2021, this amount is presented net of unamortized discounts of $0.9 million. As of June 30, 2021, the applicable interest rate was approximately 1.84% and the weighted average interest rate was 1.86% for the six month period ended June 30, 2021.

(3)As of June 30, 2021, this amount is presented net of unamortized discounts of $0.7 million. As of June 30, 2021, the applicable interest rate was 2.00% and the weighted average interest rate was 2.00% for the six month period ended June 30, 2021.

(4)As of June 30, 2021, this amount is presented net of unamortized discounts of $5.1 million. As of June 30, 2021, the applicable interest rate was approximately 2.84% and the weighted average interest rate was 2.86% for the six month period ended June 30, 2021.

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Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the six month periods ended June 30, 2021 and 2020 are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations and are as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Stock-based compensation expense - continuing and discontinued operations	$	29.9	$	12.7	$	54.0	$	16.2
Stock-based compensation expense recognized in discontinued operations	8.4		0.6		10.9		0.8
Stock-based compensation expense recognized in continuing operations	$	21.5	$	12.1	$	43.1	$	15.4

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2020	7,742	$	18.47
Granted	758	45.58
Exercised or settled	(800)	16.83
Forfeited	(209)	30.57
Expired	(5)	9.07
Stock options outstanding as of June 30, 2021	7,486	21.06
Vested as of June 30, 2021	5,041	15.69

Schedule of Stock Option Fair Value Assumptions

The following assumptions were used to estimate the fair value of options granted during the six month periods ended June 30, 2021 and 2020 using the Black-Scholes option-pricing model.

	For the Six Month Period Ended June 30,
Assumptions	2021		2020
Expected life of options (in years)	6.3		6.3
Risk-free interest rate	0.9% - 1.1%		0.4% - 1.5%
Assumed volatility	39.1% - 39.4%		24.6% - 41.1%
Expected dividend rate	0.0	%	0.0	%

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2020	5,546	$	33.09
Granted	326	45.58
Vested	(711)	30.30
Forfeited	(532)	34.15
Non-vested as of June 30, 2021	4,629	34.28

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the six month period ended June 30, 2021 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2020	255	$	29.72
Granted	158	55.84
Forfeited	(20)	36.36
Non-vested as of June 30, 2021	393	39.89

Schedule of Performance Share Units Fair Value Assumptions

The following assumptions were used to estimate the fair value of performance share units granted during the six month periods ended June 30, 2021 and 2020 using the Monte Carlo simulation pricing model.

	For the Six Month Period Ended June 30,
Assumptions	2021		2020
Expected term (in years)	2.9		2.8
Risk-free interest rate	0.2	%	0.5	%
Assumed volatility	36.9	%	35.2	%
Expected dividend rate	—	%	—	%

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Before Tax Income (Loss) and Related Income Tax Effect

The before tax income (loss) and related income tax effect are as follows.

	For the Three Month Period Ended June 30, 2021						For the Three Month Period Ended June 30, 2020
	Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	51.0	$	(1.9)	$	49.1	$	41.9	$	3.0	$	44.9
Unrecognized gains on cash flow hedges, net	—		—		—		7.3		(1.8)		5.5
Pension and other postretirement benefit prior service cost and gain or loss, net	1.5		(0.2)		1.3		0.4		0.1		0.5
Other comprehensive income (loss)	$	52.5	$	(2.1)	$	50.4	$	49.6	$	1.3	$	50.9

	For the Six Month Period Ended June 30, 2021						For the Six Month Period Ended June 30, 2020
	Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit or (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	(56.2)	$	5.5	$	(50.7)	$	(47.7)	$	0.4	$	(47.3)
Unrecognized gains on cash flow hedges, net	—		—		—		8.8		(2.1)		6.7
Pension and other postretirement benefit prior service cost and gain or loss, net	3.0		(0.5)		2.5		3.9		(0.5)		3.4
Other comprehensive income (loss)	$	(53.2)	$	5.0	$	(48.2)	$	(35.0)	$	(2.2)	$	(37.2)

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) by component for the six month periods ended June 30, 2021 and 2020 are presented in the following table(1).

	Foreign Currency Translation Adjustments, Net		Unrecognized Gains (Losses) on Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2020	$	74.6	$	—	$	(60.4)	$	14.2
Other comprehensive income (loss) before reclassifications	(50.7)		—		0.6		(50.1)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		1.9		1.9
Other comprehensive income (loss)	(50.7)		—		2.5		(48.2)
Divestiture of foreign subsidiaries	(1.5)		—		—		(1.5)
Balance as of June 30, 2021	$	22.4	$	—	$	(57.9)	$	(35.5)

	Foreign Currency Translation Adjustments, Net		Unrecognized Gains (Losses) on Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2019	$	(193.6)	$	(10.9)	$	(51.5)	$	(256.0)
Other comprehensive income (loss) before reclassifications	(47.3)		(3.2)		2.3		(48.2)
Amounts reclassified from accumulated other comprehensive income (loss)	—		9.9		1.1		11.0
Other comprehensive income (loss)	(47.3)		6.7		3.4		(37.2)
Balance as of June 30, 2020	$	(240.9)	$	(4.2)	$	(48.1)	$	(293.2)

(1)All amounts are net of tax. Amounts in parentheses indicate debits.

Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss)

Reclassifications out of accumulated other comprehensive income (loss) for the six month periods ended June 30, 2021 and 2020 are presented in the following table.

Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Details about Accumulated Other Comprehensive Income (Loss) Components	For the Six Month Period Ended June 30, 2021				Affected Line(s) in the Statement Where Net Income is Presented
	2021		2020
Loss on cash flow hedges (interest rate swaps)	$	—	$	13.2	Interest expense
Benefit for income taxes	—		(3.3)		Benefit for income taxes
Loss on cash flow hedges (interest rate swaps), net of tax	$	—	$	9.9
Amortization of defined benefit pension and other postretirement benefit items(1)	$	2.6	$	1.5	Cost of sales and Selling and administrative expenses
Benefit for income taxes	(0.7)		(0.4)		Benefit for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax	$	1.9	$	1.1
Total reclassifications for the period, net of tax	$	1.9	$	11.0

(1)These components are included in the computation of net periodic benefit cost. See Note 8 “Benefit Plans” for additional details.

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Hedging Activities, Derivative Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020.

June 30, 2021
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 Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	78.3	$	0.4	$	—	$	—	$	—
Foreign currency forwards	Fair Value	100.6		—		—		0.8		—

December 31, 2020
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 Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	230.5	$	2.9	$	—	$	—	$	—
Foreign currency forwards	Fair Value	51.2		—		—		0.7		—

(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 Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss)

Losses on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six month periods ended June 30, 2021 and 2020 are as presented in the table below.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Interest rate swap contracts
Loss recognized in AOCI on derivatives	$	—	$	(0.6)	$	—	$	(4.3)
Loss reclassified from AOCI into income (effective portion)(1)	—		(7.9)		—		(13.2)

(1)Losses on derivatives reclassified from accumulated other comprehensive income (“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 (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Foreign currency forward contracts gains (losses)	$	0.7	$	0.5	$	(0.1)	$	(2.1)
Total foreign currency transaction gains (losses), net	(3.4)		(4.9)		14.7		(6.9)

Schedule of Changes in Value of Debt and Designated Interest Rate Swaps

The Company’s gains (losses), net of income tax, associated with changes in the value of debt for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Gain, net of income tax, recorded through other comprehensive income	$	(5.7)	$	(9.1)	$	13.2	$	0.9

Schedule of Assets and Liabilities Measured at Fair Value

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020.

