0000832101-22-000056 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,421,109
Entity Central Index Key	0000832101
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 680.7	$ 855.4
Receivables, less allowance for doubtful accounts of $8.0 at September 30, 2022 and $7.2 at December 31, 2021	406.1	356.4
Inventories	455.3	370.4
Other current assets	92.9	95.8
Total current assets	1,635.0	1,678.0
Property, plant and equipment - net	303.5	327.3
Goodwill	2,191.2	2,167.7
Intangible assets - net	628.6	597.3
Other noncurrent assets	134.3	146.9
Total assets	4,892.6	4,917.2
Current liabilities
Trade accounts payable	196.6	178.8
Accrued expenses	264.6	259.8
Dividends payable	45.3	41.4
Total current liabilities	506.5	480.0
Long-term borrowings	1,191.1	1,190.3
Deferred income taxes	185.7	196.4
Other noncurrent liabilities	206.7	247.4
Total liabilities	2,090.0	2,114.1
Commitments and contingencies
Preferred stock:
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None	0.0	0.0
Common stock:
Authorized: 150,000,000 shares, $.01 per share par value, Issued: 90,071,346 shares at September 30, 2022 and 90,067,996 shares at December 31, 2021	0.9	0.9
Additional paid-in capital	812.0	795.6
Retained earnings	3,447.1	3,126.5
Treasury stock at cost: 14,543,722 shares at September 30, 2022 and 13,872,555 shares at December 31, 2021	(1,193.1)	(1,050.3)
Accumulated other comprehensive loss	(264.1)	(69.6)
Total shareholders’ equity	2,802.8	2,803.1
Noncontrolling interest	(0.2)	0.0
Total equity	2,802.6	2,803.1
Total liabilities and equity	$ 4,892.6	$ 4,917.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 8.0	$ 7.2
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock , par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	90,071,346	90,067,996
Treasury stock, shares (in shares)	14,543,722	13,872,555

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 824.0	$ 712.0	$ 2,371.2	$ 2,050.0
Cost of sales	442.2	400.4	1,290.0	1,139.7
Gross profit	381.8	311.6	1,081.2	910.3
Selling, general and administrative expenses	161.9	147.2	483.7	426.7
Restructuring expenses and asset impairments	17.7	3.2	21.1	8.6
Operating income	202.2	161.2	576.4	475.0
Gain on sale of business	(34.8)	0.0	(34.8)	0.0
Other (income) expense - net	(1.0)	0.6	(3.3)	17.0
Interest expense	9.6	9.5	28.6	31.4
Income before income taxes	228.4	151.1	585.9	426.6
Provision for income taxes	49.7	35.4	129.2	96.0
Net income	178.7	115.7	456.7	330.6
Net loss attributable to noncontrolling interest	0.0	0.0	0.2	0.0
Net income attributable to IDEX	$ 178.7	$ 115.7	$ 456.9	$ 330.6
Earnings per common share:
Basic earnings per common share attributable to IDEX (in dollars per share)	$ 2.37	$ 1.52	$ 6.02	$ 4.35
Diluted earnings per common share attributable to IDEX (in dollars per share)	$ 2.36	$ 1.51	$ 6.00	$ 4.33
Share data:
Basic weighted average common shares outstanding (in shares)	75.4	76.0	75.8	76.0
Diluted weighted average common shares outstanding (in shares)	75.8	76.5	76.1	76.4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 178.7	$ 115.7	$ 456.7	$ 330.6
Other comprehensive loss:
Reclassification adjustments for derivatives, net of tax	0.0	0.0	0.0	2.5
Pension and other postretirement adjustments, net of tax	0.6	0.8	1.8	10.8
Cumulative translation adjustment	(94.9)	(28.7)	(196.3)	(56.9)
Other comprehensive loss	(94.3)	(27.9)	(194.5)	(43.6)
Comprehensive income	84.4	87.8	262.2	287.0
Comprehensive loss attributable to noncontrolling interest	0.0	0.0	0.2	0.0
Comprehensive income attributable to IDEX	$ 84.4	$ 87.8	$ 262.4	$ 287.0

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Total Shareholders’ Equity	Common Stock and Additional Paid-In Capital	Retained Earnings	Cumulative Translation Adjustment	Retirement Benefits Adjustment	Cumulative Unrealized Gain (Loss) on Derivatives	Treasury Stock	Noncontrolling Interest
Balance at Dec. 31, 2020	$ 2,540.3	$ 2,540.2	$ 776.1	$ 2,841.5	$ 13.4	$ (24.4)	$ (2.5)	$ (1,063.9)	$ 0.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	112.7	112.7		112.7
Cumulative translation adjustment	(48.5)	(48.5)			(48.5)
Net change in retirement obligations (net of tax)	0.8	0.8				0.8
Net change on derivatives designated as cash flow hedges (net of tax)	0.7	0.7					0.7
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	3.2	3.2						3.2
Shares surrendered for tax withholding	(5.4)	(5.4)						(5.4)
Share-based compensation	6.2	6.2	6.2
Balance at Mar. 31, 2021	2,610.0	2,609.9	782.3	2,954.2	(35.1)	(23.6)	(1.8)	(1,066.1)	0.1
Balance at Dec. 31, 2020	2,540.3	2,540.2	776.1	2,841.5	13.4	(24.4)	(2.5)	(1,063.9)	0.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	330.6
Net change in retirement obligations (net of tax)	10.8
Balance at Sep. 30, 2021	2,726.3	2,726.2	791.5	3,048.8	(43.5)	(13.6)	0.0	(1,057.0)	0.1
Balance at Mar. 31, 2021	2,610.0	2,609.9	782.3	2,954.2	(35.1)	(23.6)	(1.8)	(1,066.1)	0.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	102.2	102.2		102.2
Cumulative translation adjustment	20.3	20.3			20.3
Net change in retirement obligations (net of tax)	9.2	9.2				9.2
Net change on derivatives designated as cash flow hedges (net of tax)	1.8	1.8					1.8
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	7.5	7.5						7.5
Shares surrendered for tax withholding	(0.1)	(0.1)						(0.1)
Share-based compensation	4.3	4.3	4.3
Cash dividends declared	(82.3)	(82.3)		(82.3)
Balance at Jun. 30, 2021	2,672.9	2,672.8	786.6	2,974.1	(14.8)	(14.4)	0.0	(1,058.7)	0.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	115.7	115.7		115.7
Cumulative translation adjustment	(28.7)	(28.7)			(28.7)
Net change in retirement obligations (net of tax)	0.8	0.8				0.8
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	1.8	1.8						1.8
Shares surrendered for tax withholding	(0.1)	(0.1)						(0.1)
Share-based compensation	4.9	4.9	4.9
Cash dividends declared	(41.0)	(41.0)		(41.0)
Balance at Sep. 30, 2021	2,726.3	2,726.2	791.5	3,048.8	(43.5)	(13.6)	$ 0.0	(1,057.0)	0.1
Balance at Dec. 31, 2021	2,803.1	2,803.1	796.5	3,126.5	(62.2)	(7.4)		(1,050.3)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	139.9	140.0		140.0					(0.1)
Cumulative translation adjustment	(19.5)	(19.5)			(19.5)
Net change in retirement obligations (net of tax)	0.6	0.6				0.6
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	1.4	1.4						1.4
Repurchase of shares of common stock	(28.3)	(28.3)						(28.3)
Shares surrendered for tax withholding	(4.9)	(4.9)						(4.9)
Share-based compensation	6.6	6.6	6.6
Balance at Mar. 31, 2022	2,898.9	2,899.0	803.1	3,266.5	(81.7)	(6.8)		(1,082.1)	(0.1)
Balance at Dec. 31, 2021	2,803.1	2,803.1	796.5	3,126.5	(62.2)	(7.4)		(1,050.3)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	456.7
Net change in retirement obligations (net of tax)	1.8
Repurchase of shares of common stock	(146.8)
Balance at Sep. 30, 2022	2,802.6	2,802.8	812.9	3,447.1	(258.5)	(5.6)		(1,193.1)	(0.2)
Balance at Mar. 31, 2022	2,898.9	2,899.0	803.1	3,266.5	(81.7)	(6.8)		(1,082.1)	(0.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	138.1	138.2		138.2					(0.1)
Cumulative translation adjustment	(81.9)	(81.9)			(81.9)
Net change in retirement obligations (net of tax)	0.6	0.6				0.6
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	3.8	3.8						3.8
Repurchase of shares of common stock	(87.5)	(87.5)						(87.5)
Share-based compensation	6.9	6.9	6.9
Cash dividends declared	(90.9)	(90.9)		(90.9)
Balance at Jun. 30, 2022	2,788.0	2,788.2	810.0	3,313.8	(163.6)	(6.2)		(1,165.8)	(0.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	178.7	178.7		178.7
Cumulative translation adjustment	(94.9)	(94.9)			(94.9)
Net change in retirement obligations (net of tax)	0.6	0.6				0.6
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	3.8	3.8						3.8
Repurchase of shares of common stock	(30.9)	(30.9)						(30.9)
Shares surrendered for tax withholding	(0.2)	(0.2)						(0.2)
Share-based compensation	2.9	2.9	2.9
Cash dividends declared	(45.4)	(45.4)		(45.4)
Balance at Sep. 30, 2022	$ 2,802.6	$ 2,802.8	$ 812.9	$ 3,447.1	$ (258.5)	$ (5.6)		$ (1,193.1)	$ (0.2)

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Pension and other postretirement adjustments, tax	$ 0.0	$ 0.5	$ 0.2	$ 0.3	$ 2.8	$ 0.3
Amortization of forward starting swaps, tax					$ 0.5	$ 0.2
Issuance of common stock from performance share units and exercise of stock options (in shares)	28,152	42,408	73,755	34,390	67,476	106,122
Issuance of common stock from exercise of stock options and deferred compensation plans, tax amount	$ 0.4	$ 0.4	$ 1.7	$ 0.2	$ 0.6	$ 1.9
Purchase of common stock (in shares)	166,433	474,690	147,500
Cash dividends declared, per common share outstanding (in dollars per share)	$ 0.60	$ 1.20		$ 0.54	$ 1.08

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net income	$ 456,700	$ 330,600
Adjustments to reconcile net income to net cash provided by operating activities:
Gains on sales of assets	(3,000)	0
Gain on sale of business	(34,800)	0
Asset impairments	17,000	800
Depreciation and amortization	37,000	32,300
Amortization of intangible assets	49,200	40,700
Amortization of debt issuance expenses	1,200	1,400
Share-based compensation expense	16,400	15,400
Deferred income taxes	200	(7,100)
Non-cash interest expense associated with forward starting swaps	0	3,300
Termination of the U.S. pension plan	0	9,700
Changes in (net of the effect from acquisitions/divestitures and foreign exchange):
Receivables	(62,500)	(59,200)
Inventories	(99,600)	(28,100)
Other current assets	(4,800)	6,000
Trade accounts payable	25,600	21,000
Deferred revenue	(24,700)	14,800
Accrued expenses	13,100	18,900
Other - net	3,100	1,700
Net cash flows provided by operating activities	390,100	402,200
Cash flows from investing activities
Purchases of property, plant and equipment	(48,000)	(45,500)
Acquisition of businesses, net of cash acquired	(232,600)	(575,600)
Note receivable from collaborative partner	0	(4,200)
Proceeds from disposal of fixed assets	7,000	200
Proceeds from sale of business, net of cash remitted	49,400	0
Other - net	(200)	900
Net cash flows used in investing activities	(224,400)	(624,200)
Cash flows from financing activities
Borrowings under revolving credit facilities	40,000	0
Payments under revolving credit facilities	(40,000)	0
Proceeds from issuance of long-term borrowings	0	499,400
Payment of long-term borrowings	0	(350,000)
Payment of make-whole redemption premium	0	(6,700)
Debt issuance costs	0	(4,600)
Dividends paid	(132,200)	(120,300)
Proceeds from stock option exercises	9,000	12,500
Repurchases of common stock	(146,300)	0
Shares surrendered for tax withholding	(5,100)	(5,600)
Other - net	0	(100)
Net cash flows (used in) provided by financing activities	(274,600)	24,600
Effect of exchange rate changes on cash and cash equivalents	(65,800)	(22,000)
Net decrease in cash	(174,700)	(219,400)
Cash and cash equivalents at beginning of year	855,400	1,025,900
Cash and cash equivalents at end of period	680,700	806,500
Cash paid for:
Interest	18,900	17,800
Income taxes	$ 129,500	$ 93,900

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	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 nine months ended September 30, 2022 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, 2021. Recently Issued Accounting Standards In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods therein. Early adoption is permitted. Entities should apply the ASU’s provisions prospectively to business combinations occurring on or after the effective date of the amendments. The adoption of this standard is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Accounting Standards Codification (“ASC”) 832): Disclosures by Business Entities about Government Assistance, which requires entities to provide certain annual disclosures when they (1) have received government assistance and (2) use a grant or contribution accounting model by analogy to other accounting guidance. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted, and entities may apply the ASU’s provisions prospectively or retrospectively. The adoption of this standard is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Acquisitions and Divestitures

All of the Company’s acquisitions of businesses have been accounted for under ASC 805, Business Combinations. Accordingly, the assets and liabilities of the acquired companies, after adjustments to reflect the fair values assigned to assets and liabilities, have been included in the Company’s Condensed Consolidated Financial Statements from their respective dates of acquisition. The results of operations of ABEL Pumps, L.P. and certain of its affiliates (“ABEL”), Airtech Group, Inc., US Valve Corporation and related entities (“Airtech”), Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“Nexsight”) and KZ CO. (“KZValve”) have been included in the Company’s Condensed Consolidated Financial Statements since the dates of acquisition on March 10, 2021, June 14, 2021, February 28, 2022 and May 2, 2022, respectively. The results of operations of Knight LLC (“Knight”) have been included in the Company’s Condensed Consolidated Financial Statements through the date of disposition on September 9, 2022. Supplemental pro forma information has not been provided as the acquisitions and divestiture did not have a material impact on the Company’s Condensed Consolidated Financial Statements individually or in the aggregate.

