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v3.25.2

Business Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments IDEX has three reportable business segments: Health & Science Technologies (“HST”), Fluid & Metering Technologies (“FMT”), and Fire & Safety/Diversified Products (“FSDP”). 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 June 30, 2025
| HST |  | FMT |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 363.9 |  |  | $ | 310.5 |  |  | $ | 191.0 |  |  | $ | 865.4 |  |  | $ | — |  |  | $ | 865.4 |
Intersegment sales | 1.4 |  |  | 0.4 |  |  | 0.5 |  |  | 2.3 |  |  | (2.3) |  |  | — |
Net sales | 365.3 |  |  | 310.9 |  |  | 191.5 |  |  | 867.7 |  |  | (2.3) |  |  | 865.4 |
Adjusted segment cost of sales(1) | (217.0) |  |  | (153.0) |  |  | (105.5) |  |  | (475.5) |  |  | 2.3 |  |  | (473.2) |
Other segment expenses(2) | (53.3) |  |  | (49.2) |  |  | (29.6) |  |  | (132.1) |  |  |  |  |
Segment Adjusted EBITDA | $ | 95.0 |  |  | $ | 108.7 |  |  | $ | 56.4 |  |  | $ | 260.1 |  |  |  |  |
| Three Months Ended June 30, 2024
| HST |  | FMT |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 303.0 |  |  | $ | 318.9 |  |  | $ | 185.3 |  |  | $ | 807.2 |  |  | $ | — |  |  | $ | 807.2 |
Intersegment sales | 0.8 |  |  | 0.5 |  |  | 0.1 |  |  | 1.4 |  |  | (1.4) |  |  | — |
Net sales | 303.8 |  |  | 319.4 |  |  | 185.4 |  |  | 808.6 |  |  | (1.4) |  |  | 807.2 |
Adjusted segment cost of sales(1) | (177.6) |  |  | (163.3) |  |  | (100.9) |  |  | (441.8) |  |  | 1.4 |  |  | (440.4) |
Other segment expenses(2) | (42.0) |  |  | (48.4) |  |  | (30.7) |  |  | (121.1) |  |  |  |  |
Segment Adjusted EBITDA | $ | 84.2 |  |  | $ | 107.7 |  |  | $ | 53.8 |  |  | $ | 245.7 |  |  |  |  |
| Six Months Ended June 30, 2025
| HST |  | FMT |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 704.0 |  |  | $ | 600.7 |  |  | $ | 375.0 |  |  | $ | 1,679.7 |  |  | $ | — |  |  | $ | 1,679.7 |
Intersegment sales | 2.8 |  |  | 0.7 |  |  | 0.8 |  |  | 4.3 |  |  | (4.3) |  |  | — |
Net sales | 706.8 |  |  | 601.4 |  |  | 375.8 |  |  | 1,684.0 |  |  | (4.3) |  |  | 1,679.7 |
Adjusted segment cost of sales(1) | (418.2) |  |  | (299.3) |  |  | (205.4) |  |  | (922.9) |  |  | 4.3 |  |  | (918.6) |
Other segment expenses(2) | (106.2) |  |  | (98.1) |  |  | (59.8) |  |  | (264.1) |  |  |  |  |
Segment Adjusted EBITDA | $ | 182.4 |  |  | $ | 204.0 |  |  | $ | 110.6 |  |  | $ | 497.0 |  |  |  |  |
| Six Months Ended June 30, 2024
| HST |  | FMT |  | FSDP |  | Total Segments |  | Eliminations |  | IDEX
NET SALES |  |  |  |  |  |  |  |  |  |  |
External customers | $ | 612.4 |  |  | $ | 632.4 |  |  | $ | 362.9 |  |  | $ | 1,607.7 |  |  | $ | — |  |  | $ | 1,607.7 |
Intersegment sales | 1.5 |  |  | 0.7 |  |  | 0.5 |  |  | 2.7 |  |  | (2.7) |  |  | — |
Net sales | 613.9 |  |  | 633.1 |  |  | 363.4 |  |  | 1,610.4 |  |  | (2.7) |  |  | 1,607.7 |
Adjusted segment cost of sales(1) | (361.9) |  |  | (323.3) |  |  | (198.5) |  |  | (883.7) |  |  | 2.7 |  |  | (881.0) |
