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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 10-Q
____________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
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.)
525 Harbour Place Drive, Suite 600
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 404,925,743 shares of Common Stock, par value $0.01 per share, as of October 28, 2022.


INGERSOLL RAND INC. AND SUBSIDIARIES
FORM 10-Q
INDEX
Page No.
2

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, 2021 and “Part II. Item 1A Risk Factors” 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:
The COVID-19 pandemic, including business disruptions caused by government restrictions, could have a material and adverse effect on our business, results of operations and financial condition in the future.
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.
Shareholder and customer emphasis on environmental, social, and governance responsibility may impose additional costs on us or expose us to new risks.
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.
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.
Acquisitions and integrating such acquisitions create certain risks and may affect our operating results.
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 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 (“Ingersoll Rand Industrial”).
Dispositions create certain risks and may affect our operating results.
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.
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.
A natural disaster, catastrophe, pandemic, geopolitical tensions or other event could adversely affect our operations.
3

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.
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.
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.
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 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.
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 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.
The timing, number, manner and value of any shares repurchased pursuant to our share repurchase program will depend on several factors.
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.
4

All references to “we,” “us,” “our,” the “Company” or “Ingersoll Rand” in this Quarterly Report on Form 10-Q mean Ingersoll Rand Inc. and its subsidiaries, unless the context otherwise requires.
Website Disclosure
We use our website www.irco.com as a channel of distribution of Company information. Financial and other important information regarding us is routinely accessible through and posted on our website. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about Ingersoll Rand Inc. when you enroll your email address by visiting the “Investor Alerts” section of our website at investors.irco.com. The contents of our website are not, however, a part of this Quarterly Report on Form 10-Q.
5

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,
2022202120222021
Revenues$1,515.7 $1,325.0 $4,292.6 $3,733.6 
Cost of sales940.4 810.7 2,621.4 2,254.5 
Gross Profit575.3 514.3 1,671.2 1,479.1 
Selling and administrative expenses278.7 252.6 819.8 772.1 
Amortization of intangible assets93.8 80.3 263.6 244.8 
Other operating expense, net12.8 17.5 43.4 36.9 
Operating Income190.0 163.9 544.4 425.3 
Interest expense26.6 22.5 68.8 68.3 
Loss on extinguishment of debt 9.0 1.1 9.0 
Other income, net(9.8)(3.5)(21.8)(40.1)
Income from Continuing Operations Before Income Taxes173.2 135.9 496.3 388.1 
Provision for income taxes30.3 2.7 104.6 25.8 
Income (loss) on equity method investments2.6 (2.2)(2.5)(2.9)
Income from Continuing Operations145.5 131.0 389.2 359.4 
Income (loss) from discontinued operations, net of tax0.5 (4.2)0.6 (88.1)
Net Income146.0 126.8 389.8 271.3 
Less: Net income attributable to noncontrolling interests0.9 0.8 2.5 1.8 
Net Income Attributable to Ingersoll Rand Inc.$145.1 $126.0 $387.3 $269.5 
Amounts attributable to Ingersoll Rand Inc. common stockholders:
Income from continuing operations, net of tax$144.6 $130.2 $386.7 $357.6 
Income (loss) from discontinued operations, net of tax0.5 (4.2)0.6 (88.1)
Net income attributable to Ingersoll Rand Inc.$145.1 $126.0 $387.3 $269.5 
Basic earnings (loss) per share of common stock:
Earnings from continuing operations$0.36 $0.32 $0.95 $0.86 
Loss from discontinued operations (0.01) (0.21)
Net earnings0.36 0.31 0.96 0.65 
Diluted earnings (loss) per share of common stock:
Earnings from continuing operations$0.35 $0.31 $0.94 $0.84 
Loss from discontinued operations (0.01) (0.21)
Net earnings0.36 0.30 0.94 0.64 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

