Company Quick10K Filing
Gardner Denver
Price28.68 EPS1
Shares209 P/E45
MCap5,994 P/FCF25
Net Debt1,195 EBIT232
TEV7,189 TEV/EBIT31
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-03
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-06-30 Filed 2018-08-03
S-1 2018-04-30 Public Filing
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-08-04
8-K 2020-11-02
8-K 2020-08-03
8-K 2020-06-29
8-K 2020-06-16
8-K 2020-06-16
8-K 2020-06-16
8-K 2020-06-12
8-K 2020-06-05
8-K 2020-06-05
8-K 2020-05-12
8-K 2020-05-01
8-K 2020-04-15
8-K 2020-02-28
8-K 2020-02-21
8-K 2020-02-17
8-K 2020-02-13
8-K 2020-01-30
8-K 2020-01-27
8-K 2019-12-12
8-K 2019-10-28
8-K 2019-10-03
8-K 2019-07-31
8-K 2019-06-29
8-K 2019-06-28
8-K 2019-05-09
8-K 2019-04-30
8-K 2019-04-30
8-K 2019-04-30
8-K 2019-02-19
8-K 2018-12-18
8-K 2018-12-13
8-K 2018-11-28
8-K 2018-10-31
8-K 2018-10-25
8-K 2018-10-24
8-K 2018-09-11
8-K 2018-08-01
8-K 2018-05-10
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-02-15
8-K 2018-02-07
8-K 2018-01-05

GDI 10Q Quarterly Report

Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1. Basis of Presentation and Recent Accounting Pronouncements
Note 2. Business Combinations
Note 3. Restructuring
Note 4. Inventories
Note 5. Goodwill and Other Intangible Assets
Note 6. Accrued Liabilities
Note 7. Benefit Plans
Note 8. Debt
Note 9. Stock - Based Compensation
Note 10. Accumulated Other Comprehensive Income (Loss)
Note 11. Hedging Activities and Fair Value Measurements
Note 12. Revenue From Contracts with Customers
Note 13. Income Taxes
Note 14. Other Operating Expense, Net
Note 15. Contingencies
Note 16. Segment Results
Note 17. Related Party Transactions
Note 18. Earnings (Loss) per Share
Note 19. Noncontrolling Interests
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ir2020q310-qex311.htm
EX-31.2 ir2020q310-qex312.htm
EX-32.1 ir2020q310-qex321.htm
EX-32.2 ir2020q310-qex322.htm

Gardner Denver Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
4.83.82.91.91.00.02017201820192020
Assets, Equity
0.70.50.30.2-0.0-0.22017201820192020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22017201820192020
Ops, Inv, Fin

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Table of Content
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, 2020
or
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)
____________________________
Delaware46-2393770
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
800-A Beaty Street
DavidsonNorth Carolina 28036
(Address of Principal Executive Offices) (Zip Code)
(704655-4000
(Registrant’s Telephone Number, Including Area Code)
____________________________
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 Par Value per shareIRNew 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 filerýAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth 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 417,655,630 shares of Common Stock, par value $0.01 per share, as of October 30, 2020.


Table of Content
INGERSOLL RAND INC. AND SUBSIDIARIES
FORM 10-Q
INDEX
Page No.

2

Table of Content
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
In addition to historical information, this Form 10-Q may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. 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 “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and “Part II. Item 1A. Risk Factors” in our quarterly report on Form 10-Q for the quarterly period ended March 31, 2020, 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:
The COVID-19 pandemic has adversely affected our business and results of operations, and could have a material and adverse effect on our business, results of operations and financial condition in the future;
The anticipated benefits of our acquisition of the Ingersoll Rand Industrial business may not be realized fully or at all, may take longer to realize than expected and the integration process will be complex, costly and time-consuming, which could adversely affect our business, financial results and financial condition.
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.
Our revenues and operating results, especially in the High Pressure Solutions segment, depend on the level of activity in the energy industry, which is significantly affected by volatile oil and gas prices.
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.
Potential governmental regulations restricting the use, and increased public attention to and litigation regarding the impacts, of hydraulic fracturing or other processes on which it relies could reduce demand for our products.
We face competition in the markets we serve, which could materially and adversely affect our operating results.
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.
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.
Acquisitions and integrating such acquisitions create certain risks and may affect our operating results.
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.
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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.
Our success depends on our executive management and other key personnel and our ability to attract and retain top talent throughout the Company.
