IDEX CORP /DE/
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
IEX$226.99+2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0000832101-25-000032
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001628280-25-047080
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 95 previous paragraphs and 95 current paragraphs.
59 unchanged; 25 reworded; 11 added; 11 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Regardless of the business environment, IDEX’s business model and 8020 discipline position the Company to quickly address challenges and pursue opportunities as they arise. Overall industrial order trends remain range-bound and the Company continues to see hesitation around larger order commitments from many customers. Given geopolitical, trade, and overall macroeconomic uncertainty, IDEX remains focused on what it can control and driving sustainable growth and value creation for all stakeholders. The Company continues to refine its capabilities through platform-building, capability-tuning, and integrated growth strategies that customers value. However, IDEX cannot be certain these strategies will entirely mitigate macroeconomic shifts, including if demand otherwise decreases. The Company remains focused on optimizing its business portfolio and expects its strong cash generation and balance sheet will continue to enable opportunistic capital deployment to generate shareholder value sustainably in the long run.
Current report
Other (Income) Expense – Net
Current report
•Organic sales for the three and nine months ended September 30, 2025 reflect positive price and favorable volumes driven by timing of progress made on large orders at Mott as well as higher volumes in the Company’slife sciences, pharmaceutical, space and defense, data center and semiconductor consumables businesses, partially offset by lower volumes in our semiconductor lithography and industrial businesses.
Current report
•Adjusted EBITDA margin for the three and nine months ended September 30, 2025 reflect volume leverage as well as net productivity improvements, including platform optimization savings and cost containment, and favorable price/cost. These improvements were partially and more than offset by acquisitions and unfavorable mix during three and nine months ended September 30, 2025, respectively.
Current report
•Organic sales for the three months ended September 30, 2025 benefited from positive price and slightly higher volumes as compared to the prior year period. Organic sales for the nine months ended September 30, 2025 reflected unfavorable volumes in our chemical, energy, agriculture, and water businesses, partially offset by higher volume in the industrial businesses, which together more than offset the benefit of positive price across the segment.
Current report
•Adjusted EBITDA margin for the three and nine months ended September 30, 2025 increased primarily due to positive price/cost as well as net productivity improvements, including platform optimization savings and cost containment. During the nine months ended September 30, 2025, these improvements were partially offset by volume deleverage.
Current report
•Organic sales for the three months ended September 30, 2025 reflect lower volumes within our Fire and Safety business resulting from funding disruptions as well as lower volumes in our Dispensing business, partially offset by positive price. The nine months ended September 30, 2025 reflect positive price, mostly offset by lower volumes in our Dispensing business. Volumes in our Dispensing business were impacted during both the three and nine months ended September 30, 2025 by the timing of Dispensing projects in emerging markets and slower equipment replenishment.
Current report
•Adjusted EBITDA margin decreased for the three months ended September 30, 2025 primarily due to volume deleverage, partially offset by price/cost. Operational productivity improvements, platform optimization savings and cost containment offset other higher employee-related costs during the three months ended September 30, 2025. The decrease in Adjusted EBITDA margin for the nine months ended September 30, 2025 reflects volume deleverage and unfavorable mix, mostly offset by price/cost. Operational productivity improvements, platform optimization savings and cost containment were offset by other higher employee-related costs during the nine months ended September 30, 2025.
Current report
Cash used in investing activities decreased $871.8 million in the nine months ended September 30, 2025 as compared to the prior year period driven by $908.0 million of lower net spending on business acquisitions in the current year period, primarily due to the acquisition of Mott during the prior year period. See further details on acquisition activity in Note 2, “Acquisitions & Divestitures”, in the Notes to Condensed Consolidated Financial Statements. The nine months ended September 30, 2025 also reflected a $5.7 million reduction in capital expenditures. Partly offsetting these impacts, the prior year period included proceeds of $45.1 million received from the sale of Alfa Valvole in June 2024 which did not recur in the current period.
Current report
Subsequent Borrowings Activity
Current report
During October 2025, the Company had net borrowings on the Revolving Facility of $18.4 million.
