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目錄

美國
證券交易委員會
華盛頓特區20549
____________________________
表格10-Q
____________________________
☒根據1934年證券交易法第13或15(d)節的季度報告
截至本季度末2024年9月30日
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
在從_________到_________的過渡期間
委員會備案號碼：001-38095
____________________________
英格索蘭公司。
（按其章程規定的確切註冊人名稱）
____________________________
特拉華州46-2393770
（註冊地或其他組織機構的州或其他轄區）（納稅人識別號碼）
港灣位於525號。, 600室
戴維森。, 北卡羅來納州 28036
（總部地址）（郵編）
(704) 655-4000
(註冊人電話號碼，包括區號)
____________________________
根據法案第12(b)條註冊的證券：
每種類別的證券交易標誌名稱爲每個註冊的交易所:
普通股，每股面值0.01美元IR請使用moomoo賬號登錄查看New York Stock Exchange
請在以下方框中打勾，表明註冊人（1）在過去12個月內（或註冊人需要提交這類報告的更短時期內）根據1934年證券 交易法第13條或第15 (d)條的規定，報告了所有需要報告的報告
在過去的12個月內（或在發行人被要求提交此類報告的較短期間內），根據1934年交易所法案；並且在過去的90天內一直要求提交此類報告。 是 ý沒有。¨
根據規則405及第232.405章的有關規定，在過去12個月內（或註冊人需要提交該等文件的較短時期內），註冊人是否已經遞交了每個交互式數據文件。是 ý無¨
請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速報告人ý加速文件提交人☐新興成長型企業☐
非加速文件提交人☐較小的報告公司☐
如果是新興成長企業，請在複選框中打勾，以表示註冊申請人已選擇不使用根據證券交易法第13(a)條規定提供的任何新的或修訂的財務會計準則的擴展過渡期來符合規定。☐
勾選是否屬於外殼公司（依據交易所法規規則120億.2所定義）。是☐無ý
截至2024年7月26日，登記者持有未償餘額爲403,484,175股普通股，每股面值$0.01。403,012,424截至2024年10月25日，每股面值爲$0.01的普通股份。



目錄
英格索爾蘭德公司及其子公司
10-Q表格
指數
頁碼。
2
目錄
有關前瞻性聲明之特別說明
除歷史信息外，在這份10-Q表格中還可能包含「前瞻性聲明」，其含義爲《1995年私人證券訴訟改革法案》的「安全港規定」。除了本10-Q表格中包含的歷史事實陳述外，所有陳述都可能是前瞻性陳述，包括關於我們計劃、目標、信念、業務策略、未來事件、業務環境、運營結果、財務狀況、業務前景、業務趨勢和其他信息的陳述。意在識別前瞻性陳述的詞語如「估計」、「期望」、「思考」、「將要」、「預計」、「計劃」、「打算」、「相信」、「預測」、「可能」、「應該」及其類似表達。前瞻性陳述不是歷史事實，是基於我們當前的期望、信念、估計和投射，以及各種假設形成的。由於其本質，其中許多假設在本質上是不確定和超出我們的控制範圍。我們的期望、信念、估計和投射是真誠地表現的，並且我們認爲，有合理的基礎支持它們。然而，無法確保管理層的期望、信念、估計和投射將實現或達成，實際結果可能與前瞻性陳述所表達或暗示的內容在實質上存在差異。
存在若干風險、不確定因素和其他重要因素，其中許多超出了我們的控制範圍，可能導致我們的實際結果與本《10-Q表格》中所包含的前瞻性聲明大相徑庭。此類可能導致實際結果不同的風險、不確定因素和其他重要因素包括，但不限於我們的年度報告《10-K表格》中「第一部分，項目1A.風險因素」和「第二部分，項目7.財務狀況和經營結果的管理討論與分析」中設定的風險、不確定因素和因素，以及本《10-Q表格》中「第一部分，項目2.財務狀況和經營結果的管理討論與分析」中的，此類風險因素可能會隨着我們向美國證券交易委員會的定期申報文件中的更新而不時出現，並在美國證券交易委員會網站www.sec.gov上獲得，同時還包括以下方面：
•我們面臨着全球經濟和金融市場不穩定所帶來的風險，可能對我們的收入、流動性、供應商和客戶產生負面影響。
•信息系統的故障或中斷，由於網絡恐怖主義或其他行爲，可能會對我們的業務產生負面影響，導致公司財務損失或對客戶的責任。
•超過一半的銷售和運營在美國以外的地區，我們面臨國際運營的經濟、政治、監管及其他風險。
•自然災害、災難、疫情、地緣政治緊張局勢或其他事件可能對我們的運營產生不利影響。
•原材料和零部件成本的大幅或快速上漲、可用性的大幅下降或我們對特定原材料和零部件供應商的依賴，可能會對我們的運營結果產生重大不利影響。
•我們在所服務的市場中面臨競爭，這可能會實質性和不利地影響我們的運營結果。
•股東、客戶和監管機構對環保母基、社會和治理責任的強調可能會給我們帶來額外成本或使我們面臨新的風險。
•收購，包括整合這些收購和處置，帶來一定的風險，並可能影響我們的運營結果。
•我們的經營結果受到匯率和其他貨幣風險的影響。匯率的重大變動可能會對我們的經營結果和現金流產生不利影響。
•如果我們無法開發新產品和技術，我們的競爭地位可能會受到影響，這可能會對我們的銷售和市場份額產生重大和不利的影響。
•如果我們遇到員工罷工、工會和工作委員會活動或其他勞動困難，我們的業務可能會受到影響。
•稅收或其他法律、法規的變更，或稅務或其他政府機關的負面裁定可能會增加我們的有效稅率和現金稅款，或以其他方式影響我們的財務狀況或經營結果。
•我們的成功依賴於我們吸引、留住和培養公司內關鍵人員和其他人才的能力。
•不遵守適用於我們國際業務的美國和外國法律法規的風險可能對我們的運營結果、財務狀況或戰略目標產生重大影響。
•第三方可能侵犯我們的知識產權，或者聲稱我們侵犯了他們的知識產權，我們可能會花費大量資源來維護或捍衛我們的權利，或者遭受競爭上的傷害。
•我們配送網絡的損失或中斷可能會對我們運輸產品、滿足客戶需求和其他業務運營能力產生負面影響。
•我們正在進行的和預期的重組計劃及其他節約成本的舉措可能未必如我們所預期的那樣有效，我們可能無法實現預期的成本節省和效率提升。我們的運營結果可能會因無法有效實施這些重組計劃和其他節約成本的舉措而受到負面影響。
3
目錄
•成本超支、延誤、處罰或違約金可能會對我們的業績產生負面影響，特別是在定製工程產品的固定價格合同方面。
•我們的經營結果可能會因爲與關鍵客戶的業務損失或減少，或客戶基礎的整合或垂直整合而受到不利影響。
•信用和對手風險可能會損害我們的業務。
•我們產品的特性可能導致重大產品責任和保修索賠，這可能會對我們的業務造成傷害。
•我們資產的很大一部分由商譽和其他無形資產組成，如果我們判斷這些資產發生了減值，其價值可能會降低。
•環保母基合規成本和責任可能對我們的財務控件產生不利影響。
•我們面臨與養老金和其他退休後福利義務相關的風險。
•我們的負債可能會帶來重要的不利後果，並對我們的財務控件產生負面影響。
•我們可能無法產生足夠的現金來償還我們所有的債務，並可能被迫採取其他措施來滿足我們的債務義務，但這些措施可能不會成功。
•儘管我們的負債水平較高，但我們及我們的子公司仍然能夠承擔大量額外債務，包括表外融資、合同義務以及一般和商業負債。這可能進一步加大我們財務狀況的風險。
•我們的固定利率與浮動利率互換合同使我們面臨利率風險，這可能導致我們的債務服務義務顯著增加。
•我們利用衍生金融工具來管理利率風險以及固定與浮動的混合比例。我們將面臨與對手方信用worthiness或這些工具未兌現相關的風險。
•如果參與我們新循環信用額度的金融機構財團未能根據我們的新循環信用額度提供信貸，我們的流動性和經營業績可能會受到不利影響。
我們提醒您，上述提到的風險、不確定性和其他因素可能並未包含所有對您重要的風險、不確定性和其他因素。此外，我們無法保證我們將實現預期或預測的結果、利益或發展，甚至如果大部分實現，它們也未必會以預期的方式對我們或我們的業務產生影響。我們不能保證 (i) 我們是否正確地測量或識別了影響我們業務的所有因素或這些因素可能影響的程度，(ii) 關於這些因素的可用信息是否完整或準確，(iii) 此類分析是否正確，或 (iv) 我們的策略，部分基於此分析，是否會成功。本報告中的所有前瞻性陳述僅適用於本報告的日期或其作出之日期，除非法律要求，否則我們不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來發展還是其他原因。
本季度報告表格10-Q中對「我們」、「我們」、「我們的」、「公司」或「英格索蘭」的所有引用均指英格索蘭公司及其子公司，除非上下文另有要求。
網站披露
我們使用我們的網站www.irco.com作爲公司信息的分發渠道。關於我們的財務及其他重要信息，通常可以通過我們的網站獲取併發布。因此，投資者應關注我們的網站，除了關注我們的新聞稿、SEC備案和公共電話會議及網絡直播。此外，當您通過訪問我們網站的「投資者提醒」部分註冊您的電子郵件地址時，您可能會自動收到關於英格索蘭公司的電子郵件提醒和其他信息。investors.irco.com然而，我們的網站內容並不是本季度報告（表格10-Q）的一部分。
4
目錄
第一部分。    財務信息
項目 1.    基本報表
英格索蘭公司及其子公司
簡明合併經營報表
(未審計；以百萬計，除每股金額外)
截至9月30日的三個月期間截至9月30日的九個月期間
2024202320242023
營業收入$1,861.0 $1,738.9 $5,336.4 $5,054.7 
銷售成本1,046.0 999.6 2,981.8 2,953.7 
毛利潤815.0 739.3 2,354.6 2,101.0 
銷售和管理費用334.3 315.2 1,012.7 941.9 
無形資產攤銷95.0 92.2 277.8 274.3 
其他營業費用，淨額29.4 13.5 142.8 53.7 
營業收入356.3 318.4 921.3 831.1 
利息支出63.8 39.6 151.4 119.3 
債務滅失損失— 12.6 3.0 13.5 
其他收入，淨額(9.5)(7.6)(40.8)(25.4)
稅前收入302.0 273.8 807.7 723.7 
所得稅準備73.8 60.3 174.3 168.9 
權益法投資的損失(4.8)(3.9)(19.0)(1.2)
淨利潤223.4 209.6 614.4 553.6 
減：歸屬於非控制性權益的淨利潤1.8 1.3 5.6 4.7 
歸屬於英格索蘭公司的淨利潤$221.6 $208.3 $608.8 $548.9 
基本每股收益0.55 0.51 1.51 1.36 
攤薄後每股收益0.54 0.51 1.49 1.34 
附帶說明是這些合併基本報表不可或缺的一部分。
5
目錄
英格索蘭公司及其子公司
濃縮合並全面收益（損失）表
(未經審計；以百萬計)
截至9月30日的三個月期間截至9月30日的九個月期間
2024202320242023
歸屬於英格索蘭公司的綜合收益
歸屬於英格索蘭公司的淨利潤$221.6 $208.3 $608.8 $548.9 
其他綜合收益(損失), 淨額(稅後):
外匯轉換調整，淨額142.4 (75.3)34.9 (91.1)
現金流對沖未確認的收益（損失）(3.6)(2.5)(5.8)3.1 
養老金和其他退休後權益的前期服務成本和收益（損失），淨額(0.8)(0.6)(3.6)(1.9)
其他綜合收益（損失）的總額，淨稅後138.0 (78.4)25.5 (89.9)
歸屬於英格索蘭公司的綜合收益$359.6 $129.9 $634.3 $459.0 
歸屬於非控制性權益的綜合收益
歸屬於非控制性權益的淨利潤$1.8 $1.3 $5.6 $4.7 
其他綜合收益，稅後：
外幣翻譯調整，淨額0.7 0.8 — 1.6 
總其他綜合收益，稅後淨額0.7 0.8 — 1.6 
歸屬於非控制性權益的綜合收益2.5 2.1 5.6 6.3 
全面收益總額$362.1 $132.0 $639.9 $465.3 
附帶說明是這些合併基本報表不可或缺的一部分。
6
目錄
英格索蘭公司及其子公司
簡化合並資產負債表
(未經審計；以百萬爲單位，除股票金額外)
2024年9月30日2023年12月31日
資產
流動資產：
現金及現金等價物$1,376.9 $1,595.5 
應收賬款，扣除信用損失準備金$57.9 和 $53.8, 分別
1,342.2 1,234.2 
存貨1,162.5 1,001.1 
其他流動資產309.6 219.6 
總流動資產4,191.2 4,050.4 
物業、廠房及設備，扣除累計折舊後的淨值爲$567.4 和 $500.8, 分別
853.1 711.4 
商譽8,206.2 6,609.7 
其他無形資產，淨值4,445.8 3,611.1 
遞延稅款資產30.3 31.5 
其他資產479.6 549.4 
總資產$18,206.2 $15,563.5 
負債和股東權益
流動負債：
短期借款和長期債務的當前到期部分$2.9 $30.6 
應付賬款743.8 801.2 
應計負債1,028.9 995.5 
總流動負債1,775.6 1,827.3 
長期債務，當前到期部分除外4,782.5 2,693.0 
養老金及其他退休後福利153.1 150.0 
遞延所得稅負債802.7 612.6 
其他負債358.1 433.9 
總負債$7,872.0 $5,716.8 
承諾和或有事項（註釋18）
— — 
股東權益
普通股，$0.01面值；1,000,000,000 授權股份; 430,614,342 以及 428,589,061 截至2024年9月30日和2023年12月31日的已發行股份。
4.3 4.3 
超過面值的資本9,614.9 9,550.8 
滾存收益2,281.8 1,697.2 
累計其他綜合損失(202.1)(227.6)
以成本計算的庫存股;27,252,719 和 25,241,667截至2024年9月30日和2023年12月31日的股份，分別爲
(1,431.3)(1,240.9)
英格索蘭公司股東權益總額$10,267.6 $9,783.8 
非控股權益66.6 62.9 
股東權益總額$10,334.2 $9,846.7 
總負債和股東權益$18,206.2 $15,563.5 
附帶說明是這些合併基本報表不可或缺的一部分。
7
目錄
英格索蘭公司及其子公司
濃縮合並股東權益表
(未經審計；以百萬計)
截至2024年9月30日的三個月期間
普通股超出面值的資本留存收益累計其他全面收益虧損庫存股英格索蘭公司股東權益總額非控股權益總資產
已發行股份平局
期初餘額430.4 $4.3 $9,595.3 $2,068.3 $(340.1)$(1,369.6)$9,958.2 $66.0 $10,024.2 