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.
Cost overruns, delays, penalties or liquidated damages could negatively impact our results, particularly with respect to fixed-price contracts for custom engineered products.
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.
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.
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.
Our business could suffer if we experience employee work stoppages, union and work council campaigns or other labor difficulties.
We are a defendant in certain asbestos and silica-related personal injury lawsuits, which could adversely affect our financial condition.
A natural disaster, catastrophe, pandemic or other event could adversely affect our operations.
Information systems failure may disrupt our business and result in financial loss and liability to our customers.
The nature of our products creates the possibility of significant product liability and warranty claims, which could harm our business.
Environmental compliance costs and liabilities could adversely affect our financial condition.
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.
We face risks associated with our pension and other postretirement benefit obligations.
Our substantial 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 described above.
The terms of the credit agreement governing the Senior Secured Credit Facilities 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.
When we utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates on our variable rate indebtedness, 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 fail to extend credit under our facility or reduce the borrowing base under our Revolving Credit Facility, our liquidity and results of operations may be adversely affected.
The Company may face risk associated with the discontinuation of and transition from currently used financial reference rates.
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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 “Email 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.    CONDENSED CONSOLIDATED 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,
2020201920202019
Revenues$1,335.2 $596.7 $3,399.5 $1,846.1 
Cost of sales853.2 375.2 2,313.0 1,159.7 
Gross Profit482.0 221.5 1,086.5 686.4 
Selling and administrative expenses245.6 95.3 648.7 323.0 
Amortization of intangible assets114.2 30.4 284.0 92.6 
Impairment of intangible assets19.9  19.9  
Other operating expense, net28.0 22.9 178.6 43.1 
Operating Income (Loss)74.3 72.9 (44.7)227.7 
Interest expense28.8 23.2 86.7 68.0 
Loss on extinguishment of debt  2.0 0.2 
Other income, net(2.6)(0.6)(5.1)(3.1)
Income (Loss) Before Income Taxes48.1 50.3 (128.3)162.6 
Provision for income taxes18.2 9.0 55.2 29.2 
Net Income (Loss)29.9 41.3 (183.5)133.4 
Less: Net income attributable to noncontrolling interests0.4  1.4  
Net Income (Loss) Attributable to Ingersoll Rand Inc.$29.5 $41.3 $(184.9)$133.4 
Basic income (loss) per share$0.07 $0.20 $(0.50)$0.66 
Diluted income (loss) per share$0.07 $0.20 $(0.50)$0.64 
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,
2020201920202019
Comprehensive Income (Loss) Attributable to Ingersoll Rand Inc.
Net income (loss) attributable to Ingersoll Rand Inc.$29.5 $41.3 $(184.9)$133.4 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net142.6 (48.8)95.3 (55.3)
Unrecognized gain on cash flow hedges, net4.2 3.3 10.9 4.7 
Pension and other postretirement prior service cost and gain or (loss), net(1.0)1.9 2.4 3.3 
Total other comprehensive income (loss), net of tax145.8 (43.6)108.6 (47.3)
Comprehensive income (loss) Attributable to Ingersoll Rand Inc.$175.3 $(2.3)$(76.3)$86.1 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests$0.4 $ $1.4 $ 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net3.8  (1.6) 
Total other comprehensive income (loss), net of tax3.8  (1.6) 
Comprehensive income (loss) attributable to noncontrolling interests4.2  (0.2) 
Total Comprehensive Income (Loss)$179.5 $(2.3)$(76.5)$86.1 
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, 2020December 31, 2019
Assets
Current assets:
Cash and cash equivalents$1,313.3 $505.5 
Accounts receivable, net of allowance for doubtful accounts of $66.5 and $18.4, respectively
934.6 459.1 
