000169915012-31false2023Q3http://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#AccruedLiabilitiesCurrent00016991502023-01-012023-09-3000016991502023-10-27xbrli:shares00016991502023-07-012023-09-30iso4217:USD00016991502022-07-012022-09-3000016991502022-01-012022-09-30iso4217:USDxbrli:shares00016991502023-09-3000016991502022-12-310001699150us-gaap:CommonStockMember2023-06-300001699150us-gaap:AdditionalPaidInCapitalMember2023-06-300001699150us-gaap:RetainedEarningsMember2023-06-300001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001699150us-gaap:TreasuryStockCommonMember2023-06-300001699150us-gaap:ParentMember2023-06-300001699150us-gaap:NoncontrollingInterestMember2023-06-3000016991502023-06-300001699150us-gaap:RetainedEarningsMember2023-07-012023-09-300001699150us-gaap:ParentMember2023-07-012023-09-300001699150us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001699150us-gaap:CommonStockMember2023-07-012023-09-300001699150us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001699150us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001699150us-gaap:CommonStockMember2023-09-300001699150us-gaap:AdditionalPaidInCapitalMember2023-09-300001699150us-gaap:RetainedEarningsMember2023-09-300001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001699150us-gaap:TreasuryStockCommonMember2023-09-300001699150us-gaap:ParentMember2023-09-300001699150us-gaap:NoncontrollingInterestMember2023-09-300001699150us-gaap:CommonStockMember2022-06-300001699150us-gaap:AdditionalPaidInCapitalMember2022-06-300001699150us-gaap:RetainedEarningsMember2022-06-300001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001699150us-gaap:TreasuryStockCommonMember2022-06-300001699150us-gaap:ParentMember2022-06-300001699150us-gaap:NoncontrollingInterestMember2022-06-3000016991502022-06-300001699150us-gaap:RetainedEarningsMember2022-07-012022-09-300001699150us-gaap:ParentMember2022-07-012022-09-300001699150us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001699150us-gaap:CommonStockMember2022-07-012022-09-300001699150us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001699150us-gaap:TreasuryStockCommonMember2022-07-012022-09-300001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001699150us-gaap:CommonStockMember2022-09-300001699150us-gaap:AdditionalPaidInCapitalMember2022-09-300001699150us-gaap:RetainedEarningsMember2022-09-300001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001699150us-gaap:TreasuryStockCommonMember2022-09-300001699150us-gaap:ParentMember2022-09-300001699150us-gaap:NoncontrollingInterestMember2022-09-3000016991502022-09-300001699150us-gaap:CommonStockMember2022-12-310001699150us-gaap:AdditionalPaidInCapitalMember2022-12-310001699150us-gaap:RetainedEarningsMember2022-12-310001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001699150us-gaap:TreasuryStockCommonMember2022-12-310001699150us-gaap:ParentMember2022-12-310001699150us-gaap:NoncontrollingInterestMember2022-12-310001699150us-gaap:RetainedEarningsMember2023-01-012023-09-300001699150us-gaap:ParentMember2023-01-012023-09-300001699150us-gaap:NoncontrollingInterestMember2023-01-012023-09-300001699150us-gaap:CommonStockMember2023-01-012023-09-300001699150us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001699150us-gaap:TreasuryStockCommonMember2023-01-012023-09-300001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001699150us-gaap:CommonStockMember2021-12-310001699150us-gaap:AdditionalPaidInCapitalMember2021-12-310001699150us-gaap:RetainedEarningsMember2021-12-310001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001699150us-gaap:TreasuryStockCommonMember2021-12-310001699150us-gaap:ParentMember2021-12-310001699150us-gaap:NoncontrollingInterestMember2021-12-3100016991502021-12-310001699150us-gaap:RetainedEarningsMember2022-01-012022-09-300001699150us-gaap:ParentMember2022-01-012022-09-300001699150us-gaap:NoncontrollingInterestMember2022-01-012022-09-300001699150us-gaap:CommonStockMember2022-01-012022-09-300001699150us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001699150us-gaap:TreasuryStockCommonMember2022-01-012022-09-300001699150us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-30iri:business0001699150us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberiri:SpecialtyVehicleTechnologiesSegmentMember2021-04-090001699150us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberiri:HighPressureSolutionsSegmentMember2021-02-140001699150us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberiri:HighPressureSolutionsSegmentMember2021-02-142021-02-14xbrli:pure0001699150us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-07-012022-09-300001699150us-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-01-012022-09-300001699150iri:SPXFLOWsAirTreatmentMember2023-01-032023-01-030001699150iri:SPXFLOWsAirTreatmentMember2023-09-300001699150iri:ParagonTankTruckEquipmentMember2023-02-012023-02-010001699150iri:EcoPlantTechnologicalInnovationLtdMember2023-04-012023-04-010001699150iri:EcoPlantTechnologicalInnovationLtdMember2023-04-010001699150iri:HowdenRootsLLCMember2023-08-182023-08-180001699150us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2023-01-012023-09-300001699150iri:HowdenRootsLLCMember2023-09-300001699150iri:AllOthersMember2023-09-300001699150iri:AcquisitionsIn2023Member2023-09-300001699150iri:AcquisitionsIn2023Member2023-07-012023-09-300001699150iri:AcquisitionsIn2023Member2023-01-012023-09-300001699150iri:HoudstermaatschappijJorcBVMember2022-02-012022-02-010001699150iri:WestwoodTechnicalLimitedMember2022-09-012022-09-010001699150iri:WestwoodTechnicalLimitedMember2022-09-010001699150iri:HoltecGasSystemsLLCMember2022-09-012022-09-010001699150iri:HydroProkavPumpsIndiaPrivateLimitedMember2022-09-012022-09-010001699150iri:DosatronInternationalLLCMember2022-10-012022-10-010001699150iri:DosatronInternationalLLCMember2022-10-010001699150iri:PedroGilConstruccionesMecanicasSLMember2022-11-012022-11-010001699150iri:EverestBlowerSystemsPrivateLimitedMember2022-12-012022-12-010001699150iri:EverestBlowerSystemsPrivateLimitedMember2022-12-010001699150us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-01-012022-12-310001699150iri:DosatronInternationalMember2022-09-300001699150iri:AllOthersMember2022-09-300001699150iri:AcquisitionsIn2022Member2022-09-300001699150iri:MDPneumaticsAndKinneyVacuumPumpsAndOtherAcquisitionsMember2023-07-012023-09-300001699150iri:MDPneumaticsAndKinneyVacuumPumpsAndOtherAcquisitionsMember2022-07-012022-09-300001699150iri:MDPneumaticsAndKinneyVacuumPumpsAndOtherAcquisitionsMember2023-01-012023-09-300001699150iri:MDPneumaticsAndKinneyVacuumPumpsAndOtherAcquisitionsMember2022-01-012022-09-300001699150iri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMember2023-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Member2020-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:IndustrialTechnologiesAndServicesSegmentMember2020-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:PrecisionAndScienceTechnologiesSegmentMember2020-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberus-gaap:CorporateNonSegmentMember2020-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:PrecisionAndScienceTechnologiesSegmentMember2023-07-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:PrecisionAndScienceTechnologiesSegmentMember2022-07-012022-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:PrecisionAndScienceTechnologiesSegmentMember2023-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberiri:PrecisionAndScienceTechnologiesSegmentMember2022-01-012022-09-300001699150iri:RestructuringPrograms2020To2023Memberus-gaap:CorporateNonSegmentMember2023-07-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberus-gaap:CorporateNonSegmentMember2022-07-012022-09-300001699150iri:RestructuringPrograms2020To2023Memberus-gaap:CorporateNonSegmentMember2023-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Memberus-gaap:CorporateNonSegmentMember2022-01-012022-09-300001699150iri:RestructuringPrograms2020To2023Member2023-07-012023-09-300001699150iri:RestructuringPrograms2020To2023Member2022-07-012022-09-300001699150iri:RestructuringPrograms2020To2023Member2023-01-012023-09-300001699150iri:RestructuringPrograms2020To2023Member2022-01-012022-09-300001699150us-gaap:OtherOperatingIncomeExpenseMemberiri:RestructuringPrograms2020To2023Member2023-07-012023-09-300001699150us-gaap:OtherOperatingIncomeExpenseMemberiri:RestructuringPrograms2020To2023Member2022-07-012022-09-300001699150us-gaap:OtherOperatingIncomeExpenseMemberiri:RestructuringPrograms2020To2023Member2023-01-012023-09-300001699150us-gaap:OtherOperatingIncomeExpenseMemberiri:RestructuringPrograms2020To2023Member2022-01-012022-09-300001699150iri:IndustrialTechnologiesAndServicesSegmentMember2022-12-310001699150iri:PrecisionAndScienceTechnologiesSegmentMember2022-12-310001699150iri:IndustrialTechnologiesAndServicesSegmentMember2023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMember2023-09-300001699150us-gaap:CustomerRelatedIntangibleAssetsMember2023-09-300001699150us-gaap:CustomerRelatedIntangibleAssetsMember2022-12-310001699150us-gaap:TechnologyBasedIntangibleAssetsMember2023-09-300001699150us-gaap:TechnologyBasedIntangibleAssetsMember2022-12-310001699150us-gaap:TradeNamesMember2023-09-300001699150us-gaap:TradeNamesMember2022-12-310001699150us-gaap:OrderOrProductionBacklogMember2023-09-300001699150us-gaap:OrderOrProductionBacklogMember2022-12-310001699150us-gaap:OtherIntangibleAssetsMember2023-09-300001699150us-gaap:OtherIntangibleAssetsMember2022-12-310001699150us-gaap:TradeNamesMember2023-09-300001699150us-gaap:TradeNamesMember2022-12-310001699150country:USus-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300001699150country:USus-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300001699150us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300001699150us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300001699150us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300001699150us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300001699150country:USus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300001699150country:USus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300001699150us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300001699150us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300001699150us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300001699150us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300001699150iri:TermLoanBDenominatedInUSDollarsDue2027Member2023-09-300001699150iri:TermLoanBDenominatedInUSDollarsDue2027Member2022-12-310001699150iri:TermLoanDenominatedInUSDollarsDue2027Member2023-09-300001699150iri:TermLoanDenominatedInUSDollarsDue2027Member2022-12-310001699150iri:A5400SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2022-12-310001699150iri:A5400SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2023-09-300001699150iri:A5700SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2023-09-300001699150iri:A5700SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2022-12-310001699150us-gaap:SeniorNotesMember2023-08-140001699150iri:A5400SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2023-08-140001699150iri:A5700SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2023-08-140001699150us-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2023-08-142023-08-140001699150us-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2023-08-142023-08-140001699150us-gaap:RevolvingCreditFacilityMember2023-03-310001699150us-gaap:RevolvingCreditFacilityMember2023-04-210001699150us-gaap:RevolvingCreditFacilityMember2023-01-012023-09-300001699150iri:TermLoanBDenominatedInUSDollarsDue2027Member2023-08-012023-08-310001699150us-gaap:RevolvingCreditFacilityMember2023-09-300001699150iri:IngersollRandMemberus-gaap:RevolvingCreditFacilityMember2023-09-300001699150us-gaap:RestrictedStockUnitsRSUMember2020-07-012020-09-300001699150us-gaap:SegmentContinuingOperationsMember2023-07-012023-09-300001699150us-gaap:SegmentContinuingOperationsMember2022-07-012022-09-300001699150us-gaap:SegmentContinuingOperationsMember2023-01-012023-09-300001699150us-gaap:SegmentContinuingOperationsMember2022-01-012022-09-300001699150us-gaap:SegmentContinuingOperationsMemberiri:EquityAwardsMemberiri:Two013StockIncentivePlanAnd2017OmnibusIncentivePlanMember2023-01-012023-09-300001699150us-gaap:StockAppreciationRightsSARSMemberus-gaap:SegmentContinuingOperationsMemberiri:Two013StockIncentivePlanAnd2017OmnibusIncentivePlanMember2023-01-012023-09-300001699150us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001699150us-gaap:EmployeeStockOptionMembersrt:MinimumMember2023-01-012023-09-300001699150us-gaap:EmployeeStockOptionMembersrt:MaximumMember2023-01-012023-09-300001699150us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001699150us-gaap:EmployeeStockOptionMember2022-12-310001699150us-gaap:EmployeeStockOptionMember2023-09-300001699150us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001699150us-gaap:EmployeeStockOptionMembersrt:MinimumMember2022-01-012022-09-300001699150us-gaap:EmployeeStockOptionMembersrt:MaximumMember2022-01-012022-09-300001699150us-gaap:RestrictedStockUnitsRSUMember2022-12-310001699150us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001699150us-gaap:RestrictedStockUnitsRSUMember2023-09-300001699150us-gaap:PerformanceSharesMember2022-01-012022-09-300001699150us-gaap:PerformanceSharesMember2023-01-012023-09-300001699150us-gaap:PerformanceSharesMember2022-07-012022-09-300001699150us-gaap:PerformanceSharesMember2022-09-300001699150us-gaap:PerformanceSharesMember2022-12-310001699150us-gaap:PerformanceSharesMember2023-09-300001699150us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001699150us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001699150us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310001699150us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001699150us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300001699150us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300001699150us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001699150us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300001699150us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300001699150us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001699150us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001699150us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001699150us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300001699150us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001699150us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300001699150us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300001699150us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-09-300001699150us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300001699150us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001699150us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001699150iri:AccumulatedGainLossNetInvestmentHedgesParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001699150iri:AccumulatedGainLossNetInvestmentHedgesParentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001699150us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300001699150us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300001699150us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001699150us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001699150us-gaap:ForeignExchangeForwardMembersrt:MaximumMember2023-01-012023-09-300001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001699150us-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-09-300001699150us-gaap:OtherCurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-09-300001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-09-300001699150us-gaap:AccruedLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-09-300001699150us-gaap:OtherLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-09-300001699150us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-09-300001699150us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-09-300001699150us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-09-300001699150us-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-09-300001699150us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2023-09-300001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:OtherCurrentAssetsMemberus-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateCapMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateCapMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateCapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-12-310001699150us-gaap:OtherCurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-12-310001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-12-310001699150us-gaap:AccruedLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-12-310001699150us-gaap:OtherLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberus-gaap:AccruedLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberiri:ForeignCurrencyForwardTwoMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberiri:ForeignCurrencyForwardTwoMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberiri:ForeignCurrencyForwardTwoMemberus-gaap:OtherAssetsMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberiri:ForeignCurrencyForwardTwoMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:NondesignatedMemberiri:ForeignCurrencyForwardTwoMemberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueHedgingMember2022-12-310001699150us-gaap:InterestRateSwapMember2023-09-30iri:contract0001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-09-300001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001699150us-gaap:CashFlowHedgingMemberus-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001699150us-gaap:InterestRateSwapMember2023-07-012023-09-300001699150us-gaap:InterestRateSwapMember2022-07-012022-09-300001699150us-gaap:InterestRateSwapMember2023-01-012023-09-300001699150us-gaap:InterestRateSwapMember2022-01-012022-09-300001699150us-gaap:CrossCurrencyInterestRateContractMember2023-09-300001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-06-29iso4217:EUR0001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-09-300001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:NetInvestmentHedgingMember2023-09-300001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-07-012023-09-300001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-07-012022-09-300001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-09-300001699150us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-01-012022-09-300001699150us-gaap:ForeignExchangeForwardMember2023-09-300001699150us-gaap:ForeignExchangeForwardMembersrt:MinimumMember2023-09-300001699150us-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001699150us-gaap:ForeignExchangeForwardMember2022-07-012022-09-300001699150us-gaap:ForeignExchangeForwardMember2023-01-012023-09-300001699150us-gaap:ForeignExchangeForwardMember2022-01-012022-09-300001699150iri:TermLoanDenominatedInEurosDue2020Member2020-02-290001699150us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001699150us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001699150us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001699150us-gaap:FairValueMeasurementsRecurringMember2023-09-300001699150us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001699150us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310001699150us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001699150us-gaap:FairValueMeasurementsRecurringMember2022-12-310001699150iri:ContingentConsiderationMember2023-06-300001699150iri:ContingentConsiderationMember2022-12-310001699150iri:ContingentConsiderationMember2023-07-012023-09-300001699150iri:ContingentConsiderationMember2023-01-012023-09-300001699150iri:ContingentConsiderationMember2023-09-300001699150country:USiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150country:USiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150country:USiri:PrecisionAndScienceTechnologiesSegmentMember2023-07-012023-09-300001699150country:USiri:PrecisionAndScienceTechnologiesSegmentMember2022-07-012022-09-300001699150country:US2023-07-012023-09-300001699150country:US2022-07-012022-09-300001699150iri:OtherAmericasMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150iri:OtherAmericasMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:OtherAmericasMember2023-07-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:OtherAmericasMember2022-07-012022-09-300001699150iri:OtherAmericasMember2023-07-012023-09-300001699150iri:OtherAmericasMember2022-07-012022-09-300001699150srt:AmericasMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150srt:AmericasMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150srt:AmericasMemberiri:PrecisionAndScienceTechnologiesSegmentMember2023-07-012023-09-300001699150srt:AmericasMemberiri:PrecisionAndScienceTechnologiesSegmentMember2022-07-012022-09-300001699150srt:AmericasMember2023-07-012023-09-300001699150srt:AmericasMember2022-07-012022-09-300001699150us-gaap:EMEAMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150us-gaap:EMEAMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150us-gaap:EMEAMemberiri:PrecisionAndScienceTechnologiesSegmentMember2023-07-012023-09-300001699150us-gaap:EMEAMemberiri:PrecisionAndScienceTechnologiesSegmentMember2022-07-012022-09-300001699150us-gaap:EMEAMember2023-07-012023-09-300001699150us-gaap:EMEAMember2022-07-012022-09-300001699150srt:AsiaPacificMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150srt:AsiaPacificMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMembersrt:AsiaPacificMember2023-07-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMembersrt:AsiaPacificMember2022-07-012022-09-300001699150srt:AsiaPacificMember2023-07-012023-09-300001699150srt:AsiaPacificMember2022-07-012022-09-300001699150iri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150iri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMember2023-07-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMember2022-07-012022-09-300001699150iri:OriginalEquipmentMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150iri:OriginalEquipmentMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:OriginalEquipmentMember2023-07-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:OriginalEquipmentMember2022-07-012022-09-300001699150iri:OriginalEquipmentMember2023-07-012023-09-300001699150iri:OriginalEquipmentMember2022-07-012022-09-300001699150iri:AftermarketMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150iri:AftermarketMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:AftermarketMember2023-07-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:AftermarketMember2022-07-012022-09-300001699150iri:AftermarketMember2023-07-012023-09-300001699150iri:AftermarketMember2022-07-012022-09-300001699150us-gaap:TransferredAtPointInTimeMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150us-gaap:TransferredAtPointInTimeMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150us-gaap:TransferredAtPointInTimeMemberiri:PrecisionAndScienceTechnologiesSegmentMember2023-07-012023-09-300001699150us-gaap:TransferredAtPointInTimeMemberiri:PrecisionAndScienceTechnologiesSegmentMember2022-07-012022-09-300001699150us-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300001699150us-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001699150us-gaap:TransferredOverTimeMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150us-gaap:TransferredOverTimeMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberus-gaap:TransferredOverTimeMember2023-07-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberus-gaap:TransferredOverTimeMember2022-07-012022-09-300001699150us-gaap:TransferredOverTimeMember2023-07-012023-09-300001699150us-gaap:TransferredOverTimeMember2022-07-012022-09-300001699150country:USiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150country:USiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150country:USiri:PrecisionAndScienceTechnologiesSegmentMember2023-01-012023-09-300001699150country:USiri:PrecisionAndScienceTechnologiesSegmentMember2022-01-012022-09-300001699150country:US2023-01-012023-09-300001699150country:US2022-01-012022-09-300001699150iri:OtherAmericasMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150iri:OtherAmericasMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:OtherAmericasMember2023-01-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:OtherAmericasMember2022-01-012022-09-300001699150iri:OtherAmericasMember2023-01-012023-09-300001699150iri:OtherAmericasMember2022-01-012022-09-300001699150srt:AmericasMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150srt:AmericasMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150srt:AmericasMemberiri:PrecisionAndScienceTechnologiesSegmentMember2023-01-012023-09-300001699150srt:AmericasMemberiri:PrecisionAndScienceTechnologiesSegmentMember2022-01-012022-09-300001699150srt:AmericasMember2023-01-012023-09-300001699150srt:AmericasMember2022-01-012022-09-300001699150us-gaap:EMEAMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150us-gaap:EMEAMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150us-gaap:EMEAMemberiri:PrecisionAndScienceTechnologiesSegmentMember2023-01-012023-09-300001699150us-gaap:EMEAMemberiri:PrecisionAndScienceTechnologiesSegmentMember2022-01-012022-09-300001699150us-gaap:EMEAMember2023-01-012023-09-300001699150us-gaap:EMEAMember2022-01-012022-09-300001699150srt:AsiaPacificMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150srt:AsiaPacificMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMembersrt:AsiaPacificMember2023-01-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMembersrt:AsiaPacificMember2022-01-012022-09-300001699150srt:AsiaPacificMember2023-01-012023-09-300001699150srt:AsiaPacificMember2022-01-012022-09-300001699150iri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMember2022-01-012022-09-300001699150iri:OriginalEquipmentMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150iri:OriginalEquipmentMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:OriginalEquipmentMember2023-01-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:OriginalEquipmentMember2022-01-012022-09-300001699150iri:OriginalEquipmentMember2023-01-012023-09-300001699150iri:OriginalEquipmentMember2022-01-012022-09-300001699150iri:AftermarketMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150iri:AftermarketMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:AftermarketMember2023-01-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberiri:AftermarketMember2022-01-012022-09-300001699150iri:AftermarketMember2023-01-012023-09-300001699150iri:AftermarketMember2022-01-012022-09-300001699150us-gaap:TransferredAtPointInTimeMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150us-gaap:TransferredAtPointInTimeMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150us-gaap:TransferredAtPointInTimeMemberiri:PrecisionAndScienceTechnologiesSegmentMember2023-01-012023-09-300001699150us-gaap:TransferredAtPointInTimeMemberiri:PrecisionAndScienceTechnologiesSegmentMember2022-01-012022-09-300001699150us-gaap:TransferredAtPointInTimeMember2023-01-012023-09-300001699150us-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001699150us-gaap:TransferredOverTimeMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150us-gaap:TransferredOverTimeMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberus-gaap:TransferredOverTimeMember2023-01-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberus-gaap:TransferredOverTimeMember2022-01-012022-09-300001699150us-gaap:TransferredOverTimeMember2023-01-012023-09-300001699150us-gaap:TransferredOverTimeMember2022-01-012022-09-3000016991502023-10-012023-09-3000016991502024-10-012023-09-300001699150iri:AsbestosAndSilicaRelatedLitigationMember2023-09-300001699150iri:AsbestosAndSilicaRelatedLitigationMember2022-12-31iri:segment0001699150us-gaap:OperatingSegmentsMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-07-012023-09-300001699150us-gaap:OperatingSegmentsMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-07-012022-09-300001699150us-gaap:OperatingSegmentsMemberiri:IndustrialTechnologiesAndServicesSegmentMember2023-01-012023-09-300001699150us-gaap:OperatingSegmentsMemberiri:IndustrialTechnologiesAndServicesSegmentMember2022-01-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-09-300001699150iri:PrecisionAndScienceTechnologiesSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001699150us-gaap:CorporateNonSegmentMember2023-07-012023-09-300001699150us-gaap:CorporateNonSegmentMember2022-07-012022-09-300001699150us-gaap:CorporateNonSegmentMember2023-01-012023-09-300001699150us-gaap:CorporateNonSegmentMember2022-01-012022-09-300001699150us-gaap:MaterialReconcilingItemsMember2023-07-012023-09-300001699150us-gaap:MaterialReconcilingItemsMember2022-07-012022-09-300001699150us-gaap:MaterialReconcilingItemsMember2023-01-012023-09-300001699150us-gaap:MaterialReconcilingItemsMember2022-01-012022-09-30

