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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________ 
Form 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto
Commission file number 1-10235
IDEX CORPORATION
(Exact Name of Registrant as Specified in its Charter)
 
Delaware36-3555336
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3100 Sanders Road,Suite 301,Northbrook,Illinois60062
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (847498-7070

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


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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No   
Number of shares of common stock of IDEX Corporation outstanding as of July 23, 2021: 75,998,135.


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


Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

IDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts)
(unaudited)
 
June 30, 2021December 31, 2020
ASSETS
Current assets
Cash and cash equivalents$714,380 $1,025,851 
Receivables, less allowance for doubtful accounts of $5,907 at June 30, 2021 and $6,091 at December 31, 2020
356,469 293,146 
Inventories360,079 289,910 
Other current assets62,761 48,324 
Total current assets1,493,689 1,657,231 
Property, plant and equipment - net313,353 298,273 
Goodwill2,210,570 1,895,574 
Intangible assets - net626,586 415,563 
Other noncurrent assets138,799 147,757 
Total assets$4,782,997 $4,414,398 
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable$178,796 $151,993 
Accrued expenses230,426 208,828 
Short-term borrowings41 88 
Dividends payable41,096 38,149 
Total current liabilities450,359 399,058 
Long-term borrowings1,189,828 1,044,354 
Deferred income taxes211,164 163,863 
Other noncurrent liabilities258,782 266,797 
Total liabilities2,110,133 1,874,072 
Commitments and contingencies
Shareholders’ equity
Preferred stock:
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None
  
Common stock:
Authorized: 150,000,000 shares, $.01 per share par value
Issued: 90,069,757 shares at June 30, 2021 and 90,071,763 shares at December 31, 2020
901 901 
Additional paid-in capital785,674 775,153 
Retained earnings2,974,163 2,841,546 
Treasury stock at cost: 13,965,568 shares at June 30, 2021 and 14,111,221 shares at December 31, 2020
(1,058,719)(1,063,872)
Accumulated other comprehensive income (loss)(29,223)(13,525)
Total shareholders’ equity2,672,796 2,540,203 
Noncontrolling interest68 123 
Total equity2,672,864 2,540,326 
Total liabilities and equity$4,782,997 $4,414,398 
See Notes to Condensed Consolidated Financial Statements
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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Net sales$685,947 $561,249 $1,337,983 $1,155,711 
Cost of sales379,875 326,449 739,288 648,955 
Gross profit306,072 234,800 598,695 506,756 
Selling, general and administrative expenses144,680 120,365 279,528 252,380 
Restructuring expenses and asset impairments3,136 3,841 5,364 3,841 
Operating income158,256 110,594 313,803 250,535 
Other (income) expense - net17,175 6,460 16,327 8,025 
Interest expense11,205 12,439 21,981 23,316 
Income before income taxes129,876 91,695 275,495 219,194 
Provision for income taxes27,697 20,831 60,644 46,332 
Net income$102,179 $70,864 214,851 172,862 
Net (income) loss attributable to noncontrolling interest16  52  
Net income attributable to IDEX$102,195 $70,864 $214,903 $172,862 
Earnings per common share:
Basic earnings per common share attributable to IDEX$1.34 $0.94 $2.83 $2.29 
Diluted earnings per common share attributable to IDEX$1.34 $0.93 $2.81 $2.27 
Share data:
Basic weighted average common shares outstanding75,968 75,171 75,930 75,459 
Diluted weighted average common shares outstanding76,429 75,937 76,385 76,198 
See Notes to Condensed Consolidated Financial Statements
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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Net income$102,179 $70,864 $214,851 $172,862 
Other comprehensive income (loss):
Reclassification adjustments for derivatives, net of tax
1,867 2,116 2,531 3,310 
Pension and other postretirement adjustments, net of tax
9,210 (631)9,955 1,665 
Cumulative translation adjustment
20,255 19,271 (28,184)(7,185)
Other comprehensive income (loss)
31,332 20,756 (15,698)(2,210)
Comprehensive income133,511 91,620 199,153 170,652 
Comprehensive (income) loss attributable to noncontrolling interest21  55  
Comprehensive income attributable to IDEX$133,532 $91,620 $199,208 $170,652 
See Notes to Condensed Consolidated Financial Statements
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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in thousands except share amounts)
(unaudited)