Removed paragraphs (11)
Previous report
While overall order trends were favorable coming into the second quarter, industrial day rates declined late in the quarter and hesitation around larger order commitments increased, reflecting the continued macroeconomic uncertainty, with some customers ordering with greater caution and delaying larger commitments to improve their production capacity or capabilities. The Company has taken actions, such as increasing price, reducing costs and implementing supply chain strategies to mitigate the impact of tariffs and geopolitical uncertainty. However, the landscape continues to evolve. The Company will continue to take such actions and believes it is well positioned given the criticality of our solutions, which generally constitute a relatively small part of the bill of materials. IDEX businesses also generally operate locally with teams that are well equipped to adapt with agility. However, IDEX cannot be certain these strategies will entirely mitigate macroeconomic shifts, including if demand otherwise decreases. The Company remains focused on optimizing its business portfolio and expects its strong cash generation and balance sheet will continue to enable opportunistic capital deployment to generate shareholder value sustainably in the long run.
Previous report
Other Expense (Income) – Net
Previous report
•Organic sales for the three and six months ended June 30, 2025 were positively impacted by positive price, targeted growth initiatives and favorable volumes in the Company’s aerospace/defense businesses, and negatively impacted by lower volumes within the Company’s semiconductor, automotive and industrial businesses. Our pharmaceutical businesses delivered favorable volumes during the three months ended June 30, 2025, but were flat during the six months ended June 30, 2025.
Previous report
•Adjusted EBITDA margin for the three months ended June 30, 2025 decreased primarily due to the Mott acquisition and unfavorable mix. Operational productivity improvements and platform optimization savings offset increases in other employee-related costs, including higher variable compensation. Adjusted EBITDA margin for the six months ended June 30, 2025 decreased primarily due to the Mott acquisition. Volume deleverage was offset by net productivity improvements. Operational productivity improvements and platform optimization savings more than offset increases in other employee-related costs, including higher variable compensation.
Previous report
•Organic sales for the three and six months ended June 30, 2025 were negatively impacted by lower volumes in several end markets, including the Company’s chemical, water, energy, agriculture and semiconductor businesses, partially offset by positive price.
Previous report
•Adjusted EBITDA margin for the three and six months ended June 30, 2025 reflected positive price/cost and net productivity improvements, resulting from operational productivity improvements and platform optimization savings, which more than offset increases in other employee-related costs. The three and six months ended June 30, 2025 also reflected the accretive impact of the Alfa Valvole divestiture. These increases were partly and fully offset by volume deleverage during the three and six months ended June 30, 2025, respectively.
Previous report
•Organic sales for the three and six months ended June 30, 2025 increased as a result of positive price, strong North America Fire OEM demand and targeted growth initiatives in the Company’s Fire and Safety businesses, partially offset by lower volumes due to the timing of Dispensing projects in emerging markets.
Previous report
•Adjusted EBITDA margin increased for the three and six months ended June 30, 2025 primarily due to positive price/cost, which more than offset unfavorable productivity and mix. The three months ended June 30, 2025 also reflected volume deleverage, while the six months ended June 30, 2025 benefited from volume leverage.
Previous report
Investing cash flows decreased $36.2 million in the six months ended June 30, 2025 as compared to the prior year period driven by the absence of proceeds of $45.5 million received in the prior year from the sale of Alfa Valvole in June 2024. This decrease was partly offset by lower capital expenditures during the six months ended June 30, 2025, which decreased $6.8 million as compared to the prior year period and $4.2 million of funds received during the current year in connection with the finalization of the Mott purchase price, as compared to $1.6 million of funds received in connection with the finalization of the STC Material Solutions purchase price during the prior year.
