Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2010	Feb. 17, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	IDEX CORP /DE/
Entity Central Index Key	0000832101
Document Type	10-K
Document Period End Date	Dec. 31, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2,292,832,953
Entity Common Stock, Shares Outstanding		82,441,446

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009
Current assets
Cash and cash equivalents	$ 235,136	$ 73,526
Receivables - net	213,553	183,178
Inventories	196,546	159,463
Other current assets	47,523	35,545
Total current assets	692,758	451,712
Property, plant and equipment - net	188,562	178,283
Goodwill	1,207,001	1,180,445
Intangible assets - net	281,392	281,354
Other noncurrent assets	11,982	6,363
Total assets	2,381,695	2,098,157
Current liabilities
Trade accounts payable	104,055	73,020
Accrued expenses	117,879	98,730
Short-term borrowings	119,445	8,346
Dividends payable	12,289	9,586
Total current liabilities	353,668	189,682
Long-term borrowings	408,450	391,754
Deferred income taxes	148,534	148,806
Other noncurrent liabilities	95,383	99,811
Total liabilities	1,006,035	830,053
Commitments and contingencies (Note 8)
Preferred stock:
Authorized: 5,000,000 shares, $.01 per share par value; Issued: none	0	0
Common stock:
Authorized: 150,000,000 shares, $.01 per share par value; Issued: 84,636,668 shares at December 31, 2010 and 83,510,320 shares at December 31, 2009	846	835
Additional paid-in capital	441,271	401,570
Retained earnings	1,005,040	896,977
Treasury stock at cost: 2,566,985 shares at December 31, 2010 and 2,540,052 shares at December 31, 2009	(58,788)	(56,706)
Accumulated other comprehensive income (loss)	(12,709)	25,428
Total shareholders' equity	1,375,660	1,268,104
Total liabilities and shareholders' equity	$ 2,381,695	$ 2,098,157

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2010	Dec. 31, 2009
Shareholders' equity
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0
Common stock, shares authorized	150,000,000	150,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	84,636,668	83,510,320
Treasury stock, shares	2,566,985	2,540,052

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Consolidated Statements of Operations [Abstract]
Net sales	$ 1,513,073	$ 1,329,661	$ 1,489,471
Cost of sales	894,590	807,275	892,038
Gross profit	618,483	522,386	597,433
Selling, general and administrative expenses	358,272	325,453	343,392
Goodwill impairment			30,090
Restructuring expenses	11,095	12,079	17,995
Operating income	249,116	184,854	205,956
Other income (expense) - net	(1,092)	1,151	5,123
Interest expense	16,150	17,178	18,852
Income before income taxes	231,874	168,827	192,227
Provision for income taxes	74,774	55,436	65,201
Net income	$ 157,100	$ 113,391	$ 127,026
Earnings per common share:
Basic earnings per common share	$ 1.93	$ 1.41	$ 1.55
Diluted earnings per common share	$ 1.90	$ 1.40	$ 1.53
Share data:
Basic weighted average common shares outstanding	80,466	79,716	81,123
Diluted weighted average common shares outstanding	81,983	80,727	82,320

Consolidated Statements of Shareholders' Equity (USD $) In Thousands, unless otherwise specified	Total	Common Stock and Additional Paid-In Capital	Retained Earnings	Cumulative Translation Adjustment	Net Actuarial Losses and Prior Service Costs on Pensions and Other Post-Retirement Benefit Plans	Cumulative Unrealized Losses on Derivatives Designated as Cash Flow Hedges	Treasury Stock
Beginning balance at Dec. 31, 2007	$ 1,143,207	$ 347,267	$ 734,743	$ 86,015	$ (20,375)	$ 0	$ (4,443)
Net income	127,026		127,026
Other comprehensive income, net of tax:
Cumulative translation adjustment	(45,863)			(45,863)
Net change in retirement obligations (net of tax benefit of $7.7, expense of $3.5 million and benefit of $1.7 million, respectively)	(13,279)				(13,279)
Net change on derivatives designated as cash flow hedges (net of tax benefit of $3.7,$0.1 and $11.9 million, respectively)	(6,642)					(6,642)
Other comprehensive income (loss)	(65,784)
Comprehensive income	61,242
Cumulative effect of change in measurement date of foreign plans under ASC 715	(299)		(351)	52
Issuance of 597,863 , 744,827 and 1,222,274 shares of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans respectively	15,701	15,701
Share-based compensation	15,014	15,014
Repurchase of 2.3 million shares of common stock	(50,000)						(50,000)
Unvested shares surrendered for tax withholding	(950)						(950)
Cash dividends declared - $.48, $.48 and $.60 per common share respectively	(39,132)		(39,132)
Ending balance at Dec. 31, 2008	1,144,783	377,982	822,286	40,204	(33,654)	(6,642)	(55,393)
Net income	113,391		113,391
Other comprehensive income, net of tax:
Cumulative translation adjustment	19,195			19,195
Net change in retirement obligations (net of tax benefit of $7.7, expense of $3.5 million and benefit of $1.7 million, respectively)	6,396				6,396
Net change on derivatives designated as cash flow hedges (net of tax benefit of $3.7,$0.1 and $11.9 million, respectively)	(71)					(71)
Other comprehensive income (loss)	25,520
Comprehensive income	138,911
Issuance of 597,863 , 744,827 and 1,222,274 shares of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans respectively	8,713	8,713
Share-based compensation	15,710	15,710
Unvested shares surrendered for tax withholding	(1,313)						(1,313)
Cash dividends declared - $.48, $.48 and $.60 per common share respectively	(38,700)		(38,700)
Ending balance at Dec. 31, 2009	1,268,104	402,405	896,977	59,399	(27,258)	(6,713)	(56,706)
Net income	157,100		157,100
Other comprehensive income, net of tax:
Cumulative translation adjustment	(21,097)			(21,097)
Net change in retirement obligations (net of tax benefit of $7.7, expense of $3.5 million and benefit of $1.7 million, respectively)	(2,830)				(2,830)
Net change on derivatives designated as cash flow hedges (net of tax benefit of $3.7,$0.1 and $11.9 million, respectively)	(14,210)					(14,210)
Other comprehensive income (loss)	(38,137)
Comprehensive income	118,963
Issuance of 597,863 , 744,827 and 1,222,274 shares of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans respectively	22,354	22,354
Share-based compensation	17,358	17,358
Unvested shares surrendered for tax withholding	(2,082)						(2,082)
Cash dividends declared - $.48, $.48 and $.60 per common share respectively	(49,037)		(49,037)
Ending balance at Dec. 31, 2010	$ 1,375,660	$ 442,117	$ 1,005,040	$ 38,302	$ (30,088)	$ (20,923)	$ (58,788)

Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Issuance of common stock from exercise of stock options and deferred compensation plans, Shares	1,222,274	744,827	597,863
Cash dividend declared, per common share	$ 0.60	$ 0.48	$ 0.48
Repurchase of common stock			2,300,000
Common Stock and Additional Paid-In Capital
Issuance of common stock from exercise of stock options and deferred compensation plans, Shares	1,222,274	744,827	597,863
Retained Earnings
Cash dividend declared, per common share	$ 0.60	$ 0.48	$ 0.48
Net Actuarial Losses and Prior Service Costs on Pensions and Other Post-Retirement Benefit Plans
Net of tax benefit and expense in retirement obligations	$ 1.7	$ 3.5	$ 7.7
Cumulative Unrealized Losses on Derivatives Designated as Cash Flow Hedges
Net of tax expense on derivatives designated as cash flow hedges	$ 11.9	$ 0.1	$ 3.7
Treasury Stock
Repurchase of common stock			2,300,000

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Cash flows from operating activities
Net income	$ 157,100	$ 113,391	$ 127,026
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on sale of fixed assets	12	447
Goodwill impairment			30,090
Depreciation and amortization	32,367	31,850	30,989
Amortization of intangible assets	25,741	24,496	17,610
Amortization of debt issuance expenses	547	308	288
Share-based compensation expense	17,358	15,710	15,014
Deferred income taxes	(7,336)	1,081	(10,817)
Excess tax benefit from share-based compensation	(3,457)	(2,762)	(3,134)
Forward starting interest rate contract	(30,970)
Changes in (net of the effect from acquisitions):
Receivables	(22,162)	26,069	19,667
Inventories	(26,651)	23,149	(4,389)
Trade accounts payable	21,432	(16,310)	(6,385)
Accrued expenses	17,941	(14,294)	1,215
Other - net	2,555	9,397	5,886
Net cash flows provided by operating activities	184,477	212,532	223,060
Cash flows from investing activities
Cash purchases of property, plant and equipment	(31,740)	(25,059)	(27,837)
Acquisition of businesses, net of cash acquired	(91,286)		(392,825)
Proceeds from fixed assets disposals	720	3,582
Changes in restricted cash			140,005
Other - net		1,860
Net cash flows used in investing activities	(122,306)	(19,617)	(280,657)
Cash flows from financing activities
Borrowings under credit facilities for acquisitions	53,866		180,665
Borrowings under credit facilities and term loan	7,685	70,114	483,044
Proceeds from issuance of 2.58% Senior Euro notes	96,762
Payments under credit facilities and term loan	(331,632)	(225,604)	(413,207)
Proceeds from issuance of 4.5% Senior notes	298,427
Payment of 6.875% Senior notes			(150,000)
Debt issuance costs	(2,685)
Dividends paid	(46,334)	(38,637)	(39,398)
Proceeds from stock option exercises	18,057	7,694	10,421
Excess tax benefit from share-based compensation	3,457	2,762	3,134
Purchase of common stock			(50,000)
Other - net	(2,082)	(1,313)	(1,980)
Net cash flows provided by (used in) financing activities	95,521	(184,984)	22,679
Effect of exchange rate changes on cash and cash equivalents	3,918	4,242	(6,486)
Net increase (decrease) in cash	161,610	12,173	(41,404)
Cash and cash equivalents at beginning of year	73,526	61,353	102,757
Cash and cash equivalents at end of period	235,136	73,526	61,353
Cash paid for:
Interest	16,776	17,311	20,139
Income taxes	73,867	50,796	72,074
Significant non-cash activities:
Debt acquired with acquisition of business	758
Issuance of unvested shares	$ 5,603	$ 5,131

Significant Accounting Policies

12 Months Ended

Dec. 31, 2010

Significant Accounting Policies [Abstract]

Significant Accounting Policies


1.	Significant Accounting Policies

Business

IDEX is an applied solutions company specializing in fluid and metering technologies, health and science technologies, dispensing equipment, and fire, safety and other diversified products built to its customers’ specifications. Its products are sold in niche markets to a wide range of industries throughout the world. The Company’s products include industrial pumps, compressors, flow meters, injectors and valves, and related controls for use in a wide variety of process applications; precision fluidics solutions, including pumps, valves, degassing equipment, corrective tubing, fittings, and complex manifolds, as well as specialty medical equipment and devices used in life science applications; precision-engineered equipment for dispensing, metering and mixing paints; refinishing equipment; and engineered products for industrial and commercial markets, including fire and rescue, transportation equipment, oil and gas, electronics, and communications. These activities are grouped into four reportable segments: Fluid & Metering Technologies, Health & Science Technologies, Dispensing Equipment, and Fire & Safety/Diversified Products.

