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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 10-Q

____________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________to___________

Commission File Number: 001-38095

____________________________

Ingersoll Rand Inc.

(Exact Name of Registrant as Specified in Its Charter)

____________________________


Delaware			46-2393770
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

525 Harbour Place Drive, Suite 600

Davidson, North Carolina 28036

(Address of Principal Executive Offices) (Zip Code)

(704) 655-4000

(Registrant’s Telephone Number, Including Area Code)

____________________________

Securities Registered Pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 Par Value per share	IR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Emerging growth Company

☐

Non-accelerated filer

☐

Smaller reporting company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

The registrant had outstanding 395,110,395 shares of Common Stock, par value $0.01 per share, as of October 24, 2025.

Table of Contents

INGERSOLL RAND INC. AND SUBSIDIARIES

FORM 10-Q

INDEX


			Page No.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements			5
Condensed Consolidated Statements of Operations (Unaudited)			5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)			6
Condensed Consolidated Balance Sheets (Unaudited)			7
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)			8
Condensed Consolidated Statements of Cash Flows (Unaudited)			10
Notes to Condensed Consolidated Financial Statements			11
Note 1. Basis of Presentation and Recent Accounting Pronouncements			11
Note 2. Acquisitions			12
Note 3. Restructuring			15
Note 4. Allowance for Credit Losses			16
Note 5. Inventories			16
Note 6. Goodwill and Other Intangible Assets			17
Note 7. Supply Chain Finance Program			18
Note 8. Accrued Liabilities			18
Note 9. Benefit Plans			19
Note 10. Debt			20
Note 11. Stock-Based Compensation Plans			22
Note 12. Accumulated Other Comprehensive Loss			24
Note 13. Hedging Activities and Derivative Instruments			26
Note 14. Fair Value Measurements			29
Note 15. Revenue from Contracts with Customers			31
Note 16. Income Taxes			34
Note 17. Other Operating Expense, Net			34
Note 18. Contingencies			34
Note 19. Segment Reporting			35
Note 20. Earnings Per Share			37
Note 21. Equity Method Investments			38

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			39
Item 3. Quantitative and Qualitative Disclosures About Market Risk			52
Item 4. Controls and Procedures			52
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			53
Item 1A. Risk Factors			53
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			53
Item 3. Defaults Upon Senior Securities			53
Item 4. Mine Safety Disclosures			53
Item 5. Other Information			53
Item 6. Exhibits			54
SIGNATURES			55

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this Form 10-Q may contain “forward-looking statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts included in this Form 10-Q, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, may be forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-Q. Such risks, uncertainties and other important factors that could cause actual results to differ include, among others, the risks, uncertainties and factors set forth under “Part I, Item 1A. Risk Factors” and “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Annual Report”) and under “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC, and are accessible on the SEC’s website at www.sec.gov, and also include the following:

•We have exposure to the risks associated with instability in the global economy and financial markets, which may negatively impact our revenues, liquidity, suppliers and customers.

•More than half of our sales and operations are in non-U.S. jurisdictions and we are subject to the economic, political, regulatory and other risks of international operations.

•Information systems failure or disruption, due to cyber terrorism or other actions, may adversely impact our business and result in financial loss to the Company or liability to our customers.

•Acquisitions, including integrating such acquisitions, and dispositions create certain risks and may affect our operating results.

•The nature of our products creates the possibility of significant product liability, warranty claims, and product recalls, which could harm our business.

•A natural disaster, catastrophe, pandemic, or other event could adversely affect our operations.

•Large or rapid increases in the cost of raw materials and component parts, substantial decreases in their availability or our dependence on particular suppliers of raw materials and component parts could materially and adversely affect our operating results.

•We face competition in the markets we serve, which could materially and adversely affect our operating results.

•Our results of operations are subject to exchange rate and other currency risks. A significant movement in exchange rates could adversely impact our results of operations and cash flows.

•If we are unable to develop new products and technologies, our competitive position may be impaired, which could materially and adversely affect our sales and market share.

•Shareholder, customer and regulatory agency emphasis on environmental, social, and governance responsibility may impose additional costs on us or expose us to new risks.

•Uncertainties with respect to the development, and use of artificial intelligence in our business and products may result in harm to our business and reputation.

•Our business could suffer if we experience employee work stoppages, union and work council campaigns or other labor difficulties.

•Changes in tax laws and regulations, or adverse determinations by taxing or other governmental authorities could increase our effective tax rate and cash taxes paid or otherwise affect our financial condition or operating results.

•Our success depends on our ability to attract, retain and develop key personnel and other talent throughout the Company.

•The risk of non-compliance with U.S. and foreign laws and regulations applicable to our international operations could have a significant impact on our results of operations, financial condition or strategic objectives.

•Third parties may infringe upon our intellectual property or may claim we have infringed their intellectual property, and we may expend significant resources enforcing or defending our rights or suffer competitive injury.

Table of Contents

•The loss of, or disruption in, our distribution network could have a negative impact on our abilities to ship products, meet customer demand and otherwise operate our business.

•Our ongoing and expected restructuring plans and other cost savings initiatives may not be as effective as we anticipate, and we may fail to realize the cost savings and increased efficiencies that we expect to result from these actions. Our operating results could be negatively affected by our inability to effectively implement such restructuring plans and other cost savings initiatives.

•Cost overruns, delays, penalties or liquidated damages could negatively impact our results, particularly with respect to fixed-price contracts for custom engineered products.

•Our operating results could be adversely affected by a loss or reduction of business with key customers or consolidation or the vertical integration of our customer base.

•Credit and counterparty risks could harm our business.

•A significant portion of our assets consists of goodwill and other intangible assets, the value of which may be reduced if we determine that those assets are impaired.

•Environmental compliance costs and liabilities could adversely affect our financial condition.

•We face risks associated with our pension and other postretirement benefit obligations.

•Our indebtedness could have important adverse consequences and adversely affect our financial condition.

•We may not be able to generate sufficient cash to service all of our indebtedness, and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.

•Despite our level of indebtedness, we and our subsidiaries may still be able to incur substantially more debt, including off-balance sheet financing, contractual obligations and general and commercial liabilities. This could further exacerbate the risks to our financial condition.

•Our fixed rate to floating rate swap contracts subject us to risks related to interest rate risk, counterparty credit worthiness and non-performance on these instruments.

•If the syndicate of financial institutions which are parties to our Revolving Credit Facility (as defined herein) fail to extend credit under our Revolving Credit Facility, our liquidity and results of operations may be adversely affected.

We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factors’ likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) our strategy, which is based in part on this analysis, will be successful. All forward-looking statements in this report apply only as of the date of this report or as of the date they were made and, except as required by applicable law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

All references to “we,” “us,” “our,” the “Company” or “Ingersoll Rand” in this Quarterly Report on Form 10-Q mean Ingersoll Rand Inc. and its subsidiaries, unless the context otherwise requires.

Website Disclosure

We use our website www.irco.com as a channel of distribution of Company information. Financial and other important information regarding us is routinely accessible through and posted on our website. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about Ingersoll Rand Inc. when you enroll your email address by visiting the “Investor Alerts” section of our website at investors.irco.com. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Revenues	$	1,955.0	$	1,861.0	$	5,559.7	$	5,336.4
Cost of sales	1,099.8		1,046.0		3,114.1		2,981.8
Gross Profit	855.2		815.0		2,445.6		2,354.6
Selling and administrative expenses	361.0		334.3		1,082.2		1,012.7
Amortization of intangible assets	94.9		95.0		277.8		277.8
Impairment of goodwill	—		—		229.7		—
Impairment of other intangible assets	—		—		36.1		—
Other operating expense, net	23.8		29.4		65.4		142.8
Operating Income	375.5		356.3		754.4		921.3
Interest expense	65.1		63.8		189.0		151.4
Loss on extinguishment of debt	—		—		—		3.0
Other income, net	(9.0)		(9.5)		(35.2)		(40.8)
Income Before Income Taxes	319.4		302.0		600.6		807.7
Provision for income taxes	73.6		73.8		153.1		174.3
Loss on equity method investments	—		(4.8)		(127.1)		(19.0)


Net Income	245.8		223.4		320.4		614.4
Less: Net income attributable to noncontrolling interests	1.7		1.8		5.1		5.6
Net Income Attributable to Ingersoll Rand Inc.	$	244.1	$	221.6	$	315.3	$	608.8









