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(1) Restructuring expenses and asset impairments and other restructuring-related charges consist of the following:
Read in the filing ↗ Also in 10-Q of Jul 29, 2026, 8-K of Oct 28, 2026, 10-Q of Oct 28, 2026
(1) Depreciation includes accelerated depreciation related to the anticipated closure of a facility in the HST segment, which was included in Restructuring- related charges in Table 2 and in Restructuring expenses and asset impairments and other restructuring-related charges in Table 3 above.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026
Restructuring Initiatives Balance at January 1, 2025 $ 0.9 Restructuring expenses(1) 17.5 Payments, utilization and other (10.6) Balance at June 30, 2025 $ 7.8
Read in the filing ↗ Also in 10-Q of Oct 29, 2025
management layers in select areas. For additional information regarding restructuring expenses and asset impairments, refer to Note 1 4, “Restructuring Expenses and Asset Impairments,” in the Notes to Consolidated Financial Statements.
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Restructuring expenses and asset impairments primarily relate to severance expense for restructuring actions taken during the respective periods presented. Severance costs during the six months ended June 30, 2025 were incurred in conjunction with organizational changes, primarily designed to connect scalable groups of businesses, which resulted in a reduction of headcount. Additionally, the Company eliminated certain management layers in select areas. For additional information regarding restructuring expenses and asset impairments, refer to Note 10, “Restructuring Expenses and Asset Impairments,” in the Notes to Condensed Consolidated Financial Statements.
Read in the filing ↗ Also in 10-Q of Oct 29, 2025, 10-K of Feb 19, 2026
(1) This adjustment represents the amount of Restructuring expenses and asset impairments attributable to IDEX. Restructuring expenses and asset impairments of $20.7 million on the Consolidated Statements of Income during 2025
Read in the filing ↗ Also in 8-K of Feb 4, 2026, 8-K of Oct 29, 2025, 10-Q of Oct 29, 2025, 8-K of Jul 30, 2025, 10-Q of Jul 30, 2025
(1) Accelerated depreciation of $0.7 million and $1.2 million for the three and nine months ended September 30, 2026, respectively, related to the anticipated closure of a facility in the HST segment, was included in Depreciation in Table 4, in Restructuring-related charges in Table 2 and in Restructuring expenses and asset impairments and other restructuring-related charges in Table 3 above.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
• Consolidated Adjusted EBITDA is calculated as consolidated earnings before interest expense - net, income taxes, depreciation and amortization, or consolidated EBITDA, adjusted to exclude the impact of Restructuring expenses and asset impairments and other restructuring-related charges and legal settlements and contingencies.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026, 8-K of Oct 28, 2026, 10-Q of Oct 28, 2026, 8-K of Apr 29, 2026, 8-K of May 1, 2025, 8-K of Jul 30, 2025, 8-K of Oct 29, 2025
Initiatives Balance at January 1, 2023 $ 1.4 Restructuring expenses(1) 10.1 Payments, utilization and other (9.4) Balance at December 31, 2023 2.1 Restructuring expenses(2) 9.2 Payments, utilization and other (10.4) Balance at December 31, 2024 $ 0.9
Read in the filing ↗ Also in 10-K of Feb 19, 2026
(1) Adjusted segment cost of sales represents Cost of sales excluding fair value inventory step-up charges and restructuring-related charges. Restructuring-related charges consisted of accelerated depreciation for the anticipated closure of a facility in the HST segment during the three and six months ended June 30, 2026. There were no restructuring-related charges during the three and six months ended June 30, 2025. There were no step-up charges during the three and six months ended June 30, 2026 or 2025.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
(2) During the six months ended June 30, 2025, a benefit of $ 0.6 million was recognized in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income related to forfeitures of share-based compensation awards resulting from previously announced restructuring actions initiated during the first quarter.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026
(2) During the nine months ended September 30, 2025, a benefit of $ 0.6 million was recognized in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income related to forfeitures of share-based compensation awards resulting from previously announced restructuring actions initiated during the first quarter.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
(2) During the three months ended March 31, 2025, a benefit of $ 0.6 million was recognized in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income related to forfeitures of share-based compensation awards resulting from restructuring actions initiated during the first quarter of 2025.
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• Adjusted net income attributable to IDEX is calculated as Net income attributable to IDEX, adjusted to exclude the impact of Restructuring expenses and asset impairments and other restructuring-related charges, acquisition- related intangible asset amortization and legal settlements and contingencies, all net of the statutory tax expense or benefit.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026, 8-K of Oct 28, 2026, 10-Q of Oct 28, 2026
(2) During the year ended December 31, 2025, a benefit of $ 0.6 million was recognized in Restructuring expenses and asset impairments in the Company’s Consolidated Statements of Income related to forfeitures of share-based compensation awards resulting from previously announced restructuring actions initiated during the first quarter of 2025.