Previous report
Micro-LAM Acquisition
Previous report
On July 29, 2025, the Company acquired Micro-LAM, Inc. (“Micro-LAM”) for cash consideration of $90.0 million, subject to customary adjustments, plus a potential earnout of up to $12.0 million of additional cash consideration based upon the achievement of certain financial performance metrics over a two-year period. The acquisition was funded using additional borrowings under the Company’s Revolving Facility in July 2025. Micro-LAM is an advanced optics manufacturer of laser-assisted machining, ultra-precision diamond tools and custom optics that is complementary to the Company’s Optics Technologies solutions. Micro-LAM will operate in the Company’s Health & Science Technologies segment.
Reworded paragraphs (25)
Previous wording
•Record reported Net sales of $865.4 million increased 7% overall and increased 1% organically*
Current wording
•Record reported Net sales of $878.7 million increased 10% overall and increased 5% organically*
Previous wording
•Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.74 decreased 6%
Current wording
•Reported diluted earnings per common share (“EPS”) attributable to IDEX of $1.70 increased 8%
Previous wording
•Adjusted diluted EPS attributable to IDEX* of $2.07 was relatively flat
Current wording
•Adjusted diluted EPS attributable to IDEX* of $2.03 increased 7%
Previous wording
During the second quarter of 2025, the Company delivered strong operating performance, despite persistent macroeconomic uncertainty. Strong price/cost execution helped mitigate the impact of volume pressure driven by ongoing tariff related uncertainty in the market. Operating results during the quarter also benefited from the acquisition of Mott Corporation and its subsidiaries (“Mott”). Diluted EPS declined year-over-year reflecting higher amortization expense and interest costs related to the financing of the acquisition of Mott during the third quarter of 2024. Adjusted diluted EPS was relatively flat compared to the same prior year period.
Current wording
During the third quarter of 2025, the Company delivered strong operating performance driven by strong price/cost execution and net productivity improvements, including platform optimization savings resulting from restructuring and other cost containment actions taken during 2025, despite challenging macroeconomic conditions. Operating results during the quarter also benefited from the acquisition of Mott Corporation and its subsidiaries (“Mott”).
Previous wording
The following is a discussion and analysis of the Company’s results of operations for the three and six months ended June 30, 2025 compared with the three and six months ended June 30, 2024.
Current wording
The following is a discussion and analysis of the Company’s results of operations for the three and nine months ended September 30, 2025 compared with the three and nine months ended September 30, 2024.
Previous wording
Net sales for both the three and six months ended June 30, 2025 increased as compared to the same prior year periods as a result of contributions from the acquisition of Mott. Organic sales for the same periods increased 1% and were flat, respectively, which reflected positive price and targeted growth initiatives in the Company’s Health & Science Technologies and Fire & Safety/Diversified Products segments. These increases were partially and fully offset by lower volumes during the three and six months ended June 30, 2025, respectively, primarily within the Fluid & Metering Technologies segment.
Current wording
Net sales for both the three and nine months ended September 30, 2025 increased as compared to the same prior year periods as a result of contributions from the acquisition of Mott. Organic sales for the same periods increased 5% and 1%, respectively driven by positive price across all segments. While higher volumes in our Health & Science Technologies and Fluid & Metering Technologies segments more than offset the lower volumes in our Fire & Safety/Diversified Products segment during the three months ended September 30, 2025, higher volumes in our Health & Science Technologies segment only partly mitigated lower volumes in our Fluid & Metering Technologies and Fire & Safety/Diversified Products segments during the nine months ended September 30, 2025.
Previous wording
Gross profit and Gross margin for both the three and six months ended June 30, 2025 were positively impacted by price/cost and operational productivity improvements, and were negatively impacted by volume deleverage and unfavorable mix. Platform optimization savings resulting from restructuring actions taken during 2025 mitigated increases in other employee-related costs. Gross profit for both the three and six months ended June 30, 2025 was also positively impacted by the Mott acquisition, net of divestitures, while Gross margin for both the three and six months ended June 30, 2025 was negatively impacted by the Mott acquisition, net of divestitures.
