0000832101-21-000017 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Feb. 22, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-10235
Entity Registrant Name	IDEX CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3555336
Entity Address, Address Line One	3100 Sanders Road
Entity Address, Address Line Two	Suite 301,
Entity Address, City or Town	Northbrook,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60062
City Area Code	847
Local Phone Number	498-7070
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	IEX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 11,866,931,226
Entity Common Stock, Shares Outstanding		75,889,737
Documents Incorporated by Reference	Portions of the proxy statement with respect to the IDEX Corporation 2021 annual meeting of stockholders (the “2021 Proxy Statement”) are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000832101

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 1,025,851	$ 632,581
Receivables - net	293,146	298,186
Inventories	289,910	293,467
Other current assets	48,324	37,211
Total current assets	1,657,231	1,261,445
Property, plant and equipment - net	298,273	280,316
Goodwill	1,895,574	1,779,745
Intangible assets - net	415,563	388,031
Other noncurrent assets	147,757	104,375
Total assets	4,414,398	3,813,912
Current liabilities
Trade accounts payable	151,993	138,463
Accrued expenses	208,828	180,290
Short-term borrowings	88	388
Dividends payable	38,149	38,736
Total current liabilities	399,058	357,877
Long-term borrowings	1,044,354	848,864
Deferred income taxes	163,863	146,574
Other noncurrent liabilities	266,797	197,368
Total liabilities	1,874,072	1,550,683
Commitments and contingencies (Note 11)
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: 90,071,763 shares at December 31, 2020 and 89,948,374 shares at December 31, 2019	901	899
Additional paid-in capital	775,153	760,453
Retained earnings	2,841,546	2,615,131
Treasury stock at cost: 14,111,221 shares at December 31, 2020 and 13,860,340 shares at December 31, 2019	(1,063,872)	(985,909)
Accumulated other comprehensive income (loss)	(13,525)	(127,345)
Total shareholders’ equity	2,540,203	2,263,229
Noncontrolling Interest	123	0
Total equity	2,540,326	2,263,229
Total liabilities and equity	$ 4,414,398	$ 3,813,912

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	90,071,763	89,948,374
Treasury stock, shares (in shares)	14,111,221	13,860,340

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales	$ 2,351,646	$ 2,494,573	$ 2,483,666
Cost of sales	1,324,222	1,369,539	1,365,771
Gross profit	1,027,424	1,125,034	1,117,895
Selling, general and administrative expenses	494,935	524,987	536,724
Restructuring expenses and asset impairments	11,776	21,044	12,083
Operating income	520,713	579,003	569,088
Other (income) expense - net	5,627	1,759	(3,985)
Interest expense	44,746	44,341	44,134
Income before income taxes	470,340	532,903	528,939
Provision for income taxes	92,562	107,382	118,366
Net income	$ 377,778	$ 425,521	$ 410,573
Earnings per common share:
Basic earnings per common share (in dollar per share)	$ 4.98	$ 5.62	$ 5.36
Diluted earnings per common share (in dollar per share)	$ 4.94	$ 5.56	$ 5.29
Share data:
Basic weighted average common shares outstanding (in shares)	75,741	75,594	76,412
Diluted weighted average common shares outstanding (in shares)	76,400	76,454	77,563

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 377,778	$ 425,521	$ 410,573
Other comprehensive income (loss):
Reclassification adjustments for derivatives, net of tax	4,652	4,882	5,006
Pension and other postretirement adjustments, net of tax	1,385	(3,069)	9,825
Cumulative translation adjustment	107,783	67	(48,114)
Other comprehensive income (loss)	113,820	1,880	(33,283)
Comprehensive income	$ 491,598	$ 427,401	$ 377,290

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Shareholders’ Equity	Total Shareholders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock and Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Cumulative Translation Adjustment	Retirement Benefits Adjustments	Retirement Benefits Adjustments Cumulative Effect, Period of Adoption, Adjustment	Cumulative Unrealized Gain (Loss) on Derivatives	Cumulative Unrealized Gain (Loss) on Derivatives Cumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Noncontrolling Interest
Beginning balance at Dec. 31, 2017	$ 1,886,542		$ 1,886,542		$ 717,808	$ 2,057,915		$ (46,306)	$ (29,154)		$ (14,047)		$ (799,674)	$ 0
Beginning balance (Accounting Standards Update 2016-16) at Dec. 31, 2017		$ (645)		$ (645)			$ (645)
Beginning balance (Accounting Standards Update 2018-02) at Dec. 31, 2017		0		0			6,435			$ (3,411)		$ (3,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	410,573		410,573			410,573
Cumulative translation adjustment	(48,114)		(48,114)					(48,114)
Net change in retirement obligations, net of tax	9,825		9,825						9,825
Net change on derivatives designated as cash flow hedges, net of tax	5,006		5,006								5,006
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options	27,701		27,701										27,701
Repurchase of common stock	(173,926)		(173,926)										(173,926)
Share-based compensation	21,432		21,432		21,432
Shares surrendered for tax withholding	(11,555)		(11,555)										(11,555)
Cash dividends declared	(132,199)		(132,199)			(132,199)
Ending balance at Dec. 31, 2018	$ 1,994,640	$ 28	1,994,640	$ 28	739,240	2,342,079	$ 28	(94,420)	(22,740)		(12,065)		(957,454)	0
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 425,521		425,521			425,521
Cumulative translation adjustment	67		67					67
Net change in retirement obligations, net of tax	(3,069)		(3,069)						(3,069)
Net change on derivatives designated as cash flow hedges, net of tax	4,882		4,882								4,882
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options	38,809		38,809										38,809
Repurchase of common stock	(54,668)		(54,668)										(54,668)
Share-based compensation	22,112		22,112		22,112
Shares surrendered for tax withholding	(12,596)		(12,596)										(12,596)
Cash dividends declared	(152,497)		(152,497)			(152,497)
Ending balance at Dec. 31, 2019	2,263,229		2,263,229		761,352	2,615,131		(94,353)	(25,809)		(7,183)		(985,909)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	377,778		377,778			377,778
Cumulative translation adjustment	107,783		107,783					107,783
Net change in retirement obligations, net of tax	1,385		1,385						1,385
Net change on derivatives designated as cash flow hedges, net of tax	4,652		4,652								4,652
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options	44,587		44,587										44,587
Repurchase of common stock	(110,342)		(110,342)										(110,342)
Share-based compensation	14,702		14,702		14,702
Shares surrendered for tax withholding	(12,208)		(12,208)										(12,208)
Cash dividends declared	(151,363)		(151,363)			(151,363)
Contributions received from joint venture partner	123		0											123
Ending balance at Dec. 31, 2020	$ 2,540,326		$ 2,540,203		$ 776,054	$ 2,841,546		$ 13,430	$ (24,424)		$ (2,531)		$ (1,063,872)	$ 123

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Tax benefit (expense) on change in retirement obligations, tax	$ 53	$ 1,553	$ 3,076
Tax benefit from change on derivatives designated as cash flow hedges, tax	$ 1,369	$ 1,445	$ 1,469
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans (in shares)	688,563	696,133	583,385
Repurchase of common stock (in shares)	876,423	388,953	1,273,961
Deferred compensation plan, tax	$ 4,967	$ 5,493	$ 4,267
Cash dividends declared, per common share outstanding (in dollars per share)	$ 2.00	$ 2.00	$ 1.72

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income	$ 377,778	$ 425,521	$ 410,573
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on sale of fixed assets - net	(868)	156	946
Asset impairments	3,087	10,155	0
Depreciation and amortization	41,651	39,543	39,049
Amortization of intangible assets	41,844	37,333	38,495
Amortization of debt issuance expenses	1,716	1,355	1,332
Share-based compensation expense	19,375	27,669	24,754
Deferred income taxes	8,238	6,625	(4,345)
Non-cash interest expense associated with forward starting swaps	6,021	6,327	6,475
Changes in (net of the effect from acquisitions):
Receivables	20,873	22,338	(23,419)
Inventories	36,523	(3,322)	(23,031)
Other current assets	(10,276)	(2,361)	25,162
Trade accounts payable	2,702	(9,115)	(1,220)
Deferred revenue	38,967	8,680	(3,247)
Accrued expenses	(15,326)	(46,664)	7,125
Other - net	(3,032)	3,822	(19,304)
Net cash flows provided by operating activities	569,273	528,062	479,345
Cash flows from investing activities
Purchases of property, plant and equipment	(51,545)	(50,912)	(56,089)
Purchase of intellectual property	0	0	(4,000)
Acquisition of businesses, net of cash acquired	(123,133)	(87,180)	(20,205)
Proceeds from disposal of fixed assets	2,287	962	363
Contributions received from joint venture partner	120	0	0
Other - net	(306)	115	(1,500)
Net cash flows used in investing activities	(172,577)	(137,015)	(81,431)
Cash flows from financing activities
Borrowings under revolving credit facilities	150,000	0
Proceeds from issuance of 3.0% Senior Notes	499,100	0	0
Payment of 4.5% Senior Notes	(300,000)	0	0
Payments under revolving credit facilities	(150,000)	0	(11,284)
Payments under other long-term borrowings	(396)	(50,057)	0
Payment of make-whole redemption premium	(6,756)	0	0
Debt issuance costs	(4,749)	0	0
Dividends paid	(151,838)	(147,208)	(127,478)
Proceeds from stock option exercises	44,587	38,809	27,639
Repurchases of common stock	(110,342)	(54,668)	(173,926)
Shares surrendered for tax withholding	(12,208)	(12,596)	(11,555)
Settlement of foreign exchange contracts	0	0	6,593
Other - net	0	(1,865)	0
Net cash flows used in financing activities	(42,602)	(227,585)	(290,011)
Effect of exchange rate changes on cash and cash equivalents	39,176	2,712	(17,446)
Net increase in cash	393,270	166,174	90,457
Cash and cash equivalents at beginning of year	632,581	466,407	375,950
Cash and cash equivalents at end of year	1,025,851	632,581	466,407
Cash paid for:
Interest	35,152	36,683	36,327
Income taxes - net	87,193	109,032	90,733
Significant non-cash activities:
Contingent consideration for acquisition	0	0	3,375
Debt acquired with acquisition of business	0	51,130	0
Capital expenditures for construction of new leased facility	$ 0	$ 0	$ 11,616

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2020	Apr. 29, 2020	Dec. 31, 2019	Dec. 06, 2010
3.00% Senior Notes, due May 2030
Stated interest rate	3.00%
4.5% Senior Notes, due December 2020
Stated interest rate			4.50%	4.50%
Senior Notes \| 3.00% Senior Notes, due May 2030
Stated interest rate	3.00%	3.00%
Senior Notes \| 4.5% Senior Notes, due December 2020
Stated interest rate	4.50%

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

Business

IDEX is an applied solutions company specializing in the manufacture of fluid and metering technologies, health and science technologies and fire, safety and other diversified products built to customers’ specifications. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. The Company’s products include industrial pumps, provers, compressors, flow meters, injectors, 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, optical filters and specialty medical equipment and devices for use in life science applications; precision-engineered equipment for dispensing, metering and mixing paints; 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 three reportable segments: Fluid & Metering Technologies, Health & Science Technologies 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 (“U.S. GAAP”) 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, valuation of goodwill and intangible assets, income taxes, product warranties, contingencies and litigation, insurance-related items, defined benefit retirement plans and purchase accounting related to acquisitions.

Revenue Recognition

Revenue is recognized when control of products or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those products or providing those services. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. A contract’s transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time is recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms. Certain units recognize revenue over time because control transfers continuously to our customers. Revenue is recognized over time as work is performed based on the relationship between actual costs incurred to date for each contract and the total estimated costs for such contract at completion of the performance obligation (i.e. the cost-to-cost method) or ratably over the contract term. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our estimates regularly. 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. Such revisions to costs and income are recognized in the period in which the revisions are determined as a cumulative catch-up adjustment. The impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize provisions for estimated losses on incomplete contracts in the period in which such losses are determined.

The Company records allowances for discounts and product returns 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 (primarily assurance-type) 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 $9.9 million, $15.7 million and $17.0 million for 2020, 2019 and 2018, respectively, are expensed as incurred within Selling, general and administrative expenses.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of 3 months or less to be cash and cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are recorded at face amount less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for expected losses as a result of customers’ inability to make required payments. Management evaluates the aging of the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision.

Inventories

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

Impairment of Long-Lived Assets

A long-lived asset is reviewed for impairment if an event occurs or circumstances change that would more likely than not reduce the fair value of a long-lived asset below its carrying value, as measured by comparing its net book value to the projected undiscounted future cash flows generated by its use. A long-lived asset impairment exists when the carrying value of the asset exceeds its fair value. The amount and timing of the impairment charge for this asset requires the estimation of future cash flows to determine the fair value of the asset. An impaired asset is recorded at its estimated fair value based on a discounted cash flow analysis.

In the fourth quarter of 2020, the Company consolidated certain facilities within the Fluid & Metering Technologies (“FMT”) segment, which resulted in an impairment charge of $2.5 million, consisting of $1.6 million related to property, plant and equipment which was not relocated to the new location and $0.9 million related to a building right-of-use asset that was exited early. The Company also relocated its corporate office, which resulted in an impairment charge of $0.6 million, consisting of $0.2 million related to property, plant and equipment which was not relocated to the new location and $0.4 million related to a building right-of-use asset that was exited early. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations.

In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the Health & Science Technologies (“HST”) segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible and intangible assets of the business, which resulted in an impairment charge of $9.7 million, consisting of $6.1 million related to a customer relationships intangible asset, $1.0 million related to an unpatented technology intangible asset, $2.0 million related to property, plant and equipment and $0.6 million related to a building right-of-use asset. In the fourth quarter of 2019, the Company completed the consolidation of one of its facilities in the HST segment into the Optics Center of Excellence in Rochester, New York, which also resulted in an impairment charge of $0.4 million related to a building right-of-use asset. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations.

In 2018, the Company concluded that there were no long-lived assets with a fair value that was less than the carrying value. See Note 15 for further discussion on restructuring activities.

Goodwill and Indefinite-Lived Intangible Assets

The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually as of October 31, or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company evaluates the recoverability of these assets based on the estimated fair value of each of the 13 reporting units and the indefinite-lived intangible assets. See Note 6 for further discussion on goodwill and intangible assets.

Borrowing Expenses

Expenses incurred in securing and issuing debt are capitalized and included as a reduction of Long-term borrowings. These amounts are amortized over the life of the related borrowing and the related amortization is included in Interest expense.

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 outstanding (diluted) during the year. Common stock equivalents consist of stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method, restricted stock and performance share units.

Accounting Standards Codification (“ASC”) 260, Earnings per Share, 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 shares of restricted stock are participating securities. Accordingly, EPS was computed using the two-class method prescribed by ASC 260.

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


	2020	2019	2018
	(In thousands)
Basic weighted average common shares outstanding	75,741	75,594	76,412
Dilutive effect of stock options, restricted stock and performance share units	659	860	1,151
Diluted weighted average common shares outstanding	76,400	76,454	77,563

Options to purchase approximately 0.3 million shares of common stock in each of 2020, 2019 and 2018, respectively, were not included in the computation of diluted EPS because the effect of their inclusion would have been antidilutive.

Share-Based Compensation

The Company accounts for share-based payments in accordance with ASC 718, Compensation-Stock Compensation. 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 16 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 other			3 to 12 years
Office and transportation equipment			2 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 15 years
Trade names			5 to 20 years
Customer relationships			9 to 20 years
Unpatented technology and other			3 to 20 years

Research and Development Expenditures

Costs associated with engineering activities, including research and development, are expensed in the period incurred and are included in Cost of sales.

Total engineering expenses, which include research and development as well as application and support engineering, were $82.3 million, $92.4 million and $84.9 million in 2020, 2019 and 2018, respectively. Research and development expenses, which include costs associated with developing new products and major improvements to existing products, were $48.2 million, $56.4 million and $48.0 million in 2020, 2019 and 2018, respectively.

Foreign Currency Translation and Transaction

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. Statement of Operations amounts have been translated using the average monthly exchange rates for the year. Translation adjustments from year to year have been reported in Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. The foreign currency transaction losses (gains) for the periods ending December 31, 2020, 2019 and 2018 were $3.0 million, $3.3 million and $(2.4) million, respectively, and are reported within Other (income) expense - net on the Consolidated Statements of Operations. See Note 8 for further discussion.

Income Taxes

Income tax expense includes U.S., 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 bases 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 the 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.

Refer to Note 13 for further discussion on income taxes.

Concentration of Credit Risk

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

Recently Adopted Accounting Standards

In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows an entity to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings in the statement of equity. The Company early adopted this standard on a retrospective basis on January 1, 2018. The adoption resulted in an increase of $6.4 million to Retained earnings and a corresponding change of $6.4 million to Accumulated other comprehensive income (loss) at January 1, 2018.

In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset or a group of similar assets, the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly

contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in the FASB guidance for revenue recognition. The Company adopted this standard on January 1, 2018 and accounted for the purchase of the intellectual property assets from Phantom Controls utilizing this guidance. See Note 6 for further information.

In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the two-step goodwill impairment test by eliminating the second step of the test. Under this guidance, an entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying value over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This guidance does not amend the optional qualitative assessment of goodwill impairment. The Company adopted this standard on January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements. See Note 6 for further information.

In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, which amends ASC 740, Income Taxes. This ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of the transfer. An entity will continue to recognize the income tax consequences of an intercompany transfer of inventory when the inventory is sold to a third party. The Company adopted this standard on a modified retrospective basis on January 1, 2018. The adoption resulted in a decrease of $7.3 million to Other current assets, a decrease of $6.7 million to Deferred income taxes and a decrease of $0.6 million to Retained earnings at January 1, 2018.

In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force). This ASU addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued a subsequent amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the prior “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. ASU 2018-19 affects loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables and any other financial assets not excluded from the scope of this amendment that represent the contractual right to receive cash. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. The Company adopted this standard on January 1, 2020 using the prospective transition approach. The adoption of this standard did not have a material impact on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This 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 for determining lease classification from U.S. GAAP. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements, which clarified ASU 2016-02 and had the same effective date as the original standard. 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 clarified ASU 2016-02 and was 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 the practical expedient that allowed us not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases and the practical expedient that allows us to treat the lease and non-lease components as a single lease component for all asset classes. We also elected to account for short-term leases (i.e. leases with a term of one year or less) in accordance with ASC 842-20-25-2 (i.e. expensed over the term and not recorded on the balance sheet). The adoption of this standard impacted our 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 consolidated results of operations or cash flows. See Note 10 for further information.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a new five-step model for recognizing revenue from contracts with customers. Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The FASB has also issued the following standards which clarify ASU 2014-09 and have the same effective date as the original standard: ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net); ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing; ASU 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients; and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.

In 2016, we established an implementation team and analyzed the impact of the standard by surveying business units and performing extensive contract reviews to identify potential differences that may result from applying the requirements of the new standard. The contract reviews generally supported the recognition of revenue at a point in time, which was consistent with the revenue recognition model used by most of our business units. As a result, revenue recognition was unchanged under the new standard. For our business units that previously recognized revenue under a percentage of completion model, revenue recognition was also unchanged as the contract reviews supported the recognition of revenue over time. The Company implemented the appropriate changes to its processes, systems and controls to comply with the new guidance. The Company adopted this standard on January 1, 2018 using the modified retrospective approach applied to contracts that were not completed as of January 1, 2018. The adoption of this standard did not have an impact on our consolidated financial statements, except to provide additional disclosures. The Company elected the following practical expedients: significant financing component, sales tax presentation, contract costs, shipping and handling activities and disclosures. See Note 5 for further details on revenue.

Recently Issued Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which eliminates the need to analyze whether the following apply in a given period (1) exception to the incremental approach for intraperiod tax allocation (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU is also designed to improve the application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, and interim periods therein. The adoption of this standard will not have a material impact on our consolidated financial statements.

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2020

Business Combinations and Dispositions [Abstract]

Acquisitions and Divestitures

Acquisitions and DivestituresAll 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 consolidated financial statements from their respective dates of acquisition. The results of operations of the acquired companies have been included in the Company’s consolidated results since the date of each acquisition. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on the Company’s consolidated results of operations individually or in the aggregate.

2020 Acquisitions

On November 23, 2020, the Company acquired Qualtek Manufacturing, Inc. (“Qualtek”), a manufacturer of high quality specialty metal components and parts by providing vertically integrated tool and die, metal stamping and metal finishing services. Headquartered in Colorado Springs, CO, Qualtek operates in our BAND-IT platform within the Fire & Safety/Diversified Products segment. Qualtek was acquired for cash consideration of $1.9 million. The entire purchase price was funded with cash on hand. Goodwill recognized as part of this transaction was $1.1 million. 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 made an allocation of the purchase price for the Qualtek acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. If the Company obtains additional information about these assets, and learns more about the newly acquired business, we will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will make appropriate adjustments to the purchase price allocation prior to the completion of the measurement period, if required.

On February 28, 2020, the Company acquired the stock of Flow Management Devices, LLC (“Flow MD”), a privately held provider of flow measurement systems that ensure custody transfer accuracy in the oil and gas industry. Flow MD engineers and manufactures small volume provers. Headquartered in Phoenix, AZ, with operations in Houston, TX and Pittsburgh, PA, Flow MD operates in our Energy platform within the Fluid & Metering Technologies segment. Flow MD was acquired for cash consideration of $121.2 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $60.4 million and $53.0 million, respectively. The goodwill is deductible for tax purposes.

The Company made a preliminary allocation of the purchase price for the Flow MD 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. If the Company obtains additional information about these assets and liabilities, and learns more about the newly acquired business, we will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will make required adjustments to the purchase price allocation prior to the completion of the measurement period, if necessary.

The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:


(In thousands)	Total
Current assets, net of cash acquired	$	32,858
Property, plant and equipment	4,166
Goodwill	60,431
Intangible assets	53,000
Other noncurrent assets	1,344
Total assets acquired	151,799
Current liabilities	(32,291)
Deferred income taxes	2,054
Other noncurrent liabilities	(329)
Net assets acquired	$	121,233

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 acquired intangible assets and weighted average amortization periods are as follows:


(In thousands, except weighted average life)	Total		Weighted Average Life
Trade names	$	6,000	15
Customer relationships	31,500		10
Unpatented technology	15,500		20
Acquired intangible assets	$	53,000

The Company incurred $4.3 million of acquisition-related transaction costs in 2020. 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. The Company also incurred a $0.1 million fair value inventory step-up charge associated with the completed 2020 acquisition of Qualtek and a $4.1 million fair value inventory step-up charge associated with the completed 2020 acquisition of Flow MD in the year ended December 31, 2020. These charges were recorded in Cost of sales.

2019 Acquisition

On July 18, 2019, the Company acquired the stock of Velcora Holding AB (“Velcora”) and its operating subsidiaries, Roplan and Steridose. Roplan is a global manufacturer of custom mechanical and shaft seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment. Steridose develops engineered hygienic mixers and valves for the global biopharmaceutical industry. Both companies are headquartered in Sweden but also have operations in China, the United Kingdom and the United States. Roplan and Steridose operate in our Health & Science Technologies segment. Velcora was acquired for cash consideration of $87.2 million and the assumption of $51.1 million of debt. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $86.6 million and $48.2 million, respectively. The goodwill is not deductible for tax purposes.

The Company finalized the allocation of the purchase price for the Velcora 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.

The final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:


(In thousands)	Total
Current assets, net of cash acquired	$	20,248
Property, plant and equipment	1,656
Goodwill	86,613
Intangible assets	48,183
Other noncurrent assets	788
Total assets acquired	157,488
Current liabilities	(7,630)
Long-term borrowings	(51,130)
Deferred income taxes	(11,094)
Other noncurrent liabilities	(454)
Net assets acquired	$	87,180

Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisitions reflects the strategic fit, revenue and earnings growth potential of these businesses.

The acquired intangible assets and weighted average amortization periods are as follows:


(In thousands, except weighted average life)	Total		Weighted Average Life
Trade names	$	7,089	15

Customer relationships	34,677		12
Unpatented technology	6,417		9
Acquired intangible assets	$	48,183

On September 3, 2019, the Company settled the debt assumed in the Velcora acquisition and incurred a loss on early retirement of $0.7 million which was recorded in Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2019.

The Company incurred $1.7 million of acquisition-related transaction costs in 2019. 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. The Company also incurred a $3.3 million fair value inventory step-up charge associated with the completed 2019 acquisition in the year ended December 31, 2019. This charge was recorded in Cost of sales.

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 & Science 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 was 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 $12.4 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.

In the third quarter of 2019, the Company finalized its allocation of the purchase price for the FLI acquisition 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. In March 2020, the Company and the seller reached an agreement to settle the contingent consideration associated with the acquisition of FLI for $3.0 million, which was paid in April 2020.

The Company incurred $3.0 million of acquisition-related transaction costs in 2018. 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.

Divestitures

The Company periodically reviews its operations for businesses which may no longer be aligned with its strategic objectives and focuses on core business and customers. Any resulting gain or loss recognized due to divestitures is recorded within Loss (gain) on sale of businesses - net within Selling, general and administrative expenses.