淨利潤— — — 221.6 — — 221.6 1.8 223.4 
宣佈分紅— — — (8.1)— — (8.1)— (8.1)
爲基於股票的補償計劃發行普通股0.2 — 5.1 — — — 5.1 — 5.1 
購回庫藏股— — — — — (62.7)(62.7)— (62.7)
用於股票激勵計劃的庫藏股發行— — (0.5)— — 1.0 0.5 — 0.5 
基於股票的補償— — 15.0 — — — 15.0 — 15.0 
其他綜合收益，扣除稅費— — — — 138.0 — 138.0 0.7 138.7 
歸屬於非控制性權益的分紅派息— — — — — — — (1.9)(1.9)
期末餘額430.6 $4.3 $9,614.9 $2,281.8 $(202.1)$(1,431.3)$10,267.6 $66.6 $10,334.2 
截至2023年9月30日的三個月期間
普通股超出面值的資本留存收益累計其他全面收益虧損庫存股英格索蘭公司總股東權益非控股權益總資產
已發行股份平局
期初餘額427.8 $4.3 $9,510.3 $1,275.3 $(263.2)$(1,111.9)$9,414.8 $65.6 $9,480.4 
淨利潤— — — 208.3 — — 208.3 1.3 209.6 
宣佈分紅— — — (8.1)— — (8.1)— (8.1)
爲股票激勵計劃發行普通股0.4 — 6.1 — — — 6.1 — 6.1 
購回庫藏股— — — — — (0.1)(0.1)— (0.1)
發行庫存股票用於基於股票的補償計劃— — (0.5)— — 0.7 0.2 — 0.2 
基於股票的補償— — 11.2 — — — 11.2 — 11.2 
其他綜合收入（損失），扣除稅後— — — — (78.4)— (78.4)0.8 (77.6)
歸屬於非控股權益的分紅派息— — — — — — — (1.9)(1.9)
期末餘額428.2 $4.3 $9,527.1 $1,475.5 $(341.6)$(1,111.3)$9,554.0 $65.8 $9,619.8 
附帶說明是這些合併基本報表不可或缺的一部分。
8
目錄
英格索蘭公司及其子公司
濃縮合並股東權益變動表（續）
(未經審計；以百萬計)
截至2024年9月30日的九個月期間
普通股超過面值的資本留存收益累計其他全面收益虧損庫存股英格索蘭公司股東權益總額非控股權益總資產
已發行股份平局
期初餘額428.6 $4.3 $9,550.8 $1,697.2 $(227.6)$(1,240.9)$9,783.8 $62.9 $9,846.7 
淨利潤— — — 608.8 — — 608.8 5.6 614.4 
宣佈分紅— — — (24.2)— — (24.2)— (24.2)
發行普通股用於股票激勵計劃2.0 — 26.4 — — — 26.4 — 26.4 
購回庫藏股— — — — — (198.2)(198.2)— (198.2)
爲股票基礎的補償計劃發行庫存股— — (5.9)— — 7.8 1.9 — 1.9 
基於股票的補償— — 43.6 — — — 43.6 — 43.6 
其他綜合收益，扣除稅費— — — — 25.5 — 25.5 — 25.5 
歸屬於非控制性權益的分紅派息— — — — — — — (1.9)(1.9)
期末餘額430.6 $4.3 $9,614.9 $2,281.8 $(202.1)$(1,431.3)$10,267.6 $66.6 $10,334.2 
截至2023年9月30日的九個月期間
普通股超出面值的資本留存收益累計其他全面收益虧損庫存股英格索蘭公司總股東權益非控股權益總資產
已發行股份平局
期初餘額426.3 $4.3 $9,476.8 $950.9 $(251.7)$(984.5)$9,195.8 $61.4 $9,257.2 
淨利潤— — — 548.9 — — 548.9 4.7 553.6 
宣佈分紅— — — (24.3)— — (24.3)— (24.3)
針對基於股票的補償計劃發行普通股1.9 — 19.8 — — — 19.8 — 19.8 
購回庫藏股— — — — — (133.3)(133.3)— (133.3)
發行庫存股用於基於股票的薪酬計劃— — (4.1)— — 6.5 2.4 — 2.4 
基於股票的補償— — 34.6 — — — 34.6 — 34.6 
其他綜合收入（損失），扣除稅後— — — — (89.9)— (89.9)1.6 (88.3)
歸屬於非控股權益的分紅派息— — — — — — — (1.9)(1.9)
期末餘額428.2 $4.3 $9,527.1 $1,475.5 $(341.6)$(1,111.3)$9,554.0 $65.8 $9,619.8 
附帶說明是這些合併基本報表不可或缺的一部分。
9
目錄
英格索蘭公司及其子公司
簡明合併現金流量表
(未經審計；以百萬計)
截至9月30日的九個月期間
20242023
經營活動產生的現金流
淨利潤$614.4 $553.6 
調整淨利潤與由事件提供的淨現金之間的對賬：
無形資產攤銷277.8 274.3 
折舊80.6 67.2 
非現金重組費用1.6 2.1 
基於股票的補償費用43.6 35.2 
權益法投資的損失19.0 1.2 
外匯交易損失，淨值9.2 1.0 
對LIFO庫存賬面價值的非現金調整7.2 14.0 
債務滅失損失3.0 13.5 
出售與石棉相關的資產和負債的損失33.7 — 
其他非現金調整5.2 7.4 
資產和負債的變動:
應收款項(17.9)(62.2)
存貨(40.1)10.0 
應付賬款(95.6)(140.8)
應計負債5.0 82.1 
其他資產和負債，淨額(76.2)(62.6)
經營活動提供的淨現金870.5 796.0 
用於投資活動的現金流：
資本支出(113.8)(75.8)
收購中支付的淨現金(2,759.1)(923.8)
處置物業、廠房和設備6.1 7.6 
其他投資 (6.0)0.3 
投資活動中使用的淨現金(2,872.8)(991.7)
融資活動的現金流（使用中）:
償還長期債務本金(1,241.8)(1,510.8)
獲得長期債務3,296.9 1,490.4 
購回庫藏股(198.2)(132.9)
普通股的現金分紅(24.2)(24.3)
股票期權行使的收入28.3 21.9 
結算跨貨幣掉期的支付(19.9)— 
遞延和或有收購對價的支付(22.6)(17.4)
債務發行成本的支付(32.3)(17.3)
其他融資(3.5)(3.4)
融資活動提供（使用）的淨現金1,782.7 (193.8)
匯率變化對現金及現金等價物的影響1.0 (26.0)
現金及現金等價物淨減少(218.6)(415.5)
期初現金及現金等價物1,595.5 1,613.0 
期末現金及現金等價物$1,376.9 $1,197.5 
補充現金流信息
支付的所得稅現金，扣除退款後$206.3 $196.6 
支付的利息現金，扣除利率衍生工具結算後98.0 84.1 
附帶說明是這些合併基本報表不可或缺的一部分。
10
目錄
英格索蘭公司及其子公司
簡化合並財務報表附註
(未審計；以百萬計，除每股金額外)
Note 1. 財務報告基礎及最近的會計準則公告
財務報表的基礎
英格索蘭公司是全球貨幣關鍵任務流動產品和生命科學及工業解決方案的提供者。隨附的簡明合併基本報表包括英格索蘭公司及其控股子公司的帳戶（統稱爲「英格索蘭」或「公司」）。
附帶的未經審計的簡明合併基本報表是根據美國普遍接受的會計原則（「GAAP」）針對中期財務報告、10-Q表格的說明以及美國證券交易委員會（「SEC」）第S-X條款編制的。在本公司的意見中，簡明合併基本報表反映了爲公正報告所呈現的中期期間的結果所需的所有正常經常性調整。簡明合併基本報表應與包含在我們截至2023年12月31日年度報告的審計合併基本報表一起閱讀（「2023年度報告」）。
截至2024年9月30日的三個月運營結果不一定能代表未來的結果。
剝離石棉負債和某些資產
在2024年6月10日，公司剝離了 三 完全持有的子公司，這些子公司持有石棉責任和某些資產，包括相關的保險資產，轉讓給第三方。此次剝離導致預稅損失爲$58.8百萬，記錄在「其他營業費用，淨額」中。請參見注釋18意外事件以獲取更多詳細信息。
近期發佈的會計公告
在2023年11月，財務會計標準委員會（"FASB"）發佈了會計標準更新（"ASU"）2023-07，分部報告（主題280）：可報告分部披露的改進，主要通過增強關於重要分部費用的披露來改善可報告分部的披露要求。本次更新中的修訂適用於2023年12月15日後開始的財政年度及2024年12月15日後開始的財政年度中的中期期間。允許提前採用。本次更新中的修訂應追溯適用於所有在基本報表中呈現的以前期間。在過渡時，以前期間披露的分部費用類別和金額應基於在採用期間識別和披露的重要分部費用類別。採用將修改我們的披露，但預計對我們的合併基本報表不會產生重大影響。
在2023年12月，FASB發佈了ASU 2023-09，所得稅（主題740）：所得稅披露的改進，該更新滿足了投資者對更透明的所得稅信息的要求，主要通過改善與稅率調節和已支付所得稅信息相關的所得稅披露。該更新中的修訂對2024年12月15日之後開始的年度期間生效。允許提前採用適用於尚未發佈或尚未提供發佈的年度報表。此次更新中的修訂應採用前瞻性基礎應用。允許回顧性應用。此次採用將修改我們的披露，但預計不會對我們的合併基本報表產生實質性影響。
註釋2。 收購
2024年的收購
2024年2月1日，公司完成了對Friulair S.r.l.（「Friulair」）的收購，初始現金對價爲$143.3百萬， contingent consideration最高可達約$11.0百萬。該業務是乾燥機、過濾器、冷卻器和壓縮空氣處理的配件製造商。此次收購旨在擴大公司乾燥機業務的規模，並將增加新的冷卻器生產能力。Friulair已被報告在工業技術與服務板塊。此次收購產生的商譽主要歸因於營業收入和成本協同、新老客戶的預期增長，以及組建的員工隊伍。該商譽的絕大部分 不 預計可用於稅務扣除。
11
目錄
在2024年4月1日，該公司完成了對Controlled Fluidics, LLC（「Controlled Fluidics」）的收購，初始現金對價爲$49.9百萬美元，附帶的對價最高可達$2.0百萬美元。該業務專注於熱塑性、高性能塑料粘接和針對生命科學、醫療、航空航天及工業應用的定製塑料組裝產品。此次收購將補充英格索蘭當前的生命科學產品，並增加公司的市場份額，在快速增長的可持續終端市場中佔據更大份額。Controlled Fluidics已被納入精密與科學技術部門。
2024年4月2日，公司完成了對Ethafilter s.r.l.（"Ethafilter"）的收購，現金對價爲$ 百萬。15.6該業務主要生產可與所有主要品牌的壓縮空氣板塊配合使用的濾清器和濾清器元件。此次收購將擴大英格索蘭的產品組合，拓展其在極具吸引力的最終市場的影響力，並通過增加無菌濾清技術推動售後服務和產品的持續增長。Ethafilter已被列入工業科技與服務板塊。
2024年5月1日，公司完成了對空氣系統有限責任公司（「空氣系統」）的收購，現金對價爲$34.9百萬。該業務提供壓縮空氣服務。空氣系統已在工業技術和服務領域報告。
截至2023年10月，公司的收購完成了對完整空氣與電力解決方案（「CAPS」）的收購，現金對價爲$ 百萬。該業務是一家提供壓縮空氣和發電服務的公司。預計收購將擴展公司在澳洲的渠道。CAPS已被報告在工業技術與服務板塊內。99.4該業務是一家提供壓縮空氣和發電服務的公司。預計收購將擴展公司在澳洲的渠道。CAPS已被報告在工業技術與服務板塊內。
在2024年5月31日，公司以現金對價完成對Fruvac Ltd.（「Fruitland Manufacturing」）的收購，金額爲$ 百萬。28.3該業務是移動式和卡車裝載式真空泵、系統及周邊部件的製造商。此次收購預計將擴展公司的能力，以涵蓋移動真空市場中的低流量應用。Fruitland Manufacturing已被納入工業技術與服務部門。
2024年6月1日，公司完成了對Del PD Pumps & Gear Pvt Ltd.（「Del Pumps」）的收購，現金對價爲$25.2百萬。該業務是一家制造旋轉、雙重和三重齒輪泵的公司，主要用於液體的裝載、卸載、轉移和加壓。此次收購將補充公司在生命科學、食品和飲料、醫療、天然氣和廢水處理行業的關鍵任務、高利潤泵解決方案組合。Del Pumps已報告在精準與科學技術部門內。
2024年6月3日，公司完成了對宇航員Topco，LP和宇航員Topco GP，LLC（統稱「都福集團」）的收購，初始現金對價爲$2,349.7百萬，以及額外對價高達$75.0百萬。都福集團提供生物製藥、藥品和器械市場的解決方案，以及面向太空行業的產品，並已在精準與科學科技板塊報告。分配給確定使用年限無形資產的金額代表客戶關係的估計公允價值爲$622.5百萬和技術的$142.0百萬，將在估計剩餘使用壽命的 14 年和 8 年進行攤銷。分配給無限期無形資產的金額代表商標的估計公允價值爲$207.5百萬以及商譽$1,310.1百萬。此次收購所產生的商譽主要歸因於營業收入和成本協同效應、對新老客戶預期的增長以及組建的員工隊伍。大部分商譽預計將是 不 可用於稅務扣除。
截至2024年9月30日的九個月內完成的其他收購包括多個銷售和服務業務以及一家真空泵及配件製造商，幾乎所有這些都已在工業技術和服務部門中報告。這些收購的總對價爲$14.0百萬。
下表總結了2024年收購的所有企業對收購日期識別資產的公允價值和承擔的負債的對價分配。對這些收購的初步會計處理是初步的，
12
目錄
分配給已收購資產和承擔負債的金額可能會隨着獲得完成分析所需的信息而變化。
都福集團Friulair所有板塊總計
應收賬款$41.5 $14.2 $25.5 $81.2 
存貨86.6 13.2 29.4 129.2 
其他流動資產50.2 0.5 0.6 51.3 
不動產、廠房和設備92.6 7.2 15.2 115.0 
商譽1,310.1 68.6 197.3 1,576.0 
其他無形資產974.7 84.5 32.3 1,091.5 
其他資產15.8 — 5.9 21.7 
總流動負債(34.1)(11.0)(30.3)(75.4)
遞延稅項負債(170.2)(24.6)(2.7)(197.5)
其他非流動負債(17.5)(2.8)(5.6)(25.9)
總對價$2,349.7 $149.8 $267.6 $2,767.1 
截至收購日期後，這些收購的合併營業收入和經營收入包含在簡明合併基本報表中，金額爲$131.3 百萬和$0.1 截至2024年9月30日的三個月期間，金額爲$207.1 百萬和$6.7 截至九個月期間的金額爲$。這些被收購企業的經營收入包括收購相關會計調整的影響，例如無形資產的攤銷和對收購庫存的公允價值調整。
2023年的收購