Basic earnings per share	0.62		0.55		0.79		1.51




Diluted earnings per share	0.61		0.54		0.78		1.49

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited; in millions)


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Comprehensive Income Attributable to Ingersoll Rand Inc.
Net income attributable to Ingersoll Rand Inc.	$	244.1	$	221.6	$	315.3	$	608.8
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	(22.7)		142.4		316.7		34.9
Unrecognized gain (loss) on cash flow hedges	0.1		(3.6)		(5.9)		(5.8)
Pension and other postretirement prior service cost and gain (loss), net	(2.0)		(0.8)		(7.7)		(3.6)
Total other comprehensive income (loss), net of tax	(24.6)		138.0		303.1		25.5
Comprehensive income attributable to Ingersoll Rand Inc.	$	219.5	$	359.6	$	618.4	$	634.3
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests	$	1.7	$	1.8	$	5.1	$	5.6
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net	(2.4)		0.7		(2.0)		—
Total other comprehensive income (loss), net of tax	(2.4)		0.7		(2.0)		—
Comprehensive income (loss) attributable to noncontrolling interests	(0.7)		2.5		3.1		5.6
Total Comprehensive Income	$	218.8	$	362.1	$	621.5	$	639.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except share amounts)


	September 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	1,176.6	$	1,541.2
Accounts receivable, net of allowance for credit losses of $67.6 and $57.3, respectively	1,429.3		1,335.4
Inventories	1,257.1		1,055.0
Other current assets	300.3		231.9

Total current assets	4,163.3		4,163.5
Property, plant and equipment, net of accumulated depreciation of $670.0 and $567.5, respectively	906.6		842.1
Goodwill	8,414.7		8,148.1
Other intangible assets, net	4,319.6		4,372.8
Deferred tax assets	30.0		26.1
Other assets	356.0		457.2

Total assets	$	18,190.2	$	18,009.8
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term borrowings and current maturities of long-term debt	$	1.4	$	3.1
Accounts payable	831.6		843.6
Accrued liabilities	1,092.6		972.2

Total current liabilities	1,925.6		1,818.9
Long-term debt, less current maturities	4,786.7		4,754.4
Pensions and other postretirement benefits	139.9		139.3
Deferred income tax liabilities	686.7		757.6
Other liabilities	461.6		294.3

Total liabilities	$	8,000.5	$	7,764.5
Commitments and contingencies (Note 18)	—		—
Stockholders’ equity
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 431,674,280 and 430,745,964 shares issued as of September 30, 2025 and December 31, 2024, respectively	4.3		4.3
Capital in excess of par value	9,690.3		9,633.6
Retained earnings	2,794.8		2,503.5
Accumulated other comprehensive loss	(165.4)		(468.5)
Treasury stock at cost; 36,575,984 and 27,865,885 shares as of September 30, 2025 and December 31, 2024, respectively	(2,201.5)		(1,493.9)
Total Ingersoll Rand Inc. stockholders’ equity	$	10,122.5	$	10,179.0
Noncontrolling interests	67.2		66.3
Total stockholders’ equity	$	10,189.7	$	10,245.3
Total liabilities and stockholders’ equity	$	18,190.2	$	18,009.8

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited; in millions)


	Three Month Period Ended September 30, 2025
	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders’ Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	431.5	$	4.3	$	9,672.2	$	2,558.6	$	(140.8)	$	(2,007.0)	$	10,087.3	$	70.1	$	10,157.4
Net income	—	—		—		244.1		—		—		244.1		1.7		245.8
Dividends declared	—	—		—		(7.9)		—		—		(7.9)		—		(7.9)
Issuance of common stock for stock-based compensation plans	0.2	—		3.5		—		—		—		3.5		—		3.5
Purchases of treasury stock	—	—		—		—		—		(194.9)		(194.9)		—		(194.9)
Issuance of treasury stock for stock-based compensation plans	—	—		(0.3)		—		—		0.4		0.1		—		0.1
Stock-based compensation	—	—		14.9		—		—		—		14.9		—		14.9
Other comprehensive loss, net of tax	—	—		—		—		(24.6)		—		(24.6)		(2.4)		(27.0)

Dividends attributable to noncontrolling interests	—	—		—		—		—		—		—		(2.2)		(2.2)
Balance at end of period	431.7	$	4.3	$	9,690.3	$	2,794.8	$	(165.4)	$	(2,201.5)	$	10,122.5	$	67.2	$	10,189.7


	Three Month Period Ended September 30, 2024
	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders’ Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	430.4	$	4.3	$	9,595.3	$	2,068.3	$	(340.1)	$	(1,369.6)	$	9,958.2	$	66.0	$	10,024.2
Net income	—	—		—		221.6		—		—		221.6		1.8		223.4
Dividends declared	—	—		—		(8.1)		—		—		(8.1)		—		(8.1)
Issuance of common stock for stock-based compensation plans	0.2	—		5.1		—		—		—		5.1		—		5.1
Purchases of treasury stock	—	—		—		—		—		(62.7)		(62.7)		—		(62.7)
Issuance of treasury stock for stock-based compensation plans	—	—		(0.5)		—		—		1.0		0.5		—		0.5
Stock-based compensation	—	—		15.0		—		—		—		15.0		—		15.0
Other comprehensive income, net of tax	—	—		—		—		138.0		—		138.0		0.7		138.7

Dividends attributable to noncontrolling interests	—	—		—		—		—		—		—		(1.9)		(1.9)
Balance at end of period	430.6	$	4.3	$	9,614.9	$	2,281.8	$	(202.1)	$	(1,431.3)	$	10,267.6	$	66.6	$	10,334.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)

(Unaudited; in millions)


	Nine Month Period Ended September 30, 2025
	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders’ Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	430.7	$	4.3	$	9,633.6	$	2,503.5	$	(468.5)	$	(1,493.9)	$	10,179.0	$	66.3	$	10,245.3
Net income	—	—		—		315.3		—		—		315.3		5.1		320.4
Dividends declared	—	—		—		(24.0)		—		—		(24.0)		—		(24.0)
Issuance of common stock for stock-based compensation plans	1.0	—		12.4		—		—		—		12.4		—		12.4
Purchases of treasury stock	—	—		—		—		—		(709.5)		(709.5)		—		(709.5)
Issuance of treasury stock for stock-based compensation plans	—	—		(1.5)		—		—		1.9		0.4		—		0.4
Stock-based compensation	—	—		45.8		—		—		—		45.8		—		45.8
Other comprehensive income (loss), net of tax	—	—		—		—		303.1		—		303.1		(2.0)		301.1

Dividends attributable to noncontrolling interests	—	—		—		—		—		—		—		(2.2)		(2.2)
Balance at end of period	431.7	$	4.3	$	9,690.3	$	2,794.8	$	(165.4)	$	(2,201.5)	$	10,122.5	$	67.2	$	10,189.7


	Nine Month Period Ended September 30, 2024
	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total Ingersoll Rand Inc. Stockholders’ Equity		Noncontrolling Interests		Total Equity
	Shares Issued	Par
Balance at beginning of period	428.6	$	4.3	$	9,550.8	$	1,697.2	$	(227.6)	$	(1,240.9)	$	9,783.8	$	62.9	$	9,846.7
Net income	—	—		—		608.8		—		—		608.8		5.6		614.4
Dividends declared	—	—		—		(24.2)		—		—		(24.2)		—		(24.2)
Issuance of common stock for stock-based compensation plans	2.0	—		26.4		—		—		—		26.4		—		26.4
Purchases of treasury stock	—	—		—		—		—		(198.2)		(198.2)		—		(198.2)
Issuance of treasury stock for stock-based compensation plans	—	—		(5.9)		—		—		7.8		1.9		—		1.9
Stock-based compensation	—	—		43.6		—		—		—		43.6		—		43.6
Other comprehensive income, net of tax	—	—		—		—		25.5		—		25.5		—		25.5

Dividends attributable to noncontrolling interests	—	—		—		—		—		—		—		(1.9)		(1.9)
Balance at end of period	430.6	$	4.3	$	9,614.9	$	2,281.8	$	(202.1)	$	(1,431.3)	$	10,267.6	$	66.6	$	10,334.2

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INGERSOLL RAND INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)


	For the Nine Month Period Ended September 30,
	2025		2024
Cash Flows From Operating Activities:
Net income	$	320.4	$	614.4


Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	277.8		277.8
Depreciation	87.2		80.6
Impairment of goodwill and other intangible assets	265.8		—
Non-cash restructuring charges	—		1.6
Stock-based compensation expense	45.8		43.6
Loss on equity method investments	127.1		19.0
Foreign currency transaction losses, net	15.6		9.2
Non-cash adjustments to carrying value of LIFO inventories	15.5		7.2
Loss on extinguishment of debt	—		3.0
Loss on sale of asbestos-related assets and liabilities	—		33.7
Other non-cash adjustments	7.2		5.2
Changes in assets and liabilities:
Receivables	23.3		(17.9)
Inventories	(109.6)		(40.1)
Accounts payable	(69.2)		(95.6)
Accrued liabilities	3.3		5.0
Other assets and liabilities, net	(153.5)		(76.2)
Net cash provided by operating activities	856.7		870.5
Cash Flows Used In Investing Activities:
Capital expenditures	(98.1)		(113.8)
Net cash paid in acquisitions	(459.8)		(2,759.1)
Disposals of property, plant and equipment	—		6.1
Other investing	—		(6.0)
Net cash used in investing activities	(557.9)		(2,872.8)
Cash Flows From (Used In) Financing Activities:
Principal payments on long-term debt	—		(1,241.8)
Proceeds from long-term debt	—		3,296.9
Purchases of treasury stock	(703.3)		(198.2)
Cash dividends on common shares	(24.0)		(24.2)
Proceeds from stock option exercises	12.8		28.3
Payments to settle cross-currency swaps	—		(19.9)
Payments of deferred and contingent acquisition consideration	(6.2)		(22.6)
Payments of debt issuance costs	—		(32.3)

Other financing	(5.9)		(3.5)
Net cash provided by (used in) financing activities	(726.6)		1,782.7





Effect of exchange rate changes on cash and cash equivalents	63.2		1.0
Net decrease in cash and cash equivalents	(364.6)		(218.6)
Cash and cash equivalents, beginning of period	1,541.2		1,595.5
Cash and cash equivalents, end of period	$	1,176.6	$	1,376.9
Supplemental Cash Flow Information
Cash paid for income taxes, net of refunds	$	184.8	$	206.3
Cash paid for interest, net of interest rate derivative settlements	158.5		98.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

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INGERSOLL RAND INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; in millions, except per share amounts)

Note 1. Basis of Presentation and Recent Accounting Pronouncements

Basis of Presentation

Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products, and industrial and life science solutions. The accompanying condensed consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as “Ingersoll Rand,” “Company,” “we,” “us,” “our,” or “ourselves”).

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. In the Company’s opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Annual Report”).

The results of operations for the three and nine month periods ended September 30, 2025 are not necessarily indicative of future results.

Recently Adopted Accounting Standard Updates (“ASU”)

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update were applied retrospectively to all prior periods presented in the financial statements. The segment expense categories and amounts disclosed in the prior periods were based on the significant segment expense categories identified and disclosed in Note 19 “Segment Reporting.” The adoption has modified our disclosures but has not had a material effect on our consolidated financial statements.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The adoption will modify our disclosures but is not expected to have a material effect on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of additional disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, amortization, and depletion. The amendment is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The amendment should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The amendment is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The amendments in this update should be applied on a prospective basis. Management is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures.

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In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends guidance related to the accounting for internal-use software development costs. The amendment is intended to modernize the recognition and capitalization framework to reflect current software development practices. The amendment is effective for fiscal years beginning after December 15, 2027. The amendment can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. Early adoption is permitted. Management is currently evaluating this ASU to determine its impact on the Company’s consolidated financial statements and related disclosures.

Note 2. Acquisitions

Acquisitions in 2025

On February 3, 2025, the Company completed the acquisition of SSI Aeration, Inc. (“SSI”) for cash consideration of $96.9 million. The business is a manufacturer of wastewater treatment plant equipment. The acquisition will enable Ingersoll Rand to combine several technologies like low pressure compressors with SSI’s aeration offerings to provide a comprehensive, end-to-end solution. SSI has been reported within the Industrial Technologies and Services segment.

On February 3, 2025, the Company completed the acquisition of Excelsior Blower Systems, Inc. (“Excelsior”) for cash consideration of $17.5 million. The business is a manufacturer of blower packages. Excelsior has been reported within the Industrial Technologies and Services segment.

On February 3, 2025, the Company completed the acquisition of Cullum & Brown of Kansas City, Inc. (“Cullum & Brown”) for initial cash consideration of $50.7 million and contingent consideration of up to $10.0 million. The business is a provider of compressors, blowers, pumps and associated parts and services. Cullum & Brown has been reported within the Industrial Technologies and Services segment.

On April 1, 2025, the Company completed the acquisition of G & D Chillers, Inc. (“G & D”) for cash consideration of $20.9 million. The business is a manufacturer of glycol chillers. G & D has been reported within the Industrial Technologies and Services segment.

On June 3, 2025, the Company completed the acquisition of Lead Fluid (Baoding) Intelligent Equipment Manufacturing Co., Ltd. (“Lead Fluid”) for cash consideration of $18.1 million and contingent consideration of up to approximately $4.2 million. The business designs and manufactures fluid-handling products, including peristaltic pumps, syringe pumps, gear pumps, and pump heads, used for life science applications. Lead Fluid has been reported within the Precision and Science Technologies segment.

On July 1, 2025, the Company completed the acquisition of Termomeccanica Industrial Compressors S.p.A. (“TMIC”) and its subsidiary Adicomp S.p.A. (“Adicomp”) (collectively “TMIC/Adicomp”) for cash consideration of $193.7 million. TMIC is an international leader in the design and production of air and gas compressors and its subsidiary Adicomp provides engineered-to-order solutions in the renewable natural gas industry. TMIC/Adicomp has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. Substantially all of this goodwill is not expected to be deductible for tax purposes.

On August 4, 2025, the Company completed the acquisition of Dave Barry Plastics for cash consideration of $27.5 million and contingent consideration of up to approximately $8.2 million. Dave Barry Plastics designs and manufactures plastic product solutions for life science and healthcare technology industries. Dave Barry Plastics has been reported within the Precision and Science Technologies segment.

Other acquisitions completed during the nine months ended September 30, 2025 include six sales and service businesses, which have been reported within the Industrial Technologies and Services segment. The aggregate consideration for these acquisitions was $52.9 million.

The following table summarizes the allocation of consideration for all businesses acquired in 2025 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for these acquisitions is preliminary, and

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amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained.


	TMIC/Adicomp		All Others		Total
Accounts receivable	$	21.4	$	26.7	$	48.1
Inventories	30.5		28.9		59.4
Other current assets	4.7		1.8		6.5
Property, plant and equipment	26.8		10.4		37.2
Goodwill	103.4		196.0		299.4
Other intangible assets	82.2		72.9		155.1
Other assets	0.1		7.2		7.3
Total current liabilities	(51.3)		(29.9)		(81.2)
Deferred tax liabilities	(21.2)		(6.1)		(27.3)
Other noncurrent liabilities	(2.9)		(5.5)		(8.4)
Total consideration	$	193.7	$	302.4	$	496.1

The aggregate revenue and operating income included in the condensed consolidated financial statements for these acquisitions subsequent to the dates of acquisition was $65.9 million and $9.1 million for the three month period ended September 30, 2025, respectively, and $101.6 million and $12.6 million for the nine month period then ended, respectively. The operating income of these acquired businesses includes the effects of acquisition-related accounting adjustments such as amortization of intangible assets and fair value adjustments to acquired inventory.

Acquisitions in 2024

On February 1, 2024, the Company completed the acquisition of Friulair S.r.l. (“Friulair”) for initial cash consideration of $143.3 million and contingent consideration of up to approximately $11.0 million. The business is a manufacturer of dryers, filters, aftercoolers, and accessories for the treatment of compressed air and its chiller product line. The acquisition is intended to increase the scale of the Company’s air dryer business and will add new chiller production capabilities. Friulair has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. Substantially all of this goodwill is not expected to be deductible for tax purposes.