On December 28, 2020, the Company completed the sale of its Avery Hardoll product line for $0.5 million in cash, resulting in a pre-tax loss on the sale of $0.4 million. The Company recorded $0.3 million of income tax benefit associated with this transaction during the year ended December 31, 2020. The results of Avery Hardoll were reported within the Fluid & Metering Technologies segment and generated $1.2 million of revenues in 2020 through the date of sale. The Company concluded that this divestiture did not meet the criteria for reporting discontinued operations. There were no divestitures that took place during the years ended December 31, 2019 and 2018.

Joint Venture	12 Months Ended
Joint Venture	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Joint Venture	Joint VentureOn May 12, 2020, a subsidiary of IDEX entered into a joint venture agreement with a third party to form a limited liability company (the “Joint Venture”) that will manufacture and sell high performance elastomer seals for the oil and gas industry to customers within the Kingdom of Saudi Arabia as well as export these high performance elastomer seals outside of the Kingdom of Saudi Arabia. The Joint Venture will be headquartered in Damman, Saudi Arabia and will operate in our Sealing Solutions platform within the Health & Science Technologies segment. In the fourth quarter of 2020, the Company contributed $147 thousand and owns 55% of the share capital while the third party partner contributed $120 thousand and owns 45% of the share capital. As of December 31, 2020, the Joint Venture had not yet begun its operations. Since we control the entity, we have consolidated the Joint Venture and recorded a noncontrolling interest in our consolidated financial statements.

Balance Sheet Components

12 Months Ended

Dec. 31, 2020

Additional Financial Information Disclosure [Abstract]

Balance Sheet Components


	December 31,
	2020		2019
	(In thousands)
RECEIVABLES
Customers	$	288,288	$	298,118
Other	10,949		6,415
Total	299,237		304,533
Less allowance for doubtful accounts	6,091		6,347
Total receivables - net	$	293,146	$	298,186
INVENTORIES
Raw materials and components parts	$	173,248	$	182,382
Work in process	29,436		28,761
Finished goods	87,226		82,324
Total inventories	$	289,910	$	293,467
PROPERTY, PLANT AND EQUIPMENT
Land and improvements	$	33,705	$	32,240
Buildings and improvements	192,428		187,301
Machinery, equipment and other	430,423		397,498
Office and transportation equipment	95,549		95,759
Construction in progress	28,704		24,546
Total	780,809		737,344
Less accumulated depreciation and amortization	482,536		457,028
Total property, plant and equipment - net	$	298,273	$	280,316
ACCRUED EXPENSES
Payroll and related items	$	75,238	$	77,556
Management incentive compensation	15,763		14,408
Income taxes payable	13,453		9,905

Insurance	11,115		8,240
Warranty	7,394		5,581
Deferred revenue	28,374		17,633
Lease liability	16,721		15,235
Restructuring	3,868		6,110
Liability for uncertain tax positions	—		890
Accrued interest	3,592		1,735
Contingent consideration for acquisition	—		3,375
Other	33,310		19,622
Total accrued expenses	$	208,828	$	180,290
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	$	99,417	$	87,478
Transition tax payable	14,208		11,292
Liability for uncertain tax positions	1,071		3,008
Deferred revenue	30,354		2,129

Lease liability	94,250		69,928

Other	27,497		23,533
Total other noncurrent liabilities	$	266,797	$	197,368

The valuation and qualifying account activity for the years ended December 31, 2020, 2019 and 2018 is as follows:


	2020		2019		2018
	(In thousands)
ALLOWANCE FOR DOUBTFUL ACCOUNTS (1)
Beginning balance January 1	$	6,347	$	6,709	$	7,764
Charged to costs and expenses, net of recoveries	34		1,181		290
Utilization	(525)		(1,443)		(1,396)
Currency translation and other	235		(100)		51
Ending balance December 31	$	6,091	$	6,347	$	6,709

(1) Includes provision for doubtful accounts.

Revenue

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

IDEX is an applied solutions company specializing in the manufacture of fluid and metering technologies, health and science technologies and fire, safety and other diversified products built to customers’ specifications. The Company’s products include industrial pumps, provers, compressors, flow meters, injectors, 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, optical filters and specialty medical equipment and devices for use in life science applications; precision-engineered equipment for dispensing, metering and mixing paints; and engineered products for industrial and commercial markets, including fire and rescue, transportation equipment, oil and gas, electronics and communications.

Revenue is recognized when control of products or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those products or providing those services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. We determine the appropriate revenue recognition for our contracts with customers by analyzing the type, terms and conditions of each contract or arrangement with a customer.

Disaggregation of Revenue

We have a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. We disaggregate our revenue from contracts with customers by reporting unit and geographical region for each of our segments as we believe it best depicts how the amount, nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenue was attributed to geographical region based on the location of the customer. The following tables present our revenue disaggregated by reporting unit and geographical region.

Revenue by reporting unit for the years ended December 31, 2020, 2019 and 2018 was as follows:


	For the Year Ended December 31,
	2020		2019		2018
	(In thousands)
Energy	$	199,980	$	164,825	$	163,996
Valves	107,833		118,333		113,136
Water	236,080		250,589		251,020
Pumps	265,281		331,098		324,222
Agriculture	87,130		92,183		99,178
Intersegment elimination	(830)		(505)		(277)
Fluid & Metering Technologies	895,474		956,523		951,275
Scientific Fluidics & Optics	415,827		434,623		417,859
Sealing Solutions	207,623		200,495		200,316
Gast	122,875		133,471		126,787
Micropump	29,637		32,216		36,827
Material Processing Technologies	120,000		113,641		114,630
Intersegment elimination	(2,609)		(1,823)		(449)
Health & Science Technologies	893,353		912,623		895,970
Fire & Safety	376,320		403,949		396,926
BAND-IT	88,065		106,624		105,785
Dispensing	98,466		116,197		134,317
Intersegment elimination	(32)		(1,343)		(607)
Fire & Safety/Diversified Products	562,819		625,427		636,421
Total net sales	$	2,351,646	$	2,494,573	$	2,483,666

Revenue by geographical region for the years ended December 31, 2020, 2019 and 2018 was as follows:


	For the Year Ended December 31, 2020
	FMT		HST		FSDP		IDEX
	(In thousands)
U.S.	$	505,757	$	387,652	$	269,899	$	1,163,308
North America, excluding U.S.	52,822		21,319		23,202		97,343
Europe	174,945		249,793		149,180		573,918
Asia	109,089		221,139		94,223		424,451
Other (1)	53,691		16,059		26,347		96,097
Intersegment elimination	(830)		(2,609)		(32)		(3,471)
Total net sales	$	895,474	$	893,353	$	562,819	$	2,351,646


	For the Year Ended December 31, 2019
	FMT		HST		FSDP		IDEX
	(In thousands)
U.S.	$	541,994	$	411,680	$	303,579	$	1,257,253
North America, excluding U.S.	58,256		21,735		26,328		106,319
Europe	170,698		263,523		159,184		593,405
Asia	125,031		201,765		103,379		430,175
Other (1)	61,049		15,743		34,300		111,092
Intersegment elimination	(505)		(1,823)		(1,343)		(3,671)
Total net sales	$	956,523	$	912,623	$	625,427	$	2,494,573


	For the Year Ended December 31, 2018
	FMT		HST		FSDP		IDEX
	(In thousands)
U.S.	$	540,697	$	392,140	$	297,717	$	1,230,554
North America, excluding U.S.	57,917		18,770		28,779		105,466
Europe	172,630		278,634		164,307		615,571
Asia	119,822		189,342		111,169		420,333
Other (1)	60,486		17,533		35,056		113,075
Intersegment elimination	(277)		(449)		(607)		(1,333)
Total net sales	$	951,275	$	895,970	$	636,421	$	2,483,666

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

Contract Balances

The timing of revenue recognition, billings and cash collections can result in customer receivables, advance payments or billings in excess of revenue recognized. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables - net on our Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to invoice in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Customer receivables are recorded at face amount less an allowance for doubtful accounts. The Company maintains an

allowance for doubtful accounts for expected losses as a result of customers’ inability to make required payments. Management evaluates the aging of customer receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of customer receivables that may not be collected in the future and records the appropriate provision.

The composition of Customer receivables was as follows:


	December 31, 2020		December 31, 2019
	(In thousands)
Billed receivables	$	273,536	$	286,196
Unbilled receivables	14,752		11,922
Total customer receivables	$	288,288	$	298,118

Advance payments, deposits and billings in excess of revenue recognized are included in Deferred revenue which is classified as current or noncurrent based on the timing of when we expect to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on our Consolidated Balance Sheets. Advance payments and deposits represent contract liabilities and are recorded when customers remit contractual cash payments in advance of us satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. We generally receive advance payments from customers related to maintenance services which we recognize ratably over the service term. We also receive deposits from customers on certain orders on which we will recognize as revenue at a point in time in the future. Billings in excess of revenue recognized represent contract liabilities and primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and revenue cannot yet be recognized as the Company has not completed the corresponding performance obligation. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied.

The composition of Deferred revenue was as follows:


	December 31, 2020		December 31, 2019
	(In thousands)
Deferred revenue - current	$	28,374	$	17,633
Deferred revenue - noncurrent	30,354		2,129
Total deferred revenue	$	58,728	$	19,762

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. A contract’s transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For our contracts that require complex design, manufacturing and installation activities, certain performance obligations may not be separately identifiable from other performance obligations in the contract and, therefore, not distinct. As a result, the entire contract is accounted for as a single performance obligation. For our contracts that include distinct products or services that are substantially the same and have the same pattern of transfer to the customer over time, they are recognized as a series of distinct products or services. Certain of our contracts have multiple performance obligations for which we allocate the transaction price to each performance obligation using an estimate of the standalone selling price of each distinct product or service in the contract. For product sales, each product sold to a customer generally represents a distinct performance obligation. In such cases, the observable standalone sales are used to determine the standalone selling price. In certain cases, we may be required to estimate standalone selling price using the expected cost plus margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct product or service.

Our performance obligations are satisfied at a point in time or over time as work progresses. Performance obligations are supported by contracts with customers that provide a framework for the nature of the distinct product or service or bundle of products and services. We define service revenue as revenue from activities that are not associated with the design, development or manufacture of a product or the delivery of a software license.

Revenue from products and services transferred to customers at a point in time approximated 95% of total revenues in each of the years ended December 31, 2020, 2019 and 2018. Revenue on these contracts is recognized when obligations under the

terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms.

Revenue from products and services transferred to customers over time approximated 5% of total revenues in each of the years ended December 31, 2020, 2019 and 2018. Revenue earned by certain business units within the Water, Energy, Material Processing Technologies (“MPT”) and Dispensing reporting units is recognized over time because control transfers continuously to our customers. When accounting for over-time contracts, we use an input measure to determine the extent of progress towards completion of the performance obligation. For certain business units within the Water, Energy and MPT reporting units, revenue is recognized over time as work is performed based on the relationship between actual costs incurred to date for each contract and the total estimated costs for such contract at completion of the performance obligation (i.e. the cost-to-cost method). We believe this measure of progress best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Incurred cost represents work performed, which corresponds with the transfer of control to the customer. Contract costs include labor, material and overhead. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. For certain business units within the Energy and Dispensing reporting units, revenue is recognized ratably over the contract term.

As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our estimates regularly. 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. Such revisions to costs and income are recognized in the period in which the revisions are determined as a cumulative catch-up adjustment. The impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize provisions for estimated losses on incomplete contracts in the period in which such losses are determined.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for 2020 and 2019, by reportable business segment, were as follows:


	FMT		HST		FSDP		Total
	(In thousands)
Goodwill	$	601,762	$	895,177	$	401,647	$	1,898,586
Accumulated goodwill impairment losses	(20,721)		(149,820)		(30,090)		(200,631)
Balance at January 1, 2019	581,041		745,357		371,557		1,697,955
Foreign currency translation	(2,116)		476		(2,509)		(4,149)
Acquisitions	—		85,939		—		85,939


Balance at December 31, 2019	578,925		831,772		369,048		1,779,745
Foreign currency translation	10,365		29,058		13,125		52,548
Acquisitions	60,431		—		1,052		61,483

Acquisition adjustments	—		1,798		—		1,798
Balance at December 31, 2020	$	649,721	$	862,628	$	383,225	$	1,895,574

ASC 350, Goodwill and Other Intangible Assets, 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. In 2020 and 2019, there were no events or circumstances that would have required an interim impairment test. 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, 2020, the Company’s annual impairment test date. In assessing the fair value of the reporting units, the Company considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is determined by the respective trailing 12 month EBITDA and the forward looking 2021 EBITDA (50% each), based on multiples of comparable public companies. The market approach is dependent on a number of significant management assumptions including forecasted EBITDA and selected market multiples. Under the income approach, the fair value of the reporting unit is determined based on the present value of estimated future cash flows. The income approach is dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, net working capital requirements, long-term growth rates and discount rates. Weighting was equally attributed to both the market and the income approaches (50% each) in arriving at the fair value of the reporting units.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2020 and 2019:


	At December 31, 2020							At December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
			(In thousands)							(In thousands)
Amortized intangible assets:
Patents	$	3,030	$	(1,740)	$	1,290	10	$	6,678	$	(5,276)	$	1,402
Trade names	130,793		(72,685)		58,108		16	123,062		(64,938)		58,124
Customer relationships	318,350		(120,294)		198,056		13	275,575		(96,252)		179,323

Unpatented technology	122,287		(55,131)		67,156		13	101,721		(43,561)		58,160
Other	700		(647)		53		10	700		(578)		122
Total amortized intangible assets	575,160		(250,497)		324,663			507,736		(210,605)		297,131
Indefinite-lived intangible assets:
Banjo trade name	62,100		—		62,100			62,100		—		62,100
Akron Brass trade name	28,800		—		28,800			28,800		—		28,800
Total intangible assets	$	666,060	$	(250,497)	$	415,563		$	598,636	$	(210,605)	$	388,031

On June 22, 2018, the Company acquired the intellectual property assets of Phantom Controls (“Phantom”) for cash consideration of $4.0 million. The operational capabilities and innovative pump operation of Phantom’s technology complements our existing water-flow expertise of Hale, Akron Brass and Class 1 to improve fire ground safety and reduce operational complexity during mission critical response. This acquisition of intellectual property assets did not meet the definition of a business under ASU 2017-01 and thus the Company recorded the entire purchase price to the Unpatented technology class of intangible assets on the Consolidated Balance Sheets.

The Banjo trade name and the Akron Brass trade name are indefinite-lived intangible assets which are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. The Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of these trade names. The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates.

In 2020, the COVID-19 outbreak resulted in government lockdown mandates globally that forced us to both reduce hours and temporarily close some facilities at the beginning of the pandemic. These events required that an interim impairment test be performed on the definite-lived intangible assets at one of the Company’s businesses. The impairment test did not result in an impairment charge.

of $6.1 million related to customer relationships and $1.0 million related to unpatented technology. This charge was recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. See Note 15 for further discussion.

Amortization of intangible assets was $41.8 million, $37.3 million and $38.5 million in 2020, 2019 and 2018, respectively. Based on the intangible asset balances as of December 31, 2020, amortization expense is expected to approximate $42.9 million in 2021, $42.0 million in 2022, $38.6 million in 2023, $36.8 million in 2024 and $35.1 million in 2025.

Borrowings

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Borrowings

Borrowings at December 31, 2020 and 2019 consisted of the following:


	2020		2019
	(In thousands)
Revolving Facility	$	—	$	—
4.50% Senior Notes, due December 2020	—		300,000
4.20% Senior Notes, due December 2021	350,000		350,000
3.20% Senior Notes, due June 2023	100,000		100,000
3.37% Senior Notes, due June 2025	100,000		100,000
3.00% Senior Notes, due May 2030	500,000		—
Other borrowings	215		622
Total borrowings	1,050,215		850,622
Less current portion	88		388
Less deferred debt issuance costs	4,824		983
Less unaccreted debt discount	949		387
Long-term borrowings	$	1,044,354	$	848,864

On April 29, 2020, the Company completed a public offering of $500.0 million in aggregate principal amount of 3.0% Senior Notes due 2030 (the “3.0% Senior Notes”). The net proceeds from the offering were approximately $494.4 million, after deducting the issuance discount of $0.9 million, the underwriting commission of $3.3 million and offering expenses of $1.4 million. The net proceeds were used to redeem and repay the $300.0 million aggregate principal amount outstanding of its 4.5% Senior Notes due December 15, 2020 and the related accrued interest and a make-whole redemption premium, with the balance used for general corporate purposes. The 3.0% Senior Notes bear interest at a rate of 3.0% per annum, which is payable semi-annually in arrears on May 1 and November 1 of each year. The 3.0% Senior Notes mature on May 1, 2030.

The Company may redeem all or a portion of the 3.0% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture (“Indenture”) governing the 3.0% Senior Notes. The Indenture and 3.0% 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 of the Company’s assets. The terms of the 3.0% Senior Notes also require the Company to make an offer to repurchase the 3.0% Senior Notes upon a change of control triggering event (as defined in the Indenture) at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any. The Indenture also provides for customary events of default, which include nonpayment, breach of covenants in the Indenture and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the Trustee or holders of at least 25% of the then outstanding 3.0% Senior Notes may declare the principal amount of all of the 3.0% Senior Notes to be due and payable immediately.

On April 27, 2020, the Company provided notice of its election to redeem early, on May 27, 2020, the $300.0 million aggregate principal amount outstanding of its 4.5% Senior Notes at a redemption price of $300.0 million plus a make-whole redemption premium of $6.8 million and accrued and unpaid interest of $6.1 million using proceeds from the Company’s 3.0% Senior Notes. In addition, the Company recognized the remaining $1.4 million of the pre-tax amount included in Accumulated other comprehensive income (loss) in shareholders’ equity related to the interest rate exchange agreement associated with the 4.5% Senior Notes and wrote off the remaining $0.1 million of deferred issuance costs and $0.1 million of the debt issuance discount associated with the 4.5% Senior Notes for a total loss on early debt redemption of $8.4 million which was recorded within Other (income) expense - net in the Consolidated Statements of Operations.

On May 31, 2019, the Company entered into a credit agreement (the “Credit Agreement”) along with certain of its subsidiaries, as borrowers (the “Borrowers”), Bank of America, N.A., as administrative agent, swing line lender and an issuer

of letters of credit, with other agents party thereto. The Credit Agreement replaced the Company’s prior five-year $700 million credit agreement, dated as of June 23, 2015, which was due to expire in June 2020.

The Credit Agreement consists of a revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of $800 million, with a final maturity date of May 31, 2024. The maturity date may be extended under certain conditions for an additional one-year term. Up to $75 million of the Revolving Facility is available for the issuance of letters of credit. Additionally, up to $50 million of the Revolving Facility is available to the Company for swing line loans, available on a same-day basis.

Proceeds of the Revolving Facility are available for use by the Borrowers for acquisitions, working capital and other general corporate purposes, including refinancing existing debt of the Company and its subsidiaries. The Company may request increases in the lending commitments under the Credit Agreement, but the aggregate lending commitments pursuant to such increases may not exceed $400 million. The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain foreign subsidiaries of the Company as borrowers under the Credit Agreement. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries under the Credit Agreement.

Borrowings under the Credit Agreement bear interest at either an alternate base rate or adjusted LIBOR plus, in each case, an applicable margin. Such applicable margin is based on the lower of the Company’s senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio and can range from 0.00% to 1.275%. Based on the Company’s leverage ratio at December 31, 2020, the applicable margin was 1.00%, resulting in a weighted average interest rate of 1.24% for the year ended December 31, 2020. Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of LIBOR loans, on the last day of the applicable interest period selected, or every three months from the effective date of such interest period for interest periods exceeding three months.

The Credit Agreement requires payment to the lenders of a facility fee based upon the amount of the lenders’ commitments under the credit facility from time to time, determined based on the lower of the Company’s senior, unsecured long-term debt rating or the Company’s applicable leverage ratio. Voluntary prepayments of any loans and voluntary reductions of the unutilized portion of the commitments under the Credit Agreement are permissible without penalty, subject to break funding payments and minimum notice and minimum reduction amount requirements.

The Credit Agreement contains customary affirmative and negative covenants for senior unsecured credit agreements. There are two key financial covenants that the Company is required to maintain in connection with the Credit Agreement and the Notes, a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1, which is the ratio of the Company’s consolidated total debt to its consolidated earnings before interest, income taxes, depreciation and amortization (“EBITDA”), both of which are tested quarterly and in the case of the leverage ratio under the Revolving Facility, there is an option to increase the ratio to 4.00 for 12 months in connection with certain acquisitions. At December 31, 2020, the Company was in compliance with each financial covenant under Credit Agreement and the Notes. There are no financial covenants relating to the 3.0% Senior Notes or 4.2% Senior Notes; however, both are subject to cross-default provisions. The negative covenants include restrictions on the Company’s ability to grant liens, enter into transactions resulting in fundamental changes (such as mergers or sales of all or substantially all of the assets of the Company), make certain subsidiary dividends or distributions, engage in materially different lines of businesses and allow subsidiaries to incur certain additional debt.

The Credit Agreement also contains customary events of default (subject to grace periods, as appropriate).

At December 31, 2020, there was no balance outstanding under the Revolving Facility and $7.2 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility at December 31, 2020 of approximately $792.8 million.

On June 13, 2016, the Company completed a private placement of a $100 million aggregate principal amount of 3.20% Senior Notes due June 13, 2023 and a $100 million aggregate principal amount of 3.37% Senior Notes due June 13, 2025 (collectively, the “Notes”) pursuant to a Note Purchase Agreement dated June 13, 2016 (the “Purchase Agreement”). Each series of Notes bears interest at the stated amount per annum, which is payable semi-annually in arrears on each June 13th and December 13th. The Notes are unsecured obligations of the Company and rank pari passu in right of payment with all of the Company’s other unsecured, unsubordinated debt. The Company may at any time prepay all, or any portion of the Notes, provided that such portion is greater than 5% of the aggregate principal amount of the Notes then outstanding. In the event of a prepayment, the Company will pay an amount equal to par plus accrued interest plus a make-whole amount. In addition, the Company may repurchase the Notes by making an offer to all holders of the Notes, subject to certain conditions.

The Purchase Agreement contains certain covenants that restrict the Company’s ability to, among other things, transfer or sell assets, incur indebtedness, create liens, transact with affiliates and engage in certain mergers or consolidations or other change of control transactions. In addition, the Company must comply with a leverage ratio and interest coverage ratio, as further described below, and the Purchase Agreement also limits the outstanding principal amount of priority debt that may be incurred by the Company to 15% of consolidated assets. 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 of the outstanding Notes will become due and payable immediately without further action or notice. In the case of payment event of default, any holder of the Notes affected thereby may declare all of the Notes held by it due and payable immediately. In the case of any other event of default, a majority of the holders of the Notes may declare all of the Notes to be due and payable immediately.

On December 9, 2011, the Company completed a public offering of $350.0 million 4.2% senior notes due December 15, 2021 (“4.2% Senior Notes”). The net proceeds from the offering of $346.2 million, after deducting a $0.9 million issuance discount, a $2.3 million underwriting commission and $0.6 million of offering expenses, were used to repay $306.0 million of outstanding bank indebtedness, with the balance used for general corporate purposes. The 4.2% Senior Notes bear interest at a rate of 4.2% per annum, which is payable semi-annually in arrears on each June 15th and December 15th. The Company may redeem all or a portion of the 4.2% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture governing the 4.2% Senior Notes. The Company may issue additional debt from time to time pursuant to the Indenture. The Indenture and 4.2% 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 of the Company’s assets. The terms of the 4.2% Senior Notes also require the Company to make an offer to repurchase the 4.2% 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.

As of December 31, 2020, the $350.0 million 4.2% Senior Notes are due in December 2021 but have not been classified as short-term borrowings on the Consolidated Balance Sheets as the Company has the ability and intent to either refinance or repay the Notes using the available borrowing capacity of the Revolving Facility. As a result, the 4.2% Senior Notes remain classified as long-term borrowings in the Consolidated Balance Sheets as of December 31, 2020.