(Address of Principal Executive Offices) (Zip Code)

(Registrant’s Telephone Number, Including Area Code)

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.

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 404,796,976 shares of Common Stock, par value $0.01 per share, as of October 27, 2023.

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, 2022 (the “2022 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.

•The COVID-19 pandemic could have a material and adverse effect on our business, results of operations and financial condition in the future.

•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.

•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.

•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.

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

•Acquisitions and integrating such acquisitions create certain risks and may 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.

•Our success depends on our executive management and other key personnel and our ability to attract and retain top talent throughout the Company.

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

•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.

•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.

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

•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.

•We may not realize all of the expected benefits of the acquisition of and merger with the Industrial business of Ingersoll-Rand plc. (the “Merger”).

•Dispositions create certain risks and may affect our operating results.

•We are a defendant in certain asbestos and silica-related personal injury lawsuits, which could adversely affect our financial condition.

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

•The terms of the credit agreement governing the Senior Secured Credit Facilities (as amended, the “Credit Agreement”) may restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.

•Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

•We utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates on our variable rate indebtedness and we will be exposed to risks related to counterparty credit worthiness or non-performance of these instruments.

•If the financial institutions that are part of the syndicate of 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.

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.

(Unaudited; in millions, except per share amounts)

(Unaudited; in millions, except share amounts)

(Unaudited; in millions, except share and per share amounts)

Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products and industrial 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” or the “Company”).

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, 2022 (“2022 Annual Report”). Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations. See Note 2 “Discontinued Operations” for information on discontinued operations.

The results of operations for the three month period ended September 30, 2023 are not necessarily indicative of future results.