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(3) Represents estimated restructuring costs to be incurred during 2025, primarily related to severance.
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… Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except for per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Reported net income attributable to IDEX $ 143.4 $ 131.6 $ 263.4 $ 227.1 Restructuring expenses and asset impairments and other restructuring-related …
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
Restructuring accruals reflected in Accrued expenses in the Condensed Consolidated Balance Sheets are as follows:
Read in the filing ↗ Also in 10-Q of Oct 29, 2025
Pre-tax Restructuring expenses and asset impairments by segment for the 2024 initiative were as follows:
Read in the filing ↗ Also in 10-K of Feb 20, 2025, 10-K of Feb 20, 2025, 10-K of Feb 19, 2026, 10-K of Feb 19, 2026, 10-K of Feb 19, 2026
Restructuring accruals reflected in Accrued expenses in the Company’s Consolidated Balance Sheets are as follows:
Read in the filing ↗ Also in 10-K of Feb 19, 2026
(3) Represents estimated restructuring costs to be incurred during the remainder of 2025, primarily related to severance.
Read in the filing ↗ Also in 8-K of Jul 30, 2025, 8-K of Oct 29, 2025
(1) Restructuring-related charges represent accelerated depreciation related to the anticipated closure of a facility in the HST segment.
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(b) Other restructuring-related charges represent accelerated depreciation related to the anticipated closure of a facility in the HST segment.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026
Pre-tax Restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2025 were as follows:
Read in the filing ↗ Also in 10-Q of Jul 30, 2025
Pre-tax Restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2025 were as follows:
Read in the filing ↗ Also in 10-Q of Oct 29, 2025
that lowered the effective tax rate. GAAP Diluted EPS also reflects higher restructuring expenses and amortization expense which were excluded from Adjusted diluted EPS.
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• Adjusted gross profit is calculated as Gross profit, adjusted to exclude the impact of fair value inventory step-up charges and restructuring-related charges.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026, 8-K of Oct 28, 2026, 10-Q of Oct 28, 2026
Three Months Ended March 31, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Reported net income $ 120.0 $ 95.5 attributable to IDEX Restructuring expenses and asset 7.4 17.5 impairments Tax impact on restructuring expenses and -1.7 -4.1 asset impairments Gain on legal settlement(3) -3.7 — Tax impact on gain of legal 0.8 — settlement Acquisition-related intangible asset 33.8 31.5 amortization Tax impact on acquisition-related -8.0 -7.4 intangible asset amortization Adjusted net income $ 148.6 $ 133.0 attributable to IDEX Reported diluted EPS attributable to $ 1.61 $ 1.26 IDEX Restructuring expenses and asset 0.10 0.23 impairments Tax impact on restructuring expenses and -0.02 -0.05 asset impairments Gain on legal settlement(3) -0.05 — Tax impact on gain of legal 0.01 — settlement Acquisition-related intangible asset 0.46 0.41 amortization Tax impact on acquisition-related -0.11 -0.10 intangible asset amortization Adjusted diluted EPS attributable to $ 2.00 $ 1.75 IDEX Diluted weighted average shares 74.4 75.8 outstanding
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Three Months Ended March 31, 2024 2023 ────────────────────────────────────────────────────────────────────────────── Reported net income $ 121.4 $ 139.8 attributable to IDEX Fair value inventory step-up 2.5 — charge Tax impact on fair value inventory -0.5 — step-up charge Restructuring expenses and asset 1.1 0.5 impairments Tax impact on restructuring expenses and -0.3 -0.1 asset impairments Acquisition-related intangible asset 24.6 23.6 amortization Tax impact on acquisition-related -5.6 -5.2 intangible asset amortization Adjusted net income $ 143.2 $ 158.6 attributable to IDEX Reported diluted EPS attributable to $ 1.60 $ 1.84 IDEX Fair value inventory step-up 0.03 — charge Tax impact on fair value inventory -0.01 — step-up charge Restructuring expenses and asset 0.01 0.01 impairments Tax impact on restructuring expenses and — — asset impairments Acquisition-related intangible asset 0.32 0.31 amortization Tax impact on acquisition-related -0.07 -0.07 intangible asset amortization Adjusted diluted EPS attributable to $ 1.88 $ 2.09 IDEX Diluted weighted average shares 75.9 75.9 outstanding
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Three Months Ended March 31, 2025 2024 ────────────────────────────────────────────────────────────────────────────── Reported net income $ 95.5 $ 121.4 attributable to IDEX Fair value inventory step-up — 2.5 charges Tax impact on fair value inventory — -0.5 step-up charges Restructuring expenses and asset 17.5 1.1 impairments Tax impact on restructuring expenses and -4.1 -0.3 asset impairments Acquisition-related intangible asset 31.5 24.6 amortization Tax impact on acquisition-related -7.4 -5.6 intangible asset amortization Adjusted net income $ 133.0 $ 143.2 attributable to IDEX Reported diluted EPS attributable to $ 1.26 $ 1.60 IDEX Fair value inventory step-up — 0.03 charges Tax impact on fair value inventory — -0.01 step-up charges Restructuring expenses and asset 0.23 0.01 impairments Tax impact on restructuring expenses and -0.05 — asset impairments Acquisition-related intangible asset 0.41 0.32 amortization Tax impact on acquisition-related -0.10 -0.07 intangible asset amortization Adjusted diluted EPS attributable to $ 1.75 $ 1.88 IDEX Diluted weighted average shares 75.8 75.9 outstanding
