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Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Information on Company's Business Segments | The Company uses Adjusted EBITDA as its measure of segment performance. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction. Information on the Company’s business segments is presented below.
| Three Months Ended March 31, 2025
| FMT |  | HST |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 290.2 |  |  | $ | 340.1 |  |  | $ | 184.0 |  |  | $ | 814.3 |  |  | $ | — |  |  | $ | 814.3 |
Intersegment sales | 0.3 |  |  | 1.4 |  |  | 0.3 |  |  | 2.0 |  |  | (2.0) |  |  | — |
Net sales | 290.5 |  |  | 341.5 |  |  | 184.3 |  |  | 816.3 |  |  | (2.0) |  |  | 814.3 |
Adjusted segment cost of sales(1) | (146.3) |  |  | (201.2) |  |  | (99.9) |  |  | (447.4) |  |  | 2.0 |  |  | (445.4) |
Other segment expenses(2) | (48.9) |  |  | (52.9) |  |  | (30.2) |  |  | (132.0) |  |  |  |  |
Segment Adjusted EBITDA | $ | 95.3 |  |  | $ | 87.4 |  |  | $ | 54.2 |  |  | $ | 236.9 |  |  |  |  |
| Three Months Ended March 31, 2024
| FMT |  | HST |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 313.5 |  |  | $ | 309.4 |  |  | $ | 177.6 |  |  | $ | 800.5 |  |  | $ | — |  |  | $ | 800.5 |
Intersegment sales | 0.2 |  |  | 0.7 |  |  | 0.4 |  |  | 1.3 |  |  | (1.3) |  |  | — |
Net sales | 313.7 |  |  | 310.1 |  |  | 178.0 |  |  | 801.8 |  |  | (1.3) |  |  | 800.5 |
Adjusted segment cost of sales(1) | (160.0) |  |  | (184.3) |  |  | (97.6) |  |  | (441.9) |  |  | 1.3 |  |  | (440.6) |
Other segment expenses(2) | (48.3) |  |  | (44.4) |  |  | (29.0) |  |  | (121.7) |  |  |  |  |
Segment Adjusted EBITDA | $ | 105.4 |  |  | $ | 81.4 |  |  | $ | 51.4 |  |  | $ | 238.2 |  |  |  |  |
(1) Adjusted segment cost of sales represents Cost of sales excluding fair value inventory step-up charges. There were no step-up charges recorded during the three months ended March 31, 2025. There were step-up charges of $2.5 million recorded within the HST segment during the three months ended March 31, 2024. (2) Other segment expenses consists primarily of selling, general and administrative expenses.
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
ADJUSTED EBITDA |  |  |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  | $ | 95.3 |  |  | $ | 105.4 |
Health & Science Technologies |  |  |  |  | 87.4 |  |  | 81.4 |
Fire & Safety/Diversified Products |  |  |  |  | 54.2 |  |  | 51.4 |
Segment Adjusted EBITDA |  |  |  |  | 236.9 |  |  | 238.2 |
Corporate and other(1) |  |  |  |  | (28.9) |  |  | (29.9) |
Interest expense – net |  |  |  |  | (16.1) |  |  | (9.4) |
Depreciation(2) |  |  |  |  | (18.4) |  |  | (16.2) |
Amortization of intangible assets(2) |  |  |  |  | (31.5) |  |  | (24.6) |
Fair value inventory step-up charges |  |  |  |  | — |  |  | (2.5) |
Restructuring expenses and asset impairments |  |  |  |  | (17.5) |  |  | (1.1) |
Income before income taxes |  |  |  |  | $ | 124.5 |  |  | $ | 154.5 |
(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder are included in Corporate and other. (2) Depreciation and amortization of intangible assets by segment for the three months ended March 31, 2025 and 2024 was:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
DEPRECIATION |  |  |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  | $ | 4.4 |  | $ | 4.3
Health & Science Technologies |  |  |  |  | 11.7 |  | 9.4
Fire & Safety/Diversified Products |  |  |  |  | 2.2 |  | 2.3
Total Segments |  |  |  |  | 18.3 |  | 16.0
Corporate and other |  |  |  |  | 0.1 |  | 0.2
Total depreciation |  |  |  |  | $ | 18.4 |  | $ | 16.2
AMORTIZATION OF INTANGIBLE ASSETS |  |  |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  | $ | 5.3 |  | $ | 5.3
Health & Science Technologies |  |  |  |  | 24.6 |  | 17.7
Fire & Safety/Diversified Products |  |  |  |  | 1.6 |  | 1.6
Total amortization |  |  |  |  | $ | 31.5 |  | $ | 24.6
| March 31, 2025 |  | December 31, 2024
ASSETS |  |  |
Fluid & Metering Technologies | $ | 1,650.1 |  |  | $ | 1,609.4 |
Health & Science Technologies | 4,185.5 |  |  | 4,142.6 |
Fire & Safety/Diversified Products | 793.8 |  |  | 794.1 |
Total Segments | 6,629.4 |  |  | 6,546.1 |
Corporate and other | 165.7 |  |  | 199.2 |
Total assets | $ | 6,795.1 |  |  | $ | 6,745.3 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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