Total borrowings at December 31, 2020 have scheduled maturities as follows:


(In thousands)
2021	$	350,088
2022	—
2023	100,000
2024	—
2025	100,127
Thereafter	500,000
Total borrowings	$	1,050,215

Derivative Instruments	12 Months Ended
Derivative Instruments	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company enters into cash flow hedges from time to time to reduce the exposure to variability in certain expected future cash flows. The types of cash flow hedges the Company enters into include foreign currency exchange contracts designed to minimize the earnings impact on certain intercompany loans as well as interest rate exchange agreements designed to reduce the impact of interest rate changes on future interest expense that effectively convert a portion of floating-rate debt to fixed-rate debt. 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 in net income during the period of change. See Note 17 for the amount of loss reclassified into net income for interest rate contracts for the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, the Company did not have any interest rate contracts outstanding. On April 15, 2010, the Company entered into a forward starting interest rate contract with a notional amount of $300.0 million and a settlement date in December 2010. This contract was entered into in anticipation of the issuance of the 4.5% Senior Notes and was designed to lock in the market interest rate as of April 15, 2010. In December 2010, the Company settled and paid this interest rate contract for $31.0 million. The $31.0 million was being amortized into interest expense over the 10 year term of the 4.5% Senior Notes, which results in an effective interest rate of 5.8%. In conjunction with the early redemption of the 4.5% Senior Notes on May 27, 2020, the Company accelerated the recognition of the remaining $1.4 million of the pre-tax amount included in Accumulated other comprehensive income (loss) in shareholders’ equity related to the 4.5% Senior Notes and recorded such as Other (income) expense - net during the year ended December 31, 2020 in the Consolidated Statements of Operations. On July 12, 2011, the Company entered into a forward starting interest rate contract with a notional amount of $350.0 million and a settlement date of September 30, 2011. This contract was entered into in anticipation of the issuance of the 4.2% Senior Notes and was designed to lock in the market interest rate as of July 12, 2011. On September 29, 2011, the Company settled this interest rate contract for $34.7 million with a payment made on October 3, 2011. Simultaneously, the Company entered into a separate interest rate contract with a notional amount of $350.0 million and a settlement date of February 28, 2012. The contract was entered into in anticipation of the expected issuance of the 4.2% Senior Notes and was designed to maintain the market rate as of July 12, 2011. In December 2011, the Company settled and paid the September interest rate contract for $4.0 million, resulting in a total settlement of $38.7 million. Of the $38.7 million, $0.8 million was recognized as other expense in 2011 and the balance of $37.9 million is being amortized into interest expense over the 10 year term of the 4.2% Senior Notes, which results in an effective interest rate of 5.3%. The amount of expense reclassified into interest expense for interest rate contracts for the years ended December 31, 2020, 2019 and 2018 is $6.0 million, $6.3 million and $6.5 million, respectively. The remaining $2.5 million included in Accumulated other comprehensive income (loss) in shareholders’ equity at December 31, 2020 will be recognized in net income over the next 12 months as the underlying hedged transaction is realized. At March 31, 2018, the Company had outstanding foreign currency exchange contracts with a combined notional value of €180 million that were not designated as hedges for accounting purposes and, as a result, the change in the fair value of these foreign currency exchange contracts and the corresponding foreign currency gain or loss on the revaluation of the intercompany loans were both recorded through earnings within Other (income) expense - net in the Consolidated Statements of Operations each period as incurred. In April 2018, the Company settled its outstanding foreign currency exchange contracts in conjunction with its repayment of the underlying intercompany loans and did not extend these foreign currency exchange contracts. Along with the repayment of the intercompany loans, the Company was required to make a capital contribution to one of its subsidiaries, which resulted in a $2.2 million stamp duty in Switzerland which was recorded within Selling, general and administrative expenses in the Consolidated Statements of Operations. As a result of the foreign currency exchange contracts being settled in April 2018, the Company received $6.6 million of proceeds. During the year ended December 31, 2018, the Company recorded a gain of $0.9 million within Other (income) expense - net in the Consolidated Statements of Operations related to these foreign currency exchange contracts. During the year ended December 31, 2018, the Company recorded a foreign currency transaction loss of $0.9 million within Other (income) expense - net in the Consolidated Statements of Operations related to these intercompany loans. 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.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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 sheets at December 31, 2020 and 2019:


	Basis of Fair Value Measurements
	Balance at December 31, 2020		Level 1		Level 2		Level 3
	(In thousands)

Available for sale securities	$	13,554	$	13,554	$	—	$	—


	Basis of Fair Value Measurements
	Balance at December 31, 2019		Level 1		Level 2		Level 3
	(In thousands)

Available for sale securities	$	10,462	$	10,462	$	—	$	—

Contingent consideration	3,375		—		—		3,375

There were no transfers of assets or liabilities between Level 1 and Level 2 in 2020 or 2019.

As of December 31, 2019, the Company utilized a Monte Carlo simulation to determine the fair value of the contingent consideration associated with the acquisition of FLI as of the acquisition date. The $3.4 million represented management’s best estimate of the liability based on a range of FLI’s two-year operating results from August 1, 2018 to July 31, 2020. In March 2020, the Company and the seller reached an agreement to settle the contingent consideration for $3.0 million, which was paid in April 2020.

The carrying values 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, 2020, the fair value of the outstanding indebtedness under our 3.0% Senior Notes, 3.2% Senior Notes, 3.37% Senior Notes, 4.2% Senior Notes and other borrowings based on quoted market prices and current market rates for debt with similar credit risk and maturity was approximately $1,127.6 million compared to the carrying value of $1,049.3 million. At December 31, 2019, the fair value of the outstanding indebtedness under our 3.2% Senior Notes, 3.37% Senior Notes, 4.5% Senior Notes, 4.2% Senior Notes and other borrowings based on quoted market prices and current market rates for debt with similar credit risk and maturity was approximately $876.0 million compared to the carrying value of $850.2 million. These fair value measurements are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions to entities with a credit rating similar to ours.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial 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 entity 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 risks 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

Leases

12 Months Ended

Dec. 31, 2020

Lessee Disclosure [Abstract]

Leases

The Company leases certain office facilities, warehouses, manufacturing plants, equipment (which includes both office and plant equipment) and vehicles under operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

Certain leases include one or more options to renew. The exercise of lease renewal options is at the Company’s sole discretion. There are currently no renewal periods included in any of the leases’ respective lease terms as they are not reasonably certain of being exercised. The Company does not have any material purchase options.

Certain of our lease agreements have rental payments that are adjusted periodically for inflation or that are based on usage. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 was as follows:


	Balance Sheet Caption	December 31, 2020		December 31, 2019
		(In thousands)
Operating leases:
Building right-of-use assets - net	Other noncurrent assets	$	100,775	$	75,381
Equipment right-of-use assets - net	Other noncurrent assets	5,811		6,993
Total right-of-use assets - net		$	106,586	$	82,374
Operating leases:
Current lease liabilities	Accrued expenses	$	16,721	$	15,235
Noncurrent lease liabilities	Other noncurrent liabilities	94,250		69,928
Total lease liabilities		$	110,971	$	85,163

In the fourth quarter of 2020, the Company consolidated certain facilities within the FMT segment, which resulted in an impairment charge of $0.9 million related to a building right-of-use asset that was exited early. The Company also relocated its corporate office, which resulted in an impairment charge of $0.4 million related to a building right-of-use asset that was exited early.

In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on its long-lived assets, which resulted in an impairment charge of $0.6 million related to its building right-of-use asset. In the fourth quarter of 2019, the Company completed the consolidation of one of its facilities in the HST segment into the Optics Center of Excellence in Rochester, New York, which also resulted in an impairment charge of $0.4 million related to its building right-of-use asset. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. See Note 15 for further discussion.

As part of the adoption of the new lease standard in 2019, the Company derecognized its liability for the construction of a new leased facility that was recorded in Other noncurrent liabilities on the Consolidated Balance Sheets and recorded it as a right of use asset in Other noncurrent assets on the Consolidated Balance Sheets with a corresponding lease liability in Accrued expenses and Other noncurrent liabilities on the Consolidated Balance Sheets.

The components of lease cost for the years ended December 31, 2020 and 2019 were as follows:


	December 31, 2020		December 31, 2019
	(In thousands)
Operating lease cost (1)	$	29,451	$	23,080
Variable lease cost	1,939		2,265
Total lease expense	$	31,390	$	25,345

(1) Includes short-term leases, which are immaterial.

Rental expense totaled $21.8 million in 2018.

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 was as follows:


	December 31, 2020		December 31, 2019
	(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	28,673	$	22,888
Right-of-use assets obtained in exchange for new operating lease liabilities	40,432		25,878

Other supplemental information related to leases as of December 31, 2020 and 2019 was as follows:


Lease Term and Discount Rate	December 31, 2020		December 31, 2019
Weighted-average remaining lease term (years):
Operating leases - building and equipment	9.43		9.61
Operating leases - vehicles	2.01		1.92
Weighted-average discount rate:
Operating leases - building and equipment	3.51	%	4.08	%
Operating leases - vehicles	2.05	%	2.99	%

The Company uses its incremental borrowing rate to determine the present value of the lease payments.

Total lease liabilities at December 31, 2020 have scheduled maturities as follows:


Maturity of Lease Liabilities	Operating Leases
	(In thousands)
2021	$	19,717
2022	17,014
2023	13,662
2024	11,681
2025	11,141
Thereafter	57,570
Total lease payments	130,785
Less: Imputed interest	(19,814)
Present value of lease liabilities	$	110,971

Total lease liabilities at December 31, 2019 had scheduled maturities as follows:


Maturity of Lease Liabilities	Operating Leases
	(In thousands)
2020	$	18,449
2021	15,070
2022	10,647
2023	8,894
2024	7,037
Thereafter	44,284
Total lease payments	$	104,381
Less: Imputed interest	$	(19,218)
Present value of lease liabilities	$	85,163

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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


	2020		2019		2018
	(In thousands)
Beginning balance at January 1	$	5,581	$	5,303	$	6,281
Provision for warranties	3,001		3,438		2,334
Claim settlements	(2,676)		(3,115)		(2,981)
Other adjustments, including acquisitions, divestitures and currency translation	1,488		(45)		(331)
Ending balance at December 31	$	7,394	$	5,581	$	5,303

The Company and certain of its subsidiaries are involved in pending and threatened legal, regulatory and other proceedings arising in the ordinary course of business. These proceedings may pertain to matters such as product liability or contract disputes, and may also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters. Although the results of such legal proceedings cannot be predicted with certainty, the Company believes that the ultimate disposition of these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s business, financial condition, results of operations or cash flows.

Common and Preferred Stock	12 Months Ended
Common and Preferred Stock	Dec. 31, 2020
Equity [Abstract]
Common and Preferred Stock	Common and Preferred Stock On March 17, 2020, the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock. This approval is in addition to the prior repurchase authorizations of the Board of Directors of $300.0 million on December 1, 2015 and $400.0 million on November 6, 2014. These authorizations have no expiration date. Repurchases under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. During 2020, the Company repurchased a total of 876 thousand shares at a cost of $110.3 million, compared to 389 thousand shares repurchased at a cost of $54.7 million in 2019. As of December 31, 2020, the amount of share repurchase authorization remaining was $712.0 million. At December 31, 2020 and 2019, the Company had 150 million shares of authorized common stock, with a par value of $.01 per share, and five million shares of authorized preferred stock, with a par value of $.01 per share. No preferred stock was outstanding at December 31, 2020 and 2019.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Pretax income for 2020, 2019 and 2018 was taxed in the following jurisdictions:


	2020		2019		2018
	(In thousands)
U.S.	$	296,355	$	377,166	$	357,585
Foreign	173,985		155,737		171,354
Total	$	470,340	$	532,903	$	528,939

The provision (benefit) for income taxes for 2020, 2019 and 2018 was as follows:


	2020		2019		2018
	(In thousands)
Current
U.S.	$	29,548	$	49,819	$	67,793
State and local	4,603		9,074		8,056
Foreign	50,173		41,864		46,862
Total current	84,324		100,757		122,711
Deferred
U.S.	10,066		10,158		(5,471)
State and local	1,522		(115)		(17)
Foreign	(3,350)		(3,418)		1,143
Total deferred	8,238		6,625		(4,345)
Total provision for income taxes	$	92,562	$	107,382	$	118,366

Deferred tax assets (liabilities) at December 31, 2020 and 2019 were:


	2020		2019
	(In thousands)
Employee and retiree benefit plans	$	26,872	$	28,097
Capital loss and other carryforwards	16,316		16,035
Operating lease assets	24,705		20,036
Operating lease liabilities	(23,945)		(19,530)
Depreciation and amortization	(188,993)		(175,904)
Inventories	8,780		7,699
Allowances and accruals	7,343		7,765
Interest rate exchange agreement	745		2,113
Other	(16,946)		(14,998)
Total gross deferred tax (liabilities)	(145,123)		(128,687)
Valuation allowance	(16,316)		(16,035)
Total deferred tax (liabilities), net of valuation allowances	$	(161,439)	$	(144,722)

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019 were:


	2020		2019
	(In thousands)

Noncurrent deferred tax asset - Other noncurrent assets	$	2,424	$	1,852

Noncurrent deferred tax liabilities - Deferred income taxes	(163,863)		(146,574)
Net deferred tax liabilities	$	(161,439)	$	(144,722)

The Company had prepaid income taxes, recorded within Other current assets on the Consolidated Balance Sheets, of $20.9 million and $13.4 million as of December 31, 2020 and 2019, respectively.

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 2020, 2019 and 2018 are as follows:


	2020		2019		2018
	(In thousands)
Pretax income	$	470,340	$	532,903	$	528,939
Provision for income taxes:
Computed amount at statutory rate	$	98,771	$	111,910	$	111,077
State and local income tax (net of federal tax benefit)	5,954		8,163		8,280
Taxes on non-U.S. earnings-net of foreign tax credits	7,048		5,003		5,725
Global Intangible Low-Taxed Income	(2,731)		2,324		2,725
Foreign-Derived Intangible Income Deduction	(4,928)		(5,811)		(5,410)
Effect of flow-through entities	1,308		1,316		1,215

U.S. business tax credits	(3,163)		(3,193)		(3,056)



Share-based payments	(9,743)		(11,011)		(9,348)
Valuation allowance	70		(117)		—
Impact of Tax Act	—		(334)		10,298
Other	(24)		(868)		(3,140)
Total provision for income taxes	$	92,562	$	107,382	$	118,366

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was enacted into law as a response to the COVID-19 pandemic. The CARES Act includes various provisions including, but not limited to, changes to Federal net operating losses, expanding the applicability of the interest limitation rules under Internal Revenue Code Section 163(j) and amending the 2017 Tax Cuts and Jobs Act to provide for a 15-year recovery period for qualified improvement property. In addition to the CARES Act, on December 27, 2020, the Consolidated Appropriations Act was enacted into law which enhances and expands certain provisions of the CARES Act. The Company has determined that neither of these enacted laws have a material impact for the year ending December 31, 2020.

The Company has $28.6 million and $26.5 million of permanently reinvested earnings of non-U.S. subsidiaries as of December 31, 2020 and 2019, respectively. No deferred U.S. income taxes have been provided on the $28.6 million of permanently reinvested earnings, as these earnings are considered to be reinvested for an indefinite period of time. It should also be noted that the aforementioned earnings will not incur U.S. taxes when ultimately repatriated other than potentially U.S. state and local taxes and/or U.S. federal income taxes on foreign exchange gains or losses crystalized on the distribution of such earnings. Such distributions could also be subject to additional foreign withholding and foreign income taxes. The amount of unrecognized deferred income tax liabilities on currently permanently reinvested earnings is estimated to be $4.3 million and $5.4 million as of December 31, 2020 and 2019, respectively.

During the years ended December 31, 2020, 2019 and 2018, the Company repatriated $27.0 million, $99.0 million and $135.0 million of foreign earnings, respectively. These actual distributions resulted in no incremental income tax expense for the years ended December 31, 2020, 2019 and 2018. These repatriations represent distributions of previously taxed income as well as distributions from liquidating subsidiaries.

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2020, 2019 and 2018 is as follows:


	2020		2019		2018
	(In thousands)
Beginning balance January 1	$	3,680	$	4,070	$	2,722

Gross increases for tax positions of prior years	—		—		2,308
Gross decreases for tax positions of prior years	—		—		(229)
Settlements	(2,608)		(140)		(160)
Lapse of statute of limitations	—		(250)		(571)
Ending balance December 31	$	1,072	$	3,680	$	4,070

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2020, there was no accrued interest related to uncertain tax positions. As of December 31, 2019 and 2018, the Company had approximately $0.2 million and $0.1 million, respectively, of accrued interest related to uncertain tax positions. The Company had no accrued penalties related to uncertain tax positions during any of these years.

The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized is $1.1 million, $3.7 million and $4.1 million as of December 31, 2020, 2019 and 2018, respectively. The tax years 2015-2019 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. However, these unrecognized tax benefits are long-term in nature and are not expected to change within the next 12 months.

The Company had net operating loss and general business credit carryforwards related to prior acquisitions for U.S. federal purposes at December 31, 2020 and 2019 of $0.1 million and $0.4 million, respectively. The U.S. federal business credit carryforwards are available for use against the Company’s consolidated U.S. federal taxable income and expire between 2025 and 2028. For non-U.S. purposes, the Company had net operating loss carryforwards at December 31, 2020 and 2019 of $7.4 million and $16.5 million, respectively, the majority of which relate to acquisitions. The entire balance of the non-U.S. net operating losses is available to be carried forward indefinitely. At December 31, 2020 and 2019, the Company had U.S. state net operating loss carryforwards of approximately $14.7 million and $17.4 million, respectively. If unutilized, the U.S. state net operating loss will expire between 2033 and 2039. At December 31, 2020 and 2019, the Company recorded a valuation allowance against the deferred tax asset attributable to the U.S. state net operating loss of $0.6 million and $0.6 million, respectively.

The Company had a capital loss carryover for U.S. federal purposes at December 31, 2020 and 2019 of approximately $45.9 million and $45.6 million, respectively. U.S. federal capital loss carryovers can be carried back three years and forward five years, thus, if unutilized, the U.S. federal capital loss carryover will expire between 2021 and 2025. At December 31, 2020 and 2019, the Company recorded a valuation allowance against the deferred tax asset attributable to the U.S. federal capital loss carryover of $9.6 million and $9.6 million, respectively. At December 31, 2020 and 2019, the Company had U.S. state capital loss carryovers of $45.9 million and $62.1 million, respectively. If unutilized, the U.S. state capital loss carryovers will expire between 2021 and 2040. At December 31, 2020 and 2019, the Company recorded a valuation allowance against the deferred tax assets attributable to the U.S. state capital loss carryovers of $0.9 million and $0.8 million, respectively. At December 31, 2020 and 2019, the Company had a foreign capital loss carryforward of approximately $14.3 million and $13.8 million, respectively. The foreign capital loss can be carried forward indefinitely. At both December 31, 2020 and 2019, the Company has a full valuation allowance against the deferred tax asset attributable to the foreign capital loss.

The Company had a foreign tax credit carryover for U.S. federal purposes at December 31, 2020 and 2019 of approximately $3.3 million and $3.3 million, respectively. U.S. federal foreign tax credit carryovers can be carried back one year and forward ten years, thus, if unutilized, the U.S. federal foreign tax credit carryover will expire between 2029 and 2030. At December 31, 2020, the Company recorded a full valuation allowance against the deferred tax asset attributable to the U.S. federal foreign tax credit carryover.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Business Segments and Geographic Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Business Segments and Geographic Information

Business Segments and Geographic InformationIDEX has three reportable business segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products.

The Fluid & Metering Technologies segment designs, produces and distributes positive displacement pumps, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agriculture and energy industries.

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, custom mechanical and shaft seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment, engineered hygienic mixers and valves for the global biopharmaceutical industry, 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.


	2020		2019		2018
	(In thousands)
NET SALES
Fluid & Metering Technologies
External customers	$	895,474	$	956,523	$	951,275
Intersegment sales	830		505		277
Total segment sales	896,304		957,028		951,552
Health & Science Technologies
External customers	893,353		912,623		895,970
Intersegment sales	2,609		1,823		449
Total segment sales	895,962		914,446		896,419
Fire & Safety/Diversified Products
External customers	562,819		625,427		636,421
Intersegment sales	32		1,343		607
Total segment sales	562,851		626,770		637,028
Intersegment eliminations	(3,471)		(3,671)		(1,333)
Total net sales	$	2,351,646	$	2,494,573	$	2,483,666
OPERATING INCOME (LOSS) (1)
Fluid & Metering Technologies	$	235,011	$	285,256	$	275,060
Health & Science Technologies	206,356		200,200		205,679
Fire & Safety/Diversified Products	144,191		165,258		168,601
Corporate office and other	(64,845)		(71,711)		(80,252)
Total operating income	520,713		579,003		569,088
Interest expense	44,746		44,341		44,134
Other (income) expense - net	5,627		1,759		(3,985)
Income before taxes	$	470,340	$	532,903	$	528,939


	2020		2019		2018
	(In thousands)
ASSETS
Fluid & Metering Technologies	$	1,387,067	$	1,150,712	$	1,107,777
Health & Science Technologies	1,576,093		1,507,108		1,329,368
Fire & Safety/Diversified Products	891,864		825,398		806,075
Corporate office and other	559,374		330,694		230,637
Total assets	$	4,414,398	$	3,813,912	$	3,473,857
DEPRECIATION AND AMORTIZATION (2)
Fluid & Metering Technologies	$	25,939	$	22,152	$	22,370
Health & Science Technologies	41,778		39,721		39,939
Fire & Safety/Diversified Products	15,216		14,333		14,493
Corporate office and other	562		670		742
Total depreciation and amortization	$	83,495	$	76,876	$	77,544
CAPITAL EXPENDITURES
Fluid & Metering Technologies	$	11,924	$	17,285	$	19,541
Health & Science Technologies	27,626		22,001		26,039
Fire & Safety/Diversified Products	8,913		9,811		10,318
Corporate office and other	3,082		1,815		191
Total capital expenditures	$	51,545	$	50,912	$	56,089

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

(2)Excludes amortization of debt issuance expenses.

Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2020, 2019 and 2018 is shown below.


	2020		2019		2018
	(In thousands)
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.	$	169,159	$	165,721	$	171,111
North America, excluding U.S.	5,028		3,829		3,398
Europe	99,989		88,104		85,100
Asia	23,950		22,505		21,355
Other	147		157		256
Total long-lived assets - net	$	298,273	$	280,316	$	281,220

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Restructuring Expenses and Asset Impairments

12 Months Ended

Dec. 31, 2020

Restructuring Costs and Asset Impairment Charges [Abstract]

Restructuring Expenses and Asset Impairments

During 2020, 2019 and 2018, the Company incurred restructuring costs to facilitate long-term, sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and asset impairments. Restructuring costs include severance benefits, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Consolidated Statements of Operations. Severance costs primarily consist of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consist of lease exit and contract termination costs.

2020 Initiative

During 2020, the Company recorded pre-tax restructuring expenses and asset impairments totaling $11.8 million related to the 2020 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas, facility rationalization, contract termination costs and asset impairments. Severance payments will be substantially paid by the end of 2021 using cash from operations.

In the fourth quarter of 2020, the Company consolidated certain facilities within the FMT segment, which resulted in an impairment charge of $2.5 million, consisting of $1.6 million related to property, plant and equipment which was not relocated to the new location and $0.9 million related to a building right-of-use asset that was exited early. The Company also relocated its corporate office, which resulted in an impairment charge of $0.6 million, consisting of $0.2 million related to property, plant and equipment which was not relocated to the new location and $0.4 million related to a building right-of-use asset that was exited early.

Pre-tax restructuring expenses and asset impairments by segment for the 2020 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
	(In thousands)
Fluid & Metering Technologies	$	2,939	$	165	$	2,476	$	5,580
Health & Science Technologies	2,742		—		—		2,742
Fire & Safety/Diversified Products	2,524		—		—		2,524
Corporate/Other	319		—		611		930
Total restructuring costs	$	8,524	$	165	$	3,087	$	11,776

2019 Initiative

During 2019, the Company recorded pre-tax restructuring expenses and asset impairments totaling $21.0 million related to the 2019 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas, facility rationalization, contract termination costs and asset impairments. Severance payments were substantially paid by the end of 2020 using cash from operations.

In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible and intangible assets of the business, which resulted in an impairment charge of $9.7 million, consisting of $6.1 million related to a customer relationships intangible asset, $1.0 million related to an unpatented technology intangible asset, $2.0 million related to property, plant and equipment and $0.6 million related to a building right-of-use asset. In the fourth quarter of 2019, the Company also consolidated one of its facilities into the Optics Center of Excellence in Rochester, New York, which resulted in an impairment charge of $0.4 million related to a building right-of-use asset. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations.

Pre-tax restructuring expenses and asset impairments by segment for the 2019 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
	(In thousands)
Fluid & Metering Technologies	$	2,879	$	—	$	—	$	2,879
Health & Science Technologies	3,000		1,094		10,155		14,249
Fire & Safety/Diversified Products	1,364		—		—		1,364
Corporate/Other	2,552		—		—		2,552
Total restructuring costs	$	9,795	$	1,094	$	10,155	$	21,044

2018 Initiative

During 2018, the Company recorded pre-tax restructuring expenses and asset impairments totaling $12.1 million related to the 2018 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas as well as facility rationalization and contract termination costs. Severance payments were fully paid by the end of 2019 using cash from operations.