In October 2021, the Financial Accounting Standards Board (the “FASB”) issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in this update were effective for fiscal years beginning after December 15, 2022 for public companies. The Company adopted this guidance on January 1, 2023 and applies the guidance prospectively to business combinations completed after this date. The adoption did not have a material impact on our condensed consolidated financial statements.

The Company has adopted ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which requires the following disclosures about supplier finance programs. This adoption had no impact on the Company’s financial position, results of operations or cash flows.

The Company has entered into an agreement with a financial institution 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 from continuing operations” within our Condensed Consolidated Statements of Cash Flows. Included in “Accounts payable” in the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 were $26.5 million and $9.7 million of outstanding payment obligations, respectively, that were sold to the financial institution by participating suppliers.

Discontinued operations consists of two formerly-owned businesses: Specialty Vehicle Technologies (“SVT” or “Club Car”) and High Pressure Solutions (“HPS”). The results of operations, financial positions and cash flows of these businesses are reported as discontinued operations for all periods presented in these condensed consolidated financial statements.

On April 9, 2021, the Company entered into an agreement to sell Club Car to private equity firm Platinum Equity Advisors, LLC for $1.68 billion in cash. The sale was substantially completed on June 1, 2021 and concluded in the third quarter of 2022.

On February 14, 2021, the Company entered into an agreement to sell the majority interest in its High Pressure Solutions business to private equity firm American Industrial Partners. The Company received net cash proceeds of $278.3 million for its majority interest of 55%, and retained a 45% common equity interest in the newly-formed entity comprising the HPS business. The sale was substantially completed on April 1, 2021 and concluded in the fourth quarter of 2021. The Company expects to maintain its minority investment in HPS indefinitely and is unable to estimate when this interest may be disposed.

Income from discontinued operations, net of tax was $0.5 million and $0.6 million for the three and nine month periods ended September 30, 2022, respectively, and consisted primarily of expenses incurred to finalize separation and fulfill transition services.

On January 3, 2023, the Company completed the acquisition of SPX FLOW’s Air Treatment business (“Air Treatment”) for cash consideration of $519.0 million. The business is a manufacturer of desiccant and refrigerated dryers, filtration systems and purifiers for dehydration in compressed air. The acquisition is intended to expand the Company’s offerings of compressor system components through globally recognized brands. The Air Treatment business has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is 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 February 1, 2023, the Company acquired Paragon Tank Truck Equipment (“Paragon”), a provider of solutions used for loading and unloading dry bulk and liquid tanks on and off of trucks, for cash consideration of $42.2 million. Paragon has been reported within the Industrial Technologies and Services segment.

On April 1, 2023, the Company acquired EcoPlant Technological Innovation Ltd. (“EcoPlant”), for initial cash consideration of $29.5 million and contingent consideration of up to $17.0 million. EcoPlant is a provider of a software-as-a-service platform that dynamically controls compressed air systems to optimize performance and resource consumption. EcoPlant has been reported within the Industrial Technologies and Services segment.

On August 18, 2023, the Company completed the acquisition of Howden Roots LLC (“Roots”), for cash consideration of $291.9 million. Roots is a leading manufacturer of engineered rotary and centrifugal blowers with an iconic brand developed over more than 160 years. The acquisition is intended to expand the Company’s blower product portfolio and benefit from Roots’ robust technical capabilities and exposure to growing sustainability-related applications. Roots has been reported within the Industrial Technologies and Services segment. The goodwill arising from the acquisition is attributable to revenue and cost synergies, anticipated growth of new and existing customers, and the assembled workforce. This goodwill is expected to be deductible for tax purposes.

Other acquisitions completed during the nine months ended September 30, 2023 include several sales and service businesses, substantially all of which have been reported within the Industrial Technologies and Services segment. The aggregate consideration for these acquisitions was $43.1 million.

The following table summarizes the allocation of consideration for all businesses acquired in 2023 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for acquisitions completed in the third quarter, including Roots, is preliminary, and amounts assigned to acquired assets and liabilities assumed are subject to change as information necessary to complete the analysis is obtained. Initial accounting for all other acquisitions completed in 2023, including Air Treatment, is substantially complete and any further measurement period adjustments are not expected to be material.

The aggregate revenue and operating income included in the condensed consolidated financial statements for these acquisitions subsequent to the dates of acquisition was $83.1 million and $2.1 million for the three month period ended September 30, 2023, respectively, and $192.1 million and $9.0 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.