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	0.4	$	—	$	0.4
Trading securities held in deferred compensation plan(2)	11.2		—		—		11.2
Total	$	11.2	$	0.4	$	—	$	11.6
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.8	$	—	$	0.8
Deferred compensation plans(2)	25.1		—		—		25.1
Total	$	25.1	$	0.8	$	—	$	25.9

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Financial Assets
Foreign currency forwards(1)	$	—	$	2.9	$	—	$	2.9
Trading securities held in deferred compensation plan(2)	9.1		—		—		9.1
Total	$	9.1	$	2.9	$	—	$	12.0
Financial Liabilities
Foreign currency forwards(1)	$	—	$	0.7	$	—	$	0.7
Deferred compensation plan(2)	25.7		—		—		25.7
Total	$	25.7	$	0.7	$	—	$	26.4

(1)Based on calculations that use readily observable market parameters at their basis, such as spot and forward rates.

(2)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.

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Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and 2020.

	For the Three Month Period Ended June 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	391.9	$	103.1	$	495.0
Other Americas	66.6		3.5		70.1
Total Americas	458.5		106.6		565.1
EMEIA	336.3		83.1		419.4
Asia Pacific	252.7		41.9		294.6
Total	$	1,047.5	$	231.6	$	1,279.1
Product Categories
Original equipment	$	623.7	$	198.5	$	822.2
Aftermarket	423.8		33.1		456.9
Total	$	1,047.5	$	231.6	$	1,279.1
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	959.9	$	231.0	$	1,190.9
Revenue recognized over time(2)	87.6		0.6		88.2
Total	$	1,047.5	$	231.6	$	1,279.1

	For the Three Month Period Ended June 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	289.8	$	83.7	$	373.5
Other Americas	70.5		9.9		80.4
Total Americas	360.3		93.6		453.9
EMEIA	247.1		63.7		310.8
Asia Pacific	222.2		38.5		260.7
Total	$	829.6	$	195.8	$	1,025.4
Product Categories
Original equipment	$	502.0	$	169.1	$	671.1
Aftermarket	327.6		26.7		354.3
Total	$	829.6	$	195.8	$	1,025.4
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	750.1	$	195.8	$	945.9
Revenue recognized over time(2)	79.5		—		79.5
Total	$	829.6	$	195.8	$	1,025.4

(1)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.

(2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

The following tables provide disaggregated revenue by reportable segment for the six month periods ended June 30, 2021 and 2020.

	For the Six Month Period Ended June 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	745.0	$	201.2	$	946.2
Other Americas	126.8		7.0		133.8
Total Americas	871.8		208.2		1,080.0
EMEIA	655.7		163.2		818.9
Asia Pacific	433.8		75.9		509.7
Total	$	1,961.3	$	447.3	$	2,408.6
Product Categories
Original equipment	$	1,152.4	$	377.2	$	1,529.6
Aftermarket	808.9		70.1		879.0
Total	$	1,961.3	$	447.3	$	2,408.6
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	1,807.8	$	445.8	$	2,253.6
Revenue recognized over time(2)	153.5		1.5		155.0
Total	$	1,961.3	$	447.3	$	2,408.6

	For the Six Month Period Ended June 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	466.9	$	133.0	$	599.9
Other Americas	115.8		14.8		130.6
Total Americas	582.7		147.8		730.5
EMEIA	447.7		104.6		552.3
Asia Pacific	303.2		56.2		359.4
Total	$	1,333.6	$	308.6	$	1,642.2
Product Categories
Original equipment	$	805.2	$	268.1	$	1,073.3
Aftermarket	528.4		40.5		568.9
Total	$	1,333.6	$	308.6	$	1,642.2
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	1,209.6	$	308.6	$	1,518.2
Revenue recognized over time(2)	124.0		—		124.0
Total	$	1,333.6	$	308.6	$	1,642.2

(1)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.

(2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

Schedule of Contract Balances

The following table provides the contract balances as of June 30, 2021 and December 31, 2020 presented in the Condensed Consolidated Balance Sheets.

	June 30, 2021		December 31, 2020
Accounts receivable, net	$	935.8	$	861.8
Contract assets	52.3		60.4
Contract liabilities	190.5		166.2

Schedule of Allowance for Credit Losses

The allowance for credit losses for the three and six month periods ended June 30, 2021 consisted of the following.

	For the Three Month Period Ended June 30, 2021		For the Six Month Period Ended June 30, 2021
Balance at beginning of the period	$	49.2	$	50.9
Provision charged to expense	1.3		1.6
Write-offs, net of recoveries	(1.7)		(2.7)
Foreign currency translation and other	0.5		(0.5)
Balance at end of the period	$	49.3	$	49.3

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Effective Income Tax Rate

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,						For the Six Month Period Ended June 30,
	2021			2020			2021			2020
Income (loss) before income taxes	$	151.5		$	(73.5)		$	252.2		$	(181.7)
Provision for income taxes	$	12.5		$	78.4		$	23.1		$	11.5
Effective income tax provision rate	8.3		%	(106.7		%)	9.2		%	(6.3		%)

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Other Operating Expense, Net (Tables)

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Other Operating Expense, Net

The components of “Other operating expense, net” for the three and six month periods ended June 30, 2021 and 2020 were as follows.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Other Operating Expense, Net
Foreign currency transaction losses (gains), net	$	3.4	$	4.9	$	(14.7)	$	6.9
Restructuring charges, net(1)	6.8		29.4		9.2		67.4
Acquisition and other transaction related expenses(2)	15.3		12.8		23.6		67.8
Other, net	(0.4)		1.0		1.3		2.5
Total other operating expense, net	$	25.1	$	48.1	$	19.4	$	144.6

(1)See Note 4 “Restructuring.”

(2)Represents costs associated with successful and/or abandoned acquisitions and divestitures, including third-party expenses and post-closure integration costs (including certain incentive and non-incentive cash compensation costs).

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Segment Results (Tables)

6 Months Ended

Jun. 30, 2021

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 (Loss) from Continuing Operations Before Income Taxes for the three and six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Revenue
Industrial Technologies and Services	$	1,047.5	$	829.6	$	1,961.3	$	1,333.6
Precision and Science Technologies	231.6		195.8		447.3		308.6
Total Revenue	$	1,279.1	$	1,025.4	$	2,408.6	$	1,642.2
Segment Adjusted EBITDA
Industrial Technologies and Services	$	258.6	$	183.8	$	470.1	$	278.6
Precision and Science Technologies	71.1		59.3		138.3		92.2
Total Segment Adjusted EBITDA	$	329.7	$	243.1	$	608.4	$	370.8
Less items to reconcile Segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Corporate expenses not allocated to segments	$	37.6	$	25.6	$	72.3	$	41.1
Interest expense	22.7		30.8		45.8		57.9
Depreciation and amortization expense (a)	101.3		118.9		205.8		177.9
Restructuring and related business transformation costs (b)	6.7		31.0		9.4		69.6
Acquisition and other transaction related expenses and non-cash charges (c)	14.3		90.3		24.8		179.8
Stock-based compensation (d)	21.5		12.1		43.1		14.9
Foreign currency transaction losses (gains), net	3.4		4.9		(14.7)		6.9
Loss on extinguishment of debt (e)	—		—		—		2.0
Gain on settlement of post-acquisition contingencies (f)	(30.1)		—		(30.1)		—
Other adjustments (g)	0.8		3.0		(0.2)		2.4
Income (Loss) from Continuing Operations Before Income Taxes	151.5		(73.5)		252.2		(181.7)
Provision for income taxes	12.5		78.4		23.1		11.5
Loss on equity method investments	(0.7)		—		(0.7)		—
Income (Loss) from Continuing Operations	138.3		(151.9)		228.4		(193.2)
Income (loss) from discontinued operations, net of tax	96.3		(24.6)		(83.9)		(20.2)
Net Income (Loss)	$	234.6	$	(176.5)	$	144.5	$	(213.4)

a)Depreciation and amortization expense excludes $1.0 million and $0.4 million of depreciation of rental equipment for the three month periods ended June 30, 2021 and 2020, respectively, and excludes $2.0 million and $0.9 million for the six month periods ended June 30, 2021 and 2020, respectively.

b)Restructuring and related business transformation costs consist of the following.

