Business Segments

6 Months Ended

Jun. 30, 2023

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”).

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 biopharmaceutical, 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 contracted with terms equivalent to those of an arm’s-length transaction.

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales
Fluid & Metering Technologies
External customers	$	324.1	$	299.5	$	645.2	$	571.4
Intersegment sales	1.0		0.4		1.7		0.5
Total segment sales	325.1		299.9		646.9		571.9
Health & Science Technologies
External customers	338.4		325.4		688.7		640.0
Intersegment sales	1.1		0.6		1.8		1.2
Total segment sales	339.5		326.0		690.5		641.2
Fire & Safety/Diversified Products
External customers	183.7		171.2		357.7		335.8
Intersegment sales	1.1		—		1.5		0.1
Total segment sales	184.8		171.2		359.2		335.9
Intersegment eliminations	(3.2)		(1.0)		(5.0)		(1.8)
Net sales	$	846.2	$	796.1	$	1,691.6	$	1,547.2
ADJUSTED EBITDA
Fluid & Metering Technologies	$	114.1	$	95.0	$	220.3	$	183.4
Health & Science Technologies	93.7		103.6		194.4		203.4
Fire & Safety/Diversified Products	54.5		45.1		104.2		89.5
Segment Adjusted EBITDA	262.3		243.7		518.9		476.3
Corporate and other	(21.6)		(24.5)		(48.4)		(42.4)
Adjusted EBITDA	240.7		219.2		470.5		433.9
- Interest expense	13.3		9.5		26.4		19.0
- Depreciation	14.4		12.5		27.2		24.7
- Amortization	23.2		16.9		46.8		32.2
- Fair value inventory step-up charges	—		0.4		—		0.4
- Restructuring expenses and asset impairments	3.6		2.8		4.1		2.8
+ Gains on sales of assets	—		—		—		(2.7)
- Credit loss on note receivable from collaborative partner(1)	7.7		—		7.7		—
Income before income taxes	$	178.5	$	177.1	$	358.3	$	357.5

(1) Represents a reserve on an investment with a collaborative partner that may no longer be recoverable. See Note 3 for further detail.

	June 30, 2023		December 31, 2022
ASSETS
Fluid & Metering Technologies	$	1,698.3	$	1,676.9
Health & Science Technologies	3,075.4		2,931.1
Fire & Safety/Diversified Products	793.0		771.8
Corporate and other	153.2		132.1
Total assets	$	5,719.9	$	5,511.9