Inventories1,007.4 502.5 
Other current assets204.5 76.8 
Total current assets3,459.8 1,543.9 
Property, plant and equipment, net of accumulated depreciation of $361.9 and $298.4, respectively
807.9 326.6 
Goodwill6,205.7 1,287.7 
Other intangible assets, net4,783.9 1,255.0 
Deferred tax assets9.6 3.0 
Other assets343.6 212.2 
Total assets$15,610.5 $4,628.4 
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term borrowings and current maturities of long-term debt$40.1 $7.6 
Accounts payable624.7 322.9 
Accrued liabilities761.0 244.1 
Total current liabilities1,425.8 574.6 
Long-term debt, less current maturities3,837.2 1,603.8 
Pensions and other postretirement benefits275.4 99.7 
Deferred income taxes905.2 251.0 
Other liabilities337.0 229.4 
Total liabilities$6,780.6 $2,758.5 
Commitments and contingencies (Note 15)  
Stockholders’ equity
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 419,174,020 and 206,767,529 shares issued as of September 30, 2020 and December 31, 2019, respectively
4.2 2.1 
Capital in excess of par value9,277.0 2,302.0 
Accumulated deficit(327.3)(141.4)
Accumulated other comprehensive loss(147.4)(256.0)
Treasury stock at cost; 1,590,299 and 1,701,785 shares as of September 30, 2020 and December 31, 2019, respectively
(34.8)(36.8)
Total Ingersoll Rand Inc. stockholders’ equity$8,771.7 $1,869.9 
Noncontrolling interests58.2  
Total stockholders’ equity$8,829.9 $1,869.9 
Total liabilities and stockholders’ equity$15,610.5 $4,628.4 
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)
For the Three Month Period Ended September 30,
20202019
Number of Common Shares Issued
Balance at beginning of period418.6 205.7 
Issuance of common stock for stock-based compensation plans0.6 0.5 
Balance at end of period419.2 206.2 
Common Stock
Balance at beginning of period$4.2 $2.1 
Issuance of common stock for stock-based compensation plans  
Balance at end of period$4.2 $2.1 
Capital in Excess of Par Value
Balance at beginning of period$9,256.5 $2,287.9 
Issuance of common stock for stock-based compensation plans5.5 4.7 
Issuance of treasury stock for stock-based compensation plans(0.7)(0.7)
Stock-based compensation15.7 2.4 
Balance at end of period$9,277.0 $2,294.3 
Accumulated Deficit
Balance at beginning of period$(356.8)$(208.4)
Net income attributable to Ingersoll Rand Inc.29.5 41.3 
Balance at end of period$(327.3)$(167.1)
Accumulated Other Comprehensive Loss
Balance at beginning of period$(293.2)$(258.9)
Foreign currency translation adjustments, net142.6 (48.8)
Unrecognized gains on cash flow hedges, net4.2 3.3 
Pension and other postretirement prior service cost and gain or loss, net(1.0)1.9 
Balance at end of period$(147.4)$(302.5)
Treasury Stock
Balance at beginning of period$(35.8)$(37.4)
Purchases of treasury stock(0.1)(0.1)
Issuance of treasury stock for stock-based compensation plans1.1 1.2 
Balance at end of period$(34.8)$(36.3)
Total Ingersoll Rand Inc. Stockholders' Equity$8,771.7 $1,790.5 
Noncontrolling Interests
Balance at beginning of period$66.9 $0.0 
Net income attributable to noncontrolling interests0.4 0.0 
Foreign currency translation adjustments, net3.8  
Acquisition of noncontrolling interests (Note 19)(12.9) 
Balance at end of period$58.2 $0.0 
Total Stockholders’ Equity$8,829.9 $1,790.5 
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)
For the Nine Month Period Ended September 30,
20202019
Number of Common Shares Issued
Balance at beginning of period206.8 201.1 
Issuance of common stock for stock-based compensation plans1.4 5.1 
Shares issued to acquire Ingersoll Rand Industrial211.0  
Balance at end of period419.2 206.2 
Common Stock
Balance at beginning of period$2.1 $2.0 
Issuance of common stock for stock-based compensation plans 0.1 
Shares issued to acquire Ingersoll Rand Industrial2.1  
Balance at end of period$4.2 $2.1 
Capital in Excess of Par Value
Balance at beginning of period$2,302.0 $2,282.7 
Issuance of common stock for stock-based compensation plans11.4 29.4 
Issuance of treasury stock for stock-based compensation plans(2.2)(25.9)
Shares issued for Ingersoll Rand Industrial acquisition6,917.4  
Fair value attributable to pre-merger service for replacement equity awards8.6  
Fair value attributable to pre-merger service for deferred compensation plan8.9  
