Acquisitions

3 Months Ended

Mar. 31, 2025

All of the Company’s acquisitions of businesses have been accounted for under Accounting Standards Codification (“ASC”) 805, Business Combinations. Accordingly, the assets and liabilities of the acquired companies, after adjustments to reflect the fair values assigned to the assets and liabilities, have been included in the Condensed Consolidated Balance Sheets from their respective dates of acquisition. The results of operations of businesses acquired have been included in the Condensed Consolidated Statements of Income since their respective dates of acquisition. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on the Condensed Consolidated Financial Statements individually or in the aggregate.

The Company makes a preliminary allocation of the purchase price for each acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information, primarily related to the valuations of these assets and liabilities, and continues to integrate the newly acquired business, the Company will refine the estimates of fair value and more accurately allocate the purchase price through the completion of the measurement period, which is not to exceed one year from the date of acquisition. Only items that existed as of the acquisition date are considered for subsequent adjustment to the purchase price allocation. Goodwill recognized reflects the strategic fit, revenue and earnings growth potential of the acquired business and its synergies with existing IDEX businesses.

2024 Acquisitions

Mott Corporation

On September 5, 2024, the Company acquired Mott Corporation and its subsidiaries (“Mott”) in a stock acquisition. Mott is a leading microfiltration business specializing in the design, customization and manufacturing of sintered porous metal components and engineered solutions used in fluidic applications. Headquartered in Farmington, Connecticut, Mott operates in the Scientific Fluidics & Optics reporting unit within the Company’s Health & Science Technologies segment. Mott was acquired for cash consideration of $982.0 million, net of cash acquired of $3.1 million. The purchase price was funded using a combination of cash on hand of $207.7 million, borrowings under the Company’s Revolving Facility of $279.3 million and net proceeds of $495.0 million from the issuance of the Company’s 4.950% Senior Notes (as defined in No te 8, “Borrowings”). Goodwill and intangible assets recognized as part of this transaction were $484.2 million and $412.8 million, respectively. The goodwill is expected to be primarily deductible for tax purposes.

As of March 31, 2025, the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:


	Total
Current assets, net of cash acquired	$	85.2
Property, plant and equipment	53.7
Goodwill	484.2
Intangible assets	412.8
Other noncurrent assets	14.7
Total assets acquired	1,050.6
Current liabilities	(48.2)
Deferred income taxes	(9.2)
Other noncurrent liabilities	(11.2)
Net assets acquired(1)	$	982.0

(1) The Company finalized the purchase price of Mott during the three months ended March 31, 2025, resulting in a reduction to the purchase price of $4.2 million. Funds were received by the Company in January 2025.

Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The acquired intangible assets and weighted average amortization periods are as follows:


	Total		Weighted Average Life (in years)
Trade names	$	42.0	15
Customer relationships	269.0		14
Unpatented technology	101.8		13
Acquired intangible assets	$	412.8

Acquisition-Related Costs

The Company incurred acquisition-related costs of $0.7 million and $1.3 million during the three months ended March 31, 2025 and 2024, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed, pending and potential transactions, including transactions that ultimately were not completed. There were no fair value inventory step-up charges recorded during the three months ended March 31, 2025. The Company recorded a $2.5 million fair value inventory step-up charge associated with the completed 2023 acquisition of STC Material Solutions in Cost of sales during the three months ended March 31, 2024.