在2023年1月3日，公司完成了對SPX FLOW空氣處理業務（"空氣處理"）的收購，現金對價爲$519.0百萬。該業務是乾燥劑和冷卻乾燥機、過濾系統以及用於壓縮空氣脫水的淨化器的製造商。此次收購旨在通過全球認可的品牌來擴展公司的壓縮機系統元件產品。空氣處理業務已被納入工業技術和服務板塊。此次收購產生的商譽主要歸因於營業收入和成本協同效應，預期的新客戶和現有客戶的增長，以及組建的員工隊伍。幾乎所有的商譽都是 不 預計可用於稅務扣除。
在2023年2月1日，公司收購了Paragon Tank Truck Equipment（以下簡稱「Paragon」），該公司提供用於裝卸幹散貨和液體罐車的解決方案，現金對價爲$42.2百萬。Paragon已被歸入工業技術和服務部門。
在2023年4月1日，公司收購了EcoPlant Technological Innovation Ltd.（「EcoPlant」），初始現金對價爲$29.5百萬美元，附帶的對價最高可達$17.0百萬。EcoPlant是一個提供軟件即服務平台的公司，該平台動態控制壓縮空氣系統以優化性能和資源消耗。EcoPlant已在工業技術和服務部門內報告。
在2023年8月18日，公司完成了對Howden Roots LLC（「Roots」）的收購，現金對價爲$290.0百萬。Roots是一家領先的工程旋轉和離心風機制造商，擁有160多年的標誌性品牌。此次收購旨在擴大公司的風機產品組合，並受益於Roots強大的技術能力以及對日益增長的可持續性相關應用的關注。Roots已被報告在工業技術和服務部門。收購所產生的商譽主要歸因於營業收入和成本協同效應、新老客戶的預期增長以及組建的員工隊伍。預計這筆商譽在稅務上可扣除。
公司於2023年收購了 10 額外的業務，總額爲$84.0 百萬。這些業務主要包括工業技術與服務領域現有和相鄰產品的製造商和分銷商。
13
Table of Contents
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 other acquisitions completed in 2023 is substantially complete.
Air TreatmentRootsAll OthersTotal
Accounts receivable$26.1 $14.5 $11.7 $52.3 
Inventories43.9 34.2 21.0 99.1 
Other current assets2.1 2.9 6.2 11.2 
Property, plant and equipment18.4 42.0 5.0 65.4 
Goodwill279.9 105.6 126.7 512.2 
Other intangible assets238.6 116.9 25.4 380.9 
Other assets7.6 3.1 0.4 11.1 
Total current liabilities(35.9)(26.9)(19.5)(82.3)
Deferred tax liabilities(54.8)— (3.9)(58.7)
Other noncurrent liabilities(6.9)(2.3)(4.5)(13.7)
Total consideration$519.0 $290.0 $168.5 $977.5 
The revenues included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $102.2 million and $83.1 million for the three month periods ended September 30, 2024 and 2023, respectively, and $308.3 million and $192.1 million for the nine month periods then ended, respectively. The operating income included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $15.6 million and $2.1 million for the three month periods ended September 30, 2024 and 2023, respectively, and $43.8 million and $9.0 million for the nine month periods then ended, 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 and nine month periods ended September 30, 2024 and 2023, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statements of Operations and consisted of the following.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Industrial Technologies and Services$6.2 $0.9 $14.4 $7.8 
Precision and Science Technologies3.2 0.9 8.2 1.9 
Corporate0.2 — 0.6 0.2 
Restructuring charges, net$9.6 $1.8 $23.2 $9.9 
The following table summarizes the activity associated with the Company’s restructuring programs for the three and nine month periods ended September 30, 2024 and 2023.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Balance at beginning of period$15.6 $10.5 $15.5 $14.9 
Charged to expense - termination benefits6.9 0.7 19.6 4.0 
Charged to expense - other (1)
1.1 0.9 2.0 3.8 
Payments(3.9)(2.6)(17.1)(13.4)
Currency translation adjustment and other0.7 (0.3)0.4 (0.1)
Balance at end of period$20.4 $9.2 $20.4 $9.2 
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(1)Excludes $1.6 million and $0.2 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three month periods ended September 30, 2024 and 2023, respectively, and $1.6 million and $2.1 million for the nine month periods then ended, respectively.
Note 4. Allowance for Credit Losses
The allowance for credit losses for the three and nine month periods ended September 30, 2024 and 2023 consisted of the following.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Balance at beginning of the period$56.9 $51.2 $53.8 $47.2 
Provision charged to expense0.8 3.4 5.1 9.6 
Write-offs, net of recoveries(1.5)(0.9)(2.4)(2.6)
Foreign currency translation and other1.7 (0.6)1.4 (1.1)
Balance at end of the period$57.9 $53.1 $57.9 $53.1 
Note 5. Inventories
Inventories as of September 30, 2024 and December 31, 2023 consisted of the following.
September 30, 2024December 31, 2023
Raw materials, including parts and subassemblies$728.7 $590.7 
Work-in-process132.1 145.1 
Finished goods381.4 337.8 
1,242.2 1,073.6 
LIFO reserve(79.7)(72.5)
Inventories$1,162.5 $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 nine month period ended September 30, 2024 is presented in the table below.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Balance at beginning of period$4,753.5 $1,856.2 $6,609.7 
Acquisitions195.9 1,380.1 1,576.0 
Foreign currency translation and other(1)
15.3 5.2 20.5 
Balance at end of period$4,964.7 $3,241.5 $8,206.2 
(1)Includes measurement period adjustments
As of both September 30, 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 September 30, 2024 and December 31, 2023 consisted of the following.
September 30, 2024December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortized intangible assets
Customer lists and relationships$4,018.5 $(1,813.3)$2,205.2 $3,279.3 $(1,585.4)$1,693.9 
Technology563.3 (227.2)336.1 413.8 (178.9)234.9 
Tradenames61.0 (31.7)29.3 52.2 (27.9)24.3 
Backlog4.4 (3.5)0.9 3.0 (1.3)1.7 
Other128.5 (111.0)17.5 117.1 (104.1)13.0 
Unamortized intangible assets
Tradenames1,856.8 — 1,856.8 1,643.3 — 1,643.3 
Total other intangible assets$6,632.5 $(2,186.7)$4,445.8 $5,508.7 $(1,897.6)$3,611.1 
Intangible Asset Impairment Considerations
As of September 30, 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 September 30, 2024 and December 31, 2023 were $27.0 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 September 30, 2024 and December 31, 2023 consisted of the following.
September 30, 2024December 31, 2023
Salaries, wages and related fringe benefits$229.9 $262.4 
Contract liabilities333.3 331.2 
Product warranty71.3 61.9 
Operating lease liabilities55.3 41.6 
Restructuring20.4 15.5 
Taxes51.6 78.4 
Accrued interest82.2 33.1 
Other184.9 171.4 
Total accrued liabilities$1,028.9 $995.5 
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A reconciliation of the changes in the accrued product warranty liability for the three and nine month periods ended September 30, 2024 and 2023 are as follows.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Balance at beginning of period$72.3 $57.4 $61.9 $46.2 
Product warranty accruals5.5 11.1 31.8 35.8 
Acquired warranty— 0.8 0.7 2.2 
Settlements(7.7)(7.6)(23.5)(22.5)
Foreign currency translation and other1.2 (0.7)0.4 (0.7)
Balance at end of period$71.3 $61.0 $71.3 $61.0 
Note 9. Benefit Plans
Net Periodic Benefit Cost
The following table summarizes the components of net periodic benefit cost for the Company’s defined benefit pension plans and other postretirement benefit plans recognized for the three and nine month periods ended September 30, 2024 and 2023.
