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 March 31, 2024

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.)

525 Harbour Place Drive, Suite 600

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	☐	Emerging growth Company	☐
Non-accelerated filer	☐	Smaller reporting 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 403,431,881 shares of Common Stock, par value $0.01 per share, as of April 26, 2024.

INGERSOLL RAND INC. AND SUBSIDIARIES

FORM 10-Q

INDEX

	Page No.
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements	5
Condensed Consolidated Statements of Operations (Unaudited)	5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	6
Condensed Consolidated Balance Sheets (Unaudited)	7
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)	8
Condensed Consolidated Statements of Cash Flows (Unaudited)	9
Note 1. Basis of Presentation and Recent Accounting Pronouncements	10
Note 2. Acquisitions	10
Note 3. Restructuring	12
Note 4. Allowance for Credit Losses	13
Note 5. Inventories	13
Note 6. Goodwill and Other Intangible Assets	13
Note 7. Supply Chain Finance Program	14
Note 8. Accrued Liabilities	14
Note 9. Benefit Plans	15
Note 10. Debt	15
Note 11. Stock-Based Compensation Plans	17
Note 12. Accumulated Other Comprehensive Loss	19
Note 13. Hedging Activities and Derivative Instruments	20
Note 14. Fair Value Measurements	22
Note 15. Revenue from Contracts with Customers	24
Note 16. Income Taxes	26
Note 17. Other Operating Expense, Net	26
Note 18. Contingencies	26
Note 19. Segment Results	27
Note 20. Earnings Per Share	28
Note 21. Subsequent Event	29
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
Item 4. Controls and Procedures	40
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	41
Item 1A. Risk Factors	41
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 3. Defaults Upon Senior Securities	41
Item 4. Mine Safety Disclosures	41
Item 5. Other Information	41
Item 6. Exhibits	42
SIGNATURES	43

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this Form 10-Q may contain “forward-looking statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of 1995. 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 “Part I, Item 1A. Risk Factors” and “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”) and under “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q, 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:

•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.

•Information systems failure or disruption, due to cyber terrorism or other actions, may adversely impact our business and result in financial loss to the Company or liability to our 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.

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

•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.

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

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

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

•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.

•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.

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

•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.

•Our success depends on our ability to attract, retain and develop key personnel and other talent throughout the Company.

•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.

•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.

•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.

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

•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.

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

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

•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.

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

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

•Our 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.

•The terms of the credit agreement governing the Senior Secured Credit Facilities (as amended, the “Credit Agreement”) 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.

•We utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates on our variable rate indebtedness and 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 (as defined herein) fail to extend credit under our Revolving Credit Facility, our liquidity and results of operations may be adversely affected.

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.

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 “Investor 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.

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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 March 31,
	2024		2023
Revenues	$	1,670.1	$	1,629.3
Cost of sales	923.8		965.1
Gross Profit	746.3		664.2
Selling and administrative expenses	336.3		311.1
Amortization of intangible assets	91.6		92.4
Other operating expense, net	25.2		20.4
Operating Income	293.2		240.3
Interest expense	36.8		38.9
Other income, net	(13.2)		(9.6)
Income Before Income Taxes	269.6		211.0
Provision for income taxes	54.4		48.1
Income (loss) on equity method investments	(10.7)		0.3
Net Income	204.5		163.2
Less: Net income attributable to noncontrolling interests	2.3		2.1
Net Income Attributable to Ingersoll Rand Inc.	$	202.2	$	161.1
Basic earnings per share	0.50		0.40
Diluted earnings per share	0.50		0.39

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

5

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited; in millions)

	For the Three Month Period Ended March 31,
	2024		2023
Comprehensive Income Attributable to Ingersoll Rand Inc.
Net income attributable to Ingersoll Rand Inc.	$	202.2	$	161.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	(73.5)		30.8
Unrecognized loss on cash flow hedges	(0.1)		(5.3)
Pension and other postretirement prior service cost and gain (loss), net	(1.4)		(0.2)
Total other comprehensive income (loss), net of tax	(75.0)		25.3
Comprehensive income attributable to Ingersoll Rand Inc.	$	127.2	$	186.4
Comprehensive Income Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	$	2.3	$	2.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	(0.8)		0.9
Total other comprehensive income (loss), net of tax	(0.8)		0.9
Comprehensive income attributable to noncontrolling interests	1.5		3.0
Total Comprehensive Income	$	128.7	$	189.4

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

6

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except share amounts)

	March 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	1,452.3	$	1,595.5
Accounts receivable, net of allowance for credit losses of $55.3 and $53.8, respectively	1,245.2		1,234.2
Inventories	1,051.8		1,001.1
Other current assets	257.5		219.6
Total current assets	4,006.8		4,050.4
Property, plant and equipment, net of accumulated depreciation of $518.5 and $500.8, respectively	742.2		711.4
Goodwill	6,609.9		6,609.7
Other intangible assets, net	3,589.6		3,611.1
Deferred tax assets	32.7		31.5
Other assets	547.8		549.4
Total assets	$	15,529.0	$	15,563.5
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term borrowings and current maturities of long-term debt	$	31.3	$	30.6
Accounts payable	694.0		801.2
Accrued liabilities	999.3		995.5
Total current liabilities	1,724.6		1,827.3
Long-term debt, less current maturities	2,687.0		2,693.0
Pensions and other postretirement benefits	149.5		150.0
Deferred income tax liabilities	624.2		612.6
Other liabilities	424.0		433.9
Total liabilities	$	5,609.3	$	5,716.8
Commitments and contingencies (Note 18)	—		—
Stockholders’ equity
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 429,651,459 and 428,589,061 shares issued as of March 31, 2024 and December 31, 2023, respectively	4.3		4.3
Capital in excess of par value	9,569.8		9,550.8
Retained earnings	1,891.3		1,697.2
Accumulated other comprehensive loss	(302.6)		(227.6)
Treasury stock at cost; 25,926,540 and 25,241,667 shares as of March 31, 2024 and December 31, 2023, respectively	(1,307.5)		(1,240.9)
Total Ingersoll Rand Inc. stockholders’ equity	$	9,855.3	$	9,783.8
Noncontrolling interests	64.4		62.9
Total stockholders’ equity	$	9,919.7	$	9,846.7
Total liabilities and stockholders’ equity	$	15,529.0	$	15,563.5

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 STOCKHOLDERS’ EQUITY

(Unaudited; in millions)

	Three Month Period Ended March 31, 2024
	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders’ Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	428.6	$	4.3	$	9,550.8	$	1,697.2	$	(227.6)	$	(1,240.9)	$	9,783.8	$	62.9	$	9,846.7
Net income	—	—		—		202.2		—		—		202.2		2.3		204.5
Dividends declared	—	—		—		(8.1)		—		—		(8.1)		—		(8.1)
Issuance of common stock for stock-based compensation plans	1.1	—		10.1		—		—		—		10.1		—		10.1
Purchases of treasury stock	—	—		—		—		—		(72.9)		(72.9)		—		(72.9)
Issuance of treasury stock for stock-based compensation plans	—	—		(5.2)		—		—		6.3		1.1		—		1.1
Stock-based compensation	—	—		14.1		—		—		—		14.1		—		14.1
Other comprehensive loss, net of tax	—	—		—		—		(75.0)		—		(75.0)		(0.8)		(75.8)
Balance at end of period	429.7	$	4.3	$	9,569.8	$	1,891.3	$	(302.6)	$	(1,307.5)	$	9,855.3	$	64.4	$	9,919.7

	Three Month Period Ended March 31, 2023
	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders’ Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	426.3	$	4.3	$	9,476.8	$	950.9	$	(251.7)	$	(984.5)	$	9,195.8	$	61.4	$	9,257.2
Net income	—	—		—		161.1		—		—		161.1		2.1		163.2
Dividends declared	—	—		—		(8.1)		—		—		(8.1)		—		(8.1)
Issuance of common stock for stock-based compensation plans	1.2	—		8.7		—		—		—		8.7		—		8.7
Purchases of treasury stock	—	—		—		—		—		(77.0)		(77.0)		—		(77.0)
Issuance of treasury stock for stock-based compensation plans	—	—		(3.3)		—		—		3.4		0.1		—		0.1
Stock-based compensation	—	—		11.4		—		—		—		11.4		—		11.4
Other comprehensive income, net of tax	—	—		—		—		25.3		—		25.3		0.9		26.2
Balance at end of period	427.5	$	4.3	$	9,493.6	$	1,103.9	$	(226.4)	$	(1,058.1)	$	9,317.3	$	64.4	$	9,381.7

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

8

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

	For the Three Month Period Ended March 31,
	2024		2023
Cash Flows From Operating Activities:
Net income	$	204.5	$	163.2
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	91.6		92.4
Depreciation	25.6		21.6
Non-cash restructuring charges	—		0.9
Stock-based compensation expense	14.1		12.1
Loss (income) on equity method investments	10.7		(0.3)
Foreign currency transaction losses (gains), net	(0.7)		1.0
Non-cash adjustments to carrying value of LIFO inventories	6.7		7.8
Other non-cash adjustments	1.4		2.9
Changes in assets and liabilities:
Receivables	(11.5)		(83.7)
Inventories	(58.2)		(45.3)
Accounts payable	(101.5)		(70.6)
Accrued liabilities	(1.8)		56.5
Other assets and liabilities, net	(19.3)		11.8
Net cash provided by operating activities	161.6		170.3
Cash Flows Used In Investing Activities:
Capital expenditures	(62.3)		(22.4)
Net cash paid in acquisitions	(143.3)		(566.4)
Disposals of property, plant and equipment	—		7.3
Net cash used in investing activities	(205.6)		(581.5)
Cash Flows Used In Financing Activities:
Principal payments on long-term debt	(7.1)		(11.0)
Purchases of treasury stock	(72.9)		(77.0)
Cash dividends on common shares	(8.1)		(8.1)
Proceeds from stock option exercises	11.2		9.2
Payments of deferred and contingent acquisition consideration	(2.2)		(1.9)
Other financing	(0.5)		(0.5)
Net cash used in financing activities	(79.6)		(89.3)
Effect of exchange rate changes on cash and cash equivalents	(19.6)		6.8
Net decrease in cash and cash equivalents	(143.2)		(493.7)
Cash and cash equivalents, beginning of period	1,595.5		1,613.0
Cash and cash equivalents, end of period	$	1,452.3	$	1,119.3
Supplemental Cash Flow Information
Cash paid for income taxes, net of refunds	$	43.5	$	19.1
Cash paid for interest, net of interest rate derivative settlements	58.2		36.1

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 provider of mission-critical flow creation products and industrial solutions. The accompanying condensed consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as “Ingersoll Rand” 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, 2023 (“2023 Annual Report”).

The results of operations for the three month period ended March 31, 2024 are not necessarily indicative of future results.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segments expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.

Note 2. Acquisitions

Acquisitions in 2024

On February 1, 2024, the Company completed the acquisition of Friulair S.r.l. (“Friulair”) for initial cash consideration of $142.2 million and contingent consideration of up to approximately $11.0 million. The business is a manufacturer of dryers, filters, aftercoolers, and accessories for the treatment of compressed air and its chiller product line. The acquisition is intended increase the scale of the Company’s air dryer business and will add new chiller production capabilities. Friulair has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. Substantially all of this goodwill is not expected to be deductible for tax purposes.

Other acquisitions completed during the three months ended March 31, 2024 include a manufacturer of vacuum pumps and accessories, substantially all of which have been reported within the Industrial Technologies and Services segment. The aggregate consideration for this acquisition was $1.4 million.

The following table summarizes the allocation of consideration for all businesses acquired in the first quarter of 2024 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for acquisitions completed

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in the first quarter, including Friulair, is preliminary, and amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained.

	Friulair		All Others		Total
Accounts receivable	$	14.9	$	—	$	14.9
Inventories	13.2		0.3		13.5
Other current assets	0.5		—		0.5
Property, plant and equipment	7.7		0.1		7.8
Goodwill	44.9		1.0		45.9
Other intangible assets	84.5		—		84.5
Other assets	0.3		—		0.3
Total current liabilities	(14.5)		—		(14.5)
Other noncurrent liabilities	(2.8)		—		(2.8)
Total consideration	$	148.7	$	1.4	$	150.1

The aggregate revenue and operating income included in the condensed consolidated financial statements for these acquisitions subsequent to the dates of acquisition was $11.3 million and $0.5 million for the three month period ended March 31, 2024, respectively. The operating income of these acquired businesses includes the effects of acquisition-related accounting adjustments such as amortization of intangible assets.

Transaction with ILC Dover

On March 25, 2024, the Company entered into an agreement to acquire ILC Dover from New Mountain Capital, LLC for an upfront all-cash purchase price of approximately $2.325 billion and contingent consideration of up to $75.0 million. ILC Dover’s offerings include solutions for biopharmaceutical, pharmaceutical, and medical device markets as well as products for the space industry and will be reported in the Precision and Science Technologies segment. This transaction is expected to close in the second quarter of 2024, subject to customary regulatory approvals and closing conditions.

Acquisitions in 2023

On January 3, 2023, the Company completed the acquisition of SPX FLOW’s Air Treatment business (“Air Treatment”) for cash consideration of $519.0 million. The business is a manufacturer of desiccant and refrigerated dryers, filtration systems and purifiers for dehydration in compressed air. The acquisition is intended to expand the Company’s offerings of compressor system components through globally recognized brands. The Air Treatment business has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. Substantially all of this goodwill is not expected to be deductible for tax purposes.

On February 1, 2023, the Company acquired Paragon Tank Truck Equipment (“Paragon”), a provider of solutions used for loading and unloading dry bulk and liquid tanks on and off of trucks, for cash consideration of $42.2 million. Paragon has been reported within the Industrial Technologies and Services segment.

On April 1, 2023, the Company acquired EcoPlant Technological Innovation Ltd. (“EcoPlant”), for initial cash consideration of $29.5 million and contingent consideration of up to $17.0 million. EcoPlant is a provider of a software-as-a-service platform that dynamically controls compressed air systems to optimize performance and resource consumption. EcoPlant has been reported within the Industrial Technologies and Services segment.

On August 18, 2023, the Company completed the acquisition of Howden Roots LLC (“Roots”), for cash consideration of $290.0 million. Roots is a leading manufacturer of engineered rotary and centrifugal blowers with an iconic brand developed over more than 160 years. The acquisition is intended to expand the Company’s blower product portfolio and benefit from Roots’ robust technical capabilities and exposure to growing sustainability-related applications. Roots has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. This goodwill is expected to be deductible for tax purposes.

The Company acquired 10 additional businesses in 2023 for aggregate consideration of $83.7 million. These primarily consist of manufacturers and distributors of existing and adjacent offerings in the Industrial Technologies and Services segment.

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The following table summarizes the allocation of consideration for all businesses acquired in 2023 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for Air Treatment is complete. Initial accounting for all other acquisitions completed in 2023, including Roots, is substantially complete and any further measurement period adjustments are not expected to be material.

	Air Treatment		Roots		All Others		Total
Accounts receivable	$	26.1	$	14.5	$	11.7	$	52.3
Inventories	43.9		34.2		21.0		99.1
Other current assets	2.1		2.9		6.2		11.2
Property, plant and equipment	18.4		42.0		5.0		65.4
Goodwill	279.9		104.0		125.7		509.6
Other intangible assets	238.6		116.9		25.4		380.9
Other assets	7.6		4.5		0.4		12.5
Total current liabilities	(35.9)		(26.9)		(19.2)		(82.0)
Deferred tax liabilities	(54.8)		—		(3.7)		(58.5)
Other noncurrent liabilities	(6.9)		(2.1)		(4.3)		(13.3)
Total consideration	$	519.0	$	290.0	$	168.2	$	977.2

The revenues included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $95.6 million and $48.4 million for the three month periods ended March 31, 2024 and 2023, respectively. The operating income included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $11.5 million and $3.2 million for the three month periods ended March 31, 2024 and 2023, respectively. The operating income of these acquired businesses include the effects of acquisition-related accounting adjustments such as amortization of intangible assets and fair value adjustments to acquired inventory.

Note 3. Restructuring

2024 and 2023 Actions

The Company continues to undertake restructuring actions to optimize our cost structure. Charges incurred from actions taken in 2024 and 2023 include workforce restructuring, facility consolidation and other exit and disposal costs.

For the three month periods ended March 31, 2024 and 2023, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statement of Operations and consisted of the following.

	For the Three Month Period Ended March 31,
	2024		2023
Industrial Technologies and Services	$	5.1	$	3.1
Precision and Science Technologies	4.4		(0.4)
Corporate	0.2		0.2
Restructuring charges, net	$	9.7	$	2.9

The following table summarizes the activity associated with the Company’s restructuring programs for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of period	$	15.5	$	14.9
Charged to expense - termination benefits	9.3		0.9
Charged to expense - other (1)	0.4		1.1
Payments	(4.3)		(3.6)
Currency translation adjustment and other	(0.3)		0.1
Balance at end of period	$	20.6	$	13.4

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(1)Excludes $0.9 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three month period ended March 31, 2023.

Note 4. Allowance for Credit Losses

The allowance for credit losses for the three month periods ended March 31, 2024 and 2023 consisted of the following.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of the period	$	53.8	$	47.2
Provision charged to expense	2.5		4.0
Write-offs, net of recoveries	(0.3)		(0.4)
Foreign currency translation and other	(0.7)		0.2
Balance at end of the period	$	55.3	$	51.0

Note 5. Inventories

Inventories as of March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024		December 31, 2023
Raw materials, including parts and subassemblies	$	657.9	$	590.7
Work-in-process	137.5		145.1
Finished goods	335.6		337.8
	1,131.0		1,073.6
LIFO reserve	(79.2)		(72.5)
Inventories	$	1,051.8	$	1,001.1

Note 6. Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill attributable to each reportable segment for the three month period ended March 31, 2024 is presented in the table below.

	Industrial Technologies and Services		Precision and Science Technologies		Total
Balance at beginning of period	$	4,753.5	$	1,856.2	$	6,609.7
Acquisitions	45.9		—		45.9
Foreign currency translation and other(1)	(30.2)		(15.5)		(45.7)
Balance at end of period	$	4,769.2	$	1,840.7	$	6,609.9

(1)Includes measurement period adjustments

As of both March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Customer lists and relationships	$	3,325.5	$	(1,643.2)	$	1,682.3	$	3,279.3	$	(1,585.4)	$	1,693.9
Technology	418.6		(195.3)		223.3		413.8		(178.9)		234.9
Tradenames	56.8		(28.9)		27.9		52.2		(27.9)		24.3
Backlog	4.4		(2.2)		2.2		3.0		(1.3)		1.7
Other	121.2		(106.1)		15.1		117.1		(104.1)		13.0
Unamortized intangible assets
Tradenames	1,638.8		—		1,638.8		1,643.3		—		1,643.3
Total other intangible assets	$	5,565.3	$	(1,975.7)	$	3,589.6	$	5,508.7	$	(1,897.6)	$	3,611.1

Intangible Asset Impairment Considerations

As of March 31, 2024 and December 31, 2023, there were no indications that the carrying value of goodwill and other intangible assets may not be recoverable.

Note 7. Supply Chain Finance Program

The Company has agreements with financial institutions to facilitate a supply chain finance program (the “SCF Program”). Under the SCF Program, qualifying suppliers may elect to sell their receivables from the Company to the financial institution. Participating suppliers negotiate arrangements for sale of their receivables directly with the financial institution, and the terms of the Company’s payment obligations are not impacted by a supplier’s participation in the SCF Program. Once a qualifying supplier elects to participate in the SCF Program and reaches an agreement with the financial institution, the supplier elects which individual Company invoices they sell to the financial institution. However, all of the Company’s payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The Company has not pledged any assets as security or provided other forms of guarantees. All outstanding amounts related to suppliers participating in the SCF Program are recorded within “Accounts payable” in our Condensed Consolidated Balance Sheets, and the associated payments are included in “Net cash provided by operating activities” within our Condensed Consolidated Statements of Cash Flows. Included in “Accounts payable” in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 were $24.0 million and $24.3 million of outstanding payment obligations, respectively, that were sold to the financial institution by participating suppliers.

Note 8. Accrued Liabilities

Accrued liabilities as of March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024		December 31, 2023
Salaries, wages and related fringe benefits	$	239.0	$	262.4
Contract liabilities	345.4		331.2
Product warranty	65.6		61.9
Operating lease liabilities	42.5		41.6
Restructuring	20.6		15.5
Taxes	75.6		78.4
Accrued interest	12.1		33.1
Other	198.5		171.4
Total accrued liabilities	$	999.3	$	995.5

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A reconciliation of the changes in the accrued product warranty liability for the three month periods ended March 31, 2024 and 2023 are as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of period	$	61.9	$	46.2
Product warranty accruals	13.6		8.9
Acquired warranty	—		1.4
Settlements	(9.3)		(3.9)
Foreign currency translation and other	(0.6)		1.5
Balance at end of period	$	65.6	$	54.1

Note 9. Benefit Plans

Net Periodic Benefit Cost

The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three month periods ended March 31, 2024 and 2023.

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Three Month Period Ended March 31,
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	0.7	$	0.6	$	—	$	—
Interest cost	3.5		4.0		2.7		2.7		0.2		0.2
Expected return on plan assets	(3.3)		(3.3)		(2.8)		(2.7)		—		—
Recognition of:
Unrecognized net actuarial loss	—		—		(0.3)		(0.4)		(0.2)		(0.1)
	$	0.2	$	0.7	$	0.3	$	0.2	$	—	$	0.1

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.

Note 10. Debt

Debt as of March 31, 2024 and December 31, 2023 is summarized as follows.