   Accumulated Other Comprehensive
Income (Loss)
  
 Common
Stock and
Additional
Paid-In Capital
Retained
Earnings
Cumulative
Translation
Adjustment
Retirement
Benefits
Adjustment
Cumulative
Unrealized Gain (Loss) on
Derivatives
Treasury
Stock
Total
Shareholders’
Equity
Noncontrolling InterestTotal Equity
Balance, December 31, 2020$776,054 $2,841,546 $13,430 $(24,424)$(2,531)$(1,063,872)$2,540,203 $123 $2,540,326 
Net income (loss)— 112,708 — — — — 112,708 (36)112,672 
Cumulative translation adjustment— — (48,439)— — — (48,439)2 (48,437)
Net change in retirement obligations (net of tax of $309)
— — — 745 — — 745 — 745 
Net change on derivatives designated as cash flow hedges (net of tax of $195)
— — — — 664 — 664 — 664 
Issuance of 106,122 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $1,865)
— — — — — 3,231 3,231 — 3,231 
Shares surrendered for tax withholding— — — — — (5,460)(5,460)— (5,460)
Share-based compensation6,274 — — — — — 6,274 — 6,274 
Balance, March 31, 2021$782,328 $2,954,254 $(35,009)$(23,679)$(1,867)$(1,066,101)$2,609,926 $89 $2,610,015 
Net income (loss)— 102,195 — — — — 102,195 (16)102,179 
Cumulative translation adjustment— — 20,255 — — — 20,255 (5)20,250 
Net change in retirement obligations (net of tax of $2,799)
— — — 9,210 — — 9,210 — 9,210 
Net change on derivatives designated as cash flow hedges (net of tax of $549)
— — — — 1,867 — 1,867 — 1,867 
Issuance of 67,476 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $621)
— — — — — 7,456 7,456 — 7,456 
Shares surrendered for tax withholding— — — — — (74)(74)— (74)
Share-based compensation4,247 — — — — — 4,247 — 4,247 
Cash dividends declared - $1.08 per common share outstanding
— (82,286)— — — — (82,286)— (82,286)
Balance, June 30, 2021$786,575 $2,974,163 $(14,754)$(14,469)$ $(1,058,719)$2,672,796 $68 $2,672,864 
















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

   Accumulated Other Comprehensive
Income (Loss)
  
 Common
Stock and
Additional
Paid-In Capital
Retained
Earnings
Cumulative
Translation
Adjustment
Retirement
Benefits
Adjustment
Cumulative
Unrealized Gain (Loss) on
Derivatives
Treasury
Stock
Total
Shareholders’
Equity
Balance, December 31, 2019$761,352 $2,615,131 $(94,353)$(25,809)$(7,183)$(985,909)$2,263,229 
Net income— 101,998 — — — — 101,998 
Cumulative translation adjustment— — (26,456)— — — (26,456)
Net change in retirement obligations (net of tax of $578)
— — — 2,296 — — 2,296 
Net change on derivatives designated as cash flow hedges (net of tax of $351)
— — — — 1,194 — 1,194 
Issuance of 131,757 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $3,061)
— — — — — 2,089 2,089 
Repurchase of 866,823 shares of common stock
— — — — — (108,907)(108,907)
Shares surrendered for tax withholding— — — — — (12,119)(12,119)
Share-based compensation6,463 — — — — — 6,463 
Balance, March 31, 2020$767,815 $2,717,129 $(120,809)$(23,513)$(5,989)$(1,104,846)$2,229,787 
Net income— 70,864 — — — — 70,864 
Cumulative translation adjustment— — 19,271 — — — 19,271 
Net change in retirement obligations (net of tax of $62)
— — — (631)— — (631)
Net change on derivatives designated as cash flow hedges (net of tax of $623)
— — — — 2,116 — 2,116 
Issuance of 145,263 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $594)
— — — — — 11,022 11,022 
Repurchase of 9,600 shares of common stock
— — — — — (1,435)(1,435)
Shares surrendered for tax withholding— — — — — (29)(29)
Share-based compensation5,753 — — — — — 5,753 
Cash dividends declared - $1.00 per common share outstanding
— (75,681)— — — — (75,681)
Balance, June 30, 2020$773,568 $2,712,312 $(101,538)$(24,144)$(3,873)$(1,095,288)$2,261,037 