On April 1, 2024, the Company completed the acquisition of Controlled Fluidics, LLC (“Controlled Fluidics”) for initial cash consideration of $49.9 million and contingent consideration of up to $2.0 million. The business specializes in thermoplastic, high-performance plastic bonding and custom plastic assembly products for life science, medical, aerospace, and industrial applications. The acquisition will complement Ingersoll Rand’s current life science offerings and increase the Company’s market share in high-growth, sustainable end markets. Controlled Fluidics has been reported within the Precision and Science Technologies segment.

On April 2, 2024, the Company completed the acquisition of Ethafilter s.r.l. (“Ethafilter”) for cash consideration of $15.5 million. The business primarily produces filters and filter elements that can be used with all major brands in the compressed air sector. The acquisition will expand Ingersoll Rand’s product portfolio, extend its reach in highly attractive end markets with the addition of sterile filter technology, and drive ongoing growth from aftermarket services and offerings. Ethafilter has been reported within the Industrial Technologies and Services segment.

On May 1, 2024, the Company completed the acquisition of Air Systems, LLC (“Air Systems”) for cash consideration of $34.9 million. The business is a provider of compressed air services. Air Systems has been reported within the Industrial Technologies and Services segment.

On May 31, 2024, the Company completed the acquisition of Complete Air and Power Solutions (“CAPS”) for cash consideration of $99.3 million. The business is a provider of compressed air and power generation services. The acquisition is expected to expand the Company’s channel within Australia. CAPS has been reported within the Industrial Technologies and Services segment.

On May 31, 2024, the Company completed the acquisition of Fruvac Ltd. (“Fruitland Manufacturing”) for cash consideration of $28.0 million. The business is a manufacturer of mobile and truck mounted vacuum pumps, systems, and peripheral parts. The

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acquisition is expected to expand the Company’s capabilities to include low flow applications in the mobile vacuum market. Fruitland Manufacturing has been reported within the Industrial Technologies and Services segment.

On June 1, 2024, the Company completed the acquisition of Del PD Pumps & Gear Pvt Ltd. (“Del Pumps”) for cash consideration of $25.2 million. The business is a manufacturer of rotary, twin, and triple gear pumps for the loading, unloading, transfer, and pressurization of liquids. The acquisition will complement the Company’s portfolio of mission critical, high margin pumping solutions across life science, food and beverage, medical, natural gas, and wastewater treatment industries. Del Pumps has been reported within the Precision and Science Technologies segment.

On June 3, 2024, the Company completed the acquisition of Astronaut Topco, LP and Astronaut Topco GP, LLC (collectively “ILC Dover”) for initial cash consideration of $2,349.7 million and contingent consideration of up to $75.0 million. ILC Dover’s offerings include solutions for biopharmaceutical, pharmaceutical, and medical device markets as well as products for the space industry and has been reported in the Precision and Science Technologies segment. The amount allocated to definite-lived intangible assets represents the estimated fair values of customer relationships of $620.5 million and technology of $142.0 million and will be amortized over the estimated remaining useful lives of 14 years and 8 years, respectively. The amount allocated to indefinite-lived intangible assets represents the estimated fair values of tradenames of $207.5 million and goodwill of $1,300.0 million. The goodwill arising from the acquisition is primarily attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. The majority of this goodwill is not expected to be deductible for tax purposes.

On October 1, 2024, the Company completed the acquisition of Air Power Systems Co LLC (“APSCO”) for cash consideration of $113.2 million. The business is a provider of hydraulic and pneumatic products and engineered solutions serving diverse specialty work truck vehicles. APSCO’s offerings include hydraulic coolers, systems, and components in addition to pneumatic consoles, cylinders, valves, and switches. The acquisition will expand Ingersoll Rand’s position in the dry and liquid bulk markets with energy efficient, innovative solutions. APSCO has been reported within the Industrial Technologies and Services segment. The majority of this goodwill is expected to be deductible for tax purposes.

On October 1, 2024, the Company completed the acquisition of Blutek S.r.l. (“Blutek”) for cash consideration of $10.5 million. The business specializes in the design and production of highly engineered solutions for compressed air and nitrogen generation in mission-critical environments. The acquisition will increase Ingersoll Rand’s ability to compete in high specification projects, adding technology capabilities, expertise, and aftermarket potential in high-growth end markets including biogas and carbon capture. Blutek has been reported within the Industrial Technologies and Services segment.

On October 1, 2024, the Company completed the acquisition of UT Pumps & Systems Private Ltd. (“UT Pumps”) for cash consideration of $11.7 million. The business is a manufacturer of screw pumps and triplex plunger pumps. The acquisition adds new pump technology to Ingersoll Rand’s portfolio. Its high-pressure pumps are mainly focused on attractive end markets including water, wastewater, food and beverage, pharmaceuticals, general industrial, and chemicals. UT Pumps has been reported within the Precision and Science Technologies segment.

On October 31, 2024, the Company completed the acquisition of Penn Valley Pump Co., LLC (“Penn Valley Pumps”) for cash consideration of $33.4 million. The business is a manufacturer of positive displacement pumps with its Double Disc Pump technology for use in the municipal, industrial, chemical, and food industries. Penn Valley Pumps has been reported within the Precision and Science Technologies segment.

Other acquisitions completed during the year ended December 31, 2024 include several sales and service businesses and a manufacturer of vacuum pumps and accessories, substantially all of which have been reported within the Industrial Technologies and Services segment. The aggregate consideration for these acquisitions was $55.7 million.

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The following table summarizes the allocation of consideration for all businesses acquired in 2024 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for all acquisitions completed in 2024 is substantially complete and any further measurement period adjustments are not expected to be material.


	ILC Dover		Friulair		APSCO		All Others		Total
Accounts receivable	$	41.2	$	14.2	$	6.4	$	37.5	$	99.3
Inventories	78.1		13.2		7.5		45.1		143.9
Other current assets	37.5		0.5		0.5		4.6		43.1
Property, plant and equipment	89.2		7.2		2.3		18.5		117.2
Goodwill	1,300.0		69.2		51.6		251.2		1,672.0
Other intangible assets	972.6		84.5		48.1		80.5		1,185.7
Other assets	15.8		—		3.5		5.9		25.2
Total current liabilities	(32.4)		(11.6)		(3.7)		(55.8)		(103.5)
Deferred tax liabilities	(131.2)		(24.6)		—		(17.3)		(173.1)
Other noncurrent liabilities	(21.1)		(2.8)		(3.0)		(5.8)		(32.7)
Total consideration	$	2,349.7	$	149.8	$	113.2	$	364.4	$	2,977.1

The revenues included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $159.3 million and $131.3 million for the three month periods ended September 30, 2025 and 2024, respectively, and $451.8 million and $207.1 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 $20.6 million and $0.1 million for the three month periods ended September 30, 2025 and 2024, respectively, and $40.9 million and $6.7 million for the nine month periods then ended, respectively. The operating income of these acquired businesses includes the effects of acquisition-related accounting adjustments such as amortization of intangible assets and fair value adjustments to acquired inventory and excludes the non-cash impairment charges discussed in Note 6 “Goodwill and Other Intangible Assets.”

Note 3. Restructuring

2025 and 2024 Actions

The Company continues to undertake restructuring actions to optimize our cost structure. Charges incurred from actions taken in 2025 and 2024 include workforce restructuring, facility consolidation and other exit and disposal costs.

For the three and nine month periods ended September 30, 2025 and 2024, “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,
	2025		2024		2025		2024
Industrial Technologies and Services	$	13.9	$	6.2	$	19.7	$	14.4
Precision and Science Technologies	5.7		3.2		8.0		8.2
Corporate	0.2		0.2		0.6		0.6
Restructuring charges, net	$	19.8	$	9.6	$	28.3	$	23.2

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The following table summarizes the activity associated with the Company’s restructuring programs for the three and nine month periods ended September 30, 2025 and 2024.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Balance at beginning of period	$	16.0	$	15.6	$	22.3	$	15.5
Charged to expense - termination benefits	19.0		6.9		26.4		19.6
Charged to expense - other (1)	0.8		1.1		1.9		2.0
Payments	(12.4)		(3.9)		(28.9)		(17.1)
Currency translation adjustment and other	—		0.7		1.7		0.4
Balance at end of period	$	23.4	$	20.4	$	23.4	$	20.4

(1)Excludes $1.6 million of non-cash charges that impacted restructuring expense but not the restructuring liabilities during the three and nine month periods ended September 30, 2024.