Principles of Consolidation

The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are revenue recognition, sales returns and allowances, allowance for doubtful accounts, inventory valuation, recoverability of long-lived assets, income taxes, product warranties, derivatives, contingencies and litigation, insurance-related items, share-based compensation and defined benefit retirement plans.

Revenue Recognition

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability of the sales price is reasonably assured. For product sales, delivery does not occur until the products have been shipped and risk of loss has been transferred to the customer. Revenue from services is recognized when the services are provided or ratably over the contract term. Some arrangements with customers may include multiple deliverables, including the combination of products and services. In such cases the Company has identified these as separate elements in accordance with Accounting Standards Codification (“ASC”) 985 and recognizes revenue consistent with the policy for each separate element based on the fair value of each accounting unit. Revenues from certain long-term contracts are recognized on the percentage-of-completion method. Percentage-of-completion is measured principally by the percentage of costs incurred to date for each contract to the estimated total costs for such contract at completion. Provisions for estimated losses on uncompleted long-term contracts are made in the period in which such losses are determined. Due to uncertainties inherent in the estimation process, it is reasonably possible that completion costs, including those arising from contract penalty provisions and final contract settlements, will be revised in the near-term. Such revisions to costs and income are recognized in the period in which the revisions are determined.

The Company records allowances for discounts, product returns and customer incentives at the time of sale as a reduction of revenue as such allowances can be reliably estimated based on historical experience and known trends. The Company also offers product warranties and accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, warranty costs incurred and any other related information known to the Company.

Shipping and Handling Costs

Shipping and handling costs are included in cost of sales and are recognized as a period expense during the period in which they are incurred.

Advertising Costs

Advertising costs of $11.0 million, $11.4 million and $11.1 million for the twelve months ended December 31, 2010, 2009 and 2008, respectively are expensed as incurred.

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments purchased with an original maturity of 90 days or less to be cash and cash equivalents.

Inventories

The Company states inventories at the lower of cost or market. Cost, which includes material, labor, and factory overhead, is determined on a FIFO basis. We make adjustments to reduce the cost of inventory to its net realizable value, if required, at the business unit level for estimated excess, obsolescence or impaired balances. Factors influencing these adjustments include changes in market demand, product life cycle and engineering changes.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable, as measured by comparing their net book value to the projected undiscounted future cash flows generated by their use. Impaired assets are recorded at their estimated fair value using a discounted cash flow analysis.

Goodwill and Indefinite-Lived Intangible Assets

The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually on October 31, or upon the occurrence of events or changes in circumstances that indicate that the carrying value of the goodwill or intangible assets may not be recoverable, in accordance with ASC 350. The Company evaluates the recoverability of each of these assets based on the estimated fair value of each of the thirteen reporting units and indefinite-lived intangible asset. See Note 4 for a further discussion on goodwill and intangible assets.

Borrowing Expenses

Expenses, inclusive of commissions and professional fees, incurred in securing and issuing debt are amortized over the life of the related borrowing and are included in Interest expense in the Consolidated Statements of Operations.

Earnings per Common Share

Earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of shares of common stock (basic) plus common stock equivalents and unvested shares (diluted) outstanding during the year. Common stock equivalents consist of stock options and deferred compensation units (“DCUs”) and have been included in the calculation of weighted average shares outstanding using the treasury stock method.

ASC 260 concludes that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has determined that its outstanding unvested shares are participating securities. Accordingly, earnings per common share were computed using the two-class method prescribed by ASC 260. Net income attributable to common shareholders was reduced by $1.4 million, $0.8 million and $0.9 million in 2010, 2009 and 2008, respectively.

Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows:


	2010		2009		2008
	(In thousands)

Basic weighted average common shares outstanding		80,466		79,716		81,123
Dilutive effect of stock options, DCUs and unvested shares		1,517		1,011		1,197

Diluted weighted average common shares outstanding		81,983		80,727		82,320

Options to purchase approximately 0.2 million, 2.2 million and 3.3 million shares of common stock as of December 31, 2010, 2009 and 2008, respectively, were not included in the computation of diluted EPS because the exercise price was greater than the average market price of the Company’s common stock and, therefore, the effect of their inclusion would have been antidilutive.

Share-Based Compensation

The Company accounts for share-based payments in accordance with ASC 718. Accordingly, the Company expenses the fair value of awards made under its share-based compensation plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. See Note 13 for further discussion on share-based compensation.

Depreciation and Amortization

Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives:


Land improvements			8 to 12 years
Buildings and improvements			8 to 30 years
Machinery & equipment and engineering drawings			3 to 12 years
Office and transportation equipment			3 to 10 years

Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows:


Patents			5 to 17 years
Trade names			3 to 20 years
Customer relationships			3 to 20 years
Non-compete agreements			2 to 5 years
Unpatented technology and other			4 to 20 years

Research and Development Expenditures

Costs associated with research and development are expensed in the period incurred and are included in “Cost of sales” within the Consolidated Statements of Operations. Research and development expenses, which include costs associated with developing new products and major improvements to existing products were $31.8 million, $29.6 million and $29.5 million in 2010, 2009 and 2008, respectively.

Foreign Currency Translation

The functional currency of substantially all operations outside the United States is the respective local currency. Accordingly, those foreign currency balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Income statement amounts have been translated using the average exchange rate for the year. The gains and losses resulting from changes in exchange rates from year to year have been reported in “Accumulated other comprehensive income (loss)” in the Consolidated Balance Sheets. The effect of transaction gains and losses is reported within “Other income (expense)-net” on the Consolidated Statements of Operations.

Income Taxes

Income tax expense includes United States, state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax basis of existing assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized.

Concentration of Credit Risk

The Company is not dependent on a single customer, the largest of which accounted for less than 2% of net sales for all years presented.

Recently Adopted Accounting Pronouncements

In January 2010, the FASB issued ASU 2010-06, “Fair Value Measurements and Disclosures (Topic 820).” This Update provides amendments to Subtopic 820-10 and related guidance within GAAP to require disclosure of the transfers in and out of Levels 1 and 2 and a schedule for Level 3 that separately identifies purchases, sales, issuances and settlements and requires more detailed disclosures regarding valuation techniques and inputs. The new disclosures and clarifications of existing disclosures were effective for the Company’s fiscal year 2010, except for the disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements, which will be effective for the Company’s fiscal year 2011. See Note 7 for disclosures associated with the adoption of this standard that were effective in 2010.

New Accounting Pronouncements

In October 2009, the FASB issued ASU No. 2009-13, “Revenue Recognition (Topic 605) — Multiple-Deliverable Revenue Arrangements.” ASU No. 2009-13 addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit. This guidance establishes a selling price hierarchy for determining the selling price of a deliverable, which is based on: (a) vendor-specific objective evidence; (b) third-party evidence; or (c) estimates. This guidance also eliminates the residual method of allocation and requires that arrangement consideration be allocated at the inception of the arrangement to all deliverables using the relative selling price method. In addition, this guidance significantly expands required disclosures related to a vendor’s multiple-deliverable revenue arrangements. ASU No. 2009-13 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010 and early adoption is permitted. A company may elect, but will not be required, to adopt the amendments in ASU No. 2009-13 retrospectively for all prior periods. Management is currently evaluating the requirements of ASU No. 2009-13 and has not yet determined the impact on the Company’s consolidated financial statements.

Restructuring

12 Months Ended

Dec. 31, 2010

Restructuring [Abstract]

Restructuring


2.	Restructuring

The Company has recorded restructuring expenses as a result of cost reduction efforts and facility closings. Accruals have been recorded based on these costs and primarily consist of employee termination benefits. We record expenses for employee termination benefits based on the guidance of ASC 420, “Exit or Disposal Cost Obligations.” These expenses are included in Restructuring expenses in the Consolidated Statements of Operations while the related restructuring accruals are included in Accrued expenses in our Consolidated Balance Sheets.

During the year ended December 31, 2010, the Company recorded an additional $11.1 million of pre-tax restructuring expenses related to our 2009 restructuring initiative for employee severance related to employee reductions across various functional areas as well as facility closures resulting from the Company’s cost savings initiatives. In 2009, the Company recorded pre-tax restructuring expenses totaling $12.1 million related to this same initiative. The 2009 initiative included severance benefits for approximately 700 employees.