Current wording
Gross profit and Gross margin for both the three and nine months ended September 30, 2025 were positively impacted by operational productivity improvements and price cost but were negatively impacted by unfavorable mix. The nine months ended September 30, 2025 was also negatively impacted by volume deleverage. Gross profit for both the three and nine months ended September 30, 2025 was positively impacted by acquisitions, net of divestitures, while Gross margin for both the three and nine months ended September 30, 2025 was negatively impacted by acquisitions, net of divestitures. Platform optimization savings resulting from restructuring actions taken during 2025 mitigated increases in other employee-related costs during both the three and nine months ended September 30, 2025.
Previous wording
Selling, general and administrative expenses for both the three and six months ended June 30, 2025 increased by $16.9 million and $33.5 million from acquisitions, net of divestitures, including amortization, respectively, as well as higher employee-related costs and increased professional services spending as compared to the same prior year periods. These increases were partially offset by lower discretionary spending.
Current wording
Selling, general and administrative expenses for both the three and nine months ended September 30, 2025 increased by $14.2 million and $47.7 million from acquisitions, net of divestitures, including amortization, respectively, as well as increased professional services spending and slightly higher employee-related costs, driven by variable compensation, as compared to the same prior year periods.
Previous wording
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.
Current wording
Restructuring expenses and asset impairments primarily relate to severance expense for restructuring actions taken during the respective periods presented. Severance costs during the nine months ended September 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.
Previous wording
During the three and six months ended June 30, 2024, the Company completed the sale of Alfa Valvole, Srl (“Alfa Valvole”) for proceeds of $45.5 million, net of cash remitted, resulting in an initial gain on the sale of $4.6 million, net of a release of cumulative foreign currency translation losses of $5.5 million. For additional information regarding the divestiture of Alfa Valvole, refer to Note 2, “Acquisitions and Divestitures,” in the Notes to Condensed Consolidated Financial Statements.
Current wording
On June 3, 2024, the Company completed the sale of Alfa Valvole, Srl (“Alfa Valvole”) for proceeds of $45.1 million, net of cash remitted, resulting in an initial gain on the sale of $4.6 million, net of a release of cumulative foreign currency translation losses of $5.5 million. During the three months ended September 30, 2024, the gain on the sale of Alfa Valvole was finalized, resulting in a downward adjustment to the gain on sale of $0.6 million for a final gain on sale of $4.0 million during the nine months ended September 30, 2025. For additional information regarding the divestiture of Alfa Valvole, refer to Note 2, “Acquisitions and Divestitures,” in the Notes to Condensed Consolidated Financial Statements.
Previous wording
Other expense (income) – net during the three and six months ended June 30, 2025 primarily reflects the impact of foreign currency transactions.
Current wording
Other (income) expense – net during the three and nine months ended September 30, 2025 reflects the impact of foreign currency transactions.
Previous wording
Interest expense – net for the three and six months ended June 30, 2025 increased primarily due to the impact of higher debt outstanding used to finance the acquisition of Mott, partially offset by reductions in interest expense related to the payoff of the Company’s Term Facility in 2024.
Current wording
Interest expense – net for the three and nine months ended September 30, 2025 increased primarily due to the impact of higher debt outstanding used to finance the acquisition of Mott as well as lower interest income earned as compared to the prior year periods.
Previous wording
The effective tax rate was 22.9% and 23.1% for the three and six months ended June 30, 2025, respectively, as compared to 21.2% and 21.4% during the same periods in 2024, respectively. The increase in the effective tax rate for the three and six months ended June 30, 2025 was primarily due to a more favorable net impact of discrete one-time tax items in the prior year periods as compared to the current year periods. Additionally, the effective tax rate for the three and six months ended June 30, 2025 was unfavorably impacted by state tax law changes enacted in June 2025, foreign tax differentials related to increased tax rates and the mix of earnings in higher tax rate jurisdictions. For additional information, refer to Note 16, “Income Taxes”, in the Notes to Condensed Consolidated Financial Statements.
