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Business Segments and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments and Geographic Information Business Segments and Geographic Information
IDEX has three reportable business segments: FMT, HST and FSDP. When determining these reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics.

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.
202320222021
NET SALES
Fluid & Metering Technologies
External customers$1,244.2 $1,166.2 $998.0 
Intersegment sales2.9 1.1 0.7 
 Total segment sales1,247.1 1,167.3 998.7 
Health & Science Technologies
External customers1,313.5 1,336.8 1,119.0 
Intersegment sales2.9 2.4 2.8 
Total segment sales1,316.4 1,339.2 1,121.8 
Fire & Safety/Diversified Products
External customers716.2 678.9 647.8 
Intersegment sales2.6 0.3 0.1 
Total segment sales718.8 679.2 647.9 
Intersegment eliminations(8.4)(3.8)(3.6)
Net sales$3,273.9 $3,181.9 $2,764.8 
ADJUSTED EBITDA
Fluid & Metering Technologies $416.1 $374.2 $297.0 
Health & Science Technologies 359.5 411.8 355.9 
Fire & Safety/Diversified Products208.6 183.9 185.7 
Segment Adjusted EBITDA984.2 969.9 838.6 
Corporate and other(1)
(84.6)(85.7)(73.2)
Adjusted EBITDA899.6 884.2 765.4 
Interest expense(51.7)(40.7)(41.0)
Depreciation(57.2)(50.7)(46.6)
Amortization of intangible assets(94.9)(69.0)(56.4)
Fair value inventory step-up charges(1.6)(8.5)(11.6)
Restructuring expenses and asset impairments(10.9)(4.5)(9.3)
Net impact from the exit of a COVID-19 testing application(2)
— 1.1 — 
Corporate transaction indemnity— — (3.5)
Gain on sale of businesses - net84.7 34.8 — 
Gains on sales of assets— 2.7 — 
Credit loss on note receivable from collaborative partner(3)
(7.7)— — 
Loss on early debt redemption — — (8.6)
Termination of the U.S. pension plan, net of curtailment— — (8.6)
Income before income taxes$760.3 $749.4 $579.8 

(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 acceleration of previously deferred revenue of $17.9 million, net of 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 14 in the Notes to 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 Consolidated Financial Statements for further detail.
 
202320222021
ASSETS
Fluid & Metering Technologies$1,674.7 $1,676.9 $1,458.8 
Health & Science Technologies3,262.4 2,931.1 2,138.3 
Fire & Safety/Diversified Products792.6 771.8 892.5 
Corporate and other135.5 132.1 427.6 
Total assets$5,865.2 $5,511.9 $4,917.2 
DEPRECIATION AND AMORTIZATION OF INTANGIBLE ASSETS
Fluid & Metering Technologies$36.8 $36.9 $30.5 
Health & Science Technologies99.0 67.3 56.7 
Fire & Safety/Diversified Products15.3 15.0 15.3 
Corporate and other1.0 0.5 0.5 
Total depreciation and amortization$152.1 $119.7 $103.0 
CAPITAL EXPENDITURES
Fluid & Metering Technologies$24.2 $25.3 $21.0 
Health & Science Technologies55.1 32.0 41.5 
Fire & Safety/Diversified Products9.7 10.5 9.5 
Corporate and other0.9 0.2 0.7 
Total capital expenditures$89.9 $68.0 $72.7 
 

Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2023, 2022 and 2021 is shown below.
202320222021
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.$219.2 $191.7 $188.3 
North America, excluding U.S.24.0 4.7 5.4 
Europe138.4 136.8 98.9 
Asia48.3 48.8 34.5 
Other(1)
0.4 0.1 0.2 
Total long-lived assets - net$430.3 $382.1 $327.3 

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