Pre-tax restructuring expenses, by segment, for the year ended December 31, 2010, were as follows:


	Severance
	Costs		Exit Costs		Total
	(In thousands)

Fluid & Metering Technologies	$	2,630	$	320	$	2,950
Health & Science Technologies		3,511		1,650		5,161
Dispensing Equipment		641		—		641
Fire & Safety/Diversified Products		589		—		589
Corporate/Other		1,754		—		1,754

Total restructuring costs	$	9,125	$	1,970	$	11,095

Pre-tax restructuring expenses, by segment, for the year ended December 31, 2009, were as follows:


	Severance
	Costs		Exit Costs		Total
	(In thousands)

Fluid & Metering Technologies	$	2,694	$	1,364	$	4,058
Health & Science Technologies		2,201		1,303		3,504
Dispensing Equipment		1,155		860		2,015
Fire & Safety/Diversified Products		1,308		—		1,308
Corporate/Other		488		706		1,194

Total restructuring costs	$	7,846	$	4,233	$	12,079

Pre-tax restructuring expenses, by segment, for the year ended December 31, 2008, were as follows:


	Severance
	Costs		Exit Costs		Total
	(In thousands)

Fluid & Metering Technologies	$	3,978	$	1,177	$	5,155
Health & Science Technologies		3,226		1,015		4,241
Dispensing Equipment		4,256		1,311		5,567
Fire & Safety/Diversified Products		723		—		723
Corporate/Other		1,898		411		2,309

Total restructuring costs	$	14,081	$	3,914	$	17,995

Restructuring accruals of $3.5 million and $6.9 million at December 31, 2010 and December 31, 2009, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows:


	2009			2008
	Initiatives			Initiatives			Total
	(In thousands)

BALANCE AT JANUARY 1, 2009	$	—		$	9,263		$	9,263
Restructuring costs		11,251			828			12,079
Acquisition related		3,927			—			3,927
Payments/utilization		(8,300	)		(10,091	)		(18,391	)

BALANCE AT DECEMBER 31, 2009		6,878			—			6,878
Restructuring costs		11,095			—			11,095
Payments/utilization		(14,430	)		—			(14,430	)

BALANCE AT DECEMBER 31, 2010	$	3,543		$	—		$	3,543

Balance Sheet Components

12 Months Ended

Dec. 31, 2010

Balance Sheet Components [Abstract]

Balance Sheet Components


3.	Balance Sheet Components

The components of certain balance sheet accounts at December 31, 2010 and 2009 were as follows:


	2010		2009
	(In thousands)

RECEIVABLES
Customers	$	212,899	$	185,926
Other		5,976		3,412

Total		218,875		189,338
Less allowance for doubtful accounts		5,322		6,160

Total receivables — net	$	213,553	$	183,178

INVENTORIES
Raw materials and components parts	$	141,316	$	113,777
Work in process		24,757		20,669
Finished goods		51,747		43,626

Total		217,820		178,072
Less inventory reserves		21,274		18,609

Total inventories-net	$	196,546	$	159,463

PROPERTY, PLANT AND EQUIPMENT
Land and improvements	$	23,956	$	19,776
Buildings and improvements		127,272		125,735
Machinery and equipment		253,193		235,219
Office and transportation equipment		95,141		91,706
Engineering drawings		1,456		1,869
Construction in progress		7,003		9,360

Total		508,021		483,665
Less accumulated depreciation and amortization		319,459		305,382

Total property, plant and equipment — net	$	188,562	$	178,283


	2010		2009
	(In thousands)

ACCRUED EXPENSES
Payroll and related items	$	46,937	$	39,315
Management incentive compensation		19,985		12,157
Income taxes payable		6,126		3,757
Deferred income taxes		723		56
Insurance		5,544		4,375
Warranty		3,831		4,383
Deferred revenue		7,172		4,480
Restructuring		3,543		6,878
Interest rate exchange agreement		2,328		—
Liability for uncertain tax positions		1,647		313
Other		20,043		23,016

Total accrued expenses	$	117,879	$	98,730

OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	$	74,559	$	67,426
Liability for uncertain tax positions		5,912		6,398
Interest rate exchange agreement		—		10,497
Deferred revenue		4,225		5,353
Other		10,687		10,137

Total other noncurrent liabilities	$	95,383	$	99,811

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2010

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets


4.	Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2010 and 2009, by business segment, were as follows:


	Fluid &			Health &						Fire & Safety/
	Metering			Science			Dispensing			Diversified
	Technologies			Technologies			Equipment			Products			Total
	(In thousands)

Goodwill	$	531,046		$	391,654		$	133,560		$	147,552		$	1,203,812
Accumulated impairment losses		(6,659	)		—			(30,090	)		—			(36,749	)

BALANCE AT JANUARY 1, 2009		524,387			391,654			103,470			147,552			1,167,063
Foreign currency translation		7,164			298			1,503			1,562			10,527
Purchase price adjustments		2,428			427			—			—			2,855

BALANCE AT DECEMBER 31, 2009		533,979			392,379			104,973			149,114			1,180,445
Acquisitions (Note 12)		15,828			29,653			—			—			45,481
Foreign currency translation		(7,890	)		(768	)		(6,193	)		(4,074	)		(18,925	)

BALANCE AT DECEMBER 31, 2010	$	541,917		$	421,264		$	98,780		$	145,040		$	1,207,001

ASC 350 requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. Goodwill represents the purchase price in excess of the net amount assigned to assets acquired and liabilities assumed.

Goodwill and other acquired intangible assets with indefinite lives were tested for impairment as of October 31, 2010, the Company’s annual impairment assessment date. In 2010, there were no triggering events or change in circumstances that would have required a review other than as of our annual test date. The Company concluded that the fair value of each of the reporting units and indefinite-lived intangible assets was in excess of the carrying value as of October 31, 2010.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2010 and 2009:


	At December 31, 2010									At December 31, 2009
	Gross							Weighted		Gross
	Carrying		Accumulated					Average		Carrying		Accumulated
	Amount		Amortization			Net		Life		Amount		Amortization			Net

Amortizable intangible assets:
Patents	$	9,906	$	(5,052	)	$	4,854		11	$	9,914	$	(4,289	)	$	5,625
Trade names		69,043		(13,769	)		55,274		15		63,589		(10,144	)		53,445
Customer relationships		169,065		(47,686	)		121,379		11		157,890		(32,422	)		125,468
Non-compete agreements		4,087		(3,501	)		586		4		4,268		(3,356	)		912
Unpatented technology		43,206		(9,407	)		33,799		14		36,047		(6,240	)		29,807
Other		5,957		(2,557	)		3,400		10		6,236		(2,239	)		3,997

Total amortizable intangible assets		301,264		(81,972	)		219,292				277,944		(58,690	)		219,254
Banjo trade name		62,100		—			62,100				62,100		—			62,100

	$	363,364	$	(81,972	)	$	281,392			$	340,044	$	(58,690	)	$	281,354

The Banjo trade name is an indefinite lived intangible asset which is tested for impairment on an annual basis on October 31. Amortization of intangible assets was $25.7 million, $24.5 million and $17.6 million in 2010, 2009 and 2008, respectively. Amortization expense for each of the next five years is estimated to be approximately $27.0 million annually.

- Definition

Discloses the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain or loss on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

+ References+ Details

Borrowings

12 Months Ended

Dec. 31, 2010

Borrowings [Abstract]

Borrowings


5.	Borrowings

Borrowings at December 31, 2010 and 2009 consisted of the following:


	2010		2009
	(In thousands)

Credit Facility	$	27,842	$	298,732
Term Loan		90,000		95,000
2.58% Senior Euro Notes		107,341		—
4.5% Senior Notes		298,427		—
Other borrowings		4,285		6,368

Total borrowings		527,895		400,100
Less current portion		119,445		8,346

Total long-term borrowings	$	408,450	$	391,754

The Company maintains a $600.0 million unsecured domestic, multi-currency bank revolving credit facility (“Credit Facility”), which expires on December 21, 2011. In 2008, the Credit Facility was amended to allow the Company to designate certain foreign subsidiaries as designated borrowers. Upon approval from the lenders, the designated borrowers were allowed to receive loans under the Credit Facility. A designated borrower sublimit was established as the lesser of the aggregate commitments or $100.0 million. As of the amendment date, Fluid Management Europe B.V., (“FME”) was approved by the lenders as a designated borrower. On March 16, 2010, IDEX UK Ltd. (“IDEX UK”) was also approved by the lenders as a designated borrower which allowed them to receive loans under the Credit Facility. FME had no borrowings under the Credit Facility as of December 31, 2010, while $48.7 million was outstanding as of December 31,2009. This balance was repaid with proceeds from the €81.0 million 2.58% Senior Euro Notes. IDEX UK’s borrowings included within short term borrowings under the Credit Facility at December 31, 2010 were £18.0 million ($27.8 million). As the IDEX UK’s borrowings under the Credit Facility are British Pound denominated and the cash flows that will be used to make payments of principal and interest are predominately generated in British Pound, the Company does not anticipate any significant foreign exchange gains or losses in servicing this debt.

At December 31, 2010 there was $27.8 million outstanding under the Credit Facility. The net available borrowing under the Credit Facility as of December 31, 2010, was approximately $572.2 million. Interest is payable quarterly on the outstanding borrowings at the bank agent’s reference rate. Interest on borrowings, based on LIBOR plus an applicable margin, is payable on the maturity date of the borrowing, or quarterly from the effective date for borrowings exceeding three months. The applicable margin is based on the Company’s senior, unsecured, long-term debt rating and can range from 24 basis points to 50 basis points. Based on the Company’s credit rating at December 31, 2010, the applicable margin was 40 basis points. An annual Credit Facility fee, also based on the Company’s credit rating, is currently 10 basis points and is payable quarterly.

On April 18, 2008, the Company completed a $100.0 million unsecured senior bank term loan agreement (“Term Loan”), with covenants consistent with the existing Credit Facility and a maturity on December 21, 2011. At December 31, 2010, there was $90.0 million outstanding under the Term Loan included within short term borrowings. Interest under the Term Loan is based on the bank agent’s reference rate or LIBOR plus an applicable margin and is payable at the end of the selected interest period, but at least quarterly. The applicable margin is based on the Company’s senior, unsecured, long-term debt rating and can range from 45 to 100 basis points. Based on the Company’s current debt rating, the applicable margin is 80 basis points. The Term Loan requires a repayment of $7.5 million in April 2011, with the remaining balance due on December 21, 2011. The Company currently maintains an interest rate exchange agreement related to the Term Loan which expires in December 2011. This interest rate exchange agreement has a current notional amount of $90.0 million, the agreement effectively converted $100.0 million of floating-rate debt into fixed-rate debt at an interest rate of 4.00%. The fixed rate is comprised of the fixed rate on the interest rate exchange agreement and the Company’s current margin of 80 basis points on the Term Loan.