	March 31, 2024		December 31, 2023
Short-term borrowings	$	1.7	$	1.0
Long-term debt:
Dollar Term Loan B, due 2027(1)(2)	342.9		347.7
Dollar Term Loan, due 2027(1)(2)	890.0		892.3
5.400% Senior Notes, due 2028(1)	498.3		498.2
5.700% Senior Notes, due 2033(1)	992.8		992.6
Finance leases and other long-term debt	14.9		15.2
Unamortized debt issuance costs	(22.3)		(23.4)
Total long-term debt, net, including current maturities	2,716.6		2,722.6
Current maturities of long-term debt	29.6		29.6
Total long-term debt, net	$	2,687.0	$	2,693.0

(1)This amount is net of unamortized discounts. Total unamortized discounts were $9.5 million and $9.9 million as of March 31, 2024 and December 31, 2023, respectively.

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(2)As of March 31, 2024, the applicable interest rate was approximately 7.18% and the weighted-average interest rate was 7.19% for the three month period ended March 31, 2024.

Senior Notes

On August 14, 2023, the Company completed its issuance of $1,500.0 million in aggregate principal amount of senior unsecured notes comprised of $500.0 million aggregate principal amount of 5.400% Senior Notes due August 2028 (the “2028 Notes”) and $1,000.0 million aggregate principal amount of 5.700% Senior Notes due August 2033 (the “2033 Notes” and, together with the 2028 Notes, the “Notes”). The Company used the proceeds of the offering of the Notes to repay a portion of the amounts outstanding under its Senior Secured Credit Facilities. The Notes were issued pursuant to a base indenture, each dated as of August 14, 2023, between the Company and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as supplemented by a 2028 Supplemental Indenture No. 1 with respect to the 2028 Notes and a 2033 Notes Supplemental Indenture No. 1 with respect to the 2033 Notes, each dated as of August 14, 2023, between the Company and the Trustee (collectively, the “Indenture”). The interest payment dates for the Notes are February 14 and August 14 of each year, with interest payable in arrears.

The Notes are senior unsecured obligations of the Company and rank equally in right of payment with all of the Company’s other senior unsecured indebtedness, senior in right of payment to all of the Company’s subordinated indebtedness, and effectively junior to all of the indebtedness and other liabilities of the Company’s subsidiaries (including the obligations of the Company’s subsidiaries under the Senior Secured Credit Facilities and to all of the Company’s secured indebtedness (including the Company’s obligations under the Senior Secured Credit Facilities)) to the extent of the value of the assets securing such secured indebtedness.

Prior to (i) July 14, 2028, in the case of the 2028 Notes, and (ii) May 14, 2033, in the case of the 2033 Notes, the Company may redeem the Notes of a series at its option, in whole or in part, at any time from time to time, at a “make-whole” premium, plus accrued and unpaid interest thereon to, but not including, the redemption date. On or after (i) July 14, 2028, in the case of the 2028 Notes, and (ii) May 14, 2033, in the case of the 2033 Notes, the Company may redeem the Notes of a series at its option, in whole or in part, at any time from time to time, at a price equal to 100% of the principal amount of the Notes of such series to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. If the Company experiences certain types of change of control transactions, the Company must offer to repurchase the Notes at 101% of the aggregate principal amount of the Notes repurchased (or such higher amount as the Company may determine) plus accrued and unpaid interest thereon to, but not including, the date of repurchase.

The Indenture contains covenants that limit the Company’s (and its subsidiaries’) ability to, among other things: (i) create liens on certain assets; (ii) consolidate, merge, sell or otherwise dispose of all or substantially all of its consolidated assets; and (iii) enter into sale and leaseback transactions with respect to certain assets. The Indenture also contains customary events of default and covenants for an issuer of investment grade debt securities.

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 U.S. dollars (entered into at the time of the Merger, the “Dollar Term Loan B”), 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. On April 21 2023, the Company entered into Amendment No. 9 to the Credit Agreement, which (a) extended the maturity date for the revolving credit commitments from June 28, 2024 to April 21, 2028, (b) increased the aggregate revolving credit commitments from $1,100.0 million to $2,000.0 million, and (c) made certain other corresponding changes and updates. Other than as modified by Amendment No. 9, the loans under the Credit Agreement continue to have the same terms and the parties to the Credit Agreement continue to have the same obligations set forth in the Credit Agreement. The amendment resulted in the write-off of unamortized debt issuance costs of $0.9 million which was recognized in “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations. In August 2023, the Company repaid a portion of the Dollar Term Loan B which resulted in the write-off of unamortized discounts and debt issuance costs of $12.6 million, which was recognized in “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations.

See Note 11 “Debt” to the consolidated financial statements in the Company’s 2023 Annual Report for further information on the Senior Secured Credit Facilities.

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As of March 31, 2024, the aggregate amount of commitments under the Revolving Credit Facility was $2,000.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $400.0 million. As of March 31, 2024, the Company had no outstanding borrowings under the Revolving Credit Facility, no outstanding letters of credit under the Revolving Credit Facility and unused availability under the Revolving Credit Facility of $2,000.0 million.

As of March 31, 2024, we were in compliance with all covenants of our Senior Secured Credit Facilities and our Senior Notes.

Fair Value of Debt

The fair value of the Company's debt instruments at March 31, 2024 was $2.8 billion. The Company measures the fair value of its debt instruments for disclosure purposes based upon observable market prices quoted on public exchanges for similar assets. These fair value inputs are considered Level 2 within the fair value hierarchy. See Note 14, “Fair Value Measurements” for information on the fair value hierarchy.

Note 11. Stock-Based Compensation Plans

The Company has outstanding stock-based compensation awards granted under the 2013 Stock Incentive Plan (“2013 Plan”) and the 2017 Omnibus Incentive Plan (as amended by the First Amendment, dated April 27, 2021, “2017 Plan”) as described in Note 18, “Stock-Based Compensation Plans” to the consolidated financial statements in its 2023 Annual Report.

The Company’s stock-based compensation awards are generally granted in the first quarter of the year and consist of stock options, restricted stock units and performance share units. In some instances, such as death, awards may vest concurrently with or following an employee’s termination.

Stock-Based Compensation

For the three month periods ended March 31, 2024 and 2023, the Company recognized stock-based compensation expense of $14.1 million and $12.1 million, respectively. These costs are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations.

As of March 31, 2024, there was $146.3 million of total unrecognized compensation expense related to outstanding stock options, restricted stock unit awards and performance stock unit awards granted to employees and non-employee directors, as well as 300,000 conditional stock options awarded during the third quarter of 2022 to our Chairman and CEO in which the service date precedes the grant date, and will be granted upon achievement of certain performance targets. These 300,000 stock options have not been included in the Stock Option Awards section below since the grant date has not occurred.

Stock Option Awards

Stock options are granted to employees with an exercise price equal to the fair value of the Company’s per share common stock on the date of grant. Stock option awards typically vest over four years or five years and expire ten years from the date of grant.

A summary of the Company’s stock option (including SARs) activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2023	5,282	$	31.09
Granted	518	90.38
Exercised or settled	(570)	19.68
Forfeited	(19)	53.83
Expired	(2)	31.29
Stock options outstanding as of March 31, 2024	5,209	38.14
Vested as of March 31, 2024	3,699	26.41

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The following assumptions were used to estimate the fair value of options granted during the three month periods ended March 31, 2024 and 2023 using the Black-Scholes option-pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2024		2023
Expected life of options (in years)	6.3 - 7.5		6.3 - 7.5
Risk-free interest rate	4.3%		4.0% - 4.1%
Assumed volatility	35.1% - 35.2%		36.6%
Expected dividend rate	0.1	%	0.1	%

Restricted Stock Unit Awards

Restricted stock units are granted to employees and non-employee directors based on the market price of the Company’s common stock on the grant date and recognized in compensation expense over the vesting period. A summary of the Company’s restricted stock unit activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023	957	$	52.18
Granted	287	90.38
Vested	(384)	47.52
Forfeited	(16)	54.88
Non-vested as of March 31, 2024	844	67.27

Performance Share Unit (“PSUs”) Awards

Annually, during the first quarter, the Company grants TSR PSUs to certain officers in which the number of shares issued at the end of the performance period is determined by the Company’s total shareholder return percentile rank versus the S&P 500 index for the three year performance period. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation cost is recognized straight-line over a three year period.

During the third quarter of 2022, the Company granted Special TSR PSUs to its Chairman and CEO that will become earned (but not vested) on the first date during the five year performance period on which the sum of (i) the 60-day volume-weighted average closing price of the Company’s common stock, plus (ii) the cumulative value of any dividends paid during the five year performance period equals or exceeds $81.85. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation cost is recognized straight-line over a five year period. The share price performance goal was achieved on March 6, 2024, but the PSUs will not vest until September 1, 2027, generally subject to Mr. Reynal’s continued employment through such date. The Company also granted its Chairman and CEO Special EPS PSUs that are eligible to vest based on the level of compounded annual growth rate of the Company’s Adjusted EPS during the five year performance period. The grant date fair value of these awards is based on the market price of the Company’s common stock on the grant date and recognized as a compensation expense over a 4.3 year period.

A summary of the Company’s performance stock unit activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023	1,380	$	49.53
Granted	87	132.98
Change in units based on performance	122	55.84
Vested	(244)	55.84
Non-vested as of March 31, 2024	1,345	54.37

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The following assumptions were used to estimate the fair value of performance share units granted during the three month periods ended March 31, 2024 and 2023 using the Monte Carlo simulation pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2024		2023
Expected term (in years)	2.8		2.9
Risk-free interest rate	4.5%		4.4	%
Assumed volatility	28.9%		31.8	%
Expected dividend rate	0.1	%	0.1	%

Note 12. Accumulated Other Comprehensive Loss

The Company’s other comprehensive income (loss) consists of (i) unrealized foreign currency net gains and losses on the translation of the assets and liabilities of its foreign operations; (ii) realized and unrealized foreign currency gains and losses on certain hedges of net investments in foreign operations, net of income taxes; (iii) unrealized gains and losses on cash flow hedges (consisting of interest rate swap and cap contracts), net of income taxes; and (iv) pension and other postretirement prior service cost and actuarial gains or losses, net of income taxes. See Note 9 “Benefit Plans” and Note 13 “Hedging Activities and Derivative Instruments.”

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

	For the Three Month Period Ended March 31,
	2024						2023
	Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	(67.4)	$	(6.1)	$	(73.5)	$	46.2	$	(15.4)	$	30.8
Unrecognized losses on cash flow hedges	(0.1)		—		(0.1)		(7.1)		1.8		(5.3)
Pension and other postretirement benefit prior service cost and gain or loss, net	(1.9)		0.5		(1.4)		(0.2)		—		(0.2)
Other comprehensive income (loss)	$	(69.4)	$	(5.6)	$	(75.0)	$	38.9	$	(13.6)	$	25.3

The tables above include only the other comprehensive income (loss), net of tax, attributable to Ingersoll Rand Inc. Other comprehensive income (loss), net, attributable to noncontrolling interest holders was $(0.8) million and $0.9 million for the three month periods ended March 31, 2024 and 2023, respectively, and related entirely to foreign currency translation adjustments.

Changes in accumulated other comprehensive loss by component for the three month periods ended March 31, 2024 and 2023 are presented in the following table net of tax.

	Foreign Currency Translation Adjustments, Net		Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2023	$	(248.0)	$	12.2	$	8.2	$	(227.6)
Other comprehensive income (loss) before reclassifications	(70.4)		3.4		(1.0)		(68.0)
Amounts reclassified from accumulated other comprehensive loss	(3.1)		(3.5)		(0.4)		(7.0)
Other comprehensive loss	(73.5)		(0.1)		(1.4)		(75.0)
Balance as of March 31, 2024	$	(321.5)	$	12.1	$	6.8	$	(302.6)

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	Foreign Currency Translation Adjustments, Net		Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2022	$	(282.8)	$	16.0	$	15.1	$	(251.7)
Other comprehensive income (loss) before reclassifications	34.8		(3.8)		0.2		31.2
Amounts reclassified from accumulated other comprehensive loss	(4.0)		(1.5)		(0.4)		(5.9)
Other comprehensive income (loss)	30.8		(5.3)		(0.2)		25.3
Balance as of March 31, 2023	$	(252.0)	$	10.7	$	14.9	$	(226.4)

Reclassifications out of accumulated other comprehensive loss for the three month periods ended March 31, 2024 and 2023 are presented in the following table.

Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	For the Three Month Period Ended March 31,				Affected Line(s) in the Statement Where Net Income is Presented
	2024		2023
Cash flow hedges (interest rate swaps and caps)	$	(4.7)	$	(2.0)	Interest expense
Provision for income taxes	1.2		0.5		Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax	$	(3.5)	$	(1.5)
Net investment hedges	$	(4.2)	$	(5.4)	Interest expense
Provision for income taxes	1.1		1.4		Provision for income taxes
Net investment hedges, net of tax	$	(3.1)	$	(4.0)
Amortization of defined benefit pension and other postretirement benefit items(1)	$	(0.5)	$	(0.5)	Cost of sales and Selling and administrative expenses
Provision for income taxes	0.1		0.1		Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax	$	(0.4)	$	(0.4)
Total reclassifications for the period, net of tax	$	(7.0)	$	(5.9)

(1)These components are included in the computation of net periodic benefit cost. See Note 9 “Benefit Plans” for additional details.

Note 13. Hedging Activities and Derivative Instruments

Hedging Activities

The Company is exposed to certain market risks during the normal course of its business arising from adverse changes in interest rates and foreign currency exchange rates. The Company selectively uses derivative financial instruments (“derivatives”), including cross-currency interest rate swap and foreign currency forward contracts and interest rate swap and cap contracts, to manage the risks from fluctuations in foreign currency exchange rates and interest rates, respectively. The Company does not purchase or hold derivatives for trading or speculative purposes.

The Company’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 interest rate derivatives 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. 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

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currency exchange rates on the translation of its non-U.S. subsidiaries’ assets, liabilities and earnings into USD. The Company manages this exposure by having certain U.S. subsidiaries borrow in currencies other than the USD or utilizing cross-currency interest rate swaps as net investment hedges.

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

Derivative Instruments

The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.

March 31, 2024
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	Cash flow	$	528.5	$	9.5	$	1.4	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		16.7		—		—		39.7

December 31, 2023
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	Cash Flow	$	528.5	$	8.2	$	1.2	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		15.7		—		—		63.1

(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.

All cash flows related to derivatives for the periods presented are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows.

There were no off-balance sheet derivative instruments as of March 31, 2024 or December 31, 2023.

Interest Rate Swap and Cap Contracts Designated as Cash Flow Hedges

As of March 31, 2024, the Company was the fixed rate payor on two interest rate swap contracts that effectively fix the SOFR-based index used to determine the interest rates charged on a total of $528.5 million of the Company’s SOFR-based variable rate borrowings. These contracts carry a fixed rate of 3.2% and expire in June 2025. These swap agreements qualify as hedging instruments and have been designated as cash flow hedges of forecasted SOFR-based interest payments. Based on SOFR-based swap yield curves as of March 31, 2024, the Company expects to reclassify gains of $9.6 million out of accumulated other comprehensive income (“AOCI”) into earnings during the next 12 months.

The Company was previously a party to interest rate cap contracts that effectively limited the SOFR-based interest rates charged on a portion of the Company’s variable rate borrowings to 4.0%. The Company and its counterparties terminated these contracts in August 2023. Prior to their termination, these cap contracts qualified as hedging instruments and were designated as cash flow hedges of forecasted interest payments. These forecasted interest payments are still expected to occur as specified in the Company’s hedge designations; therefore, the unrecognized gain at the time of termination will be reclassified into earnings over the remaining period of original term of the contracts, ending in June 2025. The unrecognized gain remaining in AOCI as of March 31, 2024 was $4.8 million, of which $4.2 million is expected to be reclassified into earnings during the next 12 months.

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Gains (losses) on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2024 and 2023 are as presented in the table below.

	For the Three Month Period Ended March 31,
	2024		2023
Gain (loss) recognized in OCI on derivatives	$	4.6	$	(5.1)
Gain reclassified from AOCI into income (effective portion)(1)	4.7		2.0

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

Cross-Currency Interest Rate Swap Contracts Designated as Net Investment Hedges

As of March 31, 2024, the Company was the fixed rate payor on two cross-currency interest rate swap contracts that replace a fixed rate of 3.2% on a total of $528.5 million with a fixed rate of 1.6% on a total of €500.0 million. These contracts expire in June 2025. These contracts have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.

As of March 31, 2024, the Company entered into three cross-currency interest rate swap contracts where we receive SOFR on a total of $525.7 million and pay EURIBOR on a total of €500.0 million. These contracts expire in June 2025. These contracts have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.

Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2024 and 2023 are as presented in the table below.

	For the Three Month Period Ended March 31,
	2024		2023
Gain (loss) recognized in OCI on derivatives	$	28.6	$	(5.5)
Gain reclassified from AOCI into income (effective portion)(1)	4.2		5.4

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

Foreign Currency Forwards Not Designated as Hedging Instruments

The Company had no foreign currency forward contracts outstanding as of March 31, 2024. These contracts are sometimes 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 Company’s gains on derivative instruments not designated as accounting hedges and total net foreign currency gains (losses) for the three month periods ended March 31, 2024 and 2023 were as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Foreign currency forward contracts gains	$	—	$	0.2
Total foreign currency transaction gains (losses), net	0.7		(1.0)

Note 14. 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

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Company’s financial instruments consist primarily of cash and cash equivalents, trade accounts receivables, trade accounts payables, deferred compensation assets and obligations, acquisition related contingent consideration obligations, derivatives and debt instruments. The carrying values of cash and cash equivalents, trade accounts receivables, trade accounts payables, and variable rate debt instruments are a reasonable estimate of their respective fair values.

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

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

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

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

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	18.4	$	—	$	—	$	18.4
Interest rate swaps(2)	—		10.9		—		10.9
Cross-currency interest rate swaps(3)	—		16.7		—		16.7
Total	$	18.4	$	27.6	$	—	$	46.0
Financial Liabilities
Deferred compensation plans(1)	$	25.7	$	—	$	—	$	25.7
Cross-currency interest rate swaps(3)	—		39.7		—		39.7
Contingent consideration(4)	—		—		48.4		48.4
Total	$	25.7	$	39.7	$	48.4	$	113.8

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	16.8	$	—	$	—	$	16.8
Interest rate swaps(2)	—		9.4		—		9.4
Cross-currency interest rate swaps(3)	—		15.7		—		15.7
Total	$	16.8	$	25.1	$	—	$	41.9
Financial Liabilities
Deferred compensation plan(1)	$	24.7	$	—	$	—	$	24.7
Cross-currency interest rate swaps(3)	—		63.1		—		63.1
Contingent consideration(4)	—		—		42.2		42.2
Total	$	24.7	$	63.1	$	42.2	$	130.0

(1)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method.

(2)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of March 31, 2024. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.

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(3)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties.

(4)Measured as the present value of expected consideration payable for completed acquisitions, generally derived using probability-weighted analysis of achieving projected revenue or EBITDA targets.

Contingent Consideration

Certain of the Company’s acquisitions may result in payments of consideration in future periods that are contingent upon the achievement of certain targets, generally measures of revenue and EBITDA. As part of the initial accounting for the acquisition, a liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations. This fair value measurement of contingent consideration is categorized within Level 3 of the fair value hierarchy, as the measurement amount is based primarily on significant inputs that are not observable in the market.

The following table provides a reconciliation of the activity for contingent consideration for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of the period	$	42.2	$	43.9
Acquisitions	6.5		—
Changes in fair value	0.2		4.3
Foreign currency translation	(0.5)		0.2
Balance at end of the period	$	48.4	$	48.4

As of March 31, 2024, the contingent consideration included in “Accrued liabilities” and “Other liabilities” on the Condensed Consolidated Balance Sheets were $10.3 million and $38.1 million, respectively.

Note 15. 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.

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Taxes assessed by a government authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Sales commissions are generally due at either collection of payment from customers or recognition of revenue. Applying the practical expedient from ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations.

Disaggregation of Revenue

The following tables provide disaggregated revenue by reportable segment for the three month periods ended March 31, 2024 and 2023.

	Industrial Technologies and Services				Precision and Science Technologies				Total
	Three Month Period Ended March 31,
	2024		2023		2024		2023		2024		2023
Primary Geographic Markets
United States	$	597.1	$	551.2	$	137.1	$	144.2	$	734.2	$	695.4
Other Americas	112.7		90.9		8.1		7.3		120.8		98.2
Total Americas	709.8		642.1		145.2		151.5		855.0		793.6
EMEIA	445.4		426.0		113.7		113.4		559.1		539.4
Asia Pacific	218.2		249.1		37.8		47.2		256.0		296.3
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3
Product Categories
Original equipment(1)	$	827.1	$	790.1	$	225.0	$	245.3	$	1,052.1	$	1,035.4
Aftermarket(2)	546.3		527.1		71.7		66.8		618.0		593.9
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3
Pattern of Revenue Recognition
Revenue recognized at point in time(3)	$	1,244.4	$	1,220.5	$	295.5	$	311.2	$	1,539.9	$	1,531.7
Revenue recognized over time(4)	129.0		96.7		1.2		0.9		130.2		97.6
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3

(1)Revenues from sales of capital equipment within the Industrial Technologies and Services segment and sales of components to original equipment manufacturers in the Precision and Science Technologies segment.

(2)Revenues from sales of spare parts, accessories, other components and services in support of maintaining customer owned, installed base of the Company’s original equipment. Service revenue represents less than 10% of consolidated revenue.

(3)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered.

(4)Revenues primarily from long duration ETO product contracts, certain multi-year service contracts, and certain contracts for the delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

Performance Obligations

As of March 31, 2024, 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 $687.8 million in the next twelve months and $643.1 million in periods thereafter. The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year.

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Contract Balances

The following table provides the contract balances as of March 31, 2024 and December 31, 2023 presented in the Condensed Consolidated Balance Sheets.