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,
2022202120222021
Comprehensive Income (Loss) Attributable to Ingersoll Rand Inc.
Net income attributable to Ingersoll Rand Inc.$145.1 $126.0 $387.3 $269.5 
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net(207.9)(47.6)(448.8)(98.3)
Unrecognized gain on cash flow hedges19.6  14.2  
Pension and other postretirement prior service cost and gain (loss), net5.3 1.8 2.2 4.3 
Total other comprehensive loss, net of tax(183.0)(45.8)(432.4)(94.0)
Comprehensive income (loss) attributable to Ingersoll Rand Inc.$(37.9)$80.2 $(45.1)$175.5 
Comprehensive Income (Loss) Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests$0.9 $0.8 $2.5 $1.8 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net(1.9)0.2 (6.1)(2.1)
Total other comprehensive income (loss), net of tax(1.9)0.2 (6.1)(2.1)
Comprehensive income (loss) attributable to noncontrolling interests(1.0)1.0 (3.6)(0.3)
Total Comprehensive Income (Loss)$(38.9)$81.2 $(48.7)$175.2 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share amounts)
September 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$1,459.5 $2,109.6 
Accounts receivable, net of allowance for credit losses of $47.8 and $42.3, respectively
1,032.3 948.6 
Inventories1,012.5 854.2 
Other current assets240.5 186.9 
Assets of discontinued operations 15.6 
Total current assets3,744.8 4,114.9 
Property, plant and equipment, net of accumulated depreciation of $386.9 and $357.7, respectively
587.7 648.6 
Goodwill5,789.0 5,981.6 
Other intangible assets, net3,533.6 3,912.7 
Deferred tax assets17.2 28.0 
Other assets553.3 468.7 
Total assets$14,225.6 $15,154.5 
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term borrowings and current maturities of long-term debt$32.8 $38.8 
Accounts payable698.9 670.5 
Accrued liabilities791.3 741.3 
Liabilities of discontinued operations 17.1 
Total current liabilities1,523.0 1,467.7 
Long-term debt, less current maturities2,720.1 3,401.8 
Pensions and other postretirement benefits178.1 195.1 
Deferred income taxes673.2 708.6 
Other liabilities316.2 310.1 
Total liabilities$5,410.6 $6,083.3 
Commitments and contingencies (Note 16)
  
Stockholders’ equity
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 426,112,396 and 423,785,571 shares issued as of September 30, 2022 and December 31, 2021, respectively
4.3 4.3 
Capital in excess of par value9,462.7 9,408.6 
Retained earnings741.6 378.6 
Accumulated other comprehensive loss(474.0)(41.6)
Treasury stock at cost; 21,190,495 and 16,000,364 shares as of September 30, 2022 and December 31, 2021, respectively
(983.7)(748.4)
Total Ingersoll Rand Inc. stockholders’ equity$8,750.9 $9,001.5 
Noncontrolling interests64.1 69.7 
Total stockholders’ equity$8,815.0 $9,071.2 
Total liabilities and stockholders’ equity$14,225.6 $15,154.5 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Month Period Ended September 30, 2022
Common StockCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Ingersoll Rand Inc. Stockholders' EquityNoncontrolling InterestsTotal Equity
Shares IssuedPar
Balance at beginning of period424.6 $4.3 $9,456.9 $604.6 $(291.0)$(997.9)$8,776.9 $67.1 $8,844.0 
Net income— — — 145.1 — — 145.1 0.9 146.0 
Dividends declared— — — (8.1)— — (8.1)— (8.1)
Issuance of common stock for stock-based compensation plans1.5 — 5.4 — — — 5.4 — 5.4 
Purchases of treasury stock— — — — — (4.1)(4.1)— (4.1)
Issuance of treasury stock for stock-based compensation plans— — (17.5)— — 18.3 0.8 — 0.8 
Stock-based compensation— — 17.9 — — — 17.9 — 17.9 
Other comprehensive loss, net of tax— — — — (183.0)— (183.0)(1.9)(184.9)
Dividends attributable to noncontrolling interests— — — — — — — (2.0)(2.0)
Balance at end of period426.1 $4.3 $9,462.7 $741.6 $(474.0)$(983.7)$8,750.9 $64.1 $8,815.0 
Three Month Period Ended September 30, 2021
Common StockCapital in Excess of Par ValueRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive LossTreasury StockTotal Ingersoll Rand Inc. Stockholders' EquityNoncontrolling InterestsTotal Equity
Shares IssuedPar
Balance at beginning of period421.5 $4.2 $9,376.0 $(32.2)$(35.5)$(34.6)$9,277.9 $68.5 $9,346.4 
Net income— — — 126.0 — — 126.0 0.8 126.8 
Issuance of common stock for stock-based compensation plans2.0 — 6.7 — — — 6.7 — 6.7 
Purchases of treasury stock— — — — — (733.3)(733.3)— (733.3)
Issuance of treasury stock for stock-based compensation plans— — (18.3)— — 18.3 — —  
Stock-based compensation— — 22.1 — — — 22.1 — 22.1 
Other comprehensive income (loss), net of tax— — — — (45.8)— (45.8)0.2 (45.6)
Divestiture of foreign subsidiaries— — — — — — — —  
Dividends attributable to noncontrolling interests— — — — — — — (0.3)(0.3)
Balance at end of period423.5 $4.2 $9,386.5 $93.8 $(81.3)$(749.6)$8,653.6 $69.2 $8,722.8 
The accompanying notes are an integral part of these condensed consolidated financial statements.
9

INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)
(Unaudited; in millions)
Nine Month Period Ended September 30, 2022
Common StockCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Ingersoll Rand Inc. Stockholders' EquityNoncontrolling InterestsTotal Equity
Shares IssuedPar
Balance at beginning of period423.8 $4.3 $9,408.6 $378.6 $(41.6)$(748.4)$9,001.5 $69.7 $9,071.2 
Net income— — — 387.3 — — 387.3 2.5 389.8 
Dividends declared— — — (24.3)— — (24.3)— (24.3)
Issuance of common stock for stock-based compensation plans2.3 — 13.3 — — — 13.3 — 13.3 
Purchases of treasury stock— — — — — (257.8)(257.8)— (257.8)
Issuance of treasury stock for stock-based compensation plans— — (20.7)— — 22.5 1.8 — 1.8 
Stock-based compensation— — 61.5 — — — 61.5 — 61.5 
Other comprehensive loss, net of tax— — — — (432.4)— (432.4)(6.1)(438.5)
Dividends attributable to noncontrolling interests— — — — — — — (2.0)(2.0)
Balance at end of period426.1 $4.3 $9,462.7 $741.6 $(474.0)$(983.7)$8,750.9 $64.1 $8,815.0 
Nine Month Period Ended September 30, 2021
Common StockCapital in Excess of Par ValueRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss)Treasury StockTotal Ingersoll Rand Inc. Stockholders' EquityNoncontrolling InterestsTotal Equity
Shares IssuedPar
Balance at beginning of period420.1 $4.2 $9,310.3 $(175.7)$14.2 $(33.3)$9,119.7 $69.8 $9,189.5 
Net income— — — 269.5 — — 269.5 1.8 271.3 
Issuance of common stock for stock-based compensation plans3.4 — 19.0 — — — 19.0 — 19.0 
Purchases of treasury stock— — — — — (736.5)(736.5)— (736.5)
Issuance of treasury stock for stock-based compensation plans— — (19.4)— — 20.2 0.8 — 0.8 
Stock-based compensation— — 76.6 — — — 76.6 — 76.6 
Other comprehensive loss, net of tax— — — — (94.0)— (94.0)(2.1)(96.1)
Divestiture of foreign subsidiaries— — — — (1.5)— (1.5)— (1.5)
Dividends attributable to noncontrolling interests— — — — — — — (0.3)(0.3)
Balance at end of period423.5 $4.2 $9,386.5 $93.8 $(81.3)$(749.6)$8,653.6 $69.2 $8,722.8 
The accompanying notes are an integral part of these condensed consolidated financial statements.
10

