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Table of Contents


 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________ 
Form 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 
For the quarterly period ended
June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-10235
IDEX CORPORATION
(Exact Name of Registrant as Specified in its Charter)
 
 
Delaware
 
36-3555336
 
(State or other jurisdiction of
incorporation or organization)

 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
1925 West Field Court,
Suite 200,
Lake Forest,
Illinois
 
60045
 
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number: (847498-7070
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share
 
IEX
 
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer
 
Accelerated filer  
 
Non-accelerated filer 
 
Smaller reporting company
 
 
 
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 



Table of Contents


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No   
Number of shares of common stock of IDEX Corporation outstanding as of July 23, 2019: 75,847,167.
 


Table of Contents


TABLE OF CONTENTS
 
 
Item 1.
 
 
 
 
 
 
Item 2.
 
 
 
 
 
Item 3.
Item 4.
 
 
 
Item 1.
Item 2.
Item 6.


Table of Contents


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

IDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts)
(unaudited)
 
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
543,189

 
$
466,407

Receivables, less allowance for doubtful accounts of $6,778 at June 30, 2019 and $6,709 at December 31, 2018
326,358

 
312,192

Inventories
301,006

 
279,995

Other current assets
46,329

 
33,938

Total current assets
1,216,882

 
1,092,532

Property, plant and equipment - net
275,025

 
281,220

Goodwill
1,697,332

 
1,697,955

Intangible assets - net
365,741

 
383,327

Other noncurrent assets
85,235

 
18,823

Total assets
$
3,640,215

 
$
3,473,857

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current liabilities
 
 
 
Trade accounts payable
$
160,579

 
$
143,196

Accrued expenses
162,838

 
187,536

Short-term borrowings
452

 
483

Dividends payable
37,922

 
33,446

Total current liabilities
361,791

 
364,661

Long-term borrowings
848,555

 
848,335

Deferred income taxes
140,147

 
128,007

Other noncurrent liabilities
177,681

 
138,214

Total liabilities
1,528,174

 
1,479,217

Commitments and contingencies

 

Shareholders’ equity
 
 
 
Preferred stock:
 
 
 
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None

 

Common stock:
 
 
 
Authorized: 150,000,000 shares, $.01 per share par value
 
 
 
Issued: 89,957,990 shares at June 30, 2019 and 90,112,028 shares at December 31, 2018
900

 
901

Additional paid-in capital
749,009

 
738,339

Retained earnings
2,489,911

 
2,342,079

Treasury stock at cost: 14,114,329 shares at June 30, 2019 and 14,159,251 shares at December 31, 2018
(1,002,870
)
 
(957,454
)
Accumulated other comprehensive income (loss)
(124,909
)
 
(129,225
)
Total shareholders’ equity
2,112,041

 
1,994,640

Total liabilities and shareholders’ equity
$
3,640,215

 
$
3,473,857

See Notes to Condensed Consolidated Financial Statements

1

Table of Contents


IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
642,099

 
$
634,360

 
$
1,264,330

 
$
1,246,684

Cost of sales
349,762

 
346,993

 
688,159

 
682,665

Gross profit
292,337

 
287,367

 
576,171

 
564,019

Selling, general and administrative expenses
134,928

 
137,548

 
270,980

 
275,875

Restructuring expenses
2,126

 
1,988

 
2,126

 
3,630

Operating income
155,283

 
147,831

 
303,065

 
284,514

Other (income) expense - net
(378
)
 
(50
)
 
(518
)
 
(4,499
)
Interest expense
11,011

 
11,140

 
21,932

 
22,140

Income before income taxes
144,650

 
136,741

 
281,651

 
266,873

Provision for income taxes
31,441

 
29,615

 
58,174

 
60,789

Net income
$
113,209

 
$
107,126

 
$
223,477

 
$
206,084

 
 
 
 
 
 
 
 
Basic earnings per common share
$
1.50

 
$
1.40

 
$
2.96

 
$
2.69

Diluted earnings per common share
$
1.48

 
$
1.38

 
$
2.92

 
$
2.65

 
 
 
 
 
 
 
 
Share data:
 
 
 
 
 
 
 
Basic weighted average common shares outstanding
75,460

 
76,539

 
75,450

 
76,479

Diluted weighted average common shares outstanding
76,387

 
77,704

 
76,334

 
77,722

See Notes to Condensed Consolidated Financial Statements

2

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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
113,209

 
$
107,126

 
$
223,477

 
$
206,084

Other comprehensive income (loss):
 
 
 
 
 
 
 
