Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the nine months ended September 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	83.5		15.9		15.8		115.2
Acquisitions	36.9		—		—		36.9
Measurement period adjustments	5.0		—		—		5.0
Balance at September 30, 2025	$	2,252.1	$	780.4	$	376.3	$	3,408.8

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


	September 30, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Trade names	$	215.7	$	(73.0)	$	142.7	$	201.4	$	(60.0)	$	141.4
Customer relationships	1,147.0		(358.2)		788.8		1,078.8		(278.7)		800.1
Technology(1)	345.0		(95.5)		249.5		327.9		(87.1)		240.8
Software	16.0		(6.4)		9.6		15.2		(3.6)		11.6
Total amortized intangible assets	1,723.7		(533.1)		1,190.6		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	$	1,814.6	$	(533.1)	$	1,281.5	$	1,714.2	$	(429.4)	$	1,284.8

(1) At September 30, 2025, the Company revised its classification of intangible assets to combine patents and unpatented technology into a single category. This change was made to better reflect the integrated nature of the Company’s intellectual property portfolio. The prior period gross carrying amount and accumulated amortization for patents of $2.5 million and $2.0 million, respectively, have been reclassified to conform to the current period presentation. The change had no impact on total intangible assets or amortization expense.

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 $33.0 million and $96.5 million for the three and nine months ended September 30, 2025, respectively, and $26.5 million and $75.0 million for the three and nine months ended September 30, 2024, respectively. Based on the intangible asset balances as of September 30, 2025, expected amortization expense for the remaining three months of 2025 and for the years 2026 through 2029 is as follows:


	Estimated Amortization
Remainder of 2025	$	33.5
2026	132.4
2027	128.7
2028	125.9
2029	115.9