2022 Acquisitions

Nexsight

On February 28, 2022, the Company acquired Nexsight in a partial stock and asset acquisition. Nexsight complements and creates synergies with the Company’s existing iPEK and ADS business units that design and create sewer crawlers, inspection and monitoring systems and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely. Headquartered in Randolph, New Jersey, Nexsight operates in the Company’s Water reporting unit within the Fluid

& Metering Technologies (“FMT”) segment. Nexsight was acquired for cash consideration of $112.5 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $56.2 million and $49.8 million, respectively. The goodwill is partially deductible for tax purposes.

The Company made a preliminary allocation of the purchase price for the Nexsight 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 integrate 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:


	Total
Current assets, net of cash acquired	$	16.6
Property, plant and equipment	2.0
Goodwill	56.2
Intangible assets	49.8
Other noncurrent assets	4.4
Total assets acquired	129.0
Current liabilities	(11.2)
Deferred income taxes	(1.0)
Other noncurrent liabilities	(4.3)
Net assets acquired(1)	$	112.5

(1) During the third quarter of 2022, the Company obtained additional information about the assets and liabilities acquired that required a $2.2 million adjustment to reduce the purchase price of the Nexsight business.

Acquired intangible assets consist of trade names, customer relationships and software. 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:


	Total		Weighted Average Life
Trade names	$	13.5	15
Customer relationships	31.5		10
Software	4.8		5
Acquired intangible assets	$	49.8

KZValve

On May 2, 2022, the Company acquired KZValve in an asset acquisition. KZValve is a leading manufacturer of electric valves and controllers used primarily in agricultural applications. KZValve will augment and expand IDEX’s agricultural portfolio, complementing Banjo’s current fluid management solutions for these applications. Headquartered in Greenwood, Nebraska, KZValve operates in the Company’s Agriculture reporting unit within the FMT segment. KZValve was acquired for cash consideration of $120.1 million. The entire purchase was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $56.5 million and $52.0 million, respectively. The goodwill is deductible for tax purposes.

The Company made a preliminary allocation of the purchase price for the KZValve 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 integrate 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:


	Total
Current assets, net of cash acquired	$	9.7
Property, plant and equipment	1.8
Goodwill	56.5
Intangible assets	52.0
Deferred income taxes	0.1
Other noncurrent assets	1.0
Total assets acquired	121.1
Current liabilities	(1.0)


Net assets acquired(1)	$	120.1

(1) During the third quarter of 2022, the Company obtained additional information about the assets and liabilities acquired that required a $0.1 million adjustment to reduce the purchase price of the KZValve 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:


	Total		Weighted Average Life
Trade names	$	7.5	15
Customer relationships	36.0		13
Unpatented technology	8.5		10
Acquired intangible assets	$	52.0

The Company incurred $2.7 million and $5.3 million of acquisition-related transaction costs during the three and nine months ended September 30, 2022, 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 also recorded $0.1 million and $0.3 million of fair value inventory step-up charges associated with the completed 2022 acquisitions of Nexsight and KZValve, respectively, in Cost of sales during the nine months ended September 30, 2022.

2021 Acquisitions

ABEL

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 subsequent to the acquisition, with operations in Mansfield, Ohio, ABEL operates in the Company’s Pumps reporting unit

within the FMT segment. ABEL was acquired for cash consideration of $106.3 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $42.7 million and $46.0 million, respectively. The goodwill is not deductible for tax purposes.

The Company finalized the 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.

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:


	Total
Current assets, net of cash acquired	$	18.1
Property, plant and equipment	4.0
Goodwill	42.7
Intangible assets	46.0
Deferred income taxes	2.6
Other noncurrent assets	0.1
Total assets acquired	113.5
Current liabilities	(7.1)
Other noncurrent liabilities	(0.1)
Net assets acquired	$	106.3

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


	Total		Weighted Average Life
Trade names	$	9.0	15
Customer relationships	30.0		13
Unpatented technology	7.0		11
Acquired intangible assets	$	46.0

Airtech

On June 14, 2021, the Company acquired the stock of 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 primary manufacturing operations in Werneck, Germany and Shenzhen, China, Airtech operates in the Company’s Performance Pneumatic Technologies reporting unit within the Health & Science Technologies (“HST”) segment. Airtech was acquired for cash consideration of $471.0 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $268.5 million and $202.3 million, respectively. The goodwill is not deductible for tax purposes.

The Company finalized the 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.

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:


	Total
Current assets, net of cash acquired	$	45.3
Property, plant and equipment	4.8
Goodwill	268.5
Intangible assets	202.3
Other noncurrent assets	10.2
Total assets acquired	531.1
Current liabilities	(11.8)
Deferred income taxes	(39.9)
Other noncurrent liabilities	$	(8.4)
Net assets acquired	$	471.0

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


	Total		Weighted Average Life
Trade names	$	15.4	15
Customer relationships	162.9		13
Unpatented technology	24.0		11
Acquired intangible assets	$	202.3

The Company incurred $0.7 million and $4.4 million of acquisition-related costs during the three and nine months ended September 30, 2021, 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 also recorded a $2.5 million fair value inventory step-up charge associated with the completed 2021 acquisition of ABEL in Cost of sales during the nine months ended September 30, 2021 and a $9.1 million fair value inventory step-up charge associated with the completed 2021 acquisition of Airtech in Cost of sales during the three and nine months ended September 30, 2021.

Divestitures

The Company periodically reviews its operations for businesses which may no longer be aligned with its strategic objectives and its focus on core businesses and customers. Any resulting gain or loss recognized due to divestitures is recorded within Gain on sale of business in the Condensed Consolidated Statements of Income.

On September 9, 2022, the Company completed the sale of Knight for proceeds of $49.4 million, net of cash remitted, resulting in a pre-tax gain on the sale of $34.8 million. Additionally, the Company recorded $5.5 million of income tax expense associated with this transaction as Provision for income taxes in the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2022. The results of Knight were reported within the FMT segment. The Company concluded that this divestiture did not meet the criteria for reporting the results of Knight as a discontinued operation.

Business Segments

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Business Segments

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

The FMT segment designs, produces and distributes positive displacement pumps, valves, 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 HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies. HST serves a variety of end markets, including food and beverage, pharmaceutical and biopharmaceutical, cosmetics, marine, chemical, wastewater and water treatment, life sciences, research and defense markets.

The FSDP segment designs, produces and develops 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 the products and services offered. The Company evaluates its 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales
Fluid & Metering Technologies
External customers	$	307.4	$	251.3	$	878.8	$	745.2
Intersegment sales	0.2		—		0.7		0.7
Total segment sales	307.6		251.3		879.5		745.9
Health & Science Technologies
External customers	344.3		301.6		984.3		825.4
Intersegment sales	0.7		0.7		1.9		2.3
Total segment sales	345.0		302.3		986.2		827.7
Fire & Safety/Diversified Products
External customers	172.3		159.1		508.1		479.4
Intersegment sales	0.1		—		0.2		—
Total segment sales	172.4		159.1		508.3		479.4
Intersegment elimination	(1.0)		(0.7)		(2.8)		(3.0)
Total net sales	$	824.0	$	712.0	$	2,371.2	$	2,050.0
Operating income (loss) (1)
Fluid & Metering Technologies	$	94.5	$	69.0	$	257.8	$	195.4
Health & Science Technologies	85.6		70.4		255.7		213.0
Fire & Safety/Diversified Products	43.6		39.1		124.0		126.5
Corporate office and other	(21.5)		(17.3)		(61.1)		(59.9)
Total operating income	$	202.2	$	161.2	$	576.4	$	475.0


	September 30, 2022		December 31, 2021
Assets
Fluid & Metering Technologies	$	1,708.9	$	1,458.8
Health & Science Technologies	2,069.2		2,138.3
Fire & Safety/Diversified Products	885.1		892.5
Corporate office and other	229.4		427.6
Total assets	$	4,892.6	$	4,917.2

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

- 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
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

Revenue

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates its revenue from contracts with customers by reporting unit and geographical region for each segment as the Company believes it best depicts how the amount, nature, timing and uncertainty of its 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 revenue disaggregated by reporting unit and geographical region.

Revenue by reporting unit for the three and nine months ended September 30, 2022 and 2021 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Pumps	$	102.6	$	90.0	$	304.5	$	261.4
Water	82.1		64.8		228.1		189.0
Energy	51.3		40.5		144.3		125.9
Agriculture	42.1		26.9		112.5		78.0
Valves	29.5		29.1		90.1		91.6
Intersegment elimination	(0.2)		—		(0.7)		(0.7)
Fluid & Metering Technologies	307.4		251.3		878.8		745.2
Scientific Fluidics & Optics(1)	172.4		131.2		462.8		376.0
Sealing Solutions	64.9		67.7		203.1		202.4
Performance Pneumatic Technologies	64.1		62.2		191.2		125.4
Material Processing Technologies	34.6		32.7		103.1		99.1
Micropump	9.0		8.5		26.0		24.8
Intersegment elimination	(0.7)		(0.7)		(1.9)		(2.3)
Health & Science Technologies	344.3		301.6		984.3		825.4
Fire & Safety	100.6		92.3		296.1		287.1
Dispensing	42.8		41.7		128.2		117.5
BAND-IT	29.0		25.1		84.0		74.8
Intersegment elimination	(0.1)		—		(0.2)		—
Fire & Safety/Diversified Products	172.3		159.1		508.1		479.4
Total net sales	$	824.0	$	712.0	$	2,371.2	$	2,050.0

(1) The three and nine months ended September 30, 2022 include the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 for further detail.

Revenue by geographical region for the three and nine months ended September 30, 2022 and 2021 was as follows:



	Three Months Ended September 30, 2022
	FMT		HST		FSDP		IDEX
U.S.(1)	$	178.4	$	175.0	$	93.5	$	446.9
North America, excluding U.S.	20.4		3.3		8.4		32.1
Europe(1)	47.2		93.0		36.8		177.0
Asia	39.1		67.4		25.4		131.9
Other(2)	22.5		6.3		8.3		37.1
Intersegment elimination	(0.2)		(0.7)		(0.1)		(1.0)
Total net sales	$	307.4	$	344.3	$	172.3	$	824.0



	Three Months Ended September 30, 2021
	FMT		HST		FSDP		IDEX
U.S.	$	137.0	$	148.2	$	80.0	$	365.2
North America, excluding U.S.	13.7		5.2		7.2		26.1
Europe	48.8		86.5		39.9		175.2
Asia	36.9		60.0		24.4		121.3
Other(2)	14.9		2.4		7.6		24.9
Intersegment elimination	—		(0.7)		—		(0.7)
Total net sales	$	251.3	$	301.6	$	159.1	$	712.0


	Nine Months Ended September 30, 2022
	FMT		HST		FSDP		IDEX
U.S.(1)	$	498.9	$	484.7	$	255.0	$	1,238.6
North America, excluding U.S.	54.3		20.3		27.8		102.4
Europe(1)	147.7		276.8		123.8		548.3
Asia	116.8		187.0		75.4		379.2
Other(2)	61.8		17.4		26.3		105.5
Intersegment elimination	(0.7)		(1.9)		(0.2)		(2.8)
Total net sales	$	878.8	$	984.3	$	508.1	$	2,371.2


	Nine Months Ended September 30, 2021
	FMT		HST		FSDP		IDEX
U.S.	$	399.1	$	355.8	$	227.3	$	982.2
North America, excluding U.S.	42.6		16.7		22.6		81.9
Europe	150.1		258.8		127.9		536.8
Asia	108.5		179.0		78.1		365.6
Other(2)	45.6		17.4		23.5		86.5
Intersegment elimination	(0.7)		(2.3)		—		(3.0)
Total net sales	$	745.2	$	825.4	$	479.4	$	2,050.0

(1) Includes the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application, of which $9.5 million was recognized in the U.S. and $8.4 million was recognized in Europe in both the three and nine months ended September 30, 2022. See Note 13 for further detail.

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

Performance Obligations

The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time approximated 96% of total revenues in both the three and nine months ended September 30, 2022 and 95% of total revenues in both the three and nine months ended September 30, 2021. Revenue from products and services transferred to customers over time approximated 4% of total revenues in both the three and nine months ended September 30, 2022 and 5% of total revenues in both the three and nine months ended September 30, 2021.

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 on the Condensed 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.

The composition of customer receivables was as follows:


	September 30, 2022		December 31, 2021
Billed receivables	$	393.0	$	344.0
Unbilled receivables	9.2		10.9
Total customer receivables	$	402.2	$	354.9

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 the Company expects to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Advance payments and deposits represent contract liabilities and are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. The Company generally receives advance payments from customers related to maintenance services which are recognized ratably over the service term. The Company also receives deposits from customers on certain orders which the Company recognizes as revenue at a point in time. 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:


	September 30, 2022		December 31, 2021
Deferred revenue - current	$	45.2	$	49.0
Deferred revenue - noncurrent	14.6		32.2
Total deferred revenue(1)	$	59.8	$	81.2

(1) The balance as of September 30, 2022 has been reduced by the acceleration of previously deferred revenue of $17.9 million related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 for further detail.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

Diluted earnings per common share (“EPS”) attributable to IDEX is computed by dividing net income attributable to IDEX by the weighted average number of shares of common stock (basic) plus common stock equivalents outstanding (diluted) during the period. 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.

ASC 260, Earnings Per Share, concludes that all outstanding unvested share-based payment awards that contain rights to non-forfeitable 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, diluted EPS attributable to IDEX 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:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Basic weighted average common shares outstanding	75.4	76.0	75.8	76.0
Dilutive effect of stock options, restricted stock and performance share units	0.4	0.5	0.3	0.4
Diluted weighted average common shares outstanding	75.8	76.5	76.1	76.4

Options to purchase approximately 0.5 million and 0.3 million shares of common stock for the three months ended September 30, 2022 and 2021, respectively, and 0.5 million and 0.3 million shares of common stock for the nine months ended September 30, 2022 and 2021, respectively, were not included in the computation of diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive.

Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

The components of inventories as of September 30, 2022 and December 31, 2021 were:


	September 30, 2022		December 31, 2021
Raw materials and component parts	$	287.5	$	229.4
Work in process	49.9		47.4
Finished goods	117.9		93.6
Total inventories	$	455.3	$	370.4

Inventories are stated at the lower of cost or net realizable value. Cost, which includes material, labor and overhead, is determined on a first in, first out basis.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the nine months ended September 30, 2022, by reportable business segment, were as follows:


	FMT		HST		FSDP		IDEX
Goodwill	$	701.7	$	1,264.3	$	402.3	$	2,368.3
Accumulated goodwill impairment losses	(20.7)		(149.8)		(30.1)		(200.6)
Balance at December 31, 2021	681.0		1,114.5		372.2		2,167.7
Foreign currency translation	(18.7)		(45.4)		(20.7)		(84.8)
Acquisitions	112.7		—		—		112.7
Acquisition adjustments	0.3		0.9		—		1.2
Disposition of business	(5.6)		—		—		(5.6)
Balance at September 30, 2022	$	769.7	$	1,070.0	$	351.5	$	2,191.2

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 the first nine months of 2022, there were no events or circumstances that would have required an interim impairment test. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of the Company’s annual impairment test at October 31, 2021, all reporting units had fair values in excess of their carrying values.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at September 30, 2022 and December 31, 2021:


	At September 30, 2022							At December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.9	$	(1.8)	$	1.1	10	$	3.2	$	(2.0)	$	1.2
Trade names	153.7		(76.8)		76.9		15	140.9		(72.4)		68.5
Customer relationships	541.4		(166.7)		374.7		13	495.9		(144.2)		351.7
Unpatented technology	141.2		(60.3)		80.9		13	143.8		(58.8)		85.0
Software	4.5		(0.4)		4.1		5	—		—		—
Total amortized intangible assets	843.7		(306.0)		537.7			783.8		(277.4)		506.4
Indefinite-lived intangible assets:
Banjo trade name	62.1		—		62.1			62.1		—		62.1
Akron Brass trade name	28.8		—		28.8			28.8		—		28.8
Total intangible assets	$	934.6	$	(306.0)	$	628.6		$	874.7	$	(277.4)	$	597.3

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. Based on the results of the Company’s annual impairment test at October 31, 2021, these indefinite-lived intangible assets had fair values in excess of their carrying values. In the first nine months of 2022, there were no events or circumstances that would have required an interim impairment test on these indefinite-lived intangible assets.

Amortization of intangible assets was $17.0 million and $49.2 million for the three and nine months ended September 30, 2022, respectively. Amortization of intangible assets was $16.2 million and $40.7 million for the three and nine months ended

September 30, 2021, respectively. Based on the intangible asset balances as of September 30, 2022, amortization expense is expected to approximate $16.8 million for the remaining three months of 2022, $64.6 million in 2023, $60.2 million in 2024, $58.7 million in 2025 and $56.8 million in 2026.

Accrued Expenses

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

The components of accrued expenses as of September 30, 2022 and December 31, 2021 were:


	September 30, 2022		December 31, 2021
Payroll and related items	$	87.1	$	91.5
Management incentive compensation	22.5		25.0
Income taxes payable	22.1		17.9
Insurance	11.3		11.0
Warranty	8.4		7.6
Deferred revenue(1)	45.2		49.0
Lease liability	18.2		17.6
Restructuring	1.4		2.8
Accrued interest	12.0		3.6
Pension and retiree medical obligations	3.5		3.5
Other	32.9		30.3
Total accrued expenses	$	264.6	$	259.8

(1) The balance as of September 30, 2022 has been reduced by the acceleration of previously deferred revenue of $3.2 million related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 for further detail.

Other Noncurrent Liabilities

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

The components of other noncurrent liabilities as of September 30, 2022 and December 31, 2021 were:


	September 30, 2022		December 31, 2021
Pension and retiree medical obligations	$	74.9	$	82.2
Transition tax payable	9.1		14.1

Deferred revenue(1)	14.6		32.2
Lease liability	89.8		93.4
Other	18.3		25.5
Total other noncurrent liabilities	$	206.7	$	247.4

(1) The balance as of September 30, 2022 has been reduced by the acceleration of previously deferred revenue of $14.7 million related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 for further detail.

Borrowings

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings

Borrowings at September 30, 2022 and December 31, 2021 consisted of the following:


	September 30, 2022		December 31, 2021

3.20% Senior Notes, due June 2023(1)	$	100.0	$	100.0
3.37% Senior Notes, due June 2025	100.0		100.0
3.00% Senior Notes, due May 2030	500.0		500.0
2.625% Senior Notes, due June 2031	500.0		500.0
$800.0 million revolving credit facility, due May 2024 (“Revolving Facility”)(2)	—		—
Other borrowings	0.1		0.1
Total borrowings	1,200.1		1,200.1

Less deferred debt issuance costs	7.7		8.4
Less unaccreted debt discount	1.3		1.4
Total long-term borrowings	$	1,191.1	$	1,190.3

(1) As of September 30, 2022, the $100.0 million 3.20% Senior Notes, due in June 2023, have not been classified as short-term borrowings on the Condensed 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, due May 2024. As a result, the 3.20% Senior Notes remain classified as long-term borrowings in the Condensed Consolidated Balance Sheets as of September 30, 2022.

(2) At September 30, 2022, there was no balance outstanding under the Revolving Facility and $6.5 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility at September 30, 2022 of approximately $793.5 million.

At September 30, 2022, the Company was in compliance with covenants contained in the credit agreement associated with the Revolving Facility as well as other long-term debt agreements.

Issuance of 2.625% Senior Notes in 2021

On May 28, 2021, the Company completed a public offering of $500.0 million in aggregate principal amount of 2.625% Senior Notes due June 2031 (the “2.625% Senior Notes”). The net proceeds from the offering were approximately $494.7 million, after deducting the issuance discount of $0.6 million, the underwriting commission of $3.3 million and offering expenses of $1.4 million.

On May 17, 2021, the Company provided notice of its election to redeem early, on June 16, 2021, the $350.0 million aggregate principal amount of its then outstanding 4.20% Senior Notes at a redemption price of $350.0 million plus a make-whole redemption premium of $6.7 million using proceeds from the Company’s 2.625% Senior Notes discussed above. In addition, the Company recognized the remaining $1.3 million of the pre-tax amount included in Accumulated other comprehensive loss in shareholders’ equity related to the interest rate exchange agreement associated with the 4.20% Senior Notes. The Company wrote off the remaining $0.1 million of deferred issuance costs and $0.1 million of the debt issuance discount associated with the 4.20% Senior Notes as well as $0.4 million of deferred taxes for a total loss on early debt redemption of $8.6 million, which was recorded within Other (income) expense - net in the Condensed Consolidated Statements of Income during the nine months ended September 30, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

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 September 30, 2022 and December 31, 2021:


	Basis of Fair Value Measurements
	Balance at September 30, 2022		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	7.1	$	7.1	$	—	$	—
Available-for-sale securities - equities(2)	38.8		38.8		—		—


	Basis of Fair Value Measurements
	Balance at December 31, 2021		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	11.6	$	11.6	$	—	$	—
Available-for-sale securities - equities(2)	45.3		45.3		—		—

(1) The Supplemental Executive Retirement Plan (“SERP”) investment assets are offset by a SERP liability which represents the Company’s obligation to distribute SERP funds to participants.

(2) At September 30, 2022 and December 31, 2021, the securities are included in Other current assets on the Company’s Condensed Consolidated Balance Sheets and are available for overnight cash settlement, if necessary, to fund current operations.

There were no transfers of assets or liabilities between Level 1 and Level 2 during the three and nine months ended September 30, 2022 or the year ended December 31, 2021.

The carrying values of the Company’s cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued expenses approximate fair value because of the short term nature of these instruments. At September 30, 2022 and December 31, 2021, the fair value of the outstanding indebtedness described in Note 10 based on quoted market prices and current market rates for debt with similar credit risk and maturity was approximately $1,024.2 million and $1,219.9 million, respectively, compared to the carrying value of $1,198.8 million and $1,198.7 million, respectively. 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 the Company’s rating.

- 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

9 Months Ended

Sep. 30, 2022

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. The Company does not include renewal periods in any of the leases’ terms until the renewal is executed as they are generally not reasonably certain of being exercised. The Company does not have any material purchase options.

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

Supplemental balance sheet information related to leases as of September 30, 2022 and December 31, 2021 was as follows:


	Balance Sheet Caption	September 30, 2022		December 31, 2021
Operating leases:
Building right-of-use assets - net	Other noncurrent assets	$	99.0	$	101.0
Equipment right-of-use assets - net	Other noncurrent assets	4.7		6.2
Total right-of-use assets - net		$	103.7	$	107.2
Operating leases:
Current lease liabilities	Accrued expenses	$	18.2	$	17.6
Noncurrent lease liabilities	Other noncurrent liabilities	89.8		93.4
Total lease liabilities		$	108.0	$	111.0

The components of lease cost for the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost (1)	$	11.4	$	9.3	$	27.8	$	23.8
Variable lease cost	0.6		0.7		1.8		1.9
Total lease expense	$	12.0	$	10.0	$	29.6	$	25.7

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

Supplemental cash flow information related to leases for the nine months ended September 30, 2022 and 2021 was as follows:


	Nine Months Ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	28.1	$	23.1
Right-of-use assets obtained in exchange for new operating lease liabilities	7.1		13.9

Other supplemental information related to leases as of September 30, 2022 and December 31, 2021 was as follows:


Lease Term and Discount Rate	September 30, 2022		December 31, 2021
Weighted-average remaining lease term (years):
Operating leases - building and equipment	7.78		8.50
Operating leases - vehicles	2.11		2.34
Weighted-average discount rate:
Operating leases - building and equipment	3.24	%	3.27	%
Operating leases - vehicles	1.16	%	1.08	%

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

Total lease liabilities at September 30, 2022 have scheduled maturities as follows:


Maturity of Lease Liabilities	Operating Leases
2022 (excluding the nine months ended September 30, 2022)	$	5.3
2023	20.3
2024	17.6
2025	16.1
2026	14.0
Thereafter	49.3
Total lease payments	122.6
Less: Imputed interest	(14.6)
Present value of lease liabilities	$	108.0

Restructuring Expenses and Asset Impairments

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Asset Impairments

During the three and nine months ended September 30, 2022 and 2021, the Company incurred restructuring costs to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. Restructuring costs include severance costs, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income. 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.

2022 Initiative

During the three and nine months ended September 30, 2022, the restructuring costs incurred by the Company primarily related to asset impairments. In addition, the Company also incurred severance costs related to employee reductions.

In the second quarter of 2020, the Company engaged in the development of a COVID-19 testing application with a customer at one of its businesses in the HST segment. As part of this contract, the customer fully funded the $28.7 million investment needed to complete the development and production of microfluidic cartridges during 2020 and 2021. The costs incurred by the Company were primarily recorded as Property, plant & equipment – net in the Condensed Consolidated Balance Sheets and were being depreciated over the expected life of the assets, while the reimbursement was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets and was being recognized as units were shipped.

In the third quarter of 2022, the Company was informed by the customer of its decision to discontinue further investment in commercializing its COVID-19 testing application. This event was deemed a triggering event, which required an interim impairment test be performed on the Property, plant & equipment related to this contract, resulting in an impairment charge of $16.8 million that was recorded as Restructuring expenses and asset impairments in the Condensed Consolidated Statements of

Income during three and nine months ended September 30, 2022. In addition, the Company accelerated previously deferred revenue of $17.9 million related to units that are no longer expected to be shipped and recorded it as Net sales in the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2022.

Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2022 were as follows:



	Three Months Ended September 30, 2022
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	0.1	$	—	$	—	$	0.1
Health & Science Technologies	0.4		—		16.8		17.2
Fire & Safety/Diversified Products	0.4		—		—		0.4
Corporate/Other	—		—		—		—
Total restructuring costs	$	0.9	$	—	$	16.8	$	17.7


	Nine Months Ended September 30, 2022
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	1.6	$	0.3	$	0.2	$	2.1
Health & Science Technologies	0.6		—		16.8		17.4
Fire & Safety/Diversified Products	1.4		—		—		1.4
Corporate/Other	0.2		—		—		0.2
Total restructuring costs	$	3.8	$	0.3	$	17.0	$	21.1

2021 Initiative

During the three and nine months ended September 30, 2021, the Company incurred severance costs related to employee reductions. In addition, the Company consolidated certain facilities within the FMT segment, which resulted in impairment charges related to property, plant and equipment that was not relocated to the new locations.

Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2021 were as follows:



	Three Months Ended September 30, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	1.4	$	—	$	0.6	$	2.0
Health & Science Technologies	0.6		—		—		0.6
Fire & Safety/Diversified Products	(0.1)		—		—		(0.1)
Corporate/Other	0.7		—		—		0.7
Total restructuring costs	$	2.6	$	—	$	0.6	$	3.2



	Nine Months Ended September 30, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	4.0	$	—	$	0.8	$	4.8
Health & Science Technologies	1.7		—		—		1.7
Fire & Safety/Diversified Products	0.1		—		—		0.1
Corporate/Other	2.0		—		—		2.0
Total restructuring costs	$	7.8	$	—	$	0.8	$	8.6

Restructuring accruals reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets are as follows:


	Restructuring Initiatives
Balance at January 1, 2022	$	2.8
Restructuring expenses	4.1
Payments, utilization and other	(5.5)
Balance at September 30, 2022	$	1.4

Other Comprehensive Loss

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Other Comprehensive Loss

The components of Other comprehensive loss are as follows:



	Three Months Ended September 30, 2022						Three Months Ended September 30, 2021
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(94.9)	$	—	$	(94.9)	$	(28.7)	$	—	$	(28.7)
Pension and other postretirement adjustments	0.6		—		0.6		1.1		(0.3)		0.8
Total other comprehensive loss	$	(94.3)	$	—	$	(94.3)	$	(27.6)	$	(0.3)	$	(27.9)


	Nine Months Ended September 30, 2022						Nine Months Ended September 30, 2021
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(196.3)	$	—	$	(196.3)	$	(56.9)	$	—	$	(56.9)
Pension and other postretirement adjustments	2.5		(0.7)		1.8		14.2		(3.4)		10.8
Reclassification adjustments for derivatives	—		—		—		3.2		(0.7)		2.5
Total other comprehensive loss	$	(193.8)	$	(0.7)	$	(194.5)	$	(39.5)	$	(4.1)	$	(43.6)

The amounts reclassified from Accumulated other comprehensive loss to net income during the three and nine months ended September 30, 2022 and 2021 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021		Income Statement Caption
Pension and other postretirement plans:
Amortization of net (gain) loss	$	0.6	$	1.1	$	2.5	$	14.2	Other (income) expense - net
Total before tax	0.6		1.1		2.5		14.2
Provision for income taxes	—		(0.3)		(0.7)		(3.4)
Total net of tax	$	0.6	$	0.8	$	1.8	$	10.8
Derivatives:
Reclassification adjustments	$	—	$	—	$	—	$	3.2	Interest expense
Total before tax	—		—		—		3.2
Provision for income taxes	—		—		—		(0.7)
Total net of tax	$	—	$	—	$	—	$	2.5

In conjunction with the early redemption of the 4.20% Senior Notes discussed in Note 10, the Company recognized the remaining $1.3 million of the pre-tax amount included in Accumulated other comprehensive loss in shareholders’ equity related to the affiliated interest rate contract in Other (income) expense - net in the Condensed Consolidated Statements of Income during the nine months ended September 30, 2021.

Share Repurchases	9 Months Ended
Share Repurchases	Sep. 30, 2022
Equity [Abstract]
Share Repurchases	Share RepurchasesOn 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 authorization of the Board of Directors of $300.0 million on December 1, 2015. 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 the nine months ended September 30, 2022, the Company repurchased a total of 788,623 shares at a cost of $146.8 million, of which $0.5 million was settled in October 2022. There were no share repurchases during the nine months ended September 30, 2021. As of September 30, 2022, the amount of share repurchase authorization remaining was $565.2 million.

Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

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

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. Classification of stock compensation cost within the Condensed Consolidated Statements of Income is consistent with classification of cash compensation for the same employees.

Stock Options

Stock options generally 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 service period for certain retiree eligible participants is accelerated. Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model (for options granted before March 2021) or the Black Scholes valuation model (for options granted after February 2021). The adoption of the Black Scholes model in 2021 was driven by a review of option exercise history, which more closely aligned with the methodology of the Black Scholes model.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average fair value of grants	$52.91	$45.44	$41.90	$38.86
Dividend yield	1.16%	0.96%	1.14%	1.01%
Volatility	25.99%	24.60%	25.16%	23.77%
Risk-free interest rate	3.35%	0.71% - 0.82%	1.87%	0.12% - 1.54%
Expected life (in years)	4.90	4.90	4.90	5.70

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	0.1	$	0.1	$	0.4	$	0.4
Selling, general and administrative expenses	0.7		1.8		6.6		6.3
Total expense before income taxes	0.8		1.9		7.0		6.7
Income tax benefit	(0.1)		(0.2)		(0.6)		(0.6)
Total expense after income taxes	$	0.7	$	1.7	$	6.4	$	6.1

A summary of the Company’s stock option activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:


Stock Options	Shares	Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
	(Dollars in millions except weighted average price)
Outstanding at January 1, 2022	1,008,586	$	147.60	6.97	$	89.5
Granted	272,530	189.64
Exercised	(75,104)	120.41
Forfeited	(85,764)	183.32
Outstanding at September 30, 2022	1,120,248	$	156.92	6.95	$	48.4
Vested and expected to vest as of September 30, 2022	1,080,032	$	155.67	6.88	$	48.0
Exercisable at September 30, 2022	560,148	$	127.47	5.34	$	40.6

As of September 30, 2022, there was $11.0 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 0.9 years.

Restricted Stock

Restricted stock awards generally cliff vest after three years for employees and non-employee directors. The service period for certain retiree eligible participants is accelerated. 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 September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:


Restricted Stock	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	107,475	$	169.58
Granted	43,180	189.44
Vested	(26,684)	153.41
Forfeited	(13,147)	179.66
Unvested at September 30, 2022	110,824	$	180.01

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	—	$	0.1	$	0.2	$	0.3
Selling, general and administrative expenses	2.2		1.3		5.4		3.9
Total expense before income taxes	2.2		1.4		5.6		4.2
Income tax benefit	(0.4)		(0.3)		(1.0)		(0.9)
Total expense after income taxes	$	1.8	$	1.1	$	4.6	$	3.3

As of September 30, 2022, there was $7.0 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. The service period for certain retiree eligible participants is accelerated. 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 September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:


Cash-Settled Restricted Stock	Shares	Weighted-Average Fair Value
Unvested at January 1, 2022	57,949	$	236.32
Granted	23,070	189.41
Vested	(20,676)	190.67
Forfeited	(5,762)	199.85
Unvested at September 30, 2022	54,581	$	199.85

Total compensation (benefit) cost for cash-settled restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	—	$	—	$	—	$	0.4
Selling, general and administrative expenses	1.1		0.4		1.1		2.7
Total expense before income taxes(1)	1.1		0.4		1.1		3.1
Income tax benefit	—		—		—		(0.2)
Total expense after income taxes	$	1.1	$	0.4	$	1.1	$	2.9

(1) The three and nine months ended September 30, 2021 amount was previously included in Share-based compensation expense on the Condensed Consolidated Statements of Cash Flows. This amount has been reclassified to Accrued expenses and Other-net such that the amount presented in Share-based compensation expense on the Condensed Consolidated Statements of Cash Flows relates solely to non-cash awards for both periods presented. There was no change to the reported amount of net cash flows provided by operating activities for three and nine months ended September 30, 2021 as a result of the reclassification.

As of September 30, 2022, there was $4.1 million of total unrecognized compensation cost related to cash-settled restricted shares that is expected to be recognized over a weighted-average period of 1.0 year.

Performance Share Units

Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model.


	Nine Months Ended September 30,
	2022	2021
Weighted average fair value of grants	$235.54	$247.49
Dividend yield	—%	—%
Volatility	28.09%	28.6%
Risk-free interest rate	1.73%	0.33%
Expected life (in years)	2.93	2.93

A summary of the Company’s performance share unit activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:


Performance Share Units	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	52,025	$	236.75
Granted	31,370	235.54
Vested	—	—
Forfeited	(12,240)	235.90
Unvested at September 30, 2022	71,155	$	236.66

On December 31, 2021, 29,840 performance share units vested. Based on the Company’s relative total shareholder return rank during the three year period ended December 31, 2021, the Company achieved a 143% payout factor and issued 42,688 common shares in February 2022 for awards that vested in 2021.

Total compensation cost for performance share units is recorded in the Condensed Consolidated Statements of Income as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	—	$	—	$	—	$	—
Selling, general and administrative expenses	0.2		1.7		4.0		4.6
Total expense before income taxes	0.2		1.7		4.0		4.6
Income tax benefit	—		(0.1)		(0.1)		(0.2)
Total expense after income taxes	$	0.2	$	1.6	$	3.9	$	4.4

As of September 30, 2022, there was $5.3 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 0.8 years.

Retirement Benefits

9 Months Ended

Sep. 30, 2022

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 following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans.



	Pension Benefits
	Three Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	0.5	$	—	$	0.5
Interest cost	0.1		0.2		—		0.2
Expected return on plan assets	(0.1)		(0.4)		—		(0.2)
Settlement loss recognized	—		—		—		—
Net amortization	0.1		0.2		0.1		0.5
Net periodic cost	$	0.1	$	0.5	$	0.1	$	1.0


	Pension Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	1.4	$	0.1	$	1.5
Interest cost	0.2		0.7		0.2		0.6
Expected return on plan assets	(0.2)		(1.0)		(0.8)		(0.7)
Settlement loss recognized	—		—		10.5		—
Net amortization	0.2		0.6		0.3		1.6
Net periodic (benefit) cost	$	0.3	$	1.7	$	10.3	$	3.0


	Other Postretirement Benefits
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Service cost	$	0.2	$	0.2	$	0.5	$	0.5
Interest cost	0.1		0.1		0.4		0.3
Net amortization	(0.1)		(0.2)		(0.3)		(0.5)
Net periodic cost	$	0.2	$	0.1	$	0.6	$	0.3

The Company expects to contribute approximately $4.0 million to its defined benefit plans and $1.2 million to its other post-retirement benefit plans in 2022. During the first nine months of 2022, the Company contributed a total of $3.9 million to fund these plans.

The IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was terminated in May 2020. During the nine months ended September 30, 2021, the Company settled its remaining obligations under the Plan. The Company recognized a net loss of $9.7 million, which was recorded within Other expense (income) - net. The net loss consisted of $10.7 million related to previously deferred pension related costs, partially offset by $1.0 million related to an increase in plan assets remaining after the settlement. As of September 30, 2022, the Company has $0.8 million of surplus assets from the Plan included in Other current assets on the Company’s Condensed Consolidated Balance Sheets all of which will be used to fund the Company’s other retirement benefit plans over the next quarter.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Legal Proceedings	9 Months Ended
Legal Proceedings	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal ProceedingsThe 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.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal, state and foreign income. The provision for income taxes increased to $49.7 million for the three months ended September 30, 2022 from $35.4 million during the same period in 2021. The effective tax rate decreased to 21.8% for the three months ended September 30, 2022 from 23.4% during the same period in 2021 primarily due to the release of the valuation allowance on a capital loss carryforward that may now be realized as a result of the sale of Knight.The provision for income taxes increased to $129.2 million for the nine months ended September 30, 2022 from $96.0 million during the same period in 2021. The effective tax rate decreased to 22.1% for the nine months ended September 30, 2022 from 22.5% during the same period in 2021 primarily due to the release of the valuation allowance on a capital loss carryforward that may now be realized as a result of the sale of Knight.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Significant Events	9 Months Ended
Significant Events	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Significant Events	Significant EventsOn September 13, 2022, the Company entered into a definitive agreement to acquire Muon B.V. and its subsidiaries ("Muon Group") for cash consideration of €700.0 million, subject to customary post-closing adjustments. Muon Group, based in the Netherlands, manufactures highly precise flow paths in a variety of materials that enable the movement of various liquids and gases in critical applications for medical, semiconductor, food processing, digital printing and filtration technologies. Muon Group will expand upon the Company’s growing platform of precision technology businesses in the HST segment with its unique technology and product solutions for similar end-customers. With annual sales of approximately €140.0 million, Muon Group will be part of the Company’s Scientific Fluidics & Optics reporting unit within the HST segment. The Company expects to close the transaction by the end of the fourth quarter of 2022, subject to regulatory approvals and customary closing conditions.

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	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 nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the entire year.
Recently Issued Accounting Standards and Recently Adopted Accounting Standards	Recently Issued Accounting Standards In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods therein. Early adoption is permitted. Entities should apply the ASU’s provisions prospectively to business combinations occurring on or after the effective date of the amendments. The adoption of this standard is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Accounting Standards Codification (“ASC”) 832): Disclosures by Business Entities about Government Assistance, which requires entities to provide certain annual disclosures when they (1) have received government assistance and (2) use a grant or contribution accounting model by analogy to other accounting guidance. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted, and entities may apply the ASU’s provisions prospectively or retrospectively. The adoption of this standard is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.

Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Schedule of Recognized Identified 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:


	Total
Current assets, net of cash acquired	$	16.6
Property, plant and equipment	2.0
Goodwill	56.2
Intangible assets	49.8
Other noncurrent assets	4.4
Total assets acquired	129.0
Current liabilities	(11.2)
Deferred income taxes	(1.0)
Other noncurrent liabilities	(4.3)
Net assets acquired(1)	$	112.5

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:


	Total
Current assets, net of cash acquired	$	9.7
Property, plant and equipment	1.8
Goodwill	56.5
Intangible assets	52.0
Deferred income taxes	0.1
Other noncurrent assets	1.0
Total assets acquired	121.1
Current liabilities	(1.0)


Net assets acquired(1)	$	120.1

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:


	Total
Current assets, net of cash acquired	$	18.1
Property, plant and equipment	4.0
Goodwill	42.7
Intangible assets	46.0
Deferred income taxes	2.6
Other noncurrent assets	0.1
Total assets acquired	113.5
Current liabilities	(7.1)
Other noncurrent liabilities	(0.1)
Net assets acquired	$	106.3

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:


	Total
Current assets, net of cash acquired	$	45.3
Property, plant and equipment	4.8
Goodwill	268.5
Intangible assets	202.3
Other noncurrent assets	10.2
Total assets acquired	531.1
Current liabilities	(11.8)
Deferred income taxes	(39.9)
Other noncurrent liabilities	$	(8.4)
Net assets acquired	$	471.0

Schedule of Finite-Lived Intangible Assets Acquired

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


	Total		Weighted Average Life
Trade names	$	13.5	15
Customer relationships	31.5		10
Software	4.8		5
Acquired intangible assets	$	49.8

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


	Total		Weighted Average Life
Trade names	$	7.5	15
Customer relationships	36.0		13
Unpatented technology	8.5		10
Acquired intangible assets	$	52.0

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


	Total		Weighted Average Life
Trade names	$	9.0	15
Customer relationships	30.0		13
Unpatented technology	7.0		11
Acquired intangible assets	$	46.0

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


	Total		Weighted Average Life
Trade names	$	15.4	15
Customer relationships	162.9		13
Unpatented technology	24.0		11
Acquired intangible assets	$	202.3

Business Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Information on Company's Business Segments


