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Business Segments and Geographic Information | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Business Segments and Geographic Information | Business Segments and Geographic Information IDEX has three reportable business segments: FMT, HST and FSDP. The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agriculture and energy industries. FMT application-specific pump and metering solutions serve a diverse range of end markets, including industrial infrastructure (fossil fuels, refined and alternative fuels and water and wastewater), energy, chemical processing, agriculture, food and beverage, semiconductor, pulp and paper, automotive/transportation, plastics and resins, electronics and electrical, construction and mining, pharmaceutical and bio-pharmaceutical, machinery and numerous other specialty niche markets. The HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies. HST serves a variety of end markets, including food and beverage, life sciences, analytical instruments, pharmaceutical and biopharmaceutical, industrial, semiconductor, digital printing, automotive/transportation, medical/dental, energy, cosmetics, marine, chemical, wastewater and water treatment, research and aerospace/defense markets. The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications in the automotive, energy and industrial markets and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses in the paint and industrial markets around the world. Information on the Company’s business segments is presented below based on the nature of the products and services offered. The Company uses Adjusted EBITDA as its principal measure of segment performance. Intersegment sales are accounted for at fair value as if the sales were to third parties. During the fourth quarter of 2022, the Company changed the segment measure of profit and loss used by the Chief Operating Decision Maker ("CODM") in accordance with ASC 280, Segment Reporting, from operating income to Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, or EBITDA, before fair value inventory step-up charges, restructuring expenses and asset impairments, the impact from the exit of a COVID-19 testing application, the gain on sale of a business, the gains on sales of assets, the impact of the settlement of a corporate transaction indemnity, the loss on early debt redemption and the noncash loss related to the termination of the U.S. pension plan, net of curtailment. The change in segment measure of profit and loss aligns with how the CODM allocates resources and evaluates the performance of the business. It also allows the Company to better assess operating results over time since it excludes items that are not reflective of ongoing operations.
| 2022 |  | 2021 |  | 2020
| (In millions)
NET SALES |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  |
External customers | $ | 1,166.2 |  |  | $ | 998.0 |  |  | $ | 895.4 |
Intersegment sales | 1.1 |  |  | 0.7 |  |  | 0.9 |
Total segment sales | 1,167.3 |  |  | 998.7 |  |  | 896.3 |
Health & Science Technologies |  |  |  |  |
External customers | 1,336.8 |  |  | 1,119.0 |  |  | 893.4 |
Intersegment sales | 2.4 |  |  | 2.8 |  |  | 2.6 |
Total segment sales | 1,339.2 |  |  | 1,121.8 |  |  | 896.0 |
Fire & Safety/Diversified Products |  |  |  |  |
External customers | 678.9 |  |  | 647.8 |  |  | 562.8 |
Intersegment sales | 0.3 |  |  | 0.1 |  |  | 0.1 |
Total segment sales | 679.2 |  |  | 647.9 |  |  | 562.9 |
Intersegment eliminations | (3.8) |  |  | (3.6) |  |  | (3.6) |
Net sales | $ | 3,181.9 |  |  | $ | 2,764.8 |  |  | $ | 2,351.6 |
ADJUSTED EBITDA |  |  |  |  |
Fluid & Metering Technologies | $ | 374.2 |  |  | $ | 297.0 |  |  | $ | 271.5 |
Health & Science Technologies | 411.8 |  |  | 355.9 |  |  | 250.9 |
Fire & Safety/Diversified Products | 183.9 |  |  | 185.7 |  |  | 161.5 |
Segment Adjusted EBITDA | 969.9 |  |  | 838.6 |  |  | 683.9 |
Corporate and other | (85.7) |  |  | (73.2) |  |  | (61.0) |
Adjusted EBITDA | 884.2 |  |  | 765.4 |  |  | 622.9 |
- Interest expense | (40.7) |  |  | (41.0) |  |  | (44.8) |
- Depreciation | (50.7) |  |  | (46.6) |  |  | (41.7) |
- Amortization | (69.0) |  |  | (56.4) |  |  | (41.8) |
- Fair value inventory step-up charges | (8.5) |  |  | (11.6) |  |  | (4.1) |
- Restructuring expenses and asset impairments | (4.5) |  |  | (9.3) |  |  | (11.8) |
- Net impact from the exit of a COVID-19 testing application(1) | 1.1 |  |  | — |  |  | — |
- Corporate transaction indemnity | — |  |  | (3.5) |  |  | — |
+ Gain on sale of business | 34.8 |  |  | — |  |  | — |
+ Gain on sales of assets | 2.7 |  |  | — |  |  | — |
- Loss on early debt redemption | — |  |  | (8.6) |  |  | (8.4) |
- Termination of the U.S. pension plan, net of curtailment | — |  |  | (8.6) |  |  | — |
Income before income taxes | $ | 749.4 |  |  | $ | 579.8 |  |  | $ | 470.3 |
(1) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 15 in the Notes to Consolidated Financial Statements for further detail.
| 2022 |  | 2021 |  | 2020
| (In millions)
ASSETS |  |  |  |  |
Fluid & Metering Technologies | $ | 1,676.9 |  |  | $ | 1,458.8 |  |  | $ | 1,387.0 |
Health & Science Technologies | 2,931.1 |  |  | 2,138.3 |  |  | 1,576.1 |
Fire & Safety/Diversified Products | 771.8 |  |  | 892.5 |  |  | 891.9 |
Corporate and other | 132.1 |  |  | 427.6 |  |  | 559.4 |
Total assets | $ | 5,511.9 |  |  | $ | 4,917.2 |  |  | $ | 4,414.4 |
DEPRECIATION AND AMORTIZATION (1) |  |  |  |  |
Fluid & Metering Technologies | $ | 36.9 |  |  | $ | 30.5 |  |  | $ | 25.9 |
Health & Science Technologies | 67.3 |  |  | 56.7 |  |  | 41.8 |
Fire & Safety/Diversified Products | 15.0 |  |  | 15.3 |  |  | 15.2 |
Corporate and other | 0.5 |  |  | 0.5 |  |  | 0.6 |
Total depreciation and amortization | $ | 119.7 |  |  | $ | 103.0 |  |  | $ | 83.5 |
CAPITAL EXPENDITURES |  |  |  |  |
Fluid & Metering Technologies | $ | 25.3 |  |  | $ | 21.0 |  |  | $ | 11.9 |
Health & Science Technologies | 32.0 |  |  | 41.5 |  |  | 27.7 |
Fire & Safety/Diversified Products | 10.5 |  |  | 9.5 |  |  | 8.9 |
Corporate and other | 0.2 |  |  | 0.7 |  |  | 3.1 |
Total capital expenditures | $ | 68.0 |  |  | $ | 72.7 |  |  | $ | 51.6 |
(1) Excludes amortization of debt issuance expenses. Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2022, 2021 and 2020 is shown below.
| 2022 |  | 2021 |  | 2020
| (In millions)
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT |  |  |  |  |
U.S. | $ | 191.7 |  |  | $ | 188.3 |  |  | $ | 169.2 |
North America, excluding U.S. | 4.7 |  |  | 5.4 |  |  | 5.0 |
Europe | 136.8 |  |  | 98.9 |  |  | 100.0 |
Asia | 48.8 |  |  | 34.5 |  |  | 24.0 |
Other(1) | 0.1 |  |  | 0.2 |  |  | 0.1 |
Total long-lived assets - net | $ | 382.1 |  |  | $ | 327.3 |  |  | $ | 298.3 |
(1) Other includes: South America, Middle East, Australia and Africa.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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