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Business Segments and Geographic Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Business Segments and Geographic Information Business Segments and Geographic Information
IDEX has three reportable business segments: FMT, HST and FSDP.

The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agriculture and energy industries. FMT application-specific pump and metering solutions serve a diverse range of end markets, including industrial infrastructure (fossil fuels, refined and alternative fuels and water and wastewater), energy, chemical processing, agriculture, food and beverage, semiconductor, pulp and paper, automotive/transportation, plastics and resins, electronics and electrical, construction and mining, pharmaceutical and bio-pharmaceutical, machinery and numerous other specialty niche markets.

The HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies. HST serves a variety of end markets, including food and beverage, life sciences, analytical instruments, pharmaceutical and biopharmaceutical, industrial, semiconductor, digital printing, automotive/transportation, medical/dental, energy, cosmetics, marine, chemical, wastewater and water treatment, research and aerospace/defense markets.

The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications in the automotive, energy and industrial markets and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses in the paint and industrial markets around the world.

Information on the Company’s business segments is presented below based on the nature of the products and services offered. The Company uses Adjusted EBITDA as its principal measure of segment performance. Intersegment sales are accounted for at fair value as if the sales were to third parties.

During the fourth quarter of 2022, the Company changed the segment measure of profit and loss used by the Chief Operating Decision Maker ("CODM") in accordance with ASC 280, Segment Reporting, from operating income to Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, or EBITDA, before fair value inventory step-up charges, restructuring expenses and asset impairments, the impact from the exit of a COVID-19 testing application, the gain on sale of a business, the gains on sales of assets, the impact of the settlement of a corporate transaction indemnity, the loss on early debt redemption and the noncash loss related to the termination of the U.S. pension plan, net of curtailment. The change in segment measure of profit and loss aligns with how the CODM allocates resources and evaluates the performance of the business. It also allows the Company to better assess operating results over time since it excludes items that are not reflective of ongoing operations.
202220212020
 (In millions)
NET SALES
Fluid & Metering Technologies
External customers$1,166.2 $998.0 $895.4 
Intersegment sales1.1 0.7 0.9 
 Total segment sales1,167.3 998.7 896.3 
Health & Science Technologies
External customers1,336.8 1,119.0 893.4 
Intersegment sales2.4 2.8 2.6 
Total segment sales1,339.2 1,121.8 896.0 
Fire & Safety/Diversified Products
External customers678.9 647.8 562.8 
Intersegment sales0.3 0.1 0.1 
Total segment sales679.2 647.9 562.9 
Intersegment eliminations(3.8)(3.6)(3.6)
Net sales$3,181.9 $2,764.8 $2,351.6 
ADJUSTED EBITDA
Fluid & Metering Technologies $374.2 $297.0 $271.5 
Health & Science Technologies 411.8 355.9 250.9 
Fire & Safety/Diversified Products183.9 185.7 161.5 
Segment Adjusted EBITDA969.9 838.6 683.9 
Corporate and other(85.7)(73.2)(61.0)
Adjusted EBITDA884.2 765.4 622.9 
- Interest expense(40.7)(41.0)(44.8)
- Depreciation(50.7)(46.6)(41.7)
- Amortization(69.0)(56.4)(41.8)
- Fair value inventory step-up charges(8.5)(11.6)(4.1)
- Restructuring expenses and asset impairments(4.5)(9.3)(11.8)
   - Net impact from the exit of a COVID-19 testing application(1)
1.1 — — 
- Corporate transaction indemnity— (3.5)— 
+ Gain on sale of business 34.8 — — 
+ Gain on sales of assets2.7 — — 
- Loss on early debt redemption — (8.6)(8.4)
- Termination of the U.S. pension plan, net of curtailment— (8.6)— 
Income before income taxes$749.4 $579.8 $470.3 

(1) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 15 in the Notes to Consolidated Financial Statements for further detail.
 
202220212020
 (In millions)
ASSETS
Fluid & Metering Technologies$1,676.9 $1,458.8 $1,387.0 
Health & Science Technologies2,931.1 2,138.3 1,576.1 
Fire & Safety/Diversified Products771.8 892.5 891.9 
Corporate and other132.1 427.6 559.4 
Total assets$5,511.9 $4,917.2 $4,414.4 
DEPRECIATION AND AMORTIZATION (1)
Fluid & Metering Technologies$36.9 $30.5 $25.9 
Health & Science Technologies67.3 56.7 41.8 
Fire & Safety/Diversified Products15.0 15.3 15.2 
Corporate and other0.5 0.5 0.6 
Total depreciation and amortization$119.7 $103.0 $83.5 
CAPITAL EXPENDITURES
Fluid & Metering Technologies$25.3 $21.0 $11.9 
Health & Science Technologies32.0 41.5 27.7 
Fire & Safety/Diversified Products10.5 9.5 8.9 
Corporate and other0.2 0.7 3.1 
Total capital expenditures$68.0 $72.7 $51.6 
 
(1) Excludes amortization of debt issuance expenses.

Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2022, 2021 and 2020 is shown below.
202220212020
 (In millions)
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.$191.7 $188.3 $169.2 
North America, excluding U.S.4.7 5.4 5.0 
Europe136.8 98.9 100.0 
Asia48.8 34.5 24.0 
Other(1)
0.1 0.2 0.1 
Total long-lived assets - net$382.1 $327.3 $298.3 

(1) Other includes: South America, Middle East, Australia and Africa.