0000832101-23-000019 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		75,576,366
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000832101
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 510.7	$ 430.2
Receivables, less allowance for credit losses of $7.9 and $8.0, respectively	446.5	442.8
Inventories	497.6	470.9
Other current assets	69.7	55.4
Total current assets	1,524.5	1,399.3
Property, plant and equipment, net of accumulated depreciation of $528.5 and $516.7, respectively	397.0	382.1
Goodwill	2,657.9	2,638.1
Intangible assets - net	933.5	947.8
Other noncurrent assets	145.1	144.6
Total assets	5,658.0	5,511.9
Current liabilities
Trade accounts payable	216.0	208.9
Accrued expenses	275.9	289.1
Dividends payable	0.0	45.6
Total current liabilities	491.9	543.6
Long-term borrowings	1,470.7	1,468.7
Deferred income taxes	267.3	264.2
Other noncurrent liabilities	198.6	195.8
Total liabilities	2,428.5	2,472.3
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 March 31, 2023 and 90,064,988 shares at December 31, 2022	0.9	0.9
Additional paid-in capital	830.0	817.2
Retained earnings	3,671.5	3,531.7
Treasury stock at cost: 14,386,036 shares at March 31, 2023 and 14,451,032 shares at December 31, 2022	(1,184.0)	(1,184.3)
Accumulated other comprehensive loss	(89.2)	(126.2)
Total shareholders’ equity	3,229.2	3,039.3
Noncontrolling interest	0.3	0.3
Total equity	3,229.5	3,039.6
Total liabilities and equity	$ 5,658.0	$ 5,511.9

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 7.9	$ 8.0
Accumulated depreciation	$ 528.5	$ 516.7
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)	90,069,559	90,064,988
Treasury stock, shares (in shares)	14,386,036	14,451,032

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 845.4	$ 751.1
Cost of sales	462.9	408.6
Gross profit	382.5	342.5
Selling, general and administrative expenses	189.7	154.3
Restructuring expenses and asset impairments	0.5	0.6
Operating income	192.3	187.6
Other (income) expense - net	(0.6)	(2.3)
Interest expense	13.1	9.5
Income before income taxes	179.8	180.4
Provision for income taxes	40.0	40.5
Net income	139.8	139.9
Net loss attributable to noncontrolling interest	0.0	0.1
Net income attributable to IDEX	$ 139.8	$ 140.0
Earnings per common share:
Basic earnings per common share attributable to IDEX (in dollars per share)	$ 1.85	$ 1.84
Diluted earnings per common share attributable to IDEX (in dollars per share)	$ 1.84	$ 1.83
Share data:
Basic weighted average common shares outstanding (in shares)	75.6	76.1
Diluted weighted average common shares outstanding (in shares)	75.9	76.4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 139.8	$ 139.9
Other comprehensive income (loss):
Pension and other postretirement adjustments, net of tax	0.4	0.6
Cumulative translation adjustment	36.6	(19.5)
Other comprehensive income (loss)	37.0	(18.9)
Comprehensive income	176.8	121.0
Comprehensive loss attributable to noncontrolling interest	0.0	0.0
Comprehensive income attributable to IDEX	$ 176.8	$ 121.0

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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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	Treasury Stock	Noncontrolling Interest
Beginning 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
Ending 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)
Beginning balance at Dec. 31, 2022	3,039.6	3,039.3	818.1	3,531.7	(137.1)	10.9	(1,184.3)	0.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	139.8	139.8		139.8
Cumulative translation adjustment	36.6	36.6			36.6
Net change in retirement obligations (net of tax)	0.4	0.4				0.4
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	4.7	4.7					4.7
Shares surrendered for tax withholding	(4.4)	(4.4)					(4.4)
Share-based compensation	12.8	12.8
Ending balance at Mar. 31, 2023	$ 3,229.5	$ 3,229.2	$ 830.9	$ 3,671.5	$ (100.5)	$ 11.3	$ (1,184.0)	$ 0.3

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Pension and other postretirement adjustments, tax	$ 0.2	$ 0.2
Issuance of common stock from performance share units and exercise of stock options (in shares)	84,666	73,755
Issuance of common stock from exercise of stock options and deferred compensation plans, tax amount	$ 1.8	$ 1.7
Repurchase of common stock (in shares)	0	147,500

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 139.8	$ 139.9
Adjustments to reconcile net income to net cash provided by operating activities:
Gains on sales of assets	(0.2)	(2.7)
Depreciation	12.8	12.2
Amortization of intangible assets	23.6	15.3
Amortization of debt issuance expenses	0.4	0.4
Share-based compensation expense	12.8	6.6
Deferred income taxes	(0.2)	1.0
Changes in (net of the effect from acquisitions and foreign exchange):
Receivables	(0.7)	(49.0)
Inventories	(23.3)	(50.2)
Other current assets	(11.1)	(12.7)
Trade accounts payable	7.6	28.1
Deferred revenue	10.2	6.4
Accrued expenses	(24.9)	(16.3)
Other - net	1.1	0.7
Net cash flows provided by operating activities	147.9	79.7
Cash flows from investing activities
Purchases of property, plant and equipment	(26.6)	(16.1)
Acquisition of businesses, net of cash acquired	0.0	(114.7)
Proceeds from disposal of fixed assets	0.9	6.5
Purchase of marketable securities	(3.2)	0.0
Other - net	(0.3)	(0.1)
Net cash flows used in investing activities	(29.2)	(124.4)
Cash flows from financing activities
Dividends paid	(45.5)	(41.4)
Proceeds from stock option exercises	4.7	1.4
Repurchases of common stock	0.0	(26.3)
Shares surrendered for tax withholding	(4.4)	(4.9)
Other - net	0.0	(0.1)
Net cash flows used in financing activities	(45.2)	(71.3)
Effect of exchange rate changes on cash and cash equivalents	7.0	(6.2)
Net increase (decrease) in cash and cash equivalents	80.5	(122.2)
Cash and cash equivalents at beginning of year	430.2	855.4
Cash and cash equivalents at end of period	510.7	733.2
Cash paid for:
Interest	4.1	0.4
Income taxes	$ 20.7	$ 15.4

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 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, 2022. Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 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. The Company adopted this standard on a prospective basis for the annual and interim periods beginning January 1, 2023. The adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Acquisitions

All of the Company’s acquisitions of businesses have been accounted for under Accounting Standards Codification (“ASC”) 805, Business Combinations. Accordingly, the assets and liabilities of the acquired companies, after adjustments to reflect the fair values assigned to the 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 Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“Nexsight”) (acquired February 28, 2022), KZ CO. (“KZValve”) (acquired May 2, 2022) and Muon B.V. and its subsidiaries (“Muon Group”) (acquired November 18, 2022) have been included in the Company’s Condensed Consolidated Financial Statements since the respective dates of acquisition. Supplemental pro forma information has not been provided as the acquisitions 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 $54.7 million and $49.8 million, respectively. The goodwill is partially deductible for tax purposes.

The Company finalized the 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.

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	$	16.6
Property, plant and equipment	2.0
Goodwill	54.7
Intangible assets	49.8
Other noncurrent assets	4.3
Total assets acquired	127.4
Current liabilities	(9.2)
Deferred income taxes	(1.9)
Other noncurrent liabilities	(3.8)
Net assets acquired	$	112.5

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 augments and expands 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 $56.4 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, 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	56.4
Intangible assets	52.0
Deferred income taxes	0.2
Other noncurrent assets	1.0
Total assets acquired	121.1
Current liabilities	(1.0)


Net assets acquired	$	120.1

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

Muon Group

On November 18, 2022, the Company acquired the stock of Muon Group. Muon Group manufactures highly precise flowpaths 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 maintains operations in Hapert, the Netherlands; Eerbeek, the Netherlands; Wijchen, the Netherlands; Dorset, United Kingdom and Pune, India and operates in the Company’s Scientific Fluidics & Optics reporting unit within the Health & Science Technologies (“HST”) segment. Muon Group was acquired for cash consideration of $713.0 million. The purchase price was funded with $342.6 million of cash on hand, $170.4 million of proceeds from the Company's Revolving Credit Facility and $200.0 million of proceeds from the Company's Term Facility. Goodwill and intangible assets recognized as part of this transaction were $393.0 million and $319.1 million, respectively. The goodwill is not deductible for tax purposes.

