Company: IR
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001628280-25-037049
Chunk: 85

Company: Ingersoll Rand Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 $36.3 million, compared to $87.6 million in the same six month period in 2024. The increase was primarily due to an increase in long term debt primarily used to fund the ILC Dover acquisition, partially offset by the interest rate derivative contracts discussed in Note 13 “Hedging Activities and Derivative Instruments” to our unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q. The weighted average interest rate, including the impact of the interest rate derivative contracts, was approximately 5.0% for the six month period ended June 30, 2025 and 5.2% in the same period in 2024.

Other Income, Net

Other income, net was $14.4 million and $18.1 million in the three month periods ended June 30, 2025 and 2024, respectively. The decrease was primarily due to a decrease in interest income from holdings of cash and cash equivalents.

Other income, net was $26.2 million and $31.3 million in the six month periods ended June 30, 2025 and 2024, respectively. The decrease was primarily due to a decrease in interest income from holdings of cash and cash equivalents.

Provision for Income Taxes

The provision for income taxes was $21.0 million, resulting in a 74.7% effective income tax provision rate for the three month period ended June 30, 2025, compared to a provision for income taxes of $46.1 million, resulting in a 19.5% effective income tax provision rate in the same three month period in 2024. The decrease in the tax provision and 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 provision for income taxes was $79.5 million, resulting in a 28.3% effective income tax provision rate for the six month period ended June 30, 2025, compared to a provision for income taxes of $100.5 million, resulting in a 19.9% effective income tax provision rate in the same six month period in 2024. The decrease in the provision for income taxes and increase in the effective income tax provision rate for the