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Business Segments and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Information on Company's Business Segments | Information on the Company’s business segments is presented below based on the nature of the products and services offered. The Company uses Adjusted EBITDA as its principal measure of segment performance. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction.
| 2023 |  | 2022 |  | 2021
NET SALES |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  |
External customers | $ | 1,244.2 |  |  | $ | 1,166.2 |  |  | $ | 998.0 |
Intersegment sales | 2.9 |  |  | 1.1 |  |  | 0.7 |
Total segment sales | 1,247.1 |  |  | 1,167.3 |  |  | 998.7 |
Health & Science Technologies |  |  |  |  |
External customers | 1,313.5 |  |  | 1,336.8 |  |  | 1,119.0 |
Intersegment sales | 2.9 |  |  | 2.4 |  |  | 2.8 |
Total segment sales | 1,316.4 |  |  | 1,339.2 |  |  | 1,121.8 |
Fire & Safety/Diversified Products |  |  |  |  |
External customers | 716.2 |  |  | 678.9 |  |  | 647.8 |
Intersegment sales | 2.6 |  |  | 0.3 |  |  | 0.1 |
Total segment sales | 718.8 |  |  | 679.2 |  |  | 647.9 |
Intersegment eliminations | (8.4) |  |  | (3.8) |  |  | (3.6) |
Net sales | $ | 3,273.9 |  |  | $ | 3,181.9 |  |  | $ | 2,764.8 |
ADJUSTED EBITDA |  |  |  |  |
Fluid & Metering Technologies | $ | 416.1 |  |  | $ | 374.2 |  |  | $ | 297.0 |
Health & Science Technologies | 359.5 |  |  | 411.8 |  |  | 355.9 |
Fire & Safety/Diversified Products | 208.6 |  |  | 183.9 |  |  | 185.7 |
Segment Adjusted EBITDA | 984.2 |  |  | 969.9 |  |  | 838.6 |
Corporate and other(1) | (84.6) |  |  | (85.7) |  |  | (73.2) |
Adjusted EBITDA | 899.6 |  |  | 884.2 |  |  | 765.4 |
Interest expense | (51.7) |  |  | (40.7) |  |  | (41.0) |
Depreciation | (57.2) |  |  | (50.7) |  |  | (46.6) |
Amortization of intangible assets | (94.9) |  |  | (69.0) |  |  | (56.4) |
Fair value inventory step-up charges | (1.6) |  |  | (8.5) |  |  | (11.6) |
Restructuring expenses and asset impairments | (10.9) |  |  | (4.5) |  |  | (9.3) |
Net impact from the exit of a COVID-19 testing application(2) | — |  |  | 1.1 |  |  | — |
Corporate transaction indemnity | — |  |  | — |  |  | (3.5) |
Gain on sale of businesses - net | 84.7 |  |  | 34.8 |  |  | — |
Gains on sales of assets | — |  |  | 2.7 |  |  | — |
Credit loss on note receivable from collaborative partner(3) | (7.7) |  |  | — |  |  | — |
Loss on early debt redemption | — |  |  | — |  |  | (8.6) |
Termination of the U.S. pension plan, net of curtailment | — |  |  | — |  |  | (8.6) |
Income before income taxes | $ | 760.3 |  |  | $ | 749.4 |  |  | $ | 579.8 |
(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and other. (2) Represents the acceleration of previously deferred revenue of $17.9 million, net of an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application in the HST segment in 2022 that did not reoccur in 2023. See Note 14 in the Notes to Consolidated Financial Statements for further detail. (3) Represents a reserve recorded on an investment with a collaborative partner that may no longer be recoverable. See Note 3 in the Notes to Consolidated Financial Statements for further detail.
| 2023 |  | 2022 |  | 2021
ASSETS |  |  |  |  |
Fluid & Metering Technologies | $ | 1,674.7 |  |  | $ | 1,676.9 |  |  | $ | 1,458.8 |
Health & Science Technologies | 3,262.4 |  |  | 2,931.1 |  |  | 2,138.3 |
Fire & Safety/Diversified Products | 792.6 |  |  | 771.8 |  |  | 892.5 |
Corporate and other | 135.5 |  |  | 132.1 |  |  | 427.6 |
Total assets | $ | 5,865.2 |  |  | $ | 5,511.9 |  |  | $ | 4,917.2 |
DEPRECIATION AND AMORTIZATION OF INTANGIBLE ASSETS |  |  |  |  |
Fluid & Metering Technologies | $ | 36.8 |  |  | $ | 36.9 |  |  | $ | 30.5 |
Health & Science Technologies | 99.0 |  |  | 67.3 |  |  | 56.7 |
Fire & Safety/Diversified Products | 15.3 |  |  | 15.0 |  |  | 15.3 |
Corporate and other | 1.0 |  |  | 0.5 |  |  | 0.5 |
Total depreciation and amortization | $ | 152.1 |  |  | $ | 119.7 |  |  | $ | 103.0 |
CAPITAL EXPENDITURES |  |  |  |  |
Fluid & Metering Technologies | $ | 24.2 |  |  | $ | 25.3 |  |  | $ | 21.0 |
Health & Science Technologies | 55.1 |  |  | 32.0 |  |  | 41.5 |
Fire & Safety/Diversified Products | 9.7 |  |  | 10.5 |  |  | 9.5 |
Corporate and other | 0.9 |  |  | 0.2 |  |  | 0.7 |
Total capital expenditures | $ | 89.9 |  |  | $ | 68.0 |  |  | $ | 72.7 |
Schedule of Sales From External Customers and Long-Lived Assets | Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2023, 2022 and 2021 is shown below.
| 2023 |  | 2022 |  | 2021
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT |  |  |  |  |
U.S. | $ | 219.2 |  |  | $ | 191.7 |  |  | $ | 188.3 |
North America, excluding U.S. | 24.0 |  |  | 4.7 |  |  | 5.4 |
Europe | 138.4 |  |  | 136.8 |  |  | 98.9 |
Asia | 48.3 |  |  | 48.8 |  |  | 34.5 |
Other(1) | 0.4 |  |  | 0.1 |  |  | 0.2 |
Total long-lived assets - net | $ | 430.3 |  |  | $ | 382.1 |  |  | $ | 327.3 |
(1) Other includes: South America, Middle East, Australia and Africa.

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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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