Pension BenefitsOther Postretirement Benefits
U.S. PlansNon-U.S. Plans
For the Three Month Period Ended September 30,
202420232024202320242023
Service cost$— $0.1 $0.7 $0.6 $— $— 
Interest cost3.5 3.9 2.7 2.8 0.2 0.2 
Expected return on plan assets(3.3)(3.3)(2.8)(2.8)— — 
Recognition of:
Unrecognized prior service cost— — 0.1 — — 0.1 
Unrecognized net actuarial loss0.1 — (0.4)(0.4)(0.2)(0.2)
$0.3 $0.7 $0.3 $0.2 $— $0.1 
Pension BenefitsOther Postretirement Benefits
U.S. PlansNon-U.S. Plans
For the Nine Month Period Ended September 30,
202420232024202320242023
Service cost$0.1 $0.1 $2.1 $1.8 $— $— 
Interest cost10.5 11.8 8.0 8.3 0.6 0.7 
Expected return on plan assets(9.9)(10.0)(8.3)(8.2)— — 
Recognition of:
Unrecognized prior service cost— — 0.1 0.1 — 0.1 
Unrecognized net actuarial loss0.1 0.1 (1.0)(1.3)(0.6)(0.5)
0.8 2.0 0.9 0.7 — 0.3 
Gain on settlement— (0.6)— — — — 
$0.8 $1.4 $0.9 $0.7 $— $0.3 
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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Note 10. Debt
Debt as of September 30, 2024 and December 31, 2023 is summarized as follows.
September 30, 2024December 31, 2023
Short-term borrowings$1.5 $1.0 
Long-term debt:
Dollar Term Loan B, due February 2027(1)(2)
— 347.7 
Dollar Term Loan, due February 2027(1)(2)
— 892.3 
5.197% Senior Notes, due June 2027(1)
699.9 — 
5.400% Senior Notes, due August 2028(1)
498.5 498.2 
5.176% Senior Notes, due June 2029(1)
750.0 — 
5.314% Senior Notes, due June 2031(1)
500.0 — 
5.700% Senior Notes, due August 2033(1)
993.2 992.6 
5.450% Senior Notes, due June 2034(1)
749.5 — 
5.700% Senior Notes, due June 2054(1)
597.6 — 
Finance leases and other long-term debt14.5 15.2 
Swap valuation adjustments29.7 — 
Unamortized debt issuance costs(49.0)(23.4)
Total long-term debt, net, including current maturities4,783.9 2,722.6 
Current maturities of long-term debt1.4 29.6 
Total long-term debt, net$4,782.5 $2,693.0 
(1)This amount is net of unamortized discounts. Total unamortized discounts aggregated to $11.3 million and $9.9 million as of September 30, 2024 and December 31, 2023, respectively.
(2)The weighted-average interest rate was 7.18% for the five month period prior to the loan repayment in May 2024, as discussed below.
New Senior Notes
On May 10, 2024, the Company issued $3,300.0 million in aggregate principal amount of senior unsecured notes comprised of $700.0 million aggregate principal amount of 5.197% Senior Notes due 2027 (the “2027 Notes”), $750.0 million aggregate principal amount of 5.176% Senior Notes due 2029 (the “2029 Notes”), $500.0 million aggregate principal amount of 5.314% Senior Notes due 2031 (the “2031 Notes”), $750.0 million aggregate principal amount of 5.450% Senior Notes due 2034 (the “2034 Notes”) and $600.0 million aggregate principal amount of 5.700% Senior Notes due 2054 (the “2054 Notes” and, together with the 2027 Notes, 2029 Notes, 2031 Notes and 2034 Notes, the “New Notes,” and collectively with the existing senior unsecured notes, the “Senior Notes”). The Company used the net proceeds of the 2034 Notes and the 2054 Notes to repay in full all indebtedness under, and terminate all commitments and discharge and release all guarantees in respect of, the Company’s former Senior Secured Credit Facilities and used the remaining net proceeds of such New Notes for general corporate purposes. The Company used the net proceeds of the 2027 Notes, the 2029 Notes and the 2031 Notes to partially fund the cash consideration of the acquisition of ILC Dover, with any remaining cash consideration funded with cash on hand. The New Notes were issued pursuant to a base indenture, dated as of August 14, 2023 (the “Base Indenture”), between the Company and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as supplemented by the third supplemental indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “New Indenture”) dated as of May 10, 2024, between the Company and the Trustee. The interest payment dates for the New Notes are June 15 and December 15 of each year, with interest payable in arrears. The New Notes mature on June 15 in their respective year of maturity.
The New 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 from time to time outstanding, senior in right of payment to all of the Company’s subordinated indebtedness from time to time outstanding, and effectively junior to all of the indebtedness and other liabilities of the Company’s subsidiaries from time to time outstanding and to all of the Company’s secured indebtedness from time to time outstanding to the extent of the value of the assets securing such secured indebtedness.
Prior to (i) May 15, 2027, in the case of the 2027 Notes, (ii) May 15, 2029, in the case of the 2029 Notes, (iii) April 15, 2031, in the case of the 2031 Notes, (iv) March 15, 2034, in the case of the 2034 Notes, and (v) December 15, 2053, in the case of the 2054 Notes, the Company may redeem the New 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)
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May 15, 2027, in the case of the 2027 Notes, (ii) May 15, 2029, in the case of the 2029 Notes, (iii) April 15, 2031, in the case of the 2031 Notes, (iv) March 15, 2034, in the case of the 2034 Notes, and (v) December 15, 2053, in the case of the 2054 Notes, the Company may redeem the New 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 New Notes of such series to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. Additionally, if the Company experiences certain types of change of control transactions, the Company must offer to repurchase the New Notes at 101% of the aggregate principal amount of the New 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.
Former Senior Secured Credit Facilities
The former 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. In May 2024, the Company repaid the remaining portion of the Dollar Term B and Dollar Term Loan which resulted in the write-off of unamortized discounts and debt issuance costs of $3.0 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 former Senior Secured Credit Facilities.
New Revolving Credit Facility
On May 10, 2024, the Company entered into a credit agreement (the “New Revolving Credit Facility”), with the lenders party thereto and Citibank, N.A., as administrative agent. The New Revolving Credit Facility provides for a senior unsecured revolving facility in an aggregate committed amount of $2,600 million, a portion of which is available for the issuance of letters of credit in U.S. dollars, EUR or GBP. The New Revolving Credit Facility will mature on May 10, 2029, subject to up to two additional one-year extensions pursuant to the terms of the New Revolving Credit Facility.
Borrowings under the New Revolving Credit Facility (other than borrowings in EUR or GBP) bear interest at a rate determined, at the Company’s option, based on either (i) an alternate base rate or (ii) a Term SOFR rate with a 0.10% per annum Term SOFR adjustment, plus, in each case, an applicable margin that varies depending on the credit rating of the Company. Borrowings under the New Revolving Credit Facility in EUR (if any) bear interest at a EURIBOR rate, plus, in each case, an applicable margin that varies depending on the credit rating of the Company. Borrowings under the New Revolving Credit Facility in GBP (if any) bear interest at a daily simple SONIA rate plus, in each case, an applicable margin that varies depending on the credit rating of the Company.
The financial covenant in the New Revolving Credit Facility requires the Company to maintain, as of the last day of each fiscal quarter, a ratio of adjusted consolidated total net debt to consolidated adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of not more than 3.50 to 1.00, provided that the Company may elect to increase such ratio to 4.00 to 1.00 following a qualified acquisition up to two times, each for a period of four fiscal quarters beginning with the quarter during which such qualified acquisition is consummated (and if the second election occurs during the first increase period, such increase will be effective for a total of eight consecutive fiscal quarters).
As of September 30, 2024, the aggregate amount of commitments under the New Revolving Credit Facility was $2,600.0 million and the capacity under the New Revolving Credit Facility to issue letters of credit was $200.0 million. As of September 30, 2024, the Company had no outstanding borrowings under the New Revolving Credit Facility, no outstanding
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letters of credit under the New Revolving Credit Facility and unused availability under the New Revolving Credit Facility of $2,600.0 million.
As of September 30, 2024, we were in compliance with all covenants under our Senior Notes and New Revolving Credit Facility.
Commercial Paper Program
On August 13, 2024, the Company established a commercial paper program (the “Commercial Paper Program”), pursuant to which it may issue short-term, unsecured commercial paper notes in a maximum aggregate principal amount of $2,600 million, with maturities of up to 397 days from the date of issuance. The proceeds of the notes issued under the Commercial Paper Program may be used for various purposes including acquisitions. The Company had no outstanding borrowings under the Commercial Paper Program as of September 30, 2024.
Fair Value of Debt
The fair value of the Company’s debt instruments at September 30, 2024 was $5.1 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 September 30, 2024 and 2023, the Company recognized stock-based compensation expense of $15.0 million and $11.2 million, respectively, and $43.6 million and $35.2 million for the nine month periods then ended, respectively. These costs are included in “Cost of sales” and “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations.
As of September 30, 2024, there was $124.9 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.
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A summary of the Company’s stock option (including SARs) activity for the nine month period ended September 30, 2024 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 20235,282 $31.09 
Granted601 90.37 
Exercised or settled(1,484)19.04 
Forfeited(62)63.17 
Expired(3)38.25 
Stock options outstanding as of September 30, 20244,334 42.98 
Vested as of September 30, 20242,820 29.20 
The following assumptions were used to estimate the fair value of options granted during the nine month periods ended September 30, 2024 and 2023 using the Black-Scholes option-pricing model.
For the Nine Month Period Ended September 30,
Assumptions20242023
Expected life of options (in years)
6.3 - 7.5
6.3 - 7.5
Risk-free interest rate
3.7% - 4.3%
3.8% - 4.4%
Assumed volatility
35.1% - 35.2%
36.0% - 36.6%
Expected dividend rate0.1 %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 nine month period ended September 30, 2024 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2023957 $52.18 
Granted400 89.95 
Vested(459)47.71 
Forfeited(65)66.39 
Non-vested as of September 30, 2024833 71.69 
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
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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 nine month period ended September 30, 2024 is presented in the following table (underlying shares in thousands).
SharesWeighted-Average Grant-Date Fair Value
Non-vested as of December 31, 20231,380 $49.53 
Granted87 132.98 
Change in units based on performance122 55.84 
Vested(244)55.84 
Forfeited(6)71.81 
Non-vested as of September 30, 20241,339 54.28 
The following assumptions were used to estimate the fair value of performance share units granted during the nine month periods ended September 30, 2024 and 2023 using the Monte Carlo simulation pricing model.
For the Nine Month Period Ended September 30,
Assumptions20242023
Expected term (in years)
2.8
2.9
Risk-free interest rate
4.5%
4.4 %
Assumed volatility
28.9%
31.8 %
Expected dividend rate0.1 %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 September 30,
20242023
Before-Tax AmountTax Benefit (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$134.0 $8.4 $142.4 $(74.6)$(0.7)$(75.3)
Unrecognized losses on cash flow hedges(3.6)— (3.6)(3.4)0.9 (2.5)
Pension and other postretirement benefit prior service cost and gain or loss, net(1.1)0.3 (0.8)(0.8)0.2 (0.6)
Other comprehensive income (loss)$129.3 $8.7 $138.0 $(78.8)$0.4 $(78.4)
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For the Nine Month Period Ended September 30,
20242023
Before-Tax AmountTax Benefit (Expense)Net of Tax AmountBefore-Tax AmountTax Benefit (Expense)Net of Tax Amount
Foreign currency translation adjustments, net$40.1 $(5.2)$34.9 $(75.0)$(16.1)$(91.1)
Unrecognized gains (losses) on cash flow hedges(10.8)5.0 (5.8)4.1 (1.0)3.1 
Pension and other postretirement benefit prior service cost and gain or loss, net(4.8)1.2 (3.6)(2.5)0.6 (1.9)
Other comprehensive income (loss)$24.5 $1.0 $25.5 $(73.4)$(16.5)$(89.9)
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 $0.7 million and $0.8 million for the three month periods ended September 30, 2024 and 2023, respectively, and $0.0 million and $1.6 million for the nine month periods ended September 30, 2024 and 2023, respectively, and related entirely to foreign currency translation adjustments.
Changes in accumulated other comprehensive loss by component for the nine month periods ended September 30, 2024 and 2023 are presented in the following table, net of tax.
