Business Segments (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales
Fluid & Metering Technologies
External customers	$	300.5	$	307.4	$	945.7	$	878.8
Intersegment sales	0.6		0.2		2.3		0.7
Total segment sales	301.1		307.6		948.0		879.5
Health & Science Technologies
External customers	312.7		344.3		1,001.4		984.3
Intersegment sales	0.5		0.7		2.3		1.9
Total segment sales	313.2		345.0		1,003.7		986.2
Fire & Safety/Diversified Products
External customers	180.2		172.3		537.9		508.1
Intersegment sales	0.4		0.1		1.9		0.2
Total segment sales	180.6		172.4		539.8		508.3
Intersegment eliminations	(1.5)		(1.0)		(6.5)		(2.8)
Net sales	$	793.4	$	824.0	$	2,485.0	$	2,371.2
ADJUSTED EBITDA
Fluid & Metering Technologies	$	103.6	$	104.4	$	323.9	$	287.8
Health & Science Technologies	84.4		101.4		278.8		304.8
Fire & Safety/Diversified Products	52.8		47.8		157.0		137.3
Segment Adjusted EBITDA	240.8		253.6		759.7		729.9
Corporate and other(1)	(15.3)		(22.2)		(63.7)		(64.6)
Adjusted EBITDA	225.5		231.4		696.0		665.3
Interest expense	(13.7)		(9.6)		(40.1)		(28.6)
Depreciation	(14.7)		(12.3)		(41.9)		(37.0)
Amortization	(23.8)		(17.0)		(70.6)		(49.2)
Fair value inventory step-up charges	(1.2)		—		(1.2)		(0.4)
Restructuring expenses and asset impairments	(4.1)		—		(8.2)		(2.8)
Net impact from the exit of a COVID-19 testing application(2)	—		1.1		—		1.1
Gain on sale of business	93.8		34.8		93.8		34.8
Gains on sales of assets	—		—		—		2.7
Credit loss on note receivable from collaborative partner(3)	—		—		(7.7)		—
Income before income taxes	$	261.8	$	228.4	$	620.1	$	585.9

(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other.

(2) 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 in the HST segment in 2022 that did not reoccur in 2023. See Note 12 in the Notes to Condensed Consolidated Financial Statements for further detail.

(3) Represents a reserve recorded on an investment with a collaborative partner that may no longer be recoverable. See Note 3 in the Notes to Condensed Consolidated Financial Statements for further detail.


	September 30, 2023		December 31, 2022
ASSETS
Fluid & Metering Technologies	$	1,700.0	$	1,676.9
Health & Science Technologies	2,997.3		2,931.1
Fire & Safety/Diversified Products	797.2		771.8
Corporate and other	175.1		132.1
Total assets	$	5,669.6	$	5,511.9