On June 9, 2010, the Company completed a private placement of €81.0 million ($96.8 million) aggregate principal amount of 2.58% Series 2010 Senior Euro Notes due June 9, 2015 (“2.58% Senior Euro Notes”) pursuant to a Master Note Purchase Agreement, dated June 9, 2010 (the “Purchase Agreement”). The Purchase Agreement provides for the issuance of additional series of notes in the future. The 2.58% Senior Euro Notes bear interest at a rate of 2.58% per annum and will mature on June 9, 2015. The 2.58% Senior Euro Notes are unsecured obligations of the Company and rank pari passu in right of payment with all of the Company’s other senior debt. The Company may at any time prepay all or any portion of the 2.58% Senior Euro Notes; provided that such portion is greater than 5% of the aggregate principal amount of Notes then outstanding under the Purchase Agreement. In the event of a prepayment, the Company will pay an amount equal to par plus accrued interest plus a make-whole premium. The Purchase Agreement contains certain covenants that restrict the Company’s ability to, among other things, transfer or sell assets, create liens and engage in certain mergers or consolidations. In addition, the Company must comply with a leverage ratio and interest coverage ratio as set forth in the Purchase Agreement. The Purchase Agreement provides for customary events of default. In the case of an event of default arising from specified events of bankruptcy or insolvency, all outstanding 2.58% Senior Euro Notes will become due and payable immediately without further action or notice. In the case of payment events of defaults, any holder of the 2.58% Senior Euro Notes affected thereby may declare all the 2.58% Senior Euro Notes held by it due and payable immediately. In the case of any other event of default, a majority of the holders of the 2.58% Senior Euro Notes may declare all the 2.58% Senior Euro Notes to be due and payable immediately. The Company used a portion of the proceeds from the private placement to pay down existing debt outstanding under the Credit Facility that had previously been denominated in Euros, with the remainder being available for ongoing business activities.

On December 6, 2010, the Company completed a public offering of $300.0 million 4.5% Notes due December 15, 2020 (“4.5% Senior Notes”). The net proceeds from the offering of approximately $295.7 million, after deducting the $1.6 million issuance discount, the $1.9 million underwriting commission and estimated offering expenses of approximately $0.8 million, was used to repay $250.0 million of outstanding indebtedness under the Credit Facility. The balance of the net proceeds will be used for general corporate purposes. The 4.5% Senior Notes will bear interest at a rate of 4.5% per annum, which is payable semi-annually in arrears each June 15 and December 15, beginning June 15, 2011. The Company may redeem all or part of the 4.5% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture (“Indenture”) governing the 4.5% Senior Notes. The Company may issue additional debt from time to time pursuant to the Indenture. The Indenture and 4.5% Senior Notes contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Company’s assets. The terms of the 4.5% Senior Notes also require the Company to make an offer to repurchase 4.5% Senior Notes upon a change of control triggering event (as defined in the Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest if any.

On April 15, 2010, the Company entered into a forward starting interest rate contract with a notional amount of $300.0 million with a settlement date in December 2010. This contract was entered into in anticipation of the issuance of the $300.0 million 4.5% Senior Notes and was designed to lock in the market interest rate as of April 15, 2010. The Company settled this interest rate contract in December 2010, resulting in a $31.0 million payment. The $31.0 million will be amortized into interest expense over the 10 year term of the 4.5% Senior Notes yielding an effective interest rate of 5.8%.

Other borrowings of $4.3 million at December 31, 2010 was comprised of capital leases as well as debt at international locations maintained for working capital purposes. Interest is payable on the outstanding debt balances at the international locations at rates ranging from 1.0% to 7.28% per annum.

There are two key financial covenants that the Company is required to maintain in connection with the Credit Facility, Term Loan, and 2.58% Senior Euro Notes. There are no financial covenants relating to the 4.5% Senior Notes. The most restrictive financial covenants under these debt instruments require a minimum interest coverage ratio (operating cash flow to interest) of 3.0 to 1 and a maximum leverage ratio (outstanding debt to operating cash flow) of 3.25 to 1. At December 31, 2010, the Company was in compliance with both of these financial covenants.

Total borrowings at December 31, 2010 have scheduled maturities as follows (in thousands):


2011	$	119,445
2012		472
2013		338
2014		295
2015		107,647
Thereafter		299,698

Total borrowings	$	527,895

Derivative Instruments

12 Months Ended

Dec. 31, 2010

Derivative Instruments [Abstract]

Derivative Instruments


6.	Derivative Instruments

The Company enters into cash flow hedges to reduce the exposure to variability in certain expected future cash flows. The type of cash flow hedges the Company enters into includes foreign currency contracts and interest rate exchange agreements that effectively convert a portion of floating-rate debt to fixed-rate debt and are designed to reduce the impact of interest rate changes on future interest expense.

The effective portion of gains or losses on interest rate exchange agreements is reported in accumulated other comprehensive income (loss) in shareholders’ equity and reclassified into net income in the same period or periods in which the hedged transaction affects net income. The remaining gain or loss in excess of the cumulative change in the present value of future cash flows or the hedged item, if any, is recognized into net income during the period of change.

Fair values relating to derivative financial instruments reflect the estimated amounts that the Company would receive or pay to sell or buy the contracts based on quoted market prices of comparable contracts at each balance sheet date.

At December 31, 2010, the Company had one interest rate exchange agreement. The interest rate exchange agreement, expiring in December 2011, with a current notional amount of $90.0 million, effectively converted $100.0 million of floating-rate debt into fixed-rate debt at an interest rate of 4.00%. The fixed rate consists of the fixed rate on the interest rate exchange agreements and the Company’s current margin of 80 basis points on the Term Loan.

Expiring in January 2011, the interest rate exchange agreement related to the Credit Facility was settled in December 2010. The interest rate exchange agreement effectively converted $250.0 million of floating-rate debt into fixed-rate debt at an interest rate of 3.25%.

Based on interest rates at December 31, 2010, approximately $5.9 million of the amount included in accumulated other comprehensive income (loss) in shareholders’ equity at December 31, 2010 will be recognized to net income over the next 12 months as the underlying hedged transactions are realized. The $5.9 million is comprised of $2.3 million from the interest rate exchange agreement and $3.6 million from the forward starting interest rate contract.

At December 31, 2010, the Company had foreign currency exchange contracts with an aggregate notional amount of $2.5 million to manage its exposure to fluctuations in foreign currency exchange rates. The change in fair market value of these contracts for the twelve months ended December 31, 2010 was immaterial.

The following table sets forth the fair value amounts of derivative instruments held by the Company as of December 31, 2010 and 2009:


	Fair Value-Assets (Liabilities)
	December 31,			December 31,			Balance Sheet
	2010			2009			Caption
	(In thousands)

Interest rate exchange agreement	$	(2,328	)	$	—		Accrued expenses
Interest rate exchange agreement		—			(10,497	)	Other noncurrent liabilities
Foreign exchange contracts		176			—		Other current assets

The following table summarizes the gain (loss) recognized and the amounts and location of income (expense) and gain (loss) reclassified into income for interest rate contracts and foreign currency contracts for the year ended December 31, 2010 and 2009:


	Gain (Loss) Recognized in						(Expense)
	Other Comprehensive						and Gain (Loss)
	Income						Reclassified into Income						Income
	Twelve Months Ended December 31,												Statement
	2010			2009			2010			2009			Caption
							(In thousands)

Interest rate agreements	$	(31,792	)	$	(8,509	)	$	(8,805	)	$	(8,111	)	Interest expense
Interest rate agreements		—			—			(440	)		—		Miscellaneous loss
Foreign exchange contracts		126			1,187			126			899		Sales

Fair Value Measurements

12 Months Ended

Dec. 31, 2010

Fair Value Measurements [Abstract]

Fair Value Measurements


7.	Fair Value Measurements

ASC 820 “Fair Value Measurements and Disclosures” defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:


	•	Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

	•	Level 2: Inputs, other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

	•	Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheet at December 31, 2010 and 2009:


	Basis of Fair Value Measurements
	Balance at
	December 31,
	2010			Level 1		Level 2			Level 3
	(In thousands)

Money market investments	$	96,730		$	96,730		—			—
Interest rate agreements	$	(2,328	)		—	$	(2,328	)		—
Foreign currency contracts	$	176			—	$	176			—


	Balance at
	December 31,
	2009			Level 1		Level 2			Level 3
	(In thousands)

Money market investment	$	9,186		$	9,186		—			—
Interest rate agreements	$	(10,497	)		—	$	(10,497	)		—

There were no transfers of assets or liabilities between Level 1 and Level 2 in 2010 or 2009.

In determining the fair value of the Company’s interest rate exchange agreement derivatives, the Company uses a present value of expected cash flows based on market observable interest rate yield curves commensurate with the term of each instrument and the credit default swap market to reflect the credit risk of either the Company or the counterparty.

The carrying value of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates their fair values because of the short term nature of these instruments. At December 31, 2010, the fair value of our Credit Facility, Term Loan, 2.58% Senior Euro Notes and 4.5% Senior Notes, based on quoted market prices and current market rates for debt with similar credit risk and maturity, was approximately $515.5 million compared to the carrying value of $523.6 million.

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2010

Commitments and Contingencies [Abstract]

Commitments and Contingencies


8.	Commitments and Contingencies

The Company leases certain office facilities, warehouses and data processing equipment under operating leases. Rental expense totaled $13.9 million, $12.2 million and $12.6 million for the years ended December 31, 2010, 2009, and 2008, respectively.

The aggregate future minimum lease payments for operating and capital leases as of December 31, 2010 were as follows:


	Operating		Capital
	(In thousands)

2011	$	9,679	$	793
2012		7,371		567
2013		5,297		414
2014		3,339		359
2015		2,718		359
2016 and thereafter		6,917		1,316

Warranty costs are provided for at time of sale. The warranty provision is based on historical costs and adjusted for specific known claims. A roll forward of the warranty reserve is as follows:


	2010			2009
	(In thousands)

Beginning balance January 1	$	4,383		$	3,751
Provision for warranties		4,331			4,507
Claim settlements		(4,665	)		(3,918	)
Other adjustments		(218	)		43

Ending balance December 31	$	3,831		$	4,383

The Company is party to various legal proceedings arising in the ordinary course of business, none of which is expected to have a material adverse effect on its business, financial condition, results of operations or cash flow.