	March 31, 2024		December 31, 2023
Accounts receivable, net	$	1,245.2	$	1,234.2
Contract assets	90.7		85.6
Contract liabilities - current	345.4		331.2
Contract liabilities - noncurrent	1.0		1.0

Note 16. Income Taxes

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024			2023
Income before income taxes	$	269.6		$	211.0
Provision for income taxes	$	54.4		$	48.1
Effective income tax provision rate	20.2		%	22.8		%

The increase in the provision for income taxes and decrease in the effective income tax provision rate for the three month period ended March 31, 2024 when compared to the same three month period of 2023. The increase in the provision for income taxes is primarily due to an increase in the pretax book income. The decrease in the effective income tax provision rate is primarily due to the additional benefit of a windfall tax deduction during the first quarter of 2024, partially offset by an increase in the pretax book income in jurisdictions with higher effective tax rates.

Note 17. Other Operating Expense, Net

The components of “Other operating expense, net” for the three month periods ended March 31, 2024 and 2023 were as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Foreign currency transaction losses (gains), net	$	(0.7)	$	1.0
Restructuring charges, net(1)	9.7		2.9
Acquisition and other transaction related expenses(2)	15.3		15.2
Other, net	0.9		1.3
Total other operating expense, net	$	25.2	$	20.4

(1)See Note 3 “Restructuring.”

(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.

Note 18. Contingencies

The Company is a party to various legal proceedings, lawsuits and administrative actions, which are of an ordinary or routine nature for a company of its size and sector. The Company believes that such proceedings, lawsuits and administrative actions will not materially adversely affect its operations, financial condition, liquidity or competitive position. For further description of the Company’s contingencies, reference is made to Note 21, “Contingencies” in the notes to consolidated financial statements in the Company’s 2023 Annual Report.

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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 $124.7 million and $126.9 million as of March 31, 2024 and December 31, 2023, 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 $151.4 million and $157.7 million as of March 31, 2024 and December 31, 2023, 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 $16.3 million and $16.7 million as of March 31, 2024 and December 31, 2023, 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 19. Segment Results

A description of the Company’s two reportable segments, including the specific products manufactured and sold follows below.

In the Industrial Technologies and Services segment, the Company designs, manufactures, markets and services a broad range of compression and vacuum equipment as well as fluid transfer equipment, and loading systems. The Company’s compression and vacuum products are used worldwide in industrial manufacturing, transportation, chemical processing, food and beverage production, clean energy, environmental and other applications. In addition to equipment sales, the Company offers a broad portfolio of service options tailored to customer needs and complete range of aftermarket parts, air treatment equipment, controls and other accessories. The Company’s engineered loading systems and fluid transfer equipment ensure the safe handling and transfer of crude oil, liquefied natural gas, compressed natural gas, chemicals, and bulk materials.

In the Precision and Science Technologies segment, the Company designs, manufactures and markets a broad range of specialized positive displacement pumps, fluid management equipment and aftermarket parts for medical, laboratory, industrial manufacturing, water and wastewater, chemical processing, clean energy, food and beverage, agriculture and other markets. The Company’s products are used for a diverse set of applications including precision dosing 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 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.

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The following table provides summarized information about the Company’s operations by reportable segment and reconciles Segment Adjusted EBITDA to Income Before Income Taxes for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Revenue
Industrial Technologies and Services	$	1,373.4	$	1,317.2
Precision and Science Technologies	296.7		312.1
Total Revenue	$	1,670.1	$	1,629.3
Segment Adjusted EBITDA
Industrial Technologies and Services	$	411.1	$	345.6
Precision and Science Technologies	91.4		94.5
Total Segment Adjusted EBITDA	$	502.5	$	440.1
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments	$	44.0	$	40.0
Interest expense	36.8		38.9
Depreciation and amortization expense (a)	116.3		113.1
Restructuring and related business transformation costs (b)	10.7		4.3
Acquisition and other transaction related expenses and non-cash charges (c)	15.3		18.0
Stock-based compensation	14.1		12.1
Foreign currency transaction losses (gains), net	(0.7)		1.0
Adjustments to LIFO inventories	6.8		7.8
Cybersecurity incident costs (d)	0.6		—
Interest income on cash and cash equivalents	(11.4)		(4.7)
Other adjustments (e)	0.4		(1.4)
Income Before Income Taxes	269.6		211.0
Provision for income taxes	54.4		48.1
Income (loss) on equity method investments	(10.7)		0.3
Net Income	$	204.5	$	163.2

a)Depreciation and amortization expense excludes $0.9 million and $0.9 million of depreciation of rental equipment for the three month periods ended March 31, 2024 and 2023, respectively.

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

	For the Three Month Period Ended March 31,
	2024		2023
Restructuring charges	$	9.7	$	2.9
Facility reorganization, relocation and other costs	1.0		1.4
Total restructuring and related business transformation costs	$	10.7	$	4.3

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

d)Represents non-recoverable costs associated with a cybersecurity event.

e)Includes (i) pension and other postemployment plan costs other than service cost and (ii) other miscellaneous adjustments.

Note 20. Earnings Per Share

The calculation of earnings per share is based on the weighted-average number of the Company’s shares outstanding for the applicable period. The calculation of diluted earnings per share reflects the effect of all potentially dilutive shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. The Company uses the treasury stock

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method to calculate the dilutive effect of outstanding share-based compensation awards. The number of weighted-average shares outstanding used in the computations of basic and diluted earnings per share are as follows.

	For the Three Month Period Ended March 31,
	2024	2023
Weighted-average shares outstanding - Basic	403.5	405.0
Dilutive effect of outstanding share-based compensation awards	4.4	4.2
Weighted-average shares outstanding - Diluted	407.9	409.2

For the three month periods ended March 31, 2024 and 2023, 0.4 million and 2.0 million, respectively, of anti-dilutive shares were not included in the computation of diluted earnings per share.

Note 21. Subsequent Event

On April 25, 2024, the Company’s board of directors authorized a $1.0 billion increase to the Company’s share repurchase program. This increase is incremental to the amount remaining on the existing $750 million authorization. These authorizations do not have any expiration date. Under the repurchase program, Ingersoll Rand may from time to time repurchase shares of the Company’s common stock in the open market at prevailing market prices (including through Rule 10b5-1 plans), in privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of any shares repurchased will depend on several factors, including the market price of the Company’s stock, general market and economic conditions, the Company’s liquidity requirements, applicable legal requirements, and other business considerations.

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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 2023 Annual Report. 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

Ingersoll Rand is a global market leader with a broad range of innovative and mission-critical air, fluid, energy and medical technologies, providing services and solutions to increase industrial productivity and efficiency. 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, Nash, CompAir, Thomas, Milton Roy, Seepex, Elmo Rietschle, ARO, Robuschi, 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.

We operate with two reportable segments: Industrial Technologies and Services and Precision and Science Technologies. See Note 19 “Segment Results” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for a description of our reportable segments.

Recent Development

On March 25, 2024, the Company entered into an agreement to acquire ILC Dover from New Mountain Capital, LLC for an upfront all-cash purchase price of approximately $2.325 billion and contingent consideration of up to $75.0 million. ILC Dover’s offerings include solutions for biopharmaceutical, pharmaceutical, and medical device markets as well as products for the space industry and will be reported in the Precision and Science Technologies segment. This transaction is expected to close in the second quarter of 2024, subject to customary regulatory approvals and closing conditions.

Items Affecting our Business, Industry and End Markets

General Economic Conditions

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.

Foreign Currency Fluctuations

A significant portion of our revenues, approximately 53% for the three month period ended March 31, 2024, 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

Key factors affecting the comparability of our results of operations are summarized below.

Acquisitions

Part of our strategy for growth is to acquire complementary businesses that provide access to new technologies or geographies or expand our offerings. While acquisitions, as discussed further in Note 2, are not individually significant or significant in the aggregate, they may be relevant when comparing our results from period to period.

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See Note 2 “Acquisitions” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further discussion of these acquisitions.

Restructuring and Other Business Transformation Initiatives

We continue to execute business transformation initiatives. A key element of those initiatives are restructuring programs within our Industrial Technologies and Services and Precision and Science Technologies segments, as well as at the Corporate level. Restructuring charges, program related facility reorganization, relocation and other costs, and related capital expenditures were impacted most significantly.

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 Operations

Consolidated results should be read in conjunction with the segment results section herein and Note 19 “Segment Results” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q, which provides more detailed 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 Condensed Consolidated Results of Operations of our business for the three month periods ended March 31, 2024 and 2023.

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	For the Three Month Period Ended March 31,
	2024			2023
Condensed Consolidated Statement of Operations:
Revenues	$	1,670.1		$	1,629.3
Cost of sales	923.8			965.1
Gross profit	746.3			664.2
Selling and administrative expenses	336.3			311.1
Amortization of intangible assets	91.6			92.4
Other operating expense, net	25.2			20.4
Operating income	293.2			240.3
Interest expense	36.8			38.9
Other income, net	(13.2)			(9.6)
Income before income taxes	269.6			211.0
Provision for income taxes	54.4			48.1
Income (loss) on equity method investments	(10.7)			0.3
Net income	204.5			163.2
Less: Net income attributable to noncontrolling interests	2.3			2.1
Net income attributable to Ingersoll Rand Inc.	$	202.2		$	161.1
Percentage of Revenues:
Gross profit	44.7		%	40.8		%
Selling and administrative expenses	20.1		%	19.1		%
Operating income	17.6		%	14.7		%
Net income	12.2		%	10.0		%
Adjusted EBITDA	27.5		%	24.6		%
Other Financial Data:
Adjusted EBITDA (1)	$	458.5		$	400.1
Adjusted Net Income (1)	319.9			267.0
Cash flows - operating activities	161.6			170.3
Cash flows - investing activities	(205.6)			(581.5)
Cash flows - financing activities	(79.6)			(89.3)
Free Cash Flow (1)	99.3			147.9

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

Revenues

Revenues for the three month period ended March 31, 2024 were $1,670.1 million, an increase of $40.8 million, or 2.5%, compared to $1,629.3 million for the same three month period in 2023. The increase in revenues was primarily due to acquisitions of $55.7 million and higher pricing of $48.3 million, partially offset by lower organic volumes of $60.9 million and unfavorable impact of foreign currencies of $2.3 million. The percentage of consolidated revenues derived from aftermarket parts and services was 37.0% in the three month period ended March 31, 2024 compared to 36.5% in the same three month period in 2023.

Gross Profit

Gross profit for the three month period ended March 31, 2024 was $746.3 million, an increase of $82.1 million, or 12.4%, compared to $664.2 million for the same three month period in 2023, and as a percentage of revenues was 44.7% for the three month period ended March 31, 2024 and 40.8% for the same three month period in 2023. The increase in gross profit is primarily

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due to higher pricing and acquisitions discussed above. The increase in gross profit as a percentage of revenues is primarily due to increased price and input cost productivity improvements.

Selling and Administrative Expenses

Selling and administrative expenses were $336.3 million for the three month period ended March 31, 2024, an increase of $25.2 million, or 8.1%, compared to $311.1 million for the same three month period in 2023. The increase in selling and administrative expenses was primarily attributable to businesses acquired in 2023 and first quarter of 2024. Selling and administrative expenses as a percentage of revenues increased to 20.1% for the three month period ended March 31, 2024 from 19.1% in the same three month period in 2023.

Amortization of Intangible Assets

Amortization of intangible assets was $91.6 million for the three month period ended March 31, 2024, a decrease of $0.8 million, compared to $92.4 million in the same three month period in 2023. The decrease was primarily due to certain intangible assets becoming fully amortized during the period, partially offset by businesses acquired in 2023 and first quarter of 2024 discussed in Note 2 “Acquisitions” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.

Other Operating Expense, Net

Other operating expense, net was $25.2 million for the three month period ended March 31, 2024, an increase of $4.8 million, compared to $20.4 million in the same three month period in 2023. The increase in expense was primarily due to higher restructuring charges of $6.8 million and higher acquisition and other transaction related expenses and non-cash charges of $0.1 million, partially offset by higher foreign currency transaction gains, net of $1.7 million.

Interest Expense

Interest expense was $36.8 million for the three month period ended March 31, 2024, a decrease of $2.1 million, compared to $38.9 million in the same three month period in 2023. The decrease was primarily due to the interest rate derivative contracts discussed in Note 13 “Hedging Activities and Derivative Instruments” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q. The weighted average interest rate, including the impact of the interest rate derivative contracts, was approximately 5.3% for the three month period ended March 31, 2024 and 5.2% in the same three month period in 2023.

Other Income, Net

Other income, net was $13.2 million and $9.6 million in the three month periods ended March 31, 2024 and 2023, respectively. The increase was primarily due to an increase in interest income from holdings of cash and cash equivalents.

Provision for Income Taxes

The provision for income taxes was $54.4 million, resulting in a 20.2% effective income tax provision rate for the three month period ended March 31, 2024, compared to a provision for income taxes of $48.1 million, resulting in a 22.8% effective income tax provision rate in the same three month period in 2023. The increase in the tax provision for the three month period ended March 31, 2024 is primarily due to an increase in the pretax book income. The decrease in the effective income tax provision rate is primarily due to the additional benefit of a windfall tax deduction during the first quarter of 2024, partially offset by an increase in the pretax book income in jurisdictions with higher effective tax rates.

Net Income

Net income was $204.5 million for the three month period ended March 31, 2024 compared to net income of $163.2 million in the same three month period in 2023. The increase in net income was primarily due to higher gross profit on increased revenues, partially offset by higher selling and administrative expenses, higher loss on equity method investments, and higher provision for income taxes.

Adjusted EBITDA

Adjusted EBITDA increased $58.4 million to $458.5 million for the three month period ended March 31, 2024 compared to $400.1 million in the same three month period in 2023. Adjusted EBITDA as a percentage of revenues increased 290 basis points to 27.5% for the three month period ended March 31, 2024 from 24.6% for the same three month period in 2023. The increase in Adjusted EBITDA was primarily due to higher pricing of $48.3 million, favorable cost productivity and product mix of $32.9

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million, and acquisitions of $11.5 million, partially offset by lower organic sales volume of $26.2 million, higher selling and administrative costs of $9.6 million, and unfavorable impact of foreign currencies of $1.2 million. The increase in Adjusted EBITDA as a percentage of revenues is primarily attributable to higher pricing, input cost productivity improvements, and product mix.

Adjusted Net Income

Adjusted Net Income increased $52.9 million to $319.9 million for the three month period ended March 31, 2024 compared to $267.0 million in the same three month period in 2023. The increase was primarily due to higher Adjusted EBITDA, partially offset by a higher income tax provision, as adjusted.

Non-GAAP Financial Measures

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

	For the Three Month Period Ended March 31,
	2024		2023
Net Income	$	204.5	$	163.2
Plus:
Interest expense	36.8		38.9
Provision for income taxes	54.4		48.1
Depreciation expense (a)	24.7		20.7
Amortization expense (b)	91.6		92.4
Restructuring and related business transformation costs (c)	10.7		4.3
Acquisition and other transaction related expenses and non-cash charges (d)	15.3		18.0
Stock-based compensation	14.1		12.1
Foreign currency transaction losses (gains), net	(0.7)		1.0
Loss (income) on equity method investments	10.7		(0.3)
Adjustments to LIFO inventories	6.8		7.8
Cybersecurity incident costs (e)	0.6		—
Interest income on cash and cash equivalents	(11.4)		(4.7)
Other adjustments (f)	0.4		(1.4)
Adjusted EBITDA	$	458.5	$	400.1
Minus:
Interest expense	$	36.8	$	38.9
Income tax provision, as adjusted (g)	86.4		75.6
Depreciation expense	24.7		20.7
Amortization of non-acquisition related intangible assets	2.1		2.6
Interest income on cash and cash equivalents	(11.4)		(4.7)
Adjusted Net Income	$	319.9	$	267.0
Free Cash Flow
Cash flows from operating activities	$	161.6	$	170.3
Minus:
Capital expenditures	62.3		22.4
Free Cash Flow	$	99.3	$	147.9

(a)Depreciation expense excludes $0.9 million and $0.9 million of depreciation of rental equipment for the three month periods ended March 31, 2024 and 2023, respectively.

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(b)Represents $89.5 million and $89.8 million of amortization of intangible assets arising from acquisitions (customer relationships, technology, tradenames and backlog) and $2.1 million and $2.6 million of amortization of non-acquisition related intangible assets, in each case, for the three month periods ended March 31, 2024 and 2023, respectively.

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

	For the Three Month Period Ended March 31,
	2024		2023
Restructuring charges	$	9.7	$	2.9
Facility reorganization, relocation and other costs	1.0		1.4
Total restructuring and related business transformation costs	$	10.7	$	4.3

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

(e)Represents non-recoverable costs associated with a cybersecurity event.

(f)Includes (i) pension and other postemployment plan costs other than service costs and (ii) other miscellaneous adjustments.

(g)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 March 31,
	2024		2023
Provision for income taxes	$	54.4	$	48.1
Tax impact of pre-tax income adjustments	29.3		28.1
Discrete tax items	2.7		(0.6)
Income tax provision, as adjusted	$	86.4	$	75.6

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 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 19 “Segment Results” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.

Segment Results for the Three Month Periods Ended March 31, 2024 and 2023

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

Industrial Technologies and Services Segment Results

	For the Three Month Period Ended March 31,						Percent Change
	2024			2023			2024 vs. 2023
Segment Orders	$	1,398.4		$	1,450.3		(3.6)	%
Segment Revenues	$	1,373.4		$	1,317.2		4.3	%
Segment Adjusted EBITDA	$	411.1		$	345.6		19.0	%
Segment Margin	29.9		%	26.2		%	370	bps

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Segment Orders for the three month period ended March 31, 2024 were $1,398.4 million, a decrease of $51.9 million, or 3.6%, compared to $1,450.3 million in the same three month period in 2023. The decrease in Segment Orders was due to lower organic orders of $104.9 million or 7.2% and the unfavorable impact of foreign currencies of $2.6 million or 0.2%, partially offset by acquisitions of $55.6 million or 3.8%.

Segment Revenues for the three month period ended March 31, 2024 were $1,373.4 million, an increase of $56.2 million, or 4.3%, compared to $1,317.2 million in the same three month period in 2023. The increase in Segment Revenues was due to acquisitions of $55.7 million or 4.2% and higher pricing of $39.2 million or 3.0%, partially offset by lower organic volumes of $36.3 million or 2.8% and unfavorable impact of foreign currencies of $2.4 million or 0.2%. The percentage of Segment Revenues derived from aftermarket parts and service was 39.8% in the three month period ended March 31, 2024 compared to 40.0% in the same three month period in 2023.

Segment Adjusted EBITDA for the three month period ended March 31, 2024 was $411.1 million, an increase of $65.5 million, or 19.0%, from $345.6 million in the same three month period in 2023. Segment Adjusted EBITDA Margin increased 370 basis points to 29.9% from 26.2% in 2023. The increase in Segment Adjusted EBITDA was primarily due to higher pricing of $39.2 million or 11.3%, favorable cost productivity and product mix of $36.3 million or 10.5%, and acquisitions of $11.7 million or 3.4%, partially offset by lower organic sales volume of $14.6 million or 4.2%, higher selling and administrative costs of $6.7 million or 1.9%, and unfavorable impact of foreign currencies of $0.8 million or 0.2%.

Precision and Science Technologies Segment Results

	For the Three Month Period Ended March 31,						Percent Change
	2024			2023			2024 vs. 2023
Segment Orders	$	309.0		$	326.5		(5.4)	%
Segment Revenues	$	296.7		$	312.1		(4.9)	%
Segment Adjusted EBITDA	$	91.4		$	94.5		(3.3)	%
Segment Margin	30.8		%	30.3		%	50	bps

Segment Orders for the three month period ended March 31, 2024 were $309.0 million, a decrease of $17.5 million, or 5.4%, compared to $326.5 million in the same three month period in 2023. The decrease in Segment Orders was due to lower organic orders of $17.6 million or 5.4%, partially offset by foreign currencies of $0.1 million or 0.0%.

Segment Revenues for the three month period ended March 31, 2024 were $296.7 million, a decrease of $15.4 million, or 4.9%, compared to $312.1 million in the same three month period in 2023. The decrease in Segment Revenues was primarily due to lower organic volumes of $24.6 million or 7.9%, partially offset by higher pricing of $9.1 million or 2.9% and favorable impact of foreign currencies of $0.1 million or 0.0%. The percentage of Segment Revenues derived from aftermarket parts and service was 24.2% in the three month period ended March 31, 2024 compared to 21.4% in the same three month period in 2023.

Segment Adjusted EBITDA for the three month period ended March 31, 2024 was $91.4 million, a decrease of $3.1 million, or 3.3%, from $94.5 million in the same three month period in 2023. Segment Adjusted EBITDA Margin increased 50 basis points to 30.8% from 30.3% in 2023. The decrease in Segment Adjusted EBITDA was primarily due to lower organic sales volume of $11.6 million or 12.3%, higher selling and administrative costs of $0.4 million or 0.4%, and unfavorable impact of foreign currencies of $0.3 million or 0.3%, partially offset by higher pricing of $9.1 million or 9.6% and product mix of $0.2 million or 0.2%.

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 March 31, 2024, we had $2,000.0 million of unused availability under the Revolving Credit Facility.

See the description of these line-of-credit resources in Note 11 “Debt” to the consolidated financial statements in our 2023 Annual Report and Note 10 “Debt” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q.

As of March 31, 2024, 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.

	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	1,452.3	$	1,595.5
Short-term borrowings and current maturities of long-term debt	$	31.3	$	30.6
Long-term debt	2,687.0		2,693.0
Total debt	$	2,718.3	$	2,723.6

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. Our liquidity requirements are significant primarily due to debt service requirements. See Note 11 “Debt” to the consolidated financial statements in our 2023 Annual Report and Note 10 “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 Notes and Senior Secured Credit Facilities. Our principal uses of cash will be to provide working capital, meet debt service requirements, fund capital expenditures, dividend payments, 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 Notes and 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 Notes and 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.

We may from time to time repurchase shares of our common stock in the open market at prevailing market prices (including through Rule 10b5-1 plans), in privately negotiated transactions, a combination thereof or through other transactions. The actual timing, number, manner and value of any shares repurchased will depend on several factors, including the market price of our stock, general market and economic conditions, our liquidity requirements, applicable legal requirement and other business considerations.