Pre-tax restructuring expenses and asset impairments by segment for the 2018 initiative were as follows:


	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	2,305	$	153	$	2,458
Health & Science Technologies	5,454		450		5,904
Fire & Safety/Diversified Products	2,184		—		2,184
Corporate/Other	1,537		—		1,537
Total restructuring costs	$	11,480	$	603	$	12,083

Restructuring accruals of $3.9 million and $6.1 million at December 31, 2020 and 2019, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows:


	Restructuring Initiatives
	(In thousands)
Balance at January 1, 2019	$	6,170
Restructuring expenses	21,044
Payments, utilization and other	(21,104)
Balance at December 31, 2019	6,110
Restructuring expenses (1)	8,837
Payments, utilization and other	(11,079)
Balance at December 31, 2020	$	3,868

(1) Excludes $2.9 million of asset impairments related to property, plant and equipment and right-of-use assets.

Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based CompensationThe Company maintains two share-based compensation plans for executives, non-employee directors and certain key employees that authorize the granting of stock options, restricted stock, performance 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, 2020 totaled 15.6 million, of which 3.0 million shares were available for future issuance. The Company’s policy

is to recognize compensation cost on a straight-line basis, assuming forfeitures, over the requisite service period for the entire award.

The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Board of Directors based on their recommendation from the Compensation Committee.

Stock Options

Stock options granted under the Company’s plans are generally non-qualified and are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The fair value of each option grant is estimated on the date of the grant using the Binomial lattice option pricing model. The majority of the options issued to employees vest ratably over four years, with vesting beginning one year from the date of grant, and generally expire 10 years from the date of grant. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model.

Weighted average option fair values and assumptions for the periods specified are as follows:


	Years Ended December 31,
	2020	2019	2018
Weighted average fair value of grants	$34.22	$35.15	$38.13
Dividend yield	1.15%	1.18%	1.07%
Volatility	22.04%	24.77%	28.46%
Risk-free interest rate	1.39% - 1.66%	2.53% - 3.04%	2.03% - 3.17%
Expected life (in years)	5.80	5.87	5.83

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, 2020, 2019 and 2018 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, 2020, 2019 and 2018, 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.

A summary of the Company’s stock option activity as of December 31, 2020, and changes during the year ended December 31, 2020 is presented as follows:


Stock Options	Shares	Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2020	1,386,539	$	103.58	6.95	$	94,764,140
Granted	353,130	172.93
Exercised	(511,960)	87.09
Forfeited/Expired	(263,983)	147.68
Outstanding at December 31, 2020	963,726	$	125.70	6.94	$	70,829,529
Vested and expected to vest at December 31, 2020	919,724	$	124.01	6.86	$	69,151,533
Exercisable at December 31, 2020	424,926	$	92.26	5.24	$	45,447,769

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 2020, 2019 and 2018 was $41.3 million, $49.5 million and $38.0 million, respectively. In 2020, 2019 and 2018, cash received

from options exercised was $44.6 million, $38.8 million and $27.6 million, respectively, while the actual tax benefit realized for the tax deductions from stock options exercised totaled $8.7 million, $10.4 million and $8.0 million, respectively.

Total compensation cost for stock options is recorded in the Consolidated Statements of Operations as follows:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cost of goods sold	$	501	$	445	$	470
Selling, general and administrative expenses	7,567		8,705		8,313
Total expense before income taxes	8,068		9,150		8,783
Income tax benefit	(907)		(1,209)		(1,616)
Total expense after income taxes	$	7,161	$	7,941	$	7,167

As of December 31, 2020, there was $9.1 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.

Restricted Stock

Restricted stock awards generally cliff vest after three years for employees and non-employee directors. Unvested restricted stock carries dividend and voting rights and the sale of the shares is restricted prior to the date of vesting. Dividends are paid on restricted stock awards and their fair value is equal to the market price of the Company’s stock at the date of the grant. A summary of the Company’s restricted stock activity as of December 31, 2020, and changes during the year ending December 31, 2020 is as follows:


Restricted Stock	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2020	130,248	$	124.61
Granted	39,065	168.42
Vested	(39,683)	95.25
Forfeited	(18,330)	142.03
Unvested at December 31, 2020	111,300	$	147.13

Total compensation cost for restricted stock is recorded in the Consolidated Statements of Operations as follows:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cost of goods sold	$	318	$	261	$	367
Selling, general and administrative expenses	3,857		4,527		4,201

Total expense before income taxes	4,175		4,788		4,568
Income tax benefit	(876)		(920)		(825)
Total expense after income taxes	$	3,299	$	3,868	$	3,743

As of December 31, 2020, there was $5.8 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.0 year.

Cash-Settled Restricted Stock

The Company also maintains a cash-settled share based compensation plan for certain employees. Cash-settled restricted stock awards generally cliff vest after three years. Cash-settled restricted stock awards are recorded at fair value on a quarterly

basis using the market price of the Company’s stock on the last day of the quarter. Dividend equivalents are paid on certain cash-settled restricted stock awards. A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2020, and changes during the year ending December 31, 2020 is as follows:


Cash-Settled Restricted Stock	Shares	Weighted-Average Fair Value
Unvested at January 1, 2020	74,560	$	172.08
Granted	20,780	173.30
Vested	(25,405)	173.26
Forfeited	(5,995)	199.20
Unvested at December 31, 2020	63,940	$	199.20

Total compensation cost for cash-settled restricted stock is recorded in the Consolidated Statements of Operations as follows:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cost of goods sold	$	882	$	1,230	$	809
Selling, general and administrative expenses	3,677		4,118		2,391

Total expense before income taxes	4,559		5,348		3,200
Income tax benefit	(427)		(509)		(337)
Total expense after income taxes	$	4,132	$	4,839	$	2,863

At December 31, 2020 and 2019, the Company has accrued $5.4 million and $5.5 million, respectively, for cash-settled restricted stock in Accrued expenses in the Consolidated Balance Sheets and has accrued $2.9 million and $2.8 million, respectively, for cash-settled restricted stock in Other non-current liabilities in the Consolidated Balance Sheets.

Performance Share Units

Beginning in 2013, the Company granted performance share units to selected key employees that may be earned based on IDEX total shareholder return over the three-year period following the date of grant. Performance share units are expected to be made annually and are paid out at the end of a three-year period based on the Company’s performance. Performance is measured by determining the percentile rank of the total shareholder return of IDEX common stock in relation to the total shareholder return of companies in the Russell Midcap Index (for awards granted from 2016 through 2019) or the S&P 500 Index (for awards granted in 2020) for the three-year period following the date of grant. The payment of awards following the three-year award period will be based on performance achieved in accordance with the scale set forth in the plan agreement and may range from 0 percent to 250 percent of the initial grant. A target payout of 100 percent is earned if total shareholder return is equal to the 50th percentile of the peer group. Performance share units earn dividend equivalents for the award period, which will be paid to participants with the award payout at the end of the period based on the actual number of performance share units that are earned. Payments made at the end of the award period will be in the form of stock for performance share units and will be in cash for dividend equivalents. The Company’s performance share units are considered market condition awards, have been assessed at fair value on the date of grant using a Monte Carlo simulation model and are expensed ratably over the three-year term of the awards. The Company granted 42,690, 56,860 and 52,375 performance share units in 2020, 2019 and 2018, respectively.

Weighted average performance share unit fair values and assumptions for the period specified are as follows:


	Years Ended December 31,
	2020	2019	2018
Weighted average fair value of grants	$224.14	$207.26	$216.59
Dividend yield	—%	—%	—%
Volatility	19.50%	19.11%	17.42%
Risk-free interest rate	1.30%	2.49%	2.40%
Expected life (in years)	2.94	2.83	2.85

The assumptions are as follows:

•The Company estimated volatility using its historical share price performance over the remaining performance period as of the grant date.

•The Company uses a Monte Carlo simulation model that uses an expected life commensurate with the performance period. As a result, the expected life of the performance share units was assumed to be the period from the grant date to the end of the performance period.

•The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term commensurate with the remaining performance period.

•Total Shareholder Return is determined assuming that dividends are reinvested in the issuing entity over the performance period, which is mathematically equivalent to utilizing a 0% dividend yield.

A summary of the Company’s performance share unit activity as of December 31, 2020, and changes during the year ending December 31, 2020, is as follows:


Performance Share Units	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2020	100,575	$	178.97
Granted	42,690	224.14
Vested	(24,395)	220.14
Forfeited	(60,175)	213.89
Unvested at December 31, 2020	58,695	$	218.16

Based on the Company’s relative total shareholder return rank during the three year period ended December 31, 2020, the Company achieved a 201% payout factor and issued 48,223 common shares in February 2021 for awards that vested in 2020.

Total compensation cost for performance share units is as follows:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cost of goods sold	$	—	$	—	$	—
Selling, general and administrative expenses	2,573		8,383		8,203

Total expense before income taxes	2,573		8,383		8,203
Income tax benefit	(217)		(641)		(1,586)
Total expense after income taxes	$	2,356	$	7,742	$	6,617

As of December 31, 2020, there was $4.8 million of total unrecognized compensation cost related to performance shares that is expected to be recognized over a weighted-average period of 0.9 years.

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Other Comprehensive Income (Loss)

The components of Other comprehensive income (loss) are as follows:


	For the Year Ended December 31, 2020						For the Year Ended December 31, 2019
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
	(In thousands)
Cumulative translation adjustment	$	107,783	$	—	$	107,783	$	67	$	—	$	67



Pension and other postretirement adjustments
Net gain (loss) arising during the year	(1,438)		53		(1,385)		(7,432)		2,497		(4,935)
Amortization/recognition of settlement loss	2,876		(106)		2,770		2,810		(944)		1,866
Pension and other postretirement adjustments	1,438		(53)		1,385		(4,622)		1,553		(3,069)
Reclassification adjustments for derivatives	6,021		(1,369)		4,652		6,327		(1,445)		4,882
Total other comprehensive income (loss)	$	115,242	$	(1,422)	$	113,820	$	1,772	$	108	$	1,880


	For the Year Ended December 31, 2018
	Pre-tax		Tax		Net of tax
	(In thousands)
Cumulative translation adjustment	$	(48,114)	$	—	$	(48,114)



Pension and other postretirement adjustments
Net gain (loss) arising during the year	9,963		(2,375)		7,588
Amortization/recognition of settlement loss	2,938		(701)		2,237
Pension and other postretirement adjustments	12,901		(3,076)		9,825
Reclassification adjustments for derivatives	6,475		(1,469)		5,006
Total other comprehensive income (loss)	$	(28,738)	$	(4,545)	$	(33,283)

Amounts reclassified from accumulated other comprehensive income (loss) to net income are summarized as follows:


	For the Year Ended December 31,
	2020		2019		2018		Income Statement Caption
	(In thousands)





Pension and other postretirement plans:
Amortization of service cost	$	2,909	$	2,858	$	3,246	Other (income) expense - net
Recognition of settlement loss	(33)		(48)		(308)		Other (income) expense - net
Total before tax	2,876		2,810		2,938
Provision for income taxes	(106)		(944)		(701)
Total net of tax	$	2,770	$	1,866	$	2,237
Derivatives:
Reclassification adjustments	$	6,021	$	6,327	$	6,475	Interest expense, Other (income) expense - net
Total before tax	6,021		6,327		6,475
Provision for income taxes	(1,369)		(1,445)		(1,469)
Total net of tax	$	4,652	$	4,882	$	5,006

The Company recognizes the service cost component in both Selling, general and administrative expenses and Cost of sales in the Consolidated Statements of Operations depending on the functional area of the underlying employees included in the plans.

Retirement Benefits

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Retirement Benefits

The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other post-retirement 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.

Effective September 30, 2019, the IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was amended to freeze the accrual of retirement benefits for all participants. This action impacted fewer than 60 participants, as the Plan had been closed to new entrants as of December 31, 2004 and frozen as of December 31, 2005 for all but certain older, longer service participants. Subsequent to the freeze, termination of the Plan was approved in November 2019. In addition, the Company recorded a settlement charge of $0.7 million in Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2019.

Participants were notified in February 2020 and the Plan was terminated in May 2020. As a result of the termination, the settlement threshold was reached in early 2020 and the Company recorded a settlement charge of $0.9 million in Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2020. The settlement also triggered the remeasurement of net periodic benefit cost resulting in a reduction of $1.0 million to Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2020 as a result of significant decreases in discount rates and strong asset performance in 2020. As of December 31, 2020, the Plan’s funded status is 113%, with assets valued at $93.4 million and liabilities of $82.6 million. The disclosures for the year ended December 31, 2020 were prepared on a liquidation basis of accounting.

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, 2020 and a statement of the funded status at December 31 for both years.


	Pension Benefits								Other Benefits
	2020				2019				2020		2019
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	95,947	$	102,016	$	85,175	$	89,789	$	23,257	$	22,593
Service cost	134		2,215		653		1,844		616		561
Interest cost	1,274		1,056		2,796		1,440		624		849
Plan amendments	183		(1)		—		(156)		(2,905)		—
Benefits paid	(4,023)		(2,640)		(3,520)		(1,507)		(722)		(676)
Actuarial loss (gain)	6,504		7,279		16,931		9,903		3,241		(161)
Currency translation	—		8,941		—		66		62		91
Settlements	(6,064)		(3,802)		(4,826)		—		—		—
Curtailments	—		—		(1,538)		—		—		—
Acquisition/Divestiture	—		—		—		—		—		—
Other	—		624		276		637		—		—
Obligation at December 31	$	93,955	$	115,688	$	95,947	$	102,016	$	24,173	$	23,257
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	93,413	$	39,304	$	83,580	$	33,532	$	—	$	—
Actual return on plan assets	16,225		3,620		17,446		3,406		—		—
Employer contributions	421		2,389		733		2,320		722		676
Benefits paid	(4,023)		(2,640)		(3,520)		(1,507)		(722)		(676)
Currency translation	—		2,669		—		916		—		—
Settlements	(6,064)		(3,802)		(4,826)		—		—		—
Acquisition/Divestiture	—		—		—		—		—		—
Other	—		624		—		637		—		—
Fair value of plan assets at December 31	$	99,972	$	42,164	$	93,413	$	39,304	$	—	$	—
Funded status at December 31	$	6,017	$	(73,524)	$	(2,534)	$	(62,712)	$	(24,173)	$	(23,257)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	$	10,754	$	3	$	1,921	$	14	$	—	$	—
Current liabilities	(510)		(1,520)		(564)		(1,270)		(990)		(1,127)
Other noncurrent liabilities	(4,227)		(72,007)		(3,891)		(61,456)		(23,183)		(22,130)
Net asset (liability) at December 31	$	6,017	$	(73,524)	$	(2,534)	$	(62,712)	$	(24,173)	$	(23,257)

The pension benefits actuarial loss in 2020 was primarily driven by the decrease in the discount rates from 2019 to 2020. The U.S. actuarial loss was partially offset due to an updated mortality base table and projection scale assumption for one of the plans. The Non-U.S. actuarial loss was partially offset due to updated mortality assumptions in the UK and Switzerland.

The other benefits actuarial loss in 2020 was primarily driven by the decrease in the discount rates from 2019 to 2020 and updated claims and contributions experience, partially offset by gains from benefit payments.

The accumulated benefit obligation (“ABO”) for all defined benefit pension plans was $204.4 million and $193.3 million at December 31, 2020 and 2019, respectively.

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2020 and 2019 were as follows:


	U.S. Plans				Non-U.S. Plans				Other Benefits
	2020		2019		2020		2019		2020				2019
Discount rate	2.14	%	3.06	%	0.95	%	1.33	%	2.20	%			3.09	%
Rate of compensation increase	—	%	—	%	2.32	%	2.29	%	—	%			4.00	%
Cash balance interest credit rate	4.00	%	4.00	%	1.00	%	1.00	%	—	%	—	%	—	%

The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2020 and 2019 were as follows:


	Pension Benefits								Other Benefits
	2020				2019				2020		2019
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
Prior service cost (credit)	$	202	$	(92)	$	46	$	(100)	$	(2,914)	$	(46)
Net loss (gain)	13,414		24,536		21,432		19,304		(2,266)		(6,009)
Total	$	13,616	$	24,444	$	21,478	$	19,204	$	(5,180)	$	(6,055)

The components of, and the weighted average assumptions used to determine, the net periodic (benefit) cost for the plans in 2020, 2019 and 2018 are as follows:


	Pension Benefits
	2020				2019				2018
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
Service cost	$	134	$	2,215	$	653	$	1,844	$	886	$	2,105
Interest cost	1,274		1,056		2,796		1,440		2,634		1,389
Expected return on plan assets	(3,750)		(1,170)		(3,319)		(1,047)		(3,943)		(1,120)
Settlement loss recognized	910		(385)		713		—		(1)		(307)
Special termination benefit recognized	—		—		276		—		—		—
Net amortization	1,163		1,730		1,614		1,117		2,712		1,271
Net periodic (benefit) cost	$	(269)	$	3,446	$	2,733	$	3,354	$	2,288	$	3,338


	Other Benefits
	2020		2019		2018
	(In thousands)
Service cost	$	616	$	561	$	668
Interest cost	624		849		810
Net amortization	(542)		(635)		(737)
Net periodic benefit cost	$	698	$	775	$	741


	U.S. Plans						Non-U.S. Plans
	2020		2019		2018		2020		2019		2018
Discount rate	Various*		4.11%/2.99%**		3.46	%	1.33	%	2.07	%	1.82	%
Expected return on plan assets	4.00	%	4.00	%	5.50	%	3.00	%	3.12	%	3.09	%
Rate of compensation increase	—	%	4.00	%	4.00	%	2.29	%	2.13	%	2.37	%

*For the IDEX Corporation Retirement Plan, a discount rate of 3.07% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through March 31, 2020, a discount rate of 2.97% was used to determine the net periodic (benefit) cost for the period April 1, 2020 through June 30, 2020, a discount rate of 2.41% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through September 30, 2020 and a discount rate of 2.36% was used to determine the net periodic (benefit) cost for the period October 1, 2020 through December 31, 2020 as a result of the quarterly remeasurements that occurred in conjunction with the termination of the Plan.

For the Pulsafeeder, Inc. Pension Plan for Hourly Employees at Rochester, New York, a discount rate of 3.21% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through June 30, 2020 and a discount rate of 2.62% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through December 31, 2020 as a result of the remeasurement that occurred in conjunction with the ratification of the collective bargaining agreement.

**A discount rate of 4.11% was used to determine the net periodic benefit cost for the period January 1, 2019 through August 31, 2019 and a discount rate of 2.99% was used to determine the net periodic benefit cost for the period September 1, 2019 through December 31, 2019 as a result of the remeasurement that occurred in conjunction with the decision to freeze the Plan.


	Other Benefits
	2020		2019		2018
Discount rate	3.09	%	4.11	%	3.50	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%

The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2020 is as follows:


	Pension Benefits				Other Benefits
	U.S.		Non-U.S.
	(In thousands)
Net gain (loss) in current year	$	5,971	$	(4,829)	$	(3,241)
Prior service cost	(182)		2		2,905
Amortization of prior service cost (credit)	27		(22)		(37)
Amortization of net loss (gain)	2,046		1,367		(504)
Exchange rate effect on amounts in other comprehensive income	—		(1,758)		2
Total	$	7,862	$	(5,240)	$	(875)

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 defined contribution plans were $12.5 million, $12.4 million and $12.2 million for 2020, 2019 and 2018, respectively.

The Company, through its subsidiaries, participates in certain multi-employer pension plans covering approximately 305 participants under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company as contributions to these plans totaled $1.1 million, $1.1 million, and $1.1 million for 2020, 2019 and 2018, respectively.

For measurement purposes, a 5.64% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for 2020. The rate was assumed to decrease gradually each year to a rate of 4.50% for 2038, and remain at that level thereafter.

Plan Assets

The Company’s pension plan weighted average asset allocations at December 31, 2020 and 2019, by asset category, were as follows:


	U.S. Plans				Non-U.S. Plans
	2020		2019		2020		2019
Equity securities	7	%	10	%	17	%	17	%
Fixed income securities	65	%	90	%	24	%	24	%
Cash/Commingled Funds/Other (1)	28	%	—	%	59	%	59	%
Total	100	%	100	%	100	%	100	%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2020 and 2019 is summarized as follows:


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2020	(In thousands)
Equity
U.S. Large Cap	$	3,710	$	3,710	$	—	$	—
U.S. Small / Mid Cap	444		—		444		—
International	10,427		4,412		6,015		—
Fixed Income
U.S. Intermediate	14,263		—		14,263		—
U.S. Long Term	51,891		—		51,891		—
U.S. High Yield	296		—		296		—
International	8,448		257		8,191		—
Other Commingled Funds (1)	20,665		—		—		20,665
Cash and Equivalents	28,469		27,826		643		—
Other	3,523		—		3,523		—
	$	142,136	$	36,205	$	85,266	$	20,665

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2019	(In thousands)
Equity
U.S. Large Cap	$	4,734	$	4,734	$	—	$	—
U.S. Small / Mid Cap	455		—		455		—
International	10,845		5,258		5,587		—
Fixed Income
U.S. Intermediate	640		—		640		—
U.S. Long Term	83,628		—		83,628		—
U.S. High Yield	1,346		—		1,346		—
International	7,516		296		7,220		—
Other Commingled Funds (1)	19,438		—		—		19,438
Cash and Equivalents	1,094		517		577		—
Other	3,021		—		3,021		—
	$	132,717	$	10,805	$	102,474	$	19,438

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

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 the 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 objective of the U.S. plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn the highest possible total rate of return consistent with the plan’s tolerance for risk. The general asset allocation guidelines for plan assets are that “equities” will constitute 10% and “fixed income” obligations, including cash, will constitute 90% of the market value of total fund assets. The investment objective of the UK plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn a target return of UK Gilts plus approximately 2.5% per year. The general asset allocation guidelines for plan assets are that “equities” will constitute from 50% to 60% of the market value of total fund assets with a target of 60%, and “fixed income” obligations, including cash, will constitute from 40% to 50% with a target of 40%. The term “equities” includes common stock, while the term “fixed income” includes obligations with contractual payments and a specific maturity date. The Company, through the use of a professional independent advisor, will monitor the asset allocation daily and maintain an asset allocation that closely replicates the designated targets. Diversification of assets is employed to ensure that adverse performance of one security or security class does not have an undue detrimental impact on the portfolio as a whole. Diversification is interpreted to include diversification by type, characteristic and number of investments as well as by investment style of designated investment fund managers. No restrictions are placed on the selection of individual investments by the investment fund managers. The total fund performance and the performance of the investment fund managers is reviewed on a regular basis using an appointed professional independent advisor. As of December 31, 2020, there were no shares of the Company’s stock held in plan assets.

Cash Flows

The Company expects to contribute approximately $3.4 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2021. The Company also expects to contribute approximately $13.1 million to its defined contribution plan and $10.1 million to its 401(k) savings plan in 2021.

Estimated Future Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows: 2021 — $88.5 million; 2022 — $5.9 million; 2023 — $5.9 million; 2024 — $6.1 million; 2025 — $6.3 million; 2026 to 2030 — $32.3 million.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for the years ended December 31, 2020 and 2019 are as follows:


	2020 Quarters (1)								2019 Quarters (1)
	First		Second		Third		Fourth		First		Second		Third		Fourth
	(In thousands, except per share amounts)
Net sales	$	594,462	$	561,249	$	581,113	$	614,822	$	622,231	$	642,099	$	624,246	$	605,997
Gross profit	271,956		234,800		251,500		269,168		283,834		292,337		281,978		266,885
Operating income	139,941		110,594		131,213		138,965		147,782		155,283		141,765		134,173
Net income (2)	101,998		70,864		103,848		101,068		110,268		113,209		105,194		96,850
Basic EPS	$	1.35	$	0.94	$	1.38	$	1.33	$	1.46	$	1.50	$	1.39	$	1.28
Diluted EPS	$	1.33	$	0.93	$	1.37	$	1.32	$	1.44	$	1.48	$	1.37	$	1.26
Basic weighted average shares outstanding	75,740		75,171		75,352		75,817		75,442		75,460		75,698		75,779
Diluted weighted average shares outstanding	76,452		75,937		75,960		76,367		76,284		76,387		76,577		76,570

(1) Quarterly data includes the acquisition of Flow MD (February 2020) and Velcora (July 2019) from the date of acquisition. See Note 2 for further discussion.
(2) Decline in second quarter net sales and net income is primarily attributed to impacts of COVID-19.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn January 8, 2021, the Company entered into a definitive agreement to acquire Abel Pumps, L.P. and certain of its affiliates (“ABEL”) for cash consideration of $103.5 million. ABEL is based in Büchen, Germany, with sales and service locations in Madrid, Spain and Pittsburgh, Pennsylvania. ABEL designs and manufactures highly engineered reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. ABEL will be part of our Pumps platform within the Fluid and Metering Technologies segment. The Company expects to close the transaction by the end of the first quarter 2021 subject to regulatory approval and customary closing conditions.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Business

Principles of Consolidation

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

Use of Estimates

Revenue Recognition

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 $9.9 million, $15.7 million and $17.0 million for 2020, 2019 and 2018, respectively, are expensed as incurred within Selling, general and administrative expenses.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with an original maturity of 3 months or less to be cash and cash equivalents.