The Company made a preliminary allocation of the purchase price for the Muon Group 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, 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	$	52.5
Property, plant and equipment	59.1
Goodwill	393.0
Intangible assets	319.1
Other noncurrent assets	9.6
Total assets acquired	833.3
Current liabilities	(25.5)
Deferred income taxes	(83.9)
Other noncurrent liabilities	(10.9)
Net assets acquired	$	713.0

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


	Total		Weighted Average Life
Trade names	$	38.3	15
Customer relationships	212.4		13
Unpatented technology	68.4		11
Acquired intangible assets	$	319.1

The Company incurred $1.1 million and $0.9 million of acquisition-related costs during the three months ended March 31, 2023 and 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.

Business Segments

3 Months Ended

Mar. 31, 2023

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. FMT application-specific pump and metering solutions serve a diverse range of end markets, including industrial infrastructure (fossil fuels, refined and alternative fuels and water and wastewater), energy, chemical processing, agriculture, food and beverage, semiconductor, pulp and paper, automotive/transportation, plastics and resins, electronics and electrical, construction and mining, pharmaceutical and biopharmaceutical, machinery and numerous other specialty niche markets.

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, micro-precision components, 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, life sciences, analytical instruments, pharmaceutical and biopharmaceutical, industrial, semiconductor, digital printing, automotive/transportation, medical/dental, energy, cosmetics, marine, chemical, wastewater and water treatment, research and aerospace/defense markets.

The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications in the automotive, energy and industrial markets and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses in the paint and industrial markets 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 uses Adjusted EBITDA as its principal measure of segment performance. Intersegment sales are accounted for at fair value as if the sales were to third parties.


	Three Months Ended March 31,
	2023		2022
Net sales
Fluid & Metering Technologies
External customers	$	321.1	$	271.9
Intersegment sales	0.7		0.1
Total segment sales	321.8		272.0
Health & Science Technologies
External customers	350.3		314.6
Intersegment sales	0.7		0.6
Total segment sales	351.0		315.2
Fire & Safety/Diversified Products
External customers	174.0		164.6
Intersegment sales	0.4		0.1
Total segment sales	174.4		164.7
Intersegment eliminations	(1.8)		(0.8)
Net sales	$	845.4	$	751.1
ADJUSTED EBITDA
Fluid & Metering Technologies	$	106.2	$	88.4
Health & Science Technologies	100.7		99.8
Fire & Safety/Diversified Products	49.7		44.4
Segment Adjusted EBITDA	256.6		232.6
Corporate and other	(26.8)		(17.9)
Adjusted EBITDA	229.8		214.7
- Interest expense	13.1		9.5
- Depreciation	12.8		12.2
- Amortization	23.6		15.3
- Restructuring expenses and asset impairments	0.5		—
+ Gains on sales of asset	—		2.7
Income before income taxes	$	179.8	$	180.4


	March 31, 2023		December 31, 2022
ASSETS
Fluid & Metering Technologies	$	1,720.9	$	1,676.9
Health & Science Technologies	2,960.9		2,931.1
Fire & Safety/Diversified Products	787.3		771.8
Corporate and other	188.9		132.1
Total assets	$	5,658.0	$	5,511.9

- 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
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Revenue

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 2022 was as follows:


	Three Months Ended March 31,
	2023		2022
Pumps	$	105.1	$	97.4
Water	94.1		64.4
Energy	50.7		48.3
Agriculture	38.6		32.3
Valves	33.3		29.6
Intersegment elimination	(0.7)		(0.1)
Fluid & Metering Technologies	321.1		271.9
Scientific Fluidics & Optics	178.6		141.2
Performance Pneumatic Technologies	69.4		62.0
Sealing Solutions	64.7		70.2
Material Processing Technologies	27.7		33.7
Micropump	10.6		8.1
Intersegment elimination	(0.7)		(0.6)
Health & Science Technologies	350.3		314.6
Fire & Safety	106.2		95.7
Dispensing	36.2		41.6
BAND-IT	32.0		27.4
Intersegment elimination	(0.4)		(0.1)
Fire & Safety/Diversified Products	174.0		164.6
Net sales	$	845.4	$	751.1

Revenue by geographical region for the three months ended March 31, 2023 and 2022 was as follows:



	Three Months Ended March 31, 2023
	FMT		HST		FSDP		IDEX
U.S.	$	176.8	$	149.6	$	89.4	$	415.8
North America, excluding U.S.	19.4		5.2		8.5		33.1
Europe	59.2		120.9		44.7		224.8
Asia	45.1		66.6		23.4		135.1
Other (1)	21.3		8.7		8.4		38.4
Intersegment elimination	(0.7)		(0.7)		(0.4)		(1.8)
Net sales	$	321.1	$	350.3	$	174.0	$	845.4



	Three Months Ended March 31, 2022
	FMT		HST		FSDP		IDEX
U.S.	$	150.0	$	152.0	$	76.5	$	378.5
North America, excluding U.S.	17.3		7.5		10.9		35.7
Europe	48.7		91.3		45.0		185.0
Asia	36.5		58.8		23.4		118.7
Other (1)	19.5		5.6		8.9		34.0
Intersegment elimination	(0.1)		(0.6)		(0.1)		(0.8)
Net sales	$	271.9	$	314.6	$	164.6	$	751.1

(1) 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 months ended March 31, 2023 and 2022. Revenue from products and services transferred to customers over time approximated 4% of total revenues in both the three months ended March 31, 2023 and 2022.

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:


	March 31, 2023		December 31, 2022
Billed receivables	$	428.5	$	421.3
Unbilled receivables	10.2		10.0
Total customer receivables	$	438.7	$	431.3

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:


	March 31, 2023		December 31, 2022
Deferred revenue - current	$	55.4	$	44.7
Deferred revenue - noncurrent	14.5		15.0
Total deferred revenue	$	69.9	$	59.7

- 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
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-Paragraph 13
-Subparagraph (b)(2)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

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 (diluted) outstanding 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 March 31,
	2023	2022
Basic weighted average common shares outstanding	75.6	76.1
Dilutive effect of stock options, restricted stock and performance share units	0.3	0.3
Diluted weighted average common shares outstanding	75.9	76.4

Options to purchase approximately 0.2 million and 0.5 million shares of common stock for the three months ended March 31, 2023 and 2022, respectively, were not included in the computation of Diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive.

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

The components of inventories as of March 31, 2023 and December 31, 2022 were:


	March 31, 2023		December 31, 2022
Raw materials and component parts	$	303.8	$	301.2
Work in process	54.9		54.3
Finished goods	138.9		115.4
Total inventories	$	497.6	$	470.9

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

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the three months ended March 31, 2023, by reportable business segment, were as follows:


	FMT		HST		FSDP		IDEX
Goodwill	$	800.9	$	1,644.8	$	393.0	$	2,838.7
Accumulated goodwill impairment losses	(20.7)		(149.8)		(30.1)		(200.6)
Balance at January 1, 2023	780.2		1,495.0		362.9		2,638.1
Foreign currency translation	2.8		14.0		3.0		19.8
Acquisition adjustments	(1.8)		1.8		—		—
Balance at March 31, 2023	$	781.2	$	1,510.8	$	365.9	$	2,657.9

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 three months of 2023, 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, 2022, 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 March 31, 2023 and December 31, 2022:


	At March 31, 2023							At December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.9	$	(1.9)	$	1.0	12	$	2.9	$	(1.8)	$	1.1
Trade names	188.4		(75.5)		112.9		15	186.5		(71.4)		115.1
Customer relationships	774.7		(196.6)		578.1		13	772.2		(184.9)		587.3
Unpatented technology	206.1		(59.3)		146.8		12	207.1		(57.8)		149.3
Software	4.9		(1.1)		3.8		5	4.8		(0.7)		4.1
Total amortized intangible assets	1,177.0		(334.4)		842.6			1,173.5		(316.6)		856.9
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	$	1,267.9	$	(334.4)	$	933.5		$	1,264.4	$	(316.6)	$	947.8

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, 2022, these indefinite-lived intangible assets had fair values in excess of their carrying values. In the first three months of 2023, 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 $23.6 million and $15.3 million for the three months ended March 31, 2023 and 2022, respectively. Based on the intangible asset balances as of March 31, 2023, expected amortization expense for the remaining nine months of 2023 and for the years 2024 through 2027 is as follows:


Maturity of Intangible Assets	Estimated Amortization
2023 (excluding the three months ended March 31, 2023)	$	68.8
2024	87.6
2025	86.2
2026	84.5
2027	80.5

Accrued Expenses

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

The components of accrued expenses as of March 31, 2023 and December 31, 2022 were:


	March 31, 2023		December 31, 2022
Payroll and related items	$	79.2	$	102.7
Management incentive compensation	6.0		26.4
Income taxes payable	45.6		30.2
Insurance	11.0		11.2
Warranty	8.2		8.1
Deferred revenue	55.4		44.7
Lease liability	21.9		21.6
Restructuring	1.3		1.4
Accrued interest	14.0		5.5
Pension and retiree medical obligations	3.3		3.3
Other	30.0		34.0
Total accrued expenses	$	275.9	$	289.1

Other Noncurrent Liabilities

3 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

The components of other noncurrent liabilities as of March 31, 2023 and December 31, 2022 were:


	March 31, 2023		December 31, 2022
Pension and retiree medical obligations	$	55.2	$	55.1
Transition tax payable	9.1		9.1
Deferred revenue	14.5		15.0
Lease liability	99.3		96.6
Other	20.5		20.0
Total other noncurrent liabilities	$	198.6	$	195.8

Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings at March 31, 2023 and December 31, 2022 consisted of the following:


	March 31, 2023		December 31, 2022

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 November 2027(2)	79.4		77.7
$200.0 million Term Facility, due November 2027(3)	200.0		200.0
Other borrowings	0.1		0.1
Total borrowings	1,479.5		1,477.8
Less current portion	—		—
Less deferred debt issuance costs	7.6		7.9
Less unaccreted debt discount	1.2		1.2
Long-term borrowings	$	1,470.7	$	1,468.7

(1) As of March 31, 2023, 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 these Notes using the available borrowing capacity of the Revolving Credit Facility, due November 2027. As a result, the 3.20% Senior Notes remain classified as Long-term borrowings on the Condensed Consolidated Balance Sheets as of March 31, 2023.

(2) At March 31, 2023, there was $79.4 million outstanding under the Revolving Credit Facility with an interest rate of 3.32% and $7.5 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Credit Facility of approximately $713.1 million.

(3) The $200.0 million outstanding under the Term Facility bears an interest rate of 5.83%.

At March 31, 2023, the Company was in compliance with covenants contained in the credit agreement associated with the Revolving Credit Facility as well as other long-term debt agreements.

- 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
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-SubTopic 20
-Section 50
-Paragraph 1C
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022:


	Basis of Fair Value Measurements
	Balance at March 31, 2023		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	8.1	$	8.1	$	—	$	—
Available-for-sale securities - equities(2)	3.2		3.2		—		—


	Basis of Fair Value Measurements
	Balance at December 31, 2022		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	7.5	$	7.5	$	—	$	—

(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 March 31, 2023, 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 months ended March 31, 2023 or the year ended December 31, 2022.

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 March 31, 2023 and December 31, 2022, 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 $1,347.8 million and $1,328.7 million, respectively, compared to the carrying value of $1,478.3 million and $1,476.6 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

3 Months Ended

Mar. 31, 2023

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 and certain plant equipment under financing 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 March 31, 2023 and December 31, 2022 was as follows:


	Balance Sheet Caption	March 31, 2023		December 31, 2022
Right-of-Use (“ROU”) Assets:
Building ROU assets - net - operating	Other noncurrent assets	$	108.3	$	104.4
Equipment ROU assets - net - operating	Other noncurrent assets	5.2		5.6
Equipment ROU assets - net - financing	Property, plant and equipment	5.9		6.1
Total ROU assets - net		$	119.4	$	116.1
Lease Liabilities:
Current lease liabilities	Accrued expenses	$	21.9	$	21.6
Noncurrent lease liabilities	Other noncurrent liabilities	99.3		96.6
Total lease liabilities		$	121.2	$	118.2

The components of lease cost for the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31,
	2023		2022
Fixed lease cost (1)	$	8.2	$	7.4
Variable lease cost	0.7		0.4
Total lease cost	$	8.9	$	7.8

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

Supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022 was as follows:


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	8.4	$	7.4
Right-of-use assets obtained in exchange for new lease liabilities	9.0		8.3

Other supplemental information related to leases as of March 31, 2023 and December 31, 2022 was as follows:


Lease Term and Discount Rate	March 31, 2023		December 31, 2022
Weighted-average remaining lease term (years):
Operating leases - building and equipment	7.39		7.43
Operating leases - vehicles	2.20		2.14
Financing leases - equipment	2.26		2.05
Weighted-average discount rate:
Operating leases - building and equipment	3.56	%	3.41	%
Operating leases - vehicles	2.29	%	1.70	%
Financing leases - equipment	4.16	%	4.48	%

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

Total lease liabilities at March 31, 2023 have scheduled maturities as follows:


Maturity of Lease Liabilities	Operating Leases
2023 (excluding the three months ended March 31, 2023)	$	19.3
2024	19.7
2025	22.5
2026	17.8
2027	14.2
Thereafter	48.2
Total lease payments	141.7
Less: Imputed interest	(20.5)
Present value of lease liabilities	$	121.2

Restructuring Expenses and Asset Impairments

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Asset Impairments

From time to time, the Company incurs costs to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. These 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.

2023 Initiative

During the three months ended March 31, 2023, the Company incurred severance costs related to employee reductions.

Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2023 were as follows:



	Three Months Ended March 31, 2023
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	0.1	$	—	$	—	$	0.1
Health & Science Technologies	0.3		—		—		0.3
Fire & Safety/Diversified Products	0.1		—		—		0.1
Corporate/Other	—		—		—		—
Restructuring expenses and asset impairments	$	0.5	$	—	$	—	$	0.5

2022 Initiative

During the three months ended March 31, 2022, the Company incurred severance costs related to employee reductions.

Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2022 were as follows:



	Three Months Ended March 31, 2022
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	0.3	$	—	$	—	$	0.3
Health & Science Technologies	0.1		—		—		0.1
Fire & Safety/Diversified Products	—		—		—		—
Corporate/Other	0.2		—		—		0.2
Restructuring expenses and asset impairments	$	0.6	$	—	$	—	$	0.6

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


	Restructuring Initiatives
Balance at January 1, 2023	$	1.4
Restructuring expenses	0.5
Payments, utilization and other	(0.6)
Balance at March 31, 2023	$	1.3

Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Other Comprehensive Income (Loss)

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


	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	36.6	$	—	$	36.6	$	(19.5)	$	—	$	(19.5)
Pension and other postretirement adjustments	0.6		(0.2)		0.4		0.8		(0.2)		0.6
Total other comprehensive income (loss)	$	37.2	$	(0.2)	$	37.0	$	(18.7)	$	(0.2)	$	(18.9)

The amounts reclassified from Accumulated other comprehensive loss to Net income during the three months ended March 31, 2023 and 2022 are as follows:


	Three Months Ended March 31,
	2023		2022		Income Statement Caption
Pension and other postretirement plans:
Amortization of service cost	$	0.6	$	0.8	Other (income) expense - net
Total before tax	0.6		0.8
Provision for income taxes	(0.2)		(0.2)
Total net of tax	$	0.4	$	0.6

Share Repurchases	3 Months Ended
Share Repurchases	Mar. 31, 2023
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 Credit Facility. There were no share repurchases during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company repurchased a total of 147,500 shares at a cost of $28.3 million, of which $2.0 million was settled in April 2022. As of March 31, 2023, the amount of share repurchase authorization remaining was $563.8 million.