A substantial portion of our cash is in jurisdictions outside of 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 March 31, 2024 was $55.2 million which primarily consisted of withholding taxes.

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Working Capital

	March 31, 2024		December 31, 2023
Net Working Capital:
Current assets	$	4,006.8	$	4,050.4
Less: Current liabilities	1,724.6		1,827.3
Net working capital	$	2,282.2	$	2,223.1
Operating Working Capital:
Accounts receivable	$	1,245.2	$	1,234.2
Plus: Inventories (excluding LIFO reserve)	1,131.0		1,073.6
Plus: Contract assets	90.7		85.6
Less: Accounts payable	694.0		801.2
Less: Contract liabilities (current)	345.4		331.2
Operating working capital	$	1,427.5	$	1,261.0

Net working capital increased $59.1 million to $2,282.2 million as of March 31, 2024 from $2,223.1 million as of December 31, 2023. Operating working capital increased $166.5 million to $1,427.5 million as of March 31, 2024 from $1,261.0 million as of December 31, 2023. The increase in operating working capital is primarily due to lower accounts payable, higher inventories, higher accounts receivable, and higher contract assets, partially offset by higher contract liabilities.

The increase in accounts receivable was primarily due to the timing of revenues in the quarter and seasonal changes in collection timing. The increase in inventories was primarily due to acquisitions. The increase in contract assets was primarily due to the timing of revenue recognition and billing on our overtime contracts. The decrease 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 three month periods ended March 31, 2024 and 2023, respectively.

	For the Three Month Period Ended March 31,
	2024		2023
Cash flows provided by operating activities	$	161.6	$	170.3
Cash flows used in investing activities	(205.6)		(581.5)
Cash flows used in financing activities	(79.6)		(89.3)
Free cash flow(1)	99.3		147.9

(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 decreased $8.7 million to $161.6 million for the three month period ended March 31, 2024 from $170.3 million in the same three month period in 2023. This decrease is primarily attributable to cash used as a result of a larger increase in operating working capital and an increase in tax payments in 2024, compared to 2023, as well as the timing of interest payments for our senior notes, partially offset by higher net income.

Investing Activities

Cash used in investing activities included capital expenditures of $62.3 million and $22.4 million for the three month periods ended March 31, 2024 and 2023, respectively. Net cash paid in acquisitions was $143.3 million and $566.4 million in the three month periods ended March 31, 2024 and 2023, respectively. The three month period ended March 31, 2023 also included proceeds of $7.3 million related to the sale of a closed facility.

38

Financing Activities

Cash used in financing activities of $79.6 million for the three month period ended March 31, 2024 primarily reflected purchases of treasury stock of $72.9 million, cash dividends on common stock of $8.1 million, repayments of long-term debt of $7.1 million, and payments of deferred and contingent acquisition consideration of $2.2 million, partially offset by proceeds from stock option exercises of $11.2 million.

Cash used in financing activities of $89.3 million for the three month period ended March 31, 2023 primarily reflected purchases of treasury stock of $77.0 million, repayments of long-term debt of $11.0 million and cash dividends on common stock of $8.1 million, partially offset by proceeds from stock option exercises of $9.2 million.

Free Cash Flow

Free cash flow decreased $48.6 million to $99.3 million in the three month period ended March 31, 2024 from $147.9 million in the same three month period in 2023 due to higher capital expenditures and lower cash provided by operating activities.

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 2023 Annual Report.

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 18 “Contingencies” to the condensed consolidated financial statements included elsewhere in this Form 10-Q. We believe that as of March 31, 2024, there have been no material changes to the environmental matters disclosed in our 2023 Annual Report.

Recent Accounting Pronouncements

The information set forth in Note 1 “Basis of Presentation and Recent Accounting Pronouncements” 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.

39

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 interest rate swap and cap contracts, 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 cross currency interest rate swap contracts and foreign currency forward exchange contracts. 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 March 31, 2024, there have been no material changes to our market risk assessment previously disclosed in the 2023 Annual Report.

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.

40

PART II.    OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

The information set forth in Note 18 “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 March 31, 2024, there have been no material changes to our risk factors included in our 2023 Annual Report.

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

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 March 31, 2024.

2024 First 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(3)	Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(3)
January 1, 2024 - January 31, 2024	—	$	—	—	$	243,033,169
February 1, 2024 - February 28, 2024	444,449	$	88.95	335,460	$	213,033,369
March 1, 2024 - March 31, 2024	367,325	$	90.88	357,620	$	180,532,915
Total	811,774			693,080

(1)Includes shares of common stock surrendered to us to satisfy tax withholding obligations in connection with the vesting of certain restricted stock units, comprised of 108,989 shares in the period from February 1, 2024 to February 29, 2024, and 9,705 shares in the period from March 1, 2024 to March 31, 2024.

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

(3)On August 24, 2021, our Board of Directors approved a share repurchase program which authorized the repurchase of up to $750.0 million of the Company’s outstanding common stock. The authorization does not have any expiration date.

On April 25, 2024, our Board of Directors authorized a $1.0 billion increase to our share repurchase program. This increase is incremental to the amount remaining on the existing $750 million authorization. These authorizations do not have any expiration date. Under the repurchase program, Ingersoll Rand may from time to time repurchase shares of the Company’s common stock in the open market at prevailing market prices (including through Rule 10b5-1 plans), in privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of any shares repurchased will depend on several factors, including the market price of the Company’s stock, general market and economic conditions, the Company’s liquidity requirements, applicable legal requirements, and other business considerations.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.    MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.    OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

On March 3, 2024, Vicente Reynal, the Company's Chairman, President and Chief Executive Officer, adopted a 10b5-1 trading arrangement (a “10b5-1 Plan”). Mr. Reynal’s 10b5-1 Plan provides for the potential sale of up to 456,974 shares of the Company’s common stock, obtained from the exercise of vested stock options covered by the 10b5-1 Plan, from June 3, 2024 through June 4, 2024, and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

41

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
3.1	Restated Certificate of Incorporation of Ingersoll Rand Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on June 21, 2021).
3.2	Third Amended and Restated Bylaws of Ingersoll Rand Inc. (incorporated by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q filed on November 3, 2023).
31.1	Certification of Periodic Report by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Periodic Report by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
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.
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.
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).

42

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: May 3, 2024	INGERSOLL RAND INC.
	By:	/s/ Michael J. Scheske
	Name: Michael J. Scheske
	Vice President and Chief Accounting Officer (Principal Accounting Officer)

43

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 March 31, 2024 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: May 3, 2024
	/s/ Vicente Reynal
	Vicente Reynal
	Chairman of the Board and Chief Executive Officer
	(Principal Executive Officer), Director

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 March 31, 2024 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: May 3, 2024
	/s/ Vikram U. Kini
	Vikram U. Kini
	Senior 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 March 31, 2024 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: May 3, 2024
	/s/ Vicente Reynal
	Vicente Reynal
	Chairman of the Board and Chief Executive Officer
	(Principal Executive Officer), Director

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 March 31, 2024 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: May 3, 2024
	/s/ Vikram U. Kini
	Vikram U. Kini
	Senior Vice President and Chief Financial Officer
	(Principal Financial Officer)

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38095
Entity Registrant Name	Ingersoll Rand Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2393770
Entity Address, Address Line One	525 Harbour Place Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Davidson
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28036
City Area Code	704
Local Phone Number	655-4000
Title of 12(b) Security	Common Stock, $0.01 Par Value per share
Trading Symbol	IR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		403,431,881
Entity Central Index Key	0001699150
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 1,670.1	$ 1,629.3
Cost of sales	923.8	965.1
Gross Profit	746.3	664.2
Selling and administrative expenses	336.3	311.1
Amortization of intangible assets	91.6	92.4
Other operating expense, net	25.2	20.4
Operating Income	293.2	240.3
Interest expense	36.8	38.9
Other income, net	(13.2)	(9.6)
Income Before Income Taxes	269.6	211.0
Provision for income taxes	54.4	48.1
Income (loss) on equity method investments	(10.7)	0.3
Net Income	204.5	163.2
Less: Net income attributable to noncontrolling interests	2.3	2.1
Net Income Attributable to Ingersoll Rand Inc.	$ 202.2	$ 161.1
Basic earnings per share (in usd per share)	$ 0.50	$ 0.40
Diluted earnings per share (in usd per share)	$ 0.50	$ 0.39

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income Attributable to Ingersoll Rand Inc.
Net income attributable to Ingersoll Rand Inc.	$ 202.2	$ 161.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	(73.5)	30.8
Unrecognized loss on cash flow hedges	(0.1)	(5.3)
Pension and other postretirement prior service cost and gain (loss), net	(1.4)	(0.2)
Total other comprehensive income (loss), net of tax	(75.0)	25.3
Comprehensive income attributable to Ingersoll Rand Inc.	127.2	186.4
Comprehensive Income Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	2.3	2.1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	(0.8)	0.9
Total other comprehensive income (loss), net of tax	(0.8)	0.9
Comprehensive income attributable to noncontrolling interests	1.5	3.0
Total Comprehensive Income	$ 128.7	$ 189.4

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,452.3	$ 1,595.5
Accounts receivable, net of allowance for credit losses of $55.3 and $53.8, respectively	1,245.2	1,234.2
Inventories	1,051.8	1,001.1
Other current assets	257.5	219.6
Total current assets	4,006.8	4,050.4
Property, plant and equipment, net of accumulated depreciation of $518.5 and $500.8, respectively	742.2	711.4
Goodwill	6,609.9	6,609.7
Other intangible assets, net	3,589.6	3,611.1
Deferred tax assets	32.7	31.5
Other assets	547.8	549.4
Total assets	15,529.0	15,563.5
Current liabilities:
Short-term borrowings and current maturities of long-term debt	31.3	30.6
Accounts payable	694.0	801.2
Accrued liabilities	999.3	995.5
Total current liabilities	1,724.6	1,827.3
Long-term debt, less current maturities	2,687.0	2,693.0
Pensions and other postretirement benefits	149.5	150.0
Deferred income tax liabilities	624.2	612.6
Other liabilities	424.0	433.9
Total liabilities	5,609.3	5,716.8
Commitments and contingencies (Note 18)	0.0	0.0
Stockholders’ equity
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 429,651,459 and 428,589,061 shares issued as of March 31, 2024 and December 31, 2023, respectively	4.3	4.3
Capital in excess of par value	9,569.8	9,550.8
Retained earnings	1,891.3	1,697.2
Accumulated other comprehensive loss	(302.6)	(227.6)
Treasury stock at cost; 25,926,540 and 25,241,667 shares as of March 31, 2024 and December 31, 2023, respectively	(1,307.5)	(1,240.9)
Total Ingersoll Rand Inc. stockholders’ equity	9,855.3	9,783.8
Noncontrolling interests	64.4	62.9
Total stockholders’ equity	9,919.7	9,846.7
Total liabilities and stockholders’ equity	$ 15,529.0	$ 15,563.5

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 55.3	$ 53.8
Accumulated depreciation on property, plant and equipment	$ 518.5	$ 500.8
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)	429,651,459	428,589,061
Treasury stock (in shares)	25,926,540	25,241,667

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Ingersoll Rand Inc. Stockholders’ Equity	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interests
Balance at beginning of period (in shares) at Dec. 31, 2022			426.3
Balance at beginning of period at Dec. 31, 2022	$ 9,257.2	$ 9,195.8	$ 4.3	$ 9,476.8	$ 950.9	$ (251.7)	$ (984.5)	$ 61.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	163.2	161.1			161.1			2.1
Dividends declared	(8.1)	(8.1)			(8.1)
Issuance of common stock for stock-based compensation plans (in shares)			1.2
Issuance of common stock for stock-based compensation plans	8.7	8.7		8.7
Purchases of treasury stock	(77.0)	(77.0)					(77.0)
Issuance of treasury stock for stock-based compensation plans	0.1	0.1		(3.3)			3.4
Stock-based compensation	11.4	11.4		11.4
Other comprehensive loss, net of tax	26.2	25.3				25.3		0.9
Balance at end of period (in shares) at Mar. 31, 2023			427.5
Balance at end of period at Mar. 31, 2023	9,381.7	9,317.3	$ 4.3	9,493.6	1,103.9	(226.4)	(1,058.1)	64.4
Balance at beginning of period (in shares) at Dec. 31, 2023			428.6
Balance at beginning of period at Dec. 31, 2023	9,846.7	9,783.8	$ 4.3	9,550.8	1,697.2	(227.6)	(1,240.9)	62.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	204.5	202.2			202.2			2.3
Dividends declared	(8.1)	(8.1)			(8.1)
Issuance of common stock for stock-based compensation plans (in shares)			1.1
Issuance of common stock for stock-based compensation plans	10.1	10.1		10.1
Purchases of treasury stock	(72.9)	(72.9)					(72.9)
Issuance of treasury stock for stock-based compensation plans	1.1	1.1		(5.2)			6.3
Stock-based compensation	14.1	14.1		14.1
Other comprehensive loss, net of tax	(75.8)	(75.0)				(75.0)		(0.8)
Balance at end of period (in shares) at Mar. 31, 2024			429.7
Balance at end of period at Mar. 31, 2024	$ 9,919.7	$ 9,855.3	$ 4.3	$ 9,569.8	$ 1,891.3	$ (302.6)	$ (1,307.5)	$ 64.4

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net income	$ 204.5	$ 163.2
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	91.6	92.4
Depreciation	25.6	21.6
Non-cash restructuring charges	0.0	0.9
Stock-based compensation expense	14.1	12.1
Loss (income) on equity method investments	10.7	(0.3)
Foreign currency transaction losses (gains), net	(0.7)	1.0
Non-cash adjustments to carrying value of LIFO inventories	6.7	7.8
Other non-cash adjustments	1.4	2.9
Changes in assets and liabilities:
Receivables	(11.5)	(83.7)
Inventories	(58.2)	(45.3)
Accounts payable	(101.5)	(70.6)
Accrued liabilities	(1.8)	56.5
Other assets and liabilities, net	(19.3)	11.8
Net cash provided by operating activities	161.6	170.3
Cash Flows Used In Investing Activities:
Capital expenditures	(62.3)	(22.4)
Net cash paid in acquisitions	(143.3)	(566.4)
Disposals of property, plant and equipment	0.0	7.3
Net cash used in investing activities	(205.6)	(581.5)
Cash Flows Used In Financing Activities:
Principal payments on long-term debt	(7.1)	(11.0)
Purchases of treasury stock	(72.9)	(77.0)
Cash dividends on common shares	(8.1)	(8.1)
Proceeds from stock option exercises	11.2	9.2
Payments of deferred and contingent acquisition consideration	(2.2)	(1.9)
Other financing	(0.5)	(0.5)
Net cash used in financing activities	(79.6)	(89.3)
Effect of exchange rate changes on cash and cash equivalents	(19.6)	6.8
Net decrease in cash and cash equivalents	(143.2)	(493.7)
Cash and cash equivalents, beginning of period	1,595.5	1,613.0
Cash and cash equivalents, end of period	1,452.3	1,119.3
Supplemental Cash Flow Information
Cash paid for income taxes, net of refunds	43.5	19.1
Cash paid for interest, net of interest rate derivative settlements	$ 58.2	$ 36.1

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Basis of Presentation and Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Recent Accounting Pronouncements

Basis of Presentation and Recent Accounting Pronouncements

Basis of Presentation

Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products and industrial solutions. The accompanying condensed consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as “Ingersoll Rand” 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, 2023 (“2023 Annual Report”).

The results of operations for the three month period ended March 31, 2024 are not necessarily indicative of future results.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segments expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.

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Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

Acquisitions in 2024

On February 1, 2024, the Company completed the acquisition of Friulair S.r.l. (“Friulair”) for initial cash consideration of $142.2 million and contingent consideration of up to approximately $11.0 million. The business is a manufacturer of dryers, filters, aftercoolers, and accessories for the treatment of compressed air and its chiller product line. The acquisition is intended increase the scale of the Company’s air dryer business and will add new chiller production capabilities. Friulair has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. Substantially all of this goodwill is not expected to be deductible for tax purposes.

Other acquisitions completed during the three months ended March 31, 2024 include a manufacturer of vacuum pumps and accessories, substantially all of which have been reported within the Industrial Technologies and Services segment. The aggregate consideration for this acquisition was $1.4 million.

The following table summarizes the allocation of consideration for all businesses acquired in the first quarter of 2024 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for acquisitions completed

in the first quarter, including Friulair, is preliminary, and amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained.

	Friulair		All Others		Total
Accounts receivable	$	14.9	$	—	$	14.9
Inventories	13.2		0.3		13.5
Other current assets	0.5		—		0.5
Property, plant and equipment	7.7		0.1		7.8
Goodwill	44.9		1.0		45.9
Other intangible assets	84.5		—		84.5
Other assets	0.3		—		0.3
Total current liabilities	(14.5)		—		(14.5)
Other noncurrent liabilities	(2.8)		—		(2.8)
Total consideration	$	148.7	$	1.4	$	150.1

The aggregate revenue and operating income included in the condensed consolidated financial statements for these acquisitions subsequent to the dates of acquisition was $11.3 million and $0.5 million for the three month period ended March 31, 2024, respectively. The operating income of these acquired businesses includes the effects of acquisition-related accounting adjustments such as amortization of intangible assets.

Transaction with ILC Dover

On March 25, 2024, the Company entered into an agreement to acquire ILC Dover from New Mountain Capital, LLC for an upfront all-cash purchase price of approximately $2.325 billion and contingent consideration of up to $75.0 million. ILC Dover’s offerings include solutions for biopharmaceutical, pharmaceutical, and medical device markets as well as products for the space industry and will be reported in the Precision and Science Technologies segment. This transaction is expected to close in the second quarter of 2024, subject to customary regulatory approvals and closing conditions.

Acquisitions in 2023

On January 3, 2023, the Company completed the acquisition of SPX FLOW’s Air Treatment business (“Air Treatment”) for cash consideration of $519.0 million. The business is a manufacturer of desiccant and refrigerated dryers, filtration systems and purifiers for dehydration in compressed air. The acquisition is intended to expand the Company’s offerings of compressor system components through globally recognized brands. The Air Treatment business has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. Substantially all of this goodwill is not expected to be deductible for tax purposes.

On February 1, 2023, the Company acquired Paragon Tank Truck Equipment (“Paragon”), a provider of solutions used for loading and unloading dry bulk and liquid tanks on and off of trucks, for cash consideration of $42.2 million. Paragon has been reported within the Industrial Technologies and Services segment.

On April 1, 2023, the Company acquired EcoPlant Technological Innovation Ltd. (“EcoPlant”), for initial cash consideration of $29.5 million and contingent consideration of up to $17.0 million. EcoPlant is a provider of a software-as-a-service platform that dynamically controls compressed air systems to optimize performance and resource consumption. EcoPlant has been reported within the Industrial Technologies and Services segment.

On August 18, 2023, the Company completed the acquisition of Howden Roots LLC (“Roots”), for cash consideration of $290.0 million. Roots is a leading manufacturer of engineered rotary and centrifugal blowers with an iconic brand developed over more than 160 years. The acquisition is intended to expand the Company’s blower product portfolio and benefit from Roots’ robust technical capabilities and exposure to growing sustainability-related applications. Roots has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. This goodwill is expected to be deductible for tax purposes.

The Company acquired 10 additional businesses in 2023 for aggregate consideration of $83.7 million. These primarily consist of manufacturers and distributors of existing and adjacent offerings in the Industrial Technologies and Services segment.

The following table summarizes the allocation of consideration for all businesses acquired in 2023 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for Air Treatment is complete. Initial accounting for all other acquisitions completed in 2023, including Roots, is substantially complete and any further measurement period adjustments are not expected to be material.

	Air Treatment		Roots		All Others		Total
Accounts receivable	$	26.1	$	14.5	$	11.7	$	52.3
Inventories	43.9		34.2		21.0		99.1
Other current assets	2.1		2.9		6.2		11.2
Property, plant and equipment	18.4		42.0		5.0		65.4
Goodwill	279.9		104.0		125.7		509.6
Other intangible assets	238.6		116.9		25.4		380.9
Other assets	7.6		4.5		0.4		12.5
Total current liabilities	(35.9)		(26.9)		(19.2)		(82.0)
Deferred tax liabilities	(54.8)		—		(3.7)		(58.5)
Other noncurrent liabilities	(6.9)		(2.1)		(4.3)		(13.3)
Total consideration	$	519.0	$	290.0	$	168.2	$	977.2

The revenues included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $95.6 million and $48.4 million for the three month periods ended March 31, 2024 and 2023, respectively. The operating income included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $11.5 million and $3.2 million for the three month periods ended March 31, 2024 and 2023, respectively. The operating income of these acquired businesses include the effects of acquisition-related accounting adjustments such as amortization of intangible assets and fair value adjustments to acquired inventory.

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Restructuring

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

2024 and 2023 Actions

The Company continues to undertake restructuring actions to optimize our cost structure. Charges incurred from actions taken in 2024 and 2023 include workforce restructuring, facility consolidation and other exit and disposal costs.

For the three month periods ended March 31, 2024 and 2023, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statement of Operations and consisted of the following.

	For the Three Month Period Ended March 31,
	2024		2023
Industrial Technologies and Services	$	5.1	$	3.1
Precision and Science Technologies	4.4		(0.4)
Corporate	0.2		0.2
Restructuring charges, net	$	9.7	$	2.9

The following table summarizes the activity associated with the Company’s restructuring programs for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of period	$	15.5	$	14.9
Charged to expense - termination benefits	9.3		0.9
Charged to expense - other (1)	0.4		1.1
Payments	(4.3)		(3.6)
Currency translation adjustment and other	(0.3)		0.1
Balance at end of period	$	20.6	$	13.4

(1)Excludes $0.9 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three month period ended March 31, 2023.

