Company: IR
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006391
Chunk: 29

Company: Ingersoll Rand Inc.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 29
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43.3)(28.8)Adjusted Net Income$1,349.3 $1,215.8 Free Cash Flow from Continuing Operations:Cash flows from operating activities from continuing operations$1,396.7 $1,377.4 Minus:Capital expenditures149.1 105.4 Free Cash Flow from Continuing Operations$1,247.6 $1,272.0 

(a)Depreciation expense excludes $4.0 million and $3.7 million of depreciation of rental equipment for the years ended December 31, 2024 and 2023, respectively.

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(b)Represents $364.3 million and $357.5 million of amortization of intangible assets arising from acquisitions (customer relationships, technology, tradenames and backlog) and $8.7 million and $10.0 million of amortization of non-acquisition related intangible assets, in each case for the years ended December 31, 2024 and 2023, respectively.

(c)Restructuring and related business transformation costs consisted of the following.

Year Ended December 31,20242023Restructuring charges$31.2 $19.9 Facility reorganization, relocation and other costs1.1 3.0 Total restructuring and related business transformation costs$32.3 $22.9 

(d)Represents costs associated with successful and abandoned acquisitions, including third-party expenses, post-closure integration costs and non-cash charges and credits arising from fair value purchase accounting adjustments.

(e)Represents non-recoverable costs associated with a cybersecurity event.

(f)Includes (i) effects of the amortization of prior service costs and amortization of losses in pension and other postemployment (“OPEB”) expense and (ii) other miscellaneous adjustments.

(g)Represents our income tax provision adjusted for the tax effect of pre-tax items excluded from Adjusted Net Income and the removal of applicable discrete tax items. The tax effect of pre-tax items excluded from Adjusted Net Income is computed using the statutory tax rate related to the jurisdiction that was impacted by the adjustment after taking into account the impact of permanent differences and valuation allowances. Discrete tax items include changes in tax laws or rates, changes in uncertain tax positions relating to prior years and changes in valuation allowances.

The income tax provision, as adjusted for each of the periods presented below consists of the following.

Year Ended December 31,20242023Provision for income taxes$