Cost incurred to issue shares for Ingersoll Rand Industrial acquisition(1.0) 
Stock-based compensation31.9 8.1 
Balance at end of period$9,277.0 $2,294.3 
Accumulated Deficit
Balance at beginning of period$(141.4)$(308.7)
Net income (loss) attributable to Ingersoll Rand Inc.(184.9)133.4 
Cumulative-effect adjustment upon adoption of new accounting standard (ASU 2018-02)
 8.2 
Cumulative-effect adjustment upon adoption of new accounting standard (ASU 2016-13)
(1.0) 
Balance at end of period$(327.3)$(167.1)
Accumulated Other Comprehensive Loss
Balance at beginning of period$(256.0)$(247.0)
Foreign currency translation adjustments, net95.3 (55.3)
Unrecognized gains on cash flow hedges, net10.9 4.7 
Pension and other postretirement prior service cost and gain or loss, net2.4 3.3 
Cumulative-effect adjustment upon adoption of new accounting standard (ASU 2018-02)
 (8.2)
Balance at end of period$(147.4)$(302.5)
Treasury Stock
Balance at beginning of period$(36.8)$(53.0)
Purchases of treasury stock(1.4)(17.3)
Issuance of treasury stock for stock-based compensation plans3.4 34.0 
Balance at end of period$(34.8)$(36.3)
Total Ingersoll Rand Inc. Stockholders' Equity$8,771.7 $1,790.5 
Noncontrolling Interests
Balance at beginning of period$ $ 
Noncontrolling interest from acquisition of Ingersoll Rand Industrial73.3  
Net income attributable to noncontrolling interests1.4  
Foreign currency translation adjustments, net(1.6) 
Acquisition of noncontrolling interests (Note 19)(14.9) 
Balance at end of period$58.2 $ 
Total Stockholders’ Equity$8,829.9 $1,790.5 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
For the Nine Month Period Ended September 30,
20202019
Cash Flows From Operating Activities:
Net income (loss)$(183.5)$133.4 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of intangible assets284.0 92.6 
Depreciation in cost of sales64.9 33.3 
Depreciation in selling and administrative expenses10.7 7.0 
Impairment of intangible assets19.9  
Stock-based compensation expense29.0 13.4 
Foreign currency transaction losses, net14.0 3.1 
Non-cash adjustments to carrying value of LIFO inventories45.9  
Other non-cash adjustments14.5 0.1 
Changes in assets and liabilities:
Receivables108.5 47.7 
Inventories94.8 (26.2)
Accounts payable(46.7)9.7 
Accrued liabilities59.8 (10.9)
Other assets and liabilities, net(13.3)(58.9)
Net cash provided by operating activities502.5 244.3 
Cash Flows Used In Investing Activities:
Capital expenditures(33.5)(33.8)
Net cash acquired (paid) in business combinations9.4 (12.0)
Disposals of property, plant and equipment1.6 0.7 
Net cash used in investing activities(22.5)(45.1)
Cash Flows From (Used In) Financing Activities:
Principal payments on long-term debt(1,609.2)(30.8)
Proceeds from long-term debt1,980.1  
Purchases of treasury stock(1.4)(17.3)
Proceeds from stock option exercises12.7 37.3 
Payments of contingent consideration(0.7)(2.0)
Payments of debt issuance costs(47.4)(0.3)
Payments of costs incurred to issue shares for Ingersoll Rand Industrial acquisition(1.0) 
Acquisition of noncontrolling interests(14.9) 
Other financing(0.3) 
Net cash provided by (used in) financing activities317.9 (13.1)
Effect of exchange rate changes on cash and cash equivalents9.9 (0.9)
Net increase in cash and cash equivalents807.8 185.2 
Cash and cash equivalents, beginning of period505.5 221.2 
Cash and cash equivalents, end of period$1,313.3 $406.4 
Supplemental Cash Flow Information
Cash paid for income taxes$73.9 $53.8 
Cash paid for interest79.9 64.0 
Leased assets obtained in exchange for new operating lease liabilities21.0 6.3 
Capital expenditures in accounts payable3.5 4.1 
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 share and per share amounts)
Note 1. Basis of Presentation and Recent Accounting Pronouncements
Basis of Presentation
On February 29, 2020, Ingersoll Rand Inc. (formerly known as Gardner Denver Holdings, Inc.) completed the acquisition of the Ingersoll Rand Industrial business (“Ingersoll Rand Industrial”) by way of merger and changed its name from Gardner Denver Holdings, Inc. to Ingersoll Rand Inc. The condensed consolidated financial statements as of and for the nine month period ended September 30, 2020 include the financial results of Ingersoll Rand Industrial from the date of acquisition.
