Business Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Information on Company's Business Segments

Information on the Company’s business segments is presented below based on the nature of the products and services offered. The Company uses Adjusted EBITDA as its principal measure of segment performance. Intersegment sales are accounted for at fair value as if the sales were to third parties.

During the fourth quarter of 2022, the Company changed the segment measure of profit and loss used by the Chief Operating Decision Maker ("CODM") in accordance with ASC 280, Segment Reporting, from operating income to Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, or EBITDA, before fair value inventory step-up charges, restructuring expenses and asset impairments, the impact from the exit of a COVID-19 testing application, the gain on sale of a business, the gains on sales of assets, the impact of the settlement of a corporate transaction indemnity, the loss on early debt redemption and the noncash loss related to the termination of the U.S. pension plan, net of curtailment. The change in segment measure of profit and loss aligns with how the CODM allocates resources and evaluates the performance of the business. It also allows the Company to better assess operating results over time since it excludes items that are not reflective of ongoing operations.


	2022		2021		2020
	(In millions)
NET SALES
Fluid & Metering Technologies
External customers	$	1,166.2	$	998.0	$	895.4
Intersegment sales	1.1		0.7		0.9
Total segment sales	1,167.3		998.7		896.3
Health & Science Technologies
External customers	1,336.8		1,119.0		893.4
Intersegment sales	2.4		2.8		2.6
Total segment sales	1,339.2		1,121.8		896.0
Fire & Safety/Diversified Products
External customers	678.9		647.8		562.8
Intersegment sales	0.3		0.1		0.1
Total segment sales	679.2		647.9		562.9
Intersegment eliminations	(3.8)		(3.6)		(3.6)
Net sales	$	3,181.9	$	2,764.8	$	2,351.6
ADJUSTED EBITDA
Fluid & Metering Technologies	$	374.2	$	297.0	$	271.5
Health & Science Technologies	411.8		355.9		250.9
Fire & Safety/Diversified Products	183.9		185.7		161.5
Segment Adjusted EBITDA	969.9		838.6		683.9
Corporate and other	(85.7)		(73.2)		(61.0)
Adjusted EBITDA	884.2		765.4		622.9
- Interest expense	(40.7)		(41.0)		(44.8)
- Depreciation	(50.7)		(46.6)		(41.7)
- Amortization	(69.0)		(56.4)		(41.8)
- Fair value inventory step-up charges	(8.5)		(11.6)		(4.1)
- Restructuring expenses and asset impairments	(4.5)		(9.3)		(11.8)
- Net impact from the exit of a COVID-19 testing application(1)	1.1		—		—
- Corporate transaction indemnity	—		(3.5)		—
+ Gain on sale of business	34.8		—		—
+ Gain on sales of assets	2.7		—		—
- Loss on early debt redemption	—		(8.6)		(8.4)
- Termination of the U.S. pension plan, net of curtailment	—		(8.6)		—
Income before income taxes	$	749.4	$	579.8	$	470.3

(1) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 15 in the Notes to Consolidated Financial Statements for further detail.


	2022		2021		2020
	(In millions)
ASSETS
Fluid & Metering Technologies	$	1,676.9	$	1,458.8	$	1,387.0
Health & Science Technologies	2,931.1		2,138.3		1,576.1
Fire & Safety/Diversified Products	771.8		892.5		891.9
Corporate and other	132.1		427.6		559.4
Total assets	$	5,511.9	$	4,917.2	$	4,414.4
DEPRECIATION AND AMORTIZATION (1)
Fluid & Metering Technologies	$	36.9	$	30.5	$	25.9
Health & Science Technologies	67.3		56.7		41.8
Fire & Safety/Diversified Products	15.0		15.3		15.2
Corporate and other	0.5		0.5		0.6
Total depreciation and amortization	$	119.7	$	103.0	$	83.5
CAPITAL EXPENDITURES
Fluid & Metering Technologies	$	25.3	$	21.0	$	11.9
Health & Science Technologies	32.0		41.5		27.7
Fire & Safety/Diversified Products	10.5		9.5		8.9
Corporate and other	0.2		0.7		3.1
Total capital expenditures	$	68.0	$	72.7	$	51.6

(1) Excludes amortization of debt issuance expenses.

Schedule of Sales From External Customers and Long-Lived Assets

Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2022, 2021 and 2020 is shown below.


	2022		2021		2020
	(In millions)
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.	$	191.7	$	188.3	$	169.2
North America, excluding U.S.	4.7		5.4		5.0
Europe	136.8		98.9		100.0
Asia	48.8		34.5		24.0
Other(1)	0.1		0.2		0.1
Total long-lived assets - net	$	382.1	$	327.3	$	298.3

(1) Other includes: South America, Middle East, Australia and Africa.