Income Taxes

12 Months Ended

Dec. 31, 2010

Income Taxes [Abstract]

Income Taxes


10.	Income Taxes

Pretax income for the years ended December 31, 2010, 2009 and 2008 was taxed in the following jurisdictions:


	2010		2009		2008
	(In thousands)

Domestic	$	161,573	$	114,389	$	120,962
Foreign		70,301		54,438		71,265

Total	$	231,874	$	168,827	$	192,227

The provision (benefit) for income taxes for the years ended December 31, 2010, 2009, and 2008, was as follows:


	2010			2009			2008
	(In thousands)

Current
U.S.	$	59,384		$	34,921		$	47,594
State and local		4,548			2,704			6,542
Foreign		18,178			16,730			21,882

Total current		82,110			54,355			76,018
Deferred
U.S.		(6,550	)		1,658			(10,099	)
State and local		(293	)		110			(503	)
Foreign		(493	)		(687	)		(215	)

Total deferred		(7,336	)		1,081			(10,817	)

Total provision for income taxes	$	74,774		$	55,436		$	65,201

Deferred tax assets (liabilities) related to the following at December 31, 2010 and 2009 were:


	2010			2009
	(In thousands)

Employee and retiree benefit plans	$	17,764		$	24,075
Depreciation and amortization		(179,889	)		(167,345	)
Inventories		6,934			7,240
Allowances and accruals		16,690			7,589
Interest rate exchange agreement		11,995			3,783
Other		1,617			(6,416	)

Total	$	(124,889	)	$	(131,074	)

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2010 and 2009 were:


	2010			2009
	(In thousands)

Deferred tax asset — other current assets	$	23,829		$	17,615
Deferred tax asset — other noncurrent assets		539			173

Total deferred tax assets		24,368			17,788
Deferred tax liability — accrued expenses		(723	)		(56	)
Noncurrent deferred tax liability — deferred income taxes		(148,534	)		(148,806	)

Total deferred tax liabilities		(149,257	)		(148,862	)

Net deferred tax liabilities	$	(124,889	)	$	(131,074	)

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for the years ended December 31, 2010, 2009, and 2008 are shown in the following table:


	2010			2009			2008
	(In thousands)

Pretax income	$	231,874		$	168,827		$	192,227

Provision for income taxes:
Computed amount at statutory rate of 35%	$	81,156		$	59,089		$	67,280
State and local income tax (net of federal tax benefit)		2,766			1,829			3,925
Taxes on non-U.S. earnings-net of foreign tax credits		(8,545	)		(4,117	)		(5,191	)
U.S. business tax credits		(935	)		(754	)		(857	)
Domestic activities production deduction		(4,720	)		(1,925	)		(2,291	)
Other		5,052			1,314			2,335

Total provision for income taxes	$	74,774		$	55,436		$	65,201

The Company has not provided an estimate for any U.S. or additional foreign taxes on undistributed earnings of foreign subsidiaries that might be payable if these earnings were repatriated since the Company considers these amounts to be permanently invested.

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2010, 2009 and 2008 are shown in the following table:


	2010			2009			2008
	(In thousands)

Unrecognized tax benefits beginning balance	$	5,285		$	4,009		$	5,938
Gross increases for tax positions of prior years		3,049			2,138			2,571
Gross decreases for tax positions of prior years		(675	)		—			(1,836	)
Settlements		(517	)		(628	)		(993	)
Lapse of statute of limitations		(702	)		(234	)		(1,671	)

Unrecognized tax benefits ending balance	$	6,440		$	5,285		$	4,009

We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2010, 2009 and 2008 we had approximately $0.8 million, $0.9 million and $0.9 million, respectively, of accrued interest related to uncertain tax positions. As of December 31, 2010, 2009 and 2008 we had approximately $0.4 million, $0.2 million and $0.2 million, respectively, of accrued penalties related to uncertain tax positions.

The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized is $5.8 million, $4.4 million and $3.1 million as of December 31, 2010, December 31, 2009 and December 31, 2008, respectively. The tax years 2005-2009 remain open to examination by major taxing jurisdictions. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $1.6 million.

The Company had loss carry forwards for U.S. federal and non-U.S. purposes at December 31, 2010 of $3.5 and $13.7 million respectively, and as of December 31, 2009, $2.2 million and $12.5 million, respectively. The federal loss carry forwards are available for use against the Company’s consolidated federal taxable income and expire between 2023 and 2030. The entire balance of the non-U.S. losses is available to be carried forward, with $9.5 million of these losses beginning to expire during the years 2012 through 2019. The remaining $4.2 million of such losses can be carried forward indefinitely. At December 31, 2010 and 2009, the Company had a foreign capital loss carry forward of approximately $1.3 million and $2.3 million respectively. The foreign capital loss can be carried forward indefinitely. At December 31, 2010 and 2009, the Company has a valuation allowance against the deferred tax asset attributable to the foreign capital loss of $0.4 million and $0.6 million, respectively. At December 31, 2010 and 2009, the Company had state net operating loss carry forwards of approximately $18.7 million and $12.7 million, respectively. If unutilized, the state net operating loss will expire between 2016 and 2029. At December 31, 2010 and 2009, the Company recorded a valuation allowance against the deferred tax asset attributable to the state net operating loss of $0.4 million and $0.2 million, respectively.

Business Segments and Geographic Information

12 Months Ended

Dec. 31, 2010

Business Segments and Geographic Information [Abstract]

Business Segments and Geographic Information


11.	Business Segments and Geographic Information

IDEX has four reportable business segments: Fluid & Metering Technologies, Health & Science Technologies, Dispensing Equipment, and Fire & Safety/Diversified Products. Reporting units in the Fluid & Metering Technologies segment include Banjo; Energy; Chemical, Food & Pharmaceuticals; and Water & Waste Water. Reporting units in the Health & Science Technologies Segment include IDEX Health & Science; Semrock; PPE; Gast; and Micropump. The Dispensing Equipment Segment is a reporting unit. Reporting units in the Fire & Safety/Diversified Products Segment include Fire Suppression; Rescue Tools; and Band-It.

The Fluid & Metering Technologies Segment designs, produces and distributes positive displacement pumps, flow meters, injectors, and other fluid-handling pump modules and systems and provides flow monitoring and other services for water & wastewater. The Health & Science Technologies Segment designs, produces and distributes a wide range of precision fluidics and sealing solutions, including very high precision, low-flow rate pumping solutions required in analytical instrumentation, clinical diagnostics and drug discovery, high performance molded and extruded, biocompatible medical devices and implantables, air compressors used in medical, dental and industrial applications, and precision gear and peristaltic pump technologies that meet exacting OEM specifications. The Dispensing Equipment Segment produces precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world. The Fire & Safety/Diversified Products Segment produces firefighting pumps and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, and engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications.

Information on the Company’s business segments is presented below, based on the nature of products and services offered. The Company evaluates performance based on several factors, of which operating income is the primary financial measure. Intersegment sales are accounted for at fair value as if the sales were to third parties.


	2010			2009			2008
	(In thousands)

NET SALES
Fluid & Metering Technologies:
External customers	$	729,233		$	640,242		$	696,641
Intersegment sales		712			866			1,061

Total segment sales		729,945			641,108			697,702
Health & Science Technologies:
External customers		393,481			299,336			328,514
Intersegment sales		3,717			4,993			3,077

Total segment sales		397,198			304,329			331,591
Dispensing Equipment:
External customers		125,127			127,279			163,861
Intersegment sales		193			—			—

Total segment sales		125,320			127,279			163,861
Fire & Safety/Diversified Products:
External customers		265,232			262,804			300,455
Intersegment sales		269			5			7

Total segment sales		265,501			262,809			300,462
Intersegment eliminations		(4,891	)		(5,864	)		(4,145	)

Total net sales	$	1,513,073		$	1,329,661		$	1,489,471

OPERATING INCOME⁽¹⁾
Fluid & Metering Technologies	$	131,944		$	100,289		$	123,801
Health & Science Technologies		82,332			51,712			58,297
Dispensing Equipment⁽²⁾		19,490			15,147			(10,748	)
Fire & Safety/Diversified Products		62,844			59,884			74,310
Corporate office and other⁽³⁾		(47,494	)		(42,178	)		(39,704	)

Total operating income	$	249,116		$	184,854		$	205,956

ASSETS
Fluid & Metering Technologies	$	1,111,085		$	1,043,082		$	1,070,348
Health & Science Technologies		648,400			567,096			594,459
Dispensing Equipment		205,540			164,979			179,800
Fire & Safety/Diversified Products		278,567			285,893			286,482
Corporate office and other⁽³⁾		138,103			37,107			20,711

Total assets	$	2,381,695		$	2,098,157		$	2,151,800

DEPRECIATION AND AMORTIZATION⁽⁴⁾
Fluid & Metering Technologies	$	33,134		$	32,584		$	26,276
Health & Science Technologies		16,012			14,293			11,806
Dispensing Equipment		3,753			3,124			3,986
Fire & Safety/Diversified Products		4,885			5,328			5,288
Corporate office and other		324			1,017			1,243

Total depreciation and amortization	$	58,108		$	56,346		$	48,599

CAPITAL EXPENDITURES
Fluid & Metering Technologies	$	17,308		$	12,867		$	13,859
Health & Science Technologies		7,516			6,365			5,365
Dispensing Equipment		1,129			864			2,528
Fire & Safety/Diversified Products		3,513			3,686			4,743
Corporate office and other		3,303			1,743			1,863

Total capital expenditures	$	32,769		$	25,525		$	28,358


(1)		Segment operating income excludes net unallocated corporate operating expenses.

(2)		Segment operating income includes $30.1 million goodwill impairment charge in 2008 for Fluid Management.

(3)		Includes intersegment eliminations.

(4)		Excludes amortization of debt issuance expenses.

Information about the Company’s operations in different geographical regions for the years ended December 31, 2010, 2009 and 2008 is shown below. Net sales were attributed to geographic areas based on location of the customer, and no country outside the U.S. was greater than 10% of total revenues.


	2010		2009		2008
	(In thousands)

NET SALES
U.S.	$	766,067	$	698,822	$	793,872
Europe		402,056		361,774		386,864
Other countries		344,950		269,065		308,735

Total net sales	$	1,513,073	$	1,329,661	$	1,489,471

LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.	$	108,951	$	105,165	$	111,252
Europe		68,756		61,766		65,208
Other countries		10,855		11,352		9,823

Total long-lived assets — net	$	188,562	$	178,283	$	186,283

Acquisitions

12 Months Ended

Dec. 31, 2010

Acquisitions [Abstract]

Acquisitions


12.	Acquisitions

All of the Company’s acquisitions have been accounted for under ASC 805, Business Combinations. Accordingly, the accounts of the acquired companies, after adjustments to reflect fair values assigned to assets and liabilities, have been included in the consolidated financial statements from their respective dates of acquisition.