INGERSOLL RAND INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
For the Nine Month Period Ended September 30,
20222021
Cash Flows From Operating Activities From Continuing Operations:
Net income$389.8 $271.3 
Income (loss) from discontinued operations, net of tax0.6 (88.1)
Income from continuing operations389.2 359.4 
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations:
Amortization of intangible assets263.6 244.8 
Depreciation64.4 65.5 
Non-cash restructuring charges6.0  
Stock-based compensation expense62.3 65.0 
Income (loss) on equity method investments2.5 2.9 
Foreign currency transaction gains, net(12.3)(13.6)
Non-cash adjustments to carrying value of LIFO inventories33.0  
Other non-cash adjustments3.1 8.6 
Changes in assets and liabilities:
Receivables(160.1)(43.8)
Inventories(260.2)(126.6)
Accounts payable76.4 83.7 
Accrued liabilities90.2 (129.2)
Other assets and liabilities, net(47.5)(135.8)
Net cash provided by operating activities from continuing operations510.6 380.9 
Cash Flows From Investing Activities From Continuing Operations:
Capital expenditures(61.1)(41.2)
Net cash paid in business combinations(62.5)(809.3)
Disposals of property, plant and equipment 9.5 
Other investing4.1  
Net cash used in investing activities from continuing operations(119.5)(841.0)
Cash Flows From Financing Activities From Continuing Operations:
Principal payments on long-term debt(647.1)(425.7)
Purchases of treasury stock(257.8)(736.5)
Cash dividends on common shares(24.3) 
Proceeds from stock option exercises14.7 20.0 
Payments of interest rate cap premiums(13.4) 
Payments of deferred and contingent acquisition consideration(4.1) 
Other financing(2.8) 
Net cash used in financing activities from continuing operations(934.8)(1,142.2)
Cash Flows From Discontinued Operations:
Net cash used in operating activities(5.0)(0.6)
Net cash provided by investing activities4.4 1,902.5 
Net cash provided by (used in) discontinued operations(0.6)1,901.9 
Effect of exchange rate changes on cash and cash equivalents(105.8)(17.5)
Net increase (decrease) in cash and cash equivalents(650.1)282.1 
Cash and cash equivalents, beginning of period2,109.6 1,750.9 
Cash and cash equivalents, end of period$1,459.5 $2,033.0 
Supplemental Cash Flow Information
Cash paid for income taxes$117.1 $381.4 
Cash paid for interest64.2 62.5 
The accompanying notes are an integral part of these condensed consolidated financial statements.
11

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
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, 2021 (“2021 Form 10-K”). We have reclassified certain prior year amounts to conform to the current year presentation. 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, 2022 are not necessarily indicative of future results. The novel Coronavirus (“COVID-19”) pandemic and related supply chain constraints could 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.
Recently Adopted Accounting Standard Updates (“ASU”)
In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which explicitly clarifies which contracts, hedging relationships, and other transactions are within the scope of the optional expedients and exceptions allowed under Topic 848.
In April 2022, the Company and its lenders executed Amendment No. 8 to the Credit Agreement, the primary purpose of which was to change the reference rate for existing and new borrowings under the Credit Agreement by replacing LIBOR with the Secured Overnight Financing Rate (“SOFR”). We applied practical expedients provided in Topic 848 allowing for the changes in contractual terms to be accounted for prospectively. These modifications had no significant impact on our financial statements. Refer to Note 9 “Debt” for further information regarding the terms of the Credit Agreement. The Company will continue to assess whether other provisions of Topic 848 are applicable throughout the effective period.
Recently Issued Accounting Pronouncements
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in this update are effective for fiscal years beginning after December 15, 2022 for public companies. Early adoption is permitted. The adoption is not expected to have a material impact on our consolidated financial statements.

In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The amendments in this update are effective for fiscal years beginning after December 15, 2022, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The adoption is not expected to have a material impact on our consolidated financial statements.
12

Note 2. Discontinued Operations
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