On February 1, 2022, the Company acquired Houdstermaatschappij Jorc B.V. (“Jorc”), a manufacturer of condensate management products, for aggregate cash consideration of $30.2 million. Jorc has been reported in the Industrial Technologies and Services segment from the date of acquisition.

On September 1, 2022, the Company acquired Westwood Technical Limited (“Westwood Technical”), a control and instrumentation specialist based in the United Kingdom with unique Industrial Internet of Things (IIoT) capabilities, for aggregate cash consideration of $8.1 million and contingent consideration of up to $9.3 million. Westwood Technical has been reported in the Precision and Science Technologies segment from the date of acquisition.

On September 1, 2022, the Company acquired Holtec Gas Systems LLC (“Holtec”), a nitrogen generator manufacturer, for cash consideration of $13.0 million. Holtec has been reported in the Industrial Technologies and Services segment from the date of acquisition.

On September 1, 2022, the Company acquired Hydro Prokav Pumps (India) Private Limited (“Hydro Prokav”) for cash consideration of $14.0 million. Hydro Prokav has been reported in the Precision and Science Technologies segment from the date of acquisition.

On October 1, 2022, the Company acquired Dosatron International L.L.C (“Dosatron International”), a technology solutions provider of water powered dosing pumps and systems, for cash consideration of $89.5 million and contingent consideration of up to $14.7 million. Dosatron International has been reported in the Precision and Science Technologies segment from the date of acquisition.

On November 1, 2022, the Company acquired Pedro Gil Construcciones Mecanicas, S.L. (“Pedro Gil”), a manufacturer of positive displacement blowers, pumps and vacuum systems in the Spanish market, for aggregate cash consideration of $18.4 million. Pedro Gil has been reported in the Industrial Technologies and Services segment from the date of acquisition.

On December 1, 2022, the Company acquired Everest Blowers Private Limited and Everest Blower Systems Private Limited (collectively, “Everest Group”), an Indian market leader for customized blower and vacuum pump solutions, for $75.3 million aggregate cash consideration and contingent consideration initially estimated to be $12.1 million. Everest Group has been reported in the Industrial Technologies and Services segment from the date of acquisition.

Other acquisitions completed during the year ended December 31, 2022 include multiple sales and service businesses and a manufacturer in the Industrial Technologies and Services segment. The aggregate consideration for these acquisitions was $19.9 million.

The following table summarizes the allocation of consideration for all businesses acquired in 2022 to the fair values of identifiable assets acquired and liabilities assumed at the acquisition dates. Initial accounting for all 2022 acquisitions is complete.

The revenues included in the condensed consolidated financial statements for these acquisitions subsequent to their date of acquisition was $28.1 million and $6.8 million for the three month periods ended September 30, 2023 and 2022, respectively, and $92.2 million and $15.9 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 $5.6 million and $1.0 million for the three month periods ended September 30, 2023 and 2022, respectively, and $14.8 million and $3.0 million for the nine month periods then ended, respectively. The operating income of these acquired businesses include the effects of acquisition-related accounting adjustments such as amortization of intangible assets and fair value adjustments to acquired inventory.

The Company continues to undertake restructuring actions to optimize our cost structure. Charges incurred from actions taken in 2023 include workforce restructuring, facility consolidation and other exit and disposal costs. In the nine month period ended September 30, 2023, we recognized expense of $2.5 million within Industrial Technologies and Services and $2.1 million within Precision and Science Technologies related to the 2023 actions.

Subsequent to the acquisition of and merger with the Industrial business of Ingersoll-Rand plc (“Ingersoll Rand Industrial”) in 2020 (the “Merger”), the Company announced a restructuring program (“2020 Plan”) to create efficiencies and synergies, reduce the number of facilities and optimize operating margin within the merged Company. Through September 30, 2023, we have recognized cumulative expense related to the 2020 Plan of $131.0 million, comprising $104.1 million, $15.4 million and $11.5 million for Industrial Technologies and Services, Precision and Science Technologies and Corporate, respectively. The Company expects to complete all actions by the end of 2023, and does not expect remaining expense under the 2020 Plan to be material.

For the three and nine month periods ended September 30, 2023 and 2022, “Restructuring charges, net” were recognized within “Other operating expense, net” in the Condensed Consolidated Statement of Operations and consisted of the following.

The following table summarizes the activity associated with the Company’s restructuring programs for the three and nine month periods ended September 30, 2023 and 2022.