Reclassification adjustments for derivatives, net of tax
1,224

 
1,259

 
2,451

 
2,520

Pension and other postretirement adjustments, net of tax
1,256

 
1,296

 
2,518

 
2,709

Cumulative translation adjustment
2,628

 
(62,645
)
 
(653
)
 
(35,067
)
Other comprehensive income (loss)
5,108

 
(60,090
)
 
4,316

 
(29,838
)
Comprehensive income
$
118,317

 
$
47,036

 
$
227,793

 
$
176,246

See Notes to Condensed Consolidated Financial Statements

3

Table of Contents


IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in thousands except share amounts)
(unaudited)
 
 
 
 
 
 
Accumulated Other Comprehensive
Income (Loss)
 
 
 
 
 
Common
Stock and
Additional
Paid-In Capital
 
Retained
Earnings
 
Cumulative
Translation
Adjustment
 
Retirement
Benefits
Adjustment
 
Cumulative
Unrealized Gain (Loss) on
Derivatives
 
Treasury
Stock
 
Total
Shareholders’
Equity
Balance, December 31, 2018
$
739,240

 
$
2,342,079

 
$
(94,420
)
 
$
(22,740
)
 
$
(12,065
)
 
$
(957,454
)
 
$
1,994,640

Net income

 
110,268

 

 

 

 

 
110,268

Adjustment for adoption of ASU 2016-02

 
28

 

 

 

 

 
28

Cumulative translation adjustment

 

 
(3,281
)
 

 

 

 
(3,281
)
Net change in retirement obligations (net of tax of $438)

 

 

 
1,262

 

 

 
1,262

Net change on derivatives designated as cash flow hedges (net of tax of $361)

 

 

 

 
1,227

 

 
1,227

Issuance of 264,090 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $3,415)

 

 

 

 

 
8,870

 
8,870

Repurchase of 369,810 shares of common stock

 

 

 

 

 
(51,706
)
 
(51,706
)
Shares surrendered for tax withholding

 

 

 

 

 
(11,479
)
 
(11,479
)
Share-based compensation
5,403

 

 

 

 

 

 
5,403

Balance, March 31, 2019
$
744,643

 
$
2,452,375

 
$
(97,701
)
 
$
(21,478
)
 
$
(10,838
)
 
$
(1,011,769
)
 
$
2,055,232

Net income

 
113,209

 

 

 

 

 
113,209

Cumulative translation adjustment

 

 
2,628

 

 

 

 
2,628

Net change in retirement obligations (net of tax of $435)

 

 

 
1,256

 

 

 
1,256

Net change on derivatives designated as cash flow hedges (net of tax of $359)

 

 

 

 
1,224

 

 
1,224

Issuance of 169,785 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $679)

 

 

 

 

 
11,891

 
11,891

Repurchase of 19,143 shares of common stock

 

 

 

 

 
(2,962
)
 
(2,962
)
Shares surrendered for tax withholding

 

 

 

 

 
(30
)
 
(30
)
Share-based compensation
5,266

 

 

 

 

 

 
5,266

Cash dividends declared - $1.00 per common share outstanding

 
(75,673
)
 

 

 

 

 
(75,673
)
Balance, June 30, 2019
$
749,909

 
$
2,489,911

 
$
(95,073
)
 
$
(20,222
)
 
$
(9,614
)
 
$
(1,002,870
)
 
$
2,112,041


See Notes to Condensed Consolidated Financial Statements






4

Table of Contents


IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued)
(in thousands except share amounts)
(unaudited)

 
 
 
 
 
Accumulated Other Comprehensive
Income (Loss)
 
 
 
 
 
Common
Stock and
Additional
Paid-In Capital
 
Retained
Earnings
 
Cumulative
Translation
Adjustment
 
Retirement
Benefits
Adjustment
 
Cumulative
Unrealized Gain (Loss) on
Derivatives
 
Treasury
Stock
 
Total
Shareholders’
Equity
Balance, December 31, 2017
$
717,808

 
$
2,057,915

 
$
(46,306
)
 
$
(29,154
)
 
$
(14,047
)
 
$
(799,674
)
 
$
1,886,542

Net income

 
98,958

 

 

 

 

 
98,958

Adjustment for adoption of ASU 2016-16

 
(645
)
 

 

 

 

 
(645
)
Adjustment for adoption of ASU 2018-02

 
6,435

 

 
(3,411
)
 
(3,024
)
 

 

Cumulative translation adjustment

 

 
27,578

 

 

 

 
27,578

Net change in retirement obligations (net of tax of $505)

 

 

 
1,413

 

 

 
1,413

Net change on derivatives designated as cash flow hedges (net of tax of $371)