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

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 the classification of cash compensation for the same employees.

Stock Options

Stock options granted under the Company’s plans are generally non-qualified and are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The fair value of each option grant was estimated on the date of the grant using the Black Scholes valuation model. 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.


	Three Months Ended March 31,
	2023	2022
Weighted average fair value of grants	$60.80	$41.66
Dividend yield	1.06%	1.14%
Volatility	27.19%	25.15%
Risk-free interest rate	4.12%	1.83%
Expected life (in years)	4.50	4.90

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


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	0.3	$	0.3
Selling, general and administrative expenses(1)	5.7		3.1
Total expense before income taxes	6.0		3.4
Income tax benefit	(0.4)		(0.3)
Total expense after income taxes	$	5.6	$	3.1

(1) The three months ended March 31, 2023 includes an additional $2.4 million of accelerated stock compensation costs for retiree eligible participants as compared with the same period in 2022.

A summary of the Company’s stock option activity as of March 31, 2023 and changes during the three months ended March 31, 2023 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, 2023	1,015,572	$	161.45	6.94	$	67.9
Granted	208,305	225.71
Exercised	(33,460)	141.19
Forfeited	(8,491)	196.25
Outstanding at March 31, 2023	1,181,926	$	173.10	7.28	$	68.5
Vested and expected to vest as of March 31, 2023	1,130,292	$	171.52	7.20	$	67.3
Exercisable at March 31, 2023	639,677	$	146.97	5.88	$	53.8

As of March 31, 2023, there was $13.8 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.6 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 March 31, 2023 and changes during the three months ended March 31, 2023 are presented in the following table:


Restricted Stock	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023	104,382	$	179.45
Granted	25,595	225.73
Vested	(16,905)	171.67
Forfeited	(3,430)	204.03
Unvested at March 31, 2023	109,642	$	190.69

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


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	0.2	$	0.2
Selling, general and administrative expenses	1.4		1.6
Total expense before income taxes	1.6		1.8
Income tax benefit	(0.3)		(0.4)
Total expense after income taxes	$	1.3	$	1.4

As of March 31, 2023, there was $9.9 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.1 years.

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 March 31, 2023 and changes during the three months ended March 31, 2023 are presented in the following table:


Cash-Settled Restricted Stock	Shares	Weighted-Average Fair Value
Unvested at January 1, 2023	57,356	$	228.33
Granted	19,755	225.66
Vested	(14,300)	230.78
Forfeited	(1,265)	231.03
Unvested at March 31, 2023	61,546	$	231.03

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


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	0.1	$	(0.1)
Selling, general and administrative expenses	1.0		0.5
Total expense before income taxes	1.1		0.4
Income tax benefit	—		—
Total expense after income taxes	$	1.1	$	0.4

As of March 31, 2023, there was $7.0 million of total unrecognized compensation cost related to cash-settled restricted shares that is expected to be recognized over a weighted-average period of 1.2 years.

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.


	Three Months Ended March 31,
	2023	2022
Weighted average fair value of grants	$308.18	$235.54
Dividend yield	—%	—%
Volatility	27.00%	28.09%
Risk-free interest rate	4.37%	1.73%
Expected life (in years)	2.94	2.93

A summary of the Company’s performance share unit activity as of March 31, 2023 and changes during the three months ended March 31, 2023 are presented in the following table:


Performance Share Units	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023	70,915	$	236.66
Granted	28,030	308.18
Vested	(18,105)	226.86
Forfeited	(1,725)	261.13
Unvested at March 31, 2023	79,115	$	264.89

On January 31, 2023, 18,105 performance share units vested. Based on the Company’s relative total shareholder return rank during the three year period ended January 31, 2023, the Company achieved a 173% payout factor and issued 31,334 common shares in February 2023 for awards that vested in 2023.

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


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	—	$	—
Selling, general and administrative expenses(1)	5.2		1.3
Total expense before income taxes	5.2		1.3
Income tax benefit	(0.1)		(0.1)
Total expense after income taxes	$	5.1	$	1.2

(1) The three months ended March 31, 2023 includes an additional $3.4 million of accelerated stock compensation costs for retiree eligible participants as compared with the same period in 2022.

As of March 31, 2023, there was $5.7 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.2 years.

Retirement Benefits

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	0.3	$	—	$	0.5
Interest cost	0.1		0.7		0.1		0.2
Expected return on plan assets	(0.1)		(0.4)		(0.1)		(0.3)
Net amortization	0.1		(0.2)		0.1		0.2
Net periodic cost	$	0.1	$	0.4	$	0.1	$	0.6


	Other Postretirement Benefits
	Three Months Ended March 31,
	2023		2022
Service cost	$	0.1	$	0.2
Interest cost	0.2		0.1
Net amortization	(0.2)		(0.1)
Net periodic cost	$	0.1	$	0.2

The Company expects to contribute approximately $3.9 million to its defined benefit plans and $1.1 million to its other post-retirement benefit plans in 2023. During the first three months of 2023, the Company contributed a total of $1.3 million to fund these plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Legal Proceedings	3 Months Ended
Legal Proceedings	Mar. 31, 2023
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	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The 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 decreased to $40.0 million for the three months ended March 31, 2023 from $40.5 million during the same period in 2022. The effective tax rate of 22.2% for the three months ended March 31, 2023 was relatively consistent with 22.4% during the same period in 2022.

- 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
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-Paragraph 21
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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 25, 2023, the Company entered into a definitive agreement to acquire Iridian Spectral Technologies ("Iridian") for cash consideration of 150.0 million Canadian dollars, subject to customary post-closing adjustments. With annual sales of 34 million Canadian dollars in 2022, Iridian is a leader in custom optical filter solutions serving the space, life science and telecommunications markets. Iridian complements and expands upon the solutions provided by our Scientific Fluidics & Optics businesses within the HST segment. The Company expects to close the transaction by the end of the second quarter of 2023, subject to customary closing conditions.

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 are not necessarily indicative of the results to be expected for the entire year.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 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. The Company adopted this standard on a prospective basis for the annual and interim periods beginning January 1, 2023. The adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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	$	16.6
Property, plant and equipment	2.0
Goodwill	54.7
Intangible assets	49.8
Other noncurrent assets	4.3
Total assets acquired	127.4
Current liabilities	(9.2)
Deferred income taxes	(1.9)
Other noncurrent liabilities	(3.8)
Net assets acquired	$	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	56.4
Intangible assets	52.0
Deferred income taxes	0.2
Other noncurrent assets	1.0
Total assets acquired	121.1
Current liabilities	(1.0)


Net assets acquired	$	120.1

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	$	52.5
Property, plant and equipment	59.1
Goodwill	393.0
Intangible assets	319.1
Other noncurrent assets	9.6
Total assets acquired	833.3
Current liabilities	(25.5)
Deferred income taxes	(83.9)
Other noncurrent liabilities	(10.9)
Net assets acquired	$	713.0

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	$	38.3	15
Customer relationships	212.4		13
Unpatented technology	68.4		11
Acquired intangible assets	$	319.1

Business Segments (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Information on Company's Business Segments