	For the Three Month Period Ended June 30,				For the Six Month Period Ended June 30,
	2021		2020		2021		2020
Restructuring charges	$	6.8	$	29.4	$	9.2	$	67.4
Facility reorganization, relocation and other costs	—		0.1		—		0.5
Other, net	(0.1)		1.5		0.2		1.7
Total restructuring and related business transformation costs	$	6.7	$	31.0	$	9.4	$	69.6

c)Represents costs associated with successful and/or abandoned acquisitions and divestitures, including third-party expenses, post-closure integration costs (including certain incentive and non-incentive cash compensation costs) and non-cash charges and credits arising from fair value purchase accounting adjustments.

d)Represents stock-based compensation expense recognized for the three and six month periods ended June 30, 2021 of $21.5 million and $43.1 million, respectively.

Represents stock-based compensation expense recognized for the three and six month periods ended June 30, 2020 of $12.1 million and $15.4 million, respectively, and decreased by $0.5 million for the six month period ended June 30, 2020, due to costs associated with employer taxes.

e)Represents a loss on extinguishment of a portion of the U.S. term loan and the amendment of the revolving credit facility.

f)Represents a gain on settlement of post-acquisition contingencies outside of the measurement period related to adjustments to the transaction price for retirement plan funding and net working capital.

g)Includes (i) effects of amortization of prior service costs and amortization of losses in pension and other postemployment (“OPEB”) expense, (ii) certain legal and compliance costs and (iii) other miscellaneous adjustments.

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Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2021

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 (loss) per share are as follows.

	For the Three Month Period Ended June 30,		For the Six Month Period Ended June 30,
	2021	2020	2021	2020
Average shares outstanding
Basic	419.9	417.0	419.5	347.2
Diluted	426.8	417.0	426.4	347.2

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Basis of Presentation and Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Stockholders' equity	$ 9,346.4	$ 9,025.7	$ 9,189.5	$ 8,641.8	$ 8,755.5	$ 1,869.9
Cumulative Effect, Period of Adoption, Adjustment
Subsidiary, Sale of Stock [Line Items]
Stockholders' equity						(1.0)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Accounts Receivable
Subsidiary, Sale of Stock [Line Items]
Stockholders' equity						(1.0)
Accumulated Deficit
Subsidiary, Sale of Stock [Line Items]
Stockholders' equity	$ (32.2)	$ (266.1)	$ (175.7)	$ (356.8)	$ (179.2)	(141.4)
Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment
Subsidiary, Sale of Stock [Line Items]
Stockholders' equity						(1.0)
Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13
Subsidiary, Sale of Stock [Line Items]
Stockholders' equity						$ (1.0)

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Discontinued Operations - Narrative (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Feb. 14, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 09, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal group		$ 248.3	$ 0.0	$ 45.0	$ 0.0
Specialty Vehicle Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration for sale of business						$ 1,680.0
Gain (loss) on disposal group		256.7	0.0	256.7	0.0
High Pressure Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration for sale of business	$ 278.3
Gain (loss) on disposal group		$ (8.4)	$ 0.0	$ (211.7)	$ 0.0
Majority interest sold (as a percent)	55.00%
Common equity interest retained after disposal (as a percent)	45.00%

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Discontinued Operations - Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (Loss) from Discontinued Operations, Net of Tax	$ 96.3	$ (24.6)	$ (83.9)	$ (20.2)
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	187.0	239.0	489.7	422.1
Cost of sales	141.8	187.6	369.3	329.5
Gross Profit	45.2	51.4	120.4	92.6
Selling and administrative expenses	17.5	38.6	40.2	54.6
Amortization of intangible assets	0.9	18.2	12.8	26.7
Loss (gain) on sale	(248.3)	0.0	(45.0)	0.0
Other operating expense (income), net	16.6	1.8	31.7	6.0
Income (Loss) from Discontinued Operations Before Income Taxes	258.5	(7.2)	80.7	5.3
Discontinued Operation, Tax Effect of Discontinued Operation	162.2	17.4	164.6	25.5
Income (Loss) from Discontinued Operations, Net of Tax	96.3	(24.6)	(83.9)	(20.2)
Discontinued Operations, Disposed of by Sale | Specialty Vehicle Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	184.0	217.5	424.3	304.2
Cost of sales	137.9	166.4	314.9	238.7
Gross Profit	46.1	51.1	109.4	65.5
Selling and administrative expenses	16.9	18.2	35.3	26.0
Amortization of intangible assets	0.9	12.3	10.4	14.9
Loss (gain) on sale	(256.7)	0.0	(256.7)	0.0
Other operating expense (income), net	9.2	(0.1)	16.2	0.7
Income (Loss) from Discontinued Operations Before Income Taxes	275.8	20.7	304.2	23.9
Discontinued Operation, Tax Effect of Discontinued Operation	162.8	29.2	169.7	30.0
Income (Loss) from Discontinued Operations, Net of Tax	113.0	(8.5)	134.5	(6.1)
Discontinued Operations, Disposed of by Sale | High Pressure Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	3.0	21.5	65.4	117.9
Cost of sales	3.9	21.2	54.4	90.8
Gross Profit	(0.9)	0.3	11.0	27.1
Selling and administrative expenses	0.6	20.4	4.9	28.6
Amortization of intangible assets	0.0	5.9	2.4	11.8
Loss (gain) on sale	8.4	0.0	211.7	0.0
Other operating expense (income), net	7.4	1.9	15.5	5.3
Income (Loss) from Discontinued Operations Before Income Taxes	(17.3)	(27.9)	(223.5)	(18.6)
Discontinued Operation, Tax Effect of Discontinued Operation	(0.6)	(11.8)	(5.1)	(4.5)
Income (Loss) from Discontinued Operations, Net of Tax	$ (16.7)	$ (16.1)	$ (218.4)	$ (14.1)

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Discontinued Operations - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Total current assets	$ 73.7	$ 337.4
Total non-current assets	0.0	1,862.8
Current liabilities:
Total current liabilities	67.9	212.9
Total non-current liabilities	0.0	192.8
Discontinued Operations, Disposed of by Sale | Specialty Vehicle Technologies
Current assets:
Total assets		1,512.7
Current liabilities:
Total liabilities		354.1
Discontinued Operations, Disposed of by Sale | High Pressure Solutions
Current assets:
Accounts receivable, net	18.7	104.8
Inventories	19.6	226.9
Other current assets	4.5	5.7
Total current assets	42.8	337.4
Property, plant and equipment, net	2.1	188.3
Goodwill	0.8	721.0
Other intangible assets, net	28.0	935.4
Deferred tax assets	0.0	0.5
Other assets	0.0	17.6
Total non-current assets	30.9	1,862.8
Total assets	73.7	2,200.2
Current liabilities:
Accounts payable	32.3	134.7
Accrued liabilities	31.8	78.2
Total current liabilities	64.1	212.9
Pensions and other postretirement benefits	0.0	2.5
Deferred income taxes	3.8	173.3
Other liabilities	0.0	17.0
Total non-current liabilities	3.8	192.8
Total liabilities	$ 67.9	$ 405.7

