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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 2025, by reportable business segment, were as follows:

			HST						FMT						FSDP						IDEX
Goodwill			$	2,276.5					$	785.2					$	390.6					$	3,452.3
Accumulated goodwill impairment losses			(149.8)						(20.7)						(30.1)						(200.6)
Balance at January 1, 2025			2,126.7						764.5						360.5						3,251.7
Foreign currency translation			80.6						15.8						15.9						112.3
Measurement period adjustments			4.6						—						—						4.6
Balance at June 30, 2025			$	2,211.9					$	780.3					$	376.4					$	3,368.6

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at June 30, 2025 and December 31, 2024:

			June 30, 2025																		December 31, 2024
			Gross Carrying Amount						Accumulated Amortization						Net						Gross Carrying Amount						Accumulated Amortization						Net
Amortized intangible assets:
Patents			$	2.6					$	(2.1)					$	0.5					$	2.5					$	(2.0)					$	0.5
Trade names			210.8						(69.6)						141.2						201.4						(60.0)						141.4
Customer relationships			1,125.6						(336.5)						789.1						1,078.8						(278.7)						800.1
Unpatented technology			323.9						(86.5)						237.4						325.4						(85.1)						240.3
Software			15.9						(5.6)						10.3						15.2						(3.6)						11.6
Total amortized intangible assets			1,678.8						(500.3)						1,178.5						1,623.3						(429.4)						1,193.9
Indefinite-lived intangible assets:
Banjo trade name			62.1						—						62.1						62.1						—						62.1
Akron Brass trade name			28.8						—						28.8						28.8						—						28.8
Total intangible assets			$	1,769.7					$	(500.3)					$	1,269.4					$	1,714.2					$	(429.4)					$	1,284.8

The Company assesses goodwill and indefinite-lived intangible assets for impairment annually, or more frequently if events occur or circumstances change that indicate an asset may be impaired. The Company’s policy is to assess for impairment annually as of October 31. Based on the results of the Company’s most recent annual impairment test at October 31, 2024, all reporting units and indefinite-lived intangible assets had fair values in excess of their carrying values. There have been no events or circumstances since the last assessment date that would have required an interim impairment test.

Amortization of intangible assets was $32.0 million and $63.5 million for the three and six months ended June 30, 2025, respectively, and $23.9 million and $48.5 million for the three and six months ended June 30, 2024, respectively. Based on the intangible asset balances as of June 30, 2025, expected amortization expense for the remaining six months of 2025 and for the years 2026 through 2029 is as follows:

						Estimated Amortization
Remainder of 2025						$	64.9
2026						128.5
2027						125.0
2028						122.1
2029						112.1

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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