Note 4. Allowance for Credit Losses

The allowance for credit losses for the three and nine month periods ended September 30, 2025 and 2024 consisted of the following.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Balance at beginning of the period	$	66.2	$	56.9	$	57.3	$	53.8

Provision charged to expense	2.8		0.8		9.9		5.1
Write-offs, net of recoveries	(1.4)		(1.5)		(2.8)		(2.4)
Foreign currency translation and other	—		1.7		3.2		1.4
Balance at end of the period	$	67.6	$	57.9	$	67.6	$	57.9

Note 5. Inventories

Inventories as of September 30, 2025 and December 31, 2024 consisted of the following.


	September 30, 2025		December 31, 2024
Raw materials, including parts and subassemblies	$	765.8	$	675.1
Work-in-process	150.6		116.3
Finished goods	435.4		342.8
	1,351.8		1,134.2
LIFO reserve	(94.7)		(79.2)
Inventories	$	1,257.1	$	1,055.0

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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, 2025 is presented in the table below.


	Industrial Technologies and Services		Precision and Science Technologies		Total
Balance at beginning of period	$	4,930.7	$	3,217.4	$	8,148.1
Acquisitions	248.9		50.5		299.4
Impairments	—		(229.7)		(229.7)
Foreign currency translation and other(1)	134.4		62.5		196.9
Balance at end of period	$	5,314.0	$	3,100.7	$	8,414.7

(1)Includes measurement period adjustments

Accumulated impairment losses within the Industrial Technologies and Services segment was $220.6 million as of both September 30, 2025 and December 31, 2024. Accumulated impairment losses within the Precision and Science Technologies segment was $229.7 million and $0.0 million as of September 30, 2025 and December 31, 2024, respectively.

Other Intangible Assets, Net

Other intangible assets as of September 30, 2025 and December 31, 2024 consisted of the following.


	September 30, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Customer lists and relationships	$	4,258.2	$	(2,111.3)	$	2,146.9	$	4,010.1	$	(1,830.1)	$	2,180.0
Technology	568.3		(302.6)		265.7		549.1		(243.3)		305.8
Tradenames	80.0		(38.6)		41.4		63.6		(32.4)		31.2
Backlog	—		—		—		4.3		(4.2)		0.1
Other	160.1		(123.0)		37.1		128.5		(112.1)		16.4
Unamortized intangible assets
Tradenames	1,828.5		—		1,828.5		1,839.3		—		1,839.3
Total other intangible assets	$	6,895.1	$	(2,575.5)	$	4,319.6	$	6,594.9	$	(2,222.1)	$	4,372.8

Intangible Asset Impairment Considerations

During the second quarter of 2025, certain organizational changes occurred that impacted the composition of all reporting units within our Precision and Science Technologies segment. As a result of these changes, the Company performed an interim goodwill impairment test for all affected reporting units, utilizing a combination of an income and market approach weighted 75% and 25%, respectively, to determine the fair value.

In the second quarter of 2025, the Company recognized non-cash impairments of $170.3 million and $59.4 million to reduce the carrying value of goodwill of our Biopharma and Aerospace & Defense reporting units, respectively. Both the Biopharma and Aerospace & Defense reporting units were comprised entirely of businesses acquired in the recent ILC Dover acquisition.

The impairment of the Biopharma reporting unit was primarily attributable to an increase in the discount rate and contraction in market multiples. The impairment of the Aerospace & Defense reporting unit was primarily attributable to a reduction in the long-term forecast associated with a reduction in business with a significant customer of the reporting unit.

After considering the effect of the impairments, the Biopharma and Aerospace & Defense reporting units had goodwill of $816.6 million and $15.9 million, respectively.

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Due to the reduction in the forecast for Aerospace & Defense and the increase in discount rates, the Company also quantitatively tested the relevant indefinite lived tradename for impairment which resulted in a non-cash charge of $36.1 million in the second quarter of 2025, also within the Precision and Science Technologies segment.

As of September 30, 2025 and December 31, 2024, there were no other indications that the carrying value of any other reporting unit's goodwill or other intangible assets may not be recoverable. However, a prolonged adverse impact of geopolitical events on the Company’s consolidated financial results may require an impairment charge related to one or more of these intangible assets in a future period.

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, 2025 and December 31, 2024 were $29.8 million and $24.5 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, 2025 and December 31, 2024 consisted of the following.


	September 30, 2025		December 31, 2024
Salaries, wages and related fringe benefits	$	233.4	$	229.5
Contract liabilities	341.9		318.6
Product warranty	60.1		67.9
Operating lease liabilities	64.2		56.3
Restructuring	23.4		22.3
Taxes	130.4		72.5
Accrued interest	61.5		33.2
Other	177.7		171.9
Total accrued liabilities	$	1,092.6	$	972.2

A reconciliation of the changes in the accrued product warranty liability for the three and nine month periods ended September 30, 2025 and 2024 are as follows.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Balance at beginning of period	$	61.0	$	72.3	$	67.9	$	61.9
Product warranty accruals	3.1		5.5		9.1		31.8
Acquired warranty	4.6		—		4.6		0.7
Settlements	(8.4)		(7.7)		(23.9)		(23.5)
Foreign currency translation and other	(0.2)		1.2		2.4		0.4
Balance at end of period	$	60.1	$	71.3	$	60.1	$	71.3

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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, 2025 and 2024.


	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Three Month Period Ended September 30,
	2025		2024		2025		2024		2025		2024
Service cost	$	—	$	—	$	0.8	$	0.7	$	—	$	—
Interest cost	3.5		3.5		3.0		2.7		0.1		0.2
Expected return on plan assets	(2.8)		(3.3)		(2.4)		(2.8)		—		—
Recognition of:
Unrecognized prior service cost	—		—		—		0.1		(2.7)		—
Unrecognized net actuarial loss (gain)	—		0.1		(0.3)		(0.4)		(0.2)		(0.2)


	$	0.7	$	0.3	$	1.1	$	0.3	$	(2.8)	$	—


	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans
	For the Nine Month Period Ended September 30,
	2025		2024		2025		2024		2025		2024
Service cost	$	—	$	0.1	$	2.3	$	2.1	$	—	$	—
Interest cost	10.4		10.5		8.7		8.0		0.2		0.6
Expected return on plan assets	(8.3)		(9.9)		(7.0)		(8.3)		—		—
Recognition of:
Unrecognized prior service cost	—		—		0.1		0.1		(8.2)		—
Unrecognized net actuarial loss (gain)	—		0.1		(0.8)		(1.0)		(0.5)		(0.6)


	$	2.1	$	0.8	$	3.3	$	0.9	$	(8.5)	$	—

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.

Note 10. Debt

Debt as of September 30, 2025 and December 31, 2024 is summarized as follows.


	September 30, 2025		December 31, 2024
Short-term borrowings	$	—	$	1.7
Long-term debt:




5.197% Senior Notes, due June 2027(1)	700.0		699.9
5.400% Senior Notes, due August 2028(1)	498.9		498.6
5.176% Senior Notes, due June 2029(1)	750.0		750.0
5.314% Senior Notes, due June 2031(1)	500.0		500.0
5.700% Senior Notes, due August 2033(1)	993.9		993.4
5.450% Senior Notes, due June 2034(1)	749.6		749.5
5.700% Senior Notes, due June 2054(1)	597.7		597.6
Finance leases and other long-term debt	14.5		14.1
Swap valuation adjustments	24.3		(0.3)
Unamortized debt issuance costs	(40.8)		(47.0)
Total long-term debt, net, including current maturities	4,788.1		4,755.8
Current maturities of long-term debt	1.4		1.4
Total long-term debt, net	$	4,786.7	$	4,754.4

(1)This amount is net of unamortized discounts. Total unamortized discounts aggregated to $10.0 million and $11.0 million as of September 30, 2025 and December 31, 2024, respectively.

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.

On August 14, 2023, the Company completed its issuance of $1,500.0 million in aggregate principal amount of senior unsecured notes comprised of $500.0 million aggregate principal amount of 5.400% Senior Notes due August 2028 (the “2028 Senior Notes”) and $1,000.0 million aggregate principal amount of 5.700% Senior Notes due August 2033 (the “2033 Senior Notes” and, together with the 2028 Senior Notes, the “Existing Notes”). The Company used the proceeds of the offering of the Existing Notes to repay a portion of the amounts outstanding under its former senior secured credit facilities. The Existing Notes were issued pursuant to the Base Indenture, as supplemented by a 2028 Supplemental Indenture No. 1 with respect to the 2028 Senior Notes and a 2033 Senior Notes Supplemental Indenture No. 1 with respect to the 2033 Senior Notes, each dated as of August 14, 2023, between the Company and the Trustee (collectively, the “Existing Indenture”). The interest payment dates for the Senior Notes are February 14 and August 14 of each year, with interest payable in arrears.