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Discontinued Operations - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock-based compensation expense	$ 29.9	$ 12.7	$ 54.0	$ 16.2
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss (gain) on sale	(248.3)	0.0	(45.0)	0.0
Depreciation and amortization			18.8	38.0
Stock-based compensation expense			10.9	0.8
Capital expenditures			1.9	2.7
Discontinued Operations, Disposed of by Sale | Specialty Vehicle Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss (gain) on sale	(256.7)	0.0	(256.7)	0.0
Depreciation and amortization			14.8	19.8
Stock-based compensation expense			8.2	0.4
Capital expenditures			1.6	1.3
Discontinued Operations, Disposed of by Sale | High Pressure Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss (gain) on sale	$ 8.4	$ 0.0	211.7	0.0
Depreciation and amortization			4.0	18.2
Stock-based compensation expense			2.7	0.4
Capital expenditures			$ 0.3	$ 1.4

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Business Combinations - Narrative (Details) $ in Millions					3 Months Ended				6 Months Ended		15 Months Ended
	Jan. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 01, 2020 USD ($)	Feb. 29, 2020 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2020 USD ($) business	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2021 USD ($) business	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Cash consideration for acquisition									$ 215.8
Goodwill					$ 5,637.0				$ 5,637.0			$ 5,582.6
Number of businesses acquired | business									5
Industrial Technologies and Services
Business Acquisition [Line Items]
Goodwill					4,209.5				$ 4,209.5			$ 4,151.2
MD Pneumatics and Kinney Vacuum Pumps and All Others
Business Acquisition [Line Items]
Revenue from acquisition date									31.5
Operating income from acquisition date									4.0
M-D Pneumatics and Kinney Vacuum Pumps
Business Acquisition [Line Items]
Cash consideration for acquisition	$ 184.4
Goodwill	$ 80.0
All Others
Business Acquisition [Line Items]
Cash consideration for acquisition									31.5
Goodwill					3.5				$ 3.5
Revenue from acquisition date										$ 5.3
Operating income from acquisition date										2.0
Ingersoll Rand Industrial
Business Acquisition [Line Items]
Goodwill				$ 4,899.2
Revenue from acquisition date							$ 609.0			$ 815.7
Purchase consideration		$ 6,937.0		$ 6,937.0
Acquisition-related costs								$ 42.3			$ 87.3
Net payment upon final measurements of post-closing steps					49.5
Adjustment to receivables upon final measurements of post-closing steps					$ 30.1
Manufacturer of electric peristaltic pumps
Business Acquisition [Line Items]
Cash consideration, net of cash acquired			$ 15.5
Deferred consideration			$ 0.9
Sales and services businesses | Industrial Technologies and Services
Business Acquisition [Line Items]
Number of businesses acquired | business						2
Cash consideration, net of cash acquired						$ 15.0
Deferred consideration		$ 5.1				$ 5.1

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Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jan. 31, 2021	Dec. 31, 2020	Feb. 29, 2020
Estimated Fair Value [Abstract]
Goodwill	$ 5,637.0		$ 5,582.6
M-D Pneumatics and Kinney Vacuum Pumps
Estimated Fair Value [Abstract]
Accounts receivable		$ 4.8
Inventories		3.8
Other current assets		0.6
Property, plant and equipment		16.2
Goodwill		80.0
Other intangible assets		82.5
Total current liabilities		(3.5)
Total noncurrent liabilities		0.0
Total consideration		$ 184.4
All Others
Estimated Fair Value [Abstract]
Accounts receivable	2.5
Inventories	2.7
Other current assets	0.0
Property, plant and equipment	2.5
Goodwill	3.5
Other intangible assets	23.9
Total current liabilities	(1.8)
Total noncurrent liabilities	(1.8)
Total consideration	$ 31.5
Ingersoll Rand Industrial
Estimated Fair Value [Abstract]
Cash				$ 38.8
Accounts receivable				585.8
Inventories				625.4
Other current assets				87.2
Property, plant and equipment				516.5
Goodwill				4,899.2
Other intangible assets				3,766.6
Other noncurrent assets				270.9
Total current liabilities				(753.0)
Deferred tax liability				(842.4)
Long-term debt, net of debt issuance costs and an original issue discount				(1,851.7)
Other noncurrent liabilities				(333.0)
Noncontrolling interest				(73.3)
Total consideration				6,937.0
Current maturities of long-term debt				$ 19.0

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Business Combinations - Preliminary Purchase Price Allocation (Details) - Ingersoll Rand Industrial - USD ($) $ in Millions	Sep. 30, 2020	Feb. 29, 2020	Jun. 30, 2021
Purchase Price [Abstract]
Fair value of Ingersoll Rand common stock issued for Ingersoll Rand Industrial outstanding common stock			$ 6,919.5
Fair value attributable to pre-merger service for replacement equity awards	$ 8.6
Fair value attributable to pre-merger service for deferred compensation plan	8.9
Purchase consideration	$ 6,937.0	$ 6,937.0

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Business Combinations - Results of Ingersoll Rand Industrial Subsequent (Details) - Ingersoll Rand Industrial - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Revenues	$ 609.0	$ 815.7
Income (Loss) from Continuing Operations Before Income Taxes	$ (82.1)	$ (124.8)

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Business Combinations - Unaudited Pro Forma Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		15 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020
Unaudited Pro Forma Information [Abstract]
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	$ 1,279.1	$ 1,025.4		$ 2,408.6	$ 1,642.2
Decrease to expense as a result of inventory fair value adjustment, net of tax	$ 766.4	716.8		$ 1,443.8	1,130.3
Ingersoll Rand Industrial
Unaudited Pro Forma Information [Abstract]
Business Acquisition, Pro Forma Revenue		1,271.6			2,541.3
Net Income (Loss)		7.0			6.8
Decrease to expense as a result of transaction costs, net of tax			$ 42.3			$ 87.3
Ingersoll Rand Industrial | Deferred Revenue
Unaudited Pro Forma Information [Abstract]
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax		5.6			5.5
Ingersoll Rand Industrial | Inventory
Unaudited Pro Forma Information [Abstract]
Decrease to expense as a result of inventory fair value adjustment, net of tax		(58.5)			(89.6)
Ingersoll Rand Industrial | Transaction Costs
Unaudited Pro Forma Information [Abstract]
Decrease to expense as a result of transaction costs, net of tax		$ 0.0			$ (38.1)

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		18 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Restructuring Costs [Abstract]
Restructuring charges	$ 6.8	$ 29.4	$ 9.2	$ 67.4
Restructuring Program 2020 to 2022
Restructuring Costs [Abstract]
Expected restructuring cost	350.0		350.0		$ 350.0
Restructuring Program 2020 to 2022 | Other Operating Expense, Net
Restructuring Costs [Abstract]
Restructuring charges	6.8		9.2
Restructuring Program 2020 to 2022 | Other Operating Expense, Net | Corporate
Restructuring Costs [Abstract]
Restructuring charges	4.5		4.9		10.9
Restructuring Program 2020 to 2022 | Other Operating Expense, Net | Industrial Technologies and Services
Restructuring Costs [Abstract]
Restructuring charges	2.5		4.2		74.5
Restructuring Program 2020 to 2022 | Other Operating Expense, Net | Precision and Science Technologies
Restructuring Costs [Abstract]
Restructuring charges	$ (0.2)		$ 0.1		$ 7.0

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Restructuring - Activity in Restructuring Programs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 11.9	$ 27.8	$ 17.5	$ 4.8
Charged to expense - termination benefits	6.2	29.7	8.6	64.9
Charged to expense - other	0.6	(0.3)	0.6	2.5
Payments	(4.2)	(26.3)	(11.8)	(41.3)
Currency translation adjustment and other	0.2	(1.9)	(0.2)	(1.9)
Balance at end of period	$ 14.7	$ 29.0	$ 14.7	$ 29.0