	Three Months Ended March 31,
	2023		2022
Net sales
Fluid & Metering Technologies
External customers	$	321.1	$	271.9
Intersegment sales	0.7		0.1
Total segment sales	321.8		272.0
Health & Science Technologies
External customers	350.3		314.6
Intersegment sales	0.7		0.6
Total segment sales	351.0		315.2
Fire & Safety/Diversified Products
External customers	174.0		164.6
Intersegment sales	0.4		0.1
Total segment sales	174.4		164.7
Intersegment eliminations	(1.8)		(0.8)
Net sales	$	845.4	$	751.1
ADJUSTED EBITDA
Fluid & Metering Technologies	$	106.2	$	88.4
Health & Science Technologies	100.7		99.8
Fire & Safety/Diversified Products	49.7		44.4
Segment Adjusted EBITDA	256.6		232.6
Corporate and other	(26.8)		(17.9)
Adjusted EBITDA	229.8		214.7
- Interest expense	13.1		9.5
- Depreciation	12.8		12.2
- Amortization	23.6		15.3
- Restructuring expenses and asset impairments	0.5		—
+ Gains on sales of asset	—		2.7
Income before income taxes	$	179.8	$	180.4


	March 31, 2023		December 31, 2022
ASSETS
Fluid & Metering Technologies	$	1,720.9	$	1,676.9
Health & Science Technologies	2,960.9		2,931.1
Fire & Safety/Diversified Products	787.3		771.8
Corporate and other	188.9		132.1
Total assets	$	5,658.0	$	5,511.9

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue by reporting unit for the three months ended March 31, 2023 and 2022 was as follows:


	Three Months Ended March 31,
	2023		2022
Pumps	$	105.1	$	97.4
Water	94.1		64.4
Energy	50.7		48.3
Agriculture	38.6		32.3
Valves	33.3		29.6
Intersegment elimination	(0.7)		(0.1)
Fluid & Metering Technologies	321.1		271.9
Scientific Fluidics & Optics	178.6		141.2
Performance Pneumatic Technologies	69.4		62.0
Sealing Solutions	64.7		70.2
Material Processing Technologies	27.7		33.7
Micropump	10.6		8.1
Intersegment elimination	(0.7)		(0.6)
Health & Science Technologies	350.3		314.6
Fire & Safety	106.2		95.7
Dispensing	36.2		41.6
BAND-IT	32.0		27.4
Intersegment elimination	(0.4)		(0.1)
Fire & Safety/Diversified Products	174.0		164.6
Net sales	$	845.4	$	751.1

Schedule of External Net Sales Disaggregated by Geography

Revenue by geographical region for the three months ended March 31, 2023 and 2022 was as follows:



	Three Months Ended March 31, 2023
	FMT		HST		FSDP		IDEX
U.S.	$	176.8	$	149.6	$	89.4	$	415.8
North America, excluding U.S.	19.4		5.2		8.5		33.1
Europe	59.2		120.9		44.7		224.8
Asia	45.1		66.6		23.4		135.1
Other (1)	21.3		8.7		8.4		38.4
Intersegment elimination	(0.7)		(0.7)		(0.4)		(1.8)
Net sales	$	321.1	$	350.3	$	174.0	$	845.4



	Three Months Ended March 31, 2022
	FMT		HST		FSDP		IDEX
U.S.	$	150.0	$	152.0	$	76.5	$	378.5
North America, excluding U.S.	17.3		7.5		10.9		35.7
Europe	48.7		91.3		45.0		185.0
Asia	36.5		58.8		23.4		118.7
Other (1)	19.5		5.6		8.9		34.0
Intersegment elimination	(0.1)		(0.6)		(0.1)		(0.8)
Net sales	$	271.9	$	314.6	$	164.6	$	751.1

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

Schedule of Contract with Customer, Asset and Liability

The composition of customer receivables was as follows:


	March 31, 2023		December 31, 2022
Billed receivables	$	428.5	$	421.3
Unbilled receivables	10.2		10.0
Total customer receivables	$	438.7	$	431.3

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The composition of deferred revenue was as follows:


	March 31, 2023		December 31, 2022
Deferred revenue - current	$	55.4	$	44.7
Deferred revenue - noncurrent	14.5		15.0
Total deferred revenue	$	69.9	$	59.7

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023	2022
Basic weighted average common shares outstanding	75.6	76.1
Dilutive effect of stock options, restricted stock and performance share units	0.3	0.3
Diluted weighted average common shares outstanding	75.9	76.4

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories as of March 31, 2023 and December 31, 2022 were:


	March 31, 2023		December 31, 2022
Raw materials and component parts	$	303.8	$	301.2
Work in process	54.9		54.3
Finished goods	138.9		115.4
Total inventories	$	497.6	$	470.9

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2023, by reportable business segment, were as follows:


	FMT		HST		FSDP		IDEX
Goodwill	$	800.9	$	1,644.8	$	393.0	$	2,838.7
Accumulated goodwill impairment losses	(20.7)		(149.8)		(30.1)		(200.6)
Balance at January 1, 2023	780.2		1,495.0		362.9		2,638.1
Foreign currency translation	2.8		14.0		3.0		19.8
Acquisition adjustments	(1.8)		1.8		—		—
Balance at March 31, 2023	$	781.2	$	1,510.8	$	365.9	$	2,657.9

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 March 31, 2023 and December 31, 2022:


	At March 31, 2023							At December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.9	$	(1.9)	$	1.0	12	$	2.9	$	(1.8)	$	1.1
Trade names	188.4		(75.5)		112.9		15	186.5		(71.4)		115.1
Customer relationships	774.7		(196.6)		578.1		13	772.2		(184.9)		587.3
Unpatented technology	206.1		(59.3)		146.8		12	207.1		(57.8)		149.3
Software	4.9		(1.1)		3.8		5	4.8		(0.7)		4.1
Total amortized intangible assets	1,177.0		(334.4)		842.6			1,173.5		(316.6)		856.9
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	$	1,267.9	$	(334.4)	$	933.5		$	1,264.4	$	(316.6)	$	947.8

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Based on the intangible asset balances as of March 31, 2023, expected amortization expense for the remaining nine months of 2023 and for the years 2024 through 2027 is as follows:


Maturity of Intangible Assets	Estimated Amortization
2023 (excluding the three months ended March 31, 2023)	$	68.8
2024	87.6
2025	86.2
2026	84.5
2027	80.5

- Definition

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

+ References

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+ Details

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Components of Accrued Expenses

The components of accrued expenses as of March 31, 2023 and December 31, 2022 were:


	March 31, 2023		December 31, 2022
Payroll and related items	$	79.2	$	102.7
Management incentive compensation	6.0		26.4
Income taxes payable	45.6		30.2
Insurance	11.0		11.2
Warranty	8.2		8.1
Deferred revenue	55.4		44.7
Lease liability	21.9		21.6
Restructuring	1.3		1.4
Accrued interest	14.0		5.5
Pension and retiree medical obligations	3.3		3.3
Other	30.0		34.0
Total accrued expenses	$	275.9	$	289.1

Other Noncurrent Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Noncurrent Liabilities

The components of other noncurrent liabilities as of March 31, 2023 and December 31, 2022 were:


	March 31, 2023		December 31, 2022
Pension and retiree medical obligations	$	55.2	$	55.1
Transition tax payable	9.1		9.1
Deferred revenue	14.5		15.0
Lease liability	99.3		96.6
Other	20.5		20.0
Total other noncurrent liabilities	$	198.6	$	195.8

Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Borrowings

Borrowings at March 31, 2023 and December 31, 2022 consisted of the following:


	March 31, 2023		December 31, 2022

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 November 2027(2)	79.4		77.7
$200.0 million Term Facility, due November 2027(3)	200.0		200.0
Other borrowings	0.1		0.1
Total borrowings	1,479.5		1,477.8
Less current portion	—		—
Less deferred debt issuance costs	7.6		7.9
Less unaccreted debt discount	1.2		1.2
Long-term borrowings	$	1,470.7	$	1,468.7

(3) The $200.0 million outstanding under the Term Facility bears an interest rate of 5.83%.

- 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.