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2023$(248.0)$12.2 $8.2 $(227.6)
Other comprehensive income (loss) before reclassifications44.2 3.5 (2.6)45.1 
Amounts reclassified from accumulated other comprehensive loss(9.3)(9.3)(1.0)(19.6)
Other comprehensive income (loss)34.9 (5.8)(3.6)25.5 
Balance as of September 30, 2024$(213.1)$6.4 $4.6 $(202.1)
Foreign Currency Translation Adjustments, NetCash Flow HedgesPension and Other Postretirement Benefit PlansTotal
Balance as of December 31, 2022$(282.8)$16.0 $15.1 $(251.7)
Other comprehensive income (loss) before reclassifications(80.1)11.2 (0.3)(69.2)
Amounts reclassified from accumulated other comprehensive loss(11.0)(8.1)(1.6)(20.7)
Other comprehensive income (loss)(91.1)3.1 (1.9)(89.9)
Balance as of September 30, 2023$(373.9)$19.1 $13.2 $(341.6)
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Reclassifications out of accumulated other comprehensive loss for the nine month periods ended September 30, 2024 and 2023 are presented in the following table.
Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components
For the Nine Month Period Ended September 30,Affected Line(s) in the Statement Where Net Income is Presented
20242023
Cash flow hedges (interest rate swaps and caps)$(12.4)$(10.8)Interest expense
Provision for income taxes3.1 2.7 Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax$(9.3)$(8.1)
Net investment hedges$(12.4)$(14.7)Interest expense
Provision for income taxes3.1 3.7 Provision for income taxes
Net investment hedges, net of tax$(9.3)$(11.0)
Amortization of defined benefit pension and other postretirement benefit items(1)
$(1.4)$(2.1)Cost of sales and Selling and administrative expenses
Provision for income taxes0.4 0.5 Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax$(1.0)$(1.6)
Total reclassifications for the period, net of tax$(19.6)$(20.7)
(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 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 or fair value hedges of fixed rate debt in order to adjust the relative fixed and variable proportions. The Company’s exposure to interest rate risk results primarily from its fixed rate to floating rate interest rate swap contracts.
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.
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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 September 30, 2024 and December 31, 2023.
September 30, 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 contractsFair Value$750.0 $0.1 $30.1 $0.4 $— 
Cross-currency interest rate swap contractsNet investment1,074.3 13.5 — — 42.8 
Derivatives Not Designated as Hedging Instruments
Foreign currency forwardsFair value138.1 — — — 0.2 
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 contractsCash Flow$528.5 $8.2 $1.2 $— $— 
Cross-currency interest rate swap contractsNet investment1,054.2 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.
Payments to settle cross-currency swaps are classified as financing cash flows in the Condensed Consolidated Statements of Cash Flows. All other cash flows related to derivatives are classified as operating cash flows in the Condensed Consolidated Statements of Cash Flows.
There were no off-balance sheet derivative instruments as of September 30, 2024 or December 31, 2023.
Interest Rate Swap Contracts Designated as Fair Value Hedges
As of September 30, 2024, the Company was the variable rate payor on four interest rate swap contracts that effectively convert a total of $400.0 million of the Company’s fixed rate borrowings to variable rate borrowings. These contracts expire in May 2029. These swap agreements qualify as hedging instruments and have been designated as fair value hedges of $400.0 million of the 2029 Notes, and were considered to be perfectly effective under the shortcut method.
As of September 30, 2024, the Company was the variable rate payor on two interest rate swap contracts that effectively convert a total of $250.0 million of the Company’s fixed rate borrowings to variable rate borrowings. These contracts expire in April 2031. These swap agreements qualify as hedging instruments and have been designated as fair value hedges of $250.0 million of the 2031 Notes, and were considered to be perfectly effective under the shortcut method.
As of September 30, 2024, the Company was the variable rate payor on one interest rate swap contract that effectively convert a total of $100.0 million of the Company’s fixed rate borrowings to variable rate borrowings. This contract expires in March 2034. This swap agreement qualifies as a hedging instrument and has been designated as a fair value hedge of $100.0 million of the 2034 Notes, and were considered to be perfectly effective under the shortcut method.
September 30, 2024December 31, 2023
Long-term debt:
Carrying amount of hedged debt$779.7 $— 
Cumulative hedging adjustments, included in carrying amount29.7 — 
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Interest Rate Swap and Cap Contracts Designated as Cash Flow Hedges
In April 2024, the Company entered into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of debt. During the second quarter of 2024, the Company entered into and terminated cash flow hedges with notional value of $750.0 million in connection with the 2034 Notes and $500.0 million in connection with the 2054 Notes, both of which were issued on May 10, 2024. The Company and its counterparties terminated these contracts in May 2024. Prior to their termination, these swap agreements 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 loss at the time of termination will be reclassified into earnings over the term of the respective notes. The unrecognized loss in AOCI as of September 30, 2024 was $4.3 million, of which $0.3 million is expected to be reclassified into earnings as an increase to interest expense during the next 12 months.
The Company was previously the fixed rate payor on two interest rate swap contracts that effectively fixed 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 carried a fixed rate of 3.2%. The Company and its counterparties terminated these contracts in May 2024. Prior to their termination, these swap agreements 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 September 30, 2024 was $7.3 million, all of which is expected to be reclassified into earnings as a reduction to interest expense 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 the original term of the contracts, ending in June 2025. The unrecognized gain remaining in AOCI as of September 30, 2024 was $2.2 million, all of which is expected to be reclassified into earnings as a reduction to interest expense during the next 12 months.
Gains on derivatives designated as cash flow hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine month periods ended September 30, 2024 and 2023 are as presented in the table below.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Gain recognized in OCI on derivatives$— $1.4 $1.6 $14.9 
Gain reclassified from AOCI into income (effective portion)(1)
3.6 4.8 12.4 10.8 
(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 September 30, 2024, the Company was the fixed rate payor on three cross-currency interest rate swap contracts that replace a fixed rate of 5.4% on a total of $428.9 million with a fixed rate of 3.7% on a total of €400.0 million. These contracts expire in May 2027 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.
As of September 30, 2024, the Company was the fixed rate payor on three cross-currency interest rate swap contracts that replace a fixed rate of 5.7% on a total of $322.7 million with a fixed rate of 4.1% on a total of €300.0 million. These contracts expire in May 2029 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.
As of September 30, 2024, the Company was the fixed rate payor on three cross-currency interest rate swap contracts that replace a fixed rate of 5.7% on a total of $322.7 million with a fixed rate of 4.1% on a total of €300.0 million. These contracts expire in May 2031 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.
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The Company was previously the fixed rate payor on two cross-currency interest rate swap contracts that replaced 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 were designated as net investment hedges of our Euro denominated subsidiaries until May 10, 2024 when they were terminated for $10.0 million. The payments to settle the termination of the cross currency interest rate swaps are included in “Payments to settle cross-currency swaps” within our Condensed Consolidated Statements of Cash Flows. The recorded AOCI at the termination of the cross-currency interest rate swaps will remain in AOCI until there is a substantial liquidation of the Company’s net investment in subsidiaries with EUR functional currencies.
The Company was previously a party to three cross-currency interest rate swap contracts where we received SOFR on a total of $525.7 million and paid EURIBOR on a total of €500.0 million. These contracts were designated as net investment hedges of our Euro denominated subsidiaries until May 10, 2024 when they were terminated for $9.9 million. The payments to settle the termination of the cross currency interest rate swaps are included in “Payments to settle cross-currency swaps” within our Condensed Consolidated Statements of Cash Flows. The recorded AOCI at the termination of the cross-currency interest rate swaps will remain in AOCI until there is a substantial liquidation of the Company’s net investment in subsidiaries with EUR functional currencies.
Gains (losses) on derivatives designated as net investment hedges included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine month periods ended September 30, 2024 and 2023 are as presented in the table below.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Gain (loss) recognized in OCI on derivatives$(33.2)$35.0 $10.5 $22.9 
Gain reclassified from AOCI into income (effective portion)(1)
3.9 4.5 12.4 14.7 
(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 three foreign currency forward contracts outstanding as of September 30, 2024 with notional amounts ranging from $14.8 million to $76.3 million. These contracts are used to hedge the change in fair value of recognized foreign currency denominated assets or liabilities caused by changes in currency exchange rates. The changes in the fair value of these contracts generally offset the changes in the fair value of a corresponding amount of the hedged items, both of which are included within “Other operating expense, net” in the Condensed Consolidated Statements of Operations. The Company’s foreign currency forward contracts are subject to master netting arrangements or agreements between the Company and each counterparty for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract with that certain counterparty. It is the Company’s practice to recognize the gross amounts in the Condensed Consolidated Balance Sheets. The amount available to be netted is not material.
The Company’s gains (losses) on derivative instruments not designated as accounting hedges and total net foreign currency losses for the three and nine month periods ended September 30, 2024 and 2023 were as follows.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Foreign currency forward contracts gains (losses)$(1.5)$(0.1)$(3.5)$0.1 
Total foreign currency transaction losses, net(9.9)(1.1)(9.2)(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 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
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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 September 30, 2024 and December 31, 2023.
September 30, 2024
Level 1Level 2Level 3Total
Financial Assets
Trading securities held in deferred compensation plan(1)
$20.8 $— $— $20.8 
Interest rate swaps(2)
— 30.2 — 30.2 
Cross-currency interest rate swaps(3)
— 13.5 — 13.5 
Total$20.8 $43.7 $— $64.5 
Financial Liabilities
Deferred compensation plans(1)
$28.6 $— $— $28.6 
Interest rate swaps(2)
— 0.4 — 0.4 
Cross-currency interest rate swaps(3)
— 42.8 — 42.8 
Foreign currency forwards(4)
— 0.2 — 0.2 
Contingent consideration(5)
— — 35.0 35.0 
Total$28.6 $43.4 $35.0 $107.0 
December 31, 2023
Level 1Level 2Level 3Total
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(5)
— — 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 the end of the period. 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)Based on calculations that use readily observable market parameters as their basis, such as spot and forward rates.
(5)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 and nine month periods ended September 30, 2024 and 2023.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Balance at beginning of the period$98.7 $62.5 $42.2 $43.9 
Acquisitions(50.0)0.7 6.7 13.5 
Changes in fair value(5.3)0.1 (4.8)8.5 
Payments(9.8)(20.1)(10.0)(23.2)
Foreign currency translation1.4 (0.9)0.9 (0.4)
Balance at end of the period$35.0 $42.3 $35.0 $42.3 
As of September 30, 2024, the contingent consideration included in “Accrued liabilities” and “Other liabilities” on the Condensed Consolidated Balance Sheets were $0.5 million and $34.5 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
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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 and nine month periods ended September 30, 2024 and 2023.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended September 30,
202420232024202320242023
Primary Geographic Markets
United States$624.5 $590.3 $180.5 $144.8 $805.0 $735.1 
Other Americas108.4 92.3 31.1 7.6 139.5 99.9 
Total Americas732.9 682.6 211.6 152.4 944.5 835.0 
EMEIA454.8 449.7 144.8 114.6 599.6 564.3 
Asia Pacific279.5 296.1 37.4 43.5 316.9 339.6 
Total$1,467.2 $1,428.4 $393.8 $310.5 $1,861.0 $1,738.9 
Product Categories
Original equipment(1)
$866.2 $862.7 $310.6 $246.6 $1,176.8 $1,109.3 
Aftermarket(2)
601.0 565.7 83.2 63.9 684.2 629.6 
Total$1,467.2 $1,428.4 $393.8 $310.5 $1,861.0 $1,738.9 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$1,339.0 $1,306.6 $371.5 $309.2 $1,710.5 $1,615.8 
Revenue recognized over time(4)
128.2 121.8 22.3 1.3 150.5 123.1 
Total$1,467.2 $1,428.4 $393.8 $310.5 $1,861.0 $1,738.9 
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Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Nine Month Period Ended September 30,
202420232024202320242023
Primary Geographic Markets
United States$1,847.8 $1,698.3 $475.9 $429.8 $2,323.7 $2,128.1 
Other Americas330.7 271.2 57.0 22.0 387.7 293.2 
Total Americas2,178.5 1,969.5 532.9 451.8 2,711.4 2,421.3 
EMEIA1,361.4 1,304.2 378.4 341.9 1,739.8 1,646.1 
Asia Pacific767.2 850.3 118.0 137.0 885.2 987.3 
Total$4,307.1 $4,124.0 $1,029.3 $930.7 $5,336.4 $5,054.7 
Product Categories
Original equipment(1)
$2,590.9 $2,496.0 $800.8 $736.4 $3,391.7 $3,232.4 
Aftermarket(2)
1,716.2 1,628.0 228.5 194.3 1,944.7 1,822.3 
Total$4,307.1 $4,124.0 $1,029.3 $930.7 $5,336.4 $5,054.7 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$3,917.6 $3,793.3 $1,004.0 $926.5 $4,921.6 $4,719.8 
Revenue recognized over time(4)
389.5 330.7 25.3 4.2 414.8 334.9 
Total$4,307.1 $4,124.0 $1,029.3 $930.7 $5,336.4 $5,054.7 
(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 September 30, 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 $750.2 million in the next twelve months and $833.8 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 September 30, 2024 and December 31, 2023 presented in the Condensed Consolidated Balance Sheets.