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Inventories - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials, including parts and subassemblies	$ 490.4	$ 451.0
Work-in-process	87.0	62.2
Finished goods	210.6	194.7
Gross inventories	788.0	707.9
Excess of LIFO costs over FIFO costs	8.8	8.8
Inventories	$ 796.8	$ 716.7

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Goodwill and Other Intangible Assets - Goodwill by Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 5,582.6
Acquisitions	76.7
Foreign currency translation	(22.3)
Balance at end of period	5,637.0
Industrial Technologies and Services
Goodwill [Roll Forward]
Balance at beginning of period	4,151.2
Acquisitions	76.7
Foreign currency translation	(18.4)
Balance at end of period	4,209.5
Precision and Science Technologies
Goodwill [Roll Forward]
Balance at beginning of period	1,431.4
Acquisitions	0.0
Foreign currency translation	(3.9)
Balance at end of period	$ 1,427.5

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Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	Jun. 30, 2021 USD ($)
Industrial Technologies and Services
Goodwill, Impaired, Accumulated Impairment Loss [Abstract]
Accumulated impairment on goodwill	$ 220.6

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Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Amortized intangible assets
Accumulated Amortization	$ (1,074.0)	$ (953.6)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	4,799.5	4,750.8
Accumulated Amortization	(1,074.0)	(953.6)
Net Carrying Amount	3,725.5	3,797.2
Tradenames
Unamortized intangible assets
Carrying amount	1,499.2	1,491.3
Customer lists and relationships
Amortized intangible assets
Gross Carrying Amount	2,857.7	2,835.0
Accumulated Amortization	(928.1)	(841.3)
Net Carrying Amount	1,929.6	1,993.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(928.1)	(841.3)
Technology
Amortized intangible assets
Gross Carrying Amount	293.9	279.9
Accumulated Amortization	(56.4)	(38.1)
Net Carrying Amount	237.5	241.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(56.4)	(38.1)
Tradenames
Amortized intangible assets
Gross Carrying Amount	41.5	41.8
Accumulated Amortization	(17.8)	(15.6)
Net Carrying Amount	23.7	26.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(17.8)	(15.6)
Other
Amortized intangible assets
Gross Carrying Amount	107.2	102.8
Accumulated Amortization	(71.7)	(58.6)
Net Carrying Amount	35.5	44.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (71.7)	$ (58.6)

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Accrued Liabilities - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accrued Liabilities [Abstract]
Salaries, wages and related fringe benefits	$ 191.5		$ 197.0
Contract liabilities	189.2		164.6
Product warranty	42.0	$ 40.4	41.1	$ 38.7	$ 37.6	$ 19.1
Operating lease liabilities	40.2		47.1
Restructuring	14.7		17.5
Taxes	439.3		116.1
Other	136.7		125.5
Total accrued liabilities	$ 1,053.6		$ 708.9

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Accrued Liabilities - Accrued Product Warranty Liability (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 40.4	$ 37.6	$ 41.1	$ 19.1
Product warranty accruals	5.4	3.0	9.8	7.6
Acquired warranty	0.0	0.0	0.1	19.8
Settlements	(4.1)	(2.5)	(8.9)	(7.9)
Charged to other accounts	0.3	0.6	(0.1)	0.1
Balance at end of period	$ 42.0	$ 38.7	$ 42.0	$ 38.7

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Benefit Plans - Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Benefits | U.S. Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1.7	$ 1.7	$ 3.4	$ 2.3
Interest cost	2.8	2.8	5.5	4.0
Expected return on plan assets	(3.1)	(3.9)	(6.2)	(5.5)
Recognition of:
Unrecognized prior service cost	0.0	0.0	0.0	0.0
Unrecognized net actuarial loss	0.0	0.0	0.0	0.0
Total recognized in other comprehensive (loss) income	1.4	0.6	2.7	0.8
Pension Benefits | Non-U.S. Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1.1	1.2	2.2	1.9
Interest cost	1.1	1.5	2.3	3.0
Expected return on plan assets	(3.0)	(2.7)	(6.1)	(5.4)
Recognition of:
Unrecognized prior service cost	0.1	0.1	0.1	0.1
Unrecognized net actuarial loss	1.2	0.7	2.5	1.4
Total recognized in other comprehensive (loss) income	0.5	0.8	1.0	1.0
Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0.0	0.0	0.0	0.0
Interest cost	0.1	0.2	0.3	0.3
Expected return on plan assets	0.0	0.0	0.0	0.0
Recognition of:
Unrecognized prior service cost	(0.1)	0.0	(0.2)	0.0
Unrecognized net actuarial loss	0.0	0.0	0.0	0.0
Total recognized in other comprehensive (loss) income	$ 0.0	$ 0.2	$ 0.1	$ 0.3

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Debt - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt [Abstract]
Short-term borrowings	$ 0.0	$ 0.0
Long-term debt:
Finance leases and other long-term debt	17.9	17.2
Unamortized debt issuance costs	(37.4)	(41.4)
Total long-term debt, net, including current maturities	3,864.0	3,899.5
Current maturities of long-term debt	40.7	40.4
Total long-term debt, net	3,823.3	3,859.1
Revolving credit facility, due 2025
Long-term debt:
Long-term debt, gross	0.0	0.0
Dollar Term Loan B, Due 2027
Long-term debt:
Long-term debt, gross	1,874.3	1,883.7
Unamortized discounts	$ 1.9
Stated interest rate of debt instrument (as a percent)	1.84%
Weighted-average interest rate of debt instrument (as a percent)	1.86%
Dollar Term Loan, due 2027
Long-term debt:
Long-term debt, gross	$ 915.1	919.6
Unamortized discounts	$ 0.9
Stated interest rate of debt instrument (as a percent)	1.84%
Weighted-average interest rate of debt instrument (as a percent)	1.86%
Euro Term Loan, due 2027
Long-term debt:
Long-term debt, gross	$ 703.2	728.0
Unamortized discounts	$ 0.7
Stated interest rate of debt instrument (as a percent)	2.00%
Weighted-average interest rate of debt instrument (as a percent)	2.00%
Dollar Term Loan Series A, Due 2027
Long-term debt:
Long-term debt, gross	$ 390.9	$ 392.4
Unamortized discounts	$ 5.1
Stated interest rate of debt instrument (as a percent)	2.84%
Weighted-average interest rate of debt instrument (as a percent)	2.86%

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Debt - Narrative (Details) - Revolving Credit Facility $ in Millions	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 1,100.0
Letters of credit outstanding	84.1
Outstanding borrowings	0.0
Unused borrowing capacity	1,015.9
Ingersoll Rand
Debt Instrument [Line Items]
Letters of credit outstanding	$ 400.0

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Stock-Based Compensation Plans - Narrative (Details) employee in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2020 USD ($) employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 29,900,000	$ 12,700,000	$ 54,000,000.0	$ 16,200,000
Unrecognized compensation expense	132,400,000		132,400,000
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	21,500,000	12,100,000	43,100,000	15,400,000
Total equity grant to employees					$ 150,000,000
Number of employees granted equity awards | employee					16
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 8,400,000	$ 600,000	10,900,000	$ 800,000
Discontinued Operations | 2013 Stock Incentive Plan and 2017 Omnibus Incentive Plan | Former Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 3,800,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting/performance period			2 years
Equity Awards | Continuing Operations | 2013 Stock Incentive Plan and 2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 42,900,000
Equity Awards | Discontinued Operations | 2013 Stock Incentive Plan and 2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			7,100,000
Stock Appreciation Rights (SARs) | Continuing Operations | 2013 Stock Incentive Plan and 2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in liabilities			200,000
Equity Awards - Founders Grant | Continuing Operations | 2013 Stock Incentive Plan and 2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			28,900,000
Equity Awards - Founders Grant | Discontinued Operations | 2013 Stock Incentive Plan and 2017 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 5,400,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period			10 years
Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting/performance period			4 years
Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting/performance period			5 years
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting/performance period			3 years

