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Business Segments and Geographic Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segments and Geographic Information | Business Segments and Geographic Information IDEX has three reportable business segments: FMT, HST and FSDP. When determining these reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics. 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 biopharmaceutical, machinery and numerous other specialty niche markets. The HST segment designs, produces and distributes a wide range of precision fluidics, positive displacement pumps, powder and liquid processing technologies, 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 and precision photonic solutions. HST serves a variety of end markets, including food and beverage, life sciences, analytical instruments, pharmaceutical and biopharmaceutical, industrial, semiconductor, 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 contracted with terms equivalent to those of an arm’s-length transaction.
| 2023 |  | 2022 |  | 2021
NET SALES |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  |
External customers | $ | 1,244.2 |  |  | $ | 1,166.2 |  |  | $ | 998.0 |
Intersegment sales | 2.9 |  |  | 1.1 |  |  | 0.7 |
Total segment sales | 1,247.1 |  |  | 1,167.3 |  |  | 998.7 |
Health & Science Technologies |  |  |  |  |
External customers | 1,313.5 |  |  | 1,336.8 |  |  | 1,119.0 |
Intersegment sales | 2.9 |  |  | 2.4 |  |  | 2.8 |
Total segment sales | 1,316.4 |  |  | 1,339.2 |  |  | 1,121.8 |
Fire & Safety/Diversified Products |  |  |  |  |
External customers | 716.2 |  |  | 678.9 |  |  | 647.8 |
Intersegment sales | 2.6 |  |  | 0.3 |  |  | 0.1 |
Total segment sales | 718.8 |  |  | 679.2 |  |  | 647.9 |
Intersegment eliminations | (8.4) |  |  | (3.8) |  |  | (3.6) |
Net sales | $ | 3,273.9 |  |  | $ | 3,181.9 |  |  | $ | 2,764.8 |
ADJUSTED EBITDA |  |  |  |  |
Fluid & Metering Technologies | $ | 416.1 |  |  | $ | 374.2 |  |  | $ | 297.0 |
Health & Science Technologies | 359.5 |  |  | 411.8 |  |  | 355.9 |
Fire & Safety/Diversified Products | 208.6 |  |  | 183.9 |  |  | 185.7 |
Segment Adjusted EBITDA | 984.2 |  |  | 969.9 |  |  | 838.6 |
Corporate and other(1) | (84.6) |  |  | (85.7) |  |  | (73.2) |
Adjusted EBITDA | 899.6 |  |  | 884.2 |  |  | 765.4 |
Interest expense | (51.7) |  |  | (40.7) |  |  | (41.0) |
Depreciation | (57.2) |  |  | (50.7) |  |  | (46.6) |
Amortization of intangible assets | (94.9) |  |  | (69.0) |  |  | (56.4) |
Fair value inventory step-up charges | (1.6) |  |  | (8.5) |  |  | (11.6) |
Restructuring expenses and asset impairments | (10.9) |  |  | (4.5) |  |  | (9.3) |
Net impact from the exit of a COVID-19 testing application(2) | — |  |  | 1.1 |  |  | — |
Corporate transaction indemnity | — |  |  | — |  |  | (3.5) |
Gain on sale of businesses - net | 84.7 |  |  | 34.8 |  |  | — |
Gains on sales of assets | — |  |  | 2.7 |  |  | — |
Credit loss on note receivable from collaborative partner(3) | (7.7) |  |  | — |  |  | — |
Loss on early debt redemption | — |  |  | — |  |  | (8.6) |
Termination of the U.S. pension plan, net of curtailment | — |  |  | — |  |  | (8.6) |
Income before income taxes | $ | 760.3 |  |  | $ | 749.4 |  |  | $ | 579.8 |
(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and other. (2) Represents the acceleration of previously deferred revenue of $17.9 million, net of 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 in the HST segment in 2022 that did not reoccur in 2023. See Note 14 in the Notes to Consolidated Financial Statements for further detail. (3) Represents a reserve recorded on an investment with a collaborative partner that may no longer be recoverable. See Note 3 in the Notes to Consolidated Financial Statements for further detail.
| 2023 |  | 2022 |  | 2021
ASSETS |  |  |  |  |
Fluid & Metering Technologies | $ | 1,674.7 |  |  | $ | 1,676.9 |  |  | $ | 1,458.8 |
Health & Science Technologies | 3,262.4 |  |  | 2,931.1 |  |  | 2,138.3 |
Fire & Safety/Diversified Products | 792.6 |  |  | 771.8 |  |  | 892.5 |
Corporate and other | 135.5 |  |  | 132.1 |  |  | 427.6 |
Total assets | $ | 5,865.2 |  |  | $ | 5,511.9 |  |  | $ | 4,917.2 |
DEPRECIATION AND AMORTIZATION OF INTANGIBLE ASSETS |  |  |  |  |
Fluid & Metering Technologies | $ | 36.8 |  |  | $ | 36.9 |  |  | $ | 30.5 |
Health & Science Technologies | 99.0 |  |  | 67.3 |  |  | 56.7 |
Fire & Safety/Diversified Products | 15.3 |  |  | 15.0 |  |  | 15.3 |
Corporate and other | 1.0 |  |  | 0.5 |  |  | 0.5 |
Total depreciation and amortization | $ | 152.1 |  |  | $ | 119.7 |  |  | $ | 103.0 |
CAPITAL EXPENDITURES |  |  |  |  |
Fluid & Metering Technologies | $ | 24.2 |  |  | $ | 25.3 |  |  | $ | 21.0 |
Health & Science Technologies | 55.1 |  |  | 32.0 |  |  | 41.5 |
Fire & Safety/Diversified Products | 9.7 |  |  | 10.5 |  |  | 9.5 |
Corporate and other | 0.9 |  |  | 0.2 |  |  | 0.7 |
Total capital expenditures | $ | 89.9 |  |  | $ | 68.0 |  |  | $ | 72.7 |
Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2023, 2022 and 2021 is shown below.
| 2023 |  | 2022 |  | 2021
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT |  |  |  |  |
U.S. | $ | 219.2 |  |  | $ | 191.7 |  |  | $ | 188.3 |
North America, excluding U.S. | 24.0 |  |  | 4.7 |  |  | 5.4 |
Europe | 138.4 |  |  | 136.8 |  |  | 98.9 |
Asia | 48.3 |  |  | 48.8 |  |  | 34.5 |
Other(1) | 0.4 |  |  | 0.1 |  |  | 0.2 |
Total long-lived assets - net | $ | 430.3 |  |  | $ | 382.1 |  |  | $ | 327.3 |
(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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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