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-Paragraph 1
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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	8.1	$	8.1	$	—	$	—
Available-for-sale securities - equities(2)	3.2		3.2		—		—


	Basis of Fair Value Measurements
	Balance at December 31, 2022		Level 1		Level 2		Level 3
Trading securities - mutual funds held in nonqualified SERP(1)	$	7.5	$	7.5	$	—	$	—

(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)

3 Months Ended

Mar. 31, 2023

Lessee Disclosure [Abstract]

Schedule of Lease, Cost

Supplemental balance sheet information related to leases as of March 31, 2023 and December 31, 2022 was as follows:


	Balance Sheet Caption	March 31, 2023		December 31, 2022
Right-of-Use (“ROU”) Assets:
Building ROU assets - net - operating	Other noncurrent assets	$	108.3	$	104.4
Equipment ROU assets - net - operating	Other noncurrent assets	5.2		5.6
Equipment ROU assets - net - financing	Property, plant and equipment	5.9		6.1
Total ROU assets - net		$	119.4	$	116.1
Lease Liabilities:
Current lease liabilities	Accrued expenses	$	21.9	$	21.6
Noncurrent lease liabilities	Other noncurrent liabilities	99.3		96.6
Total lease liabilities		$	121.2	$	118.2

The components of lease cost for the three months ended March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31,
	2023		2022
Fixed lease cost (1)	$	8.2	$	7.4
Variable lease cost	0.7		0.4
Total lease cost	$	8.9	$	7.8

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

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to leases for the three months ended March 31, 2023 and 2022 was as follows:


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	8.4	$	7.4
Right-of-use assets obtained in exchange for new lease liabilities	9.0		8.3

Other supplemental information related to leases as of March 31, 2023 and December 31, 2022 was as follows:


Lease Term and Discount Rate	March 31, 2023		December 31, 2022
Weighted-average remaining lease term (years):
Operating leases - building and equipment	7.39		7.43
Operating leases - vehicles	2.20		2.14
Financing leases - equipment	2.26		2.05
Weighted-average discount rate:
Operating leases - building and equipment	3.56	%	3.41	%
Operating leases - vehicles	2.29	%	1.70	%
Financing leases - equipment	4.16	%	4.48	%

Schedule of Operating Lease, Liability, Maturity

Total lease liabilities at March 31, 2023 have scheduled maturities as follows:


Maturity of Lease Liabilities	Operating Leases
2023 (excluding the three months ended March 31, 2023)	$	19.3
2024	19.7
2025	22.5
2026	17.8
2027	14.2
Thereafter	48.2
Total lease payments	141.7
Less: Imputed interest	(20.5)
Present value of lease liabilities	$	121.2

Restructuring Expenses and Asset Impairments (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2023 were as follows:



	Three Months Ended March 31, 2023
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	0.1	$	—	$	—	$	0.1
Health & Science Technologies	0.3		—		—		0.3
Fire & Safety/Diversified Products	0.1		—		—		0.1
Corporate/Other	—		—		—		—
Restructuring expenses and asset impairments	$	0.5	$	—	$	—	$	0.5

Pre-tax restructuring expenses and asset impairments by segment for the three months ended March 31, 2022 were as follows:



	Three Months Ended March 31, 2022
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	0.3	$	—	$	—	$	0.3
Health & Science Technologies	0.1		—		—		0.1
Fire & Safety/Diversified Products	—		—		—		—
Corporate/Other	0.2		—		—		0.2
Restructuring expenses and asset impairments	$	0.6	$	—	$	—	$	0.6

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, 2023	$	1.4
Restructuring expenses	0.5
Payments, utilization and other	(0.6)
Balance at March 31, 2023	$	1.3

Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Other Comprehensive Income

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


	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	36.6	$	—	$	36.6	$	(19.5)	$	—	$	(19.5)
Pension and other postretirement adjustments	0.6		(0.2)		0.4		0.8		(0.2)		0.6
Total other comprehensive income (loss)	$	37.2	$	(0.2)	$	37.0	$	(18.7)	$	(0.2)	$	(18.9)

Reclassification out of Accumulated Other Comprehensive Income

The amounts reclassified from Accumulated other comprehensive loss to Net income during the three months ended March 31, 2023 and 2022 are as follows:


	Three Months Ended March 31,
	2023		2022		Income Statement Caption
Pension and other postretirement plans:
Amortization of service cost	$	0.6	$	0.8	Other (income) expense - net
Total before tax	0.6		0.8
Provision for income taxes	(0.2)		(0.2)
Total net of tax	$	0.4	$	0.6

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Option Fair Values and Assumptions


	Three Months Ended March 31,
	2023	2022
Weighted average fair value of grants	$60.80	$41.66
Dividend yield	1.06%	1.14%
Volatility	27.19%	25.15%
Risk-free interest rate	4.12%	1.83%
Expected life (in years)	4.50	4.90

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 March 31,
	2023		2022
Cost of goods sold	$	0.3	$	0.3
Selling, general and administrative expenses(1)	5.7		3.1
Total expense before income taxes	6.0		3.4
Income tax benefit	(0.4)		(0.3)
Total expense after income taxes	$	5.6	$	3.1

(1) The three months ended March 31, 2023 includes an additional $2.4 million of accelerated stock compensation costs for retiree eligible participants as compared with the same period in 2022.

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of March 31, 2023 and changes during the three months ended March 31, 2023 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, 2023	1,015,572	$	161.45	6.94	$	67.9
Granted	208,305	225.71
Exercised	(33,460)	141.19
Forfeited	(8,491)	196.25
Outstanding at March 31, 2023	1,181,926	$	173.10	7.28	$	68.5
Vested and expected to vest as of March 31, 2023	1,130,292	$	171.52	7.20	$	67.3
Exercisable at March 31, 2023	639,677	$	146.97	5.88	$	53.8

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of March 31, 2023 and changes during the three months ended March 31, 2023 are presented in the following table:


Restricted Stock	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023	104,382	$	179.45
Granted	25,595	225.73
Vested	(16,905)	171.67
Forfeited	(3,430)	204.03
Unvested at March 31, 2023	109,642	$	190.69

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 March 31,
	2023		2022
Cost of goods sold	$	0.2	$	0.2
Selling, general and administrative expenses	1.4		1.6
Total expense before income taxes	1.6		1.8
Income tax benefit	(0.3)		(0.4)
Total expense after income taxes	$	1.3	$	1.4

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2023 and changes during the three months ended March 31, 2023 are presented in the following table:


Cash-Settled Restricted Stock	Shares	Weighted-Average Fair Value
Unvested at January 1, 2023	57,356	$	228.33
Granted	19,755	225.66
Vested	(14,300)	230.78
Forfeited	(1,265)	231.03
Unvested at March 31, 2023	61,546	$	231.03

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

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


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	0.1	$	(0.1)
Selling, general and administrative expenses	1.0		0.5
Total expense before income taxes	1.1		0.4
Income tax benefit	—		—
Total expense after income taxes	$	1.1	$	0.4

Schedule of Weighted Average Performance Share Units Fair Values and Assumptions


	Three Months Ended March 31,
	2023	2022
Weighted average fair value of grants	$308.18	$235.54
Dividend yield	—%	—%
Volatility	27.00%	28.09%
Risk-free interest rate	4.37%	1.73%
Expected life (in years)	2.94	2.93

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of March 31, 2023 and changes during the three months ended March 31, 2023 are presented in the following table:


Performance Share Units	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023	70,915	$	236.66
Granted	28,030	308.18
Vested	(18,105)	226.86
Forfeited	(1,725)	261.13
Unvested at March 31, 2023	79,115	$	264.89

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 March 31,
	2023		2022
Cost of goods sold	$	—	$	—
Selling, general and administrative expenses(1)	5.2		1.3
Total expense before income taxes	5.2		1.3
Income tax benefit	(0.1)		(0.1)
Total expense after income taxes	$	5.1	$	1.2

(1) The three months ended March 31, 2023 includes an additional $3.4 million of accelerated stock compensation costs for retiree eligible participants as compared with the same period in 2022.

Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	0.3	$	—	$	0.5
Interest cost	0.1		0.7		0.1		0.2
Expected return on plan assets	(0.1)		(0.4)		(0.1)		(0.3)
Net amortization	0.1		(0.2)		0.1		0.2
Net periodic cost	$	0.1	$	0.4	$	0.1	$	0.6


	Other Postretirement Benefits
	Three Months Ended March 31,
	2023		2022
Service cost	$	0.1	$	0.2
Interest cost	0.2		0.1
Net amortization	(0.2)		(0.1)
Net periodic cost	$	0.1	$	0.2

Acquisitions - Narrative (Details) - USD ($) $ in Millions				3 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill				$ 2,657.9		$ 2,638.1
Nexsight
Business Acquisition [Line Items]
Aggregate purchase price, cash paid			$ 112.5
Goodwill			54.7
Intangible assets			$ 49.8
KZValve
Business Acquisition [Line Items]
Aggregate purchase price, cash paid		$ 120.1
Goodwill		56.4
Intangible assets		$ 52.0
Muon Group
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	$ 713.0
Goodwill	393.0
Intangible assets	319.1
Muon Group \| Cash On Hand
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	342.6
Muon Group \| Line of Credit \| Secured Debt
Business Acquisition [Line Items]
Proceeds from issuance of debt	200.0
Muon Group \| Line of Credit \| Revolving Facility
Business Acquisition [Line Items]
Proceeds from issuance of debt	$ 170.4
Selling, general and administrative expenses
Business Acquisition [Line Items]
Acquisition-related transaction costs				$ 1.1	$ 0.9

Acquisitions - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022
Business Acquisition [Line Items]
Goodwill	$ 2,657.9	$ 2,638.1
Nexsight
Business Acquisition [Line Items]
Current assets, net of cash acquired					$ 16.6
Property, plant and equipment					2.0
Goodwill					54.7
Intangible assets					49.8
Other noncurrent assets					4.3
Total assets acquired					127.4
Current liabilities					(9.2)
Deferred income taxes					(1.9)
Other noncurrent liabilities					(3.8)
Net assets acquired					$ 112.5
KZValve
Business Acquisition [Line Items]
Current assets, net of cash acquired				$ 9.7
Property, plant and equipment				1.8
Goodwill				56.4
Intangible assets				52.0
Deferred income taxes				0.2
Other noncurrent assets				1.0
Total assets acquired				121.1
Current liabilities				(1.0)
Net assets acquired				$ 120.1
Muon Group
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 52.5
Property, plant and equipment			59.1
Goodwill			393.0
Intangible assets			319.1
Other noncurrent assets			9.6
Total assets acquired			833.3
Current liabilities			(25.5)
Deferred income taxes			(83.9)
Other noncurrent liabilities			(10.9)
Net assets acquired			$ 713.0

Acquisitions - Acquired Intangible Assets and Weighted Average Amortization Periods (Details) - USD ($) $ in Millions	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022
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
Weighted Average Life			15 years
Nexsight \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total			$ 31.5
Weighted Average Life			10 years
Nexsight \| Software
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total			$ 4.8
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
Weighted Average Life		15 years
KZValve \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total		$ 36.0
Weighted Average Life		13 years
KZValve \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total		$ 8.5
Weighted Average Life		10 years
Muon Group
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 319.1
Muon Group \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 38.3
Weighted Average Life	15 years
Muon Group \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 212.4
Weighted Average Life	13 years
Muon Group \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 68.4
Weighted Average Life	11 years

Business Segments - Narrative (Details)	3 Months Ended
Business Segments - Narrative (Details)	Mar. 31, 2023 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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 845.4	$ 751.1
ADJUSTED EBITDA	229.8	214.7
Interest expense	13.1	9.5
Depreciation	12.8	12.2
Amortization	23.6	15.3
Restructuring expenses and asset impairments	0.5	0.0
Gains on sales of asset	0.0	2.7
Income before income taxes	179.8	180.4
Total assets	5,658.0		$ 5,511.9
Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	(1.8)	(0.8)
Operating segments
Segment Reporting Information [Line Items]
ADJUSTED EBITDA	256.6	232.6
Corporate and other
Segment Reporting Information [Line Items]
ADJUSTED EBITDA	(26.8)	(17.9)
Total assets	188.9		132.1
Fluid & Metering Technologies
Segment Reporting Information [Line Items]
Net sales	321.1	271.9
ADJUSTED EBITDA	106.2	88.4
Total assets	1,720.9		1,676.9
Fluid & Metering Technologies \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	0.7	0.1
Fluid & Metering Technologies \| Operating segments
Segment Reporting Information [Line Items]
Net sales	321.8	272.0
Health & Science Technologies
Segment Reporting Information [Line Items]
Net sales	350.3	314.6
ADJUSTED EBITDA	100.7	99.8
Total assets	2,960.9		2,931.1
Health & Science Technologies \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	0.7	0.6
Health & Science Technologies \| Operating segments
Segment Reporting Information [Line Items]
Net sales	351.0	315.2
Fire & Safety/Diversified Products
Segment Reporting Information [Line Items]
Net sales	174.0	164.6
ADJUSTED EBITDA	49.7	44.4
Total assets	787.3		$ 771.8
Fire & Safety/Diversified Products \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	0.4	0.1
Fire & Safety/Diversified Products \| Operating segments
Segment Reporting Information [Line Items]
Net sales	$ 174.4	$ 164.7

Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 845.4	$ 751.1
Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	321.1	271.9
Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	350.3	314.6
Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	174.0	164.6
Operating segments \| Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	321.1	271.9
Operating segments \| Fluid & Metering Technologies \| Pumps
Disaggregation of Revenue [Line Items]
Net sales	105.1	97.4
Operating segments \| Fluid & Metering Technologies \| Water
Disaggregation of Revenue [Line Items]
Net sales	94.1	64.4
Operating segments \| Fluid & Metering Technologies \| Energy
Disaggregation of Revenue [Line Items]
Net sales	50.7	48.3
Operating segments \| Fluid & Metering Technologies \| Agriculture
Disaggregation of Revenue [Line Items]
Net sales	38.6	32.3
Operating segments \| Fluid & Metering Technologies \| Valves
Disaggregation of Revenue [Line Items]
Net sales	33.3	29.6
Operating segments \| Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	350.3	314.6
Operating segments \| Health & Science Technologies \| Scientific Fluidics & Optics
Disaggregation of Revenue [Line Items]
Net sales	178.6	141.2
Operating segments \| Health & Science Technologies \| Performance Pneumatic Technologies
Disaggregation of Revenue [Line Items]
Net sales	69.4	62.0
Operating segments \| Health & Science Technologies \| Sealing Solutions
Disaggregation of Revenue [Line Items]
Net sales	64.7	70.2
Operating segments \| Health & Science Technologies \| Material Processing Technologies
Disaggregation of Revenue [Line Items]
Net sales	27.7	33.7
Operating segments \| Health & Science Technologies \| Micropump
Disaggregation of Revenue [Line Items]
Net sales	10.6	8.1
Operating segments \| Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	174.0	164.6
Operating segments \| Fire & Safety/Diversified Products \| Fire & Safety
Disaggregation of Revenue [Line Items]
Net sales	106.2	95.7
Operating segments \| Fire & Safety/Diversified Products \| Dispensing
Disaggregation of Revenue [Line Items]
Net sales	36.2	41.6
Operating segments \| Fire & Safety/Diversified Products \| BAND-IT
Disaggregation of Revenue [Line Items]
Net sales	32.0	27.4
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(1.8)	(0.8)
Intersegment eliminations \| Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	(0.7)	(0.1)
Intersegment eliminations \| Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	(0.7)	(0.6)
Intersegment eliminations \| Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	$ (0.4)	$ (0.1)