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net sales
Fluid & Metering Technologies
External customers	$	307.4	$	251.3	$	878.8	$	745.2
Intersegment sales	0.2		—		0.7		0.7
Total segment sales	307.6		251.3		879.5		745.9
Health & Science Technologies
External customers	344.3		301.6		984.3		825.4
Intersegment sales	0.7		0.7		1.9		2.3
Total segment sales	345.0		302.3		986.2		827.7
Fire & Safety/Diversified Products
External customers	172.3		159.1		508.1		479.4
Intersegment sales	0.1		—		0.2		—
Total segment sales	172.4		159.1		508.3		479.4
Intersegment elimination	(1.0)		(0.7)		(2.8)		(3.0)
Total net sales	$	824.0	$	712.0	$	2,371.2	$	2,050.0
Operating income (loss) (1)
Fluid & Metering Technologies	$	94.5	$	69.0	$	257.8	$	195.4
Health & Science Technologies	85.6		70.4		255.7		213.0
Fire & Safety/Diversified Products	43.6		39.1		124.0		126.5
Corporate office and other	(21.5)		(17.3)		(61.1)		(59.9)
Total operating income	$	202.2	$	161.2	$	576.4	$	475.0


	September 30, 2022		December 31, 2021
Assets
Fluid & Metering Technologies	$	1,708.9	$	1,458.8
Health & Science Technologies	2,069.2		2,138.3
Fire & Safety/Diversified Products	885.1		892.5
Corporate office and other	229.4		427.6
Total assets	$	4,892.6	$	4,917.2

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

Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue by reporting unit for the three and nine months ended September 30, 2022 and 2021 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Pumps	$	102.6	$	90.0	$	304.5	$	261.4
Water	82.1		64.8		228.1		189.0
Energy	51.3		40.5		144.3		125.9
Agriculture	42.1		26.9		112.5		78.0
Valves	29.5		29.1		90.1		91.6
Intersegment elimination	(0.2)		—		(0.7)		(0.7)
Fluid & Metering Technologies	307.4		251.3		878.8		745.2
Scientific Fluidics & Optics(1)	172.4		131.2		462.8		376.0
Sealing Solutions	64.9		67.7		203.1		202.4
Performance Pneumatic Technologies	64.1		62.2		191.2		125.4
Material Processing Technologies	34.6		32.7		103.1		99.1
Micropump	9.0		8.5		26.0		24.8
Intersegment elimination	(0.7)		(0.7)		(1.9)		(2.3)
Health & Science Technologies	344.3		301.6		984.3		825.4
Fire & Safety	100.6		92.3		296.1		287.1
Dispensing	42.8		41.7		128.2		117.5
BAND-IT	29.0		25.1		84.0		74.8
Intersegment elimination	(0.1)		—		(0.2)		—
Fire & Safety/Diversified Products	172.3		159.1		508.1		479.4
Total net sales	$	824.0	$	712.0	$	2,371.2	$	2,050.0

Schedule of External Net Sales Disaggregated by Geography

Revenue by geographical region for the three and nine months ended September 30, 2022 and 2021 was as follows:



	Three Months Ended September 30, 2022
	FMT		HST		FSDP		IDEX
U.S.(1)	$	178.4	$	175.0	$	93.5	$	446.9
North America, excluding U.S.	20.4		3.3		8.4		32.1
Europe(1)	47.2		93.0		36.8		177.0
Asia	39.1		67.4		25.4		131.9
Other(2)	22.5		6.3		8.3		37.1
Intersegment elimination	(0.2)		(0.7)		(0.1)		(1.0)
Total net sales	$	307.4	$	344.3	$	172.3	$	824.0



	Three Months Ended September 30, 2021
	FMT		HST		FSDP		IDEX
U.S.	$	137.0	$	148.2	$	80.0	$	365.2
North America, excluding U.S.	13.7		5.2		7.2		26.1
Europe	48.8		86.5		39.9		175.2
Asia	36.9		60.0		24.4		121.3
Other(2)	14.9		2.4		7.6		24.9
Intersegment elimination	—		(0.7)		—		(0.7)
Total net sales	$	251.3	$	301.6	$	159.1	$	712.0


	Nine Months Ended September 30, 2022
	FMT		HST		FSDP		IDEX
U.S.(1)	$	498.9	$	484.7	$	255.0	$	1,238.6
North America, excluding U.S.	54.3		20.3		27.8		102.4
Europe(1)	147.7		276.8		123.8		548.3
Asia	116.8		187.0		75.4		379.2
Other(2)	61.8		17.4		26.3		105.5
Intersegment elimination	(0.7)		(1.9)		(0.2)		(2.8)
Total net sales	$	878.8	$	984.3	$	508.1	$	2,371.2


	Nine Months Ended September 30, 2021
	FMT		HST		FSDP		IDEX
U.S.	$	399.1	$	355.8	$	227.3	$	982.2
North America, excluding U.S.	42.6		16.7		22.6		81.9
Europe	150.1		258.8		127.9		536.8
Asia	108.5		179.0		78.1		365.6
Other(2)	45.6		17.4		23.5		86.5
Intersegment elimination	(0.7)		(2.3)		—		(3.0)
Total net sales	$	745.2	$	825.4	$	479.4	$	2,050.0

Schedule of Contract with Customer, Asset and Liability

The composition of customer receivables was as follows:


	September 30, 2022		December 31, 2021
Billed receivables	$	393.0	$	344.0
Unbilled receivables	9.2		10.9
Total customer receivables	$	402.2	$	354.9

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The composition of Deferred revenue was as follows:


	September 30, 2022		December 31, 2021
Deferred revenue - current	$	45.2	$	49.0
Deferred revenue - noncurrent	14.6		32.2
Total deferred revenue(1)	$	59.8	$	81.2

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [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:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Basic weighted average common shares outstanding	75.4	76.0	75.8	76.0
Dilutive effect of stock options, restricted stock and performance share units	0.4	0.5	0.3	0.4
Diluted weighted average common shares outstanding	75.8	76.5	76.1	76.4

Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories as of September 30, 2022 and December 31, 2021 were:


	September 30, 2022		December 31, 2021
Raw materials and component parts	$	287.5	$	229.4
Work in process	49.9		47.4
Finished goods	117.9		93.6
Total inventories	$	455.3	$	370.4

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the nine months ended September 30, 2022, by reportable business segment, were as follows:


	FMT		HST		FSDP		IDEX
Goodwill	$	701.7	$	1,264.3	$	402.3	$	2,368.3
Accumulated goodwill impairment losses	(20.7)		(149.8)		(30.1)		(200.6)
Balance at December 31, 2021	681.0		1,114.5		372.2		2,167.7
Foreign currency translation	(18.7)		(45.4)		(20.7)		(84.8)
Acquisitions	112.7		—		—		112.7
Acquisition adjustments	0.3		0.9		—		1.2
Disposition of business	(5.6)		—		—		(5.6)
Balance at September 30, 2022	$	769.7	$	1,070.0	$	351.5	$	2,191.2

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 September 30, 2022 and December 31, 2021:


	At September 30, 2022							At December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.9	$	(1.8)	$	1.1	10	$	3.2	$	(2.0)	$	1.2
Trade names	153.7		(76.8)		76.9		15	140.9		(72.4)		68.5
Customer relationships	541.4		(166.7)		374.7		13	495.9		(144.2)		351.7
Unpatented technology	141.2		(60.3)		80.9		13	143.8		(58.8)		85.0
Software	4.5		(0.4)		4.1		5	—		—		—
Total amortized intangible assets	843.7		(306.0)		537.7			783.8		(277.4)		506.4
Indefinite-lived intangible assets:
Banjo trade name	62.1		—		62.1			62.1		—		62.1
Akron Brass trade name	28.8		—		28.8			28.8		—		28.8
Total intangible assets	$	934.6	$	(306.0)	$	628.6		$	874.7	$	(277.4)	$	597.3

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Components of Accrued Expenses

The components of accrued expenses as of September 30, 2022 and December 31, 2021 were:


	September 30, 2022		December 31, 2021
Payroll and related items	$	87.1	$	91.5
Management incentive compensation	22.5		25.0
Income taxes payable	22.1		17.9
Insurance	11.3		11.0
Warranty	8.4		7.6
Deferred revenue(1)	45.2		49.0
Lease liability	18.2		17.6
Restructuring	1.4		2.8
Accrued interest	12.0		3.6
Pension and retiree medical obligations	3.5		3.5
Other	32.9		30.3
Total accrued expenses	$	264.6	$	259.8

Other Noncurrent Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Other Liabilities Disclosure [Abstract]

Schedule of Other Noncurrent Liabilities

The components of other noncurrent liabilities as of September 30, 2022 and December 31, 2021 were:


	September 30, 2022		December 31, 2021
Pension and retiree medical obligations	$	74.9	$	82.2
Transition tax payable	9.1		14.1

Deferred revenue(1)	14.6		32.2
Lease liability	89.8		93.4
Other	18.3		25.5
Total other noncurrent liabilities	$	206.7	$	247.4

Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Borrowings

Borrowings at September 30, 2022 and December 31, 2021 consisted of the following:


	September 30, 2022		December 31, 2021

3.20% Senior Notes, due June 2023(1)	$	100.0	$	100.0
3.37% Senior Notes, due June 2025	100.0		100.0
3.00% Senior Notes, due May 2030	500.0		500.0
2.625% Senior Notes, due June 2031	500.0		500.0
$800.0 million revolving credit facility, due May 2024 (“Revolving Facility”)(2)	—		—
Other borrowings	0.1		0.1
Total borrowings	1,200.1		1,200.1

Less deferred debt issuance costs	7.7		8.4
Less unaccreted debt discount	1.3		1.4
Total long-term borrowings	$	1,191.1	$	1,190.3

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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


	Basis of Fair Value Measurements
	Balance at September 30, 2022		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	7.1	$	7.1	$	—	$	—
Available-for-sale securities - equities(2)	38.8		38.8		—		—


	Basis of Fair Value Measurements
	Balance at December 31, 2021		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	11.6	$	11.6	$	—	$	—
Available-for-sale securities - equities(2)	45.3		45.3		—		—

(1) The Supplemental Executive Retirement Plan (“SERP”) investment assets are offset by a SERP liability which represents the Company’s obligation to distribute SERP funds to participants.

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Lessee Disclosure [Abstract]

Schedule of Lease, Cost

Supplemental balance sheet information related to leases as of September 30, 2022 and December 31, 2021 was as follows:


	Balance Sheet Caption	September 30, 2022		December 31, 2021
Operating leases:
Building right-of-use assets - net	Other noncurrent assets	$	99.0	$	101.0
Equipment right-of-use assets - net	Other noncurrent assets	4.7		6.2
Total right-of-use assets - net		$	103.7	$	107.2
Operating leases:
Current lease liabilities	Accrued expenses	$	18.2	$	17.6
Noncurrent lease liabilities	Other noncurrent liabilities	89.8		93.4
Total lease liabilities		$	108.0	$	111.0

The components of lease cost for the three and nine months ended September 30, 2022 and 2021 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease cost (1)	$	11.4	$	9.3	$	27.8	$	23.8
Variable lease cost	0.6		0.7		1.8		1.9
Total lease expense	$	12.0	$	10.0	$	29.6	$	25.7

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

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to leases for the nine months ended September 30, 2022 and 2021 was as follows:


	Nine Months Ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	28.1	$	23.1
Right-of-use assets obtained in exchange for new operating lease liabilities	7.1		13.9

Other supplemental information related to leases as of September 30, 2022 and December 31, 2021 was as follows:


Lease Term and Discount Rate	September 30, 2022		December 31, 2021
Weighted-average remaining lease term (years):
Operating leases - building and equipment	7.78		8.50
Operating leases - vehicles	2.11		2.34
Weighted-average discount rate:
Operating leases - building and equipment	3.24	%	3.27	%
Operating leases - vehicles	1.16	%	1.08	%

Schedule of Operating Lease, Liability, Maturity

Total lease liabilities at September 30, 2022 have scheduled maturities as follows:


Maturity of Lease Liabilities	Operating Leases
2022 (excluding the nine months ended September 30, 2022)	$	5.3
2023	20.3
2024	17.6
2025	16.1
2026	14.0
Thereafter	49.3
Total lease payments	122.6
Less: Imputed interest	(14.6)
Present value of lease liabilities	$	108.0

Restructuring Expenses and Asset Impairments (Tables)

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2022 were as follows:



	Three Months Ended September 30, 2022
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	0.1	$	—	$	—	$	0.1
Health & Science Technologies	0.4		—		16.8		17.2
Fire & Safety/Diversified Products	0.4		—		—		0.4
Corporate/Other	—		—		—		—
Total restructuring costs	$	0.9	$	—	$	16.8	$	17.7


	Nine Months Ended September 30, 2022
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	1.6	$	0.3	$	0.2	$	2.1
Health & Science Technologies	0.6		—		16.8		17.4
Fire & Safety/Diversified Products	1.4		—		—		1.4
Corporate/Other	0.2		—		—		0.2
Total restructuring costs	$	3.8	$	0.3	$	17.0	$	21.1

Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2021 were as follows:



	Three Months Ended September 30, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	1.4	$	—	$	0.6	$	2.0
Health & Science Technologies	0.6		—		—		0.6
Fire & Safety/Diversified Products	(0.1)		—		—		(0.1)
Corporate/Other	0.7		—		—		0.7
Total restructuring costs	$	2.6	$	—	$	0.6	$	3.2



	Nine Months Ended September 30, 2021
	Severance Costs		Exit Costs		Asset Impairment		Total
Fluid & Metering Technologies	$	4.0	$	—	$	0.8	$	4.8
Health & Science Technologies	1.7		—		—		1.7
Fire & Safety/Diversified Products	0.1		—		—		0.1
Corporate/Other	2.0		—		—		2.0
Total restructuring costs	$	7.8	$	—	$	0.8	$	8.6

Schedule of Restructuring Reserve

Restructuring accruals reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets are as follows:


	Restructuring Initiatives
Balance at January 1, 2022	$	2.8
Restructuring expenses	4.1
Payments, utilization and other	(5.5)
Balance at September 30, 2022	$	1.4

Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Other Comprehensive Income

The components of Other comprehensive loss are as follows:



	Three Months Ended September 30, 2022						Three Months Ended September 30, 2021
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(94.9)	$	—	$	(94.9)	$	(28.7)	$	—	$	(28.7)
Pension and other postretirement adjustments	0.6		—		0.6		1.1		(0.3)		0.8
Total other comprehensive loss	$	(94.3)	$	—	$	(94.3)	$	(27.6)	$	(0.3)	$	(27.9)


	Nine Months Ended September 30, 2022						Nine Months Ended September 30, 2021
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(196.3)	$	—	$	(196.3)	$	(56.9)	$	—	$	(56.9)
Pension and other postretirement adjustments	2.5		(0.7)		1.8		14.2		(3.4)		10.8
Reclassification adjustments for derivatives	—		—		—		3.2		(0.7)		2.5
Total other comprehensive loss	$	(193.8)	$	(0.7)	$	(194.5)	$	(39.5)	$	(4.1)	$	(43.6)

Reclassification out of Accumulated Other Comprehensive Income

The amounts reclassified from Accumulated other comprehensive loss to net income during the three and nine months ended September 30, 2022 and 2021 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021		Income Statement Caption
Pension and other postretirement plans:
Amortization of net (gain) loss	$	0.6	$	1.1	$	2.5	$	14.2	Other (income) expense - net
Total before tax	0.6		1.1		2.5		14.2
Provision for income taxes	—		(0.3)		(0.7)		(3.4)
Total net of tax	$	0.6	$	0.8	$	1.8	$	10.8
Derivatives:
Reclassification adjustments	$	—	$	—	$	—	$	3.2	Interest expense
Total before tax	—		—		—		3.2
Provision for income taxes	—		—		—		(0.7)
Total net of tax	$	—	$	—	$	—	$	2.5

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

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 disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model (for options granted before March 2021) or the Black Scholes valuation model (for options granted after February 2021). The adoption of the Black Scholes model in 2021 was driven by a review of option exercise history, which more closely aligned with the methodology of the Black Scholes model.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Weighted average fair value of grants	$52.91	$45.44	$41.90	$38.86
Dividend yield	1.16%	0.96%	1.14%	1.01%
Volatility	25.99%	24.60%	25.16%	23.77%
Risk-free interest rate	3.35%	0.71% - 0.82%	1.87%	0.12% - 1.54%
Expected life (in years)	4.90	4.90	4.90	5.70

Schedule of Compensation Cost for Stock Options

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	0.1	$	0.1	$	0.4	$	0.4
Selling, general and administrative expenses	0.7		1.8		6.6		6.3
Total expense before income taxes	0.8		1.9		7.0		6.7
Income tax benefit	(0.1)		(0.2)		(0.6)		(0.6)
Total expense after income taxes	$	0.7	$	1.7	$	6.4	$	6.1

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:


Stock Options	Shares	Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
	(Dollars in millions except weighted average price)
Outstanding at January 1, 2022	1,008,586	$	147.60	6.97	$	89.5
Granted	272,530	189.64
Exercised	(75,104)	120.41
Forfeited	(85,764)	183.32
Outstanding at September 30, 2022	1,120,248	$	156.92	6.95	$	48.4
Vested and expected to vest as of September 30, 2022	1,080,032	$	155.67	6.88	$	48.0
Exercisable at September 30, 2022	560,148	$	127.47	5.34	$	40.6

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:


Restricted Stock	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	107,475	$	169.58
Granted	43,180	189.44
Vested	(26,684)	153.41
Forfeited	(13,147)	179.66
Unvested at September 30, 2022	110,824	$	180.01

Schedule of Compensation Cost for Restricted Stock

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	—	$	0.1	$	0.2	$	0.3
Selling, general and administrative expenses	2.2		1.3		5.4		3.9
Total expense before income taxes	2.2		1.4		5.6		4.2
Income tax benefit	(0.4)		(0.3)		(1.0)		(0.9)
Total expense after income taxes	$	1.8	$	1.1	$	4.6	$	3.3

Schedule of Unvested Cash-settled Restricted Stock Activity

The service period for certain retiree eligible participants is accelerated. 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 September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:


Cash-Settled Restricted Stock	Shares	Weighted-Average Fair Value
Unvested at January 1, 2022	57,949	$	236.32
Granted	23,070	189.41
Vested	(20,676)	190.67
Forfeited	(5,762)	199.85
Unvested at September 30, 2022	54,581	$	199.85

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

Total compensation (benefit) cost for cash-settled restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	—	$	—	$	—	$	0.4
Selling, general and administrative expenses	1.1		0.4		1.1		2.7
Total expense before income taxes(1)	1.1		0.4		1.1		3.1
Income tax benefit	—		—		—		(0.2)
Total expense after income taxes	$	1.1	$	0.4	$	1.1	$	2.9

Schedule of Weighted Average Performance Share Units Fair Values and Assumptions


	Nine Months Ended September 30,
	2022	2021
Weighted average fair value of grants	$235.54	$247.49
Dividend yield	—%	—%
Volatility	28.09%	28.6%
Risk-free interest rate	1.73%	0.33%
Expected life (in years)	2.93	2.93

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:


Performance Share Units	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022	52,025	$	236.75
Granted	31,370	235.54
Vested	—	—
Forfeited	(12,240)	235.90
Unvested at September 30, 2022	71,155	$	236.66

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

Total compensation cost for performance share units is recorded in the Condensed Consolidated Statements of Income as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of goods sold	$	—	$	—	$	—	$	—
Selling, general and administrative expenses	0.2		1.7		4.0		4.6
Total expense before income taxes	0.2		1.7		4.0		4.6
Income tax benefit	—		(0.1)		(0.1)		(0.2)
Total expense after income taxes	$	0.2	$	1.6	$	3.9	$	4.4

Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

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

The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans.



	Pension Benefits
	Three Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	0.5	$	—	$	0.5
Interest cost	0.1		0.2		—		0.2
Expected return on plan assets	(0.1)		(0.4)		—		(0.2)
Settlement loss recognized	—		—		—		—
Net amortization	0.1		0.2		0.1		0.5
Net periodic cost	$	0.1	$	0.5	$	0.1	$	1.0


	Pension Benefits
	Nine Months Ended September 30,
	2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	1.4	$	0.1	$	1.5
Interest cost	0.2		0.7		0.2		0.6
Expected return on plan assets	(0.2)		(1.0)		(0.8)		(0.7)
Settlement loss recognized	—		—		10.5		—
Net amortization	0.2		0.6		0.3		1.6
Net periodic (benefit) cost	$	0.3	$	1.7	$	10.3	$	3.0


	Other Postretirement Benefits
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Service cost	$	0.2	$	0.2	$	0.5	$	0.5
Interest cost	0.1		0.1		0.4		0.3
Net amortization	(0.1)		(0.2)		(0.3)		(0.5)
Net periodic cost	$	0.2	$	0.1	$	0.6	$	0.3

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions					3 Months Ended		9 Months Ended
	May 02, 2022	Feb. 28, 2022	Jun. 14, 2021	Mar. 10, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill					$ 2,191.2		$ 2,191.2		$ 2,167.7
Nexsight
Business Acquisition [Line Items]
Aggregate purchase price, cash paid		$ 112.5
Goodwill		56.2
Intangible assets		$ 49.8
KZValve
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	$ 120.1
Goodwill	56.5
Intangible assets	$ 52.0
ABEL
Business Acquisition [Line Items]
Aggregate purchase price, cash paid				$ 106.3
Goodwill				42.7
Intangible assets				$ 46.0
Airtech
Business Acquisition [Line Items]
Aggregate purchase price, cash paid			$ 471.0
Goodwill			268.5
Intangible assets			$ 202.3
Selling, general and administrative expenses
Business Acquisition [Line Items]
Acquisition-related transaction costs					$ 2.7	$ 0.7	5.3	$ 4.4
Cost of goods sold \| Nexsight
Business Acquisition [Line Items]
Inventory adjustment							0.1
Cost of goods sold \| KZValve
Business Acquisition [Line Items]
Inventory adjustment							$ 0.3
Cost of goods sold \| ABEL
Business Acquisition [Line Items]
Inventory adjustment								2.5
Cost of goods sold \| Airtech
Business Acquisition [Line Items]
Inventory adjustment						$ 9.1		$ 9.1

Acquisitions and Divestitures - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	May 02, 2022	Feb. 28, 2022	Dec. 31, 2021	Jun. 14, 2021	Mar. 10, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,191.2			$ 2,167.7
Nexsight
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 16.6
Property, plant and equipment			2.0
Goodwill			56.2
Intangible assets			49.8
Other noncurrent assets			4.4
Total assets acquired			129.0
Current liabilities			(11.2)
Deferred income taxes			(1.0)
Other noncurrent liabilities			(4.3)
Net assets acquired			$ 112.5
Adjustment to purchase price	2.2
KZValve
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 9.7
Property, plant and equipment		1.8
Goodwill		56.5
Intangible assets		52.0
Deferred income taxes		0.1
Other noncurrent assets		1.0
Total assets acquired		121.1
Current liabilities		(1.0)
Net assets acquired		$ 120.1
Adjustment to purchase price	$ 0.1
ABEL
Business Acquisition [Line Items]
Current assets, net of cash acquired						$ 18.1
Property, plant and equipment						4.0
Goodwill						42.7
Intangible assets						46.0
Deferred income taxes						2.6
Other noncurrent assets						0.1
Total assets acquired						113.5
Current liabilities						(7.1)
Other noncurrent liabilities						(0.1)
Net assets acquired						$ 106.3
Airtech
Business Acquisition [Line Items]
Current assets, net of cash acquired					$ 45.3
Property, plant and equipment					4.8
Goodwill					268.5
Intangible assets					202.3
Other noncurrent assets					10.2
Total assets acquired					531.1
Current liabilities					(11.8)
Deferred income taxes					(39.9)
Other noncurrent liabilities					(8.4)
Net assets acquired					$ 471.0

Acquisitions and Divestitures - Acquired Intangible Assets and Weighted Average Amortization Periods (Details) - USD ($) $ in Millions	May 02, 2022	Feb. 28, 2022	Jun. 14, 2021	Mar. 10, 2021
Nexsight
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 49.8
Nexsight \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 13.5
Acquired intangible assets, Weighted Average Life		15 years
Nexsight \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 31.5
Acquired intangible assets, Weighted Average Life		10 years
Nexsight \| Software
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 4.8
Acquired intangible assets, Weighted Average Life		5 years
KZValve
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 52.0
KZValve \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 7.5
Acquired intangible assets, Weighted Average Life	15 years
KZValve \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 36.0
Acquired intangible assets, Weighted Average Life	13 years
KZValve \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 8.5
Acquired intangible assets, Weighted Average Life	10 years
ABEL
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total				$ 46.0
ABEL \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total				$ 9.0
Acquired intangible assets, Weighted Average Life				15 years
ABEL \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total				$ 30.0
Acquired intangible assets, Weighted Average Life				13 years
ABEL \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total				$ 7.0
Acquired intangible assets, Weighted Average Life				11 years
Airtech
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total			$ 202.3
Airtech \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total			$ 15.4
Acquired intangible assets, Weighted Average Life			15 years
Airtech \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total			$ 162.9
Acquired intangible assets, Weighted Average Life			13 years
Airtech \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total			$ 24.0
Acquired intangible assets, Weighted Average Life			11 years

Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 09, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense		$ (49.7)	$ (35.4)	$ (129.2)	$ (96.0)
Disposed of by Sale \| Knight LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash remitted	$ 49.4
Gain on sale	$ 34.8
Income tax expense		$ (5.5)		$ (5.5)

- Definition

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

+ References + Details

Business Segments - Narrative (Details)	9 Months Ended
Business Segments - Narrative (Details)	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

Business Segments - Schedule of Information on Company's Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 824.0	$ 712.0	$ 2,371.2	$ 2,050.0
Operating income (loss)	202.2	161.2	576.4	475.0
Total assets	4,892.6		4,892.6		$ 4,917.2
Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	(1.0)	(0.7)	(2.8)	(3.0)
Corporate office and other
Segment Reporting Information [Line Items]
Operating income (loss)	(21.5)	(17.3)	(61.1)	(59.9)
Total assets	229.4		229.4		427.6
Fluid & Metering Technologies
Segment Reporting Information [Line Items]
Net sales	307.4	251.3	878.8	745.2
Operating income (loss)	94.5	69.0	257.8	195.4
Fluid & Metering Technologies \| Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	0.2	0.0	0.7	0.7
Fluid & Metering Technologies \| Operating segments
Segment Reporting Information [Line Items]
Net sales	307.6	251.3	879.5	745.9
Total assets	1,708.9		1,708.9		1,458.8
Health & Science Technologies
Segment Reporting Information [Line Items]
Net sales	344.3	301.6	984.3	825.4
Operating income (loss)	85.6	70.4	255.7	213.0
Health & Science Technologies \| Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	0.7	0.7	1.9	2.3
Health & Science Technologies \| Operating segments
Segment Reporting Information [Line Items]
Net sales	345.0	302.3	986.2	827.7
Total assets	2,069.2		2,069.2		2,138.3
Fire & Safety/Diversified Products
Segment Reporting Information [Line Items]
Net sales	172.3	159.1	508.1	479.4
Operating income (loss)	43.6	39.1	124.0	126.5
Fire & Safety/Diversified Products \| Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	0.1	0.0	0.2	0.0
Fire & Safety/Diversified Products \| Operating segments
Segment Reporting Information [Line Items]
Net sales	172.4	$ 159.1	508.3	$ 479.4
Total assets	$ 885.1		$ 885.1		$ 892.5

Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 824.0	$ 712.0	$ 2,371.2	$ 2,050.0
Deferred revenue	59.8		59.8		$ 81.2
Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Total net sales	307.4	251.3	878.8	745.2
Health & Science Technologies
Disaggregation of Revenue [Line Items]
Total net sales	344.3	301.6	984.3	825.4
Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Total net sales	172.3	159.1	508.1	479.4
Operating segments \| Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Total net sales	307.4	251.3	878.8	745.2
Operating segments \| Fluid & Metering Technologies \| Pumps
Disaggregation of Revenue [Line Items]
Total net sales	102.6	90.0	304.5	261.4
Operating segments \| Fluid & Metering Technologies \| Water
Disaggregation of Revenue [Line Items]
Total net sales	82.1	64.8	228.1	189.0
Operating segments \| Fluid & Metering Technologies \| Energy
Disaggregation of Revenue [Line Items]
Total net sales	51.3	40.5	144.3	125.9
Operating segments \| Fluid & Metering Technologies \| Agriculture
Disaggregation of Revenue [Line Items]
Total net sales	42.1	26.9	112.5	78.0
Operating segments \| Fluid & Metering Technologies \| Valves
Disaggregation of Revenue [Line Items]
Total net sales	29.5	29.1	90.1	91.6
Operating segments \| Health & Science Technologies
Disaggregation of Revenue [Line Items]
Total net sales	344.3	301.6	984.3	825.4
Deferred revenue	17.9		17.9
Operating segments \| Health & Science Technologies \| Scientific Fluidics and Optics
Disaggregation of Revenue [Line Items]
Total net sales	172.4	131.2	462.8	376.0
Operating segments \| Health & Science Technologies \| Sealing Solutions
Disaggregation of Revenue [Line Items]
Total net sales	64.9	67.7	203.1	202.4
Operating segments \| Health & Science Technologies \| Performance Pneumatic Technologies
Disaggregation of Revenue [Line Items]
Total net sales	64.1	62.2	191.2	125.4
Operating segments \| Health & Science Technologies \| Material Processing Technologies
Disaggregation of Revenue [Line Items]
Total net sales	34.6	32.7	103.1	99.1
Operating segments \| Health & Science Technologies \| Micropump
Disaggregation of Revenue [Line Items]
Total net sales	9.0	8.5	26.0	24.8
Operating segments \| Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Total net sales	172.3	159.1	508.1	479.4
Operating segments \| Fire & Safety/Diversified Products \| Fire & Safety
Disaggregation of Revenue [Line Items]
Total net sales	100.6	92.3	296.1	287.1
Operating segments \| Fire & Safety/Diversified Products \| Dispensing
Disaggregation of Revenue [Line Items]
Total net sales	42.8	41.7	128.2	117.5
Operating segments \| Fire & Safety/Diversified Products \| BAND-IT
Disaggregation of Revenue [Line Items]
Total net sales	29.0	25.1	84.0	74.8
Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(1.0)	(0.7)	(2.8)	(3.0)
Intersegment elimination \| Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Total net sales	(0.2)	0.0	(0.7)	(0.7)
Intersegment elimination \| Health & Science Technologies
Disaggregation of Revenue [Line Items]
Total net sales	(0.7)	(0.7)	(1.9)	(2.3)
Intersegment elimination \| Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Total net sales	$ (0.1)	$ 0.0	$ (0.2)	$ 0.0

Revenue - Revenue by Geography (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 824.0	$ 712.0	$ 2,371.2	$ 2,050.0
Deferred revenue	59.8		59.8		$ 81.2
Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(1.0)	(0.7)	(2.8)	(3.0)
U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	446.9	365.2	1,238.6	982.2
North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	32.1	26.1	102.4	81.9
Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	177.0	175.2	548.3	536.8
Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	131.9	121.3	379.2	365.6
Other \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	37.1	24.9	105.5	86.5
FMT
Disaggregation of Revenue [Line Items]
Total net sales	307.4	251.3	878.8	745.2
FMT \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	307.4	251.3	878.8	745.2
FMT \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(0.2)	0.0	(0.7)	(0.7)
FMT \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	178.4	137.0	498.9	399.1
FMT \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	20.4	13.7	54.3	42.6
FMT \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	47.2	48.8	147.7	150.1
FMT \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	39.1	36.9	116.8	108.5
FMT \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	22.5	14.9	61.8	45.6
HST
Disaggregation of Revenue [Line Items]
Total net sales	344.3	301.6	984.3	825.4
HST \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	344.3	301.6	984.3	825.4
Deferred revenue	17.9		17.9
Revenue recognized	17.9		17.9
HST \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(0.7)	(0.7)	(1.9)	(2.3)
HST \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	175.0	148.2	484.7	355.8
Revenue recognized	9.5		9.5
HST \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	3.3	5.2	20.3	16.7
HST \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	93.0	86.5	276.8	258.8
Revenue recognized	8.4		8.4
HST \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	67.4	60.0	187.0	179.0
HST \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	6.3	2.4	17.4	17.4
FSDP
Disaggregation of Revenue [Line Items]
Total net sales	172.3	159.1	508.1	479.4
FSDP \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	172.3	159.1	508.1	479.4
FSDP \| Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(0.1)	0.0	(0.2)	0.0
FSDP \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	93.5	80.0	255.0	227.3
FSDP \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	8.4	7.2	27.8	22.6
FSDP \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	36.8	39.9	123.8	127.9
FSDP \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	25.4	24.4	75.4	78.1
FSDP \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 8.3	$ 7.6	$ 26.3	$ 23.5

Revenue - Additional Information (Details) - Revenue from Contract with Customer - Product Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	96.00%	95.00%	96.00%	95.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	4.00%	5.00%	4.00%	5.00%

Revenue - Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 402.2	$ 354.9
Unbilled receivables	9.2	10.9
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 393.0	$ 344.0

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 45.2	$ 49.0
Deferred revenue - noncurrent	14.6	32.2
Total deferred revenue	59.8	81.2
Disaggregation of Revenue [Line Items]
Deferred revenue	59.8	$ 81.2
Operating segments \| Health & Science Technologies
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	3.2
Deferred revenue - noncurrent	14.7
Total deferred revenue	17.9
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 17.9

Earnings Per Common Share - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	75.4	76.0	75.8	76.0
Dilutive effect of stock options, restricted stock and performance share units (in shares)	0.4	0.5	0.3	0.4
Diluted weighted average common shares outstanding (in shares)	75.8	76.5	76.1	76.4

Earnings Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Options to purchase common stock shares not included in the computation of diluted EPS (in shares)	0.5	0.3	0.5	0.3

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and component parts	$ 287.5	$ 229.4
Work in process	49.9	47.4
Finished goods	117.9	93.6
Total inventories	$ 455.3	$ 370.4

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		$ 2,368.3
Accumulated goodwill impairment losses		(200.6)
Goodwill [Roll Forward]
Balance at December 31, 2021	$ 2,167.7
Foreign currency translation	(84.8)
Acquisitions	112.7
Acquisition adjustments	1.2
Disposition of business	(5.6)
Balance at September 30, 2022	2,191.2
FMT
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		701.7
Accumulated goodwill impairment losses		(20.7)
Goodwill [Roll Forward]
Balance at December 31, 2021	681.0
Foreign currency translation	(18.7)
Acquisitions	112.7
Acquisition adjustments	0.3
Disposition of business	(5.6)
Balance at September 30, 2022	769.7
HST
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		1,264.3
Accumulated goodwill impairment losses		(149.8)
Goodwill [Roll Forward]
Balance at December 31, 2021	1,114.5
Foreign currency translation	(45.4)
Acquisitions	0.0
Acquisition adjustments	0.9
Disposition of business	0.0
Balance at September 30, 2022	1,070.0
FSDP
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		402.3
Accumulated goodwill impairment losses		$ (30.1)
Goodwill [Roll Forward]
Balance at December 31, 2021	372.2
Foreign currency translation	(20.7)
Acquisitions	0.0
Acquisition adjustments	0.0
Disposition of business	0.0
Balance at September 30, 2022	$ 351.5

Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 843.7	$ 783.8
Intangible assets - Gross Carrying Amount	934.6	874.7
Amortized intangible assets - Accumulated Amortization	(306.0)	(277.4)
Amortized intangible assets - Net	537.7	506.4
Intangible assets - Net	628.6	597.3
Banjo trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets - Net	62.1	62.1
Akron Brass trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets - Net	28.8	28.8
Patents
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	2.9	3.2
Amortized intangible assets - Accumulated Amortization	(1.8)	(2.0)
Amortized intangible assets - Net	$ 1.1	1.2
Amortized intangible assets - Weighted Average Life	10 years
Trade names
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 153.7	140.9
Amortized intangible assets - Accumulated Amortization	(76.8)	(72.4)
Amortized intangible assets - Net	$ 76.9	68.5
Amortized intangible assets - Weighted Average Life	15 years
Customer relationships
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 541.4	495.9
Amortized intangible assets - Accumulated Amortization	(166.7)	(144.2)
Amortized intangible assets - Net	$ 374.7	351.7
Amortized intangible assets - Weighted Average Life	13 years
Unpatented technology
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 141.2	143.8
Amortized intangible assets - Accumulated Amortization	(60.3)	(58.8)
Amortized intangible assets - Net	$ 80.9	85.0
Amortized intangible assets - Weighted Average Life	13 years
Software
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 4.5	0.0
Amortized intangible assets - Accumulated Amortization	(0.4)	0.0
Amortized intangible assets - Net	$ 4.1	$ 0.0
Amortized intangible assets - Weighted Average Life	5 years

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 17.0	$ 16.2	$ 49.2	$ 40.7
Remaining of 2022	16.8		16.8
2023	64.6		64.6
2024	60.2		60.2
2025	58.7		58.7
2026	$ 56.8		$ 56.8

Accrued Expenses (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Payroll and related items	$ 87.1	$ 91.5
Management incentive compensation	22.5	25.0
Income taxes payable	22.1	17.9
Insurance	11.3	11.0
Warranty	8.4	7.6
Deferred revenue	45.2	49.0
Lease liability	18.2	17.6
Restructuring	1.4	2.8
Accrued interest	12.0	3.6
Pension and retiree medical obligations	3.5	3.5
Other	32.9	30.3
Total accrued expenses	264.6	$ 259.8
Operating segments \| Health & Science Technologies
Segment Reporting Information [Line Items]
Deferred revenue	$ 3.2

Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Pension and retiree medical obligations	$ 74.9	$ 82.2
Transition tax payable	9.1	14.1
Deferred revenue	14.6	32.2
Lease liability	89.8	93.4
Other	18.3	25.5
Total other noncurrent liabilities	206.7	$ 247.4
Operating segments \| Health & Science Technologies
Segment Reporting Information [Line Items]
Deferred revenue	$ 14.7

Borrowings - Schedule of Borrowings (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	May 28, 2021	May 17, 2021
Debt Instrument [Line Items]
Total borrowings	$ 1,200,100,000	$ 1,200,100,000
Other borrowings	100,000	100,000
Less deferred debt issuance costs	7,700,000	8,400,000
Less unaccreted debt discount	1,300,000	1,400,000
Total long-term borrowings	1,191,100,000	1,190,300,000
Revolving Facility
Debt Instrument [Line Items]
Borrowing capacity	800,000,000.0
Total borrowings	0	0
Borrowings under revolving facility	0
Letters of credit outstanding	6,500,000
Amount available to borrow	$ 793,500,000
Senior Notes \| 3.20% Senior Notes, due June 2023
Debt Instrument [Line Items]
Stated interest rate	3.20%
Total borrowings	$ 100,000,000.0	100,000,000.0
Senior Notes \| 3.37% Senior Notes, due June 2025
Debt Instrument [Line Items]
Stated interest rate	3.37%
Total borrowings	$ 100,000,000.0	100,000,000.0
Senior Notes \| 3.00% Senior Notes, due May 2030
Debt Instrument [Line Items]
Stated interest rate	3.00%
Total borrowings	$ 500,000,000.0	500,000,000.0
Senior Notes \| 2.625% Senior Notes, due June 2031
Debt Instrument [Line Items]
Stated interest rate	2.625%			2.625%
Total borrowings	$ 500,000,000.0	$ 500,000,000.0
Less unaccreted debt discount			$ 600,000

Borrowings - Narrative (Details) - USD ($)				9 Months Ended
Borrowings - Narrative (Details) - USD ($)	Jun. 16, 2021	May 28, 2021	May 17, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Less unaccreted debt discount					$ 1,300,000	$ 1,400,000
Senior Notes \| 2.625% Senior Notes, due June 2031
Line of Credit Facility [Line Items]
Stated interest rate			2.625%		2.625%
Face amount of debt		$ 500,000,000.0
Proceeds from debt, net		494,700,000
Less unaccreted debt discount		600,000
Underwriting commission		3,300,000
Offering expenses		$ 1,400,000
Senior Notes \| 4.20% Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate					4.20%
Extinguishment of debt			$ 350,000,000
Redemption premium			6,700,000
Amount to be recognized from hedged transactions within 12 months, approximate	$ 1,300,000
Write off of deferred debt issuance cost			100,000
Write off of debt remaining discount			100,000
Write off deferred taxes			$ 400,000
Loss on early debt redemption				$ 8,600,000

Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 7.1	$ 11.6
Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	38.8	45.3
Level 1 \| Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	7.1	11.6
Level 1 \| Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	38.8	45.3
Level 2 \| Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0.0	0.0
Level 2 \| Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0.0	0.0
Level 3 \| Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0.0	0.0
Level 3 \| Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 0.0	$ 0.0

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,024.2	$ 1,219.9
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,198.8	$ 1,198.7