Accounts Receivable and Allowance for Doubtful Accounts

Inventories

Impairment of Long-Lived Assets

Goodwill and Indefinite-Lived Intangible Assets

Borrowing Expenses

Earnings per Common Share

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 other			3 to 12 years
Office and transportation equipment			2 to 10 years


Patents			5 to 15 years
Trade names			5 to 20 years
Customer relationships			9 to 20 years
Unpatented technology and other			3 to 20 years

Research and Development Expenditures

Costs associated with engineering activities, including research and development, are expensed in the period incurred and are included in Cost of sales.

Foreign Currency Translation and Transaction

Income Taxes

Concentration of Credit Risk

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

Recently Adopted Accounting Standards and Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares

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


	2020	2019	2018
	(In thousands)
Basic weighted average common shares outstanding	75,741	75,594	76,412
Dilutive effect of stock options, restricted stock and performance share units	659	860	1,151
Diluted weighted average common shares outstanding	76,400	76,454	77,563

Property and Equipment at Cost, Depreciation and Amortization Estimated Useful Lives

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 other			3 to 12 years
Office and transportation equipment			2 to 10 years

Schedule of Identifiable Intangible Assets, Useful Lives


Patents			5 to 15 years
Trade names			5 to 20 years
Customer relationships			9 to 20 years
Unpatented technology and other			3 to 20 years

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations and Dispositions [Abstract]

Schedule of Allocation of Acquisition Costs To Assets Acquired and Liabilities Assumed

The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:


(In thousands)	Total
Current assets, net of cash acquired	$	32,858
Property, plant and equipment	4,166
Goodwill	60,431
Intangible assets	53,000
Other noncurrent assets	1,344
Total assets acquired	151,799
Current liabilities	(32,291)
Deferred income taxes	2,054
Other noncurrent liabilities	(329)
Net assets acquired	$	121,233

The final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:


(In thousands)	Total
Current assets, net of cash acquired	$	20,248
Property, plant and equipment	1,656
Goodwill	86,613
Intangible assets	48,183
Other noncurrent assets	788
Total assets acquired	157,488
Current liabilities	(7,630)
Long-term borrowings	(51,130)
Deferred income taxes	(11,094)
Other noncurrent liabilities	(454)
Net assets acquired	$	87,180

Acquired Intangible Assets and Weighted Average Amortization Periods

The acquired intangible assets and weighted average amortization periods are as follows:


(In thousands, except weighted average life)	Total		Weighted Average Life
Trade names	$	6,000	15
Customer relationships	31,500		10
Unpatented technology	15,500		20
Acquired intangible assets	$	53,000

The acquired intangible assets and weighted average amortization periods are as follows:


(In thousands, except weighted average life)	Total		Weighted Average Life
Trade names	$	7,089	15

Customer relationships	34,677		12
Unpatented technology	6,417		9
Acquired intangible assets	$	48,183

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2020

Additional Financial Information Disclosure [Abstract]

Balance Sheet Components


	December 31,
	2020		2019
	(In thousands)
RECEIVABLES
Customers	$	288,288	$	298,118
Other	10,949		6,415
Total	299,237		304,533
Less allowance for doubtful accounts	6,091		6,347
Total receivables - net	$	293,146	$	298,186
INVENTORIES
Raw materials and components parts	$	173,248	$	182,382
Work in process	29,436		28,761
Finished goods	87,226		82,324
Total inventories	$	289,910	$	293,467
PROPERTY, PLANT AND EQUIPMENT
Land and improvements	$	33,705	$	32,240
Buildings and improvements	192,428		187,301
Machinery, equipment and other	430,423		397,498
Office and transportation equipment	95,549		95,759
Construction in progress	28,704		24,546
Total	780,809		737,344
Less accumulated depreciation and amortization	482,536		457,028
Total property, plant and equipment - net	$	298,273	$	280,316
ACCRUED EXPENSES
Payroll and related items	$	75,238	$	77,556
Management incentive compensation	15,763		14,408
Income taxes payable	13,453		9,905

Insurance	11,115		8,240
Warranty	7,394		5,581
Deferred revenue	28,374		17,633
Lease liability	16,721		15,235
Restructuring	3,868		6,110
Liability for uncertain tax positions	—		890
Accrued interest	3,592		1,735
Contingent consideration for acquisition	—		3,375
Other	33,310		19,622
Total accrued expenses	$	208,828	$	180,290
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	$	99,417	$	87,478
Transition tax payable	14,208		11,292
Liability for uncertain tax positions	1,071		3,008
Deferred revenue	30,354		2,129

Lease liability	94,250		69,928

Other	27,497		23,533
Total other noncurrent liabilities	$	266,797	$	197,368

Accounts Receivable, Allowance for Credit Loss

The valuation and qualifying account activity for the years ended December 31, 2020, 2019 and 2018 is as follows:


	2020		2019		2018
	(In thousands)
ALLOWANCE FOR DOUBTFUL ACCOUNTS (1)
Beginning balance January 1	$	6,347	$	6,709	$	7,764
Charged to costs and expenses, net of recoveries	34		1,181		290
Utilization	(525)		(1,443)		(1,396)
Currency translation and other	235		(100)		51
Ending balance December 31	$	6,091	$	6,347	$	6,709

(1) Includes provision for doubtful accounts.

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue by reporting unit for the years ended December 31, 2020, 2019 and 2018 was as follows:


	For the Year Ended December 31,
	2020		2019		2018
	(In thousands)
Energy	$	199,980	$	164,825	$	163,996
Valves	107,833		118,333		113,136
Water	236,080		250,589		251,020
Pumps	265,281		331,098		324,222
Agriculture	87,130		92,183		99,178
Intersegment elimination	(830)		(505)		(277)
Fluid & Metering Technologies	895,474		956,523		951,275
Scientific Fluidics & Optics	415,827		434,623		417,859
Sealing Solutions	207,623		200,495		200,316
Gast	122,875		133,471		126,787
Micropump	29,637		32,216		36,827
Material Processing Technologies	120,000		113,641		114,630
Intersegment elimination	(2,609)		(1,823)		(449)
Health & Science Technologies	893,353		912,623		895,970
Fire & Safety	376,320		403,949		396,926
BAND-IT	88,065		106,624		105,785
Dispensing	98,466		116,197		134,317
Intersegment elimination	(32)		(1,343)		(607)
Fire & Safety/Diversified Products	562,819		625,427		636,421
Total net sales	$	2,351,646	$	2,494,573	$	2,483,666

Schedule of External Net Sales Disaggregated by Geography

Revenue by geographical region for the years ended December 31, 2020, 2019 and 2018 was as follows:


	For the Year Ended December 31, 2020
	FMT		HST		FSDP		IDEX
	(In thousands)
U.S.	$	505,757	$	387,652	$	269,899	$	1,163,308
North America, excluding U.S.	52,822		21,319		23,202		97,343
Europe	174,945		249,793		149,180		573,918
Asia	109,089		221,139		94,223		424,451
Other (1)	53,691		16,059		26,347		96,097
Intersegment elimination	(830)		(2,609)		(32)		(3,471)
Total net sales	$	895,474	$	893,353	$	562,819	$	2,351,646


	For the Year Ended December 31, 2019
	FMT		HST		FSDP		IDEX
	(In thousands)
U.S.	$	541,994	$	411,680	$	303,579	$	1,257,253
North America, excluding U.S.	58,256		21,735		26,328		106,319
Europe	170,698		263,523		159,184		593,405
Asia	125,031		201,765		103,379		430,175
Other (1)	61,049		15,743		34,300		111,092
Intersegment elimination	(505)		(1,823)		(1,343)		(3,671)
Total net sales	$	956,523	$	912,623	$	625,427	$	2,494,573


	For the Year Ended December 31, 2018
	FMT		HST		FSDP		IDEX
	(In thousands)
U.S.	$	540,697	$	392,140	$	297,717	$	1,230,554
North America, excluding U.S.	57,917		18,770		28,779		105,466
Europe	172,630		278,634		164,307		615,571
Asia	119,822		189,342		111,169		420,333
Other (1)	60,486		17,533		35,056		113,075
Intersegment elimination	(277)		(449)		(607)		(1,333)
Total net sales	$	951,275	$	895,970	$	636,421	$	2,483,666

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

Schedule of Contract with Customer, Asset and Liability

The composition of Customer receivables was as follows:


	December 31, 2020		December 31, 2019
	(In thousands)
Billed receivables	$	273,536	$	286,196
Unbilled receivables	14,752		11,922
Total customer receivables	$	288,288	$	298,118

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The composition of Deferred revenue was as follows:


	December 31, 2020		December 31, 2019
	(In thousands)
Deferred revenue - current	$	28,374	$	17,633
Deferred revenue - noncurrent	30,354		2,129
Total deferred revenue	$	58,728	$	19,762

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for 2020 and 2019, by reportable business segment, were as follows:


	FMT		HST		FSDP		Total
	(In thousands)
Goodwill	$	601,762	$	895,177	$	401,647	$	1,898,586
Accumulated goodwill impairment losses	(20,721)		(149,820)		(30,090)		(200,631)
Balance at January 1, 2019	581,041		745,357		371,557		1,697,955
Foreign currency translation	(2,116)		476		(2,509)		(4,149)
Acquisitions	—		85,939		—		85,939


Balance at December 31, 2019	578,925		831,772		369,048		1,779,745
Foreign currency translation	10,365		29,058		13,125		52,548
Acquisitions	60,431		—		1,052		61,483

Acquisition adjustments	—		1,798		—		1,798
Balance at December 31, 2020	$	649,721	$	862,628	$	383,225	$	1,895,574

Schedule of Gross Carrying Value and Accumulated Amortization For Each Major Class of Intangible Asset

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2020 and 2019:


	At December 31, 2020							At December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
			(In thousands)							(In thousands)
Amortized intangible assets:
Patents	$	3,030	$	(1,740)	$	1,290	10	$	6,678	$	(5,276)	$	1,402
Trade names	130,793		(72,685)		58,108		16	123,062		(64,938)		58,124
Customer relationships	318,350		(120,294)		198,056		13	275,575		(96,252)		179,323

Unpatented technology	122,287		(55,131)		67,156		13	101,721		(43,561)		58,160
Other	700		(647)		53		10	700		(578)		122
Total amortized intangible assets	575,160		(250,497)		324,663			507,736		(210,605)		297,131
Indefinite-lived intangible assets:
Banjo trade name	62,100		—		62,100			62,100		—		62,100
Akron Brass trade name	28,800		—		28,800			28,800		—		28,800
Total intangible assets	$	666,060	$	(250,497)	$	415,563		$	598,636	$	(210,605)	$	388,031

Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Borrowings

Borrowings at December 31, 2020 and 2019 consisted of the following:


	2020		2019
	(In thousands)
Revolving Facility	$	—	$	—
4.50% Senior Notes, due December 2020	—		300,000
4.20% Senior Notes, due December 2021	350,000		350,000
3.20% Senior Notes, due June 2023	100,000		100,000
3.37% Senior Notes, due June 2025	100,000		100,000
3.00% Senior Notes, due May 2030	500,000		—
Other borrowings	215		622
Total borrowings	1,050,215		850,622
Less current portion	88		388
Less deferred debt issuance costs	4,824		983
Less unaccreted debt discount	949		387
Long-term borrowings	$	1,044,354	$	848,864

Schedule of Maturities of Borrowings

Total borrowings at December 31, 2020 have scheduled maturities as follows:


(In thousands)
2021	$	350,088
2022	—
2023	100,000
2024	—
2025	100,127
Thereafter	500,000
Total borrowings	$	1,050,215

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Company's Financial Assets (Liabilities) at Fair Value on Recurring Basis

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 sheets at December 31, 2020 and 2019:


	Basis of Fair Value Measurements
	Balance at December 31, 2020		Level 1		Level 2		Level 3
	(In thousands)

Available for sale securities	$	13,554	$	13,554	$	—	$	—


	Basis of Fair Value Measurements
	Balance at December 31, 2019		Level 1		Level 2		Level 3
	(In thousands)

Available for sale securities	$	10,462	$	10,462	$	—	$	—

Contingent consideration	3,375		—		—		3,375

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Lessee Disclosure [Abstract]

Supplemental Balance Sheet Disclosures

Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 was as follows:


	Balance Sheet Caption	December 31, 2020		December 31, 2019
		(In thousands)
Operating leases:
Building right-of-use assets - net	Other noncurrent assets	$	100,775	$	75,381
Equipment right-of-use assets - net	Other noncurrent assets	5,811		6,993
Total right-of-use assets - net		$	106,586	$	82,374
Operating leases:
Current lease liabilities	Accrued expenses	$	16,721	$	15,235
Noncurrent lease liabilities	Other noncurrent liabilities	94,250		69,928
Total lease liabilities		$	110,971	$	85,163

Schedule of Lease, Cost

The components of lease cost for the years ended December 31, 2020 and 2019 were as follows:


	December 31, 2020		December 31, 2019
	(In thousands)
Operating lease cost (1)	$	29,451	$	23,080
Variable lease cost	1,939		2,265
Total lease expense	$	31,390	$	25,345

(1) Includes short-term leases, which are immaterial.

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 was as follows:


	December 31, 2020		December 31, 2019
	(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities	$	28,673	$	22,888
Right-of-use assets obtained in exchange for new operating lease liabilities	40,432		25,878

Other supplemental information related to leases as of December 31, 2020 and 2019 was as follows:


Lease Term and Discount Rate	December 31, 2020		December 31, 2019
Weighted-average remaining lease term (years):
Operating leases - building and equipment	9.43		9.61
Operating leases - vehicles	2.01		1.92
Weighted-average discount rate:
Operating leases - building and equipment	3.51	%	4.08	%
Operating leases - vehicles	2.05	%	2.99	%

Schedule of Operating Lease, Liability, Maturity

Total lease liabilities at December 31, 2020 have scheduled maturities as follows:


Maturity of Lease Liabilities	Operating Leases
	(In thousands)
2021	$	19,717
2022	17,014
2023	13,662
2024	11,681
2025	11,141
Thereafter	57,570
Total lease payments	130,785
Less: Imputed interest	(19,814)
Present value of lease liabilities	$	110,971

Total lease liabilities at December 31, 2019 had scheduled maturities as follows:


Maturity of Lease Liabilities	Operating Leases
	(In thousands)
2020	$	18,449
2021	15,070
2022	10,647
2023	8,894
2024	7,037
Thereafter	44,284
Total lease payments	$	104,381
Less: Imputed interest	$	(19,218)
Present value of lease liabilities	$	85,163

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Roll Forward of the Warranty Reserve

A rollforward of the warranty reserve is as follows:


	2020		2019		2018
	(In thousands)
Beginning balance at January 1	$	5,581	$	5,303	$	6,281
Provision for warranties	3,001		3,438		2,334
Claim settlements	(2,676)		(3,115)		(2,981)
Other adjustments, including acquisitions, divestitures and currency translation	1,488		(45)		(331)
Ending balance at December 31	$	7,394	$	5,581	$	5,303

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax

Pretax income for 2020, 2019 and 2018 was taxed in the following jurisdictions:


	2020		2019		2018
	(In thousands)
U.S.	$	296,355	$	377,166	$	357,585
Foreign	173,985		155,737		171,354
Total	$	470,340	$	532,903	$	528,939

Schedule of Components of Income Tax

The provision (benefit) for income taxes for 2020, 2019 and 2018 was as follows:


	2020		2019		2018
	(In thousands)
Current
U.S.	$	29,548	$	49,819	$	67,793
State and local	4,603		9,074		8,056
Foreign	50,173		41,864		46,862
Total current	84,324		100,757		122,711
Deferred
U.S.	10,066		10,158		(5,471)
State and local	1,522		(115)		(17)
Foreign	(3,350)		(3,418)		1,143
Total deferred	8,238		6,625		(4,345)
Total provision for income taxes	$	92,562	$	107,382	$	118,366

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) at December 31, 2020 and 2019 were:


	2020		2019
	(In thousands)
Employee and retiree benefit plans	$	26,872	$	28,097
Capital loss and other carryforwards	16,316		16,035
Operating lease assets	24,705		20,036
Operating lease liabilities	(23,945)		(19,530)
Depreciation and amortization	(188,993)		(175,904)
Inventories	8,780		7,699
Allowances and accruals	7,343		7,765
Interest rate exchange agreement	745		2,113
Other	(16,946)		(14,998)
Total gross deferred tax (liabilities)	(145,123)		(128,687)
Valuation allowance	(16,316)		(16,035)
Total deferred tax (liabilities), net of valuation allowances	$	(161,439)	$	(144,722)

Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019 were:


	2020		2019
	(In thousands)

Noncurrent deferred tax asset - Other noncurrent assets	$	2,424	$	1,852

Noncurrent deferred tax liabilities - Deferred income taxes	(163,863)		(146,574)
Net deferred tax liabilities	$	(161,439)	$	(144,722)

Schedule of Effective Income Tax Rate Reconciliation


	2020		2019		2018
	(In thousands)
Pretax income	$	470,340	$	532,903	$	528,939
Provision for income taxes:
Computed amount at statutory rate	$	98,771	$	111,910	$	111,077
State and local income tax (net of federal tax benefit)	5,954		8,163		8,280
Taxes on non-U.S. earnings-net of foreign tax credits	7,048		5,003		5,725
Global Intangible Low-Taxed Income	(2,731)		2,324		2,725
Foreign-Derived Intangible Income Deduction	(4,928)		(5,811)		(5,410)
Effect of flow-through entities	1,308		1,316		1,215

U.S. business tax credits	(3,163)		(3,193)		(3,056)



Share-based payments	(9,743)		(11,011)		(9,348)
Valuation allowance	70		(117)		—
Impact of Tax Act	—		(334)		10,298
Other	(24)		(868)		(3,140)
Total provision for income taxes	$	92,562	$	107,382	$	118,366

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2020, 2019 and 2018 is as follows:


	2020		2019		2018
	(In thousands)
Beginning balance January 1	$	3,680	$	4,070	$	2,722

Gross increases for tax positions of prior years	—		—		2,308
Gross decreases for tax positions of prior years	—		—		(229)
Settlements	(2,608)		(140)		(160)
Lapse of statute of limitations	—		(250)		(571)
Ending balance December 31	$	1,072	$	3,680	$	4,070

Business Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Information on Company's Business Segments


	2020		2019		2018
	(In thousands)
NET SALES
Fluid & Metering Technologies
External customers	$	895,474	$	956,523	$	951,275
Intersegment sales	830		505		277
Total segment sales	896,304		957,028		951,552
Health & Science Technologies
External customers	893,353		912,623		895,970
Intersegment sales	2,609		1,823		449
Total segment sales	895,962		914,446		896,419
Fire & Safety/Diversified Products
External customers	562,819		625,427		636,421
Intersegment sales	32		1,343		607
Total segment sales	562,851		626,770		637,028
Intersegment eliminations	(3,471)		(3,671)		(1,333)
Total net sales	$	2,351,646	$	2,494,573	$	2,483,666
OPERATING INCOME (LOSS) (1)
Fluid & Metering Technologies	$	235,011	$	285,256	$	275,060
Health & Science Technologies	206,356		200,200		205,679
Fire & Safety/Diversified Products	144,191		165,258		168,601
Corporate office and other	(64,845)		(71,711)		(80,252)
Total operating income	520,713		579,003		569,088
Interest expense	44,746		44,341		44,134
Other (income) expense - net	5,627		1,759		(3,985)
Income before taxes	$	470,340	$	532,903	$	528,939


	2020		2019		2018
	(In thousands)
ASSETS
Fluid & Metering Technologies	$	1,387,067	$	1,150,712	$	1,107,777
Health & Science Technologies	1,576,093		1,507,108		1,329,368
Fire & Safety/Diversified Products	891,864		825,398		806,075
Corporate office and other	559,374		330,694		230,637
Total assets	$	4,414,398	$	3,813,912	$	3,473,857
DEPRECIATION AND AMORTIZATION (2)
Fluid & Metering Technologies	$	25,939	$	22,152	$	22,370
Health & Science Technologies	41,778		39,721		39,939
Fire & Safety/Diversified Products	15,216		14,333		14,493
Corporate office and other	562		670		742
Total depreciation and amortization	$	83,495	$	76,876	$	77,544
CAPITAL EXPENDITURES
Fluid & Metering Technologies	$	11,924	$	17,285	$	19,541
Health & Science Technologies	27,626		22,001		26,039
Fire & Safety/Diversified Products	8,913		9,811		10,318
Corporate office and other	3,082		1,815		191
Total capital expenditures	$	51,545	$	50,912	$	56,089

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

(2)Excludes amortization of debt issuance expenses.

Schedule of Sales From External Customers and Long-Lived Assets

Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2020, 2019 and 2018 is shown below.


	2020		2019		2018
	(In thousands)
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.	$	169,159	$	165,721	$	171,111
North America, excluding U.S.	5,028		3,829		3,398
Europe	99,989		88,104		85,100
Asia	23,950		22,505		21,355
Other	147		157		256
Total long-lived assets - net	$	298,273	$	280,316	$	281,220

Restructuring Expenses and Asset Impairments (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring Costs and Asset Impairment Charges [Abstract]

Schedule of Pre-Tax Restructuring Expenses by Segment

Pre-tax restructuring expenses and asset impairments by segment for the 2020 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
	(In thousands)
Fluid & Metering Technologies	$	2,939	$	165	$	2,476	$	5,580
Health & Science Technologies	2,742		—		—		2,742
Fire & Safety/Diversified Products	2,524		—		—		2,524
Corporate/Other	319		—		611		930
Total restructuring costs	$	8,524	$	165	$	3,087	$	11,776

Pre-tax restructuring expenses and asset impairments by segment for the 2019 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
	(In thousands)
Fluid & Metering Technologies	$	2,879	$	—	$	—	$	2,879
Health & Science Technologies	3,000		1,094		10,155		14,249
Fire & Safety/Diversified Products	1,364		—		—		1,364
Corporate/Other	2,552		—		—		2,552
Total restructuring costs	$	9,795	$	1,094	$	10,155	$	21,044

Pre-tax restructuring expenses and asset impairments by segment for the 2018 initiative were as follows:


	Severance Costs		Exit Costs		Total
	(In thousands)
Fluid & Metering Technologies	$	2,305	$	153	$	2,458
Health & Science Technologies	5,454		450		5,904
Fire & Safety/Diversified Products	2,184		—		2,184
Corporate/Other	1,537		—		1,537
Total restructuring costs	$	11,480	$	603	$	12,083

Schedule of Restructuring Accruals Expenses

Restructuring accruals of $3.9 million and $6.1 million at December 31, 2020 and 2019, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows:


	Restructuring Initiatives
	(In thousands)
Balance at January 1, 2019	$	6,170
Restructuring expenses	21,044
Payments, utilization and other	(21,104)
Balance at December 31, 2019	6,110
Restructuring expenses (1)	8,837
Payments, utilization and other	(11,079)
Balance at December 31, 2020	$	3,868

(1) Excludes $2.9 million of asset impairments related to property, plant and equipment and right-of-use assets.

