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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Information on Company's Business Segments | Information on the Company’s business segments is presented below. The Company uses Adjusted EBITDA as its measure of segment performance. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
NET SALES |  |  |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  |  |  |
External customers | $ | 300.6 |  |  | $ | 300.5 |  |  | $ | 933.0 |  |  | $ | 945.7 |
Intersegment sales | 0.2 |  |  | 0.6 |  |  | 0.9 |  |  | 2.3 |
Total segment sales | 300.8 |  |  | 301.1 |  |  | 933.9 |  |  | 948.0 |
Health & Science Technologies |  |  |  |  |  |  |
External customers | 309.9 |  |  | 312.7 |  |  | 922.3 |  |  | 1,001.4 |
Intersegment sales | 1.1 |  |  | 0.5 |  |  | 2.6 |  |  | 2.3 |
Total segment sales | 311.0 |  |  | 313.2 |  |  | 924.9 |  |  | 1,003.7 |
Fire & Safety/Diversified Products |  |  |  |  |  |  |
External customers | 187.7 |  |  | 180.2 |  |  | 550.6 |  |  | 537.9 |
Intersegment sales | 0.3 |  |  | 0.4 |  |  | 0.8 |  |  | 1.9 |
Total segment sales | 188.0 |  |  | 180.6 |  |  | 551.4 |  |  | 539.8 |
Intersegment eliminations | (1.6) |  |  | (1.5) |  |  | (4.3) |  |  | (6.5) |
Net sales | $ | 798.2 |  |  | $ | 793.4 |  |  | $ | 2,405.9 |  |  | $ | 2,485.0 |
ADJUSTED EBITDA |  |  |  |  |  |  |
Fluid & Metering Technologies | $ | 98.5 |  |  | $ | 103.6 |  |  | $ | 311.6 |  |  | $ | 323.9 |
Health & Science Technologies | 82.6 |  |  | 84.4 |  |  | 248.2 |  |  | 278.8 |
Fire & Safety/Diversified Products | 54.7 |  |  | 52.8 |  |  | 159.9 |  |  | 157.0 |
Segment Adjusted EBITDA | 235.8 |  |  | 240.8 |  |  | 719.7 |  |  | 759.7 |
Corporate and other(1) | (21.5) |  |  | (15.3) |  |  | (72.9) |  |  | (63.7) |
Interest expense – net | (10.3) |  |  | (13.7) |  |  | (27.8) |  |  | (40.1) |
Depreciation(2) | (17.4) |  |  | (14.7) |  |  | (49.9) |  |  | (41.9) |
Amortization of intangible assets(2) | (26.5) |  |  | (23.8) |  |  | (75.0) |  |  | (70.6) |
Fair value inventory step-up charges | (2.1) |  |  | (1.2) |  |  | (4.6) |  |  | (1.2) |
Restructuring expenses and asset impairments | (3.0) |  |  | (4.1) |  |  | (5.4) |  |  | (8.2) |
Gain on sale of business(3) | (0.6) |  |  | 93.8 |  |  | 4.0 |  |  | 93.8 |
Credit loss on note receivable from collaborative partner(4) | — |  |  | — |  |  | — |  |  | (7.7) |
Income before income taxes | $ | 154.4 |  |  | $ | 261.8 |  |  | $ | 488.1 |  |  | $ | 620.1 |
(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder are included in Corporate and other. (2) Depreciation and amortization of intangible assets by segment for the three and nine months ended September 30, 2024 and 2023 was:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Fluid & Metering Technologies |  |  |  |  |  |  |
Depreciation | $ | 4.3 |  | $ | 3.1 |  | $ | 12.9 |  | $ | 10.3
Amortization of intangible assets | 5.2 |  | 5.6 |  | 15.7 |  | 17.3
Health & Science Technologies |  |  |  |  |  |  |
Depreciation | 10.6 |  | 9.0 |  | 29.5 |  | 24.1
Amortization of intangible assets | 19.7 |  | 16.7 |  | 54.6 |  | 48.5
Fire & Safety/Diversified Products |  |  |  |  |  |  |
Depreciation | 2.2 |  | 2.3 |  | 6.7 |  | 6.7
Amortization of intangible assets | 1.6 |  | 1.5 |  | 4.7 |  | 4.8
Corporate and other |  |  |  |  |  |  |
Depreciation | 0.3 |  | 0.3 |  | 0.8 |  | 0.8
Total | $ | 43.9 |  | $ | 38.5 |  | $ | 124.9 |  | $ | 112.5
(3) Activity recorded during the three months ended September 30, 2024 represents the finalization of the gain on the sale of Alfa Valvole resulting in a $0.6 million downward adjustment during the third quarter of 2024. (4) Represents a reserve on an investment with a collaborative partner recorded in Other expense (income) – net during the nine months ended September 30, 2023. During the fourth quarter of 2023, the Company converted the promissory note receivable from the collaborative partner to equity, resulting in a cost method investment with zero value.
| September 30, 2024 |  | December 31, 2023
ASSETS |  |  |
Fluid & Metering Technologies | $ | 1,668.7 |  |  | $ | 1,674.7 |
Health & Science Technologies | 4,286.6 |  |  | 3,262.4 |
Fire & Safety/Diversified Products | 818.5 |  |  | 792.6 |
Corporate and other | 193.7 |  |  | 135.5 |
Total assets | $ | 6,967.5 |  |  | $ | 5,865.2 |

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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