See Notes to Condensed Consolidated Financial Statements
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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Six Months Ended June 30,
 20212020
Cash flows from operating activities
Net income$214,851 $172,862 
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments226  
Depreciation and amortization21,480 20,591 
Amortization of intangible assets24,513 20,032 
Amortization of debt issuance expenses961 976 
Share-based compensation expense13,245 13,665 
Deferred income taxes(13,982)2,421 
Non-cash interest expense associated with forward starting swaps3,275 4,284 
Termination of the U.S. pension plan9,688  
Changes in (net of the effect from acquisitions):
Receivables(46,257)34,253 
Inventories(20,936)(9,529)
Other current assets125 (18,421)
Trade accounts payable22,569 (6,842)
Deferred revenue15,502 20,346 
Accrued expenses1,217 (3,084)
Other - net(881)2,659 
Net cash flows provided by operating activities245,596 254,213 
Cash flows from investing activities
Purchases of property, plant and equipment(30,593)(21,085)
Acquisition of businesses, net of cash acquired(575,606)(120,839)
Note receivable from collaborative partner(4,200) 
Proceeds from disposal of fixed assets242 2,114 
Other - net905 (636)
Net cash flows used in investing activities(609,252)(140,446)
Cash flows from financing activities
Borrowings under revolving credit facilities 150,000 
Proceeds from issuance of 3.0% Senior Notes
 499,100 
Proceeds from issuance of 2.625% Senior Notes
499,380  
Payment of 4.5% Senior Notes
 (300,000)
Payment of 4.2% Senior Notes
(350,000) 
Payments under revolving credit facilities (150,000)
Payment of make-whole redemption premium(6,659)(6,756)
Debt issuance costs(4,611)(4,166)
Dividends paid(79,242)(76,498)
Proceeds from stock option exercises10,687 13,111 
Repurchases of common stock (110,342)
Shares surrendered for tax withholding(5,534)(12,148)
Other - net (60)(251)
Net cash flows provided by financing activities63,961 2,050 
Effect of exchange rate changes on cash and cash equivalents(11,776)(2,050)
Net (decrease) increase in cash(311,471)113,767 
Cash and cash equivalents at beginning of year1,025,851 632,581 
Cash and cash equivalents at end of period$714,380 $746,348 
Supplemental cash flow information
Cash paid for:
Interest$17,157 $16,089 
Income taxes72,681 21,781 

See Notes to Condensed Consolidated Financial Statements
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)
(unaudited)

1.    Basis of Presentation and Significant Accounting Policies

The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the entire year.

The Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Recently Adopted Accounting Standards

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. This 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. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

2.    Acquisitions and Divestitures

All of the Company’s acquisitions of businesses have been accounted for under Accounting Standards Codification (“ASC”) 805, Business Combinations. Accordingly, the accounts of the acquired companies, after adjustments to reflect the fair values assigned to assets and liabilities, have been included in the Company’s condensed consolidated financial statements from their respective dates of acquisition. The results of operations associated with the acquisition of ABEL Pumps, L.P. and certain of its affiliates (“ABEL”) have been included in the Company’s condensed consolidated results since the date of acquisition on March 10, 2021.