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Allowance for Credit Losses

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses

The allowance for credit losses for the three month periods ended March 31, 2024 and 2023 consisted of the following.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of the period	$	53.8	$	47.2
Provision charged to expense	2.5		4.0
Write-offs, net of recoveries	(0.3)		(0.4)
Foreign currency translation and other	(0.7)		0.2
Balance at end of the period	$	55.3	$	51.0

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Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories as of March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024		December 31, 2023
Raw materials, including parts and subassemblies	$	657.9	$	590.7
Work-in-process	137.5		145.1
Finished goods	335.6		337.8
	1,131.0		1,073.6
LIFO reserve	(79.2)		(72.5)
Inventories	$	1,051.8	$	1,001.1

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill attributable to each reportable segment for the three month period ended March 31, 2024 is presented in the table below.

	Industrial Technologies and Services		Precision and Science Technologies		Total
Balance at beginning of period	$	4,753.5	$	1,856.2	$	6,609.7
Acquisitions	45.9		—		45.9
Foreign currency translation and other(1)	(30.2)		(15.5)		(45.7)
Balance at end of period	$	4,769.2	$	1,840.7	$	6,609.9

(1)Includes measurement period adjustments

As of both March 31, 2024 and December 31, 2023, goodwill included accumulated impairment losses of $220.6 million within the Industrial Technologies and Services segment.

Other Intangible Assets, Net

Other intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Customer lists and relationships	$	3,325.5	$	(1,643.2)	$	1,682.3	$	3,279.3	$	(1,585.4)	$	1,693.9
Technology	418.6		(195.3)		223.3		413.8		(178.9)		234.9
Tradenames	56.8		(28.9)		27.9		52.2		(27.9)		24.3
Backlog	4.4		(2.2)		2.2		3.0		(1.3)		1.7
Other	121.2		(106.1)		15.1		117.1		(104.1)		13.0
Unamortized intangible assets
Tradenames	1,638.8		—		1,638.8		1,643.3		—		1,643.3
Total other intangible assets	$	5,565.3	$	(1,975.7)	$	3,589.6	$	5,508.7	$	(1,897.6)	$	3,611.1

Intangible Asset Impairment Considerations

As of March 31, 2024 and December 31, 2023, there were no indications that the carrying value of goodwill and other intangible assets may not be recoverable.

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Supply Chain Finance Program

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Supply Chain Finance Program

Supply Chain Finance Program

The Company has agreements with financial institutions to facilitate a supply chain finance program (the “SCF Program”). Under the SCF Program, qualifying suppliers may elect to sell their receivables from the Company to the financial institution. Participating suppliers negotiate arrangements for sale of their receivables directly with the financial institution, and the terms of the Company’s payment obligations are not impacted by a supplier’s participation in the SCF Program. Once a qualifying supplier elects to participate in the SCF Program and reaches an agreement with the financial institution, the supplier elects which individual Company invoices they sell to the financial institution. However, all of the Company’s payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The Company has not pledged any assets as security or provided other forms of guarantees. All outstanding amounts related to suppliers participating in the SCF Program are recorded within “Accounts payable” in our Condensed Consolidated Balance Sheets, and the associated payments are included in “Net cash provided by operating activities” within our Condensed Consolidated Statements of Cash Flows. Included in “Accounts payable” in the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 were $24.0 million and $24.3 million of outstanding payment obligations, respectively, that were sold to the financial institution by participating suppliers.

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Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued Liabilities

Accrued liabilities as of March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024		December 31, 2023
Salaries, wages and related fringe benefits	$	239.0	$	262.4
Contract liabilities	345.4		331.2
Product warranty	65.6		61.9
Operating lease liabilities	42.5		41.6
Restructuring	20.6		15.5
Taxes	75.6		78.4
Accrued interest	12.1		33.1
Other	198.5		171.4
Total accrued liabilities	$	999.3	$	995.5

A reconciliation of the changes in the accrued product warranty liability for the three month periods ended March 31, 2024 and 2023 are as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of period	$	61.9	$	46.2
Product warranty accruals	13.6		8.9
Acquired warranty	—		1.4
Settlements	(9.3)		(3.9)
Foreign currency translation and other	(0.6)		1.5
Balance at end of period	$	65.6	$	54.1

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Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Benefit Plans

Benefit Plans

Net Periodic Benefit Cost

The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three month periods ended March 31, 2024 and 2023.

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Three Month Period Ended March 31,
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	0.7	$	0.6	$	—	$	—
Interest cost	3.5		4.0		2.7		2.7		0.2		0.2
Expected return on plan assets	(3.3)		(3.3)		(2.8)		(2.7)		—		—
Recognition of:
Unrecognized net actuarial loss	—		—		(0.3)		(0.4)		(0.2)		(0.1)
	$	0.2	$	0.7	$	0.3	$	0.2	$	—	$	0.1

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

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt

Debt as of March 31, 2024 and December 31, 2023 is summarized as follows.

	March 31, 2024		December 31, 2023
Short-term borrowings	$	1.7	$	1.0
Long-term debt:
Dollar Term Loan B, due 2027(1)(2)	342.9		347.7
Dollar Term Loan, due 2027(1)(2)	890.0		892.3
5.400% Senior Notes, due 2028(1)	498.3		498.2
5.700% Senior Notes, due 2033(1)	992.8		992.6
Finance leases and other long-term debt	14.9		15.2
Unamortized debt issuance costs	(22.3)		(23.4)
Total long-term debt, net, including current maturities	2,716.6		2,722.6
Current maturities of long-term debt	29.6		29.6
Total long-term debt, net	$	2,687.0	$	2,693.0

(1)This amount is net of unamortized discounts. Total unamortized discounts were $9.5 million and $9.9 million as of March 31, 2024 and December 31, 2023, respectively.

(2)As of March 31, 2024, the applicable interest rate was approximately 7.18% and the weighted-average interest rate was 7.19% for the three month period ended March 31, 2024.

Senior Notes

On August 14, 2023, the Company completed its issuance of $1,500.0 million in aggregate principal amount of senior unsecured notes comprised of $500.0 million aggregate principal amount of 5.400% Senior Notes due August 2028 (the “2028 Notes”) and $1,000.0 million aggregate principal amount of 5.700% Senior Notes due August 2033 (the “2033 Notes” and, together with the 2028 Notes, the “Notes”). The Company used the proceeds of the offering of the Notes to repay a portion of the amounts outstanding under its Senior Secured Credit Facilities. The Notes were issued pursuant to a base indenture, each dated as of August 14, 2023, between the Company and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as supplemented by a 2028 Supplemental Indenture No. 1 with respect to the 2028 Notes and a 2033 Notes Supplemental Indenture No. 1 with respect to the 2033 Notes, each dated as of August 14, 2023, between the Company and the Trustee (collectively, the “Indenture”). The interest payment dates for the Notes are February 14 and August 14 of each year, with interest payable in arrears.

The Notes are senior unsecured obligations of the Company and rank equally in right of payment with all of the Company’s other senior unsecured indebtedness, senior in right of payment to all of the Company’s subordinated indebtedness, and effectively junior to all of the indebtedness and other liabilities of the Company’s subsidiaries (including the obligations of the Company’s subsidiaries under the Senior Secured Credit Facilities and to all of the Company’s secured indebtedness (including the Company’s obligations under the Senior Secured Credit Facilities)) to the extent of the value of the assets securing such secured indebtedness.

Prior to (i) July 14, 2028, in the case of the 2028 Notes, and (ii) May 14, 2033, in the case of the 2033 Notes, the Company may redeem the Notes of a series at its option, in whole or in part, at any time from time to time, at a “make-whole” premium, plus accrued and unpaid interest thereon to, but not including, the redemption date. On or after (i) July 14, 2028, in the case of the 2028 Notes, and (ii) May 14, 2033, in the case of the 2033 Notes, the Company may redeem the Notes of a series at its option, in whole or in part, at any time from time to time, at a price equal to 100% of the principal amount of the Notes of such series to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. If the Company experiences certain types of change of control transactions, the Company must offer to repurchase the Notes at 101% of the aggregate principal amount of the Notes repurchased (or such higher amount as the Company may determine) plus accrued and unpaid interest thereon to, but not including, the date of repurchase.

The Indenture contains covenants that limit the Company’s (and its subsidiaries’) ability to, among other things: (i) create liens on certain assets; (ii) consolidate, merge, sell or otherwise dispose of all or substantially all of its consolidated assets; and (iii) enter into sale and leaseback transactions with respect to certain assets. The Indenture also contains customary events of default and covenants for an issuer of investment grade debt securities.

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 U.S. dollars (entered into at the time of the Merger, the “Dollar Term Loan B”), 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. On April 21 2023, the Company entered into Amendment No. 9 to the Credit Agreement, which (a) extended the maturity date for the revolving credit commitments from June 28, 2024 to April 21, 2028, (b) increased the aggregate revolving credit commitments from $1,100.0 million to $2,000.0 million, and (c) made certain other corresponding changes and updates. Other than as modified by Amendment No. 9, the loans under the Credit Agreement continue to have the same terms and the parties to the Credit Agreement continue to have the same obligations set forth in the Credit Agreement. The amendment resulted in the write-off of unamortized debt issuance costs of $0.9 million which was recognized in “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations. In August 2023, the Company repaid a portion of the Dollar Term Loan B which resulted in the write-off of unamortized discounts and debt issuance costs of $12.6 million, which was recognized in “Loss on extinguishment of debt” in the Condensed Consolidated Statements of Operations.

See Note 11 “Debt” to the consolidated financial statements in the Company’s 2023 Annual Report for further information on the Senior Secured Credit Facilities.

As of March 31, 2024, the aggregate amount of commitments under the Revolving Credit Facility was $2,000.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $400.0 million. As of March 31, 2024, the Company had no outstanding borrowings under the Revolving Credit Facility, no outstanding letters of credit under the Revolving Credit Facility and unused availability under the Revolving Credit Facility of $2,000.0 million.

As of March 31, 2024, we were in compliance with all covenants of our Senior Secured Credit Facilities and our Senior Notes.

Fair Value of Debt

The fair value of the Company's debt instruments at March 31, 2024 was $2.8 billion. The Company measures the fair value of its debt instruments for disclosure purposes based upon observable market prices quoted on public exchanges for similar assets. These fair value inputs are considered Level 2 within the fair value hierarchy. See Note 14, “Fair Value Measurements” for information on the fair value hierarchy.

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Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Stock-Based Compensation Plans

The Company has outstanding stock-based compensation awards granted under the 2013 Stock Incentive Plan (“2013 Plan”) and the 2017 Omnibus Incentive Plan (as amended by the First Amendment, dated April 27, 2021, “2017 Plan”) as described in Note 18, “Stock-Based Compensation Plans” to the consolidated financial statements in its 2023 Annual Report.

The Company’s stock-based compensation awards are generally granted in the first quarter of the year and consist of stock options, restricted stock units and performance share units. In some instances, such as death, awards may vest concurrently with or following an employee’s termination.

Stock-Based Compensation

For the three month periods ended March 31, 2024 and 2023, the Company recognized stock-based compensation expense of $14.1 million and $12.1 million, respectively. These costs are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations.

As of March 31, 2024, there was $146.3 million of total unrecognized compensation expense related to outstanding stock options, restricted stock unit awards and performance stock unit awards granted to employees and non-employee directors, as well as 300,000 conditional stock options awarded during the third quarter of 2022 to our Chairman and CEO in which the service date precedes the grant date, and will be granted upon achievement of certain performance targets. These 300,000 stock options have not been included in the Stock Option Awards section below since the grant date has not occurred.

Stock Option Awards

Stock options are granted to employees with an exercise price equal to the fair value of the Company’s per share common stock on the date of grant. Stock option awards typically vest over four years or five years and expire ten years from the date of grant.

A summary of the Company’s stock option (including SARs) activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2023	5,282	$	31.09
Granted	518	90.38
Exercised or settled	(570)	19.68
Forfeited	(19)	53.83
Expired	(2)	31.29
Stock options outstanding as of March 31, 2024	5,209	38.14
Vested as of March 31, 2024	3,699	26.41

The following assumptions were used to estimate the fair value of options granted during the three month periods ended March 31, 2024 and 2023 using the Black-Scholes option-pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2024		2023
Expected life of options (in years)	6.3 - 7.5		6.3 - 7.5
Risk-free interest rate	4.3%		4.0% - 4.1%
Assumed volatility	35.1% - 35.2%		36.6%
Expected dividend rate	0.1	%	0.1	%

Restricted Stock Unit Awards

Restricted stock units are granted to employees and non-employee directors based on the market price of the Company’s common stock on the grant date and recognized in compensation expense over the vesting period. A summary of the Company’s restricted stock unit activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023	957	$	52.18
Granted	287	90.38
Vested	(384)	47.52
Forfeited	(16)	54.88
Non-vested as of March 31, 2024	844	67.27

Performance Share Unit (“PSUs”) Awards

Annually, during the first quarter, the Company grants TSR PSUs to certain officers in which the number of shares issued at the end of the performance period is determined by the Company’s total shareholder return percentile rank versus the S&P 500 index for the three year performance period. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation cost is recognized straight-line over a three year period.

During the third quarter of 2022, the Company granted Special TSR PSUs to its Chairman and CEO that will become earned (but not vested) on the first date during the five year performance period on which the sum of (i) the 60-day volume-weighted average closing price of the Company’s common stock, plus (ii) the cumulative value of any dividends paid during the five year performance period equals or exceeds $81.85. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model and compensation cost is recognized straight-line over a five year period. The share price performance goal was achieved on March 6, 2024, but the PSUs will not vest until September 1, 2027, generally subject to Mr. Reynal’s continued employment through such date. The Company also granted its Chairman and CEO Special EPS PSUs that are eligible to vest based on the level of compounded annual growth rate of the Company’s Adjusted EPS during the five year performance period. The grant date fair value of these awards is based on the market price of the Company’s common stock on the grant date and recognized as a compensation expense over a 4.3 year period.

A summary of the Company’s performance stock unit activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023	1,380	$	49.53
Granted	87	132.98
Change in units based on performance	122	55.84
Vested	(244)	55.84
Non-vested as of March 31, 2024	1,345	54.37

The following assumptions were used to estimate the fair value of performance share units granted during the three month periods ended March 31, 2024 and 2023 using the Monte Carlo simulation pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2024		2023
Expected term (in years)	2.8		2.9
Risk-free interest rate	4.5%		4.4	%
Assumed volatility	28.9%		31.8	%
Expected dividend rate	0.1	%	0.1	%

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

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

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The Company’s other comprehensive income (loss) consists of (i) unrealized foreign currency net gains and losses on the translation of the assets and liabilities of its foreign operations; (ii) realized and unrealized foreign currency gains and losses on certain hedges of net investments in foreign operations, net of income taxes; (iii) unrealized gains and losses on cash flow hedges (consisting of interest rate swap and cap contracts), net of income taxes; and (iv) pension and other postretirement prior service cost and actuarial gains or losses, net of income taxes. See Note 9 “Benefit Plans” and Note 13 “Hedging Activities and Derivative Instruments.”

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

	For the Three Month Period Ended March 31,
	2024						2023
	Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	(67.4)	$	(6.1)	$	(73.5)	$	46.2	$	(15.4)	$	30.8
Unrecognized losses on cash flow hedges	(0.1)		—		(0.1)		(7.1)		1.8		(5.3)
Pension and other postretirement benefit prior service cost and gain or loss, net	(1.9)		0.5		(1.4)		(0.2)		—		(0.2)
Other comprehensive income (loss)	$	(69.4)	$	(5.6)	$	(75.0)	$	38.9	$	(13.6)	$	25.3

The tables above include only the other comprehensive income (loss), net of tax, attributable to Ingersoll Rand Inc. Other comprehensive income (loss), net, attributable to noncontrolling interest holders was $(0.8) million and $0.9 million for the three month periods ended March 31, 2024 and 2023, respectively, and related entirely to foreign currency translation adjustments.

Changes in accumulated other comprehensive loss by component for the three month periods ended March 31, 2024 and 2023 are presented in the following table net of tax.

	Foreign Currency Translation Adjustments, Net		Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2023	$	(248.0)	$	12.2	$	8.2	$	(227.6)
Other comprehensive income (loss) before reclassifications	(70.4)		3.4		(1.0)		(68.0)
Amounts reclassified from accumulated other comprehensive loss	(3.1)		(3.5)		(0.4)		(7.0)
Other comprehensive loss	(73.5)		(0.1)		(1.4)		(75.0)
Balance as of March 31, 2024	$	(321.5)	$	12.1	$	6.8	$	(302.6)

	Foreign Currency Translation Adjustments, Net		Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2022	$	(282.8)	$	16.0	$	15.1	$	(251.7)
Other comprehensive income (loss) before reclassifications	34.8		(3.8)		0.2		31.2
Amounts reclassified from accumulated other comprehensive loss	(4.0)		(1.5)		(0.4)		(5.9)
Other comprehensive income (loss)	30.8		(5.3)		(0.2)		25.3
Balance as of March 31, 2023	$	(252.0)	$	10.7	$	14.9	$	(226.4)

Reclassifications out of accumulated other comprehensive loss for the three month periods ended March 31, 2024 and 2023 are presented in the following table.

Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	For the Three Month Period Ended March 31,				Affected Line(s) in the Statement Where Net Income is Presented
	2024		2023
Cash flow hedges (interest rate swaps and caps)	$	(4.7)	$	(2.0)	Interest expense
Provision for income taxes	1.2		0.5		Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax	$	(3.5)	$	(1.5)
Net investment hedges	$	(4.2)	$	(5.4)	Interest expense
Provision for income taxes	1.1		1.4		Provision for income taxes
Net investment hedges, net of tax	$	(3.1)	$	(4.0)
Amortization of defined benefit pension and other postretirement benefit items(1)	$	(0.5)	$	(0.5)	Cost of sales and Selling and administrative expenses
Provision for income taxes	0.1		0.1		Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax	$	(0.4)	$	(0.4)
Total reclassifications for the period, net of tax	$	(7.0)	$	(5.9)

(1)These components are included in the computation of net periodic benefit cost. See Note 9 “Benefit Plans” for additional details.

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Hedging Activities and Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Activities and Derivative Instruments

Hedging Activities and Derivative Instruments

Hedging Activities

The Company is exposed to certain market risks during the normal course of its business arising from adverse changes in interest rates and foreign currency exchange rates. The Company selectively uses derivative financial instruments (“derivatives”), including cross-currency interest rate swap and foreign currency forward contracts and interest rate swap and cap contracts, to manage the risks from fluctuations in foreign currency exchange rates and interest rates, respectively. The Company does not purchase or hold derivatives for trading or speculative purposes.

The Company’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 interest rate derivatives 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. The USD, the EUR, GBP, Chinese Renminbi and Indian rupee are the principal currencies in which the Company and its subsidiaries enter into transactions. The Company is exposed to the impacts of changes in foreign

currency exchange rates on the translation of its non-U.S. subsidiaries’ assets, liabilities and earnings into USD. The Company manages this exposure by having certain U.S. subsidiaries borrow in currencies other than the USD or utilizing cross-currency interest rate swaps as net investment hedges.

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

Derivative Instruments

The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.

March 31, 2024
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	Cash flow	$	528.5	$	9.5	$	1.4	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		16.7		—		—		39.7

December 31, 2023
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	Cash Flow	$	528.5	$	8.2	$	1.2	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		15.7		—		—		63.1

(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.

All cash flows related to derivatives for the periods presented are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows.

There were no off-balance sheet derivative instruments as of March 31, 2024 or December 31, 2023.

Interest Rate Swap and Cap Contracts Designated as Cash Flow Hedges

As of March 31, 2024, the Company was the fixed rate payor on two interest rate swap contracts that effectively fix the SOFR-based index used to determine the interest rates charged on a total of $528.5 million of the Company’s SOFR-based variable rate borrowings. These contracts carry a fixed rate of 3.2% and expire in June 2025. These swap agreements qualify as hedging instruments and have been designated as cash flow hedges of forecasted SOFR-based interest payments. Based on SOFR-based swap yield curves as of March 31, 2024, the Company expects to reclassify gains of $9.6 million out of accumulated other comprehensive income (“AOCI”) into earnings during the next 12 months.

The Company was previously a party to interest rate cap contracts that effectively limited the SOFR-based interest rates charged on a portion of the Company’s variable rate borrowings to 4.0%. The Company and its counterparties terminated these contracts in August 2023. Prior to their termination, these cap contracts qualified as hedging instruments and were designated as cash flow hedges of forecasted interest payments. These forecasted interest payments are still expected to occur as specified in the Company’s hedge designations; therefore, the unrecognized gain at the time of termination will be reclassified into earnings over the remaining period of original term of the contracts, ending in June 2025. The unrecognized gain remaining in AOCI as of March 31, 2024 was $4.8 million, of which $4.2 million is expected to be reclassified into earnings during the next 12 months.

Gains (losses) on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2024 and 2023 are as presented in the table below.

	For the Three Month Period Ended March 31,
	2024		2023
Gain (loss) recognized in OCI on derivatives	$	4.6	$	(5.1)
Gain reclassified from AOCI into income (effective portion)(1)	4.7		2.0

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

Cross-Currency Interest Rate Swap Contracts Designated as Net Investment Hedges

As of March 31, 2024, the Company was the fixed rate payor on two cross-currency interest rate swap contracts that replace a fixed rate of 3.2% on a total of $528.5 million with a fixed rate of 1.6% on a total of €500.0 million. These contracts expire in June 2025. These contracts have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.

As of March 31, 2024, the Company entered into three cross-currency interest rate swap contracts where we receive SOFR on a total of $525.7 million and pay EURIBOR on a total of €500.0 million. These contracts expire in June 2025. These contracts have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.

Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2024 and 2023 are as presented in the table below.

