Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segments

Business Segments

IDEX has three reportable business segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”).

Information on the Company’s business segments is presented below. 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.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
NET SALES
Fluid & Metering Technologies
External customers	$	300.6	$	300.5	$	933.0	$	945.7
Intersegment sales	0.2		0.6		0.9		2.3
Total segment sales	300.8		301.1		933.9		948.0
Health & Science Technologies
External customers	309.9		312.7		922.3		1,001.4
Intersegment sales	1.1		0.5		2.6		2.3
Total segment sales	311.0		313.2		924.9		1,003.7
Fire & Safety/Diversified Products
External customers	187.7		180.2		550.6		537.9
Intersegment sales	0.3		0.4		0.8		1.9
Total segment sales	188.0		180.6		551.4		539.8
Intersegment eliminations	(1.6)		(1.5)		(4.3)		(6.5)
Net sales	$	798.2	$	793.4	$	2,405.9	$	2,485.0
ADJUSTED EBITDA
Fluid & Metering Technologies	$	98.5	$	103.6	$	311.6	$	323.9
Health & Science Technologies	82.6		84.4		248.2		278.8
Fire & Safety/Diversified Products	54.7		52.8		159.9		157.0
Segment Adjusted EBITDA	235.8		240.8		719.7		759.7
Corporate and other(1)	(21.5)		(15.3)		(72.9)		(63.7)
Interest expense – net	(10.3)		(13.7)		(27.8)		(40.1)
Depreciation(2)	(17.4)		(14.7)		(49.9)		(41.9)
Amortization of intangible assets(2)	(26.5)		(23.8)		(75.0)		(70.6)
Fair value inventory step-up charges	(2.1)		(1.2)		(4.6)		(1.2)
Restructuring expenses and asset impairments	(3.0)		(4.1)		(5.4)		(8.2)
Gain on sale of business(3)	(0.6)		93.8		4.0		93.8
Credit loss on note receivable from collaborative partner(4)	—		—		—		(7.7)
Income before income taxes	$	154.4	$	261.8	$	488.1	$	620.1

(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 nine months ended September 30, 2024 and 2023 was:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Fluid & Metering Technologies
Depreciation	$	4.3	$	3.1	$	12.9	$	10.3
Amortization of intangible assets	5.2		5.6		15.7		17.3
Health & Science Technologies
Depreciation	10.6		9.0		29.5		24.1
Amortization of intangible assets	19.7		16.7		54.6		48.5
Fire & Safety/Diversified Products
Depreciation	2.2		2.3		6.7		6.7
Amortization of intangible assets	1.6		1.5		4.7		4.8
Corporate and other
Depreciation	0.3		0.3		0.8		0.8
Total	$	43.9	$	38.5	$	124.9	$	112.5

(3) Activity recorded during the three months ended September 30, 2024 represents the finalization of the gain on the sale of Alfa Valvole resulting in a $0.6 million downward adjustment during the third quarter of 2024.

(4) Represents a reserve on an investment with a collaborative partner recorded in Other expense (income) – net during the nine months ended September 30, 2023. During the fourth quarter of 2023, the Company converted the promissory note receivable from the collaborative partner to equity, resulting in a cost method investment with zero value.

	September 30, 2024		December 31, 2023
ASSETS
Fluid & Metering Technologies	$	1,668.7	$	1,674.7
Health & Science Technologies	4,286.6		3,262.4
Fire & Safety/Diversified Products	818.5		792.6
Corporate and other	193.7		135.5
Total assets	$	6,967.5	$	5,865.2