The Company incurred acquisition-related transaction costs of $2.3 million and $0.7 million in the three months ended June 30, 2021 and 2020, respectively, and $3.7 million and $1.8 million in the six months ended June 30, 2021 and 2020, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. The Company recorded a fair value inventory step-up charge associated with the completed 2021 acquisition of ABEL described below in Cost of sales, of which $1.8 million was recorded during the three months ended June 30, 2021 and $2.5 million was recorded during the six months ended June 30, 2021. The Company expects to record a fair value inventory step-up charge associated with the completed 2021 acquisition of Airtech described below in Cost of sales during the remainder of 2021. The Company also recorded a $4.1 million fair value inventory step-up charge associated with the completed 2020 acquisition of Flow Management Devices, LLC (“Flow MD”) described below in Cost of sales during the three and six months ended June 30, 2020.

2021 Acquisitions

On March 10, 2021, the Company acquired the stock of ABEL. 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. Headquartered in Büchen, Germany, with sales and service locations in Madrid, Spain and Pittsburgh, Pennsylvania, ABEL operates in the Company’s Pumps reporting unit within the Fluid & Metering Technologies segment. ABEL was acquired for cash consideration of $106.3 million. The entire purchase price was funded with cash on
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)
(unaudited)
hand. Goodwill and intangible assets recognized as part of this transaction were $59.5 million and $46.0 million, respectively. The goodwill is not deductible for tax purposes.

The Company made an initial allocation of the purchase price for the ABEL 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. As the Company continues to obtain additional information about these assets and liabilities, including intangible asset appraisals, inventory valuation and accrued expenses, and continues to learn more about the newly acquired business, the Company 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 continue to make required adjustments to the purchase price allocation prior to the completion of the measurement period.

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$18,419 
Property, plant and equipment4,034 
Goodwill59,481 
Intangible assets46,000 
Other noncurrent assets123 
Total assets acquired128,057 
Current liabilities(7,100)
Deferred income taxes(14,537)
Other noncurrent liabilities(84)
Net assets acquired (1)
$106,336 

(1) During the second quarter of 2021, the Company obtained additional information about the assets and liabilities acquired that required a net $0.1 million adjustment to the purchase price of the ABEL business.

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)TotalWeighted Average Life
Trade names$9,000 15
Customer relationships30,000 13
Unpatented technology7,000 11
Acquired intangible assets$46,000 

On June 14, 2021, the Company acquired the stock of Airtech Group, Inc., US Valve Corporation and related entities (“Airtech”). Airtech designs and manufactures a wide range of highly-engineered pressure technology products, including vacuum pumps, regenerative blowers, compressor systems and valves for a variety of end markets, including alternative energy, food processing, medical, packaging and transportation. Headquartered in Rutherford, New Jersey, with manufacturing operations in Werneck, Germany and Shenzhen, China, Airtech operates in the Company’s Performance Pneumatic Technologies reporting unit within the Health & Science Technologies segment. Airtech was acquired for cash consideration of $469.3 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $271.3 million and $194.3 million, respectively. The goodwill is not deductible for tax purposes.

The Company made an initial allocation of the purchase price for the Airtech 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. As the Company continues to obtain additional information about these assets and liabilities, including intangible asset appraisals, inventory valuation and accrued expenses, and continues to learn
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)
(unaudited)
more about the newly acquired business, the Company 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 continue to make required adjustments to the purchase price allocation prior to the completion of the measurement period.

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$54,916 
Property, plant and equipment4,868 
Goodwill271,301 
Intangible assets194,300 
Other noncurrent assets87 
Total assets acquired525,472 
Current liabilities(8,315)
Deferred income taxes(47,886)
Other noncurrent liabilities(1)
Net assets acquired
$469,270 

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)TotalWeighted Average Life
Trade names$14,200 15
Customer relationships156,100 13
Unpatented technology24,000 10
Acquired intangible assets$194,300