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Guidance(4) Full Year 2025 Estimated diluted EPS attributable to IDEX $6.35 - $6.40 Fair value inventory step-up charges 0.01 Tax impact on fair value inventory step-up charges — Restructuring expenses and asset impairments(5) $0.25 Tax impact on restructuring expenses and asset $(0.06) impairments Acquisition-related intangible asset amortization $1.72 Tax impact on acquisition-related intangible asset $(0.41) amortization Estimated adjusted diluted EPS attributable to $7.86 - $7.91 IDEX
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The Company expects to incur additional restructuring charges of approximately $ 3 million to $ 7 million primarily related to severance related to these actions during the remainder of 2025.
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Guidance First Quarter 2025 Full Year 2025 Estimated diluted EPS attributable to $1.18 - $1.24 $6.56 - $6.96 IDEX Acquisition-related intangible asset $0.41 $1.65 amortization Tax impact on acquisition-related $(0.09) $(0.37) intangible asset amortization Restructuring expenses(3) $0.13 - $0.11 $0.33 - $0.27 Tax impact on restructuring $(0.03) - $(0.02) $(0.07) - $(0.06) expenses Estimated adjusted diluted EPS $1.60 - $1.65 $8.10 - $8.45 attributable to IDEX
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Guidance Second Quarter 2025 Full Year 2025 Estimated diluted EPS attributable to $1.60 - $1.72 $6.56 - $6.95 IDEX Restructuring expenses(3) $0.01 - $0.04 $0.28 - $0.34 Tax impact on restructuring $0.00 - $(0.01) $(0.05) - $(0.07) expenses Acquisition-related intangible asset $0.42 $1.67 amortization Tax impact on acquisition-related $(0.10) $(0.40) intangible asset amortization Estimated adjusted diluted EPS $1.95 - $2.05 $8.10 - $8.45 attributable to IDEX
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• Adjusted gross margin of 45% decreased 20 bps and Adjusted EBITDA margin of 26% decreased 120 bps excluding the impacts of restructuring and fair value inventory step-up charges.
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Restructuring expenses and asset impairments for the three months ended March 31, 2026 primarily relate to asset impairments of $4.8 million related to intangible assets and property, plant and equipment within the Company’s FMT segment. The three months ended March 31, 2026 also includes severance costs that were incurred as a result of employee reductions. Restructuring expenses and asset impairments for the three months ended March 31, 2025 primarily relate to severance costs that were incurred in conjunction with organizational changes.
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Restructuring expenses and asset impairments for the three months ended June 30, 2026 primarily relate to severance costs that were incurred as a result of employee reductions. The six months ended June 30, 2026 also include asset impairments of $4.8 million related to intangible assets and property, plant and equipment within the Company’s FMT segment. Restructuring expenses and asset impairments for the three and six months ended June 30, 2025 primarily relate to severance costs that were incurred in conjunction with organizational changes.
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Restructuring expenses and asset impairments decreased primarily due to lower severance costs. Severance costs during both periods were incurred in conjunction with cost mitigation efforts as a result of market conditions.
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During the year ended December 31, 2022, the restructuring costs incurred by the Company primarily related to asset impairments. In addition, the Company also incurred severance costs related to employee reductions.
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2. Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except for per share amounts) Three Months Ended March 31, 2026 2025 Reported net income attributable to IDEX $ 120.0 $ 95.5 Restructuring expenses and asset impairments 7.4 17.5 Tax impact on restructuring expenses and asset impairments (1.7) (4.1) Gain on legal settlement(1) (3.7) — Tax impact on gain on legal settlement 0.8 — Acquisition-related intangible asset amortization 33.8 31.5 Tax impact on acquisition-related intangible asset amortization (8.0) (7.4) Adjusted net income attributable to IDEX $ 148.6 $ 133.0 Reported diluted EPS attributable to IDEX $ 1.61 $ 1.26 Restructuring expenses and asset impairments 0.10 0.23 Tax impact on restructuring expenses and asset impairments (0.02) (0.05) Gain on legal settlement(1) (0.05) — Tax impact on gain on legal settlement 0.01 — Acquisition-related intangible asset amortization 0.46 0.41 Tax impact on acquisition-related intangible asset amortization (0.11) (0.10) Adjusted diluted EPS attributable to IDEX $ 2.00 $ 1.75 Diluted weighted average shares outstanding 74.4 75.8
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• Consolidated Adjusted EBITDA is calculated as consolidated earnings before interest expense - net, taxes, depreciation and amortization, or consolidated EBITDA, plus fair value inventory step-up charges plus restructuring expenses and asset impairments.