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Weighted Average Option Fair Values and Assumptions

Weighted average option fair values and assumptions for the periods specified are as follows:


	Years Ended December 31,
	2020	2019	2018
Weighted average fair value of grants	$34.22	$35.15	$38.13
Dividend yield	1.15%	1.18%	1.07%
Volatility	22.04%	24.77%	28.46%
Risk-free interest rate	1.39% - 1.66%	2.53% - 3.04%	2.03% - 3.17%
Expected life (in years)	5.80	5.87	5.83

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of December 31, 2020, and changes during the year ended December 31, 2020 is presented as follows:


Stock Options	Shares	Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2020	1,386,539	$	103.58	6.95	$	94,764,140
Granted	353,130	172.93
Exercised	(511,960)	87.09
Forfeited/Expired	(263,983)	147.68
Outstanding at December 31, 2020	963,726	$	125.70	6.94	$	70,829,529
Vested and expected to vest at December 31, 2020	919,724	$	124.01	6.86	$	69,151,533
Exercisable at December 31, 2020	424,926	$	92.26	5.24	$	45,447,769

Schedule of Compensation Cost for Stock Options

Total compensation cost for stock options is recorded in the Consolidated Statements of Operations as follows:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cost of goods sold	$	501	$	445	$	470
Selling, general and administrative expenses	7,567		8,705		8,313
Total expense before income taxes	8,068		9,150		8,783
Income tax benefit	(907)		(1,209)		(1,616)
Total expense after income taxes	$	7,161	$	7,941	$	7,167

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of December 31, 2020, and changes during the year ending December 31, 2020 is as follows:


Restricted Stock	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2020	130,248	$	124.61
Granted	39,065	168.42
Vested	(39,683)	95.25
Forfeited	(18,330)	142.03
Unvested at December 31, 2020	111,300	$	147.13

Schedule of Compensation Cost for Restricted Stock

Total compensation cost for restricted stock is recorded in the Consolidated Statements of Operations as follows:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cost of goods sold	$	318	$	261	$	367
Selling, general and administrative expenses	3,857		4,527		4,201

Total expense before income taxes	4,175		4,788		4,568
Income tax benefit	(876)		(920)		(825)
Total expense after income taxes	$	3,299	$	3,868	$	3,743

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2020, and changes during the year ending December 31, 2020 is as follows:


Cash-Settled Restricted Stock	Shares	Weighted-Average Fair Value
Unvested at January 1, 2020	74,560	$	172.08
Granted	20,780	173.30
Vested	(25,405)	173.26
Forfeited	(5,995)	199.20
Unvested at December 31, 2020	63,940	$	199.20

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

Total compensation cost for cash-settled restricted stock is recorded in the Consolidated Statements of Operations as follows:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cost of goods sold	$	882	$	1,230	$	809
Selling, general and administrative expenses	3,677		4,118		2,391

Total expense before income taxes	4,559		5,348		3,200
Income tax benefit	(427)		(509)		(337)
Total expense after income taxes	$	4,132	$	4,839	$	2,863

Schedule of Weighted Average Performance Share Units Fair Values and Assumptions

Weighted average performance share unit fair values and assumptions for the period specified are as follows:


	Years Ended December 31,
	2020	2019	2018
Weighted average fair value of grants	$224.14	$207.26	$216.59
Dividend yield	—%	—%	—%
Volatility	19.50%	19.11%	17.42%
Risk-free interest rate	1.30%	2.49%	2.40%
Expected life (in years)	2.94	2.83	2.85

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of December 31, 2020, and changes during the year ending December 31, 2020, is as follows:


Performance Share Units	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2020	100,575	$	178.97
Granted	42,690	224.14
Vested	(24,395)	220.14
Forfeited	(60,175)	213.89
Unvested at December 31, 2020	58,695	$	218.16

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total compensation cost for performance share units is as follows:


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Cost of goods sold	$	—	$	—	$	—
Selling, general and administrative expenses	2,573		8,383		8,203

Total expense before income taxes	2,573		8,383		8,203
Income tax benefit	(217)		(641)		(1,586)
Total expense after income taxes	$	2,356	$	7,742	$	6,617

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of Other comprehensive income (loss) are as follows:


	For the Year Ended December 31, 2020						For the Year Ended December 31, 2019
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
	(In thousands)
Cumulative translation adjustment	$	107,783	$	—	$	107,783	$	67	$	—	$	67



Pension and other postretirement adjustments
Net gain (loss) arising during the year	(1,438)		53		(1,385)		(7,432)		2,497		(4,935)
Amortization/recognition of settlement loss	2,876		(106)		2,770		2,810		(944)		1,866
Pension and other postretirement adjustments	1,438		(53)		1,385		(4,622)		1,553		(3,069)
Reclassification adjustments for derivatives	6,021		(1,369)		4,652		6,327		(1,445)		4,882
Total other comprehensive income (loss)	$	115,242	$	(1,422)	$	113,820	$	1,772	$	108	$	1,880


	For the Year Ended December 31, 2018
	Pre-tax		Tax		Net of tax
	(In thousands)
Cumulative translation adjustment	$	(48,114)	$	—	$	(48,114)



Pension and other postretirement adjustments
Net gain (loss) arising during the year	9,963		(2,375)		7,588
Amortization/recognition of settlement loss	2,938		(701)		2,237
Pension and other postretirement adjustments	12,901		(3,076)		9,825
Reclassification adjustments for derivatives	6,475		(1,469)		5,006
Total other comprehensive income (loss)	$	(28,738)	$	(4,545)	$	(33,283)

Reclassification out of Accumulated Other Comprehensive Income

Amounts reclassified from accumulated other comprehensive income (loss) to net income are summarized as follows:


	For the Year Ended December 31,
	2020		2019		2018		Income Statement Caption
	(In thousands)





Pension and other postretirement plans:
Amortization of service cost	$	2,909	$	2,858	$	3,246	Other (income) expense - net
Recognition of settlement loss	(33)		(48)		(308)		Other (income) expense - net
Total before tax	2,876		2,810		2,938
Provision for income taxes	(106)		(944)		(701)
Total net of tax	$	2,770	$	1,866	$	2,237
Derivatives:
Reclassification adjustments	$	6,021	$	6,327	$	6,475	Interest expense, Other (income) expense - net
Total before tax	6,021		6,327		6,475
Provision for income taxes	(1,369)		(1,445)		(1,469)
Total net of tax	$	4,652	$	4,882	$	5,006

Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets


	Pension Benefits								Other Benefits
	2020				2019				2020		2019
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	95,947	$	102,016	$	85,175	$	89,789	$	23,257	$	22,593
Service cost	134		2,215		653		1,844		616		561
Interest cost	1,274		1,056		2,796		1,440		624		849
Plan amendments	183		(1)		—		(156)		(2,905)		—
Benefits paid	(4,023)		(2,640)		(3,520)		(1,507)		(722)		(676)
Actuarial loss (gain)	6,504		7,279		16,931		9,903		3,241		(161)
Currency translation	—		8,941		—		66		62		91
Settlements	(6,064)		(3,802)		(4,826)		—		—		—
Curtailments	—		—		(1,538)		—		—		—
Acquisition/Divestiture	—		—		—		—		—		—
Other	—		624		276		637		—		—
Obligation at December 31	$	93,955	$	115,688	$	95,947	$	102,016	$	24,173	$	23,257
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	93,413	$	39,304	$	83,580	$	33,532	$	—	$	—
Actual return on plan assets	16,225		3,620		17,446		3,406		—		—
Employer contributions	421		2,389		733		2,320		722		676
Benefits paid	(4,023)		(2,640)		(3,520)		(1,507)		(722)		(676)
Currency translation	—		2,669		—		916		—		—
Settlements	(6,064)		(3,802)		(4,826)		—		—		—
Acquisition/Divestiture	—		—		—		—		—		—
Other	—		624		—		637		—		—
Fair value of plan assets at December 31	$	99,972	$	42,164	$	93,413	$	39,304	$	—	$	—
Funded status at December 31	$	6,017	$	(73,524)	$	(2,534)	$	(62,712)	$	(24,173)	$	(23,257)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	$	10,754	$	3	$	1,921	$	14	$	—	$	—
Current liabilities	(510)		(1,520)		(564)		(1,270)		(990)		(1,127)
Other noncurrent liabilities	(4,227)		(72,007)		(3,891)		(61,456)		(23,183)		(22,130)
Net asset (liability) at December 31	$	6,017	$	(73,524)	$	(2,534)	$	(62,712)	$	(24,173)	$	(23,257)

Weighted Average Assumptions Used in Measurement of Benefit Obligation

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2020 and 2019 were as follows:


	U.S. Plans				Non-U.S. Plans				Other Benefits
	2020		2019		2020		2019		2020				2019
Discount rate	2.14	%	3.06	%	0.95	%	1.33	%	2.20	%			3.09	%
Rate of compensation increase	—	%	—	%	2.32	%	2.29	%	—	%			4.00	%
Cash balance interest credit rate	4.00	%	4.00	%	1.00	%	1.00	%	—	%	—	%	—	%


	U.S. Plans						Non-U.S. Plans
	2020		2019		2018		2020		2019		2018
Discount rate	Various*		4.11%/2.99%**		3.46	%	1.33	%	2.07	%	1.82	%
Expected return on plan assets	4.00	%	4.00	%	5.50	%	3.00	%	3.12	%	3.09	%
Rate of compensation increase	—	%	4.00	%	4.00	%	2.29	%	2.13	%	2.37	%


	Other Benefits
	2020		2019		2018
Discount rate	3.09	%	4.11	%	3.50	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%

Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2020 and 2019 were as follows:


	Pension Benefits								Other Benefits
	2020				2019				2020		2019
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
Prior service cost (credit)	$	202	$	(92)	$	46	$	(100)	$	(2,914)	$	(46)
Net loss (gain)	13,414		24,536		21,432		19,304		(2,266)		(6,009)
Total	$	13,616	$	24,444	$	21,478	$	19,204	$	(5,180)	$	(6,055)

The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2020 is as follows:


	Pension Benefits				Other Benefits
	U.S.		Non-U.S.
	(In thousands)
Net gain (loss) in current year	$	5,971	$	(4,829)	$	(3,241)
Prior service cost	(182)		2		2,905
Amortization of prior service cost (credit)	27		(22)		(37)
Amortization of net loss (gain)	2,046		1,367		(504)
Exchange rate effect on amounts in other comprehensive income	—		(1,758)		2
Total	$	7,862	$	(5,240)	$	(875)

Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans

The components of, and the weighted average assumptions used to determine, the net periodic (benefit) cost for the plans in 2020, 2019 and 2018 are as follows:


	Pension Benefits
	2020				2019				2018
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
Service cost	$	134	$	2,215	$	653	$	1,844	$	886	$	2,105
Interest cost	1,274		1,056		2,796		1,440		2,634		1,389
Expected return on plan assets	(3,750)		(1,170)		(3,319)		(1,047)		(3,943)		(1,120)
Settlement loss recognized	910		(385)		713		—		(1)		(307)
Special termination benefit recognized	—		—		276		—		—		—
Net amortization	1,163		1,730		1,614		1,117		2,712		1,271
Net periodic (benefit) cost	$	(269)	$	3,446	$	2,733	$	3,354	$	2,288	$	3,338


	Other Benefits
	2020		2019		2018
	(In thousands)
Service cost	$	616	$	561	$	668
Interest cost	624		849		810
Net amortization	(542)		(635)		(737)
Net periodic benefit cost	$	698	$	775	$	741

Summary of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value

The Company’s pension plan weighted average asset allocations at December 31, 2020 and 2019, by asset category, were as follows:


	U.S. Plans				Non-U.S. Plans
	2020		2019		2020		2019
Equity securities	7	%	10	%	17	%	17	%
Fixed income securities	65	%	90	%	24	%	24	%
Cash/Commingled Funds/Other (1)	28	%	—	%	59	%	59	%
Total	100	%	100	%	100	%	100	%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2020 and 2019 is summarized as follows:


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2020	(In thousands)
Equity
U.S. Large Cap	$	3,710	$	3,710	$	—	$	—
U.S. Small / Mid Cap	444		—		444		—
International	10,427		4,412		6,015		—
Fixed Income
U.S. Intermediate	14,263		—		14,263		—
U.S. Long Term	51,891		—		51,891		—
U.S. High Yield	296		—		296		—
International	8,448		257		8,191		—
Other Commingled Funds (1)	20,665		—		—		20,665
Cash and Equivalents	28,469		27,826		643		—
Other	3,523		—		3,523		—
	$	142,136	$	36,205	$	85,266	$	20,665

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2019	(In thousands)
Equity
U.S. Large Cap	$	4,734	$	4,734	$	—	$	—
U.S. Small / Mid Cap	455		—		455		—
International	10,845		5,258		5,587		—
Fixed Income
U.S. Intermediate	640		—		640		—
U.S. Long Term	83,628		—		83,628		—
U.S. High Yield	1,346		—		1,346		—
International	7,516		296		7,220		—
Other Commingled Funds (1)	19,438		—		—		19,438
Cash and Equivalents	1,094		517		577		—
Other	3,021		—		3,021		—
	$	132,717	$	10,805	$	102,474	$	19,438

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Results of Operations

The unaudited quarterly results of operations for the years ended December 31, 2020 and 2019 are as follows:


	2020 Quarters (1)								2019 Quarters (1)
	First		Second		Third		Fourth		First		Second		Third		Fourth
	(In thousands, except per share amounts)
Net sales	$	594,462	$	561,249	$	581,113	$	614,822	$	622,231	$	642,099	$	624,246	$	605,997
Gross profit	271,956		234,800		251,500		269,168		283,834		292,337		281,978		266,885
Operating income	139,941		110,594		131,213		138,965		147,782		155,283		141,765		134,173
Net income (2)	101,998		70,864		103,848		101,068		110,268		113,209		105,194		96,850
Basic EPS	$	1.35	$	0.94	$	1.38	$	1.33	$	1.46	$	1.50	$	1.39	$	1.28
Diluted EPS	$	1.33	$	0.93	$	1.37	$	1.32	$	1.44	$	1.48	$	1.37	$	1.26
Basic weighted average shares outstanding	75,740		75,171		75,352		75,817		75,442		75,460		75,698		75,779
Diluted weighted average shares outstanding	76,452		75,937		75,960		76,367		76,284		76,387		76,577		76,570

(1) Quarterly data includes the acquisition of Flow MD (February 2020) and Velcora (July 2019) from the date of acquisition. See Note 2 for further discussion.
(2) Decline in second quarter net sales and net income is primarily attributed to impacts of COVID-19.

Significant Accounting Policies - Business (Details)	12 Months Ended
Significant Accounting Policies - Business (Details)	Dec. 31, 2020 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Advertising costs	$ 9.9	$ 15.7	$ 17.0

Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of definite-lived assets		$ 7,100
Asset impairments						$ 3,087	$ 10,155	$ 0
Property, plant and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges						$ 2,900
FMT
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairments	$ 2,500
Operating lease, impairment	900
FMT \| Corporate Office
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairments	600
FMT \| Property, plant and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairments	1,600
FMT \| Property, plant and equipment \| Corporate Office
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairments	200
Operating lease, impairment	$ 400
HST
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairment charges					$ 9,700
Operating lease, impairment			$ 400	$ 600
HST \| Customer relationships
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of definite-lived assets					6,100
HST \| Unpatented technology
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of definite-lived assets					1,000
HST \| Property, plant and equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairments					$ 2,000

Significant Accounting Policies - Goodwill and Indefinite-Lived Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2020 unit
Accounting Policies [Abstract]
Number of reporting units	13

Significant Accounting Policies - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Basic weighted average common shares outstanding (in shares)	75,817	75,352	75,171	75,740	75,779	75,698	75,460	75,442	75,741	75,594	76,412
Dilutive effect of stock options, restricted stock and performance share units (in shares)									659	860	1,151
Diluted weighted average common shares outstanding (in shares)	76,367	75,960	75,937	76,452	76,570	76,577	76,387	76,284	76,400	76,454	77,563

Significant Accounting Policies - Earnings per Common Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Option to purchase common stock shares not included in the computation of diluted EPS (in shares)	0.3	0.3	0.3

Significant Accounting Policies - Property and Equipment at Cost Depreciation and Amortization Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Machinery, equipment and other \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Machinery, equipment and other \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years
Office and transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Office and transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Significant Accounting Policies - Intangible Asset Depreciation and Amortization Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	15 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	16 years
Trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	13 years
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	9 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years
Unpatented technology and other
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	13 years
Unpatented technology and other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	3 years
Unpatented technology and other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years

Significant Accounting Policies - Research and Development Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Engineering expense	$ 82.3	$ 92.4	$ 84.9
Research and development expense	$ 48.2	$ 56.4	$ 48.0

Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Foreign currency transaction (gain) loss	$ 3.0	$ 3.3	$ (2.4)

Significant Accounting Policies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Percentage of concentration risk (less than)	2.00%

Significant Accounting Policies - Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ 2,540,203	$ 2,263,229
Other current assets	(48,324)	(37,211)
Deferred income taxes	(163,863)	(146,574)
Retained earnings	(2,841,546)	(2,615,131)
Operating lease, right-of-use asset	106,586	82,374
Present value of lease liabilities	$ 110,971	$ 85,163
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other current assets				$ 7,300
Deferred income taxes				6,700
Retained earnings				600
Operating lease, right-of-use asset			$ 68,000
Present value of lease liabilities			68,000
Finance lease, liability			68,000
Finance lease, right-of-use asset			$ 68,000
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity				6,400
Cumulative Effect, Period of Adoption, Adjustment \| AOCI Attributable to Parent
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity				$ 6,400

Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Thousands						1 Months Ended	12 Months Ended
	Nov. 23, 2020	Feb. 28, 2020	Sep. 03, 2019	Jul. 18, 2019	Jul. 23, 2018	Apr. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2020
Business Acquisition [Line Items]
Goodwill							$ 1,895,574	$ 1,779,745	$ 1,697,955
Acquisition-related transaction costs							4,300
Fair value inventory step-up charge associated with acquisition								3,300
Debt acquired with acquisition of business							0	51,130	0
Contingent consideration								3,375
Selling, general and administrative expenses
Business Acquisition [Line Items]
Acquisition-related transaction costs								$ 1,700	$ 3,000
Qualtek
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	$ 1,900
Goodwill	1,100
Goodwill, expected tax deductible amount	$ 1,100
Fair value inventory step-up charge associated with acquisition							100
Flow MD
Business Acquisition [Line Items]
Aggregate purchase price, cash paid		$ 121,200
Goodwill		60,431
Goodwill, expected tax deductible amount		60,400
Intangible assets		$ 53,000
Fair value inventory step-up charge associated with acquisition							$ 4,100
Velcora Holding AB
Business Acquisition [Line Items]
Aggregate purchase price, cash paid					$ 87,200
Goodwill				$ 86,613
Intangible assets				48,183
Debt acquired with acquisition of business				$ 51,100
Loss on extinguishment of debt			$ 700
FLI
Business Acquisition [Line Items]
Aggregate purchase price, cash paid					20,200
Goodwill					12,400
Goodwill, expected tax deductible amount					12,400
Intangible assets					7,900
Consideration transferred					23,600
Contingent consideration					$ 3,400					$ 3,000
Contingent consideration arrangements, period					24 months
Contingent consideration paid						$ 3,000

Acquisitions and Divestitures - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Feb. 28, 2020	Dec. 31, 2019	Jul. 18, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,895,574		$ 1,779,745		$ 1,697,955
Flow MD
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 32,858
Property, plant and equipment		4,166
Goodwill		60,431
Intangible assets		53,000
Other noncurrent assets		1,344
Total assets acquired		151,799
Current liabilities		(32,291)
Deferred income taxes		2,054
Other noncurrent liabilities		(329)
Net assets acquired		$ 121,233
Velcora Holding AB
Business Acquisition [Line Items]
Current assets, net of cash acquired				$ 20,248
Property, plant and equipment				1,656
Goodwill				86,613
Intangible assets				48,183
Other noncurrent assets				788
Total assets acquired				157,488
Current liabilities				(7,630)
Long-term borrowings				(51,130)
Deferred income taxes				(11,094)
Other noncurrent liabilities				(454)
Net assets acquired				$ 87,180

Acquisitions and Divestitures - Acquired Intangible Assets and Weighted Average Amortization Periods (Details) - USD ($) $ in Thousands	Feb. 28, 2020	Jul. 18, 2019
Flow MD
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ 53,000
Flow MD \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ 6,000
Weighted Average Life	15 years
Flow MD \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ 31,500
Weighted Average Life	10 years
Flow MD \| Unpatented technology and other
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ 15,500
Weighted Average Life	20 years
Velcora Holding AB
Acquired Finite-Lived Intangible Assets [Line Items]
Total		$ 48,183
Velcora Holding AB \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Total		$ 7,089
Weighted Average Life		15 years
Velcora Holding AB \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total		$ 34,677
Weighted Average Life		12 years
Velcora Holding AB \| Unpatented technology and other
Acquired Finite-Lived Intangible Assets [Line Items]
Total		$ 6,417
Weighted Average Life		9 years

Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
	Dec. 28, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax benefit										$ 92,562	$ 107,382	$ 118,366
Net sales		$ 614,822	$ 581,113	$ 561,249	$ 594,462	$ 605,997	$ 624,246	$ 642,099	$ 622,231	$ 2,351,646	$ 2,494,573	$ 2,483,666
Avery Hardoll \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 500
Loss on sale of businesses	400
Income tax benefit	300
Net sales	$ 1,200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 323
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Joint Venture (Details) $ in Thousands	3 Months Ended
Joint Venture (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
Contribution to joint venture	$ 147
Joint venture, ownership percentage	55.00%
Payments to acquire interest In joint venture by partner	$ 120
Ownership percentage of joint venture partner	45.00%

Balance Sheet Components - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
RECEIVABLES
Customers	$ 288,288	$ 298,118
Other	10,949	6,415
Total	299,237	304,533
Less allowance for doubtful accounts	6,091	6,347
Total receivables - net	293,146	298,186
INVENTORIES
Raw materials and components parts	173,248	182,382
Work in process	29,436	28,761
Finished goods	87,226	82,324
Total inventories	289,910	293,467
PROPERTY, PLANT AND EQUIPMENT
Land and improvements	33,705	32,240
Buildings and improvements	192,428	187,301
Machinery, equipment and other	430,423	397,498
Office and transportation equipment	95,549	95,759
Construction in progress	28,704	24,546
Total	780,809	737,344
Less accumulated depreciation and amortization	482,536	457,028
Total property, plant and equipment - net	298,273	280,316
ACCRUED EXPENSES
Payroll and related items	75,238	77,556
Management incentive compensation	15,763	14,408
Income taxes payable	13,453	9,905
Insurance	11,115	8,240
Warranty	7,394	5,581
Deferred revenue	28,374	17,633
Lease liability	16,721	15,235
Restructuring	3,868	6,110
Liability for uncertain tax positions	0	890
Accrued interest	3,592	1,735
Contingent consideration for acquisition	0	3,375
Other	33,310	19,622
Total accrued expenses	208,828	180,290
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	99,417	87,478
Transition tax payable	14,208	11,292
Liability for uncertain tax positions	1,071	3,008
Deferred revenue	30,354	2,129
Lease liability	94,250	69,928
Other	27,497	23,533
Total other noncurrent liabilities	$ 266,797	$ 197,368

Balance Sheet Components - Valuation And Qualifying Accounts (Details) - ALLOWANCE FOR DOUBTFUL ACCOUNTS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance January 1	$ 6,347	$ 6,709	$ 7,764
Charged to costs and expenses, net of recoveries	34	1,181	290
Utilization	(525)	(1,443)	(1,396)
Currency translation and other	235	(100)	51
Ending balance December 31	$ 6,091	$ 6,347	$ 6,709

Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,351,646	$ 2,494,573	$ 2,483,666
Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(3,471)	(3,671)	(1,333)
FMT \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	895,474	956,523	951,275
FMT \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(830)	(505)	(277)
FMT \| Energy \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	199,980	164,825	163,996
FMT \| Valves \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	107,833	118,333	113,136
FMT \| Water \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	236,080	250,589	251,020
FMT \| Pumps \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	265,281	331,098	324,222
FMT \| Agriculture \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	87,130	92,183	99,178
HST \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	893,353	912,623	895,970
HST \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(2,609)	(1,823)	(449)
HST \| Scientific Fluidics & Optics \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	415,827	434,623	417,859
HST \| Sealing Solutions \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	207,623	200,495	200,316
HST \| Gast \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	122,875	133,471	126,787
HST \| Micropump \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	29,637	32,216	36,827
HST \| Material Processing Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	120,000	113,641	114,630
FSDP \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	562,819	625,427	636,421
FSDP \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(32)	(1,343)	(607)
FSDP \| Fire & Safety \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	376,320	403,949	396,926
FSDP \| BAND-IT \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	88,065	106,624	105,785
FSDP \| Dispensing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 98,466	$ 116,197	$ 134,317

Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,351,646	$ 2,494,573	$ 2,483,666
Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(3,471)	(3,671)	(1,333)
U.S. Plans
Disaggregation of Revenue [Line Items]
Total net sales	1,163,308	1,257,253	1,230,554
North America, excluding U.S.
Disaggregation of Revenue [Line Items]
Total net sales	97,343	106,319	105,466
Europe
Disaggregation of Revenue [Line Items]
Total net sales	573,918	593,405	615,571
Asia
Disaggregation of Revenue [Line Items]
Total net sales	424,451	430,175	420,333
Other
Disaggregation of Revenue [Line Items]
Total net sales	96,097	111,092	113,075
FMT \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	895,474	956,523	951,275
FMT \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(830)	(505)	(277)
FMT \| U.S. Plans \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	505,757	541,994	540,697
FMT \| North America, excluding U.S. \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	52,822	58,256	57,917
FMT \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	174,945	170,698	172,630
FMT \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	109,089	125,031	119,822
FMT \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	53,691	61,049	60,486
HST \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	893,353	912,623	895,970
HST \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(2,609)	(1,823)	(449)
HST \| U.S. Plans \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	387,652	411,680	392,140
HST \| North America, excluding U.S. \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	21,319	21,735	18,770
HST \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	249,793	263,523	278,634
HST \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	221,139	201,765	189,342
HST \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	16,059	15,743	17,533
FSDP \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	562,819	625,427	636,421
FSDP \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(32)	(1,343)	(607)
FSDP \| U.S. Plans \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	269,899	303,579	297,717
FSDP \| North America, excluding U.S. \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	23,202	26,328	28,779
FSDP \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	149,180	159,184	164,307
FSDP \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	94,223	103,379	111,169
FSDP \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 26,347	$ 34,300	$ 35,056

Revenue - Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 288,288	$ 298,118
Unbilled receivables	14,752	11,922
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 273,536	$ 286,196

Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 28,374	$ 17,633
Deferred revenue	30,354	2,129
Total deferred revenue	$ 58,728	$ 19,762

Revenue - Narrative (Details)	12 Months Ended
Revenue - Narrative (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	2.00%
Revenue from Contract with Customer \| Product Concentration Risk \| Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	95.00%	95.00%	95.00%
Revenue from Contract with Customer \| Product Concentration Risk \| Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	5.00%	5.00%	5.00%

