Company: IR
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001628280-25-037049
Chunk: 69

Company: Ingersoll Rand Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 69
---
 the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year.Contract BalancesThe following table provides the contract balances as of June 30, 2025 and December 31, 2024 presented in the Condensed Consolidated Balance Sheets.June 30, 2025December 31, 2024Accounts receivable, net$1,387.9 $1,335.4 Contract assets117.3 111.2 Contract liabilities - current324.1 318.6 Contract liabilities - noncurrent1.1 0.9 

32

Note 16. Income Taxes

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and six month periods ended June 30, 2025 and 2024.For the Three Month Period Ended June 30,For the Six Month Period Ended June 30,2025202420252024Income before income taxes$28.1 $236.1 $281.2 $505.7 Provision for income taxes$21.0 $46.1 $79.5 $100.5 Effective income tax provision rate74.7%19.5%28.3%19.9%The decrease in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended June 30, 2025 when compared to the same three month period of 2024 is primarily due to nondeductible impairment of goodwill, tradenames, and equity investment and a lower benefit from a windfall tax deduction in the 2025 period compared to the 2024 period.

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

Note 17. Other Operating Expense, Net

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