Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue by reporting unit for the years ended December 31, 2022, 2021 and 2020 was as follows:


	For the Year Ended December 31,
	2022		2021		2020
	(In millions)
Pumps	$	396.5	$	345.1	$	265.3
Water	307.8		255.3		225.3
Energy	191.3		169.0		200.0
Agriculture	152.8		107.4		87.1
Valves	118.9		121.9		118.6
Intersegment elimination	(1.1)		(0.7)		(0.9)
Fluid & Metering Technologies	1,166.2		998.0		895.4
Scientific Fluidics & Optics(1)	639.0		508.0		415.8
Sealing Solutions	266.0		264.2		207.6
Performance Pneumatic Technologies	257.6		182.2		122.9
Material Processing Technologies	138.1		134.5		120.0
Micropump	38.5		32.9		29.7
Intersegment elimination	(2.4)		(2.8)		(2.6)
Health & Science Technologies	1,336.8		1,119.0		893.4
Fire & Safety	400.1		377.5		376.3
Dispensing	167.5		169.6		98.5
BAND-IT	111.6		100.8		88.1
Intersegment elimination	(0.3)		(0.1)		(0.1)
Fire & Safety/Diversified Products	678.9		647.8		562.8
Total net sales	$	3,181.9	$	2,764.8	$	2,351.6

(1) The year ended December 31, 2022 includes the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 15 for further detail.

Schedule of External Net Sales Disaggregated by Geography

Revenue by geographical region for the years ended December 31, 2022, 2021 and 2020 was as follows:


	For the Year Ended December 31, 2022
	FMT		HST		FSDP		IDEX
	(In millions)
U.S.(1)	$	660.8	$	646.9	$	343.3	$	1,651.0
North America, excluding U.S.	71.5		25.8		35.3		132.6
Europe(1)	194.6		379.7		160.9		735.2
Asia	157.8		261.3		104.2		523.3
Other (2)	82.6		25.5		35.5		143.6
Intersegment elimination	(1.1)		(2.4)		(0.3)		(3.8)
Total net sales	$	1,166.2	$	1,336.8	$	678.9	$	3,181.9


	For the Year Ended December 31, 2021
	FMT		HST		FSDP		IDEX
	(In millions)
U.S.	$	532.9	$	489.7	$	317.0	$	1,339.6
North America, excluding U.S.	61.6		23.7		28.5		113.8
Europe	197.2		341.0		161.5		699.7
Asia	143.7		241.8		110.0		495.5
Other (2)	63.3		25.6		30.9		119.8
Intersegment elimination	(0.7)		(2.8)		(0.1)		(3.6)
Total net sales	$	998.0	$	1,119.0	$	647.8	$	2,764.8


	For the Year Ended December 31, 2020
	FMT		HST		FSDP		IDEX
	(In millions)
U.S.	$	505.8	$	387.6	$	269.9	$	1,163.3
North America, excluding U.S.	52.8		21.3		23.2		97.3
Europe	174.9		249.8		149.2		573.9
Asia	109.1		221.2		94.2		424.5
Other (2)	53.7		16.1		26.4		96.2
Intersegment elimination	(0.9)		(2.6)		(0.1)		(3.6)
Total net sales	$	895.4	$	893.4	$	562.8	$	2,351.6

(1) HST revenue includes the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application, of which $9.5 million was recognized in the U.S. and $8.4 million was recognized in Europe in the year ended December 31, 2022. See Note 15 for further detail.

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

Schedule of Contract with Customer, Asset and Liability

The composition of customer receivables was as follows:


	December 31, 2022		December 31, 2021
	(In millions)
Billed receivables	$	421.3	$	344.0
Unbilled receivables	10.0		10.9
Total customer receivables	$	431.3	$	354.9

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The composition of deferred revenue was as follows:


	December 31, 2022		December 31, 2021
	(In millions)
Deferred revenue - current	$	44.7	$	49.0
Deferred revenue - noncurrent	15.0		32.2
Total deferred revenue(1)	$	59.7	$	81.2

(1) The balance as of December 31, 2022 has been reduced by the acceleration of previously deferred revenue of $17.9 million related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 15 for further detail.