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Stock-Based Compensation Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 29.9	$ 12.7	$ 54.0	$ 16.2
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	8.4	0.6	10.9	0.8
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 21.5	$ 12.1	$ 43.1	$ 15.4

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Stock-Based Compensation Plans - Stock Option Awards (Details) - Stock Options shares in Thousands	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning of period (in shares) | shares	7,742
Granted (in shares) | shares	758
Exercised or settled (in shares) | shares	(800)
Forfeited (in shares) | shares	(209)
Expired (in shares) | shares	(5)
Balance at end of period (in shares) | shares	7,486
Vested (in shares) | shares	5,041
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Balance at beginning of period (in usd per share) | $ / shares	$ 18.47
Granted (in usd per share) | $ / shares	45.58
Exercised or settled (in usd per share) | $ / shares	16.83
Forfeited (in usd per share) | $ / shares	30.57
Expired (in usd per share) | $ / shares	9.07
Balance at end of period (in usd per share) | $ / shares	21.06
Vested (in usd per share) | $ / shares	$ 15.69

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Stock-Based Compensation Plans - Assumptions Used to Estimate Fair Value of Options Granted (Details) - Stock Options	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
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
Expected dividend rate (as a percent)	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate (as a percent)	0.90%	0.40%
Assumed volatility (as a percent)	39.10%	24.60%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate (as a percent)	1.10%	1.50%
Assumed volatility (as a percent)	39.40%	41.10%

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Stock-Based Compensation Plans - Restricted Stock Unit Awards (Details) - Restricted Stock Units shares in Thousands	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Shares [Roll Forward]
Balance at beginning of period (in shares) | shares	5,546
Granted (in shares) | shares	326
Vested (in shares) | shares	(711)
Forfeited (in shares) | shares	(532)
Balance at end of period (in shares) | shares	4,629
Weighted-Average Grant-Date Fair Value [Abstract]
Balance at beginning of period (in usd per share) | $ / shares	$ 33.09
Granted (in usd per share) | $ / shares	45.58
Vested (in usd per share) | $ / shares	30.30
Forfeited (in usd per share) | $ / shares	34.15
Balance at end of period (in usd per share) | $ / shares	$ 34.28

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Stock-Based Compensation Plans - Performance Share Unit Awards (Details) - Performance Share Units shares in Thousands	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Shares [Roll Forward]
Balance at beginning of period (in shares) | shares	255
Granted (in shares) | shares	158
Forfeited (in shares) | shares	(20)
Balance at end of period (in shares) | shares	393
Weighted-Average Grant-Date Fair Value [Abstract]
Balance at beginning of period (in usd per share) | $ / shares	$ 29.72
Granted (in usd per share) | $ / shares	55.84
Forfeited (in usd per share) | $ / shares	36.36
Balance at end of period (in usd per share) | $ / shares	$ 39.89

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Stock-Based Compensation Plans - Performance Share Unit Fair Value Assumptions (Details) - Performance Share Units	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 10 months 24 days	2 years 9 months 18 days
Risk-free interest rate (as a percent)	0.20%	0.50%
Assumed volatility (as a percent)	36.90%	35.20%
Expected dividend rate (as a percent)	0.00%	0.00%

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Accumulated Other Comprehensive Income (Loss) - Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Before-Tax Amount
Foreign currency translation adjustments, net	$ 51.0	$ 41.9	$ (56.2)	$ (47.7)
Unrecognized gains on cash flow hedges, net	0.0	7.3	0.0	8.8
Pension and other postretirement benefit prior service cost and gain or loss, net	1.5	0.4	3.0	3.9
Other comprehensive income (loss)	52.5	49.6	(53.2)	(35.0)
Tax Benefit or (Expense)
Foreign currency translation adjustments, net	(1.9)	3.0	5.5	0.4
Unrecognized gains on cash flow hedges, net	0.0	(1.8)	0.0	(2.1)
Pension and other postretirement benefit prior service cost and gain or loss, net	(0.2)	0.1	(0.5)	(0.5)
Other comprehensive income (loss)	(2.1)	1.3	5.0	(2.2)
Net of Tax Amount
Foreign currency translation adjustments, net	49.1	44.9	(50.7)	(47.3)
Unrecognized gains on cash flow hedges, net	0.0	5.5	0.0	6.7
Pension and other postretirement benefit prior service cost and gain or loss, net	1.3	0.5	2.5	3.4
Total other comprehensive income (loss), net of tax	50.4	50.9	(48.2)	(37.2)
Other comprehensive income, net of tax [Abstract]
Other comprehensive income (loss), net of tax, attributable to noncontrolling interest	$ (1.2)	$ (0.4)	$ (2.3)	$ (4.4)

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Accumulated Other Comprehensive Income (Loss) - Changes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			$ 9,119.7
Other comprehensive income (loss) before reclassifications			(50.1)	$ (48.2)
Amounts reclassified from accumulated other comprehensive income (loss)			1.9	11.0
Total other comprehensive income (loss), net of tax	$ 50.4	$ 50.9	(48.2)	(37.2)
Divestiture of foreign subsidiaries	(1.5)		(1.5)
Balance at end of period	9,277.9		9,277.9
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			14.2	(256.0)
Divestiture of foreign subsidiaries	(1.5)		(1.5)
Balance at end of period	(35.5)	(293.2)	(35.5)	(293.2)
Foreign Currency Translation Adjustments, Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			74.6	(193.6)
Other comprehensive income (loss) before reclassifications			(50.7)	(47.3)
Amounts reclassified from accumulated other comprehensive income (loss)			0.0	0.0
Total other comprehensive income (loss), net of tax			(50.7)	(47.3)
Divestiture of foreign subsidiaries			(1.5)
Balance at end of period	22.4	(240.9)	22.4	(240.9)
Unrecognized Gains (Losses) on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			0.0	(10.9)
Other comprehensive income (loss) before reclassifications			0.0	(3.2)
Amounts reclassified from accumulated other comprehensive income (loss)			0.0	9.9
Total other comprehensive income (loss), net of tax			0.0	6.7
Divestiture of foreign subsidiaries			0.0
Balance at end of period	0.0	(4.2)	0.0	(4.2)
Pension and Other Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(60.4)	(51.5)
Other comprehensive income (loss) before reclassifications			0.6	2.3
Amounts reclassified from accumulated other comprehensive income (loss)			1.9	1.1
Total other comprehensive income (loss), net of tax			2.5	3.4
Divestiture of foreign subsidiaries			0.0
Balance at end of period	$ (57.9)	$ (48.1)	$ (57.9)	$ (48.1)

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Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Interest expense	$ 22.7	$ 30.8	$ 45.8	$ 57.9
Benefit for income taxes	(12.5)	(78.4)	(23.1)	(11.5)
Net income (loss) attributable to parent	$ 233.9	$ (177.6)	143.5	(214.4)
Reclassification out of Accumulated Other Comprehensive (Loss) Income
Income Statement [Abstract]
Net income (loss) attributable to parent			1.9	11.0
Unrecognized Gains (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive (Loss) Income
Income Statement [Abstract]
Interest expense			0.0	13.2
Benefit for income taxes			0.0	(3.3)
Net income (loss) attributable to parent			0.0	9.9
Pension and Other Postretirement Benefit Plans | Reclassification out of Accumulated Other Comprehensive (Loss) Income
Income Statement [Abstract]
Cost of sales and Selling and administrative expenses			2.6	1.5
Benefit for income taxes			(0.7)	(0.4)
Net income (loss) attributable to parent			$ 1.9	$ 1.1

