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Business Segments and Geographic Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segments and Geographic Information Business Segments and Geographic Information
IDEX has three operating business segments, which are the same as our reportable business segments: FMT, HST and FSDP. The Company has determined its segments based on how financial information is reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions and allocate resources.

The Company’s CODM is the Chief Executive Officer. The Company’s CODM evaluates the performance of the segments and allocates resources to them based on Adjusted EBITDA. Segment Adjusted EBITDA includes intersegment revenues as well as charges allocating certain corporate overhead costs. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction. Adjusted EBITDA is the Company’s measure of segment performance.

For all segments, the CODM uses Adjusted EBITDA in the annual budgeting and forecasting process. The CODM considers Adjusted EBITDA budget and forecast-to-actual variances when making decisions about the allocation of operating and capital resources to each segment. Adjusted EBITDA is also used in determining the compensation of certain employees.

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. FMT serves the general industrial, water and wastewater, energy, chemical, agriculture, semiconductor and food and pharmaceutical 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, technical ceramics and hermetic sealing products and porous material structures and flow control solutions. HST serves a variety of end markets, including life sciences, general industrial, analytical instruments, semiconductor, food and pharmaceutical, energy, automotive, aerospace/defense and medical/dental markets.

The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems, engineered stainless steel banding and clamping devices and precision equipment for dispensing, metering and mixing colorants and paints. FSDP serves the fire suppression, paint dispensing, rescue tools, automotive, general industrial, aerospace/defense and the energy markets.

Financial information for the Company’s reportable business segments is presented below.
For the Year Ended December 31, 2024
FMTHSTFSDPTotal SegmentsEliminationsIDEX
NET SALES
External customers$1,231.8 $1,294.0 $743.0 $3,268.8 $— $3,268.8 
Intersegment sales1.4 4.1 1.3 6.8 (6.8)— 
 Net sales1,233.2 1,298.1 744.3 3,275.6 (6.8)3,268.8 
Adjusted segment cost of sales(1)
(639.4)(769.5)(411.9)(1,820.8)6.8 (1,814.0)
Other segment expenses(2)
(187.5)(181.8)(118.2)(487.5)
Segment Adjusted EBITDA406.3 346.8 214.2 967.3 
For the Year Ended December 31, 2023
FMTHSTFSDPTotal SegmentsEliminationsIDEX
NET SALES
External customers$1,244.2 $1,313.5 $716.2 $3,273.9 $— $3,273.9 
Intersegment sales2.9 2.9 2.6 8.4 (8.4)— 
 Net sales1,247.1 1,316.4 718.8 3,282.3 (8.4)3,273.9 
Adjusted segment cost of sales(1)
(650.1)(783.1)(400.6)(1,833.8)8.4 (1,825.4)
Other segment expenses(2)
(180.9)(173.8)(109.6)(464.3)
Segment Adjusted EBITDA416.1 359.5 208.6 984.2 

For the Year Ended December 31, 2022
FMTHSTFSDPTotal SegmentsEliminationsIDEX
NET SALES
External customers$1,166.2 $1,336.8 $678.9 $3,181.9 $— $3,181.9 
Intersegment sales1.1 2.4 0.3 3.8 (3.8)— 
 Net sales1,167.3 1,339.2 679.2 3,185.7 (3.8)3,181.9 
Adjusted segment cost of sales(1)
(623.3)(738.9)(388.1)(1,750.3)3.8 (1,746.5)
Other segment expenses(2)
(169.8)(188.5)(107.2)(465.5)
Segment Adjusted EBITDA374.2 411.8 183.9 969.9 

(1) Adjusted segment cost of sales represents Cost of sales excluding fair value inventory step-up charges.
(2) Other segment expenses consists primarily of selling, general and administrative expenses.

202420232022
ADJUSTED EBITDA
Fluid & Metering Technologies $406.3 $416.1 $374.2 
Health & Science Technologies 346.8 359.5 411.8 
Fire & Safety/Diversified Products214.2 208.6 183.9 
Segment Adjusted EBITDA967.3 984.2 969.9 
Corporate and other(1)
(93.0)(84.6)(85.7)
Interest expense - net(44.5)(51.7)(40.7)
Depreciation(68.5)(57.2)(50.7)
Amortization of intangible assets(107.1)(94.9)(69.0)
Fair value inventory step-up charges(9.6)(1.6)(8.5)
Restructuring expenses and asset impairments(9.3)(10.9)(4.5)
Net impact from the exit of a COVID-19 testing application(2)
— — 1.1 
Gain on sale of businesses - net4.0 84.7 34.8 
Gains on sales of assets— — 2.7 
Credit loss on note receivable from collaborative partner(3)
— (7.7)— 
Income before income taxes$639.3 $760.3 $749.4 

(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 or 2024. See Note 14, “Restructuring Expenses and Asset Impairments,” for further detail.
(3) Represents a reserve recorded on an investment with a collaborative partner in Other (income) expense – net during 2023. During the fourth quarter of 2023, the Company converted the promissory note receivable from the collaborative partner to equity, resulting in a cost method investment with zero value. See Note 3, “Collaborative Investments,” for further detail.
202420232022
DEPRECIATION
Fluid & Metering Technologies$17.3 $14.1 $16.1 
Health & Science Technologies41.2 33.2 25.7 
Fire & Safety/Diversified Products9.0 8.9 8.4 
Total Segments67.5 56.2 50.2 
Corporate and other1.0 1.0 0.5 
Total depreciation$68.5 $57.2 $50.7 
AMORTIZATION OF INTANGIBLE ASSETS
Fluid & Metering Technologies$21.1 $22.7 $20.8 
Health & Science Technologies79.7 65.8 41.6 
Fire & Safety/Diversified Products6.3 6.4 6.6 
Total amortization$107.1 $94.9 $69.0 
CAPITAL EXPENDITURES
Fluid & Metering Technologies$14.8 $24.2 $25.3 
Health & Science Technologies40.1 55.1 32.0 
Fire & Safety/Diversified Products10.2 9.7 10.5 
Total Segments65.1 89.0 67.8 
Corporate and other— 0.9 0.2 
Total capital expenditures$65.1 $89.9 $68.0 

December 31, 2024December 31, 2023
ASSETS
Fluid & Metering Technologies$1,609.4 $1,674.7 
Health & Science Technologies4,142.6 3,262.4 
Fire & Safety/Diversified Products794.1 792.6 
Total Segments6,546.1 5,729.7 
Corporate and other199.2 135.5 
Total assets$6,745.3 $5,865.2 

Information about the Company’s long-lived assets in different geographical regions as of December 31, 2024 and 2023 is shown below.
December 31, 2024December 31, 2023
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.$271.7 $219.2 
North America, excluding U.S.20.6 24.0 
Netherlands
51.4 61.5 
Europe, excluding Netherlands
71.6 76.9 
Asia44.7 48.3 
Other(1)
0.4 0.4 
Total long-lived assets - net$460.4 $430.3 

(1) Other includes: South America, Middle East, Australia and Africa.