	For the Three Month Period Ended March 31,
	2024		2023
Gain (loss) recognized in OCI on derivatives	$	28.6	$	(5.5)
Gain reclassified from AOCI into income (effective portion)(1)	4.2		5.4

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

Foreign Currency Forwards Not Designated as Hedging Instruments

The Company had no foreign currency forward contracts outstanding as of March 31, 2024. These contracts are sometimes 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 Company’s gains on derivative instruments not designated as accounting hedges and total net foreign currency gains (losses) for the three month periods ended March 31, 2024 and 2023 were as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Foreign currency forward contracts gains	$	—	$	0.2
Total foreign currency transaction gains (losses), net	0.7		(1.0)

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

A financial instrument is defined as cash or cash equivalents, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from another party. The

Company’s financial instruments consist primarily of cash and cash equivalents, trade accounts receivables, trade accounts payables, deferred compensation assets and obligations, acquisition related contingent consideration obligations, derivatives and debt instruments. The carrying values of cash and cash equivalents, trade accounts receivables, trade accounts payables, and variable rate debt instruments are a reasonable estimate of their respective fair values.

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

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

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

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

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	18.4	$	—	$	—	$	18.4
Interest rate swaps(2)	—		10.9		—		10.9
Cross-currency interest rate swaps(3)	—		16.7		—		16.7
Total	$	18.4	$	27.6	$	—	$	46.0
Financial Liabilities
Deferred compensation plans(1)	$	25.7	$	—	$	—	$	25.7
Cross-currency interest rate swaps(3)	—		39.7		—		39.7
Contingent consideration(4)	—		—		48.4		48.4
Total	$	25.7	$	39.7	$	48.4	$	113.8

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	16.8	$	—	$	—	$	16.8
Interest rate swaps(2)	—		9.4		—		9.4
Cross-currency interest rate swaps(3)	—		15.7		—		15.7
Total	$	16.8	$	25.1	$	—	$	41.9
Financial Liabilities
Deferred compensation plan(1)	$	24.7	$	—	$	—	$	24.7
Cross-currency interest rate swaps(3)	—		63.1		—		63.1
Contingent consideration(4)	—		—		42.2		42.2
Total	$	24.7	$	63.1	$	42.2	$	130.0

(1)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method.

(2)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of March 31, 2024. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.

(3)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties.

(4)Measured as the present value of expected consideration payable for completed acquisitions, generally derived using probability-weighted analysis of achieving projected revenue or EBITDA targets.

Contingent Consideration

Certain of the Company’s acquisitions may result in payments of consideration in future periods that are contingent upon the achievement of certain targets, generally measures of revenue and EBITDA. As part of the initial accounting for the acquisition, a liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations. This fair value measurement of contingent consideration is categorized within Level 3 of the fair value hierarchy, as the measurement amount is based primarily on significant inputs that are not observable in the market.

The following table provides a reconciliation of the activity for contingent consideration for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of the period	$	42.2	$	43.9
Acquisitions	6.5		—
Changes in fair value	0.2		4.3
Foreign currency translation	(0.5)		0.2
Balance at end of the period	$	48.4	$	48.4

As of March 31, 2024, the contingent consideration included in “Accrued liabilities” and “Other liabilities” on the Condensed Consolidated Balance Sheets were $10.3 million and $38.1 million, respectively.

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Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Overview

The Company recognizes revenue when the Company has satisfied its obligation and control is transferred to the customer. The amount of revenue recognized includes adjustments for any variable consideration, such as rebates, sales discounts, liquidated damages, etc., which are included in the transaction price, and allocated to each performance obligation. The variable consideration is estimated throughout the course of the contract using the Company’s best estimates.

The majority of the Company’s revenues are derived from short duration contracts and revenue is recognized at a single point in time when control is transferred to the customer, generally at shipment or when delivery has occurred or services have been rendered.

The Company has certain long duration engineered to order (“ETO”) contracts that require highly engineered solutions designed to customer specific applications. For contracts where the contractual deliverables have no alternative use and the contract termination clauses provide for the recovery of cost plus a reasonable margin, revenue is recognized over time based on the Company’s progress in satisfying the contractual performance obligations, generally measured as the ratio of actual costs incurred to date to the estimated total costs to complete the contract. For contracts with termination provisions that do not provide for recovery of cost and a reasonable margin, revenue is recognized at a point in time, generally at shipment or delivery to the customer. Identification of performance obligations, determination of alternative use, assessment of contractual language regarding termination provisions, and estimation of total project costs are all significant judgments required in the application of ASC 606.

Contractual specifications and requirements may be modified. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. In the event a contract modification is for goods or services that are not distinct in the contract, and therefore, form part of a single performance obligation that is partially satisfied as of the modification date, the effect of the contract modification on the transaction price and the Company’s measure of progress for the performance obligation to which it relates, is recognized on a cumulative catch-up basis.

Taxes assessed by a government authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Sales commissions are generally due at either collection of payment from customers or recognition of revenue. Applying the practical expedient from ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations.

Disaggregation of Revenue

The following tables provide disaggregated revenue by reportable segment for the three month periods ended March 31, 2024 and 2023.

	Industrial Technologies and Services				Precision and Science Technologies				Total
	Three Month Period Ended March 31,
	2024		2023		2024		2023		2024		2023
Primary Geographic Markets
United States	$	597.1	$	551.2	$	137.1	$	144.2	$	734.2	$	695.4
Other Americas	112.7		90.9		8.1		7.3		120.8		98.2
Total Americas	709.8		642.1		145.2		151.5		855.0		793.6
EMEIA	445.4		426.0		113.7		113.4		559.1		539.4
Asia Pacific	218.2		249.1		37.8		47.2		256.0		296.3
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3
Product Categories
Original equipment(1)	$	827.1	$	790.1	$	225.0	$	245.3	$	1,052.1	$	1,035.4
Aftermarket(2)	546.3		527.1		71.7		66.8		618.0		593.9
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3
Pattern of Revenue Recognition
Revenue recognized at point in time(3)	$	1,244.4	$	1,220.5	$	295.5	$	311.2	$	1,539.9	$	1,531.7
Revenue recognized over time(4)	129.0		96.7		1.2		0.9		130.2		97.6
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3

Revenues from sales of capital equipment within the Industrial Technologies and Services segment and sales of components to original equipment manufacturers in the Precision and Science Technologies segment.

(2)Revenues from sales of spare parts, accessories, other components and services in support of maintaining customer owned, installed base of the Company’s original equipment. Service revenue represents less than 10% of consolidated revenue.

(3)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered.

(4)Revenues primarily from long duration ETO product contracts, certain multi-year service contracts, and certain contracts for the delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

Performance Obligations

As of March 31, 2024, 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 $687.8 million in the next twelve months and $643.1 million in periods thereafter. The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year.

Contract Balances

The following table provides the contract balances as of March 31, 2024 and December 31, 2023 presented in the Condensed Consolidated Balance Sheets.

	March 31, 2024		December 31, 2023
Accounts receivable, net	$	1,245.2	$	1,234.2
Contract assets	90.7		85.6
Contract liabilities - current	345.4		331.2
Contract liabilities - noncurrent	1.0		1.0

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Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024			2023
Income before income taxes	$	269.6		$	211.0
Provision for income taxes	$	54.4		$	48.1
Effective income tax provision rate	20.2		%	22.8		%

The increase in the provision for income taxes and decrease in the effective income tax provision rate for the three month period ended March 31, 2024 when compared to the same three month period of 2023. The increase in the provision for income taxes is primarily due to an increase in the pretax book income. The decrease in the effective income tax provision rate is primarily due to the additional benefit of a windfall tax deduction during the first quarter of 2024, partially offset by an increase in the pretax book income in jurisdictions with higher effective tax rates.

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Other Operating Expense, Net

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Operating Expense, Net

Other Operating Expense, Net

The components of “Other operating expense, net” for the three month periods ended March 31, 2024 and 2023 were as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Foreign currency transaction losses (gains), net	$	(0.7)	$	1.0
Restructuring charges, net(1)	9.7		2.9
Acquisition and other transaction related expenses(2)	15.3		15.2
Other, net	0.9		1.3
Total other operating expense, net	$	25.2	$	20.4

(1)See Note 3 “Restructuring.”

(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.

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Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Contingencies

The Company is a party to various legal proceedings, lawsuits and administrative actions, which are of an ordinary or routine nature for a company of its size and sector. The Company believes that such proceedings, lawsuits and administrative actions will not materially adversely affect its operations, financial condition, liquidity or competitive position. For further description of the Company’s contingencies, reference is made to Note 21, “Contingencies” in the notes to consolidated financial statements in the Company’s 2023 Annual Report.

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 $124.7 million and $126.9 million as of March 31, 2024 and December 31, 2023, 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 $151.4 million and $157.7 million as of March 31, 2024 and December 31, 2023, 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 $16.3 million and $16.7 million as of March 31, 2024 and December 31, 2023, 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

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Results

Segment Results

A description of the Company’s two reportable segments, including the specific products manufactured and sold follows below.

In the Industrial Technologies and Services segment, the Company designs, manufactures, markets and services a broad range of compression and vacuum equipment as well as fluid transfer equipment, and loading systems. The Company’s compression and vacuum products are used worldwide in industrial manufacturing, transportation, chemical processing, food and beverage production, clean energy, environmental and other applications. In addition to equipment sales, the Company offers a broad portfolio of service options tailored to customer needs and complete range of aftermarket parts, air treatment equipment, controls and other accessories. The Company’s engineered loading systems and fluid transfer equipment ensure the safe handling and transfer of crude oil, liquefied natural gas, compressed natural gas, chemicals, and bulk materials.

In the Precision and Science Technologies segment, the Company designs, manufactures and markets a broad range of specialized positive displacement pumps, fluid management equipment and aftermarket parts for medical, laboratory, industrial manufacturing, water and wastewater, chemical processing, clean energy, food and beverage, agriculture and other markets. The Company’s products are used for a diverse set of applications including precision dosing 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 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 Before Income Taxes for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Revenue
Industrial Technologies and Services	$	1,373.4	$	1,317.2
Precision and Science Technologies	296.7		312.1
Total Revenue	$	1,670.1	$	1,629.3
Segment Adjusted EBITDA
Industrial Technologies and Services	$	411.1	$	345.6
Precision and Science Technologies	91.4		94.5
Total Segment Adjusted EBITDA	$	502.5	$	440.1
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments	$	44.0	$	40.0
Interest expense	36.8		38.9
Depreciation and amortization expense (a)	116.3		113.1
Restructuring and related business transformation costs (b)	10.7		4.3
Acquisition and other transaction related expenses and non-cash charges (c)	15.3		18.0
Stock-based compensation	14.1		12.1
Foreign currency transaction losses (gains), net	(0.7)		1.0
Adjustments to LIFO inventories	6.8		7.8
Cybersecurity incident costs (d)	0.6		—
Interest income on cash and cash equivalents	(11.4)		(4.7)
Other adjustments (e)	0.4		(1.4)
Income Before Income Taxes	269.6		211.0
Provision for income taxes	54.4		48.1
Income (loss) on equity method investments	(10.7)		0.3
Net Income	$	204.5	$	163.2

a)Depreciation and amortization expense excludes $0.9 million and $0.9 million of depreciation of rental equipment for the three month periods ended March 31, 2024 and 2023, respectively.

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

	For the Three Month Period Ended March 31,
	2024		2023
Restructuring charges	$	9.7	$	2.9
Facility reorganization, relocation and other costs	1.0		1.4
Total restructuring and related business transformation costs	$	10.7	$	4.3

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

d)Represents non-recoverable costs associated with a cybersecurity event.

e)Includes (i) pension and other postemployment plan costs other than service cost and (ii) other miscellaneous adjustments.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The calculation of earnings per share is based on the weighted-average number of the Company’s shares outstanding for the applicable period. The calculation of diluted earnings per share reflects the effect of all potentially dilutive shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. The Company uses the treasury stock

method to calculate the dilutive effect of outstanding share-based compensation awards. The number of weighted-average shares outstanding used in the computations of basic and diluted earnings per share are as follows.

	For the Three Month Period Ended March 31,
	2024	2023
Weighted-average shares outstanding - Basic	403.5	405.0
Dilutive effect of outstanding share-based compensation awards	4.4	4.2
Weighted-average shares outstanding - Diluted	407.9	409.2

For the three month periods ended March 31, 2024 and 2023, 0.4 million and 2.0 million, respectively, of anti-dilutive shares were not included in the computation of diluted earnings per share.

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Subsequent Event

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On April 25, 2024, the Company’s board of directors authorized a $1.0 billion increase to the Company’s share repurchase program. This increase is incremental to the amount remaining on the existing $750 million authorization. These authorizations do not have any expiration date. Under the repurchase program, Ingersoll Rand may from time to time repurchase shares of the Company’s common stock in the open market at prevailing market prices (including through Rule 10b5-1 plans), in privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of any shares repurchased will depend on several factors, including the market price of the Company’s stock, general market and economic conditions, the Company’s liquidity requirements, applicable legal requirements, and other business considerations.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to Ingersoll Rand Inc.	$ 202.2	$ 161.1

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Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

shares

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Vicente Reynal [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

On March 3, 2024, Vicente Reynal, the Company's Chairman, President and Chief Executive Officer, adopted a 10b5-1 trading arrangement (a “10b5-1 Plan”). Mr. Reynal’s 10b5-1 Plan provides for the potential sale of up to 456,974 shares of the Company’s common stock, obtained from the exercise of vested stock options covered by the 10b5-1 Plan, from June 3, 2024 through June 4, 2024, and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.

Name

Vicente Reynal

Title

Chairman, President and Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

March 3, 2024

Arrangement Duration

1 day

Aggregate Available

456,974

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Basis of Presentation and Recent Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products and industrial solutions. The accompanying condensed consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as “Ingersoll Rand” 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, 2023 (“2023 Annual Report”).

The results of operations for the three month period ended March 31, 2024 are not necessarily indicative of future results.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segments expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of consideration for all businesses acquired in the first quarter of 2024 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for acquisitions completed

in the first quarter, including Friulair, is preliminary, and amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained.

	Friulair		All Others		Total
Accounts receivable	$	14.9	$	—	$	14.9
Inventories	13.2		0.3		13.5
Other current assets	0.5		—		0.5
Property, plant and equipment	7.7		0.1		7.8
Goodwill	44.9		1.0		45.9
Other intangible assets	84.5		—		84.5
Other assets	0.3		—		0.3
Total current liabilities	(14.5)		—		(14.5)
Other noncurrent liabilities	(2.8)		—		(2.8)
Total consideration	$	148.7	$	1.4	$	150.1

The following table summarizes the allocation of consideration for all businesses acquired in 2023 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for Air Treatment is complete. Initial accounting for all other acquisitions completed in 2023, including Roots, is substantially complete and any further measurement period adjustments are not expected to be material.

	Air Treatment		Roots		All Others		Total
Accounts receivable	$	26.1	$	14.5	$	11.7	$	52.3
Inventories	43.9		34.2		21.0		99.1
Other current assets	2.1		2.9		6.2		11.2
Property, plant and equipment	18.4		42.0		5.0		65.4
Goodwill	279.9		104.0		125.7		509.6
Other intangible assets	238.6		116.9		25.4		380.9
Other assets	7.6		4.5		0.4		12.5
Total current liabilities	(35.9)		(26.9)		(19.2)		(82.0)
Deferred tax liabilities	(54.8)		—		(3.7)		(58.5)
Other noncurrent liabilities	(6.9)		(2.1)		(4.3)		(13.3)
Total consideration	$	519.0	$	290.0	$	168.2	$	977.2

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Restructuring (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Activity in Restructuring Programs

For the three month periods ended March 31, 2024 and 2023, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statement of Operations and consisted of the following.

	For the Three Month Period Ended March 31,
	2024		2023
Industrial Technologies and Services	$	5.1	$	3.1
Precision and Science Technologies	4.4		(0.4)
Corporate	0.2		0.2
Restructuring charges, net	$	9.7	$	2.9

The following table summarizes the activity associated with the Company’s restructuring programs for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of period	$	15.5	$	14.9
Charged to expense - termination benefits	9.3		0.9
Charged to expense - other (1)	0.4		1.1
Payments	(4.3)		(3.6)
Currency translation adjustment and other	(0.3)		0.1
Balance at end of period	$	20.6	$	13.4

(1)Excludes $0.9 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three month period ended March 31, 2023.

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Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The allowance for credit losses for the three month periods ended March 31, 2024 and 2023 consisted of the following.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of the period	$	53.8	$	47.2
Provision charged to expense	2.5		4.0
Write-offs, net of recoveries	(0.3)		(0.4)
Foreign currency translation and other	(0.7)		0.2
Balance at end of the period	$	55.3	$	51.0

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Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories as of March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024		December 31, 2023
Raw materials, including parts and subassemblies	$	657.9	$	590.7
Work-in-process	137.5		145.1
Finished goods	335.6		337.8
	1,131.0		1,073.6
LIFO reserve	(79.2)		(72.5)
Inventories	$	1,051.8	$	1,001.1

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The changes in the carrying amount of goodwill attributable to each reportable segment for the three month period ended March 31, 2024 is presented in the table below.

	Industrial Technologies and Services		Precision and Science Technologies		Total
Balance at beginning of period	$	4,753.5	$	1,856.2	$	6,609.7
Acquisitions	45.9		—		45.9
Foreign currency translation and other(1)	(30.2)		(15.5)		(45.7)
Balance at end of period	$	4,769.2	$	1,840.7	$	6,609.9

(1)Includes measurement period adjustments

Schedule of Other Intangible Assets

Other intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Customer lists and relationships	$	3,325.5	$	(1,643.2)	$	1,682.3	$	3,279.3	$	(1,585.4)	$	1,693.9
Technology	418.6		(195.3)		223.3		413.8		(178.9)		234.9
Tradenames	56.8		(28.9)		27.9		52.2		(27.9)		24.3
Backlog	4.4		(2.2)		2.2		3.0		(1.3)		1.7
Other	121.2		(106.1)		15.1		117.1		(104.1)		13.0
Unamortized intangible assets
Tradenames	1,638.8		—		1,638.8		1,643.3		—		1,643.3
Total other intangible assets	$	5,565.3	$	(1,975.7)	$	3,589.6	$	5,508.7	$	(1,897.6)	$	3,611.1

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Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities as of March 31, 2024 and December 31, 2023 consisted of the following.

	March 31, 2024		December 31, 2023
Salaries, wages and related fringe benefits	$	239.0	$	262.4
Contract liabilities	345.4		331.2
Product warranty	65.6		61.9
Operating lease liabilities	42.5		41.6
Restructuring	20.6		15.5
Taxes	75.6		78.4
Accrued interest	12.1		33.1
Other	198.5		171.4
Total accrued liabilities	$	999.3	$	995.5

Schedule of Product Warranty Liability

A reconciliation of the changes in the accrued product warranty liability for the three month periods ended March 31, 2024 and 2023 are as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of period	$	61.9	$	46.2
Product warranty accruals	13.6		8.9
Acquired warranty	—		1.4
Settlements	(9.3)		(3.9)
Foreign currency translation and other	(0.6)		1.5
Balance at end of period	$	65.6	$	54.1

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Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three month periods ended March 31, 2024 and 2023.

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Three Month Period Ended March 31,
	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	0.7	$	0.6	$	—	$	—
Interest cost	3.5		4.0		2.7		2.7		0.2		0.2
Expected return on plan assets	(3.3)		(3.3)		(2.8)		(2.7)		—		—
Recognition of:
Unrecognized net actuarial loss	—		—		(0.3)		(0.4)		(0.2)		(0.1)
	$	0.2	$	0.7	$	0.3	$	0.2	$	—	$	0.1

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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt as of March 31, 2024 and December 31, 2023 is summarized as follows.

	March 31, 2024		December 31, 2023
Short-term borrowings	$	1.7	$	1.0
Long-term debt:
Dollar Term Loan B, due 2027(1)(2)	342.9		347.7
Dollar Term Loan, due 2027(1)(2)	890.0		892.3
5.400% Senior Notes, due 2028(1)	498.3		498.2
5.700% Senior Notes, due 2033(1)	992.8		992.6
Finance leases and other long-term debt	14.9		15.2
Unamortized debt issuance costs	(22.3)		(23.4)
Total long-term debt, net, including current maturities	2,716.6		2,722.6
Current maturities of long-term debt	29.6		29.6
Total long-term debt, net	$	2,687.0	$	2,693.0

(1)This amount is net of unamortized discounts. Total unamortized discounts were $9.5 million and $9.9 million as of March 31, 2024 and December 31, 2023, respectively.

(2)As of March 31, 2024, the applicable interest rate was approximately 7.18% and the weighted-average interest rate was 7.19% for the three month period ended March 31, 2024.

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Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option (including SARs) activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2023	5,282	$	31.09
Granted	518	90.38
Exercised or settled	(570)	19.68
Forfeited	(19)	53.83
Expired	(2)	31.29
Stock options outstanding as of March 31, 2024	5,209	38.14
Vested as of March 31, 2024	3,699	26.41

Schedule of Stock Option Fair Value Assumptions

The following assumptions were used to estimate the fair value of options granted during the three month periods ended March 31, 2024 and 2023 using the Black-Scholes option-pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2024		2023
Expected life of options (in years)	6.3 - 7.5		6.3 - 7.5
Risk-free interest rate	4.3%		4.0% - 4.1%
Assumed volatility	35.1% - 35.2%		36.6%
Expected dividend rate	0.1	%	0.1	%

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023	957	$	52.18
Granted	287	90.38
Vested	(384)	47.52
Forfeited	(16)	54.88
Non-vested as of March 31, 2024	844	67.27

Schedule of Performance Stock Unit Activity

A summary of the Company’s performance stock unit activity for the three month period ended March 31, 2024 is presented in the following table (underlying shares in thousands).

	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023	1,380	$	49.53
Granted	87	132.98
Change in units based on performance	122	55.84
Vested	(244)	55.84
Non-vested as of March 31, 2024	1,345	54.37

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 three month periods ended March 31, 2024 and 2023 using the Monte Carlo simulation pricing model.

