XML 65 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
Business Segments and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
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.
202320222021
NET SALES
Fluid & Metering Technologies
External customers$1,244.2 $1,166.2 $998.0 
Intersegment sales2.9 1.1 0.7 
 Total segment sales1,247.1 1,167.3 998.7 
Health & Science Technologies
External customers1,313.5 1,336.8 1,119.0 
Intersegment sales2.9 2.4 2.8 
Total segment sales1,316.4 1,339.2 1,121.8 
Fire & Safety/Diversified Products
External customers716.2 678.9 647.8 
Intersegment sales2.6 0.3 0.1 
Total segment sales718.8 679.2 647.9 
Intersegment eliminations(8.4)(3.8)(3.6)
Net sales$3,273.9 $3,181.9 $2,764.8 
ADJUSTED EBITDA
Fluid & Metering Technologies $416.1 $374.2 $297.0 
Health & Science Technologies 359.5 411.8 355.9 
Fire & Safety/Diversified Products208.6 183.9 185.7 
Segment Adjusted EBITDA984.2 969.9 838.6 
Corporate and other(1)
(84.6)(85.7)(73.2)
Adjusted EBITDA899.6 884.2 765.4 
Interest expense(51.7)(40.7)(41.0)
Depreciation(57.2)(50.7)(46.6)
Amortization of intangible assets(94.9)(69.0)(56.4)
Fair value inventory step-up charges(1.6)(8.5)(11.6)
Restructuring expenses and asset impairments(10.9)(4.5)(9.3)
Net impact from the exit of a COVID-19 testing application(2)
— 1.1 — 
Corporate transaction indemnity— — (3.5)
Gain on sale of businesses - net84.7 34.8 — 
Gains on sales of assets— 2.7 — 
Credit loss on note receivable from collaborative partner(3)
(7.7)— — 
Loss on early debt redemption — — (8.6)
Termination of the U.S. pension plan, net of curtailment— — (8.6)
Income before income taxes$760.3 $749.4 $579.8 

(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 acceleration of previously deferred revenue of $17.9 million, net of 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 14 in the Notes to 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 Consolidated Financial Statements for further detail.
 
202320222021
ASSETS
Fluid & Metering Technologies$1,674.7 $1,676.9 $1,458.8 
Health & Science Technologies3,262.4 2,931.1 2,138.3 
Fire & Safety/Diversified Products792.6 771.8 892.5 
Corporate and other135.5 132.1 427.6 
Total assets$5,865.2 $5,511.9 $4,917.2 
DEPRECIATION AND AMORTIZATION OF INTANGIBLE ASSETS
Fluid & Metering Technologies$36.8 $36.9 $30.5 
Health & Science Technologies99.0 67.3 56.7 
Fire & Safety/Diversified Products15.3 15.0 15.3 
Corporate and other1.0 0.5 0.5 
Total depreciation and amortization$152.1 $119.7 $103.0 
CAPITAL EXPENDITURES
Fluid & Metering Technologies$24.2 $25.3 $21.0 
Health & Science Technologies55.1 32.0 41.5 
Fire & Safety/Diversified Products9.7 10.5 9.5 
Corporate and other0.9 0.2 0.7 
Total capital expenditures$89.9 $68.0 $72.7 
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, 2023, 2022 and 2021 is shown below.
202320222021
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.$219.2 $191.7 $188.3 
North America, excluding U.S.24.0 4.7 5.4 
Europe138.4 136.8 98.9 
Asia48.3 48.8 34.5 
Other(1)
0.4 0.1 0.2 
Total long-lived assets - net$430.3 $382.1 $327.3 

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