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Business Segments
 9 Months Ended
Sep. 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, positive displacement pumps, powder and liquid processing technologies, 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 and precision photonic solutions. HST serves a variety of end markets, including food and beverage, life sciences, analytical instruments, pharmaceutical and biopharmaceutical, industrial, semiconductor, 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 September 30,Nine Months Ended September 30,
 2023202220232022
Net sales
Fluid & Metering Technologies
External customers$300.5 $307.4 $945.7 $878.8 
Intersegment sales0.6 0.2 2.3 0.7 
Total segment sales301.1 307.6 948.0 879.5 
Health & Science Technologies
External customers312.7 344.3 1,001.4 984.3 
Intersegment sales0.5 0.7 2.3 1.9 
Total segment sales313.2 345.0 1,003.7 986.2 
Fire & Safety/Diversified Products
External customers180.2 172.3 537.9 508.1 
Intersegment sales0.4 0.1 1.9 0.2 
Total segment sales180.6 172.4 539.8 508.3 
Intersegment eliminations(1.5)(1.0)(6.5)(2.8)
Net sales$793.4 $824.0 $2,485.0 $2,371.2 
ADJUSTED EBITDA
Fluid & Metering Technologies$103.6 $104.4 $323.9 $287.8 
Health & Science Technologies84.4 101.4 278.8 304.8 
Fire & Safety/Diversified Products52.8 47.8 157.0 137.3 
Segment Adjusted EBITDA240.8 253.6 759.7 729.9 
Corporate and other(1)
(15.3)(22.2)(63.7)(64.6)
Adjusted EBITDA225.5 231.4 696.0 665.3 
Interest expense(13.7)(9.6)(40.1)(28.6)
Depreciation(14.7)(12.3)(41.9)(37.0)
Amortization(23.8)(17.0)(70.6)(49.2)
Fair value inventory step-up charges(1.2)— (1.2)(0.4)
Restructuring expenses and asset impairments(4.1)— (8.2)(2.8)
Net impact from the exit of a COVID-19 testing application(2)
— 1.1 — 1.1 
Gain on sale of business93.8 34.8 93.8 34.8 
Gains on sales of assets— — — 2.7 
Credit loss on note receivable from collaborative partner(3)
— — (7.7)— 
Income before income taxes$261.8 $228.4 $620.1 $585.9 

(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other.
(2) 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 in the HST segment in 2022 that did not reoccur in 2023. See Note 12 in the Notes to Condensed Consolidated Financial Statements for further detail.
(3) Represents a reserve recorded on an investment with a collaborative partner that may no longer be recoverable. See Note 3 in the Notes to Condensed Consolidated Financial Statements for further detail.
September 30, 2023December 31, 2022
ASSETS
Fluid & Metering Technologies$1,700.0 $1,676.9 
Health & Science Technologies2,997.3 2,931.1 
Fire & Safety/Diversified Products797.2 771.8 
Corporate and other175.1 132.1 
Total assets$5,669.6 $5,511.9