Current wording
The effective tax rate was 25.1% and 23.8% for the three and nine months ended September 30, 2025, respectively, as compared to 22.9% and 21.9% during the same periods in 2024, respectively. The increase in the effective tax rate for the three and nine months ended September 30, 2025 reflects the impact of the current period enactment of the OBBBA. The enacted tax legislation had an unfavorable impact on the foreign derived intangible income deduction primarily due to the recovery of previously capitalized unamortized research expenditures. For additional information, refer to Note 16, “Income Taxes”, in the Notes to Condensed Consolidated Financial Statements.
Previous wording
The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the three and six months ended June 30, 2025.
Current wording
The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the three and nine months ended September 30, 2025.
Previous wording
(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $22.9 million and $51.8 million for the three and six months ended June 30, 2025, respectively.
Current wording
(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of $21.7 million and $73.5 million for the three and nine months ended September 30, 2025, respectively.
Previous wording
(1)Acquisitions include Mott, acquired in September 2024.
Current wording
(1)Acquisitions include Mott, acquired in September 2024 and Micro-LAM, Inc. (“Micro-LAM”) acquired in July 2025.
Previous wording
Acquisitions and foreign currency translation increased Operating working capital by $17.0 million during the six months ended June 30, 2025. Apart from these items, the primary driver of the change in operating working capital was inventories, which increased early in the year to support planned production.
Current wording
Acquisitions and foreign currency translation increased Operating working capital by $20.7 million during the nine months ended September 30, 2025. Apart from these items, the primary drivers of the change in operating working capital were inventories, which increased early in the year to support planned production, and receivables, which increased due to timing of shipments and price.
Previous wording
Operating cash flows decreased $22.8 million in the six months ended June 30, 2025 as compared to the same prior year period primarily due to higher investments in operating working capital driven by higher inventory purchases early in the year to support planned production, higher severance payments made in conjunction with the organizational changes during 2025 and higher interest payments on the 4.950% Senior Notes borrowed during the third quarter of 2024 to fund the acquisition of Mott. The decreases were partly offset by higher sales.
Current wording
Cash provided by operating activities decreased $24.6 million in the nine months ended September 30, 2025 as compared to the same prior year period primarily due to higher investments in operating working capital driven by higher inventory purchases early in the year to support planned production, higher severance payments made in conjunction with the organizational changes during 2025 and higher interest payments on the 4.950% Senior Notes borrowed during the third quarter of 2024 to fund the acquisition of Mott. The decreases were partly offset by higher sales and lower cash tax payments.
Previous wording
Financing cash flows decreased $231.0 million during the six months ended June 30, 2025 as compared to the prior year period primarily due to $100.0 million of share repurchases, an increase of $75.0 million in repayments on long-term borrowings and $42.7 million of higher net payments on the Revolving Facility. The six months ended June 30, 2025 also included lower proceeds from stock option exercises, net of shares withheld for taxes, which decreased $8.1 million, and higher dividends paid to shareholders, which increased $5.2 million, as compared to the prior year period.
Current wording
Financing cash flows decreased $1,031.6 million during the nine months ended September 30, 2025 to $424.9 million of cash used in financing activities from $606.7 million of cash provided by financing activities. The prior year period included $774.8 million of net proceeds in connection with the financing of the Mott acquisition. The nine months ended September 30, 2025 included $175.0 million of share repurchases, $63.8 million of higher net payments on debt, lower proceeds from stock option exercises, net of shares withheld for taxes, which decreased $11.7 million, and $6.4 million of higher dividends paid to shareholders, as compared to the prior year period.
Previous wording
Capital expenditures generally include machinery and equipment that support growth and improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities. The Company believes it has sufficient operating cash flows to continue to meet current obligations and invest in planned capital expenditures. Cash flows from operations were more than adequate to fund capital expenditures of $29.1 million and $35.9 million in the first six months of 2025 and 2024, respectively.
Current wording
Capital expenditures generally include machinery and equipment that support growth and improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities. The Company believes it has sufficient operating cash flows to continue to meet current obligations and invest in planned capital expenditures. Cash flows from operations were more than adequate to fund capital expenditures of $43.9 million and $49.6 million in the first nine months of 2025 and 2024, respectively.