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill			$ 1,898,586
Accumulated goodwill impairment losses			(200,631)
Goodwill
Beginning Balance	$ 1,779,745	$ 1,697,955
Foreign currency translation	52,548	(4,149)
Acquisitions	61,483	85,939
Acquisition adjustments	1,798
Ending Balance	1,895,574	1,779,745
FMT
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill			601,762
Accumulated goodwill impairment losses			(20,721)
Goodwill
Beginning Balance	578,925	581,041
Foreign currency translation	10,365	(2,116)
Acquisitions	60,431	0
Acquisition adjustments	0
Ending Balance	649,721	578,925
HST
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill			895,177
Accumulated goodwill impairment losses			(149,820)
Goodwill
Beginning Balance	831,772	745,357
Foreign currency translation	29,058	476
Acquisitions	0	85,939
Acquisition adjustments	1,798
Ending Balance	862,628	831,772
FSDP
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill			401,647
Accumulated goodwill impairment losses			$ (30,090)
Goodwill
Beginning Balance	369,048	371,557
Foreign currency translation	13,125	(2,509)
Acquisitions	1,052	0
Acquisition adjustments	0
Ending Balance	$ 383,225	$ 369,048

Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 575,160	$ 507,736
Intangible assets - Gross Carrying Amount	666,060	598,636
Accumulated Amortization	(250,497)	(210,605)
Amortized intangible assets - Net	324,663	297,131
Intangible assets - Net	415,563	388,031
Banjo trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets	62,100	62,100
Akron Brass trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets	28,800	28,800
Patents
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	3,030	6,678
Accumulated Amortization	(1,740)	(5,276)
Amortized intangible assets - Net	$ 1,290	1,402
Amortized intangible assets - Weighted Average Life	10 years
Trade names
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 130,793	123,062
Accumulated Amortization	(72,685)	(64,938)
Amortized intangible assets - Net	$ 58,108	58,124
Amortized intangible assets - Weighted Average Life	16 years
Customer relationships
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 318,350	275,575
Accumulated Amortization	(120,294)	(96,252)
Amortized intangible assets - Net	$ 198,056	179,323
Amortized intangible assets - Weighted Average Life	13 years
Unpatented technology and other
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 122,287	101,721
Accumulated Amortization	(55,131)	(43,561)
Amortized intangible assets - Net	$ 67,156	58,160
Amortized intangible assets - Weighted Average Life	13 years
Other
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 700	700
Accumulated Amortization	(647)	(578)
Amortized intangible assets - Net	$ 53	$ 122
Amortized intangible assets - Weighted Average Life	10 years

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jun. 22, 2018	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Purchase of intellectual property	$ 4,000		$ 0	$ 0	$ 4,000
Finite-Lived Intangible Assets [Line Items]
Impairment of definite-lived assets		$ 7,100
Amortization of intangible assets			41,844	$ 37,333	$ 38,495
Expected amortization expense, year one			42,900
Expected amortization expense, year two			42,000
Expected amortization expense, year three			38,600
Expected amortization expense, year four			36,800
Expected amortization expense, year five			$ 35,100

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Apr. 29, 2020	Dec. 31, 2019	Jun. 13, 2016	Dec. 09, 2011	Dec. 06, 2010
Debt Instrument [Line Items]
Total borrowings	$ 1,050,215		$ 850,622
Less current portion	88		388
Less deferred debt issuance costs	4,824		983
Less unaccreted debt discount	949		387
Long-term borrowings	1,044,354		848,864
Revolving Credit Facility
Debt Instrument [Line Items]
Total borrowings	$ 0		$ 0
4.50% Senior Notes, due December 2020
Debt Instrument [Line Items]
Stated interest rate			4.50%			4.50%
4.20% Senior Notes, due December 2021
Debt Instrument [Line Items]
Stated interest rate	4.20%		4.20%		4.20%
3.20% Senior Notes, due June 2023
Debt Instrument [Line Items]
Stated interest rate	3.20%		3.20%
3.37% Senior Notes, due June 2025
Debt Instrument [Line Items]
Stated interest rate	3.37%		3.37%
3.00% Senior Notes, due May 2030
Debt Instrument [Line Items]
Stated interest rate	3.00%
Senior Notes \| 4.50% Senior Notes, due December 2020
Debt Instrument [Line Items]
Stated interest rate	4.50%
Total borrowings	$ 0		$ 300,000
Senior Notes \| 4.20% Senior Notes, due December 2021
Debt Instrument [Line Items]
Stated interest rate	4.20%
Total borrowings	$ 350,000		350,000
Senior Notes \| 3.20% Senior Notes, due June 2023
Debt Instrument [Line Items]
Stated interest rate	3.20%			3.20%
Total borrowings	$ 100,000		100,000
Senior Notes \| 3.37% Senior Notes, due June 2025
Debt Instrument [Line Items]
Stated interest rate	3.37%			3.37%
Total borrowings	$ 100,000		100,000
Senior Notes \| 3.00% Senior Notes, due May 2030
Debt Instrument [Line Items]
Stated interest rate	3.00%	3.00%
Total borrowings	$ 500,000		0
Less unaccreted debt discount		$ 900
Other Borrowings
Debt Instrument [Line Items]
Total borrowings	$ 215		$ 622

Borrowings - Narrative (Details)					12 Months Ended
Borrowings - Narrative (Details)	May 27, 2020 USD ($)	Apr. 29, 2020 USD ($)	Jun. 23, 2015 USD ($)	Dec. 09, 2011 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 31, 2019 USD ($)	Jun. 13, 2016 USD ($)	Dec. 06, 2010
Line of Credit Facility [Line Items]
Less unaccreted debt discount					$ 949,000	$ 387,000
Interest					35,152,000	36,683,000	$ 36,327,000
Amount to be recognized from hedged transactions within 12 months, approximate					(2,500,000)
Credit facility, term			5 years
Balance outstanding					1,050,215,000	850,622,000
Short-term borrowings					$ 88,000	$ 388,000
For 12 Months in Connection with Certain Acquisitions
Line of Credit Facility [Line Items]
Leverage ratio					4.00
Line of Credit
Line of Credit Facility [Line Items]
Current borrowing capacity			$ 700,000,000
Revolving facility, extension term			1 year
Revolving Credit Facility
Line of Credit Facility [Line Items]
Current borrowing capacity								$ 800,000,000
Aggregate lending commitments								$ 400,000,000
Applicable margin					1.00%
Weighted average interest rate					1.24%
Minimum
Line of Credit Facility [Line Items]
Required percent for prepayment amount of aggregate principal amount									5.00%
Minimum \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable leverage ratio					0.00%
Maximum \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Applicable leverage ratio					1.275%
3.00% Senior Notes, due May 2030
Line of Credit Facility [Line Items]
Stated interest rate					3.00%
4.50% Senior Notes, due December 2020
Line of Credit Facility [Line Items]
Stated interest rate						4.50%				4.50%
3.20% Senior Notes, due June 2023
Line of Credit Facility [Line Items]
Stated interest rate					3.20%	3.20%
3.37% Senior Notes, due June 2025
Line of Credit Facility [Line Items]
Stated interest rate					3.37%	3.37%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Balance outstanding					$ 0	$ 0
Outstanding letters of credit					7,200,000
Revolving facility, amount available to borrow					$ 792,800,000
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Interest coverage ratio					3.0
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio					3.50
4.20% Senior Notes, due December 2021
Line of Credit Facility [Line Items]
Stated interest rate				4.20%	4.20%	4.20%
Principal amount of private placement				$ 350,000,000.0
Net proceeds from debt offering				346,200,000
Debt offering initial discount				900,000
Debt offering underwriting commission				2,300,000
Estimated offering expenses				600,000
Outstanding repayment of indebtedness				$ 306,000,000.0
Contingent percentage of principal amount plus accrued and unpaid interest				101.00%
Short-term borrowings					$ 350,000,000.0
Senior Notes \| Maximum
Line of Credit Facility [Line Items]
Limitation of outstanding principal of higher preference debt as percent of consolidated assets									15.00%
Senior Notes \| 3.00% Senior Notes, due May 2030
Line of Credit Facility [Line Items]
Debt instrument face amount		$ 500,000,000.0
Stated interest rate		3.00%			3.00%
Proceeds from debt		$ 494,400,000
Less unaccreted debt discount		900,000
Underwriting commission		3,300,000
Offering expenses		$ 1,400,000
Redemption price, percentage		101.00%
Balance outstanding					$ 500,000,000	$ 0
Senior Notes \| 3.00% Senior Notes, due May 2030 \| Minimum
Line of Credit Facility [Line Items]
Percent of outstanding amount owned for decision making		25.00%
Senior Notes \| 4.50% Senior Notes, due December 2020
Line of Credit Facility [Line Items]
Stated interest rate					4.50%
Extinguishment of debt	$ 300,000,000.0	$ 300,000,000.0
Redemption premium	6,800,000
Interest	6,100,000
Amount to be recognized from hedged transactions within 12 months, approximate	1,400,000
Write off of deferred debt issuance cost	100,000
Write off of deferred debt remaining discount	100,000
Gain (loss) on extinguishment of debt	$ 8,400,000
Balance outstanding					$ 0	300,000,000
Senior Notes \| 3.20% Senior Notes, due June 2023
Line of Credit Facility [Line Items]
Debt instrument face amount									$ 100,000,000
Stated interest rate					3.20%				3.20%
Balance outstanding					$ 100,000,000	100,000,000
Senior Notes \| 3.37% Senior Notes, due June 2025
Line of Credit Facility [Line Items]
Debt instrument face amount									$ 100,000,000
Stated interest rate					3.37%				3.37%
Balance outstanding					$ 100,000,000	100,000,000
Senior Notes \| 4.20% Senior Notes, due December 2021
Line of Credit Facility [Line Items]
Stated interest rate					4.20%
Balance outstanding					$ 350,000,000	$ 350,000,000
Letters of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing capacity			$ 75,000,000
Swing line Loans \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing capacity			$ 50,000,000

Borrowings - Schedule of Maturities of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 350,088
2022	0
2023	100,000
2024	0
2025	100,127
Thereafter	500,000
Total borrowings	$ 1,050,215	$ 850,622

Derivative Instruments (Details) $ in Thousands			1 Months Ended			12 Months Ended
Derivative Instruments (Details) $ in Thousands	May 27, 2020 USD ($)	Oct. 03, 2011 USD ($)	Apr. 30, 2018 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 09, 2011	Sep. 29, 2011 USD ($)	Jul. 12, 2011 USD ($)	Dec. 06, 2010	Apr. 15, 2010 USD ($)
Derivative [Line Items]
Amortization of interest expense						$ 1,716	$ 1,355	$ 1,332
Amount to be recognized from hedged transactions within 12 months, approximate						2,500
Additional interest rate contract settlement				$ 4,000
Non-cash interest expense associated with forward starting swaps						$ 6,021	$ 6,327	6,475
Other (Income) Expense Net
Derivative [Line Items]
Foreign currency transaction loss								900
Switzerland
Derivative [Line Items]
Stamp duty expense			$ 2,200
4.50% Senior Notes, due December 2020
Derivative [Line Items]
Interest rate on senior notes							4.50%						4.50%
4.50% Senior Notes, due December 2020 \| Senior Notes
Derivative [Line Items]
Interest rate on senior notes						4.50%
Amount to be recognized from hedged transactions within 12 months, approximate	$ (1,400)
4.20% Senior Notes, due December 2021
Derivative [Line Items]
Interest rate on senior notes						4.20%	4.20%			4.20%
4.20% Senior Notes, due December 2021 \| Senior Notes
Derivative [Line Items]
Interest rate on senior notes						4.20%
Interest Rate Exchange Agreement Expiring 2010
Derivative [Line Items]
Notional amount														$ 300,000
Interest rate contract settlement amount					$ 31,000
Amortization of interest expense					$ 31,000
Term of amortized interest expense, years				10 years	10 years
Interest rate					5.80%
Interest Rate Exchange Agreement Expiring 2011
Derivative [Line Items]
Notional amount												$ 350,000
Interest rate contract settlement amount		$ 34,700
Interest Rate Exchange Agreement Settlement on February 28, 2012
Derivative [Line Items]
Notional amount											$ 350,000
Interest Rate Exchange Agreements Expiring 2011 and 2012
Derivative [Line Items]
Amortization of interest expense				$ 37,900
Interest rate						5.30%
Settlement amount interest rate contract				38,700
Interest rate settlement recognized as other expense				$ 800
Foreign currency exchange contracts
Derivative [Line Items]
Notional amount \| €									€ 180,000,000
Cash received from settlement of contracts			$ 6,600
Foreign currency exchange contracts \| Other (Income) Expense Net
Derivative [Line Items]
Gain on derivatives								$ 900

Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 13,554	$ 10,462
Contingent consideration		3,375
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	13,554	10,462
Contingent consideration		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	0	0
Contingent consideration		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 0	0
Contingent consideration		$ 3,375

Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Jul. 23, 2018	Dec. 09, 2011	Dec. 06, 2010
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Transfers of assets between Level 1 and Level 2	$ 0		$ 0
Transfers of assets between Level 2 and Level 1	0		0
Transfers of liabilities between Level 1 and Level 2	0		0
Transfers of liabilities between Level 2 and Level 1	0		0
Contingent consideration			3,375,000
FLI
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration		$ 3,000,000.0		$ 3,400,000
Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value of our revolving facility and senior debt	1,127,600,000		876,000,000.0
Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying value of our revolving facility and senior debt	$ 1,049,300,000		$ 850,200,000
3.00% Senior Notes, due May 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.00%
3.20% Senior Notes, due June 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.20%		3.20%
3.37% Senior Notes, due June 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.37%		3.37%
4.50% Senior Notes, due December 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate			4.50%			4.50%
4.20% Senior Notes, due December 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.20%		4.20%		4.20%

Leases - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 option
Lessee, Lease, Description [Line Items]
Options for renewal \| option				1
Rent expense			$ 21.8
HST
Lessee, Lease, Description [Line Items]
Operating lease, impairment	$ 0.4	$ 0.6

Leases - Balance Sheet Composition (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating leases:
Operating lease, right-of-use asset	$ 106,586	$ 82,374
Operating leases:
Current lease liabilities	16,721	15,235
Noncurrent lease liabilities	94,250	69,928
Total lease liabilities	$ 110,971	$ 85,163
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Building
Operating leases:
Operating lease, right-of-use asset	$ 100,775	$ 75,381
Equipment
Operating leases:
Operating lease, right-of-use asset	$ 5,811	$ 6,993

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 29,451	$ 23,080
Variable lease cost	1,939	2,265
Total lease expense	$ 31,390	$ 25,345

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 28,673	$ 22,888
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 40,432	$ 25,878
Building and Equipment
Weighted-average remaining lease term (years):
Operating leases - building and equipment	9 years 5 months 4 days	9 years 7 months 9 days
Weighted-average discount rate:
Operating leases - vehicles	3.51%	4.08%
Vehicles
Weighted-average remaining lease term (years):
Operating leases - building and equipment	2 years 3 days	1 year 11 months 1 day
Weighted-average discount rate:
Operating leases - vehicles	2.05%	2.99%

Leases - Lease Liability Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 19,717	$ 18,449
2022	17,014	15,070
2023	13,662	10,647
2024	11,681	8,894
2025	11,141	7,037
Thereafter	57,570	44,284
Total lease payments	130,785	104,381
Less: Imputed interest	(19,814)	(19,218)
Present value of lease liabilities	$ 110,971	$ 85,163

Leases - Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 19,717	$ 18,449
2021	17,014	15,070
2022	13,662	10,647
2023	11,681	8,894
2024	11,141	7,037
Thereafter	57,570	44,284
Total lease payments	130,785	104,381
Less: Imputed interest	(19,814)	(19,218)
Present value of lease liabilities	$ 110,971	$ 85,163

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance at January 1	$ 5,581	$ 5,303	$ 6,281
Provision for warranties	3,001	3,438	2,334
Claim settlements	(2,676)	(3,115)	(2,981)
Other adjustments, including acquisitions, divestitures and currency translation	1,488	(45)	(331)
Ending balance at December 31	$ 7,394	$ 5,581	$ 5,303

Common and Preferred Stock (Details) - USD ($)			12 Months Ended
Common and Preferred Stock (Details) - USD ($)	Mar. 17, 2020	Dec. 01, 2015	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 06, 2014
Equity [Abstract]
Increase in share repurchase authorized amount	$ 500,000,000.0	$ 300,000,000.0
Authorized to be repurchased						$ 400,000,000.0
Purchase of common stock (in shares)			876,423	388,953	1,273,961
Repurchase of common stock			$ 110,342,000	$ 54,668,000	$ 173,926,000
Remaining authorized repurchase amount			$ 712,000,000.0
Common stock, shares authorized (in shares)			150,000,000	150,000,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)			5,000,000	5,000,000
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)			0	0

Income Taxes - Schedule Of Income Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S.	$ 296,355	$ 377,166	$ 357,585
Foreign	173,985	155,737	171,354
Income before income taxes	$ 470,340	$ 532,903	$ 528,939

Income Taxes - Provision Benefit for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current
U.S.	$ 29,548	$ 49,819	$ 67,793
State and local	4,603	9,074	8,056
Foreign	50,173	41,864	46,862
Total current	84,324	100,757	122,711
Deferred
U.S.	10,066	10,158	(5,471)
State and local	1,522	(115)	(17)
Foreign	(3,350)	(3,418)	1,143
Total deferred	8,238	6,625	(4,345)
Total provision for income taxes	$ 92,562	$ 107,382	$ 118,366

Income Taxes - Deferred Tax Assets Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Employee and retiree benefit plans	$ 26,872	$ 28,097
Capital loss and other carryforwards	16,316	16,035
Operating lease assets	24,705	20,036
Operating lease liabilities	(23,945)	(19,530)
Depreciation and amortization	(188,993)	(175,904)
Inventories	8,780	7,699
Allowances and accruals	7,343	7,765
Interest rate exchange agreement	745	2,113
Other	(16,946)	(14,998)
Total gross deferred tax (liabilities)	(145,123)	(128,687)
Valuation allowance	(16,316)	(16,035)
Total deferred tax (liabilities), net of valuation allowances	$ (161,439)	$ (144,722)

Income Taxes - Deferred Tax Assets and Liabilities Recognized in Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Noncurrent deferred tax asset - Other noncurrent assets	$ 2,424	$ 1,852
Noncurrent deferred tax liabilities - Deferred income taxes	(163,863)	(146,574)
Total deferred tax (liabilities), net of valuation allowances	$ (161,439)	$ (144,722)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Permanently reinvested earnings of non-U.S. subsidiaries	$ 28,600,000	$ 26,500,000
Unrecognized deferred income tax liabilities on currently permanently reinvested earnings	4,300,000	5,400,000
Foreign earnings repatriated	27,000,000.0	99,000,000.0	$ 135,000,000.0
Incremental income tax expense (benefit)	0	0	0
Accrued interest related to uncertain tax positions	0	200,000	100,000
Accrued penalties related to uncertain tax positions	0	0	0
Unrecognized tax benefits that would affect our effective tax rate	1,100,000	3,700,000	$ 4,100,000
Operating loss carryforwards and tax credit carryforwards	100,000	400,000
Net operating loss carryforwards for non-U.S.	7,400,000	16,500,000
Operating loss carryforwards, valuation allowance	600,000	600,000
Capital loss and other carryforwards	16,316,000	16,035,000
Foreign tax credit carryover for U.S. federal purposes	3,300,000	3,300,000
Federal
Income Tax Disclosure [Line Items]
Capital loss and other carryforwards	45,900,000	45,600,000
Capital loss carryforwards, valuation allowance	9,600,000	9,600,000
State and Local
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	14,700,000	17,400,000
Capital loss and other carryforwards	45,900,000	62,100,000
Capital loss carryforwards, valuation allowance	900,000	800,000
Foreign
Income Tax Disclosure [Line Items]
Capital loss and other carryforwards	14,300,000	13,800,000
Other current assets
Income Tax Disclosure [Line Items]
Prepaid taxes	$ 20,900,000	$ 13,400,000

Income Taxes - Computed Amount and Differences in Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Pretax income	$ 470,340	$ 532,903	$ 528,939
Computed amount at statutory rate	98,771	111,910	111,077
State and local income tax (net of federal tax benefit)	5,954	8,163	8,280
Taxes on non-U.S. earnings-net of foreign tax credits	7,048	5,003	5,725
Global Intangible Low-Taxed Income	(2,731)	2,324	2,725
Foreign-Derived Intangible Income Deduction	(4,928)	(5,811)	(5,410)
Effect of flow-through entities	1,308	1,316	1,215
U.S. business tax credits	(3,163)	(3,193)	(3,056)
Share-based payments	(9,743)	(11,011)	(9,348)
Valuation allowance	70	(117)	0
Impact of Tax Act	0	(334)	10,298
Other	(24)	(868)	(3,140)
Total provision for income taxes	$ 92,562	$ 107,382	$ 118,366

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance January 1	$ 3,680	$ 4,070	$ 2,722
Gross increases for tax positions of prior years	0	0	2,308
Gross decreases for tax positions of prior years	0	0	(229)
Settlements	(2,608)	(140)	(160)
Lapse of statute of limitations	0	(250)	(571)
Ending balance December 31	$ 1,072	$ 3,680	$ 4,070

Business Segments and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2020 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

Business Segments and Geographic Information - Schedule of Information on Company's Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total net sales	$ 614,822	$ 581,113	$ 561,249	$ 594,462	$ 605,997	$ 624,246	$ 642,099	$ 622,231	$ 2,351,646	$ 2,494,573	$ 2,483,666
Total operating income	138,965	$ 131,213	$ 110,594	$ 139,941	134,173	$ 141,765	$ 155,283	$ 147,782	520,713	579,003	569,088
Interest expense									44,746	44,341	44,134
Other (income) expense - net									5,627	1,759	(3,985)
Income before taxes									470,340	532,903	528,939
Total assets	4,414,398				3,813,912				4,414,398	3,813,912	3,473,857
Depreciation and Amortization									83,495	76,876	77,544
Total capital expenditures									51,545	50,912	56,089
Intersegment elimination
Segment Reporting Information [Line Items]
Total net sales									(3,471)	(3,671)	(1,333)
Corporate office and other
Segment Reporting Information [Line Items]
Total operating income									(64,845)	(71,711)	(80,252)
Total assets	559,374				330,694				559,374	330,694	230,637
Depreciation and Amortization									562	670	742
Total capital expenditures									3,082	1,815	191
FMT
Segment Reporting Information [Line Items]
Total net sales									895,474	956,523	951,275
Total operating income									235,011	285,256	275,060
Total assets	1,387,067				1,150,712				1,387,067	1,150,712	1,107,777
Depreciation and Amortization									25,939	22,152	22,370
Total capital expenditures									11,924	17,285	19,541
FMT \| Intersegment elimination
Segment Reporting Information [Line Items]
Total net sales									830	505	277
FMT \| Operating Segments
Segment Reporting Information [Line Items]
Total net sales									896,304	957,028	951,552
HST
Segment Reporting Information [Line Items]
Total net sales									893,353	912,623	895,970
Total operating income									206,356	200,200	205,679
Total assets	1,576,093				1,507,108				1,576,093	1,507,108	1,329,368
Depreciation and Amortization									41,778	39,721	39,939
Total capital expenditures									27,626	22,001	26,039
HST \| Intersegment elimination
Segment Reporting Information [Line Items]
Total net sales									2,609	1,823	449
HST \| Operating Segments
Segment Reporting Information [Line Items]
Total net sales									895,962	914,446	896,419
FSDP
Segment Reporting Information [Line Items]
Total net sales									562,819	625,427	636,421
Total operating income									144,191	165,258	168,601
Total assets	$ 891,864				$ 825,398				891,864	825,398	806,075
Depreciation and Amortization									15,216	14,333	14,493
Total capital expenditures									8,913	9,811	10,318
FSDP \| Intersegment elimination
Segment Reporting Information [Line Items]
Total net sales									32	1,343	607
FSDP \| Operating Segments
Segment Reporting Information [Line Items]
Total net sales									$ 562,851	$ 626,770	$ 637,028

Business Segments and Geographic Information - Schedule of Sales from External Customers and Long Lived Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	$ 298,273	$ 280,316	$ 281,220
U.S. Plans
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	169,159	165,721	171,111
North America, excluding U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	5,028	3,829	3,398
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	99,989	88,104	85,100
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	23,950	22,505	21,355
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	$ 147	$ 157	$ 256

