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Business Segments
 6 Months Ended
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
HSTFMTFSDPTotal SegmentsEliminationsIDEX
NET SALES
External customers$363.9 $310.5 $191.0 $865.4 $— $865.4 
Intersegment sales1.4 0.4 0.5 2.3 (2.3)— 
Net sales365.3 310.9 191.5 867.7 (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
HSTFMTFSDPTotal SegmentsEliminationsIDEX
NET SALES
External customers$303.0 $318.9 $185.3 $807.2 $— $807.2 
Intersegment sales0.8 0.5 0.1 1.4 (1.4)— 
Net sales303.8 319.4 185.4 808.6 (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
HSTFMTFSDPTotal SegmentsEliminationsIDEX
NET SALES
External customers$704.0 $600.7 $375.0 $1,679.7 $— $1,679.7 
Intersegment sales2.8 0.7 0.8 4.3 (4.3)— 
Net sales706.8 601.4 375.8 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
HSTFMTFSDPTotal SegmentsEliminationsIDEX
NET SALES
External customers$612.4 $632.4 $362.9 $1,607.7 $— $1,607.7 
Intersegment sales1.5 0.7 0.5 2.7 (2.7)— 
Net sales613.9 633.1 363.4 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,
2025202420252024
ADJUSTED EBITDA
Health & Science Technologies$95.0 $84.2 $182.4 $165.6 
Fluid & Metering Technologies108.7 107.7 204.0 213.1 
Fire & Safety/Diversified Products56.4 53.8 110.6 105.2 
Segment Adjusted EBITDA260.1 245.7 497.0 483.9 
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,
2025202420252024
DEPRECIATION
Health & Science Technologies$11.9$9.5$23.6$18.9
Fluid & Metering Technologies4.44.38.88.6
Fire & Safety/Diversified Products2.42.24.64.5
Total Segments18.716.037.032.0
Corporate and other0.30.30.40.5
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 Technologies5.45.210.710.5
Fire & Safety/Diversified Products1.21.52.83.1
Total amortization $32.0$23.9$63.5$48.5
June 30, 2025December 31, 2024
ASSETS
Health & Science Technologies$4,254.5 $4,142.6 
Fluid & Metering Technologies1,669.8 1,609.4 
Fire & Safety/Diversified Products826.3 794.1 
Total Segments6,750.6 6,546.1 
Corporate and other125.5 199.2 
Total assets$6,876.1 $6,745.3