Ingersoll Rand Files Q3 2024 10-Q Report

TL;DR

IR files Q3 10-Q. Financials look solid.

AI Summary

Ingersoll Rand Inc. filed its quarterly report for the period ending September 30, 2024. The company, formerly known as Gardner Denver Holdings, Inc., is incorporated in Delaware and headquartered in Davidson, North Carolina. This filing covers the third quarter of 2024, providing financial data and operational updates.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Ingersoll Rand, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• Ingersoll Rand Inc. (company) — Filer of the 10-Q report
• Gardner Denver Holdings, Inc. (company) — Former name of Ingersoll Rand Inc.
• 20240930 (date) — End of the reporting period
• 20241101 (date) — Filing date of the report

FAQ

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 Par Value per share IR New York Stock E

Filing Documents

• iri-20240930.htm (10-Q) — 2180KB
• ir2024q310-qex311.htm (EX-31.1) — 10KB
• ir2024q310-qex312.htm (EX-31.2) — 10KB
• ir2024q310-qex321.htm (EX-32.1) — 5KB
• ir2024q310-qex322.htm (EX-32.2) — 5KB
• 0001628280-24-044749.txt ( ) — 12470KB
• iri-20240930.xsd (EX-101.SCH) — 69KB
• iri-20240930_cal.xml (EX-101.CAL) — 130KB
• iri-20240930_def.xml (EX-101.DEF) — 408KB
• iri-20240930_lab.xml (EX-101.LAB) — 923KB
• iri-20240930_pre.xml (EX-101.PRE) — 684KB
• iri-20240930_htm.xml (XML) — 2372KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

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 11 Note 3. Restructuring 14 Note 4. Allowance for Credit Losses 15 Note 5. Inventories 15 Note 6. Goodwill and Other Intangible Assets 15 Note 7. Supply Chain Finance Program 16 Note 8. Accrued Liabilities 16 Note 9. Benefit Plans 17 Note 10. Debt 18 Note 11. Stock-Based Compensation Plans 20 Note 12. Accumulated Other Comprehensive Loss 22 Note 13. Hedging Activities and Derivative Instruments 24 Note 14. Fair Value Measurements 27 Note 15. Revenue from Contracts with Customers 29 Note 16. Income Taxes 32 Note 17. Other Operating Expense, Net 32 Note 18. Contingencies 32 Note 19. Segment Results 33 Note 20. Earnings Per Share 36 Note 21. Subsequent Event 36

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 50

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 51

Risk Factors

Item 1A. Risk Factors 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 52

SIGNATURES

SIGNATURES 53 2 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 Discussio

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

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, 2024 2023 2024 2023 Revenues $ 1,861.0 $ 1,738.9 $ 5,336.4 $ 5,054.7 Cost of sales 1,046.0 999.6 2,981.8 2,953.7 Gross Profit 815.0 739.3 2,354.6 2,101.0 Selling and administrative expenses 334.3 315.2 1,012.7 941.9 Amortization of intangible assets 95.0 92.2 277.8 274.3 Other operating expense, net 29.4 13.5 142.8 53.7 Operating Income 356.3 318.4 921.3 831.1 Interest expense 63.8 39.6 151.4 119.3 Loss on extinguishment of debt — 12.6 3.0 13.5 Other income, net ( 9.5 ) ( 7.6 ) ( 40.8 ) ( 25.4 ) Income Before Income Taxes 302.0 273.8 807.7 723.7 Provision for income taxes 73.8 60.3 174.3 168.9 Loss on equity method investments ( 4.8 ) ( 3.9 ) ( 19.0 ) ( 1.2 ) Net Income 223.4 209.6 614.4 553.6 Less: Net income attributable to noncontrolling interests 1.8 1.3 5.6 4.7 Net Income Attributable to Ingersoll Rand Inc. $ 221.6 $ 208.3 $ 608.8 $ 548.9 Basic earnings per share 0.55 0.51 1.51 1.36 Diluted earnings per share 0.54 0.51 1.49 1.34 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents 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, 2024 2023 2024 2023 Comprehensive Income Attributable to Ingersoll Rand Inc. Net income attributable to Ingersoll Rand Inc. $ 221.6 $ 208.3 $ 608.8 $ 548.9 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net 142.4 ( 75.3 ) 34.9 ( 91.1 ) Unrecognized gain (loss) on cash flow hedges ( 3.6 ) ( 2.5 ) ( 5.8 ) 3.1 Pension and other postretirement prior service cost and ga

View Full Filing

View this 10-Q filing on SEC EDGAR