September 30, 2024December 31, 2023
Accounts receivable, net$1,342.2 $1,234.2 
Contract assets133.1 85.6 
Contract liabilities - current333.3 331.2 
Contract liabilities - noncurrent1.1 1.0 
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Note 16. Income Taxes
The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and nine month periods ended September 30, 2024 and 2023.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Income before income taxes$302.0 $273.8 $807.7 $723.7 
Provision for income taxes$73.8 $60.3 $174.3 $168.9 
Effective income tax provision rate24.4 %22.0 %21.6 %23.3 %
The increase in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended September 30, 2024 when compared to the same three month period of 2023 is primarily due to an increase in the pretax book income in jurisdictions with higher effective tax rates combined with decreased earnings in jurisdictions with lower tax rates and a lower benefit from a windfall tax deduction in the 2024 period compared to the 2023 period.
The increase in the provision for income taxes for the nine month period ended September 30, 2024 when compared to the same nine month period of 2023 is primarily due to an increase in the pretax book income. The decrease in the effective income tax provision rate for the nine month period ended September 30, 2024 when compared to the same nine month period of 2023 is primarily due to a decrease in the pretax book income in jurisdictions with higher effective tax rates combined with increased earnings in jurisdictions with lower tax rates and a benefit from a windfall tax deduction.
Note 17. Other Operating Expense, Net
The components of “Other operating expense, net” for the three and nine month periods ended September 30, 2024 and 2023 were as follows.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Foreign currency transaction losses, net$9.9 $1.1 $9.2 $1.0 
Restructuring charges, net(1)
9.6 1.8 23.2 9.9 
Acquisition and other transaction related expenses(2)
9.3 10.4 50.5 38.4 
Loss on asbestos sale(3)
— — 58.8 — 
Other, net0.6 0.2 1.1 4.4 
Total other operating expense, net$29.4 $13.5 $142.8 $53.7 
(1)See Note 3 “Restructuring.”
(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.
(3)See Note 18 “Contingencies.”
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.
Asbestos and Silica Related Litigation
Prior to the divestiture described below, “Accrued liabilities” and “Other liabilities” of the Condensed Consolidated Balance Sheets included a total litigation reserve of $126.9 million as of December 31, 2023 with regards to potential liability arising from the Company’s asbestos-related litigation. The Company had an insurance recovery receivable for probable asbestos related recoveries of $157.7 million as of December 31, 2023, which was included in “Other assets” in the Condensed Consolidated Balance Sheets.
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On June 5, 2024, the Company entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Onyx TopCo LLC (the “Buyer”), a wholly owned subsidiary of Delticus Holdings LLC (“Delticus”), which is an entity owned by entities affiliated with Third Point LLC. Under the Purchase Agreement, the Company transferred 100% of the equity interests of three wholly-owned subsidiaries that hold asbestos liabilities and certain assets, including the related insurance assets, to the Buyer, effective as of June 10, 2024. In connection with the divestiture (the “Asbestos Portfolio Sale”), the divested entities were capitalized with a total of $188.5 million, including $143.5 million from insurance settlement proceeds, $35.0 million from affiliates of Delticus, and $10.0 million from Ingersoll Rand. As these subsidiaries were the obligors for the Company’s asbestos-related liabilities and policyholders of the related insurance assets, the rights and obligations related to these items transferred upon the sale. The divested subsidiaries have agreed to indemnify us and our affiliates for their asbestos-related liabilities, which encompassed all of our consolidated asbestos-related liabilities and contingent liabilities immediately prior to the sale. The Purchase Agreement contains customary representations and warranties with respect to the divested subsidiaries, the Company, and Delticus. Pursuant to the Purchase Agreement, the Company and Delticus will each indemnify the other for breaches of representation and warranties or breaches of covenants, subject to certain limitations as set forth in the agreement. In connection with the sale, the Company and its Board of Directors received a solvency opinion from an independent advisory firm that the divested entities were solvent and adequately capitalized immediately prior to, at the time of, and after giving effect to, the sale.
Following the completion of the transfer, the Company no longer has any obligation with respect to pending and future asbestos claims. As such, the divested entities have been deconsolidated from the financial results of the Company as we no longer maintain control of the entities. Therefore, all associated assets and liabilities are no longer reported on the Consolidated Balance Sheet. The transaction resulted in a pre-tax loss of $58.8 million, recorded to “Other operating expense, net.” Additionally, the Company recorded a tax benefit as a result of the reversal of previously recorded net deferred tax liabilities of $7.6 million, resulting in an after-tax loss of $51.2 million recorded in the second quarter of 2024.
The following table summarizes the impacts of the divestiture.
Assets divested:
Cash and cash equivalents$153.5 
Insurance recovery receivable13.9 
Liabilities divested:
Asbestos indemnity liability - current(12.3)
Asbestos indemnity liability - noncurrent(111.4)
Loss on Asbestos Sale, before transaction costs43.7 
Transaction costs15.1 
Loss on Asbestos Sale58.8 
Income tax benefit(7.6)
Loss on Asbestos Sale, net of tax$51.2 
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 $15.6 million and $16.7 million as of September 30, 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
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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, powder containment and aftermarket parts for medical, laboratory, pharmaceutical and biopharmaceutical production, industrial manufacturing, water and wastewater, chemical processing, clean energy, food and beverage, agriculture, aerospace 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 and nine month periods ended September 30, 2024 and 2023.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Revenue
Industrial Technologies and Services$1,467.2 $1,428.4 $4,307.1 $4,124.0 
Precision and Science Technologies393.8 310.5 1,029.3 930.7 
Total Revenue$1,861.0 $1,738.9 $5,336.4 $5,054.7 
Segment Adjusted EBITDA
Industrial Technologies and Services$449.9 $410.9 $1,297.2 $1,134.0 
Precision and Science Technologies118.1 94.2 312.0 278.7 
Total Segment Adjusted EBITDA$568.0 $505.1 $1,609.2 $1,412.7 
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments$35.3 $43.6 $123.4 $126.4 
Interest expense63.8 39.6 151.4 119.3 
Depreciation and amortization expense (a)
123.2 114.6 355.3 338.7 
Restructuring and related business transformation costs (b)
9.7 2.2 24.3 12.4 
Acquisition and other transaction related expenses and non-cash charges (c)
16.5 14.8 59.5 46.6 
Stock-based compensation15.0 11.2 43.6 35.2 
Foreign currency transaction losses, net9.9 1.1 9.2 1.0 
Loss on extinguishment of debt— 12.6 3.0 13.5 
Adjustments to LIFO inventories— (0.3)7.2 14.0 
Cybersecurity incident costs (d)
— 0.1 0.5 2.3 
Loss on asbestos sale— — 58.8 — 
Interest income on cash and cash equivalents(8.0)(7.9)(35.7)(18.7)
Other adjustments (e)
0.6 (0.3)1.0 (1.7)
Income Before Income Taxes302.0 273.8 807.7 723.7 
Provision for income taxes73.8 60.3 174.3 168.9 
Loss on equity method investments(4.8)(3.9)(19.0)(1.2)
Net Income$223.4 $209.6 $614.4 $553.6 
a)Depreciation and amortization expense excludes $1.1 million and $1.1 million of depreciation of rental equipment for the three month periods ended September 30, 2024 and 2023, respectively, and excludes $3.1 million and $2.8 million for the nine month periods ended September 30, 2024 and 2023, respectively.
b)Restructuring and related business transformation costs consist of the following.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Restructuring charges$9.6 $1.8 $23.2 $9.9 
Facility reorganization, relocation and other costs0.1 0.4 1.1 2.5 
Total restructuring and related business transformation costs$9.7 $2.2 $24.3 $12.4 
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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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 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 September 30,For the Nine Month Period Ended September 30,
2024202320242023
Weighted-average shares outstanding - Basic403.4 404.5 403.5 404.8 
Dilutive effect of outstanding share-based compensation awards3.5 4.1 3.9 4.1 
Weighted-average shares outstanding - Diluted406.9 408.6 407.4 408.9 
For the three month periods ended September 30, 2024 and 2023, 0.6 million and 0.8 million, respectively, of anti-dilutive shares were not included in the computation of diluted earnings per share. For the nine month periods ended September 30, 2024 and September 30, 2023, 0.5 million and 1.4 million of anti-dilutive shares were not included in the computation of diluted earnings per share, respectively.
Note 21. Subsequent Event
On October 1, 2024, the Company completed the acquisition of Air Power Systems Co., LLC (“APSCO”) for an all-cash upfront purchase price of $112 million. The business is a provider of hydraulic and pneumatic products and engineered solutions serving diverse specialty work truck vehicles. APSCO will be reported within the Industrial Technologies and Services segment. Management is in the process of preparing the preliminary fair values of the assets and liabilities acquired.
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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, ILC Dover, 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.
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, which can vary significantly based on geography and customer segmentation.
Foreign Currency Fluctuations
A significant portion of our revenues, approximately 53% for the nine month period ended September 30, 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.
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
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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 and nine month periods ended September 30, 2024 and 2023.
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For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Condensed Consolidated Statement of Operations:
Revenues$1,861.0 $1,738.9 $5,336.4 $5,054.7 
Cost of sales1,046.0 999.6 2,981.8 2,953.7 
Gross profit815.0 739.3 2,354.6 2,101.0 
Selling and administrative expenses334.3 315.2 1,012.7 941.9 
Amortization of intangible assets95.0 92.2 277.8 274.3 
Other operating expense, net29.4 13.5 142.8 53.7 
Operating income356.3 318.4 921.3 831.1 
Interest expense63.8 39.6 151.4 119.3 
Loss on extinguishment of debt— 12.6 3.0 13.5 
Other income, net(9.5)(7.6)(40.8)(25.4)
Income before income taxes302.0 273.8 807.7 723.7 
Provision for income taxes73.8 60.3 174.3 168.9 
Loss on equity method investments(4.8)(3.9)(19.0)(1.2)
Net income223.4 209.6 614.4 553.6 
Less: Net income attributable to noncontrolling interests1.8 1.3 5.6 4.7 
Net income attributable to Ingersoll Rand Inc.$221.6 $208.3 $608.8 $548.9 
Percentage of Revenues:
Gross profit43.8 %42.5 %44.1 %41.6 %
Selling and administrative expenses18.0 %18.1 %19.0 %18.6 %
Operating income19.1 %18.3 %17.3 %16.4 %
Net income12.0 %12.1 %11.5 %11.0 %
Adjusted EBITDA28.6 %26.5 %27.8 %25.4 %
Other Financial Data:
Adjusted EBITDA (1)
$532.7 $461.5 $1,485.8 1,286.3 
Adjusted Net Income (1)
344.7 316.0 1,005.7 861.2 
Cash flows - operating activities404.0 397.3 870.5 796.0 
Cash flows - investing activities(38.7)(336.3)(2,872.8)(991.7)
Cash flows - financing activities(79.3)(28.1)1,782.7 (193.8)
Free Cash Flow (1)
374.3 368.7 756.7 720.2 
(1)See the “Non-GAAP Financial Measures” section for a reconciliation to comparable GAAP measure.
Revenues
Revenues for the three month period ended September 30, 2024 were $1,861.0 million, an increase of $122.1 million, or 7.0%, compared to $1,738.9 million for the same three month period in 2023. The increase in revenues was primarily due to acquisitions of $155.1 million, higher pricing of $32.3 million and favorable impact of foreign currencies of $7.9 million, partially offset by lower organic volumes of $73.2 million. The percentage of consolidated revenues derived from aftermarket parts and services was 36.8% in the three month period ended September 30, 2024 compared to 36.2% in the same three month period in 2023.
Revenues for the nine month period ended September 30, 2024 were $5,336.4 million, an increase of $281.7 million, or 5.6%, compared to $5,054.7 million for the same nine month period in 2023. The increase in revenues was primarily due to acquisitions of $327.8 million and higher pricing of $122.9 million, partially offset by lower organic volumes of $160.2 million and the unfavorable impact of foreign currencies of $8.8 million. The percentage of consolidated revenues derived from aftermarket parts
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and services was 36.4% in the nine month period ended September 30, 2024 compared to 36.1% in the same nine month period in 2023.