Ingersoll Rand Inc. is a diversified, global manufacturer of highly engineered, application-critical flow control products and provider of related aftermarket parts and services. 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, 2019. We have reclassified certain prior year amounts to conform to the current year presentation.
The results of operations for the interim periods ended September 30, 2020 are not necessarily indicative of future results. The ongoing novel Coronavirus (“COVID-19”) pandemic is a continuously evolving situation around the globe that has negatively impacted and could continue to negatively impact the global economy. The Company’s operating results will be subject to fluctuations based on general economic conditions, and the extent to which COVID-19 may ultimately impact its business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate extent of the spread of the disease and the duration of the outbreak and business closures or business disruptions for the Company, suppliers and customers.
Immediately prior to the acquisition of Ingersoll Rand Industrial, affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”) owned 70,671,135 shares of common stock of the Company or approximately 34%, of the total outstanding common stock of the Company. As of September 30, 2020, KKR owns 44,788,635 shares of common stock of the Company or approximately 11% of the total outstanding common stock of the Company.
Recently Adopted Accounting Standard Updates (“ASU”)
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40); Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amendments in this update require implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software, and deferred over the noncancelable term of the cloud computing arrangement plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. The Company adopted this guidance prospectively on January 1, 2020. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. The Company adopted this guidance on January 1, 2020. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.
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In June 2016, the FASB issued ASU 2016-13Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which added an impairment model that is based on expected losses rather than incurred losses and is called the Current Expected Credit Losses (“CECL”) model. This impairment model is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables as well as any other financial asset with the contractual right to receive cash. Under the new model, an allowance equal to the estimate of lifetime expected credit losses is recognized which will result in more timely loss recognition. The guidance is intended to reduce complexity by decreasing the number of credit impairment models. The Company adopted this guidance on January 1, 2020, using a modified retrospective transition method. The Company recorded a cumulative-effect adjustment on the adoption date increasing “Accumulated deficit” in the Condensed Consolidated Balance Sheets by $1.0 million and decreasing “Accounts receivable, net of allowance for doubtful accounts” in the Condensed Consolidated Balance Sheets by $1.0 million.
Recently Issued Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for a limited time to ease the potential burden of accounting for reference rate reform on financial reporting. This guidance applies to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates. The guidance is effective beginning on March 12, 2020 through December 31, 2022. The Company has not utilized any of the optional expedients or exceptions available under this ASU. The Company will continue to assess whether this ASU is applicable throughout the effective period.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions and amending and clarifying existing guidance. The guidance is effective for public companies beginning with the first quarter of 2021. Early adoption is permitted. The Company is currently assessing the impact of this ASU on its condensed consolidated financial statements and evaluating the timing of adoption.
In August 2018, the FASB issued ASU 2018-14, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this update eliminate, add and modify certain disclosure requirements for defined benefit pension plans. The guidance is effective for public companies beginning with its annual report for fiscal year 2020. This ASU will not have a material impact on the Company’s condensed consolidated financial statements.
Note 2. Business Combinations
Ingersoll Rand Industrial Acquisition
On February 29, 2020, Ingersoll Rand completed the acquisition of Ingersoll Rand Industrial for the total estimated purchase consideration of approximately $6,937.0 million which represents Ingersoll Rand common stock with a fair value of $6,919.5 million and the balance equal to the fair value attributable to pre-acquisition service for replacement equity awards and deferred compensation arrangements settled in shares (or valued by reference to shares) of Ingersoll Rand common stock. Ingersoll Rand Industrial is a global provider of mission-critical flow control and compression equipment and associated aftermarket parts, consumables and services. Ingersoll Rand acquired Ingersoll Rand Industrial to extend and enhance its portfolio of products to address market opportunities in the compressor, blower, pump and other industrial product markets.
Immediately prior to the merger, Trane Technologies plc (formerly known as Ingersoll-Rand plc) (“Old IR” or “Trane Technologies”) completed a spin-off in which it distributed one share of common stock of Ingersoll-Rand Industrial US. Holdco, Inc. (“SpinCo”), par value $0.01 per share, for each share of Old IR, outstanding as of the record date for the spin-off on February 24, 2020. In accordance with the merger agreement by and among Ingersoll Rand, Old IR, SpinCo and Charm Merger Sub Inc., a wholly owned subsidiary of Ingersoll Rand (“Merger Sub”), Merger Sub merged with and into SpinCo (the “acquisition”) and each share of common stock of SpinCo, par value $0.01 per share (“SpinCo