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Business Segments and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Information on Company's Business Segments | Information on the Company’s business segments is presented below based on the nature of the products and services offered. The Company uses Adjusted EBITDA as its principal measure of segment performance. Intersegment sales are accounted for at fair value as if the sales were to third parties. During the fourth quarter of 2022, the Company changed the segment measure of profit and loss used by the Chief Operating Decision Maker ("CODM") in accordance with ASC 280, Segment Reporting, from operating income to Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, or EBITDA, before fair value inventory step-up charges, restructuring expenses and asset impairments, the impact from the exit of a COVID-19 testing application, the gain on sale of a business, the gains on sales of assets, the impact of the settlement of a corporate transaction indemnity, the loss on early debt redemption and the noncash loss related to the termination of the U.S. pension plan, net of curtailment. The change in segment measure of profit and loss aligns with how the CODM allocates resources and evaluates the performance of the business. It also allows the Company to better assess operating results over time since it excludes items that are not reflective of ongoing operations.
| 2022 |  | 2021 |  | 2020
| (In millions)
NET SALES |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  |
External customers | $ | 1,166.2 |  |  | $ | 998.0 |  |  | $ | 895.4 |
Intersegment sales | 1.1 |  |  | 0.7 |  |  | 0.9 |
Total segment sales | 1,167.3 |  |  | 998.7 |  |  | 896.3 |
Health & Science Technologies |  |  |  |  |
External customers | 1,336.8 |  |  | 1,119.0 |  |  | 893.4 |
Intersegment sales | 2.4 |  |  | 2.8 |  |  | 2.6 |
Total segment sales | 1,339.2 |  |  | 1,121.8 |  |  | 896.0 |
Fire & Safety/Diversified Products |  |  |  |  |
External customers | 678.9 |  |  | 647.8 |  |  | 562.8 |
Intersegment sales | 0.3 |  |  | 0.1 |  |  | 0.1 |
Total segment sales | 679.2 |  |  | 647.9 |  |  | 562.9 |
Intersegment eliminations | (3.8) |  |  | (3.6) |  |  | (3.6) |
Net sales | $ | 3,181.9 |  |  | $ | 2,764.8 |  |  | $ | 2,351.6 |
ADJUSTED EBITDA |  |  |  |  |
Fluid & Metering Technologies | $ | 374.2 |  |  | $ | 297.0 |  |  | $ | 271.5 |
Health & Science Technologies | 411.8 |  |  | 355.9 |  |  | 250.9 |
Fire & Safety/Diversified Products | 183.9 |  |  | 185.7 |  |  | 161.5 |
Segment Adjusted EBITDA | 969.9 |  |  | 838.6 |  |  | 683.9 |
Corporate and other | (85.7) |  |  | (73.2) |  |  | (61.0) |
Adjusted EBITDA | 884.2 |  |  | 765.4 |  |  | 622.9 |
- Interest expense | (40.7) |  |  | (41.0) |  |  | (44.8) |
- Depreciation | (50.7) |  |  | (46.6) |  |  | (41.7) |
- Amortization | (69.0) |  |  | (56.4) |  |  | (41.8) |
- Fair value inventory step-up charges | (8.5) |  |  | (11.6) |  |  | (4.1) |
- Restructuring expenses and asset impairments | (4.5) |  |  | (9.3) |  |  | (11.8) |
- Net impact from the exit of a COVID-19 testing application(1) | 1.1 |  |  | — |  |  | — |
- Corporate transaction indemnity | — |  |  | (3.5) |  |  | — |
+ Gain on sale of business | 34.8 |  |  | — |  |  | — |
+ Gain on sales of assets | 2.7 |  |  | — |  |  | — |
- Loss on early debt redemption | — |  |  | (8.6) |  |  | (8.4) |
- Termination of the U.S. pension plan, net of curtailment | — |  |  | (8.6) |  |  | — |
Income before income taxes | $ | 749.4 |  |  | $ | 579.8 |  |  | $ | 470.3 |
(1) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 15 in the Notes to Consolidated Financial Statements for further detail.
| 2022 |  | 2021 |  | 2020
| (In millions)
ASSETS |  |  |  |  |
Fluid & Metering Technologies | $ | 1,676.9 |  |  | $ | 1,458.8 |  |  | $ | 1,387.0 |
Health & Science Technologies | 2,931.1 |  |  | 2,138.3 |  |  | 1,576.1 |
Fire & Safety/Diversified Products | 771.8 |  |  | 892.5 |  |  | 891.9 |
Corporate and other | 132.1 |  |  | 427.6 |  |  | 559.4 |
Total assets | $ | 5,511.9 |  |  | $ | 4,917.2 |  |  | $ | 4,414.4 |
DEPRECIATION AND AMORTIZATION (1) |  |  |  |  |
Fluid & Metering Technologies | $ | 36.9 |  |  | $ | 30.5 |  |  | $ | 25.9 |
Health & Science Technologies | 67.3 |  |  | 56.7 |  |  | 41.8 |
Fire & Safety/Diversified Products | 15.0 |  |  | 15.3 |  |  | 15.2 |
Corporate and other | 0.5 |  |  | 0.5 |  |  | 0.6 |
Total depreciation and amortization | $ | 119.7 |  |  | $ | 103.0 |  |  | $ | 83.5 |
CAPITAL EXPENDITURES |  |  |  |  |
Fluid & Metering Technologies | $ | 25.3 |  |  | $ | 21.0 |  |  | $ | 11.9 |
Health & Science Technologies | 32.0 |  |  | 41.5 |  |  | 27.7 |
Fire & Safety/Diversified Products | 10.5 |  |  | 9.5 |  |  | 8.9 |
Corporate and other | 0.2 |  |  | 0.7 |  |  | 3.1 |
Total capital expenditures | $ | 68.0 |  |  | $ | 72.7 |  |  | $ | 51.6 |
(1) Excludes amortization of debt issuance expenses.
Schedule of Sales From External Customers and Long-Lived Assets | Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2022, 2021 and 2020 is shown below.
| 2022 |  | 2021 |  | 2020
| (In millions)
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT |  |  |  |  |
U.S. | $ | 191.7 |  |  | $ | 188.3 |  |  | $ | 169.2 |
North America, excluding U.S. | 4.7 |  |  | 5.4 |  |  | 5.0 |
Europe | 136.8 |  |  | 98.9 |  |  | 100.0 |
Asia | 48.8 |  |  | 34.5 |  |  | 24.0 |
Other(1) | 0.1 |  |  | 0.2 |  |  | 0.1 |
Total long-lived assets - net | $ | 382.1 |  |  | $ | 327.3 |  |  | $ | 298.3 |
(1) Other includes: South America, Middle East, Australia and Africa.

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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