v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information
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 six month periods ended June 30, 2026 and 2025.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended June 30,
202620252026202520262025
Revenue$1,622.1 $1,491.6 $426.7 $396.3 $2,048.8 $1,887.9 
Segment cost of sales(1)
931.8 824.9 217.0 202.4 1,148.8 1,027.3 
Segment selling and administrative expenses(2)
257.3 241.6 75.4 77.2 332.7 318.8 
Other segment items(3)
(1.5)(2.1)(0.2)(0.1)(1.7)(2.2)
Segment Adjusted EBITDA$434.5 $427.2 $134.5 $116.8 $569.0 $544.0 
(1)Segment cost of sales excludes adjustments to LIFO inventories, depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges, net.
(2)Segment selling and administrative expenses excludes depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges, net.
(3)Other miscellaneous segment expenses (income).
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Six Month Period Ended June 30,
202620252026202520262025
Revenue$3,066.6 $2,843.7 $829.4 $761.0 $3,896.0 $3,604.7 
Segment cost of sales(1)
1,746.2 1,554.8 423.0 391.0 2,169.2 1,945.8 
Segment selling and administrative expenses(2)
501.5 473.3 150.1 147.1 651.6 620.4 
Other segment items(3)
(1.1)(0.7)(0.1)(0.1)(1.2)(0.8)
Segment Adjusted EBITDA$820.0 $816.3 $256.4 $223.0 $1,076.4 $1,039.3 
(1)Segment cost of sales excludes adjustments to LIFO inventories, depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges, net.
(2)Segment selling and administrative expenses excludes depreciation and amortization expense, restructuring and related business transformation costs, acquisition and other transaction related expenses and non-cash charges, net.
(3)Other miscellaneous segment expenses (income).
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2026202520262025
Total Segment Adjusted EBITDA$569.0 $544.0 $1,076.4 $1,039.3 
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments49.1 34.6 $87.4 $70.2 
Interest expense63.3 62.7 127.1 123.9 
Depreciation and amortization expense (a)
131.9 119.2 267.7 238.1 
Impairment of goodwill and other intangible assets— 265.8 — 265.8 
Restructuring and related business transformation costs (b)
3.2 3.4 11.9 8.8 
Acquisition and other transaction related expenses and non-cash charges, net (c)
(2.7)11.8 10.9 21.6 
Stock-based compensation17.8 16.7 33.7 30.9 
Foreign currency transaction losses, net2.7 6.0 4.9 12.8 
Adjustments to LIFO inventories6.2 7.3 11.6 10.3 
Cybersecurity incident costs (d)
— (1.1)— (1.3)
Recovery of acquisition related losses, net (e)
(25.0)— (25.0)— 
Interest income on cash and cash equivalents(5.5)(8.9)(10.6)(19.2)
Other adjustments (f)
0.9 (1.6)(0.2)(3.8)
Income Before Income Taxes327.1 28.1 557.0 281.2 
Provision for income taxes69.1 21.0 105.2 79.5 
Loss on equity method investments— (120.9)— (127.1)
Net Income (Loss)$258.0 $(113.8)$451.8 $74.6 
a)Depreciation and amortization expense excludes $0.9 million and $1.3 million of depreciation of rental equipment for the three month periods ended June 30, 2026 and 2025, respectively, and excludes $2.0 million and $2.4 million for the six month periods ended June 30, 2026 and 2025, respectively.
b)Restructuring and related business transformation costs consist of the following.
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2026202520262025
Restructuring charges$3.2 $3.2 $11.9 $8.5 
Facility reorganization, relocation and other costs— 0.2 — 0.3 
Total restructuring and related business transformation costs$3.2 $3.4 $11.9 $8.8 
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 expected non-recoverable costs associated with a cybersecurity event, net of insurance recoveries.
e)Represents gains from recoveries resulting from breaches of representations and warranties associated with the ILC Dover transaction. See Note 18 “Contingencies” for further details.
f)Includes (i) pension and other postemployment plan costs other than service cost, (ii) legal fees related to intellectual property litigation, and (iii) other miscellaneous adjustments.
The following tables provide summarized information about the Company’s reportable segments.
Depreciation and Amortization Expense
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2026202520262025
Industrial Technologies and Services$66.3 $68.5 $137.5 $136.1 
Precision and Science Technologies65.3 50.9 129.9 102.1 
Corporate and other1.2 1.1 2.3 2.3 
Total depreciation and amortization expense$132.8 $120.5 $269.7 $240.5 
Capital Expenditures
For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,
2026202520262025
Industrial Technologies and Services$16.7 $17.1 $46.5 $43.5 
Precision and Science Technologies6.6 14.6 12.8 21.5 
Corporate and other3.7 3.6 4.0 4.0 
Total capital expenditures$27.0 $35.3 $63.3 $69.0 
Identifiable Assets
June 30, 2026December 31, 2025
Industrial Technologies and Services$11,294.6 $11,266.4 
Precision and Science Technologies5,673.0 5,656.4 
Corporate and other1,226.5 1,374.4 
Total identifiable assets$18,194.1 $18,297.2