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Guidance(4) Third Quarter 2025 Full Year 2025 Estimated diluted EPS attributable to $1.54 - $1.61 $6.30 - $6.44 IDEX Restructuring expenses and asset $0.04 - $0.01 $0.33 - $0.28 impairments(5) Tax impact on restructuring expenses and $(0.01) - $0.00 $(0.07) - $(0.06) asset impairments Acquisition-related intangible asset $0.43 $1.69 amortization Tax impact on acquisition-related $(0.10) $(0.40) intangible asset amortization Estimated adjusted diluted EPS $1.90 - $1.95 $7.85 - $7.95 attributable to IDEX
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Restructuring expenses generally represent expenses incurred by the Company to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. These costs include severance costs, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Consolidated Statements of Income. Severance costs primarily consist of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs, employer tax liabilities and related legal costs, while exit costs primarily consist of lease exit and contract termination costs.
Read in the filing ↗ Also in 10-Q of Jul 30, 2025, 10-Q of Oct 29, 2025
Guidance Second Quarter 2024 Full Year 2024 Estimated diluted EPS attributable to $1.75 - $1.80 $7.13 - $7.43 IDEX Fair value inventory step-up charge — 0.03 Tax impact on fair value inventory — -0.01 step-up charge Restructuring expenses and asset — 0.01 impairments Tax impact on restructuring expenses and — — asset impairments Acquisition-related intangible asset 0.32 1.28 amortization Tax impact on acquisition-related -0.07 -0.29 intangible asset amortization Estimated adjusted diluted EPS $2.00 - $2.05 $8.15 - $8.45 attributable to IDEX
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• Both Diluted EPS and Adjusted diluted EPS increased, primarily due to improved operational results discussed above. GAAP Diluted EPS also reflects lower restructuring and asset impairment expense, which was excluded from Adjusted diluted EPS.
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• Diluted EPS decreased, reflecting higher operating results, which were more than offset by higher depreciation, amortization, restructuring costs, interest expense and taxes. The effective tax rate increased as a result of legislation enacted in 2025, which lowered tax benefits from certain foreign sourced income and increased state income taxes. Additionally, the mix of earnings in higher tax rate jurisdictions increased taxes and discrete tax items were less favorable than in the prior year period. Adjusted diluted EPS, which does not include the impacts of amortization expense or restructuring costs, increased over the prior year.
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(a) Restructuring expenses and asset impairments recorded during the nine months ended September 30, 2025 included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest.
Read in the filing ↗ Also in 10-Q of Oct 28, 2026
Restructuring expenses and asset impairments for the three months ended September 30, 2026 primarily relate to severance costs that were incurred as a result of employee reductions, including reductions in connection with the anticipated closure of a facility in the HST segment. The nine months ended September 30, 2026 also include asset impairments of $4.8 million related to intangible assets and property, plant and equipment within the Company’s FMT segment. Restructuring expenses and asset impairments for the three and nine months ended September 30, 2025 primarily relate to severance costs that were incurred in conjunction with organizational changes.
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• Adjusted net income attributable to IDEX is calculated as Net income attributable to IDEX plus Restructuring expenses and asset impairments, plus acquisition-related intangible asset amortization, less gain on legal settlement, all net of the statutory tax expense or benefit.
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(a) Restructuring expenses and asset impairments recorded during the three and six months ended June 30, 2025, respectively, included charges of $0.6 million recognized by the Company’s joint venture, $0.3 million of which was attributable to noncontrolling interest.
Read in the filing ↗ Also in 10-Q of Jul 29, 2026
(1) Restructuring-related charges represent costs incurred related to the anticipated closure of a facility in the HST segment, including accelerated depreciation of $0.7 million and $1.2 million during the three and nine months ended September 30, 2026, respectively.
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• Adjusted net income attributable to IDEX is calculated as net income attributable to IDEX plus fair value inventory step-up charges, plus restructuring expenses and asset impairments, plus acquisition-related intangible asset amortization, all net of the statutory tax expense or benefit.
Read in the filing ↗ Also in 8-K of May 1, 2025