Prior to (i) May 15, 2027, in the case of the 2027 Notes, (ii) July 14, 2028, in the case of the 2028 Senior Notes, (iii) May 15, 2029, in the case of the 2029 Notes, (iv) April 15, 2031, in the case of the 2031 Notes, (v) May 14, 2033, in the case of the 2033 Senior Notes, (vi) March 15, 2034, in the case of the 2034 Notes, and (vii) December 15, 2053, in the case of the 2054 Notes, the Company may redeem the Senior 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) May 15, 2027, in the case of the 2027 Notes, (ii) July 14, 2028, in the case of the 2028 Senior Notes, (iii) May 15, 2029, in the case of the 2029 Notes, (iv) April 15, 2031, in the case of the 2031 Notes, (v) May 14, 2033, in the case of the 2033 Senior Notes, (vi) March 15, 2034, in the case of the 2034 Notes, and (vii) December 15, 2053, in the case of the 2054 Notes, the Company may redeem the Senior 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 Senior 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 Senior Notes at 101% of the aggregate principal amount of the Senior 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.

The Senior 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.

The Existing Indenture and New Indenture contain covenants that limit the Company’s (and its subsidiaries’) ability to, among other things: (i) create liens on certain assets; (ii) consolidate, merge, sell or otherwise dispose of all or substantially all of its consolidated assets; and (iii) enter into sale and leaseback transactions with respect to certain assets, as well as customary events of default and covenants for an issuer of investment grade debt securities.

Revolving Credit Facility

On May 10, 2024, the Company entered into a credit agreement (the “Revolving Credit Facility”), with the lenders party thereto and Citibank, N.A., as administrative agent. The 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 Revolving Credit Facility will mature on May 10, 2029, subject to up to two additional one-year extensions pursuant to the terms of the Revolving Credit Facility.

Borrowings under the 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 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 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 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, 2025, the aggregate amount of commitments under the Revolving Credit Facility was $2,600.0 million and the capacity under the Revolving Credit Facility to issue letters of credit was $200.0 million. As of September 30, 2025, the Company had no outstanding borrowings under the Revolving Credit Facility, no outstanding letters of credit under the Revolving Credit Facility and unused availability under the Revolving Credit Facility of $2,600.0 million.

As of September 30, 2025, we were in compliance with all covenants under our Senior Notes and 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, 2025.

Fair Value of Debt

The fair value of the Company’s debt instruments was $5.0 billion and $4.9 billion at September 30, 2025 and December 31, 2024, respectively. 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 (the “2013 Plan”) and the Ingersoll Rand Inc. Amended and Restated 2017 Omnibus Incentive Plan (as amended by the First Amendment, dated April 27, 2021, the “2017 Plan”) as described in Note 18, “Stock-Based Compensation Plans” to the consolidated financial statements in its 2024 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 stock 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, 2025 and 2024, the Company recognized stock-based compensation expense of $14.9 million and $15.0 million, respectively, and $45.8 million and $43.6 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, 2025, there was $119.0 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 200,000 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 200,000 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.

A summary of the Company’s stock option activity for the nine month period ended September 30, 2025 is presented in the following table (underlying shares in thousands).


	Shares	Weighted-Average Exercise Price (per share)
Stock options outstanding as of December 31, 2024	4,185	$	43.33

Granted	683	83.29
Exercised or settled	(381)	33.58
Forfeited	(68)	76.23
Expired	(10)	85.15
Stock options outstanding as of September 30, 2025	4,409	49.76

Vested as of September 30, 2025	2,823	34.40

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The following assumptions were used to estimate the fair value of options granted during the nine month periods ended September 30, 2025 and 2024 using the Black-Scholes option-pricing model.


	For the Nine Month Period Ended September 30,
Assumptions	2025		2024
Expected life of options (in years)	6.3 - 7.5		6.3 - 7.5
Risk-free interest rate	3.9% - 4.2%		3.7% - 4.3%
Assumed volatility	34.1% - 34.3%		35.1% - 35.2%
Expected dividend rate	0.1	%	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, 2025 is presented in the following table (underlying shares in thousands).


	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2024	834	$	73.00

Granted	452	82.85
Vested	(326)	63.53
Forfeited	(74)	81.92
Non-vested as of September 30, 2025	886	80.76

Performance Stock 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 were 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 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, 2025 is presented in the following table (underlying shares in thousands).


	Shares	Weighted-Average Grant-Date Fair Value
Non-vested as of December 31, 2024	1,339	$	54.28
Granted	152	69.69
Change in units based on performance	127	63.39
Vested	(255)	63.39

Non-vested as of September 30, 2025	1,356	54.96

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The following assumptions were used to estimate the fair value of performance stock units granted during the nine month periods ended September 30, 2025 and 2024 using the Monte Carlo simulation pricing model.


	For the Nine Month Period Ended September 30,
Assumptions	2025		2024
Expected term (in years)	2.4 - 2.8		2.8
Risk-free interest rate	3.6% - 4.0%		4.5%
Assumed volatility	28.2% - 28.6%		28.9%
Expected dividend rate	0.1	%	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,
	2025						2024
	Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	(23.7)	$	1.0	$	(22.7)	$	134.0	$	8.4	$	142.4
Unrecognized gains (losses) on cash flow hedges	—		0.1		0.1		(3.6)		—		(3.6)
Pension and other postretirement benefit prior service cost and gain or loss, net	(2.7)		0.7		(2.0)		(1.1)		0.3		(0.8)
Other comprehensive income (loss)	$	(26.4)	$	1.8	$	(24.6)	$	129.3	$	8.7	$	138.0


	For the Nine Month Period Ended September 30,
	2025						2024
	Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net of Tax Amount
Foreign currency translation adjustments, net	$	278.5	$	38.2	$	316.7	$	40.1	$	(5.2)	$	34.9
Unrecognized gains (losses) on cash flow hedges	(5.9)		—		(5.9)		(10.8)		5.0		(5.8)
Pension and other postretirement benefit prior service cost and gain or loss, net	(10.3)		2.6		(7.7)		(4.8)		1.2		(3.6)
Other comprehensive income (loss)	$	262.3	$	40.8	$	303.1	$	24.5	$	1.0	$	25.5

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 $(2.4) million and $0.7 million for the three month periods ended September 30, 2025 and 2024, respectively, and $(2.0) million and $0.0 million for the nine month periods ended September 30, 2025 and 2024, respectively, and related entirely to foreign currency translation adjustments.

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Changes in accumulated other comprehensive loss by component for the nine month periods ended September 30, 2025 and 2024 are presented in the following table, net of tax.


	Foreign Currency Translation Adjustments, Net		Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2024	$	(479.6)	$	3.1	$	8.0	$	(468.5)
Other comprehensive income (loss) before reclassifications	326.9		(1.5)		(0.7)		324.7
Amounts reclassified from accumulated other comprehensive loss	(10.2)		(4.4)		(7.0)		(21.6)
Other comprehensive income (loss)	316.7		(5.9)		(7.7)		303.1

Balance as of September 30, 2025	$	(162.9)	$	(2.8)	$	0.3	$	(165.4)


	Foreign Currency Translation Adjustments, Net		Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Total
Balance as of December 31, 2023	$	(248.0)	$	12.2	$	8.2	$	(227.6)
Other comprehensive income (loss) before reclassifications	44.2		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)

Reclassifications out of accumulated other comprehensive loss for the nine month periods ended September 30, 2025 and 2024 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
	2025		2024
Cash flow hedges (interest rate swaps and caps)	$	(5.9)	$	(12.4)	Interest expense
Provision for income taxes	1.5		3.1		Provision for income taxes
Cash flow hedges (interest rate swaps and caps), net of tax	$	(4.4)	$	(9.3)

Net investment hedges	$	(13.6)	$	(12.4)	Interest expense
Provision for income taxes	3.4		3.1		Provision for income taxes
Net investment hedges, net of tax	$	(10.2)	$	(9.3)

Amortization of defined benefit pension and other postretirement benefit items(1)	$	(9.4)	$	(1.4)	Cost of sales and Selling and administrative expenses
Provision for income taxes	2.4		0.4		Provision for income taxes
Amortization of defined benefit pension and other postretirement benefit items, net of tax	$	(7.0)	$	(1.0)

Total reclassifications for the period, net of tax	$	(21.6)	$	(19.6)

(1)These components are included in the computation of net periodic benefit cost. See Note 9 “Benefit Plans” for additional details.