Other segment expenses(2) | (86.4) |  |  | (96.7) |  |  | (59.7) |  |  | (242.8) |  |  |  |  |
Segment Adjusted EBITDA | $ | 165.6 |  |  | $ | 213.1 |  |  | $ | 105.2 |  |  | $ | 483.9 |  |  |  |  |
(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 or six months ended June 30, 2025 or the three months ended June 30, 2024. There were step-up charges of $2.5 million recorded within the HST segment during the six months ended June 30, 2024. (2) Other segment expenses consists primarily of selling, general and administrative expenses.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
ADJUSTED EBITDA |  |  |  |  |  |  |
Health & Science Technologies | $ | 95.0 |  |  | $ | 84.2 |  |  | $ | 182.4 |  |  | $ | 165.6 |
Fluid & Metering Technologies | 108.7 |  |  | 107.7 |  |  | 204.0 |  |  | 213.1 |
Fire & Safety/Diversified Products | 56.4 |  |  | 53.8 |  |  | 110.6 |  |  | 105.2 |
Segment Adjusted EBITDA | 260.1 |  |  | 245.7 |  |  | 497.0 |  |  | 483.9 |
Corporate and other(1) | (22.9) |  |  | (21.5) |  |  | (51.8) |  |  | (51.4) |
Interest expense – net | (15.6) |  |  | (8.1) |  |  | (31.7) |  |  | (17.5) |
Depreciation(2) | (19.0) |  |  | (16.3) |  |  | (37.4) |  |  | (32.5) |
Amortization of intangible assets(2) | (32.0) |  |  | (23.9) |  |  | (63.5) |  |  | (48.5) |
Fair value inventory step-up charges | — |  |  | — |  |  | — |  |  | (2.5) |
Restructuring expenses and asset impairments | (0.7) |  |  | (1.3) |  |  | (18.2) |  |  | (2.4) |
Gain on sale of business | — |  |  | 4.6 |  |  | — |  |  | 4.6 |
Income before income taxes | $ | 169.9 |  |  | $ | 179.2 |  |  | $ | 294.4 |  |  | $ | 333.7 |
(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 and six months ended June 30, 2025 and 2024 was:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
DEPRECIATION |  |  |  |  |  |  |
Health & Science Technologies | $ | 11.9 |  | $ | 9.5 |  | $ | 23.6 |  | $ | 18.9
Fluid & Metering Technologies | 4.4 |  | 4.3 |  | 8.8 |  | 8.6
Fire & Safety/Diversified Products | 2.4 |  | 2.2 |  | 4.6 |  | 4.5
Total Segments | 18.7 |  | 16.0 |  | 37.0 |  | 32.0
Corporate and other | 0.3 |  | 0.3 |  | 0.4 |  | 0.5
Total depreciation | $ | 19.0 |  | $ | 16.3 |  | $ | 37.4 |  | $ | 32.5
AMORTIZATION OF INTANGIBLE ASSETS |  |  |  |  |  |  |
Health & Science Technologies | $ | 25.4 |  | $ | 17.2 |  | $ | 50.0 |  | $ | 34.9
Fluid & Metering Technologies | 5.4 |  | 5.2 |  | 10.7 |  | 10.5
Fire & Safety/Diversified Products | 1.2 |  | 1.5 |  | 2.8 |  | 3.1
Total amortization | $ | 32.0 |  | $ | 23.9 |  | $ | 63.5 |  | $ | 48.5
| June 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Health & Science Technologies | $ | 4,254.5 |  |  | $ | 4,142.6 |
Fluid & Metering Technologies | 1,669.8 |  |  | 1,609.4 |
Fire & Safety/Diversified Products | 826.3 |  |  | 794.1 |
Total Segments | 6,750.6 |  |  | 6,546.1 |
Corporate and other | 125.5 |  |  | 199.2 |
Total assets | $ | 6,876.1 |  |  | $ | 6,745.3 |

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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