2010 Acquisitions

On April 15, 2010, the Company acquired the stock of PPE, previously referred to as Seals, Ltd, a leading provider of proprietary high performance seals and advanced sealing solutions for a diverse range of global industries, including analytical instrumentation, semiconductor/solar and process technologies. PPE consists of the Polymer Engineering and Perlast divisions. PPE’ Polymer Engineering division focuses on sealing solutions for hazardous duty applications. The Perlast division produces highly engineered seals for analytical instrumentation, pharmaceutical, electronics, and food applications. Headquartered in Blackburn, England, PPE operates as part of the Health & Science Technologies Segment with annual revenues of approximately $32.0 million (£21 million). The Company acquired PPE for an aggregate purchase price of $54.0 million, consisting of $51.3 million in cash and the assumption of approximately $2.7 million of debt related items. The cash payment was financed with borrowings under the Company’s Credit Facility. Goodwill and intangible assets recognized as part of this transaction were $29.7 million and $17.2 million, respectively. The $29.7 million of goodwill is not deductible for tax purposes.

On July 21, 2010, the Company acquired the stock of OBL, S.r.l. (“OBL”), a leading provider of mechanical and hydraulic diaphragm pumps. OBL provides polymer blending systems and related accessories for a diverse range of global industries, including water, waste water, oil and gas, petro-chemical and power generation markets. Headquartered in Milan, Italy, with annual revenues of approximately $10.9 million (€8.5 million), OBL operates within IDEX’s Fluid & Metering Technologies Segment as part of the Water & Waste Water reporting unit. The Company acquired OBL for cash consideration of $15.4 million. Goodwill and intangible assets recognized as part of this transaction were $7.7 million and $4.0 million, respectively. The $7.7 million of goodwill is not deductible for tax purposes.

On September 17, 2010, the Company acquired the assets of Periflo, a leading provider of peristaltic pumps for the industrial and municipal water & wastewater markets. Periflo offers a complete family of peristaltic hose pumps for a wide variety of applications. Headquartered in Loveland, Ohio, with annual revenues of approximately $3.5 million, Periflo operates within IDEX’s Fluid & Metering Technologies Segment as part of the Water & Waste Water reporting unit. The Company acquired Periflo for cash consideration of $4.3 million. Goodwill and intangible assets recognized as part of this transaction were $2.5 million and $0.7 million, respectively. The $2.5 million of goodwill is deductible for tax purposes.

On November 1, 2010, the Company acquired the stock of Fitzpatrick, a global leader in the design and manufacture of process technologies for the pharmaceutical, food and personal care markets. Fitzpatrick designs and manufactures customized size reduction, roll compaction and drying systems to support their customers’ product development and manufacturing processes. Fitzpatrick expands the capability of IDEX’s Quadro Engineering business by adding coarse particle sizing, roll compaction and drying systems to Quadro’s fine particle processing. Headquartered in Elmhurst, Illinois, Fitzpatrick has annual revenues of approximately $22.0 million. Fitzpatrick operates in the Chemical Food & Pharmaceutical reporting unit within the Fluid & Metering Technologies Segment. The Company acquired Fitzpatrick for cash consideration of approximately $20.3 million. Goodwill and intangible assets recognized as part of this transaction were $5.6 million and $8.0 million, respectively. The $5.6 million of goodwill is not deductible for tax purposes.

The purchase price for 2010 acquisitions has been allocated to the assets acquired and liabilities assumed based on estimated fair values at the date of the acquisition. For certain acquisitions that occurred in 2010, the Company is in the process of obtaining or finalizing appraisals of tangible and intangible assets and it is continuing to evaluate the initial purchase price allocations, as of the acquisition date, which will be adjusted as additional information relative to the fair values of the assets and liabilities of the businesses become known. Accordingly, management has used their best estimate in the initial purchase price allocation as of the date of these financial statements.

The allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values were as follows:


	2010
	In thousands

Current assets, net of cash acquired	$	25,231
Property, plant and equipment		18,344
Goodwill		45,481
Intangible assets		29,861
Other assets		2,950

Total assets acquired		121,867
Total liabilities assumed		(30,581	)

Net assets acquired	$	91,286

Acquired intangible assets consist of trademarks, customer relationships, unpatented technology and non-compete agreements, which are being amortized over a life of 2-15 years. The goodwill recorded for the acquisitions reflects the strategic fit and revenue and earnings growth potential of these businesses.

The Company incurred $4.0 million of acquisition related transaction costs in 2010, relating to completed, pending and potential transactions that ultimately were not completed.

2008 Acquisitions

On January 1, 2008, the Company acquired the stock of ADS, a provider of metering technology and flow monitoring services for water & wastewater markets. ADS is headquartered in Huntsville, Alabama, with regional sales and service offices throughout the United States and Australia. With annual revenues of approximately $70.0 million, ADS operates as part of the Water reporting unit within the Company’s Fluid & Metering Technologies Segment. The Company acquired ADS for cash consideration of $156.1 million. Approximately $155.0 million of the cash payment was financed with borrowings under the Company’s Credit Facility. Goodwill and intangible assets recognized as part of this transaction were $102.1 million and $51.9 million, respectively. The $102.1 million of goodwill is not deductible for tax purposes.

On October 1, 2008, the Company acquired the stock of Richter, a provider of premium quality lined pumps, valves and control equipment for the chemical and pharmaceutical industries. Richter’s corrosion resistant fluoroplastic lined products offer solutions for demanding applications in the process industry. Headquartered in Kempen, Germany, with facilities in China, India and the U.S., Richter has annual revenues of approximately $53.0 million. Richter operates as part of the Chemical, Food & Pharmaceutical reporting unit within the Company’s Fluid & Metering Technologies Segment. The Company acquired Richter for an aggregate purchase price of $102.0 million, consisting of $93.3 million in cash and the assumption of approximately $8.7 million of debt related items. Approximately $63.7 million of the cash payment was financed with borrowings under the Company’s Credit Facility. Goodwill and intangible assets recognized as part of this transaction were $57.8 million and $32.7 million, respectively. The $57.8 million of goodwill is not deductible for tax purposes.

On October 14, 2008, the Company acquired the stock of iPEK, a provider of systems focused on infrastructure analysis, specifically wastewater collection systems. iPEK is a developer of remote controlled systems for infrastructure inspection. Headquartered in Hirschegg, Austria, iPEK has annual revenues of approximately $25.0 million. iPEK operates as part of the Water reporting unit within the Company’s Fluid & Metering Technologies Segment. The Company acquired iPEK for an aggregate purchase price of $44.5 million, consisting of $43.1 million in cash and the assumption of approximately $1.4 million of debt related items. Approximately $33.2 million of the cash payment was financed with borrowings under the Company’s Credit Facility. Goodwill and intangible assets recognized as part of this transaction were $21.1 million and $17.8 million, respectively. Of the $21.1 million of goodwill, approximately $20.0 million is expected to be deductible for tax purposes.

On October 16, 2008, the Company acquired the stock of IETG, a provider of flow monitoring and underground utility surveillance services for the water & wastewater markets. IETG products and services enable water companies to effectively manage their water distribution and sewerage networks, while its surveillance service specializes in underground asset detection and mapping for utilities and other private companies. Headquartered in Leeds, United Kingdom, IETG has annual revenues of approximately $26.0 million. IETG operates as part of the Water reporting unit within IDEX’s Fluid & Metering Technologies Segment. The Company acquired IETG for an aggregate purchase price of $36.9 million, consisting of $35.0 million in cash and the assumption of approximately $1.9 million of debt related items. Approximately $20.5 million of the cash payment was financed with borrowings under the Company’s Credit Facility. Goodwill and intangible assets recognized as part of this transaction were $24.0 million and $9.2 million, respectively. The $24.0 million of goodwill is not deductible for tax purposes.

On October 20, 2008, the Company acquired the stock of Semrock, a provider of optical filters for biotech and analytical instrumentation in the life sciences markets. Semrock’s products are used in the biotechnology and analytical instrumentation industries. Semrock produces optical filters using state-of-the-art manufacturing processes which enable them to offer significant improvements in the performance and reliability of their customers’ instruments. Headquartered in Rochester, New York, Semrock has annual revenues of approximately $21.0 million. Semrock operates as part of the Company’s Health & Science Technologies Segment. The Company acquired Semrock for cash consideration of $60.6 million. Approximately $60.0 million of the cash payment was financed with borrowings under the Company’s Credit Facility. Goodwill and intangible assets recognized as part of this transaction were $38.1 million and $20.0 million, respectively. The $38.1 million of goodwill is not deductible for tax purposes.

On November 14, 2008, the Company acquired the stock of Innovadyne, a provider of nanoliter dispensing instruments for the life sciences industry. Innovadyne’s products are used for assay miniaturization across a broad range of disciplines including High Throughput Screening, Assay Development, PCR/Sequencing, and Protein Crystallography. Innovadyne operates as part of the IH&S reporting unit within the Company’s Health & Science Technologies Segment. The Company acquired Innovadyne for cash consideration of $3.3 million, which was financed with borrowings under the Company’s Credit Facility. Goodwill and intangible assets recognized as part of this transaction were $1.4 million and $1.2 million, respectively. The $1.4 million of goodwill is not deductible for tax purposes.

The allocation of the acquisition costs to the assets acquired and liabilities assumed, based on their estimated fair values were as follows:


	2008
	In thousands

Current assets, net of cash acquired	$	81,969
Property, plant and equipment		25,558
Goodwill		244,519
Intangible assets		132,791
Other assets		800

Total assets acquired		485,637
Total liabilities assumed		(94,266	)

Net assets acquired	$	391,371

Acquired intangible assets consist of patents, trademarks, customer relationships, unpatented technology and non-compete agreements, which are being amortized over a life of 2-17 years. The 2008 acquisitions resulted in the recognition of goodwill totaling $244.5 million, of which $20.0 million is deductible for tax purposes. The goodwill recorded for the acquisitions reflects the strategic fit and revenue and earnings growth potential of these businesses.