Gross Profit
Gross profit for the three month period ended September 30, 2024 was $815.0 million, an increase of $75.7 million, or 10.2%, compared to $739.3 million for the same three month period in 2023, and as a percentage of revenues was 43.8% for the three month period ended September 30, 2024 and 42.5% for the same three month period in 2023. The increase in gross profit is primarily 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.
Gross profit for the nine month period ended September 30, 2024 was $2,354.6 million, an increase of $253.6 million, or 12.1%, compared to $2,101.0 million for the same nine month period in 2023, and as a percentage of revenues was 44.1% for the nine month period ended September 30, 2024 and 41.6% for the same nine month period in 2023. The increase in gross profit is primarily 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 $334.3 million for the three month period ended September 30, 2024, an increase of $19.1 million, or 6.1%, compared to $315.2 million for the same three month period in 2023. The increase in selling and administrative expenses was primarily attributable to businesses acquired in the second half of 2023 and first nine months of 2024. Selling and administrative expenses as a percentage of revenues decreased to 18.0% for the three month period ended September 30, 2024 from 18.1% in the same three month period in 2023.
Selling and administrative expenses were $1,012.7 million for the nine month period ended September 30, 2024, an increase of $70.8 million, or 7.5%, compared to $941.9 million for the same nine month period in 2023. The increase in selling and administrative expenses was mainly from businesses acquired in the second half of 2023 and first nine months of 2024. Selling and administrative expenses as a percentage of revenues increased to 19.0% for the nine month period ended September 30, 2024 from 18.6% in the same nine month period in 2023.
Amortization of Intangible Assets
Amortization of intangible assets was $95.0 million for the three month period ended September 30, 2024, an increase of $2.8 million, compared to $92.2 million in the same three month period in 2023. The increase was primarily due to businesses acquired in the second half of 2023 and first nine months of 2024 discussed in Note 2 “Acquisitions” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q, partially offset by certain intangible assets becoming fully amortized during the period.
Amortization of intangible assets was $277.8 million for the nine month period ended September 30, 2024, an increase of $3.5 million, compared to $274.3 million in the same nine month period in 2023. The increase was primarily due to businesses acquired in the second half of 2023 and first nine months of 2024 discussed in Note 2 “Acquisitions” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q, partially offset by certain intangible assets becoming fully amortized during the period.
Other Operating Expense, Net
Other operating expense, net was $29.4 million for the three month period ended September 30, 2024, an increase of $15.9 million, compared to $13.5 million in the same three month period in 2023. The increase in expense was primarily due to higher foreign currency transaction losses, net of $8.8 million and higher restructuring charges of $7.8 million, partially offset by lower acquisition and other transaction related expenses and non-cash charges of $1.1 million.
Other operating expense, net was $142.8 million for the nine month period ended September 30, 2024, an increase of $89.1 million, compared to $53.7 million in the same nine month period in 2023. The increase was primarily due to the loss on asbestos sale of $58.8 million, higher restructuring charges of $13.3 million, higher acquisition and other transaction related expenses and non-cash charges of $12.1 million and higher foreign currency transaction losses, net of $8.2 million. See Note 18 “Contingencies” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q for further discussion of the loss on asbestos sale.
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Interest Expense
Interest expense was $63.8 million for the three month period ended September 30, 2024, an increase of $24.2 million, compared to $39.6 million in the same three month period in 2023. The increase was primarily due to an increase in long term debt, partially offset by 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 September 30, 2024 and 5.4% in the same three month period in 2023.
Interest expense was $151.4 million for the nine month period ended September 30, 2024, an increase of $32.1 million, compared to $119.3 million in the same nine month period in 2023. The increase was primarily due to an increase in long term debt, partially offset by 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 5.2% for the nine month period ended September 30, 2024 and 5.3% in the same period in 2023.
Other Income, Net
Other income, net was $9.5 million and $7.6 million in the three month periods ended September 30, 2024 and 2023, respectively. The increase was primarily due to an increase in interest income from holdings of cash and cash equivalents.
Other income, net was $40.8 million and $25.4 million in the nine month periods ended September 30, 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 $73.8 million, resulting in a 24.4% effective income tax provision rate for the three month period ended September 30, 2024, compared to a provision for income taxes of $60.3 million, resulting in a 22.0% effective income tax provision rate in the same three month period in 2023. The increase in the tax provision and the effective tax provision rate for the three month period ended September 30, 2024 when compared to the same three month period of 2023 is primarily due to an increase in the pretax book income in jurisdictions with higher effective tax rates combined with a decrease in earnings in jurisdictions with lower tax rates and a lower benefit from a windfall tax deduction in the 2024 period compared to the 2023 period.
The provision for income taxes was $174.3 million, resulting in a 21.6% effective income tax provision rate for the nine month period ended September 30, 2024, compared to a provision for income taxes of $168.9 million, resulting in a 23.3% effective income tax provision rate in the same nine month period in 2023. The increase in the tax provision for the nine month period ended September 30, 2024 when compared to the same nine month period of 2023 is primarily due to an increase in pretax book income. The decrease in the effective income tax provision rate for the nine month period ended September 30, 2024 when compared to the same nine month period of 2023 is primarily due to a decrease in the pretax book income in jurisdictions with higher effective tax rates combined with increased earnings in jurisdictions with lower tax rates and a benefit from a windfall tax deduction.
Net Income
Net income was $223.4 million for the three month period ended September 30, 2024 compared to net income of $209.6 million in the same three month period in 2023. The increase in net income was primarily due to higher gross profit on increased revenues and lower loss on extinguishment of debt, partially offset by higher interest expense, higher selling and administrative expenses, higher other operating expense, net, and higher provision for income taxes.
Net income was $614.4 million for the nine month period ended September 30, 2024 compared to net income of $553.6 million in the same nine month period in 2023. The increase in net income was primarily due to higher gross profit on increased revenues and lower loss on extinguishment of debt, partially offset by higher other operating expense, net, higher selling and administrative expenses, higher interest expense, higher loss on equity method investments, and higher provision for income taxes.
Adjusted EBITDA
Adjusted EBITDA increased $71.2 million to $532.7 million for the three month period ended September 30, 2024 compared to $461.5 million in the same three month period in 2023. Adjusted EBITDA as a percentage of revenues increased 210 basis points to 28.6% for the three month period ended September 30, 2024 from 26.5% for the same three month period in 2023. The increase
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in Adjusted EBITDA was primarily due to acquisitions of $36.6 million, higher pricing of $32.3 million, and favorable cost productivity and product mix of $17.1 million, lower selling and administrative costs of $13.1 million, and favorable impact of foreign currencies of $3.4 million, partially offset by lower organic sales volume of $31.6 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 EBITDA increased $199.5 million to $1,485.8 million for the nine month period ended September 30, 2024 compared to $1,286.3 million in the same nine month period in 2023. Adjusted EBITDA as a percentage of revenues increased 240 basis points to 27.8% for the nine month period ended September 30, 2024 from 25.4% for the same nine month period in 2023. The increase in Adjusted EBITDA was primarily due to higher pricing of $122.9 million, acquisitions of $76.5 million, and favorable cost productivity and product mix of $72.3 million, partially offset by lower organic sales volume of $69.0 million, higher selling and administrative costs of $4.9 million, and the unfavorable impact of foreign currencies of $1.6 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 $28.7 million to $344.7 million for the three month period ended September 30, 2024 compared to $316.0 million in the same three month period in 2023. The increase was primarily due to higher Adjusted EBITDA, partially offset by higher interest expense and higher income tax provision, as adjusted.
Adjusted Net Income increased $144.5 million to $1,005.7 million for the nine month period ended September 30, 2024 compared to $861.2 million in the same nine month period in 2023. The increase was primarily due to increased Adjusted EBITDA and higher interest income on cash and cash equivalents, partially offset by a higher interest expense, and higher income tax provision, as adjusted.
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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 September 30,For the Nine Month Period Ended September 30,
2024202320242023
Net Income$223.4 $209.6 $614.4 $553.6 
Plus:
Interest expense63.8 39.6 151.4 119.3 
Provision for income taxes73.8 60.3 174.3 168.9 
Depreciation expense (a)
28.2 22.4 77.5 64.4 
Amortization expense (b)
95.0 92.2 277.8 274.3 
Restructuring and related business transformation costs (c)
9.7 2.2 24.3 12.4 
Acquisition and other transaction related expenses and non-cash charges (d)
16.5 14.8 59.5 46.6 
Stock-based compensation15.0 11.2 43.6 35.2 
Foreign currency transaction losses, net9.9 1.1 9.2 1.0 
Loss on equity method investments4.8 3.9 19.0 1.2 
Loss on extinguishment of debt— 12.6 3.0 13.5 
Adjustments to LIFO inventories— (0.3)7.2 14.0 
Cybersecurity incident costs (e)
— 0.1 0.5 2.3 
Loss on asbestos sale— — 58.8 — 
Interest income on cash and cash equivalents(8.0)(7.9)(35.7)(18.7)
Other adjustments (f)
0.6 (0.3)1.0 (1.7)
Adjusted EBITDA$532.7 $461.5 $1,485.8 $1,286.3 
Minus:
Interest expense$63.8 $39.6 $151.4 $119.3 
Income tax provision, as adjusted (g)
101.7 89.0 280.4 252.5 
Depreciation expense28.2 22.4 77.5 64.4 
Amortization of non-acquisition related intangible assets2.3 2.4 6.5 7.6 
Interest income on cash and cash equivalents(8.0)(7.9)(35.7)(18.7)
Adjusted Net Income$344.7 $316.0 $1,005.7 $861.2 
Free Cash Flow
Cash flows from operating activities$404.0 $397.3 $870.5 $796.0 
Minus:
Capital expenditures29.7 28.6 113.8 75.8 
Free Cash Flow$374.3 $368.7 $756.7 $720.2 
(a)Depreciation expense excludes $1.1 million and $1.1 million of depreciation of rental equipment for the three month periods ended September 30, 2024 and 2023, respectively, and excludes $3.1 million and $2.8 million for the nine month periods ended September 30, 2024 and 2023, respectively.
(b)Represents $92.7 million and $89.8 million of amortization of intangible assets arising from acquisitions (customer relationships, technology, tradenames and backlog) and $2.3 million and $2.4 million of amortization of non-acquisition related intangible assets, in each case, for the three month periods ended September 30, 2024 and 2023, respectively.
Represents $271.3 million and $266.7 million of amortization of intangible assets arising from acquisitions (customer relationships, technology, tradenames and backlog) and $6.5 million and $7.6 million of amortization of non-acquisition related intangible assets, in each case, for the nine month periods ended September 30, 2024 and 2023, respectively.
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(c)Restructuring and related business transformation costs consisted of the following.
For the Three Month Period Ended September 30,For the Nine Month Period Ended September 30,
2024202320242023
Restructuring charges$9.6 $1.8 $23.2 $9.9 
Facility reorganization, relocation and other costs0.1 0.4 1.1 2.5 
Total restructuring and related business transformation costs$9.7 $2.2 $24.3 $12.4 
(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 September 30,For the Nine Month Period Ended September 30,
2024202320242023
Provision for income taxes$73.8 $60.3 $174.3 $168.9 
Tax impact of pre-tax income adjustments25.6 27.5 92.9 83.6 
Discrete tax items2.3 1.2 13.2 — 
Income tax provision, as adjusted$101.7 $89.0 $280.4 $252.5 
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 and Nine Month Periods Ended September 30, 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 September 30,Percent Change
20242023
2024 vs. 2023
Segment Orders$1,420.6 $1,346.9 5.5 %
Segment Revenues$1,467.2 $1,428.4 2.7 %
Segment Adjusted EBITDA$449.9 $410.9 9.5 %
Segment Margin30.7 %28.8 %190  bps
Segment Orders for the three month period ended September 30, 2024 were $1,420.6 million, an increase of $73.7 million, or 5.5%, compared to $1,346.9 million in the same three month period in 2023. The increase in Segment Orders was due to
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acquisitions of $65.2 million or 4.8%, organic growth of $5.2 million or 0.4% and the favorable impact of foreign currencies of $3.3 million or 0.2%.