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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.

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, 2025 and December 31, 2024.


September 30, 2025
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 contracts	Fair Value	$	1,000.0	$	1.5	$	22.7	$	—	$	—

Cross-currency interest rate swap contracts	Net investment	1,332.7		14.7		—		—		139.9
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair value	$	137.8	$	0.6	$	—	$	—	$	—
Foreign currency forwards	Fair value	59.0		—		—		0.6		—

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December 31, 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 contracts	Fair Value	$	750.0	$	—	$	1.4	$	0.9	$	0.9

Cross-currency interest rate swap contracts	Net investment	1,074.3		11.5		15.8		—		—
Derivatives Not Designated as Hedging Instruments
Foreign currency forwards	Fair Value	$	124.3	$	1.8	$	—	$	—	$	—
Foreign currency forwards	Fair Value	69.0		—		—		1.2		—

(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, 2025 or December 31, 2024.

Interest Rate Swap Contracts Designated as Fair Value Hedges

As of September 30, 2025, 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, 2025, 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, 2025, 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 May 2033. These swap agreements qualify as hedging instruments and have been designated as fair value hedges of $250.0 million of the 2033 Notes, and were considered to be perfectly effective under the shortcut method.

As of September 30, 2025, 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, 2025		December 31, 2024
Long-term debt:
Carrying amount of hedged debt	$	1,024.3	$	749.7
Cumulative hedging adjustments, included in carrying amount	24.3		(0.3)

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

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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, 2025 was $4.0 million, of which $0.3 million is expected to be reclassified into earnings as an increase 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, 2025 and 2024 are as presented in the table below.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Gain recognized in OCI on derivatives	$	—	$	—	$	—	$	1.6
Gain (loss) reclassified from AOCI into income (effective portion)(1)	(0.1)		3.6		5.9		12.4

(1)Gains (losses) 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

In February 2025, the Company entered into a cross-currency interest rate swap contract that replace a fixed rate of 5.2% on a total of $129.2 million with a fixed rate of 3.1% on a total of €125.0 million. These contracts expire in February 2028 and have been designated as net investment hedges of our Euro denominated subsidiaries and require an exchange of the notional amounts at maturity.

In February 2025, the Company entered into a cross-currency interest rate swap contract that replace a fixed rate of 5.3% on a total of $129.2 million with a fixed rate of 3.4% on a total of €125.0 million. These contracts expire in February 2030 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, 2025, 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, 2025, 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, 2025, 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.

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 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 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.

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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, 2025 and 2024 are as presented in the table below.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Gain (loss) recognized in OCI on derivatives	$	16.5	$	(33.2)	$	(138.9)	$	10.5
Gain reclassified from AOCI into income (effective portion)(1)	4.7		3.9		13.6		12.4

(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 eleven foreign currency forward contracts outstanding as of September 30, 2025 with notional amounts ranging from $2.9 million to $72.9 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, 2025 and 2024 were as follows.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Foreign currency forward contracts gains (losses)	$	(1.1)	$	(1.5)	$	5.7	$	(3.5)
Total foreign currency transaction losses, net	(2.8)		(9.9)		(15.6)		(9.2)

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 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.

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The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024.


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	23.6	$	—	$	—	$	23.6
Interest rate swaps(2)	—		24.2		—		24.2

Cross-currency interest rate swaps(3)	—		14.7		—		14.7
Foreign currency forwards(4)	—		0.6		—		0.6
Total	$	23.6	$	39.5	$	—	$	63.1
Financial Liabilities
Deferred compensation plans(1)	$	29.8	$	—	$	—	$	29.8

Cross-currency interest rate swaps(3)	—		139.9		—		139.9
Foreign currency forwards(4)	—		0.6		—		0.6
Contingent consideration(5)	—		—		33.9		33.9
Total	$	29.8	$	140.5	$	33.9	$	204.2


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets
Trading securities held in deferred compensation plan(1)	$	21.0	$	—	$	—	$	21.0
Interest rate swaps(2)	—		1.4		—		1.4

Cross-currency interest rate swaps(3)	—		27.3		—		27.3
Foreign currency forwards(4)	—		1.8		—		1.8
Total	$	21.0	$	30.5	$	—	$	51.5
Financial Liabilities
Deferred compensation plan(1)	$	28.7	$	—	$	—	$	28.7
Interest rate swaps(2)	—		1.8		—		1.8

Foreign currency forwards(4)	—		1.2		—		1.2
Contingent consideration(5)	—		—		22.2		22.2
Total	$	28.7	$	3.0	$	22.2	$	53.9

(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.

(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

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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, 2025 and 2024.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Balance at beginning of the period	$	39.8	$	98.7	$	22.2	$	42.2
Acquisitions	4.1		(50.0)		19.9		6.7
Changes in fair value	(9.8)		(5.3)		(9.5)		(4.8)
Payments	—		(9.8)		—		(10.0)
Foreign currency translation	(0.2)		1.4		1.3		0.9
Balance at end of the period	$	33.9	$	35.0	$	33.9	$	35.0

As of September 30, 2025, the contingent consideration included in “Accrued liabilities” and “Other liabilities” on the Condensed Consolidated Balance Sheets were $1.6 million and $32.3 million, respectively.

Goodwill and Other Intangible Assets

Certain of our non-financial assets are subject to impairment analysis, including indefinite-lived intangible assets and goodwill. We review the carrying amounts of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable or at least annually. Any resulting impairment would require that the asset be recorded at its fair value. At December 31, 2024, we did not have any significant non-financial assets or liabilities that were required to be measured at fair value on a recurring or non-recurring basis. See Note 6, “Go odwill and Other Intangible Assets” for further discussion pertaining to our annual and interim evaluation of goodwill and other intangible assets for impairment, including the goodwill and other intangible asset impairment charges recognized during the nine months ended September 30, 2025.

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 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.

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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, 2025 and 2024.


	Industrial Technologies and Services				Precision and Science Technologies				Total
	Three Month Period Ended September 30,
	2025		2024		2025		2024		2025		2024
Primary Geographic Markets
United States	$	635.0	$	624.5	$	183.7	$	180.5	$	818.7	$	805.0
Other Americas	119.7		108.4		33.8		31.1		153.5		139.5
Total Americas	754.7		732.9		217.5		211.6		972.2		944.5
EMEIA	505.6		454.8		155.6		144.8		661.2		599.6
China	169.5		177.9		31.3		27.5		200.8		205.4
Other Asia Pacific	110.7		101.6		10.1		9.9		120.8		111.5
Total Asia Pacific	280.2		279.5		41.4		37.4		321.6		316.9
Total	$	1,540.5	$	1,467.2	$	414.5	$	393.8	$	1,955.0	$	1,861.0
Product Categories
Original equipment(1)	$	916.7	$	866.2	$	328.5	$	310.6	$	1,245.2	$	1,176.8
Aftermarket(2)	623.8		601.0		86.0		83.2		709.8		684.2
Total	$	1,540.5	$	1,467.2	$	414.5	$	393.8	$	1,955.0	$	1,861.0
Pattern of Revenue Recognition
Revenue recognized at point in time(3)	$	1,381.8	$	1,339.0	$	390.3	$	371.5	$	1,772.1	$	1,710.5
Revenue recognized over time(4)	158.7		128.2		24.2		22.3		182.9		150.5
Total	$	1,540.5	$	1,467.2	$	414.5	$	393.8	$	1,955.0	$	1,861.0