Share-Based Compensation

12 Months Ended

Dec. 31, 2010

Share-Based Compensation [Abstract]

Share-Based Compensation


13.	Share-Based Compensation

The Company maintains two share-based compensation plans for executives, non-employee directors, and certain key employees which authorize the granting of stock options, unvested shares, unvested share units, and other types of awards consistent with the purpose of the plans. The number of shares authorized for issuance under the Company’s plans as of December 31, 2010 totals 10.6 million, of which 4.3 million shares were available for future issuance. Stock options granted under these plans are generally non-qualified, and are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Substantially all of the options issued to employees prior to 2005 become exercisable in five equal installments, while the majority of options issued to employees in 2005 and after become exercisable in four equal installments, beginning one year from the date of grant, and generally expire 10 years from the date of grant. Stock options granted to non-employee directors cliff vest after one or two years. Unvested share and unvested share unit awards generally cliff vest after three or four years for employees, and three years for non-employee directors. The Company issued 264,915, 273,000 and 583,000 of unvested shares as compensation to key employees in 2010, 2009 and 2008, respectively. Of the shares granted in 2008, 242,800 of the shares vest 50% on April 8, 2011 and 50% on April 8, 2013, but such vesting may be accelerated if the Company’s share price for any five consecutive trading days equals or exceeds $65.90 (twice the closing price of the shares on the date of grant).

All unvested shares carry dividend and voting rights, and the sale of the shares is restricted prior to the date of vesting.

The Company accounts for share-based payments in accordance with ASC 718. Accordingly, the Company expenses the fair value of awards made under its share-based plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants.

Weighted average option fair values and assumptions for the period specified are disclosed in the following table:


	Years Ended December 31,
	2010			2009			2008

Weighted average fair value of grants	$	9.56		$	5.32		$	8.81
Dividend yield		1.51	%		2.35	%		1.46	%
Volatility		33.43	%		32.53	%		31.51	%
Risk-free interest rate		0.32	% - 5.67%		0.69	% - 4.63%		1.68	% - 5.33%
Expected life (in years)		5.98			5.85			5.28

The assumptions are as follows:


	•	The Company estimated volatility using its historical share price performance over the contractual term of the option.

	•	The Company uses historical data to estimate the expected life of the option. The expected life assumption for the years ended December 31, 2010, 2009 and 2008 is an output of the Binomial lattice option-pricing model, which incorporates vesting provisions, rate of voluntary exercise and rate of post-vesting termination over the contractual life of the option to define expected employee behavior.

	•	The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option. For the years ended December 31, 2010, 2009 and 2008, we present the range of risk-free one-year forward rates, derived from the U.S. treasury yield curve, utilized in the Binomial lattice option-pricing model.

	•	The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the contractual life of the option.

The Company’s policy is to recognize compensation cost on a straight-line basis over the requisite service period for the entire award. Additionally, the Company’s general policy is to issue new shares of common stock to satisfy stock option exercises or grants of unvested shares.

Total compensation cost for stock options is as follows:


	Years Ended December 31,
	2010			2009			2008
	(In thousands)

Cost of goods sold	$	804		$	945		$	1,043
Selling, general and administrative expenses		6,923			6,288			7,175

Total expense before income taxes		7,727			7,233			8,218
Income tax benefit		(2,450	)		(2,322	)		(2,585	)

Total expense after income taxes	$	5,277		$	4,911		$	5,633

Total compensation cost for unvested shares is as follows:


	Years Ended December 31,
	2010			2009			2008
	(In thousands)

Cost of goods sold	$	311		$	248		$	79
Selling, general and administrative expenses		8,382			8,229			6,717
Restructuring expenses		938			—			—

Total expense before income taxes		9,631			8,477			6,796
Income tax benefit		(2,097	)		(1,444	)		(1,108	)

Total expense after income taxes	$	7,534		$	7,033		$	5,688

Recognition of compensation cost was consistent with recognition of cash compensation for the same employees. Compensation cost capitalized as part of inventory was immaterial.

As of December 31, 2010, there was $10.3 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.3 years. As of December 31, 2010, there was $9.7 million of total unrecognized compensation cost related to unvested shares that is expected to be recognized over a weighted-average period of 1.0 years.

A summary of the Company’s stock option activity as of December 31, 2010, and changes during the year ended December 31, 2010 is presented in the following table:


				Weighted		Weighted-Average		Aggregate
				Average		Remaining		Intrinsic
Stock Options	Shares			Price		Contractual Term		Value

Outstanding at January 1, 2010		5,793,028		$	25.14		6.40	$	40,557,217
Granted		947,275			31.85
Exercised		(956,256	)		19.85
Forfeited/Expired		(379,824	)		30.97

Outstanding at December 31, 2010		5,404,223		$	26.85		6.29	$	66,329,686

Vested and expected to vest at December 31, 2010		5,227,778		$	26.81		6.21	$	64,381,855
Exercisable at December 31, 2010		3,262,249		$	26.02		4.97	$	42,741,628

The intrinsic value for stock options outstanding and exercisable is defined as the difference between the market value of the Company’s common stock as of the end of the period, and the grant price. The total intrinsic value of options exercised in 2010, 2009 and 2008, was $14.4 million, $5.3 million and $10.4 million, respectively. In 2010, 2009 and 2008, cash received from options exercised was $18.1 million, $7.7 million and $10.4 million, respectively, while the actual tax benefit realized for the tax deductions from stock options exercised totaled $5.2 million, $1.9 million and $3.1 million, respectively.

A summary of the Company’s unvested share activity as of December 31, 2010, and changes during the year ending December 31, 2010 is presented in the following table:


				Weighted-Average
				Grant Date Fair
Unvested Shares	Shares			Value

Nonvested at January 1, 2010		920,599		$	29.58
Granted		264,915			31.90
Vested		(173,703	)		32.38
Forfeited		(61,714	)		27.89

Nonvested at December 31, 2010		950,097			29.83

Unvested share grants accrue dividends and their fair value is equal to the market price of the Company’s stock at the date of the grant.

Retirement Benefits

12 Months Ended

Dec. 31, 2010

Retirement Benefits [Abstract]

Retirement Benefits


14.	Retirement Benefits

The Company sponsors several qualified and nonqualified pension plans and other postretirement plans for its employees. The Company uses a measurement date of December 31 for its defined benefit pension plans and post retirement medical plans. The Company employs the measurement date provisions of ASC 715, “Compensation-Retirement Benefits”, which require the measurement date of plan assets and liabilities to coincide with the sponsor’s year end.

The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2010, and a statement of the funded status at December 31 for both years.


	Pension Benefits												Other Benefits
	2010						2009						2010			2009
	U.S.			Non-U.S.			U.S.			Non-U.S.
	(In thousands)

CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	81,212		$	39,342		$	72,689		$	36,811		$	18,059		$	21,767
Service cost		1,665			719			1,551			824			528			468
Interest cost		4,525			2,148			4,375			2,122			1,008			1,018
Plan amendments		101			128			—			—			(400	)		(2,932	)
Benefits paid		(3,567	)		(1,542	)		(4,233	)		(1,563	)		(842	)		(1,135	)
Actuarial (gain) loss		6,166			3,561			7,817			(1,253	)		1,598			(1,418	)
Currency translation		—			(2,117	)		—			1,845			117			291
Curtailments/settlements		—			—			(987	)		—			—			—
Other		—			6			—			556			—			—

Obligation at December 31	$	90,102		$	42,245		$	81,212		$	39,342		$	20,068		$	18,059

CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	53,210		$	15,376		$	39,974		$	11,975		$	—		$	—
Actual return on plan assets		5,631			1,842			9,638			1,848			—			—
Employer contributions		2,873			1,765			8,818			1,812			842			1,135
Benefits paid		(3,567	)		(1,542	)		(4,233	)		(1,563	)		(842	)		(1,135	)
Currency translation		—			(381	)		—			1,279			—			—
Settlements		—			—			(987	)		—			—			—
Other		—			340			—			25			—			—

Fair value of plan assets at December 31	$	58,147		$	17,400		$	53,210		$	15,376		$	—		$	—

Funded status at December 31	$	(31,955	)	$	(24,845	)	$	(28,002	)	$	(23,966	)	$	(20,068	)	$	(18,059	)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Current liabilities	$	(657	)	$	(653	)	$	(601	)	$	(1,032	)	$	(999	)	$	(968	)
Noncurrent liabilities		(31,298	)		(24,192	)		(27,401	)		(22,934	)		(19,069	)		(17,091	)

Net liability at December 31	$	(31,955	)	$	(24,845	)	$	(28,002	)	$	(23,966	)	$	(20,068	)	$	(18,059	)

The accumulated benefit obligation for all defined benefit pension plans was $126.4 million and $114.8 million at December 31, 2010 and 2009, respectively.