	For the Three Month Period Ended March 31,
Assumptions	2024		2023
Expected term (in years)	2.8		2.9
Risk-free interest rate	4.5%		4.4	%
Assumed volatility	28.9%		31.8	%
Expected dividend rate	0.1	%	0.1	%

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

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

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

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

	For the Three Month Period Ended March 31,
	2024						2023
	Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	(67.4)	$	(6.1)	$	(73.5)	$	46.2	$	(15.4)	$	30.8
Unrecognized losses on cash flow hedges	(0.1)		—		(0.1)		(7.1)		1.8		(5.3)
Pension and other postretirement benefit prior service cost and gain or loss, net	(1.9)		0.5		(1.4)		(0.2)		—		(0.2)
Other comprehensive income (loss)	$	(69.4)	$	(5.6)	$	(75.0)	$	38.9	$	(13.6)	$	25.3

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive loss by component for the three month periods ended March 31, 2024 and 2023 are presented in the following table net of tax.

	Foreign Currency Translation Adjustments, Net		Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2023	$	(248.0)	$	12.2	$	8.2	$	(227.6)
Other comprehensive income (loss) before reclassifications	(70.4)		3.4		(1.0)		(68.0)
Amounts reclassified from accumulated other comprehensive loss	(3.1)		(3.5)		(0.4)		(7.0)
Other comprehensive loss	(73.5)		(0.1)		(1.4)		(75.0)
Balance as of March 31, 2024	$	(321.5)	$	12.1	$	6.8	$	(302.6)

	Foreign Currency Translation Adjustments, Net		Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2022	$	(282.8)	$	16.0	$	15.1	$	(251.7)
Other comprehensive income (loss) before reclassifications	34.8		(3.8)		0.2		31.2
Amounts reclassified from accumulated other comprehensive loss	(4.0)		(1.5)		(0.4)		(5.9)
Other comprehensive income (loss)	30.8		(5.3)		(0.2)		25.3
Balance as of March 31, 2023	$	(252.0)	$	10.7	$	14.9	$	(226.4)

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss for the three month periods ended March 31, 2024 and 2023 are presented in the following table.

Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	For the Three Month Period Ended March 31,				Affected Line(s) in the Statement Where Net Income is Presented
	2024		2023
Cash flow hedges (interest rate swaps and caps)	$	(4.7)	$	(2.0)	Interest expense
Provision for income taxes	1.2		0.5		Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax	$	(3.5)	$	(1.5)
Net investment hedges	$	(4.2)	$	(5.4)	Interest expense
Provision for income taxes	1.1		1.4		Provision for income taxes
Net investment hedges, net of tax	$	(3.1)	$	(4.0)
Amortization of defined benefit pension and other postretirement benefit items(1)	$	(0.5)	$	(0.5)	Cost of sales and Selling and administrative expenses
Provision for income taxes	0.1		0.1		Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax	$	(0.4)	$	(0.4)
Total reclassifications for the period, net of tax	$	(7.0)	$	(5.9)

(1)These components are included in the computation of net periodic benefit cost. See Note 9 “Benefit Plans” for additional details.

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Hedging Activities and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the notional amounts, fair values and classification of the Company’s outstanding derivatives by risk category and instrument type within the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.

March 31, 2024
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	Cash flow	$	528.5	$	9.5	$	1.4	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		16.7		—		—		39.7

December 31, 2023
Derivative Classification		Notional Amount(1)		Fair Value(1) Other Current Assets		Fair Value(1) Other Assets		Fair Value(1) Accrued Liabilities		Fair Value(1) Other Liabilities
Derivatives Designated as Hedging Instruments
Interest rate swap contracts	Cash Flow	$	528.5	$	8.2	$	1.2	$	—	$	—
Cross-currency interest rate swap contracts	Net investment	1,054.2		15.7		—		—		63.1

(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)

Gains (losses) on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2024 and 2023 are as presented in the table below.

	For the Three Month Period Ended March 31,
	2024		2023
Gain (loss) recognized in OCI on derivatives	$	4.6	$	(5.1)
Gain reclassified from AOCI into income (effective portion)(1)	4.7		2.0

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

Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)

Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three month periods ended March 31, 2024 and 2023 are as presented in the table below.

	For the Three Month Period Ended March 31,
	2024		2023
Gain (loss) recognized in OCI on derivatives	$	28.6	$	(5.5)
Gain reclassified from AOCI into income (effective portion)(1)	4.2		5.4

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

Schedule of Gains (Losses) on Derivative Instruments Not Designated as Accounting Hedges and Total Net Foreign Currency Losses

The Company’s gains on derivative instruments not designated as accounting hedges and total net foreign currency gains (losses) for the three month periods ended March 31, 2024 and 2023 were as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Foreign currency forward contracts gains	$	—	$	0.2
Total foreign currency transaction gains (losses), net	0.7		(1.0)

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023.

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	18.4	$	—	$	—	$	18.4
Interest rate swaps(2)	—		10.9		—		10.9
Cross-currency interest rate swaps(3)	—		16.7		—		16.7
Total	$	18.4	$	27.6	$	—	$	46.0
Financial Liabilities
Deferred compensation plans(1)	$	25.7	$	—	$	—	$	25.7
Cross-currency interest rate swaps(3)	—		39.7		—		39.7
Contingent consideration(4)	—		—		48.4		48.4
Total	$	25.7	$	39.7	$	48.4	$	113.8

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	16.8	$	—	$	—	$	16.8
Interest rate swaps(2)	—		9.4		—		9.4
Cross-currency interest rate swaps(3)	—		15.7		—		15.7
Total	$	16.8	$	25.1	$	—	$	41.9
Financial Liabilities
Deferred compensation plan(1)	$	24.7	$	—	$	—	$	24.7
Cross-currency interest rate swaps(3)	—		63.1		—		63.1
Contingent consideration(4)	—		—		42.2		42.2
Total	$	24.7	$	63.1	$	42.2	$	130.0

(1)Based on the quoted price of publicly traded mutual funds and other equity securities which are classified as trading securities and accounted for using the mark-to-market method.

(2)Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of March 31, 2024. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties.

(3)Measured as the present value of all expected future cash flows on each leg of the contracts. The model utilizes inputs of observable market data including interest yield curves and foreign currency exchange rates. The present value calculation uses cross-currency basis-adjusted discount factors that have been adjusted to reflect the credit quality of the Company and its counterparties.

(4)Measured as the present value of expected consideration payable for completed acquisitions, generally derived using probability-weighted analysis of achieving projected revenue or EBITDA targets.

Schedule of Reconciliation of Contingent Consideration

The following table provides a reconciliation of the activity for contingent consideration for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Balance at beginning of the period	$	42.2	$	43.9
Acquisitions	6.5		—
Changes in fair value	0.2		4.3
Foreign currency translation	(0.5)		0.2
Balance at end of the period	$	48.4	$	48.4

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Segment

The following tables provide disaggregated revenue by reportable segment for the three month periods ended March 31, 2024 and 2023.

	Industrial Technologies and Services				Precision and Science Technologies				Total
	Three Month Period Ended March 31,
	2024		2023		2024		2023		2024		2023
Primary Geographic Markets
United States	$	597.1	$	551.2	$	137.1	$	144.2	$	734.2	$	695.4
Other Americas	112.7		90.9		8.1		7.3		120.8		98.2
Total Americas	709.8		642.1		145.2		151.5		855.0		793.6
EMEIA	445.4		426.0		113.7		113.4		559.1		539.4
Asia Pacific	218.2		249.1		37.8		47.2		256.0		296.3
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3
Product Categories
Original equipment(1)	$	827.1	$	790.1	$	225.0	$	245.3	$	1,052.1	$	1,035.4
Aftermarket(2)	546.3		527.1		71.7		66.8		618.0		593.9
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3
Pattern of Revenue Recognition
Revenue recognized at point in time(3)	$	1,244.4	$	1,220.5	$	295.5	$	311.2	$	1,539.9	$	1,531.7
Revenue recognized over time(4)	129.0		96.7		1.2		0.9		130.2		97.6
Total	$	1,373.4	$	1,317.2	$	296.7	$	312.1	$	1,670.1	$	1,629.3

Revenues from sales of capital equipment within the Industrial Technologies and Services segment and sales of components to original equipment manufacturers in the Precision and Science Technologies segment.

(2)Revenues from sales of spare parts, accessories, other components and services in support of maintaining customer owned, installed base of the Company’s original equipment. Service revenue represents less than 10% of consolidated revenue.

(3)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered.

(4)Revenues primarily from long duration ETO product contracts, certain multi-year service contracts, and certain contracts for the delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

Schedule of Contract Balances

The following table provides the contract balances as of March 31, 2024 and December 31, 2023 presented in the Condensed Consolidated Balance Sheets.

	March 31, 2024		December 31, 2023
Accounts receivable, net	$	1,245.2	$	1,234.2
Contract assets	90.7		85.6
Contract liabilities - current	345.4		331.2
Contract liabilities - noncurrent	1.0		1.0

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Effective Income Tax Rate

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024			2023
Income before income taxes	$	269.6		$	211.0
Provision for income taxes	$	54.4		$	48.1
Effective income tax provision rate	20.2		%	22.8		%

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Other Operating Expense, Net (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Operating Expense, Net

The components of “Other operating expense, net” for the three month periods ended March 31, 2024 and 2023 were as follows.

	For the Three Month Period Ended March 31,
	2024		2023
Foreign currency transaction losses (gains), net	$	(0.7)	$	1.0
Restructuring charges, net(1)	9.7		2.9
Acquisition and other transaction related expenses(2)	15.3		15.2
Other, net	0.9		1.3
Total other operating expense, net	$	25.2	$	20.4

(1)See Note 3 “Restructuring.”

(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.

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Segment Results (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Results

The following table provides summarized information about the Company’s operations by reportable segment and reconciles Segment Adjusted EBITDA to Income Before Income Taxes for the three month periods ended March 31, 2024 and 2023.

	For the Three Month Period Ended March 31,
	2024		2023
Revenue
Industrial Technologies and Services	$	1,373.4	$	1,317.2
Precision and Science Technologies	296.7		312.1
Total Revenue	$	1,670.1	$	1,629.3
Segment Adjusted EBITDA
Industrial Technologies and Services	$	411.1	$	345.6
Precision and Science Technologies	91.4		94.5
Total Segment Adjusted EBITDA	$	502.5	$	440.1
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments	$	44.0	$	40.0
Interest expense	36.8		38.9
Depreciation and amortization expense (a)	116.3		113.1
Restructuring and related business transformation costs (b)	10.7		4.3
Acquisition and other transaction related expenses and non-cash charges (c)	15.3		18.0
Stock-based compensation	14.1		12.1
Foreign currency transaction losses (gains), net	(0.7)		1.0
Adjustments to LIFO inventories	6.8		7.8
Cybersecurity incident costs (d)	0.6		—
Interest income on cash and cash equivalents	(11.4)		(4.7)
Other adjustments (e)	0.4		(1.4)
Income Before Income Taxes	269.6		211.0
Provision for income taxes	54.4		48.1
Income (loss) on equity method investments	(10.7)		0.3
Net Income	$	204.5	$	163.2

a)Depreciation and amortization expense excludes $0.9 million and $0.9 million of depreciation of rental equipment for the three month periods ended March 31, 2024 and 2023, respectively.

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

	For the Three Month Period Ended March 31,
	2024		2023
Restructuring charges	$	9.7	$	2.9
Facility reorganization, relocation and other costs	1.0		1.4
Total restructuring and related business transformation costs	$	10.7	$	4.3

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

d)Represents non-recoverable costs associated with a cybersecurity event.

e)Includes (i) pension and other postemployment plan costs other than service cost and (ii) other miscellaneous adjustments.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

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

	For the Three Month Period Ended March 31,
	2024	2023
Weighted-average shares outstanding - Basic	403.5	405.0
Dilutive effect of outstanding share-based compensation awards	4.4	4.2
Weighted-average shares outstanding - Diluted	407.9	409.2

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Acquisitions - Narrative (Details) $ in Millions							3 Months Ended		12 Months Ended
	Mar. 25, 2024 USD ($)	Feb. 01, 2024 USD ($)	Aug. 18, 2023 USD ($)	Apr. 01, 2023 USD ($)	Feb. 01, 2023 USD ($)	Jan. 03, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) business
Friulair
Business Acquisition [Line Items]
Cash consideration for acquisition		$ 142.2
Contingent consideration		11.0
Expected tax deductible amount of goodwill acquired		$ 0.0
All Others
Business Acquisition [Line Items]
Purchase consideration							$ 1.4		$ 83.7
Number of businesses acquired | business									10
Air Treatment
Business Acquisition [Line Items]
Cash consideration for acquisition						$ 519.0
Expected tax deductible amount of goodwill acquired							0.0
Acquisitions In 2024
Business Acquisition [Line Items]
Revenue from acquisition date							11.3
Net income (loss) from acquisition date							0.5
ILC Dover
Business Acquisition [Line Items]
Cash consideration for acquisition	$ 2,325.0
Contingent consideration	$ 75.0
Paragon Tank Truck Equipment
Business Acquisition [Line Items]
Cash consideration for acquisition					$ 42.2
EcoPlant Technological Innovation Ltd
Business Acquisition [Line Items]
Cash consideration for acquisition				$ 29.5
Contingent consideration				$ 17.0
Roots
Business Acquisition [Line Items]
Cash consideration for acquisition			$ 290.0
Acquisitions In 2023
Business Acquisition [Line Items]
Revenue from acquisition date							95.6	$ 48.4
Net income (loss) from acquisition date							$ 11.5	$ 3.2

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Acquisitions - Business Acquisitions by Acquisition, Consideration (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 6,609.9	$ 6,609.7
Acquisitions In 2024
Business Acquisition [Line Items]
Accounts receivable	14.9
Inventories	13.5
Other current assets	0.5
Property, plant and equipment	7.8
Goodwill	45.9
Other intangible assets	84.5
Other assets	0.3
Total current liabilities	(14.5)
Other noncurrent liabilities	(2.8)
Total consideration	150.1
Friulair
Business Acquisition [Line Items]
Accounts receivable	14.9
Inventories	13.2
Other current assets	0.5
Property, plant and equipment	7.7
Goodwill	44.9
Other intangible assets	84.5
Other assets	0.3
Total current liabilities	(14.5)
Other noncurrent liabilities	(2.8)
Total consideration	148.7
All Others
Business Acquisition [Line Items]
Accounts receivable	0.0	11.7
Inventories	0.3	21.0
Other current assets	0.0	6.2
Property, plant and equipment	0.1	5.0
Goodwill	1.0	125.7
Other intangible assets	0.0	25.4
Other assets	0.0	0.4
Total current liabilities	0.0	(19.2)
Deferred tax liabilities		(3.7)
Other noncurrent liabilities	0.0	(4.3)
Total consideration	$ 1.4	168.2
Acquisitions In 2023
Business Acquisition [Line Items]
Accounts receivable		52.3
Inventories		99.1
Other current assets		11.2
Property, plant and equipment		65.4
Goodwill		509.6
Other intangible assets		380.9
Other assets		12.5
Total current liabilities		(82.0)
Deferred tax liabilities		(58.5)
Other noncurrent liabilities		(13.3)
Total consideration		977.2
Air Treatment
Business Acquisition [Line Items]
Accounts receivable		26.1
Inventories		43.9
Other current assets		2.1
Property, plant and equipment		18.4
Goodwill		279.9
Other intangible assets		238.6
Other assets		7.6
Total current liabilities		(35.9)
Deferred tax liabilities		(54.8)
Other noncurrent liabilities		(6.9)
Total consideration		519.0
Roots
Business Acquisition [Line Items]
Accounts receivable		14.5
Inventories		34.2
Other current assets		2.9
Property, plant and equipment		42.0
Goodwill		104.0
Other intangible assets		116.9
Other assets		4.5
Total current liabilities		(26.9)
Deferred tax liabilities		0.0
Other noncurrent liabilities		(2.1)
Total consideration		$ 290.0

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Restructuring - Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 9.7	$ 2.9
Restructuring Program 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9.7	2.9
Restructuring Program 2020 | Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0.2	0.2
Restructuring Program 2020 | Industrial Technologies and Services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5.1	3.1
Restructuring Program 2020 | Precision and Science Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4.4	$ (0.4)

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Restructuring - Activity in Restructuring Programs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 15.5	$ 14.9
Charged to expense - termination benefits	9.3	0.9
Charged to expense - other	0.4	1.1
Payments	(4.3)	(3.6)
Currency translation adjustment and other	(0.3)	0.1
Balance at end of period	$ 20.6	13.4
Restructuring Program 2020 | Other Operating Expense, Net
Restructuring Reserve [Roll Forward]
Non-cash charges		$ 0.9

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Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 53.8	$ 47.2
Provision charged to expense	2.5	4.0
Write-offs, net of recoveries	(0.3)	(0.4)
Foreign currency translation and other	(0.7)	0.2
Balance at end of the period	$ 55.3	$ 51.0

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Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials, including parts and subassemblies	$ 657.9	$ 590.7
Work-in-process	137.5	145.1
Finished goods	335.6	337.8
Gross inventories	1,131.0	1,073.6
LIFO reserve	(79.2)	(72.5)
Inventories	$ 1,051.8	$ 1,001.1

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Goodwill and Other Intangible Assets - Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 6,609.7
Acquisitions	45.9
Foreign currency translation and other	(45.7)
Balance at end of period	6,609.9
Industrial Technologies and Services
Goodwill [Roll Forward]
Balance at beginning of period	4,753.5
Acquisitions	45.9
Foreign currency translation and other	(30.2)
Balance at end of period	4,769.2
Precision and Science Technologies
Goodwill [Roll Forward]
Balance at beginning of period	1,856.2
Acquisitions	0.0
Foreign currency translation and other	(15.5)
Balance at end of period	$ 1,840.7

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Industrial Technologies and Services
Goodwill, Impaired, Accumulated Impairment Loss [Abstract]
Accumulated impairment on goodwill	$ 220.6	$ 220.6

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Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Amortized intangible assets
Accumulated Amortization	$ (1,975.7)	$ (1,897.6)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	5,565.3	5,508.7
Accumulated Amortization	(1,975.7)	(1,897.6)
Net Carrying Amount	3,589.6	3,611.1
Tradenames
Unamortized intangible assets
Carrying amount	1,638.8	1,643.3
Customer lists and relationships
Amortized intangible assets
Gross Carrying Amount	3,325.5	3,279.3
Accumulated Amortization	(1,643.2)	(1,585.4)
Net Carrying Amount	1,682.3	1,693.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(1,643.2)	(1,585.4)
Technology
Amortized intangible assets
Gross Carrying Amount	418.6	413.8
Accumulated Amortization	(195.3)	(178.9)
Net Carrying Amount	223.3	234.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(195.3)	(178.9)
Tradenames
Amortized intangible assets
Gross Carrying Amount	56.8	52.2
Accumulated Amortization	(28.9)	(27.9)
Net Carrying Amount	27.9	24.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(28.9)	(27.9)
Backlog
Amortized intangible assets
Gross Carrying Amount	4.4	3.0
Accumulated Amortization	(2.2)	(1.3)
Net Carrying Amount	2.2	1.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(2.2)	(1.3)
Other
Amortized intangible assets
Gross Carrying Amount	121.2	117.1
Accumulated Amortization	(106.1)	(104.1)
Net Carrying Amount	15.1	13.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (106.1)	$ (104.1)

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Supply Chain Finance Program (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Supplier finance program, obligation	$ 24.0	$ 24.3

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Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities [Abstract]
Salaries, wages and related fringe benefits	$ 239.0	$ 262.4
Contract liabilities	345.4	331.2
Product warranty	65.6	61.9	$ 54.1	$ 46.2
Operating lease liabilities	42.5	41.6
Restructuring	20.6	15.5
Taxes	75.6	78.4
Accrued interest	12.1	33.1
Other	198.5	171.4
Total accrued liabilities	$ 999.3	$ 995.5
Operating lease, liability, current, statement of financial position	Total accrued liabilities	Total accrued liabilities

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Accrued Liabilities - Product Warranty Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 61.9	$ 46.2
Product warranty accruals	13.6	8.9
Acquired warranty	0.0	1.4
Settlements	(9.3)	(3.9)
Foreign currency translation and other	(0.6)	1.5
Balance at end of period	$ 65.6	$ 54.1

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Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits | U.S. Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 0.0	$ 0.0
Interest cost	3.5	4.0
Expected return on plan assets	(3.3)	(3.3)
Recognition of:
Unrecognized net actuarial loss	0.0	0.0
Total recognized in other comprehensive (loss) income	0.2	0.7
Pension Benefits | Non-U.S. Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0.7	0.6
Interest cost	2.7	2.7
Expected return on plan assets	(2.8)	(2.7)
Recognition of:
Unrecognized net actuarial loss	(0.3)	(0.4)
Total recognized in other comprehensive (loss) income	0.3	0.2
Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0.0	0.0
Interest cost	0.2	0.2
Expected return on plan assets	0.0	0.0
Recognition of:
Unrecognized net actuarial loss	(0.2)	(0.1)
Total recognized in other comprehensive (loss) income	$ 0.0	$ 0.1

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Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Aug. 14, 2023
Debt [Abstract]
Short-term borrowings	$ 1.7	$ 1.0
Long-term debt:
Finance leases and other long-term debt	14.9	15.2
Unamortized debt issuance costs	(22.3)	(23.4)
Total long-term debt, net, including current maturities	2,716.6	2,722.6
Current maturities of long-term debt	29.6	29.6
Total long-term debt, net	2,687.0	2,693.0
Unamortized discounts	9.5	9.9
Dollar Term Loan B, due 2027
Long-term debt:
Long-term debt, gross	$ 342.9	347.7
Stated interest rate of debt instrument (as percent)	7.18%
Weighted-average interest rate of debt instrument (as percent)	7.19%
Dollar Term Loan, Due 2027
Long-term debt:
Long-term debt, gross	$ 890.0	892.3
Stated interest rate of debt instrument (as percent)	7.18%
Weighted-average interest rate of debt instrument (as percent)	7.19%
5.40% Senior Notes due 2028 | Senior Notes
Long-term debt:
Long-term debt, gross	$ 498.3	$ 498.2
Stated interest rate of debt instrument (as percent)	5.40%	5.40%	5.40%
5.70% Senior Notes due 2033 | Senior Notes
Long-term debt:
Long-term debt, gross	$ 992.8	$ 992.6
Stated interest rate of debt instrument (as percent)	5.70%	5.70%	5.70%