Leases (Details) $ in Millions	3 Months Ended		9 Months Ended
Leases (Details) $ in Millions	Sep. 30, 2022 USD ($) option	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) option	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Options for renewal \| option	1		1
Assets and Liabilities, Lessee [Abstract]
Total right-of-use assets - net	$ 103.7		$ 103.7		$ 107.2
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses		Accrued expenses		Accrued expenses
Current lease liabilities	$ 18.2		$ 18.2		$ 17.6
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities		Other noncurrent liabilities		Other noncurrent liabilities
Noncurrent lease liabilities	$ 89.8		$ 89.8		$ 93.4
Total lease liabilities	108.0		108.0		111.0
Lease, Cost [Abstract]
Operating lease cost	11.4	$ 9.3	27.8	$ 23.8
Variable lease cost	0.6	0.7	1.8	1.9
Total lease expense	12.0	$ 10.0	29.6	25.7
Cash paid for amounts included in the measurement of operating lease liabilities			28.1	23.1
Right-of-use assets obtained in exchange for new operating lease liabilities			7.1	$ 13.9
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022 (excluding the nine months ended September 30, 2022)	5.3		5.3
2023	20.3		20.3
2024	17.6		17.6
2025	16.1		16.1
2026	14.0		14.0
Thereafter	49.3		49.3
Total lease payments	122.6		122.6
Less: Imputed interest	(14.6)		(14.6)
Building
Assets and Liabilities, Lessee [Abstract]
Total right-of-use assets - net	99.0		99.0		101.0
Equipment
Assets and Liabilities, Lessee [Abstract]
Total right-of-use assets - net	$ 4.7		$ 4.7		$ 6.2
Building and Equipment
Lease, Cost [Abstract]
Weighted-average remaining lease term (years): Operating leases	7 years 9 months 10 days		7 years 9 months 10 days		8 years 6 months
Weighted-average discount rate: Operating leases	3.24%		3.24%		3.27%
Vehicles
Lease, Cost [Abstract]
Weighted-average remaining lease term (years): Operating leases	2 years 1 month 9 days		2 years 1 month 9 days		2 years 4 months 2 days
Weighted-average discount rate: Operating leases	1.16%		1.16%		1.08%

Restructuring Expenses and Asset Impairments - Narrative (Details) - Operating segments - Health & Science Technologies - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2021	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Contract with customer, amount reimbursed		$ 28.7
Definite-lived intangible assets	$ 16.8
Revenue recognized	$ 17.9		$ 17.9

Restructuring Expenses and Asset Impairments - Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 17.7	$ 3.2	$ 21.1	$ 8.6
Operating segments \| Fluid & Metering Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.1	2.0	2.1	4.8
Operating segments \| Health & Science Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	17.2	0.6	17.4	1.7
Operating segments \| Fire & Safety/Diversified Products
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.4	(0.1)	1.4	0.1
Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.7	0.2	2.0
Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.9	2.6	3.8	7.8
Severance Costs \| Operating segments \| Fluid & Metering Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.1	1.4	1.6	4.0
Severance Costs \| Operating segments \| Health & Science Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.4	0.6	0.6	1.7
Severance Costs \| Operating segments \| Fire & Safety/Diversified Products
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.4	(0.1)	1.4	0.1
Severance Costs \| Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.7	0.2	2.0
Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.3	0.0
Exit Costs \| Operating segments \| Fluid & Metering Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.3	0.0
Exit Costs \| Operating segments \| Health & Science Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.0	0.0
Exit Costs \| Operating segments \| Fire & Safety/Diversified Products
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.0	0.0
Exit Costs \| Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.0	0.0
Asset Impairments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	16.8	0.6	17.0	0.8
Asset Impairments \| Operating segments \| Fluid & Metering Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.6	0.2	0.8
Asset Impairments \| Operating segments \| Health & Science Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	16.8	0.0	16.8	0.0
Asset Impairments \| Operating segments \| Fire & Safety/Diversified Products
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.0	0.0
Asset Impairments \| Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Restructuring Expenses and Asset Impairments - Restructuring Accruals (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Balance at January 1, 2022	$ 2.8
Restructuring expenses	4.1
Payments, utilization and other	(5.5)
Balance at September 30, 2022	$ 1.4

Other Comprehensive Loss - Components of Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss	$ (94.3)	$ (27.9)	$ (194.5)	$ (43.6)
Cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(94.9)	(28.7)	(196.3)	(56.9)
Total other comprehensive income (loss), Tax	0.0	0.0	0.0	0.0
Other comprehensive loss	(94.9)	(28.7)	(196.3)	(56.9)
Pension and other postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	0.6	1.1	2.5	14.2
Total other comprehensive income (loss), Tax	0.0	(0.3)	(0.7)	(3.4)
Other comprehensive loss	0.6	0.8	1.8	10.8
Reclassification adjustments for derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax			0.0	3.2
Total other comprehensive income (loss), Tax			0.0	(0.7)
Other comprehensive loss			0.0	2.5
AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(94.3)	(27.6)	(193.8)	(39.5)
Total other comprehensive income (loss), Tax	0.0	(0.3)	(0.7)	(4.1)
Other comprehensive loss	$ (94.3)	$ (27.9)	$ (194.5)	$ (43.6)

Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net (gain) loss	$ (1.0)	$ 0.6	$ (3.3)	$ 17.0
Reclassification adjustments	9.6	9.5	28.6	31.4
Total before tax	228.4	151.1	585.9	426.6
Provision for income taxes	49.7	35.4	129.2	96.0
Net income	(178.7)	(115.7)	(456.9)	(330.6)
Reclassification out of Accumulated Other Comprehensive Income \| Net Prior Service Attributable to Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net (gain) loss	0.6	1.1	2.5	14.2
Reclassification out of Accumulated Other Comprehensive Income \| Retirement Benefits Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	0.6	1.1	2.5	14.2
Provision for income taxes	0.0	(0.3)	(0.7)	(3.4)
Net income	0.6	0.8	1.8	10.8
Reclassification out of Accumulated Other Comprehensive Income \| Cumulative Unrealized Gain (Loss) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments	0.0	0.0	0.0	3.2
Total before tax	0.0	0.0	0.0	3.2
Provision for income taxes	0.0	0.0	0.0	(0.7)
Net income	$ 0.0	$ 0.0	$ 0.0	$ 2.5

Other Comprehensive Loss - Additional Information (Details) - 4.20% Senior Notes - Senior Notes - USD ($) $ in Millions	Jun. 16, 2021	Sep. 30, 2022
Debt Instrument [Line Items]
Interest rate on senior notes		4.20%
Amount to be recognized from hedged transactions within 12 months, approximate	$ 1.3

Share Repurchases - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended			9 Months Ended
Share Repurchases - Narrative (Details) - USD ($)	Mar. 17, 2020	Dec. 01, 2015	Oct. 26, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Increase in share repurchase authorized amount	$ 500,000,000	$ 300,000,000
Purchase of common stock (in shares)				166,433	474,690	147,500	788,623	0
Repurchase of shares of common stock				$ 30,900,000	$ 87,500,000	$ 28,300,000	$ 146,800,000
Remaining authorized repurchase amount				$ 565,200,000			565,200,000
Subsequent Event [Line Items]
Purchase of common stock							$ 146,300,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Purchase of common stock			$ 500,000

Share Based Compensation - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
	Dec. 31, 2021	Feb. 28, 2022	Sep. 30, 2022
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Stock option exercisable life			10 years
Total unrecognized compensation cost			$ 11.0
Weighted-average period of total unrecognized compensation cost, in years			10 months 24 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			43,180
Total unrecognized compensation cost			$ 7.0
Weighted-average period of total unrecognized compensation cost, in years			1 year
Restricted Stock \| Employees and Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Granted (in shares)			23,070
Total unrecognized compensation cost			$ 4.1
Weighted-average period of total unrecognized compensation cost, in years			1 year
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Granted (in shares)	29,840		31,370
Payout percent		143.00%
Stock issued during period (in shares)		42,688
Total unrecognized compensation cost			$ 5.3
Weighted-average period of total unrecognized compensation cost, in years			9 months 18 days

Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 52.91	$ 45.44	$ 41.90	$ 38.86
Dividend yield	1.16%	0.96%	1.14%	1.01%
Volatility	25.99%	24.60%	25.16%	23.77%
Risk-free interest rate	3.35%		1.87%
Risk-free interest rate, minimum		0.71%		0.12%
Risk-free interest rate, maximum		0.82%		1.54%
Expected life (in years)	4 years 10 months 24 days	4 years 10 months 24 days	4 years 10 months 24 days	5 years 8 months 12 days

Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense			$ 16.4	$ 15.4
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 0.8	$ 1.9	7.0	6.7
Income tax benefit	(0.1)	(0.2)	(0.6)	(0.6)
Total expense after income taxes	0.7	1.7	6.4	6.1
Stock Option \| Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	0.1	0.1	0.4	0.4
Stock Option \| Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 0.7	$ 1.8	$ 6.6	$ 6.3

Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Shares
Beginning balance (in shares)	1,008,586
Granted (in shares)	272,530
Exercised (in shares)	(75,104)
Forfeited/Expired (in shares)	(85,764)
Ending balance (in shares)	1,120,248	1,008,586
Vested and expected to vest (in shares)	1,080,032
Exercisable (in shares)	560,148
Weighted Average Price
Beginning Balance, Weighted Average Price (in dollars per share)	$ 147.60
Granted, Weighted Average Price (in dollars per share)	189.64
Exercised, Weighted Average Price (in dollars per share)	120.41
Forfeited, Weighted Average Price (in dollars per share)	183.32
Ending Balance, Weighted Average Price (in dollars per share)	$ 156.92	$ 147.60
Weighted-Average Remaining Contractual Term
Stock options outstanding, Weighted-Average Remaining Contractual Term	6 years 11 months 12 days	6 years 11 months 19 days
Aggregate Intrinsic Value
Stock options outstanding, Aggregate intrinsic value	$ 48.4	$ 89.5
Vested and expected to vest , Weighted Average Price (in dollars per share)	$ 155.67
Exercisable, Weighted Average Price (in dollars per share)	$ 127.47
Weighted-Average Remaining Contractual Term, Vested and expected to vest	6 years 10 months 17 days
Weighted-Average Remaining Contractual Term, Exercisable	5 years 4 months 2 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 48.0
Aggregate Intrinsic Value, Exercisable	$ 40.6

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Shares
Unvested, Beginning balance (in shares) \| shares	107,475
Granted (in shares) \| shares	43,180
Vested (in shares) \| shares	(26,684)
Forfeited (in shares) \| shares	(13,147)
Unvested, Ending balance (in shares) \| shares	110,824
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share) \| $ / shares	$ 169.58
Granted (in dollars per share) \| $ / shares	189.44
Vested (in dollars per share) \| $ / shares	153.41
Forfeited (in dollars per share) \| $ / shares	179.66
Unvested, Ending balance (in dollars per share) \| $ / shares	$ 180.01

Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	$ 2.2	$ 1.4	$ 5.6	$ 4.2
Income tax benefit	(0.4)	(0.3)	(1.0)	(0.9)
Total expense after income taxes	1.8	1.1	4.6	3.3
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	0.0	0.1	0.2	0.3
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	$ 2.2	$ 1.3	$ 5.4	$ 3.9

Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Shares
Unvested, Beginning balance (in shares) \| shares	57,949
Granted (in shares) \| shares	23,070
Vested (in shares) \| shares	(20,676)
Forfeited (in shares) \| shares	(5,762)
Unvested, Ending balance (in shares) \| shares	54,581
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share) \| $ / shares	$ 236.32
Granted (in dollars per share) \| $ / shares	189.41
Vested (in dollars per share) \| $ / shares	190.67
Forfeited (in dollars per share) \| $ / shares	199.85
Unvested, Ending balance (in dollars per share) \| $ / shares	$ 199.85

Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 1.1	$ 0.4	$ 1.1	$ 3.1
Income tax benefit	0.0	0.0	0.0	(0.2)
Total expense after income taxes	1.1	0.4	1.1	2.9
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.0	0.0	0.0	0.4
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 1.1	$ 0.4	$ 1.1	$ 2.7

Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 235.54	$ 247.49
Dividend yield	0.00%	0.00%
Volatility	28.09%	28.60%
Risk-free interest rate	1.73%	0.33%
Expected life (in years)	2 years 11 months 4 days	2 years 11 months 4 days

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares		9 Months Ended
	Dec. 31, 2021	Sep. 30, 2022
Shares
Unvested, Beginning balance (in shares)		52,025
Granted (in shares)	29,840	31,370
Vested (in shares)		0
Forfeited (in shares)		(12,240)
Unvested, Ending balance (in shares)	52,025	71,155
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share)		$ 236.75
Granted (in dollars per share)		235.54
Vested (in dollars per share)		0
Forfeited (in dollars per share)		235.90
Unvested, Ending balance (in dollars per share)	$ 236.75	$ 236.66

Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 0.2	$ 1.7	$ 4.0	$ 4.6
Income tax benefit	0.0	(0.1)	(0.1)	(0.2)
Total expense after income taxes	0.2	1.6	3.9	4.4
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.0	0.0	0.0	0.0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 0.2	$ 1.7	$ 4.0	$ 4.6

Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.2	$ 0.2	$ 0.5	$ 0.5
Interest cost	0.1	0.1	0.4	0.3
Net amortization	(0.1)	(0.2)	(0.3)	(0.5)
Net periodic (benefit) cost	0.2	0.1	0.6	0.3
U.S. \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.0	0.0	0.1	0.1
Interest cost	0.1	0.0	0.2	0.2
Expected return on plan assets	(0.1)	0.0	(0.2)	(0.8)
Settlement loss recognized	0.0	0.0	0.0	10.5
Net amortization	0.1	0.1	0.2	0.3
Net periodic (benefit) cost	0.1	0.1	0.3	10.3
Non-U.S. \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.5	0.5	1.4	1.5
Interest cost	0.2	0.2	0.7	0.6
Expected return on plan assets	(0.4)	(0.2)	(1.0)	(0.7)
Settlement loss recognized	0.0	0.0	0.0	0.0
Net amortization	0.2	0.5	0.6	1.6
Net periodic (benefit) cost	$ 0.5	$ 1.0	$ 1.7	$ 3.0

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 3.9
Actuarial loss		$ 9.7
Deferred pension cost (reversal of cost)		10.7
Increase in plan assets		$ 1.0
Other current assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, assets	0.8
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year	4.0
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year	$ 1.2

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 49.7	$ 35.4	$ 129.2	$ 96.0
Effective tax rate	21.80%	23.40%	22.10%	22.50%

- Definition

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

+ References + Details

Significant Events (Details) € in Millions, $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
Significant Events (Details) € in Millions, $ in Millions	Dec. 31, 2022 EUR (€)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 EUR (€)
Business Acquisition [Line Items]
Net sales \| $		$ 824.0	$ 712.0	$ 2,371.2	$ 2,050.0
Forecast \| Muon B.V
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	€ 700
Forecast \| Muon B.V \| Muon B.V
Business Acquisition [Line Items]
Net sales						€ 140

- 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
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details