Segment Revenues for the three month period ended September 30, 2024 were $1,467.2 million, an increase of $38.8 million, or 2.7%, compared to $1,428.4 million in the same three month period in 2023. The increase in Segment Revenues was due to acquisitions of $64.7 million or 4.5%, higher pricing of $26.2 million or 1.8% and favorable impact of foreign currencies of $5.2 million or 0.4%, partially offset by lower organic volumes of $57.3 million or 4.0%. The percentage of Segment Revenues derived from aftermarket parts and service was 41.0% in the three month period ended September 30, 2024 compared to 39.6% in the same three month period in 2023.
Segment Adjusted EBITDA for the three month period ended September 30, 2024 was $449.9 million, an increase of $39.0 million, or 9.5%, from $410.9 million in the same three month period in 2023. Segment Adjusted EBITDA Margin increased 190 basis points to 30.7% from 28.8% in 2023. The increase in Segment Adjusted EBITDA was primarily due to higher pricing of $26.2 million or 6.4%, favorable cost productivity and product mix of $18.8 million or 4.6%, acquisitions of $13.9 million or 3.4%, favorable impact of foreign currencies of $2.3 million or 0.6%, and lower selling and administrative costs of $2.2 million or 0.5%, partially offset by lower organic sales volume of $24.2 million or 5.9%.
For the Nine Month Period Ended September 30,Percent Change
20242023
2024 vs. 2023
Segment Orders$4,284.4 $4,241.5 1.0 %
Segment Revenues$4,307.1 $4,124.0 4.4 %
Segment Adjusted EBITDA$1,297.2 $1,134.0 14.4 %
Segment Margin30.1 %27.5 %260  bps
Segment Orders for the nine month period ended September 30, 2024 were $4,284.4 million, an increase of $42.9 million, or 1.0%, compared to $4,241.5 million in the same nine month period in 2023. The increase in Segment Orders was due to acquisitions of $194.0 million or 4.6%, partially offset by lower organic orders of $137.8 million or 3.2% and the unfavorable impact of foreign currencies of $13.3 million or 0.3%.
Segment Revenues for the nine month period ended September 30, 2024 were $4,307.1 million, an increase of $183.1 million, or 4.4%, compared to $4,124.0 million in the same nine month period in 2023. The increase in Segment Revenues was due to acquisitions of $201.5 million or 4.9% and higher pricing of $100.7 million or 2.4%, partially offset by lower organic volumes of $109.3 million or 2.7% and unfavorable impact of foreign currencies of $9.8 million or 0.2%. The percentage of Segment Revenues derived from aftermarket parts and service was 39.8% in the nine month period ended September 30, 2024 compared to 39.5% in the same nine month period in 2023.
Segment Adjusted EBITDA for the nine month period ended September 30, 2024 was $1,297.2 million, an increase of $163.2 million, or 14.4%, from $1,134.0 million in the same nine month period in 2023. Segment Adjusted EBITDA Margin increased 260 basis points to 30.1% from 27.5% in 2023. The increase in Segment Adjusted EBITDA was primarily due to higher pricing of $100.7 million or 8.9%, favorable cost productivity and product mix of $78.4 million or 6.9%, and acquisitions of $44.3 million or 3.9%, partially offset by lower organic sales volume of $45.2 million or 4.0%, higher selling and administrative costs of $13.6 million or 1.2%, and unfavorable impact of foreign currencies of $2.1 million or 0.2%.
Precision and Science Technologies Segment Results
For the Three Month Period Ended September 30,Percent Change
20242023
2024 vs. 2023
Segment Orders$378.1 $290.9 30.0 %
Segment Revenues$393.8 $310.5 26.8 %
Segment Adjusted EBITDA$118.1 $94.2 25.4 %
Segment Margin30.0 %30.3 %(30) bps
Segment Orders for the three month period ended September 30, 2024 were $378.1 million, an increase of $87.2 million, or 30.0%, compared to $290.9 million in the same three month period in 2023. The increase in Segment Orders was due to
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acquisitions of $76.8 million or 26.4%, organic growth of $7.6 million or 2.6%, and the favorable foreign currencies of $2.8 million or 1.0%.
Segment Revenues for the three month period ended September 30, 2024 were $393.8 million, an increase of $83.3 million, or 26.8%, compared to $310.5 million in the same three month period in 2023. The increase in Segment Revenues was primarily due to acquisitions of $90.4 million or 29.1%, higher pricing of $6.1 million or 2.0%, and favorable impact of foreign currencies of $2.7 million or 0.9%, partially offset by lower organic volumes of $15.9 million or 5.1%. The percentage of Segment Revenues derived from aftermarket parts and service was 21.1% in the three month period ended September 30, 2024 compared to 20.6% in the same three month period in 2023.
Segment Adjusted EBITDA for the three month period ended September 30, 2024 was $118.1 million, an increase of $23.9 million, or 25.4%, from $94.2 million in the same three month period in 2023. Segment Adjusted EBITDA Margin decreased 30 basis points to 30.0% from 30.3% in 2023. The increase in Segment Adjusted EBITDA was primarily due to acquisitions of $22.7 million or 24.1%, higher pricing of $6.1 million or 6.5%, lower selling and administrative costs of $1.4 million or 1.5%, and favorable impact of foreign currencies of $1.1 million or 1.2%, partially offset by lower organic sales volume of $7.4 million or 7.9%.
For the Nine Month Period Ended September 30,Percent Change
20242023
2024 vs. 2023
Segment Orders$1,021.1 $910.5 12.1 %
Segment Revenues$1,029.3 $930.7 10.6 %
Segment Adjusted EBITDA$312.0 $278.7 11.9 %
Segment Margin30.3 %29.9 %40  bps
Segment Orders for the nine month period ended September 30, 2024 were $1,021.1 million, an increase of $110.6 million, or 12.1%, compared to $910.5 million in the same nine month period in 2023. The increase in Segment Orders was due to acquisitions of $102.8 million or 11.3%, organic growth of $7.0 million or 0.8%, and the favorable impact of foreign currencies of $0.8 million or 0.1%.
Segment Revenues for the nine month period ended September 30, 2024 were $1,029.3 million, an increase of $98.6 million, or 10.6%, compared to $930.7 million in the same nine month period in 2023. The increase in Segment Revenues was due to acquisitions of $126.3 million or 13.6%, higher pricing of $22.2 million or 2.4%, and favorable impact of foreign currencies of $1.0 million or 0.1%, partially offset by lower organic volumes of $50.9 million or 5.5%. The percentage of Segment Revenues derived from aftermarket parts and service was 22.2% in the nine month period ended September 30, 2024 compared to 20.9% in the same nine month period in 2023.
Segment Adjusted EBITDA for the nine month period ended September 30, 2024 was $312.0 million, an increase of $33.3 million, or 11.9%, from $278.7 million in the same nine month period in 2023. Segment Adjusted EBITDA Margin increased 40 basis points to 30.3% from 29.9% in 2023. The increase in Segment Adjusted EBITDA was primarily due to acquisitions of $32.2 million or 11.6%, higher pricing of $22.2 million or 8.0%, lower selling and administrative costs of $2.2 million or 0.8%, favorable impact of foreign currencies of $0.3 million or 0.1%, and favorable cost productivity and product mix of $0.2 million or 0.1%, partially offset by lower organic sales volume of $23.8 million or 8.5%.
Liquidity and Capital Resources
Our investment resources include cash on hand, cash generated from operations and borrowings under our New Revolving Credit Facility and Commercial Paper Program. We also have the ability to seek additional secured and unsecured borrowings, subject to credit agreement restrictions.
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 September 30, 2024, we had $2,600.0 million of unused availability under both the New Revolving Credit Facility and Commercial Paper Program.
As of September 30, 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.
September 30, 2024December 31, 2023
Cash and cash equivalents$1,376.9 $1,595.5 
Short-term borrowings and current maturities of long-term debt$2.9 $30.6 
Long-term debt4,782.5 2,693.0 
Total debt$4,785.4 $2,723.6 
We can increase the borrowing availability under the New Revolving Credit Facility by up to $1,000.0 million in the form of additional commitments so long as we do not exceed a specified leverage ratio. 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 Former 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. Based on our current level of operations and available cash, we believe our cash flow from operations, together with availability under the New Revolving Credit Facility and Commercial Paper Program, 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 New Revolving Credit Facility or Commercial Paper Program 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, 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 September 30, 2024 was $51.6 million which primarily consisted of withholding taxes.
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Working Capital
September 30, 2024December 31, 2023
Net Working Capital:
Current assets$4,191.2 $4,050.4 
Less: Current liabilities1,775.6 1,827.3 
Net working capital$2,415.6 $2,223.1 
Operating Working Capital:
Accounts receivable$1,342.2 $1,234.2 
Plus: Inventories (excluding LIFO reserve)1,242.2 1,073.6 
Plus: Contract assets133.1 85.6 
Less: Accounts payable743.8 801.2 
Less: Contract liabilities (current)333.3 331.2 
Operating working capital$1,640.4 $1,261.0 
Net working capital increased $192.5 million to $2,415.6 million as of September 30, 2024 from $2,223.1 million as of December 31, 2023. Operating working capital increased $379.4 million to $1,640.4 million as of September 30, 2024 from $1,261.0 million as of December 31, 2023. The increase in operating working capital is due to higher inventories, higher accounts receivable, lower accounts payable, 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 acquisitions and 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 nine month periods ended September 30, 2024 and 2023, respectively.
For the Nine Month Period Ended September 30,
20242023
Cash flows provided by operating activities$870.5 $796.0 
Cash flows used in investing activities(2,872.8)(991.7)
Cash flows provided by (used in) financing activities1,782.7 (193.8)
Free cash flow(1)
756.7 720.2 
(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 increased $74.5 million to $870.5 million for the nine month period ended September 30, 2024 from $796.0 million in the same nine month period in 2023. This increase is primarily attributable to higher net income, the timing of interest payments for our Senior Notes, and a smaller increase in operating working capital, partially offset by an increase in tax payments in 2024, compared to 2023.
Investing Activities
Cash used in investing activities included capital expenditures of $113.8 million and $75.8 million for the nine month periods ended September 30, 2024 and 2023, respectively. Net cash paid in acquisitions was $2,759.1 million and $923.8 million in the nine month periods ended September 30, 2024 and 2023, respectively.
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Financing Activities
Cash provided by financing activities of $1,782.7 million for the nine month period ended September 30, 2024 primarily reflected proceeds from long-term debt of $3,296.9 million and proceeds from stock option exercises of $28.3 million, partially offset by repayments of long-term debt of $1,241.8 million, purchases of treasury stock of $198.2 million, payments of debt issuance costs of $32.3 million, cash dividends on common stock of $24.2 million, payments of deferred and contingent acquisition consideration of $22.6 million and payments of $19.9 million to settle certain cross-currency swaps.
Cash used in financing activities of $193.8 million for the nine month period ended September 30, 2023 primarily reflected purchases of treasury stock of $132.9 million, cash dividends on common stock of $24.3 million and net repayments of long-term debt of $20.4 million, partially offset by proceeds from stock option exercises of $21.9 million.
Free Cash Flow
Free cash flow increased $36.5 million to $756.7 million in the nine month period ended September 30, 2024 from $720.2 million in the same nine month period in 2023 due to higher cash provided by operating activities, partially offset by higher capital expenditures.
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 September 30, 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.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We manage our debt centrally, considering tax consequences and our overall financing strategies. Our exposure to interest rate risk results primarily from our fixed rate to floating rate swap contracts which are used to adjust the relative fixed rate versus floating rate proportions of our debt portfolio.
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 September 30, 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.
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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 September 30, 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 September 30, 2024.
2024 Third 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)
July 1, 2024 - July 31, 2024390,859 $95.04 390,265 $1,080,945,935 
August 1, 2024 - August 31, 2024282,854 $90.22 281,723 $1,055,533,139 
September 1, 2024 - September 30, 2024— $— — $1,055,533,139 
Total673,713 671,988 
(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 594 shares in the period from July 1, 2024 to July 31, 2024 and 1,131 shares in the period from August 1, 2024 to August 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, and on April 25, 2024, the Company announced that our Board of Directors approved an incremental $1.0 billion increase to the share repurchase authorization. These authorizations do not have any expiration date.
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.    MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5.    OTHER INFORMATION
Rule 10b5-1 Trading Arrangements
During the quarter ended September 30, 2024, none of our director or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
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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
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).
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).
Certification of Periodic Report by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Periodic Report by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
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.
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.INSInline 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.SCHInline XBRL Taxonomy Extension Scheme Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101).
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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: November 1, 2024INGERSOLL RAND INC.
By:/s/ Michael J. Scheske
Name: Michael J. Scheske
Vice President and Chief Accounting Officer
(Principal Accounting Officer)

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