Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

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 contracted with terms equivalent to those of an arm’s-length transaction.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales
Fluid & Metering Technologies
External customers	$	324.1	$	299.5	$	645.2	$	571.4
Intersegment sales	1.0		0.4		1.7		0.5
Total segment sales	325.1		299.9		646.9		571.9
Health & Science Technologies
External customers	338.4		325.4		688.7		640.0
Intersegment sales	1.1		0.6		1.8		1.2
Total segment sales	339.5		326.0		690.5		641.2
Fire & Safety/Diversified Products
External customers	183.7		171.2		357.7		335.8
Intersegment sales	1.1		—		1.5		0.1
Total segment sales	184.8		171.2		359.2		335.9
Intersegment eliminations	(3.2)		(1.0)		(5.0)		(1.8)
Net sales	$	846.2	$	796.1	$	1,691.6	$	1,547.2
ADJUSTED EBITDA
Fluid & Metering Technologies	$	114.1	$	95.0	$	220.3	$	183.4
Health & Science Technologies	93.7		103.6		194.4		203.4
Fire & Safety/Diversified Products	54.5		45.1		104.2		89.5
Segment Adjusted EBITDA	262.3		243.7		518.9		476.3
Corporate and other	(21.6)		(24.5)		(48.4)		(42.4)
Adjusted EBITDA	240.7		219.2		470.5		433.9
- Interest expense	13.3		9.5		26.4		19.0
- Depreciation	14.4		12.5		27.2		24.7
- Amortization	23.2		16.9		46.8		32.2
- Fair value inventory step-up charges	—		0.4		—		0.4
- Restructuring expenses and asset impairments	3.6		2.8		4.1		2.8
+ Gains on sales of assets	—		—		—		(2.7)
- Credit loss on note receivable from collaborative partner(1)	7.7		—		7.7		—
Income before income taxes	$	178.5	$	177.1	$	358.3	$	357.5

(1) Represents a reserve on an investment with a collaborative partner that may no longer be recoverable. See Note 3 for further detail.


	June 30, 2023		December 31, 2022
ASSETS
Fluid & Metering Technologies	$	1,698.3	$	1,676.9
Health & Science Technologies	3,075.4		2,931.1
Fire & Safety/Diversified Products	793.0		771.8
Corporate and other	153.2		132.1
Total assets	$	5,719.9	$	5,511.9