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Hedging Activities, Derivative Instruments and Fair Value Measurements - Narrative (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($) contract Contract	Jun. 30, 2021 EUR (€) contract Contract	Jun. 30, 2020 USD ($)	Feb. 28, 2020 EUR (€)	Aug. 17, 2017 EUR (€)
Derivatives, Fair Value [Line Items]
Amount of hedged item | €					€ 615.0
Euro Term Loan
Derivatives, Fair Value [Line Items]
Amount of hedged item | €		€ 593.6		€ 601.2
LIBOR
Derivatives, Fair Value [Line Items]
Long-term debt	$ 3,188.2	€ 593.6
Foreign Currency Forward Contracts
Derivatives, Fair Value [Line Items]
Number of derivatives held | contract	7	7
Foreign Currency Forward Contracts | Maximum
Derivatives, Fair Value [Line Items]
Term of derivative contract	1 year
Notional amount of derivative	$ 48.4
Foreign Currency Forward Contracts | Minimum
Derivatives, Fair Value [Line Items]
Notional amount of derivative	$ 10.8
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Number of derivatives held | Contract	0	0
Balance included in accumulated other comprehensive (loss) income	$ 43.9		$ 74.9

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Hedging Activities, Derivative Instruments and Fair Value Measurements - Balance Sheets (Details) - Derivatives Not Designated as Hedging Instruments - Fair Value - Foreign currency forwards - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Notional amount of derivative	$ 78.3	$ 230.5
Fair Value Other Current Assets
Derivatives, Fair Value [Line Items]
Assets fair value	0.4	2.9
Fair Value Other Assets
Derivatives, Fair Value [Line Items]
Assets fair value	0.0	0.0
Fair Value Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liabilities fair value	0.0	0.0
Fair Value Other Liabilities
Derivatives, Fair Value [Line Items]
Liabilities fair value	0.0	0.0
Notional amount of derivative	100.6	51.2
Fair Value Other Current Assets
Derivatives, Fair Value [Line Items]
Assets fair value	0.0	0.0
Fair Value Other Assets
Derivatives, Fair Value [Line Items]
Assets fair value	0.0	0.0
Fair Value Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liabilities fair value	0.8	0.7
Fair Value Other Liabilities
Derivatives, Fair Value [Line Items]
Liabilities fair value	$ 0.0	$ 0.0

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Hedging Activities, Derivative Instruments and Fair Value Measurements - Comprehensive Income (Loss) (Details) - Interest Rate Swaps - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gains and Losses on Derivatives Designated as Cash Flow Hedges [Abstract]
Loss recognized in AOCI on derivatives	$ 0.0	$ (0.6)	$ 0.0	$ (4.3)
Loss reclassified from AOCI into income (effective portion)	$ 0.0	$ (7.9)	$ 0.0	$ (13.2)

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Hedging Activities, Derivative Instruments and Fair Value Measurements - Derivative Instruments not Designated as Accounting Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
Total foreign currency transaction gains (losses), net	$ (3.4)	$ (4.9)	$ 14.7	$ (6.9)
Foreign currency forward contracts gains (losses)
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
Total foreign currency transaction gains (losses), net	$ 0.7	$ 0.5	$ (0.1)	$ (2.1)

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Hedging Activities, Derivative Instruments and Fair Value Measurements - Gains (Losses), Net of Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Gain, net of income tax, recorded through other comprehensive income	$ (5.7)	$ (9.1)	$ 13.2	$ 0.9

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Hedging Activities, Derivative Instruments and Fair Value Measurements - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial Assets
Foreign currency forwards	$ 0.4	$ 2.9
Trading securities held in deferred compensation plan	11.2	9.1
Total	11.6	12.0
Financial Liabilities
Foreign currency forwards	0.8	0.7
Deferred compensation plans	25.1	25.7
Total	25.9	26.4
Level 1
Financial Assets
Foreign currency forwards	0.0	0.0
Trading securities held in deferred compensation plan	11.2	9.1
Total	11.2	9.1
Financial Liabilities
Foreign currency forwards	0.0	0.0
Deferred compensation plans	25.1	25.7
Total	25.1	25.7
Level 2
Financial Assets
Foreign currency forwards	0.4	2.9
Trading securities held in deferred compensation plan	0.0	0.0
Total	0.4	2.9
Financial Liabilities
Foreign currency forwards	0.8	0.7
Deferred compensation plans	0.0	0.0
Total	0.8	0.7
Level 3
Financial Assets
Foreign currency forwards	0.0	0.0
Trading securities held in deferred compensation plan	0.0	0.0
Total	0.0	0.0
Financial Liabilities
Foreign currency forwards	0.0	0.0
Deferred compensation plans	0.0	0.0
Total	$ 0.0	$ 0.0

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Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 1,279.1	$ 1,025.4	$ 2,408.6	$ 1,642.2
Revenue Recognized at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	1,190.9	945.9	2,253.6	1,518.2
Revenue Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	88.2	79.5	155.0	124.0
Original equipment
Disaggregation of Revenue [Line Items]
Revenues	822.2	671.1	1,529.6	1,073.3
Aftermarket
Disaggregation of Revenue [Line Items]
Revenues	456.9	354.3	879.0	568.9
Americas
Disaggregation of Revenue [Line Items]
Revenues	565.1	453.9	1,080.0	730.5
U.S. Plans
Disaggregation of Revenue [Line Items]
Revenues	495.0	373.5	946.2	599.9
Other Americas
Disaggregation of Revenue [Line Items]
Revenues	70.1	80.4	133.8	130.6
EMEIA
Disaggregation of Revenue [Line Items]
Revenues	419.4	310.8	818.9	552.3
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	294.6	260.7	509.7	359.4
Industrial Technologies and Services
Disaggregation of Revenue [Line Items]
Revenues	1,047.5	829.6	1,961.3	1,333.6
Industrial Technologies and Services | Revenue Recognized at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	959.9	750.1	1,807.8	1,209.6
Industrial Technologies and Services | Revenue Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	87.6	79.5	153.5	124.0
Industrial Technologies and Services | Original equipment
Disaggregation of Revenue [Line Items]
Revenues	623.7	502.0	1,152.4	805.2
Industrial Technologies and Services | Aftermarket
Disaggregation of Revenue [Line Items]
Revenues	423.8	327.6	808.9	528.4
Industrial Technologies and Services | Americas
Disaggregation of Revenue [Line Items]
Revenues	458.5	360.3	871.8	582.7
Industrial Technologies and Services | U.S. Plans
Disaggregation of Revenue [Line Items]
Revenues	391.9	289.8	745.0	466.9
Industrial Technologies and Services | Other Americas
Disaggregation of Revenue [Line Items]
Revenues	66.6	70.5	126.8	115.8
Industrial Technologies and Services | EMEIA
Disaggregation of Revenue [Line Items]
Revenues	336.3	247.1	655.7	447.7
Industrial Technologies and Services | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	252.7	222.2	433.8	303.2
Precision and Science Technologies
Disaggregation of Revenue [Line Items]
Revenues	231.6	195.8	447.3	308.6
Precision and Science Technologies | Revenue Recognized at Point in Time
Disaggregation of Revenue [Line Items]
Revenues	231.0	195.8	445.8	308.6
Precision and Science Technologies | Revenue Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	0.6	0.0	1.5	0.0
Precision and Science Technologies | Original equipment
Disaggregation of Revenue [Line Items]
Revenues	198.5	169.1	377.2	268.1
Precision and Science Technologies | Aftermarket
Disaggregation of Revenue [Line Items]
Revenues	33.1	26.7	70.1	40.5
Precision and Science Technologies | Americas
Disaggregation of Revenue [Line Items]
Revenues	106.6	93.6	208.2	147.8
Precision and Science Technologies | U.S. Plans
Disaggregation of Revenue [Line Items]
Revenues	103.1	83.7	201.2	133.0
Precision and Science Technologies | Other Americas
Disaggregation of Revenue [Line Items]
Revenues	3.5	9.9	7.0	14.8
Precision and Science Technologies | EMEIA
Disaggregation of Revenue [Line Items]
Revenues	83.1	63.7	163.2	104.6
Precision and Science Technologies | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 41.9	$ 38.5	$ 75.9	$ 56.2