 

 

 

 
1,261

 

 
1,261

Issuance of 227,932 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $2,934)

 

 

 

 

 
6,590

 
6,590

Shares surrendered for tax withholding

 

 

 

 

 
(10,750
)
 
(10,750
)
Share-based compensation
5,938

 

 

 

 

 

 
5,938

Balance, March 31, 2018
$
723,746

 
$
2,162,663

 
$
(18,728
)
 
$
(31,152
)
 
$
(15,810
)
 
$
(803,834
)
 
$
2,016,885

Net income

 
107,126

 

 

 

 

 
107,126

Cumulative translation adjustment

 

 
(62,645
)
 

 

 

 
(62,645
)
Net change in retirement obligations (net of tax of $457)

 

 

 
1,296

 

 

 
1,296

Net change on derivatives designated as cash flow hedges (net of tax of $368)

 

 

 

 
1,259

 

 
1,259

Issuance of 96,981 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $351)

 

 

 

 

 
7,026

 
7,026

Repurchase of 147,490 shares of common stock

 

 

 

 

 
(20,494
)
 
(20,494
)
Share-based compensation
5,014

 

 

 

 

 

 
5,014

Cash dividends declared - $0.86 per common share outstanding

 
(66,316
)
 

 

 

 

 
(66,316
)
Balance, June 30, 2018
$
728,760

 
$
2,203,473

 
$
(81,373
)
 
$
(29,856
)
 
$
(14,551
)
 
$
(817,302
)
 
$
1,989,151


See Notes to Condensed Consolidated Financial Statements

5

Table of Contents


IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities
 
 
 
Net income
$
223,477

 
$
206,084

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
19,870

 
19,957

Amortization of intangible assets
17,953

 
20,667

Amortization of debt issuance expenses
669

 
664

Share-based compensation expense
14,413

 
13,252

Deferred income taxes
10,685

 
(3,021
)
Non-cash interest expense associated with forward starting swaps
3,171

 
3,259

Changes in (net of the effect from acquisitions):
 
 
 
Receivables
(14,177
)
 
(40,044
)
Inventories
(21,007
)
 
(28,011
)
Other current assets
(12,382
)
 
17,798

Trade accounts payable
17,276

 
5,432

Accrued expenses
(39,602
)
 
(21,131
)
Other - net
(508
)
 
(2,480
)
Net cash flows provided by operating activities
219,838

 
192,426

Cash flows from investing activities
 
 
 
Purchases of property, plant and equipment
(25,742
)
 
(20,968
)
Purchase of intellectual property

 
(4,000
)
Proceeds from disposal of fixed assets
780

 

Other - net
501

 
(861
)
Net cash flows used in investing activities
(24,461
)
 
(25,829
)
Cash flows from financing activities
 
 
 
Dividends paid
(71,283
)
 
(61,916
)
Proceeds from stock option exercises
20,761

 
13,616

Repurchases of common stock
(54,668
)
 
(19,499
)
Shares surrendered for tax withholding
(11,509
)
 
(10,750
)
Settlement of foreign exchange contracts

 
6,593

Other - net
(1,929
)
 

Net cash flows used in financing activities
(118,628
)
 
(71,956
)
Effect of exchange rate changes on cash and cash equivalents
33

 
(11,840
)
Net increase in cash
76,782

 
82,801

Cash and cash equivalents at beginning of year
466,407

 
375,950

Cash and cash equivalents at end of period
$
543,189

 
$
458,751

 
 
 
 
Supplemental cash flow information
 
 
 
Cash paid for:
 
 
 
Interest
$
18,282

 
$
18,223

Income taxes
55,702

 
38,190

Significant non-cash activities:
 
 
 
Capital expenditures for construction of new leased facility

 
11,971


See Notes to Condensed Consolidated Financial Statements

6

Table of Contents

IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)
(unaudited)


1.    Basis of Presentation and Significant Accounting Policies

The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX,” “we,” “our,” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the entire year.

The Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Recently Adopted Accounting Standards

In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases, which set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The standard introduced a new lessee model that requires most leases to be recorded on the balance sheet and eliminates the required use of bright line tests from U.S. GAAP for determining lease classification. In July 2018, the FASB issued the following standards which clarified ASU 2016-02 and had the same effective date as the original standard: ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements. ASU 2018-11 included an option to use the effective date of ASU 2016-02 as the date of initial application of transition as well as an option not to restate comparative periods in transition. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which also clarifies ASU 2016-02 and is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years.