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2010 and 2009 were as follows:


	U.S. Plans						Non-U.S. Plans
	2010			2009			2010			2009

Discount rate		5.20	%		5.80	%		5.35	%		5.88	%
Rate of compensation increase		3.90	%		3.89	%		3.37	%		3.35	%

The pretax amounts recognized in Accumulated other comprehensive income (loss) as of December 31, 2010 and 2009 were as follows:


	Pension Benefits
	2010				2009				Other Benefits
	U.S.		Non-U.S.		U.S.		Non-U.S		2010			2009
	(In thousands)

Prior service cost (credit)	$	597	$	131	$	735	$	8	$	(3,044	)	$	(2,966	)
Net loss		38,813		7,629		38,043		5,466		2,313			661

Total	$	39,410	$	7,760	$	38,778	$	5,474	$	(731	)	$	(2,305	)

The amounts in Accumulated other comprehensive income (loss) as of December 31, 2010, that are expected to be recognized as components of net periodic benefit cost during 2011 are as follows:


			Non-U.S.		Other
	U.S. Pension		Pension Benefit		Post-Retirement
	Benefit Plans		Plans		Benefit Plans			Total
	(In thousands)

Prior service cost (credit)	$	178	$	9	$	(346	)	$	(159	)
Net loss		4,146		415		190			4,751

Total	$	4,324	$	424	$	(156	)	$	4,592

The following tables provide the components of, and the weighted average assumptions used to determine, the net periodic benefit cost for the plans in 2010, 2009 and 2008:


	Pension Benefits
	2010						2009						2008
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
	(In thousands)

Service cost	$	1,665		$	719		$	1,551		$	824		$	1,765		$	932
Interest cost		4,525			2,148			4,375			2,122			4,484			1,901
Expected return on plan assets		(4,396	)		(945	)		(3,505	)		(780	)		(5,169	)		(1,017	)
Net amortization		4,401			302			5,299			370			2,244			381

Net periodic benefit cost	$	6,195		$	2,224		$	7,720		$	2,536		$	3,324		$	2,197


	Other Benefits
	2010			2009			2008
	(In thousands)

Service cost	$	528		$	468		$	607
Interest cost		1,008			1,018			1,328
Net amortization		(370	)		(385	)		137

Net periodic benefit cost	$	1,166		$	1,101		$	2,072


	U.S. Plans									Non-U.S. Plans
	2010			2009			2008			2010			2009			2008

Discount rate		5.80	%		6.30	%		6.40	%		5.88	%		5.73	%		5.48	%
Expected return on plan assets		8.50	%		8.50	%		8.50	%		6.28	%		6.05	%		5.82	%
Rate of compensation increase		3.89	%		4.00	%		4.00	%		3.35	%		3.17	%		3.92	%

The following table provides pretax amounts recognized in Accumulated other comprehensive income (loss) in 2010:


	Pension Benefits
							Other
	U.S.			Non-U.S.			Benefits
	(In thousands)

Net loss in current year	$	(4,931	)	$	(2,663	)	$	(1,598	)
Prior service cost		(101	)		(128	)		400
Amortization of prior service cost (credit)		239			5			(324	)
Amortization of net loss (gain)		4,161			297			(46	)
Exchange rate effect on amounts in OCI		—			204			(6	)

Total	$	(632	)	$	(2,285	)	$	(1,574	)

The discount rates for our plans are derived by matching the plan’s cash flows to a yield curve that provides the equivalent yields on zero-coupon bonds for each maturity. The discount rate selected is the rate that produces the same present value of cash flows.

In selecting the expected rate of return on plan assets, the Company considers the historical returns and expected returns on plan assets. The expected returns are evaluated using asset return class, variance and correlation assumptions based on the plan’s target asset allocation and current market conditions.

Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active participants. Costs of bargaining unit-sponsored multi-employer plans and defined contribution plans were $7.2 million, $9.6 million and $9.8 million for 2010, 2009 and 2008, respectively.

For measurement purposes, a 7.9% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for 2010. The rate was assumed to decrease gradually each year to a rate of 4.50% for 2028, and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A 1% increase in the assumed health care cost trend rates would increase the service and interest cost components of the net periodic benefit cost by $0.1 million and the health care component of the accumulated postretirement benefit obligation by $1.5 million. A 1% decrease in the assumed health care cost trend rate would decrease the service and interest cost components of the net periodic benefit cost by $0.1 million and the health care component of the accumulated postretirement benefit obligation by $1.3 million.

Plan Assets

The Company’s pension plan weighted average asset allocations at December 31, 2010 and 2009, by asset category, were as follows:


	2010			2009

Equity securities		67	%		66	%
Fixed income securities		33			34

Total		100	%		100	%

The following tables summarize the basis used to measure defined benefit plans’ assets at fair value at December 31, 2010 and 2009:


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
	(In thousands)

Equity	$	13,644	$	13,644	$	—	$	—
Absolute return funds⁽¹⁾
U.S.		38,325		18,549		19,776		—
Non U.S.		22,838		17,400		5,438		—
Other⁽²⁾		740		740		—		—

	$	75,547	$	50,333	$	25,214	$	—


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
	(In thousands)

Equities:
U.S.	$	11,107	$	11,107	$	—	$	—
Non U.S.		6,749		6,749		—		—
Absolute return funds⁽¹⁾		49,386		17,930		31,456		—
Other⁽²⁾		1,344		1,344		—		—

	$	68,586	$	37,130	$	31,456	$	—


(1)		Primarily funds invested by managers that have a global mandate with the flexibility to allocate capital broadly across a wide range of asset classes and strategies including, but not limited to equities, fixed income, commodities, interest rate futures, currencies and other securities to outperform an agreed benchmark with specific return and volatility targets.

(2)		Primarily cash and cash equivalents.

Equities that are valued using quoted prices are valued at the published market prices. Equities in a common collective trust or a registered investment company that are valued using significant other observable inputs are valued at the net asset value (“NAV”) provided by the fund administrator. The NAV is based on value of the underlying assets owned by the fund minus its liabilities. Fixed income securities that are valued using significant other observable inputs are valued at prices obtained from independent financial service industry-recognized vendors.

Investment Policies and Strategies

The investment objectives of the Company’s plan assets are to earn the highest possible rate of return consistent with the tolerance for risk as determined periodically by the Company in its role as a fiduciary. The general guidelines of asset allocation of fund assets are that “equities” will represent from 55% to 75% of the market value of total fund assets with a target of 66%, and “fixed income” obligations, including cash, will represent from 25% to 45% with a target of 34%. The term “equities” includes common stock, convertible bonds and convertible stock. The term “fixed income” includes preferred stock and/or contractual payments with a specific maturity date. The Company strives to maintain asset allocations within the designated ranges by conducting periodic reviews of fund allocations and plan liquidity needs, and rebalancing the portfolio accordingly. The total fund performance is monitored and results measured using a 3- to 5-year moving average against long-term absolute and relative return objectives to meet actuarially determined forecasted benefit obligations. No restrictions are placed on the selection of individual investments by the qualified investment fund managers. The performance of the investment fund managers is reviewed on a regular basis, using appointed professional independent advisors. As of December 31, 2010 and 2009, there were no shares of the Company’s stock held in plan assets.

Cash Flows

The Company expects to contribute approximately $7.9 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2011. The Company also expects to contribute approximately $12.3 million to its defined contribution plans in 2011.

Estimated Future Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows: 2011 — $8.6 million; 2012 — $8.8 million; 2013 — $8.8 million; 2014 — $10.0 million; 2015 — $9.5 million; 2016 to 2020 — $50.4 million.

- Definition

Description containing the entire pension and other postretirement benefits disclosure as a single block of text.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 158

-Paragraph 7, 21, 22

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5, 6, 7, 8

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 8

-Subparagraph m

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 106

-Paragraph 518

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 87

-Paragraph 264

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph a

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph h

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph q

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS106-2

-Paragraph 20, 21, 22

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-2

-Paragraph 8

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 30

-Paragraph 26

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Implementation Guide (Q and A)

-Number FAS88

-Paragraph 63

+ Details

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2010

Quarterly Results of Operations (Unaudited) [Abstract]

Quarterly Results of Operations (Unaudited)


15.	Quarterly Results of Operations (Unaudited)

The following table summarizes the unaudited quarterly results of operations for the years ended December 31, 2010 and 2009.


	2010 Quarters								2009 Quarters
	First		Second		Third		Fourth		First		Second		Third		Fourth

Net sales	$	355,598	$	378,526	$	373,731	$	405,218	$	326,613	$	336,455	$	323,249	$	343,344
Gross profit		147,541		154,821		154,133		161,988		123,194		131,101		129,058		139,033
Operating income		57,893		62,780		62,439		66,004		39,161		46,735		46,517		52,441
Net income		36,625		40,398		38,564		41,513		22,605		27,922		29,777		33,087
Basic EPS	$	.45	$	.50	$	.47	$	.51	$	.28	$	.35	$	.37	$	.41
Diluted EPS	$	.45	$	.49	$	.47	$	.50	$	.28	$	.34	$	.37	$	.40
Basic weighted average shares outstanding		80,080		80,369		80,517		80,899		79,513		79,675		79,740		79,937
Diluted weighted average shares outstanding		81,509		81,800		81,938		82,686		80,219		80,507		80,879		81,303

- Definition

This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document.

+ References+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2010

Subsequent Events [Abstract]

Subsequent Events


16.	Subsequent Events

On January 20, 2011, the Company acquired Advanced Thin Films, LLC (“AT Films”) for cash consideration of approximately $32.0 million. AT Films, with annual revenues of approximately $9.0 million, specializes in optical components and coatings for applications in the fields of scientific research, defense, aerospace, telecommunications and electronics manufacturing. AT Films’ core competence is in the design and manufacture of filters, splitters, reflectors and mirrors with the precise physical properties required to support their customers’ most challenging and cutting-edge optical applications. Headquartered in Boulder, Colorado, AT Films will operate within the Health & Science Technologies Segment as a part of the IDEX optical products platform.

On January 25, 2011, the Company entered into a merger agreement to acquire Microfluidics International Corporation (“Microfluidics”) at a price of $1.35 net per share in cash. The transaction is expected to close in the first quarter of 2011. With annual revenues of approximately $16.0 million, Microfluidics is a global leader in the design and manufacture of laboratory and commercial equipment used in the production of micro and nano scale materials for the pharmaceutical and chemical markets. Microfluidics is the exclusive producer of the Microfluidizer^® family of high shear fluid processors for uniform particle size reduction, robust cell disruption and nanoparticle creation. Microfluidics’ product and service offerings will enhance the Company’s micro fluidics and micro particle technology position. Microfluidics is headquartered in Newton, MA.

While allocation of the purchase price is not complete, the Company believes that the majority of the purchase price will be allocated to goodwill and intangibles assets for both acquisitions.

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2010

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

VALUATION AND QUALIFYING ACCOUNTS

FOR THE YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008


			Charged
	Balance		to Costs							Balance
	Beginning		and							End of
Description	of Year		Expenses⁽¹⁾		Deductions⁽²⁾		Other⁽³⁾			Year
					(In thousands)

Year Ended December 31, 2010:
Deducted from assets to which they apply:
Accounts receivable reserves	$	6,160	$	945	$	1,879	$	96		$	5,322
Year Ended December 31, 2009:
Deducted from assets to which they apply:
Accounts receivable reserves		5,600		1,789		617		(612	)		6,160
Year Ended December 31, 2008:
Deducted from assets to which they apply:
Accounts receivable reserves		5,746		1,379		1,621		96			5,600


(1)		Includes provision for doubtful accounts, sales returns and sales discounts granted to customers.

(2)		Represents uncollectible accounts, net of recoveries.

(3)		Represents translation and reclassification adjustments.