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Revenue from Contracts with Customers - Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 429.4
Remaining performance obligation, expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 390.6
Remaining performance obligation, expected timing of satisfaction

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Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Accounts receivable, net	$ 935.8	$ 861.8
Contract assets	52.3	60.4
Contract liabilities	$ 190.5	$ 166.2

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Revenue from Contracts with Customers - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 49.2	$ 50.9
Provision charged to expense	1.3	1.6
Write-offs, net of recoveries	(1.7)	(2.7)
Foreign currency translation and other	0.5	(0.5)
Balance at end of the period	$ 49.3	$ 49.3

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Income Taxes - Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 151.5	$ (73.5)	$ 252.2	$ (181.7)
Provision for income taxes	$ 12.5	$ 78.4	$ 23.1	$ 11.5
Effective income tax provision rate (as a percent)	8.30%	(106.70%)	9.20%	(6.30%)

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Other Operating Expense, Net - Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Operating Expense, Net [Abstract]
Foreign currency transaction losses (gains), net	$ 3.4	$ 4.9	$ (14.7)	$ 6.9
Restructuring charges, net	6.8	29.4	9.2	67.4
Acquisition and other transaction related expenses	15.3	12.8	23.6	67.8
Other, net	(0.4)	1.0	1.3	2.5
Total other operating expense, net	$ 25.1	$ 48.1	$ 19.4	$ 144.6

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Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Undiscounted accrued liabilities for environmental loss contingencies	$ 13.4	$ 13.7
Asbestos and Silica Related Litigation
Loss Contingencies [Line Items]
Estimated litigation liability	127.5	131.4
Insurance recovery receivable	$ 132.1	$ 132.1

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Segment Results - Narrative (Details)	6 Months Ended
	Jun. 30, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments	2

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Segment Results - Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting [Abstract]
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	$ 1,279.1	$ 1,025.4	$ 2,408.6	$ 1,642.2
Adjusted EBITDA	329.7	243.1	608.4	370.8
Less items to reconcile Segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Interest expense	22.7	30.8	45.8	57.9
Restructuring and related business transformation costs	6.7	31.0	9.4	69.6
Acquisition and other transaction related expenses and non-cash charges	15.3	12.8	23.6	67.8
Stock-based compensation			43.1	15.4
Foreign currency transaction losses, net	3.4	4.9	(14.7)	6.9
Loss on extinguishment of debt	0.0	0.0	0.0	2.0
Income (Loss) from Continuing Operations Before Income Taxes	151.5	(73.5)	252.2	(181.7)
Provision for income taxes	12.5	78.4	23.1	11.5
Loss on equity method investments	(0.7)	0.0	(0.7)	0.0
Income (Loss) from Continuing Operations	138.3	(151.9)	228.4	(193.2)
Income (loss) from discontinued operations, net of tax	96.3	(24.6)	(83.9)	(20.2)
Net Income (Loss)	234.6	(176.5)	144.5	(213.4)
Depreciation of rental equipment	1.0	0.4	2.0	0.9
Restructuring Costs [Abstract]
Restructuring charges	6.8	29.4	9.2	67.4
Facility reorganization, relocation and other costs	0.0	0.1	0.0	0.5
Other, net	(0.1)	1.5	0.2	1.7
Total restructuring and related business transformation costs	6.7	31.0	9.4	69.6
Stock-based compensation expense recognized in continuing operations	21.5	12.1	43.1	15.4
Increase in stock-based compensation expense due to costs associated with employer taxes				(0.5)
Industrial Technologies and Services
Segment Reporting [Abstract]
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	1,047.5	829.6	1,961.3	1,333.6
Precision and Science Technologies
Segment Reporting [Abstract]
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	231.6	195.8	447.3	308.6
Operating Segments | Industrial Technologies and Services
Segment Reporting [Abstract]
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	1,047.5	829.6	1,961.3	1,333.6
Adjusted EBITDA	258.6	183.8	470.1	278.6
Operating Segments | Precision and Science Technologies
Segment Reporting [Abstract]
Increase to revenue as a result of deferred revenue fair value adjustment, net of tax	231.6	195.8	447.3	308.6
Adjusted EBITDA	71.1	59.3	138.3	92.2
Corporate expenses not allocated to segments
Less items to reconcile Segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Corporate expenses not allocated to segments	37.6	25.6	72.3	41.1
Segment Reconciling Items
Less items to reconcile Segment Adjusted EBITDA to Income (Loss) Before Income Taxes:
Interest expense	22.7	30.8	45.8	57.9
Depreciation and amortization expenses	101.3	118.9	205.8	177.9
Restructuring and related business transformation costs	6.7	31.0	9.4	69.6
Acquisition and other transaction related expenses and non-cash charges	14.3	90.3	24.8	179.8
Stock-based compensation	21.5	12.1	43.1	14.9
Foreign currency transaction losses, net	3.4	4.9	(14.7)	6.9
Loss on extinguishment of debt	0.0	0.0	0.0	2.0
Gain on settlement of post-acquisition contingencies	(30.1)	0.0	(30.1)	0.0
Other adjustments	0.8	3.0	(0.2)	2.4
Income (Loss) from Continuing Operations Before Income Taxes	151.5	(73.5)	252.2	(181.7)
Restructuring Costs [Abstract]
Total restructuring and related business transformation costs	$ 6.7	$ 31.0	$ 9.4	$ 69.6

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Related Party Transactions (Details) € in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2021 EUR (€) shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2020 USD ($)
KKR
Related Party Transaction [Line Items]
Expenses with related party	$ 0.8			$ 7.5
KKR | Lender in Senior Secured Credit Facilities | Euro Term Loan Facility
Related Party Transaction [Line Items]
Related party transaction amount | €		€ 38.2
KKR | Lender in Senior Secured Credit Facilities | Dollar Term Loan B Facility
Related Party Transaction [Line Items]
Related party transaction amount			$ 39.5
KKR | Ingersoll Rand | Common Stock
Related Party Transaction [Line Items]
Stock owned by non-controlling owners (in shares) | shares		29,788,635	29,788,635
Ownership interest by non-controlling owners (as a percent)		7.00%	7.00%

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Earnings (Loss) Per Share - Summary (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Average shares outstanding
Basic (shares)	419.9	417.0	419.5	347.2
Diluted (shares)	426.8	417.0	426.4	347.2

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Earnings (Loss) Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings (loss) per share (shares)	0.8	3.8	0.7	3.9

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Subsequent Event (Details) $ in Millions, $ in Millions		6 Months Ended
	Jul. 30, 2021 CAD ($)	Jun. 30, 2021 USD ($)
Subsequent Event [Line Items]
Cash consideration for acquisition		$ 215.8
Subsequent Event | Maximus Solutions
Subsequent Event [Line Items]
Cash consideration for acquisition	$ 135.4

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Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]