Previous wording
During the six months ended June 30, 2025, the Company repurchased 0.5 million shares at a cost of $100.0 million. There were no share repurchases during the six months ended June 30, 2024. As of June 30, 2025, the amount of share repurchase authorization remaining was $439.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases. For additional information regarding the Company’s share repurchase program, refer to Note 12, “Share Repurchases,” in the Notes to Condensed Consolidated Financial Statements.
Current wording
On September 17, 2025, the Company’s Board of Directors authorized the repurchase of an additional $635.0 million of the Company’s common shares. This approval is in addition to the prior repurchase authorization of the Company’s Board of Directors of $500.0 million on March 17, 2020. These authorizations have no expiration date. During the nine months ended September 30, 2025, the Company repurchased a total of 1.0 million shares at a cost of $175.0 million (excluding excise taxes of $1.6 million, which will be paid in 2026). There were no share repurchases during the nine months ended September 30, 2024. As of September 30, 2025, the amount of share repurchase authorization remaining was $999.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases. For additional information regarding the Company’s share repurchase program, refer to Note 12, “Share Repurchases,” in the Notes to Condensed Consolidated Financial Statements.
Previous wording
Total dividend payments to common shareholders were $105.9 million during the six months ended June 30, 2025 compared with $100.7 million during the six months ended June 30, 2024.
Current wording
Total dividend payments to common shareholders were $159.4 million during the nine months ended September 30, 2025 compared with $153.0 million during the nine months ended September 30, 2024.
Previous wording
The key financial covenants that the Company is required to maintain in connection with the Revolving Facility and the 5.13% Senior Notes, are a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1. At June 30, 2025, the Company was in compliance with these financial covenants, as the Company’s interest coverage ratio was 12.94 to 1 for covenant calculation purposes and the leverage ratio was 2.08 to 1. There are no financial covenants relating to the 2.625% Senior Notes, the 3.00% Senior Notes or the 4.950% Senior Notes; however, all are subject to cross-acceleration provisions.
Current wording
The key financial covenants that the Company is required to maintain in connection with the Revolving Facility and the 5.13% Senior Notes, are a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1. At September 30, 2025, the Company was in compliance with these financial covenants, as the Company’s interest coverage ratio was 12.73 to 1 for covenant calculation purposes and the leverage ratio was 2.08 to 1. There are no financial covenants relating to the 2.625% Senior Notes, the 3.00% Senior Notes or the 4.950% Senior Notes; however, all are subject to cross-acceleration provisions.
Previous wording
The Company had $27.8 million of letters of credit as of June 30, 2025, primarily issued as security for insurance and other performance obligations. Of the $27.8 million of letters of credit, only $2.8 million reduced the Company’s borrowing capacity under the Revolving Facility as of June 30, 2025. The Company has restricted cash of $1.8 million as of June 30, 2025, which represents cash held as collateral for standby letters of credit issued by Mott and is required to keep the balance in a separate account for the duration of the letters of credit. During the second quarter of 2025, $16.3 million of the $18.1 million restricted cash at December 31, 2024 was released from restriction as the related standby letters of credit expired, $2.0 million of which have been replaced during the second quarter of 2025 under other existing facilities that do not reduce the Company’s borrowing capacity.
Current wording
The Company had $19.2 million of letters of credit as of September 30, 2025, primarily issued as security for insurance and other performance obligations. Of the $19.2 million of letters of credit, only $2.6 million reduced the Company’s borrowing capacity under the Revolving Facility as of September 30, 2025.
Previous wording
(1)This adjustment represents the amount of Restructuring expenses and asset impairments attributable to IDEX. Restructuring expenses and asset impairments of $0.7 million and $18.2 million on the Condensed Consolidated Statements of Income 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.
Current wording
(1)This adjustment represents the amount of Restructuring expenses and asset impairments attributable to IDEX. Restructuring expenses and asset impairments of $18.3 million on the Condensed Consolidated Statements of Income 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.