The Company adopted this standard on January 1, 2019 using the optional transition method provided by the FASB in ASU 2018-11. As we did not restate comparative periods, the adoption had no impact on our previously reported results. We elected to use both the practical expedient that allowed us not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases as well as the practical expedient that allows us to treat the lease and non-lease components of a lease as a single lease component for all asset classes. We also elected to account for short-term leases in accordance with Accounting Standards Codification (“ASC”) 842-20-25-2. The adoption of this standard had a material impact on our condensed consolidated balance sheet due to the recognition of right of use assets and lease liabilities. Upon adoption, we recognized right of use assets and lease liabilities of approximately $68 million that reflected the present value of future lease payments. The adoption of this standard did not have a material impact on our condensed consolidated results of operations or cash flows. See Note 13 for further information.

2.    Acquisitions and Divestitures

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

The Company incurred acquisition-related transaction costs of $0.4 million and $0.8 million in the three months ended June 30, 2019 and 2018, respectively, and $0.7 million and $1.5 million in the six months ended June 30, 2019 and 2018, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed.


7

Table of Contents

IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)
(unaudited)

2018 Acquisition

On July 23, 2018, the Company acquired Finger Lakes Instrumentation (“FLI”), a technology leader in the design, development and production of low-noise cooled CCD and high speed, high-sensitivity Scientific CMOS cameras for the astronomy and life science markets. Headquartered in Lima, NY, FLI operates in our Health & Sciences Technologies segment. FLI was acquired for an aggregate purchase price of $23.6 million, consisting of $20.2 million in cash and contingent consideration valued at $3.4 million as of the opening balance sheet date. The contingent consideration is based on the achievement of financial objectives during the 24-month period following the close of the transaction. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $12.6 million and $7.9 million, respectively. Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business. The goodwill is deductible for tax purposes.

The Company finalized its allocation of the purchase price for the FLI acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy.

3.    Business Segments

IDEX has three reportable business segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”).

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 the food, chemical, general industrial, water and wastewater, agriculture and energy industries.

The Health & Science Technologies segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems used in beverage, food processing, pharmaceutical and cosmetics, pneumatic components 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 sealing components, biocompatible medical devices and implantables, air compressors used in medical, dental and industrial applications, optical components and coatings for applications in the fields of scientific research, defense, biotechnology, aerospace, telecommunications and electronics manufacturing, laboratory and commercial equipment used in the production of micro and nano scale materials, precision photonic solutions used in life sciences, research and defense markets and precision gear and peristaltic pump technologies that meet exacting original equipment manufacturer specifications.

The Fire & Safety/Diversified Products segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world.

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 sales, operating income and operating margin are the primary financial measures. Intersegment sales are accounted for at fair value as if the sales were to third parties.


8

Table of Contents

IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)
(unaudited)

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
 
 
 
 
 
 
 
Fluid & Metering Technologies
 
 
 
 
 
 
 
External customers
$
246,111

 
$
242,755

 
$
488,447

 
$
475,016

Intersegment sales
78

 
45

 
264

 
117

Total segment sales
246,189

 
242,800

 
488,711

 
475,133

Health & Science Technologies
 
 
 
 
 
 
 
External customers
232,172

 
227,367

 
456,860

 
448,334

Intersegment sales
81

 
36

 
683

 
144

Total segment sales
232,253

 
227,403

 
457,543

 
448,478

Fire & Safety/Diversified Products
 
 
 
 
 
 
 
External customers
163,816

 
164,238

 
319,023

 
323,334

Intersegment sales
227

 
62

 
1,179

 
139

Total segment sales
164,043

 
164,300

 
320,202

 
323,473

Intersegment elimination
(386
)
 
(143
)
 
(2,126
)
 
(400
)
Total net sales
$
642,099

 
$
634,360

 
$
1,264,330

 
$
1,246,684

Operating income
 
 
 
 
 
 
 
Fluid & Metering Technologies
$
74,146

 
$
71,228

 
$
146,012

 
$
137,394

Health & Science Technologies
56,763

 
52,569

 
110,917

 
104,375

Fire & Safety/Diversified Products
43,614

 
45,882

 
83,942

 
85,436

Corporate office
(19,240
)
 
(21,848
)
 
(37,806
)
 
(42,691
)
Total operating income
155,283

 
147,831

 
303,065

 
284,514

Interest expense
11,011

 
11,140

 
21,932

 
22,140

Other (income) expense - net
(378
)
 
(50
)
 
(518
)
 
(4,499
)
Income before income taxes
$
144,650

 
$
136,741

 
$
281,651

 
$
266,873

 
June 30,
2019
 
December 31,
2018
Assets