Restructuring Expenses and Asset Impairments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring expenses and asset impairments						$ 11,776	$ 21,044	$ 12,083
Asset impairments						3,087	10,155	0
Impairment of definite-lived assets		$ 7,100
Restructuring accrual	$ 3,868		$ 6,110			3,868	$ 6,110	$ 6,170
Property, plant and equipment
Restructuring Cost and Reserve [Line Items]
Asset impairment charges						$ 2,900
FMT
Restructuring Cost and Reserve [Line Items]
Asset impairments	2,500
Operating lease, impairment	900
FMT \| Corporate Office
Restructuring Cost and Reserve [Line Items]
Asset impairments	600
FMT \| Property, plant and equipment
Restructuring Cost and Reserve [Line Items]
Asset impairments	1,600
FMT \| Property, plant and equipment \| Corporate Office
Restructuring Cost and Reserve [Line Items]
Asset impairments	200
Operating lease, impairment	$ 400
HST
Restructuring Cost and Reserve [Line Items]
Operating lease, impairment			$ 400	$ 600
Asset impairment charges					$ 9,700
HST \| Customer relationships
Restructuring Cost and Reserve [Line Items]
Impairment of definite-lived assets					6,100
HST \| Unpatented technology
Restructuring Cost and Reserve [Line Items]
Impairment of definite-lived assets					1,000
HST \| Property, plant and equipment
Restructuring Cost and Reserve [Line Items]
Asset impairments					$ 2,000

Restructuring Expenses and Asset Impairments - Schedule of Pre-Tax Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 11,776	$ 21,044	$ 12,083
Severance Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	8,524	9,795	11,480
Exit Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	165	1,094	603
Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3,087	10,155
Operating Segments \| FMT
Restructuring Cost and Reserve [Line Items]
Restructuring costs	5,580	2,879	2,458
Operating Segments \| HST
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,742	14,249	5,904
Operating Segments \| FSDP
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,524	1,364	2,184
Operating Segments \| Severance Costs \| FMT
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,939	2,879	2,305
Operating Segments \| Severance Costs \| HST
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,742	3,000	5,454
Operating Segments \| Severance Costs \| FSDP
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,524	1,364	2,184
Operating Segments \| Exit Costs \| FMT
Restructuring Cost and Reserve [Line Items]
Restructuring costs	165	0	153
Operating Segments \| Exit Costs \| HST
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	1,094	450
Operating Segments \| Exit Costs \| FSDP
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	0
Operating Segments \| Asset Impairment \| FMT
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2,476	0
Operating Segments \| Asset Impairment \| HST
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	10,155
Operating Segments \| Asset Impairment \| FSDP
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0
Corporate office and other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	930	2,552	1,537
Corporate office and other \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	319	2,552	1,537
Corporate office and other \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	$ 0
Corporate office and other \| Asset Impairment
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 611	$ 0

Restructuring Expenses and Asset Impairments - Schedule of Restructuring Accruals Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Beginning balance	$ 6,110	$ 6,170
Restructuring expenses	8,837
Payments, utilization and other	(11,079)	(21,104)
Ending balance	3,868	$ 6,110
Property, plant and equipment
Restructuring Cost and Reserve [Line Items]
Asset impairment charges	$ 2,900

Share-Based Compensation - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) share-based_compensation_plan shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Feb. 28, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans (in shares) \| share-based_compensation_plan	2
Number of shares authorized (in shares) \| shares	15,600,000
Number of shares available for future issuance (in shares) \| shares	3,000,000.0
Proceeds from stock option exercises	$ 44,587	$ 38,809	$ 27,639
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option exercisable life	10 years
Total intrinsic value of options exercised	$ 41,300	49,500	38,000
Proceeds from stock option exercises	44,600	38,800	27,600
Tax benefit realized for the tax deductions from stock options exercised	8,700	10,400	$ 8,000
Total unrecognized compensation cost	$ 9,100
Weighted-average period of total unrecognized compensation cost, in years	1 year 3 months 18 days
Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Total unrecognized compensation cost	$ 5,800
Weighted-average period of total unrecognized compensation cost, in years	1 year
Unvested shares, granted (in shares) \| shares	39,065
Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Share based compensation, accrued expenses	$ 5,400	5,500
Share based compensation, other noncurrent liabilities	$ 2,900	$ 2,800
Unvested shares, granted (in shares) \| shares	20,780
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 4,800
Weighted-average period of total unrecognized compensation cost, in years	10 months 24 days
Award requisite service period	3 years
Unvested shares, granted (in shares) \| shares	42,690	56,860	52,375
Payout factor, percent	201.00%
Performance Shares Units \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares				48,223
Performance Shares Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award	0.00%
Performance Shares Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award	250.00%
Target payout	100.00%

Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 34.22	$ 35.15	$ 38.13
Dividend yield	1.15%	1.18%	1.07%
Volatility	22.04%	24.77%	28.46%
Risk-free interest rate, minimum	1.39%	2.53%	2.03%
Risk-free interest rate, maximum	1.66%	3.04%	3.17%
Expected life (in years)	5 years 9 months 18 days	5 years 10 months 13 days	5 years 9 months 29 days

Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding at January 1, 2019 (in shares)	1,386,539
Granted (in shares)	353,130
Exercised (in shares)	(511,960)
Forfeited (in shares)	(263,983)
Outstanding at December 31, 2019 (in shares)	963,726	1,386,539
Vested and expected to vest at December 31, 2019 (in shares)	919,724
Exercisable at December 31, 2019 (in shares)	424,926
Weighted Average Price
Outstanding at January 1, 2019 (in dollars per share)	$ 103.58
Granted (in dollars per share)	172.93
Exercised (in dollars per share)	87.09
Forfeited (in dollars per share)	147.68
Outstanding at December 31, 2019 (in dollars per share)	125.70	$ 103.58
Vested and expected to vest at December 31, 2019 (in dollars per share)	124.01
Exercisable at December 31, 2019 (in dollars per share)	$ 92.26
Weighted-Average Remaining Contractual Term
Weighted-Average Remaining Contractual Term	6 years 11 months 8 days	6 years 11 months 12 days
Vested and expected to vest at December 31, 2019	6 years 10 months 9 days
Exercisable at December 31, 2019	5 years 2 months 26 days
Aggregate Intrinsic Value
Outstanding, intrinsic value	$ 70,829,529	$ 94,764,140
Vested and expected to vest at December 31, 2019	69,151,533
Exercisable at December 31, 2019	$ 45,447,769

Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 19,375	$ 27,669	$ 24,754
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	8,068	9,150	8,783
Income tax benefit	(907)	(1,209)	(1,616)
Total expense after income taxes	7,161	7,941	7,167
Stock Option \| Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	501	445	470
Stock Option \| Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 7,567	$ 8,705	$ 8,313

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Shares
Unvested at January 1, 2019 (in shares) \| shares	130,248
Granted (in shares) \| shares	39,065
Vested (in shares) \| shares	(39,683)
Forfeited (in shares) \| shares	(18,330)
Unvested at December 31, 2019 (in shares) \| shares	111,300
Weighted-Average Grant Date Fair Value
Unvested at January 1, 2019 (in dollars per share) \| $ / shares	$ 124.61
Granted (in dollars per share) \| $ / shares	168.42
Vested (in dollars per share) \| $ / shares	95.25
Forfeited (in dollars per share) \| $ / shares	142.03
Unvested at December 31, 2019 (in dollars per share) \| $ / shares	$ 147.13

Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 4,175	$ 4,788	$ 4,568
Income tax benefit	(876)	(920)	(825)
Total expense after income taxes	3,299	3,868	3,743
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	318	261	367
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 3,857	$ 4,527	$ 4,201

Share-Based Compensation Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Shares
Unvested at January 1, 2019 (in shares) \| shares	74,560
Granted (in shares) \| shares	20,780
Vested (in shares) \| shares	(25,405)
Forfeited (in shares) \| shares	(5,995)
Unvested at December 31, 2019 (in shares) \| shares	63,940
Weighted-Average Grant Date Fair Value
Unvested at January 1, 2019 (in dollars per share) \| $ / shares	$ 172.08
Granted (in dollars per share) \| $ / shares	173.30
Vested (in dollars per share) \| $ / shares	173.26
Forfeited (in dollars per share) \| $ / shares	199.20
Unvested at December 31, 2019 (in dollars per share) \| $ / shares	$ 199.20

Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 4,559	$ 5,348	$ 3,200
Income tax benefit	(427)	(509)	(337)
Total expense after income taxes	4,132	4,839	2,863
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	882	1,230	809
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 3,677	$ 4,118	$ 2,391

Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 224.14	$ 207.26	$ 216.59
Dividend yield	0.00%	0.00%	0.00%
Volatility	19.50%	19.11%	17.42%
Risk-free interest rate	1.30%	2.49%	2.40%
Expected life (in years)	2 years 11 months 8 days	2 years 9 months 29 days	2 years 10 months 6 days

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Unvested at January 1, 2019 (in shares)	100,575
Granted (in shares)	42,690	56,860	52,375
Vested (in shares)	(24,395)
Forfeited (in shares)	(60,175)
Unvested at December 31, 2019 (in shares)	58,695	100,575
Weighted-Average Grant Date Fair Value
Unvested at January 1, 2019 (in dollars per share)	$ 178.97
Granted (in dollars per share)	224.14
Vested (in dollars per share)	220.14
Forfeited (in dollars per share)	213.89
Unvested at December 31, 2019 (in dollars per share)	$ 218.16	$ 178.97

Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 2,573	$ 8,383	$ 8,203
Income tax benefit	(217)	(641)	(1,586)
Total expense after income taxes	2,356	7,742	6,617
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0	0	0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 2,573	$ 8,383	$ 8,203

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pre-tax
Other comprehensive income (loss), pre-tax	$ 115,242	$ 1,772	$ (28,738)
Tax
Total other comprehensive income (loss), tax	(1,422)	108	(4,545)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Total other comprehensive income (loss), net of tax	113,820	1,880	(33,283)
Cumulative translation adjustment
Pre-tax
Other comprehensive income (loss) before reclassifications, before tax			(48,114)
Other comprehensive income (loss), pre-tax	107,783	67
Tax
Total other comprehensive income (loss), tax	0	0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Total other comprehensive income (loss), net of tax	107,783	67
Net gain (loss) arising during the year
Pre-tax
Other comprehensive income (loss) before reclassifications, before tax	(1,438)	(7,432)	9,963
Tax
Other comprehensive income (loss) before reclassifications, tax	53	2,497	(2,375)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Other comprehensive income (loss) before reclassifications, net of tax	(1,385)	(4,935)	7,588
Amortization/recognition of settlement loss
Pre-tax
Reclassifications from AOCI before tax	2,876	2,810	2,938
Tax
Reclassification from AOCI, tax	(106)	(944)	(701)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Reclassification from AOCI, net of tax	2,770	1,866	2,237
Pension and other postretirement adjustments
Pre-tax
Other comprehensive income (loss), pre-tax	1,438	(4,622)	12,901
Tax
Total other comprehensive income (loss), tax	(53)	1,553	(3,076)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Total other comprehensive income (loss), net of tax	1,385	(3,069)	9,825
Reclassification adjustments for derivatives
Pre-tax
Other comprehensive income (loss), pre-tax	6,021	6,327	6,475
Tax
Total other comprehensive income (loss), tax	(1,369)	(1,445)	(1,469)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]
Total other comprehensive income (loss), net of tax	$ 4,652	$ 4,882	$ 5,006

Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense - net									$ 5,627	$ 1,759	$ (3,985)
Interest expense									44,746	44,341	44,134
Total before tax									(470,340)	(532,903)	(528,939)
Provision for income taxes									92,562	107,382	118,366
Total net of tax	$ (101,068)	$ (103,848)	$ (70,864)	$ (101,998)	$ (96,850)	$ (105,194)	$ (113,209)	$ (110,268)	(377,778)	(425,521)	(410,573)
Reclassification out of Accumulated Other Comprehensive Income \| Retirement Benefits Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax									2,876	2,810	2,938
Provision for income taxes									(106)	(944)	(701)
Total net of tax									2,770	1,866	2,237
Reclassification out of Accumulated Other Comprehensive Income \| Amortization/recognition of settlement loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense - net									2,909	2,858	3,246
Reclassification out of Accumulated Other Comprehensive Income \| Recognition of settlement loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other (income) expense - net									(33)	(48)	(308)
Reclassification out of Accumulated Other Comprehensive Income \| Cumulative Unrealized Gain (Loss) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense									6,021	6,327	6,475
Total before tax									6,021	6,327	6,475
Provision for income taxes									(1,369)	(1,445)	(1,469)
Total net of tax									$ 4,652	$ 4,882	$ 5,006

Retirement Benefits - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
Retirement Benefits - Narrative (Details) $ in Thousands	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) employee shares	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2020 employee
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, funded percentage			113.00%
Other noncurrent assets			$ 93,400
Liability, defined benefit plan			82,600
Accumulated benefit obligation for all defined benefit pension plans		$ 193,300	$ 204,400	$ 193,300
Percentage of excess gains and losses over benefit obligation or market value of assets amortized			10.00%
Costs of defined contribution plans			$ 12,500	12,400	$ 12,200
Number of participants covering under multi employer pension plan \| employee			305
Costs of bargaining unit-sponsored multi-employer plans and defined contribution plans			$ 1,100	1,100	1,100
Weighted average annual rate of increase in the per capita cost of covered health care benefits assumed			5.64%
Assumed decrease of weighted average health care cost trend rate			4.50%
Year that reaches assumed decrease of weighted average health care cost trend rate			2038
Stock held in plan assets (in shares) \| shares			0
Estimated Future Benefit Payments
2021			$ 88,500
2022			5,900
2023			5,900
2024			6,100
2025			6,300
2026 to 2030			32,300
Other (Income) Expense Net
Defined Benefit Plan Disclosure [Line Items]
Settlement loss recognized	$ 900	700
Net periodic benefit cost			1,000
Defined Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, expected contribution for next fiscal year			13,100
401k
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, expected contribution for next fiscal year			$ 10,100
U.S. \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			10.00%
U.S. \| Fixed Income Securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			90.00%
UK \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			60.00%
UK \| Equity Securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			50.00%
UK \| Equity Securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			60.00%
UK \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			40.00%
UK \| Fixed Income Securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			40.00%
UK \| Fixed Income Securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			50.00%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Participants affected due to plan freeze \| employee						60
Defined benefit plan, expected contribution for next fiscal year			$ 3,400
Pension Benefits \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Settlement loss recognized			910	713	(1)
Net periodic benefit cost			269	(2,733)	(2,288)
Other noncurrent assets		1,921	10,754	1,921
Pension Benefits \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Settlement loss recognized			(385)	0	(307)
Net periodic benefit cost			(3,446)	(3,354)	(3,338)
Other noncurrent assets		14	$ 3	14
Pension Benefits \| UK
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities			2.50%
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost			$ (698)	(775)	$ (741)
Other noncurrent assets		$ 0	0	$ 0
Defined benefit plan, expected contribution for next fiscal year			$ 1,000

Retirement Benefits - Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$ 132,717
Fair value of plan assets at December 31	142,136	$ 132,717
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	93,400
Other noncurrent liabilities	(99,417)	(87,478)
Pension Benefits
CHANGE IN BENEFIT OBLIGATION
Other	0
Pension Benefits \| U.S.
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	95,947	85,175
Service cost	134	653	$ 886
Interest cost	1,274	2,796	2,634
Plan amendments	183	0
Benefits paid	(4,023)	(3,520)
Actuarial loss (gain)	6,504	16,931
Currency translation	0	0
Settlements	(6,064)	(4,826)
Curtailments	0	(1,538)
Acquisition/Divestiture	0	0
Other		276
Obligation at December 31	93,955	95,947	85,175
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	93,413	83,580
Actual return on plan assets	16,225	17,446
Employer contributions	421	733
Benefits paid	(4,023)	(3,520)
Currency translation	0	0
Settlements	(6,064)	(4,826)
Acquisition/Divestiture	0	0
Other	0	0
Fair value of plan assets at December 31	99,972	93,413	83,580
Funded status at December 31	6,017	(2,534)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	10,754	1,921
Current liabilities	(510)	(564)
Other noncurrent liabilities	(4,227)	(3,891)
Net asset (liability) at December 31	6,017	(2,534)
Pension Benefits \| Non-U.S.
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	102,016	89,789
Service cost	2,215	1,844	2,105
Interest cost	1,056	1,440	1,389
Plan amendments	(1)	(156)
Benefits paid	(2,640)	(1,507)
Actuarial loss (gain)	7,279	9,903
Currency translation	8,941	66
Settlements	(3,802)	0
Curtailments	0	0
Acquisition/Divestiture	0	0
Other	624	637
Obligation at December 31	115,688	102,016	89,789
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	39,304	33,532
Actual return on plan assets	3,620	3,406
Employer contributions	2,389	2,320
Benefits paid	(2,640)	(1,507)
Currency translation	2,669	916
Settlements	(3,802)	0
Acquisition/Divestiture	0	0
Other	624	637
Fair value of plan assets at December 31	42,164	39,304	33,532
Funded status at December 31	(73,524)	(62,712)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	3	14
Current liabilities	(1,520)	(1,270)
Other noncurrent liabilities	(72,007)	(61,456)
Net asset (liability) at December 31	(73,524)	(62,712)
Other Benefits
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	23,257	22,593
Service cost	616	561	668
Interest cost	624	849	810
Plan amendments	(2,905)	0
Benefits paid	(722)	(676)
Actuarial loss (gain)	3,241	(161)
Currency translation	62	91
Settlements	0	0
Curtailments	0	0
Acquisition/Divestiture	0	0
Other	0	0
Obligation at December 31	24,173	23,257	22,593
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	0	0
Actual return on plan assets	0	0
Employer contributions	722	676
Benefits paid	(722)	(676)
Currency translation	0	0
Settlements	0	0
Acquisition/Divestiture	0	0
Other	0	0
Fair value of plan assets at December 31	0	0	$ 0
Funded status at December 31	(24,173)	(23,257)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	0	0
Current liabilities	(990)	(1,127)
Other noncurrent liabilities	(23,183)	(22,130)
Net asset (liability) at December 31	$ (24,173)	$ (23,257)

Retirement Benefits - Weighted Average Assumptions Used in the Measurement of Benefit Obligation (Details)	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits \| U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.14%	3.06%
Rate of compensation increase	0.00%	0.00%
Cash balance interest credit rate	4.00%	4.00%
Pension Benefits \| Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	0.95%	1.33%
Rate of compensation increase	2.32%	2.29%
Cash balance interest credit rate	1.00%	1.00%
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.20%	3.09%
Rate of compensation increase	0.00%	4.00%
Cash balance interest credit rate	0.00%	0.00%

Retirement Benefits - Amounts in Accumulated Other Comprehensive Income Loss Expected to be Recognized as Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior service cost (credit)	$ 202	$ 46
Net loss (gain)	13,414	21,432
Total	13,616	21,478
Pension Benefits \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior service cost (credit)	(92)	(100)
Net loss (gain)	24,536	19,304
Total	24,444	19,204
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior service cost (credit)	(2,914)	(46)
Net loss (gain)	(2,266)	(6,009)
Total	$ (5,180)	$ (6,055)

Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits \| U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 134	$ 653	$ 886
Interest cost	1,274	2,796	2,634
Expected return on plan assets	(3,750)	(3,319)	(3,943)
Settlement loss recognized	910	713	(1)
Special termination benefit recognized	0	276	0
Net amortization	1,163	1,614	2,712
Net periodic (benefit) cost	(269)	2,733	2,288
Pension Benefits \| Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	2,215	1,844	2,105
Interest cost	1,056	1,440	1,389
Expected return on plan assets	(1,170)	(1,047)	(1,120)
Settlement loss recognized	(385)	0	(307)
Special termination benefit recognized	0	0	0
Net amortization	1,730	1,117	1,271
Net periodic (benefit) cost	3,446	3,354	3,338
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	616	561	668
Interest cost	624	849	810
Net amortization	(542)	(635)	(737)
Net periodic (benefit) cost	$ 698	$ 775	$ 741

Retirement Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost of Plans (Details)	3 Months Ended				4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Jun. 30, 2020	Aug. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate										3.09%	4.11%	3.50%
Expected return on plan assets										0.00%	0.00%	0.00%
Rate of compensation increase										4.00%	4.00%	4.00%
Pension Benefits \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate					2.99%			4.11%			3.46%
Expected return on plan assets									4.00%	4.00%	5.50%
Rate of compensation increase									0.00%	4.00%	4.00%
Pension Benefits \| U.S. Plans \| IDEX Corporation Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.36%	2.41%	2.97%	3.07%
Pension Benefits \| U.S. Plans \| Pulsafeeder, Inc. Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate						2.62%	3.21%
Pension Benefits \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate									1.33%	2.07%	1.82%
Expected return on plan assets									3.00%	3.12%	3.09%
Rate of compensation increase									2.29%	2.13%	2.37%

Retirement Benefits - Pretax Amounts Recognized in Accumulated Other Comprehensive Income Loss (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Pension Benefits \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) in current year	$ 5,971
Prior service cost	(182)
Amortization of prior service cost (credit)	27
Amortization of net loss (gain)	2,046
Exchange rate effect on amounts in other comprehensive income	0
Total	7,862
Pension Benefits \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) in current year	(4,829)
Prior service cost	2
Amortization of prior service cost (credit)	(22)
Amortization of net loss (gain)	1,367
Exchange rate effect on amounts in other comprehensive income	(1,758)
Total	(5,240)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) in current year	(3,241)
Prior service cost	2,905
Amortization of prior service cost (credit)	(37)
Amortization of net loss (gain)	(504)
Exchange rate effect on amounts in other comprehensive income	2
Total	$ (875)

Retirement Benefits - Pension Plan Weighted Average Asset Allocations (Details) - Pension Benefits	Dec. 31, 2020	Dec. 31, 2019
U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan securities	100.00%	100.00%
U.S. Plans \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan securities	7.00%	10.00%
U.S. Plans \| Fixed Income Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan securities	65.00%	90.00%
U.S. Plans \| Cash/Commingled Funds/Other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan securities	28.00%	0.00%
Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan securities	100.00%	100.00%
Non-U.S. Plans \| Equity Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan securities	17.00%	17.00%
Non-U.S. Plans \| Fixed Income Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan securities	24.00%	24.00%
Non-U.S. Plans \| Cash/Commingled Funds/Other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan securities	59.00%	59.00%

Retirement Benefits - Summary of Basis Used to Measure Defined Benefit Plans Assets at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	$ 142,136	$ 132,717
U.S. Large Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	3,710	4,734
U.S. Small / Mid Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	444	455
International, Equity
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	10,427	10,845
U.S. Intermediate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	14,263	640
U.S. Long Term
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	51,891	83,628
U.S. High Yield
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	296	1,346
International, Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	8,448	7,516
Other Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	20,665	19,438
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	28,469	1,094
Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	3,523	3,021
Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	36,205	10,805
Level 1 \| U.S. Large Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	3,710	4,734
Level 1 \| U.S. Small / Mid Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 1 \| International, Equity
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	4,412	5,258
Level 1 \| U.S. Intermediate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 1 \| U.S. Long Term
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 1 \| U.S. High Yield
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 1 \| International, Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	257	296
Level 1 \| Other Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 1 \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	27,826	517
Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	85,266	102,474
Level 2 \| U.S. Large Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 2 \| U.S. Small / Mid Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	444	455
Level 2 \| International, Equity
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	6,015	5,587
Level 2 \| U.S. Intermediate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	14,263	640
Level 2 \| U.S. Long Term
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	51,891	83,628
Level 2 \| U.S. High Yield
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	296	1,346
Level 2 \| International, Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	8,191	7,220
Level 2 \| Other Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 2 \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	643	577
Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	3,523	3,021
Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	20,665	19,438
Level 3 \| U.S. Large Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 3 \| U.S. Small / Mid Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 3 \| International, Equity
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 3 \| U.S. Intermediate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 3 \| U.S. Long Term
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 3 \| U.S. High Yield
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 3 \| International, Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 3 \| Other Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	20,665	19,438
Level 3 \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0	0
Level 3 \| Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	$ 0	$ 0

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 614,822	$ 581,113	$ 561,249	$ 594,462	$ 605,997	$ 624,246	$ 642,099	$ 622,231	$ 2,351,646	$ 2,494,573	$ 2,483,666
Gross profit	269,168	251,500	234,800	271,956	266,885	281,978	292,337	283,834	1,027,424	1,125,034	1,117,895
Operating income	138,965	131,213	110,594	139,941	134,173	141,765	155,283	147,782	520,713	579,003	569,088
Net income	$ 101,068	$ 103,848	$ 70,864	$ 101,998	$ 96,850	$ 105,194	$ 113,209	$ 110,268	$ 377,778	$ 425,521	$ 410,573
Basic EPS (in dollar per share)	$ 1.33	$ 1.38	$ 0.94	$ 1.35	$ 1.28	$ 1.39	$ 1.50	$ 1.46	$ 4.98	$ 5.62	$ 5.36
Diluted EPS (in dollar per share)	$ 1.32	$ 1.37	$ 0.93	$ 1.33	$ 1.26	$ 1.37	$ 1.48	$ 1.44	$ 4.94	$ 5.56	$ 5.29
Basic weighted average shares outstanding (in shares)	75,817	75,352	75,171	75,740	75,779	75,698	75,460	75,442	75,741	75,594	76,412
Diluted weighted average shares outstanding (in shares)	76,367	75,960	75,937	76,452	76,570	76,577	76,387	76,284	76,400	76,454	77,563

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Subsequent Events (Details) $ in Millions	Jan. 08, 2021 USD ($)
Subsequent Event \| ABEL
Subsequent Event [Line Items]
Business combination, cash consideration paid	$ 103.5