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	Industrial Technologies and Services				Precision and Science Technologies				Total
	Nine Month Period Ended September 30,
	2025		2024		2025		2024		2025		2024
Primary Geographic Markets
United States	$	1,837.8	$	1,847.8	$	533.3	$	475.9	$	2,371.1	$	2,323.7
Other Americas	362.2		330.7		89.7		57.0		451.9		387.7
Total Americas	2,200.0		2,178.5		623.0		532.9		2,823.0		2,711.4
EMEIA	1,404.9		1,361.4		434.7		378.4		1,839.6		1,739.8
China	488.1		516.1		88.1		86.7		576.2		602.8
Other Asia Pacific	291.2		251.1		29.7		31.3		320.9		282.4
Total Asia Pacific	779.3		767.2		117.8		118.0		897.1		885.2
Total	$	4,384.2	$	4,307.1	$	1,175.5	$	1,029.3	$	5,559.7	$	5,336.4
Product Categories
Original equipment(1)	$	2,578.6	$	2,590.9	$	927.0	$	800.8	$	3,505.6	$	3,391.7
Aftermarket(2)	1,805.6		1,716.2		248.5		228.5		2,054.1		1,944.7
Total	$	4,384.2	$	4,307.1	$	1,175.5	$	1,029.3	$	5,559.7	$	5,336.4
Pattern of Revenue Recognition
Revenue recognized at point in time(3)	$	3,952.8	$	3,917.6	$	1,101.5	$	1,004.0	$	5,054.3	$	4,921.6
Revenue recognized over time(4)	431.4		389.5		74.0		25.3		505.4		414.8
Total	$	4,384.2	$	4,307.1	$	1,175.5	$	1,029.3	$	5,559.7	$	5,336.4

(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, 2025, 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 $789.2 million in the next twelve months and $804.2 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, 2025 and December 31, 2024 presented in the Condensed Consolidated Balance Sheets.


	September 30, 2025		December 31, 2024
Accounts receivable, net	$	1,429.3	$	1,335.4
Contract assets	128.8		111.2
Contract liabilities - current	341.9		318.6
Contract liabilities - noncurrent	1.1		0.9

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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, 2025 and 2024.


	For the Three Month Period Ended September 30,						For the Nine Month Period Ended September 30,
	2025			2024			2025			2024
Income before income taxes	$	319.4		$	302.0		$	600.6		$	807.7
Provision for income taxes	$	73.6		$	73.8		$	153.1		$	174.3
Effective income tax provision rate	23.0		%	24.4		%	25.5		%	21.6		%

The decrease in the provision for income taxes and decrease in the effective income tax provision rate for the three month period ended September 30, 2025 when compared to the same three month period of 2024 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.

The decrease in the provision for income taxes and increase in the effective income tax provision rate for the nine month period ended September 30, 2025 when compared to the same nine month period of 2024 is primarily due to nondeductible impairment of goodwill, tradenames, and equity investment and a lower benefit from a windfall tax deduction in the 2025 period compared to the 2024 period.

Note 17. Other Operating Expense, Net

The components of “Other operating expense, net” for the three and nine month periods ended September 30, 2025 and 2024 were as follows.


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024
Foreign currency transaction losses, net	$	2.8	$	9.9	$	15.6	$	9.2
Restructuring charges, net(1)	19.8		9.6		28.3		23.2
Acquisition and other transaction related expenses(2)	0.4		9.3		22.0		50.5
Loss on asbestos sale(3)	—		—		—		58.8
Other, net	0.8		0.6		(0.5)		1.1
Total other operating expense, net	$	23.8	$	29.4	$	65.4	$	142.8

(1)See Note 3 “Restructuring.”

(2)Represents costs associated with successful and abandoned acquisitions, including third-party expenses and post-closure integration costs.

(3)During the second quarter of 2024, the Company transferred 100% of the equity interests of three wholly-owned subsidiaries that held asbestos liabilities and certain assets, including the related insurance assets, to an unrelated third party buyer. Following the completion of the transfer, the Company no longer has any obligation with respect to pending and future asbestos claims. The transaction resulted in a pre-tax loss of $58.8 million during the nine month period ended September 30, 2024.

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 2024 Annual Report.

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 $12.0 million and $13.6 million as of September 30, 2025 and December 31, 2024, respectively, on its Condensed Consolidated Balance Sheets to the extent costs are known or can be

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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 Reporting

A description of the Company’s two reportable segments, including the specific products manufactured and sold follows below. When determining the reportable segments, we aggregate operating segments based on their similar economic and operating characteristics.

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 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, single-use powder handling systems, and contract design and production services for silicone, thermoplastic, and specialty components and assemblies for medical devices. These products are used in medical, laboratory, industrial manufacturing, water and wastewater, chemical processing, clean energy, food and beverage, agriculture and other markets. The Company’s products are used for a diverse set of applications including precision dosing, liquid and solid transfer, dispensing, gas compression, gas sampling, pressure management, flow control, and powder handling, amongst other applications. 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.

Ingersoll Rand’s Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. The CODM evaluates the performance of the Company’s segments based on Segment Adjusted EBITDA. The CODM closely monitors the Segment Adjusted EBITDA of each segment to evaluate past performance and actions required to improve profitability. Inter-segment sales and transfers are not significant. Certain 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 segments and are included in Segment selling and administrative expenses. Certain other administrative expenses, including senior management compensation, treasury, internal audit, tax compliance, certain information technology, and other corporate functions, are not allocated to the segments to determine Segment Adjusted EBITDA.

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, 2025 and 2024.


	Industrial Technologies and Services				Precision and Science Technologies				Total
	Three Month Period Ended September 30,
	2025		2024		2025		2024		2025		2024
Revenue	$	1,540.5	$	1,467.2	$	414.5	$	393.8	$	1,955.0	$	1,861.0
Segment cost of sales(1)	848.0		802.2		214.4		205.2		1,062.4		1,007.4
Segment selling and administrative expenses(2)	244.9		213.8		72.7		70.8		317.6		284.6
Other segment items(3)	0.1		1.3		(0.2)		(0.3)		(0.1)		1.0
Segment Adjusted EBITDA	$	447.5	$	449.9	$	127.6	$	118.1	$	575.1	$	568.0

(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.

(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.

(3)Other miscellaneous segment expenses (income).

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	Industrial Technologies and Services				Precision and Science Technologies				Total
	Nine Month Period Ended September 30,
	2025		2024		2025		2024		2025		2024
Revenue	$	4,384.2	$	4,307.1	$	1,175.5	$	1,029.3	$	5,559.7	$	5,336.4
Segment cost of sales(1)	2,402.8		2,353.7		605.4		526.7		3,008.2		2,880.4
Segment selling and administrative expenses(2)	718.2		654.9		219.8		191.2		938.0		846.1
Other segment items(3)	(0.6)		1.3		(0.3)		(0.6)		(0.9)		0.7
Segment Adjusted EBITDA	$	1,263.8	$	1,297.2	$	350.6	$	312.0	$	1,614.4	$	1,609.2

(3)Other miscellaneous segment expenses (income).


	For the Three Month Period Ended September 30,				For the Nine Month Period Ended September 30,
	2025		2024		2025		2024











Total Segment Adjusted EBITDA	$	575.1	$	568.0	$	1,614.4	$	1,609.2
Less items to reconcile Segment Adjusted EBITDA to Income Before Income Taxes:
Corporate expenses not allocated to segments	30.5		35.3		$	100.7	$	123.4
Interest expense	65.1		63.8		189.0		151.4
Depreciation and amortization expense (a)	123.1		123.2		361.2		355.3
Impairment of goodwill and other intangible assets	—		—		265.8		—
Restructuring and related business transformation costs (b)	19.9		9.7		28.7		24.3
Acquisition and other transaction related expenses and non-cash charges (c)	0.4		16.5		22.0		59.5
Stock-based compensation	14.9		15.0		45.8		43.6
Foreign currency transaction losses, net	2.8		9.9		15.6		9.2
Loss on extinguishment of debt	—		—		—		3.0
Adjustments to LIFO inventories	5.2		—		15.5		7.2
Cybersecurity incident costs (d)	—		—		(1.3)		0.5
Loss on asbestos sale	—		—		—		58.8
Interest income on cash and cash equivalents	(5.3)		(8.0)		(24.5)		(35.7)
Other adjustments (e)	(0.9)		0.6		(4.7)		1.0
Income Before Income Taxes	319.4		302.0		600.6		807.7
Provision for income taxes	73.6		73.8		153.1		174.3
Loss on equity method investments	—		(4.8)		(127.1)		(19.0)


Net Income	$	245.8	$	223.4	$	320.4	$	614.4

Ingersoll Rand Inc. 10-Q