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Debt - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
	Aug. 14, 2023	Aug. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Apr. 21, 2023	Apr. 20, 2023
Debt Instrument [Line Items]
Fair value of debt			$ 2,800,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Unused borrowing capacity			2,000,000,000		$ 2,000,000,000	$ 1,100,000,000
Unamortized debt issuance costs			900,000
Long-term debt			2,000,000,000
Letters of credit outstanding			0
Outstanding borrowings			0
Revolving Credit Facility | Ingersoll Rand
Debt Instrument [Line Items]
Letters of credit outstanding			$ 400,000,000
Dollar Term Loan B, due 2027
Debt Instrument [Line Items]
Stated interest rate of debt instrument (as percent)			7.18%
Unamortized debt issuance costs		$ 12,600,000
Long-term debt			$ 342,900,000	$ 347,700,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,500,000,000
Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage	101.00%
Senior Notes | 5.40% Senior Notes due 2028
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000
Stated interest rate of debt instrument (as percent)	5.40%		5.40%	5.40%
Long-term debt			$ 498,300,000	$ 498,200,000
Senior Notes | 5.70% Senior Notes due 2033
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000
Stated interest rate of debt instrument (as percent)	5.70%		5.70%	5.70%
Long-term debt			$ 992,800,000	$ 992,600,000

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Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 146.3
Grant date and recognized in compensation expense over (in year)			4 years 3 months 18 days
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 14.1	$ 12.1
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock for stock-based compensation plans (in shares)		300,000
Award expiration period (in years)	10 years
Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting/performance period (in years)	4 years
Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting/performance period (in years)	5 years
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting/performance period (in years)	3 years		5 years
Volume-weighted average closing (in days)			60 days
Closing price per share (in usd per share)			$ 81.85

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Stock-Based Compensation Plans - Stock Option Awards (Details) - Stock Options shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Stock Option Awards shares
Balance at beginning of period (in shares) | shares	5,282
Granted (in shares) | shares	518
Exercised or settled (in shares) | shares	(570)
Forfeited (in shares) | shares	(19)
Expired (in shares) | shares	(2)
Balance at end of period (in shares) | shares	5,209
Vested (in shares) | shares	3,699
Weighted-Average Exercise Price (per share)
Balance at beginning of period (in usd per share) | $ / shares	$ 31.09
Granted (in usd per share) | $ / shares	90.38
Exercised or settled (in usd per share) | $ / shares	19.68
Forfeited (in usd per share) | $ / shares	53.83
Expired (in usd per share) | $ / shares	31.29
Balance at end of period (in usd per share) | $ / shares	38.14
Vested (in usd per share) | $ / shares	$ 26.41

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Stock-Based Compensation Plans - Assumptions Used to Estimate Fair Value of Options Granted (Details) - Stock Options	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate (as percent)	4.30%
Risk-free interest rate, minimum (as percent)		4.00%
Risk-free interest rate, maximum (as percent)		4.10%
Assumed volatility, minimum (as a percent)	35.10%
Assumed volatility, maximum (as a percent)	35.20%
Assumed volatility (as percent)		36.60%
Expected dividend rate (as percent)	0.10%	0.10%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life of options (in years)	6 years 3 months 18 days	6 years 3 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life of options (in years)	7 years 6 months	7 years 6 months

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Stock-Based Compensation Plans - Restricted Stock Unit Awards (Details) - Restricted Stock Units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Unit Awards Shares
Balance at beginning of period (in shares) | shares	957
Granted (in shares) | shares	287
Vested (in shares) | shares	(384)
Forfeited (in shares) | shares	(16)
Balance at end of period (in shares) | shares	844
Weighted-Average Grant-Date Fair Value
Balance at beginning of period (in usd per share) | $ / shares	$ 52.18
Granted (in usd per share) | $ / shares	90.38
Vested (in usd per share) | $ / shares	47.52
Forfeited (in usd per share) | $ / shares	54.88
Balance at end of period (in usd per share) | $ / shares	$ 67.27

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Stock-Based Compensation Plans - Performance Share Unit Activity (Details) - Performance Share Units shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Performance Share Unit Awards Shares
Balance at beginning of period (in shares) | shares	1,380
Granted (in shares) | shares	87
Change in units based on performance (in shares) | shares	122
Vested (in shares) | shares	(244)
Balance at end of period (in shares) | shares	1,345
Weighted-Average Grant-Date Fair Value
Balance at beginning of period (in usd per share) | $ / shares	$ 49.53
Granted (in usd per share) | $ / shares	132.98
Change in units based on performance (in usd per share) | $ / shares	55.84
Vested (in usd per share) | $ / shares	55.84
Balance at end of period (in usd per share) | $ / shares	$ 54.37

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Stock-Based Compensation Plans - Performance Share Unit Fair Value Assumptions (Details) - Performance Share Units	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 9 months 18 days	2 years 10 months 24 days
Risk-free interest rate (as percent)	4.50%	4.40%
Assumed volatility (as percent)	28.90%	31.80%
Expected dividend rate (as percent)	0.10%	0.10%

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Accumulated Other Comprehensive Loss - Before Tax Income (Loss) and Related Income Tax Effect (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Before-Tax Amount
Foreign currency translation adjustments, net	$ (67.4)	$ 46.2
Unrecognized losses on cash flow hedges	(0.1)	(7.1)
Pension and other postretirement benefit prior service cost and gain or loss, net	(1.9)	(0.2)
Other comprehensive income (loss)	(69.4)	38.9
Tax Benefit (Expense)
Foreign currency translation adjustments, net	(6.1)	(15.4)
Unrecognized losses on cash flow hedges	0.0	1.8
Pension and other postretirement benefit prior service cost and gain or loss, net	0.5	0.0
Other comprehensive income (loss)	(5.6)	(13.6)
Net of Tax Amount
Foreign currency translation adjustments, net	(73.5)	30.8
Unrecognized losses on cash flow hedges	(0.1)	(5.3)
Pension and other postretirement benefit prior service cost and gain or loss, net	(1.4)	(0.2)
Total other comprehensive income (loss), net of tax	(75.0)	25.3
Other comprehensive income, net of tax [Abstract]
Other comprehensive income (loss), net of tax, attributable to noncontrolling interest	$ (0.8)	$ 0.9

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Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 9,846.7	$ 9,257.2
Other comprehensive income (loss)	(75.8)	26.2
Balance at end of period	9,919.7	9,381.7
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(227.6)	(251.7)
Other comprehensive income (loss) before reclassifications	(68.0)	31.2
Amounts reclassified from accumulated other comprehensive loss	(7.0)	(5.9)
Other comprehensive income (loss)	(75.0)	25.3
Balance at end of period	(302.6)	(226.4)
Foreign Currency Translation Adjustments, Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(248.0)	(282.8)
Other comprehensive income (loss) before reclassifications	(70.4)	34.8
Amounts reclassified from accumulated other comprehensive loss	(3.1)	(4.0)
Other comprehensive income (loss)	(73.5)	30.8
Balance at end of period	(321.5)	(252.0)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	12.2	16.0
Other comprehensive income (loss) before reclassifications	3.4	(3.8)
Amounts reclassified from accumulated other comprehensive loss	(3.5)	(1.5)
Other comprehensive income (loss)	(0.1)	(5.3)
Balance at end of period	12.1	10.7
Pension and Other Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	8.2	15.1
Other comprehensive income (loss) before reclassifications	(1.0)	0.2
Amounts reclassified from accumulated other comprehensive loss	(0.4)	(0.4)
Other comprehensive income (loss)	(1.4)	(0.2)
Balance at end of period	$ 6.8	$ 14.9

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Accumulated Other Comprehensive Loss - Reclassifications out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Interest expense	$ 36.8	$ 38.9
Provision for income taxes	54.4	48.1
Net Income Attributable to Ingersoll Rand Inc.	202.2	161.1
Reclassification out of Accumulated Other Comprehensive Loss
Income Statement [Abstract]
Net Income Attributable to Ingersoll Rand Inc.	(7.0)	(5.9)
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Loss
Income Statement [Abstract]
Interest expense	(4.7)	(2.0)
Provision for income taxes	1.2	0.5
Net Income Attributable to Ingersoll Rand Inc.	(3.5)	(1.5)
Net investment hedges | Reclassification out of Accumulated Other Comprehensive Loss
Income Statement [Abstract]
Interest expense	(4.2)	(5.4)
Provision for income taxes	1.1	1.4
Net Income Attributable to Ingersoll Rand Inc.	(3.1)	(4.0)
Pension and Other Postretirement Benefit Plans | Reclassification out of Accumulated Other Comprehensive Loss
Income Statement [Abstract]
Amortization of defined benefit pension and other postretirement benefit items	(0.5)	(0.5)
Provision for income taxes	0.1	0.1
Net Income Attributable to Ingersoll Rand Inc.	$ (0.4)	$ (0.4)

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Hedging Activities and Derivative Instruments - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) contract	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€) contract	Dec. 31, 2023 USD ($)	Jun. 29, 2023 USD ($)
Foreign currency forwards
Derivatives, Fair Value [Line Items]
Number of derivatives held | contract	0		0
Foreign currency forwards | Maximum
Derivatives, Fair Value [Line Items]
Term of derivative contract (in years)	1 year
Interest rate swap contracts
Derivatives, Fair Value [Line Items]
Number of derivatives held | contract	2		2
Gain (loss) recognized in OCI on derivatives	$ 4,600,000	$ (5,100,000)
Interest rate swap contracts | Cash flow | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional amount of derivative	$ 528,500,000			$ 528,500,000
Fixed interest rate of derivative (as percent)	3.20%		3.20%
Unrecognized gains on cash flow hedges	$ 9,600,000
Interest rate cap contracts | Cash flow | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Unrecognized gains on cash flow hedges	4,200,000
Gain (loss) recognized in OCI on derivatives	$ 4,800,000
Interest rate cap contracts | Cash flow | Derivatives Designated as Hedging Instruments | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivatives, Fair Value [Line Items]
Cap interest rate of derivative (as percent)	4.00%		4.00%
Cross-currency interest rate swap contracts
Derivatives, Fair Value [Line Items]
Number of derivatives held | contract	2		2
Cross-currency interest rate swap contracts | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivatives, Fair Value [Line Items]
Number of derivatives held | contract	3		3
Cross-currency interest rate swap contracts | Net investment | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional amount of derivative	$ 1,054,200,000		€ 500,000,000	$ 1,054,200,000	$ 528,500,000
Fixed interest rate of derivative (as percent)	1.60%		1.60%		3.20%
Cross-currency interest rate swap contracts | Net investment | Derivatives Designated as Hedging Instruments | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivatives, Fair Value [Line Items]
Notional amount of derivative	$ 525,700,000		€ 500,000,000

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Hedging Activities and Derivative Instruments - Balance Sheets (Details) - Derivatives Designated as Hedging Instruments	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Jun. 29, 2023 USD ($)
Interest rate swap contracts | Cash flow
Derivatives, Fair Value [Line Items]
Notional amount of derivative	$ 528,500,000		$ 528,500,000
Interest rate swap contracts | Cash flow | Fair Value Other Current Assets
Derivatives, Fair Value [Line Items]
Assets fair value	9,500,000		8,200,000
Interest rate swap contracts | Cash flow | Fair Value Other Assets
Derivatives, Fair Value [Line Items]
Assets fair value	1,400,000		1,200,000
Interest rate swap contracts | Cash flow | Fair Value Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liabilities fair value	0		0
Interest rate swap contracts | Cash flow | Fair Value Other Liabilities
Derivatives, Fair Value [Line Items]
Liabilities fair value	0		0
Cross-currency interest rate swap contracts | Net investment
Derivatives, Fair Value [Line Items]
Notional amount of derivative	1,054,200,000	€ 500,000,000	1,054,200,000	$ 528,500,000
Cross-currency interest rate swap contracts | Net investment | Fair Value Other Current Assets
Derivatives, Fair Value [Line Items]
Assets fair value	16,700,000		15,700,000
Cross-currency interest rate swap contracts | Net investment | Fair Value Other Assets
Derivatives, Fair Value [Line Items]
Assets fair value	0		0
Cross-currency interest rate swap contracts | Net investment | Fair Value Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liabilities fair value	0		0
Cross-currency interest rate swap contracts | Net investment | Fair Value Other Liabilities
Derivatives, Fair Value [Line Items]
Liabilities fair value	$ 39,700,000		$ 63,100,000

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Hedging Activities and Derivative Instruments - Schedule of Cash Flow Hedges included in Accumulated Other Comprehensive Income (Loss) (Details) - Interest rate swap contracts - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Gain (loss) recognized in OCI on derivatives	$ 4.6	$ (5.1)
Gain reclassified from AOCI into income (effective portion)	$ 4.7	$ 2.0

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Hedging Activities and Derivative Instruments - Schedule of Net Investment Hedges included in Accumulated Other Comprehensive Income (Loss) (Details) - Cross-currency interest rate swap contracts - Net investment - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) recognized in OCI on derivatives	$ 28.6	$ (5.5)
Gain reclassified from AOCI into income (effective portion)	$ 4.2	$ 5.4

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Hedging Activities and Derivative Instruments - Derivative Instruments not Designated as Accounting Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
Total foreign currency transaction gains (losses), net	$ 0.7	$ (1.0)
Foreign currency forward contracts gains
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net [Abstract]
Total foreign currency transaction gains (losses), net	$ 0.0	$ 0.2

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Fair Value Measurements - Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financial Assets
Trading securities held in deferred compensation plan	$ 18.4	$ 16.8
Interest rate swaps	10.9	9.4
Cross-currency interest rate swaps	16.7	15.7
Total	46.0	41.9
Financial Liabilities
Deferred compensation plans	25.7	24.7
Cross-currency interest rate swaps	39.7	63.1
Contingent consideration	48.4	42.2
Total	113.8	130.0
Level 1
Financial Assets
Trading securities held in deferred compensation plan	18.4	16.8
Interest rate swaps	0.0	0.0
Cross-currency interest rate swaps	0.0	0.0
Total	18.4	16.8
Financial Liabilities
Deferred compensation plans	25.7	24.7
Cross-currency interest rate swaps	0.0	0.0
Contingent consideration	0.0	0.0
Total	25.7	24.7
Level 2
Financial Assets
Trading securities held in deferred compensation plan	0.0	0.0
Interest rate swaps	10.9	9.4
Cross-currency interest rate swaps	16.7	15.7
Total	27.6	25.1
Financial Liabilities
Deferred compensation plans	0.0	0.0
Cross-currency interest rate swaps	39.7	63.1
Contingent consideration	0.0	0.0
Total	39.7	63.1
Level 3
Financial Assets
Trading securities held in deferred compensation plan	0.0	0.0
Interest rate swaps	0.0	0.0
Cross-currency interest rate swaps	0.0	0.0
Total	0.0	0.0
Financial Liabilities
Deferred compensation plans	0.0	0.0
Cross-currency interest rate swaps	0.0	0.0
Contingent consideration	48.4	42.2
Total	$ 48.4	$ 42.2

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Fair Value Measurements - Contingent Consideration (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration, current	$ 10.3
Contingent consideration, noncurrent	38.1
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	42.2	$ 43.9
Acquisitions	6.5	0.0
Changes in fair value	0.2	4.3
Foreign currency translation	(0.5)	0.2
Balance at end of the period	$ 48.4	$ 48.4

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Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 1,670.1	$ 1,629.3
Revenue recognized at point in time
Disaggregation of Revenue [Line Items]
Revenues	1,539.9	1,531.7
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenues	130.2	97.6
Original equipment(1)
Disaggregation of Revenue [Line Items]
Revenues	1,052.1	1,035.4
Aftermarket
Disaggregation of Revenue [Line Items]
Revenues	618.0	593.9
Americas
Disaggregation of Revenue [Line Items]
Revenues	855.0	793.6
United States
Disaggregation of Revenue [Line Items]
Revenues	734.2	695.4
Other Americas
Disaggregation of Revenue [Line Items]
Revenues	120.8	98.2
EMEIA
Disaggregation of Revenue [Line Items]
Revenues	559.1	539.4
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	256.0	296.3
Industrial Technologies and Services
Disaggregation of Revenue [Line Items]
Revenues	1,373.4	1,317.2
Industrial Technologies and Services | Revenue recognized at point in time
Disaggregation of Revenue [Line Items]
Revenues	1,244.4	1,220.5
Industrial Technologies and Services | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenues	129.0	96.7
Industrial Technologies and Services | Original equipment(1)
Disaggregation of Revenue [Line Items]
Revenues	827.1	790.1
Industrial Technologies and Services | Aftermarket
Disaggregation of Revenue [Line Items]
Revenues	546.3	527.1
Industrial Technologies and Services | Americas
Disaggregation of Revenue [Line Items]
Revenues	709.8	642.1
Industrial Technologies and Services | United States
Disaggregation of Revenue [Line Items]
Revenues	597.1	551.2
Industrial Technologies and Services | Other Americas
Disaggregation of Revenue [Line Items]
Revenues	112.7	90.9
Industrial Technologies and Services | EMEIA
Disaggregation of Revenue [Line Items]
Revenues	445.4	426.0
Industrial Technologies and Services | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	218.2	249.1
Precision and Science Technologies
Disaggregation of Revenue [Line Items]
Revenues	296.7	312.1
Precision and Science Technologies | Revenue recognized at point in time
Disaggregation of Revenue [Line Items]
Revenues	295.5	311.2
Precision and Science Technologies | Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenues	1.2	0.9
Precision and Science Technologies | Original equipment(1)
Disaggregation of Revenue [Line Items]
Revenues	225.0	245.3
Precision and Science Technologies | Aftermarket
Disaggregation of Revenue [Line Items]
Revenues	71.7	66.8
Precision and Science Technologies | Americas
Disaggregation of Revenue [Line Items]
Revenues	145.2	151.5
Precision and Science Technologies | United States
Disaggregation of Revenue [Line Items]
Revenues	137.1	144.2
Precision and Science Technologies | Other Americas
Disaggregation of Revenue [Line Items]
Revenues	8.1	7.3
Precision and Science Technologies | EMEIA
Disaggregation of Revenue [Line Items]
Revenues	113.7	113.4
Precision and Science Technologies | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 37.8	$ 47.2

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Revenue from Contracts with Customers - Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 687.8
Remaining performance obligation, expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 643.1
Remaining performance obligation, expected timing of satisfaction

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Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Accounts receivable, net	$ 1,245.2	$ 1,234.2
Contract assets	90.7	85.6
Contract liabilities - current	345.4	331.2
Contract liabilities - noncurrent	$ 1.0	$ 1.0

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 269.6	$ 211.0
Provision for income taxes	$ 54.4	$ 48.1
Effective income tax provision rate (as percent)	20.20%	22.80%

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Other Operating Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Foreign currency transaction losses (gains), net	$ (0.7)	$ 1.0
Restructuring charges, net	9.7	2.9
Acquisition and other transaction related expenses	15.3	15.2
Other, net	0.9	1.3
Total other operating expense, net	$ 25.2	$ 20.4

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Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Undiscounted accrued liabilities for environmental loss contingencies	$ 16.3	$ 16.7
Asbestos and Silica Related Litigation
Loss Contingencies [Line Items]
Estimated litigation liability	124.7	126.9
Insurance recovery receivable	$ 151.4	$ 157.7

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Segment Results - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

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Segment Results - Schedule of Segment Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Revenue	$ 1,670.1	$ 1,629.3
Segment Adjusted EBITDA	502.5	440.1
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Interest expense	36.8	38.9
Restructuring and related business transformation costs	10.7	4.3
Stock-based compensation	14.1	12.1
Foreign currency transaction losses (gains), net	(0.7)	1.0
Adjustments to LIFO inventories	6.7	7.8
Income Before Income Taxes	269.6	211.0
Provision for income taxes	54.4	48.1
Income (loss) on equity method investments	(10.7)	0.3
Net Income	204.5	163.2
Depreciation of rental equipment	0.9	0.9
Restructuring Costs [Abstract]
Restructuring charges	9.7	2.9
Facility reorganization, relocation and other costs	1.0	1.4
Total restructuring and related business transformation costs	10.7	4.3
Industrial Technologies and Services
Segment Reporting [Abstract]
Revenue	1,373.4	1,317.2
Precision and Science Technologies
Segment Reporting [Abstract]
Revenue	296.7	312.1
Operating Segments | Industrial Technologies and Services
Segment Reporting [Abstract]
Revenue	1,373.4	1,317.2
Segment Adjusted EBITDA	411.1	345.6
Operating Segments | Precision and Science Technologies
Segment Reporting [Abstract]
Revenue	296.7	312.1
Segment Adjusted EBITDA	91.4	94.5
Corporate expenses not allocated to segments
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments	44.0	40.0
Segment Reconciling Items
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Interest expense	36.8	38.9
Depreciation and amortization expense	116.3	113.1
Restructuring and related business transformation costs	10.7	4.3
Acquisition and other transaction related expenses and non-cash charges	15.3	18.0
Stock-based compensation	14.1	12.1
Foreign currency transaction losses (gains), net	(0.7)	1.0
Adjustments to LIFO inventories	6.8	7.8
Cybersecurity incident costs	0.6	0.0
Interest income on cash and cash equivalents	(11.4)	(4.7)
Other adjustments	0.4	(1.4)
Income Before Income Taxes	269.6	211.0
Restructuring Costs [Abstract]
Total restructuring and related business transformation costs	$ 10.7	$ 4.3

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Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Average shares outstanding
Weighted-average shares outstanding - Basic (in shares)	403.5	405.0
Dilutive effect of outstanding share-based compensation awards (in shares)	4.4	4.2
Weighted-average shares outstanding - Diluted (in shares)	407.9	409.2

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Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.4	2.0

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Subsequent Event (Details) - Repurchase Program 2021 - Subsequent Event - USD ($) $ in Millions	Apr. 25, 2024	Apr. 24, 2024
Subsequent Event [Line Items]
Increase in authorized amount	$ 1,000
Stock repurchase program, authorized amount		$ 750