Revenue - Revenue by Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 845.4	$ 751.1
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(1.8)	(0.8)
U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	415.8	378.5
North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	33.1	35.7
Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	224.8	185.0
Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	135.1	118.7
Other \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	38.4	34.0
FMT
Disaggregation of Revenue [Line Items]
Net sales	321.1	271.9
FMT \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	321.1	271.9
FMT \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(0.7)	(0.1)
FMT \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	176.8	150.0
FMT \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	19.4	17.3
FMT \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	59.2	48.7
FMT \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	45.1	36.5
FMT \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	21.3	19.5
HST
Disaggregation of Revenue [Line Items]
Net sales	350.3	314.6
HST \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	350.3	314.6
HST \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(0.7)	(0.6)
HST \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	149.6	152.0
HST \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	5.2	7.5
HST \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	120.9	91.3
HST \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	66.6	58.8
HST \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	8.7	5.6
FSDP
Disaggregation of Revenue [Line Items]
Net sales	174.0	164.6
FSDP \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	174.0	164.6
FSDP \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(0.4)	(0.1)
FSDP \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	89.4	76.5
FSDP \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	8.5	10.9
FSDP \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	44.7	45.0
FSDP \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	23.4	23.4
FSDP \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	$ 8.4	$ 8.9

Revenue - Additional Information (Details) - Revenue from Contract with Customer - Product Concentration Risk	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	96.00%	96.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	4.00%	4.00%

Revenue - Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 438.7	$ 431.3
Unbilled receivables	10.2	10.0
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 428.5	$ 421.3

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 55.4	$ 44.7
Deferred revenue - noncurrent	14.5	15.0
Total deferred revenue	$ 69.9	$ 59.7

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
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	75.6	76.1
Dilutive effect of stock options, restricted stock and performance share units (in shares)	0.3	0.3
Diluted weighted average common shares outstanding (in shares)	75.9	76.4

Earnings Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Options to purchase common stock shares not included in the computation of diluted EPS (in shares)	0.2	0.5

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and component parts	$ 303.8	$ 301.2
Work in process	54.9	54.3
Finished goods	138.9	115.4
Total inventories	$ 497.6	$ 470.9

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		$ 2,838.7
Accumulated goodwill impairment losses		(200.6)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,638.1
Foreign currency translation	19.8
Acquisition adjustments	0.0
Goodwill, ending balance	2,657.9
FMT
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		800.9
Accumulated goodwill impairment losses		(20.7)
Goodwill [Roll Forward]
Goodwill, beginning balance	780.2
Foreign currency translation	2.8
Acquisition adjustments	(1.8)
Goodwill, ending balance	781.2
HST
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		1,644.8
Accumulated goodwill impairment losses		(149.8)
Goodwill [Roll Forward]
Goodwill, beginning balance	1,495.0
Foreign currency translation	14.0
Acquisition adjustments	1.8
Goodwill, ending balance	1,510.8
FSDP
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		393.0
Accumulated goodwill impairment losses		$ (30.1)
Goodwill [Roll Forward]
Goodwill, beginning balance	362.9
Foreign currency translation	3.0
Acquisition adjustments	0.0
Goodwill, ending balance	$ 365.9

Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	$ 1,177.0	$ 1,173.5
Amortized intangible assets - accumulated amortization	(334.4)	(316.6)
Amortized intangible assets - net	842.6	856.9
Intangible assets - gross carrying amount	1,267.9	1,264.4
Intangible assets - net	933.5	947.8
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	2.9
Amortized intangible assets - accumulated amortization	(1.9)	(1.8)
Amortized intangible assets - net	$ 1.0	1.1
Amortized intangible assets - weighted average life	12 years
Trade names
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	$ 188.4	186.5
Amortized intangible assets - accumulated amortization	(75.5)	(71.4)
Amortized intangible assets - net	$ 112.9	115.1
Amortized intangible assets - weighted average life	15 years
Customer relationships
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	$ 774.7	772.2
Amortized intangible assets - accumulated amortization	(196.6)	(184.9)
Amortized intangible assets - net	$ 578.1	587.3
Amortized intangible assets - weighted average life	13 years
Unpatented technology
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	$ 206.1	207.1
Amortized intangible assets - accumulated amortization	(59.3)	(57.8)
Amortized intangible assets - net	$ 146.8	149.3
Amortized intangible assets - weighted average life	12 years
Software
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	$ 4.9	4.8
Amortized intangible assets - accumulated amortization	(1.1)	(0.7)
Amortized intangible assets - net	$ 3.8	$ 4.1
Amortized intangible assets - weighted average life	5 years

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 23.6	$ 15.3

Goodwill and Intangible Assets - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (excluding the three months ended March 31, 2023)	$ 68.8
2024	87.6
2025	86.2
2026	84.5
2027	$ 80.5

Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and related items	$ 79.2	$ 102.7
Management incentive compensation	6.0	26.4
Income taxes payable	45.6	30.2
Insurance	11.0	11.2
Warranty	8.2	8.1
Deferred revenue	55.4	44.7
Lease liability	21.9	21.6
Restructuring	1.3	1.4
Accrued interest	14.0	5.5
Pension and retiree medical obligations	3.3	3.3
Other	30.0	34.0
Total accrued expenses	$ 275.9	$ 289.1

Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Pension and retiree medical obligations	$ 55.2	$ 55.1
Transition tax payable	9.1	9.1
Deferred revenue	14.5	15.0
Lease liability	99.3	96.6
Other	20.5	20.0
Total other noncurrent liabilities	$ 198.6	$ 195.8

Borrowings (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total borrowings	$ 1,479,500,000	$ 1,477,800,000
Other borrowings	100,000	100,000
Less current portion	0	0
Less deferred debt issuance costs	7,600,000	7,900,000
Less unaccreted debt discount	1,200,000	1,200,000
Long-term borrowings	1,470,700,000	1,468,700,000
Revolving Facility
Debt Instrument [Line Items]
Borrowing capacity	800,000,000.0
Letters of credit outstanding	7,500,000
Amount available to borrow	$ 713,100,000
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%
Total borrowings	$ 500,000,000.0	500,000,000.0
Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Stated interest rate	3.32%
Debt outstanding	$ 79,400,000	77,700,000
Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Stated interest rate	5.83%
Borrowing capacity	$ 200,000,000.0
Debt outstanding	$ 200,000,000.0	$ 200,000,000.0

Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 8.1	$ 7.5
Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	3.2
Level 1 \| Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	8.1	7.5
Level 1 \| Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	3.2
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
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

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,347.8	$ 1,328.7
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,478.3	$ 1,476.6

Leases - Narrative (Details)	Mar. 31, 2023 option
Leases [Abstract]
Options for renewal	1

Leases - Balance Sheet Composition (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets and Liabilities, Lessee [Abstract]
Total ROU assets - net	$ 119.4	$ 116.1
Operating lease, liability, current, statement of financial position [Extensible List]	Accrued expenses	Accrued expenses
Current lease liabilities	$ 21.9	$ 21.6
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Noncurrent lease liabilities	$ 99.3	$ 96.6
Total lease liabilities	121.2	118.2
Building
Assets and Liabilities, Lessee [Abstract]
Operating lease, right-of-use asset	108.3	104.4
Equipment
Assets and Liabilities, Lessee [Abstract]
Operating lease, right-of-use asset	5.2	5.6
Finance lease, right-of-use asset	$ 5.9	$ 6.1

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Lessee Disclosure [Abstract]
Fixed lease cost	$ 8.2	$ 7.4
Variable lease cost	0.7	0.4
Total lease cost	$ 8.9	$ 7.8

Leases - Supplemental Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of lease liabilities	$ 8.4	$ 7.4
Right-of-use assets obtained in exchange for new lease liabilities	$ 9.0	$ 8.3
Building and Equipment
Weighted-average remaining lease term (years):
Weighted-average remaining lease term (years): operating leases	7 years 4 months 20 days		7 years 5 months 4 days
Weighted-average discount rate:
Weighted-average discount rate: operating leases	3.56%		3.41%
Vehicles
Weighted-average remaining lease term (years):
Weighted-average remaining lease term (years): operating leases	2 years 2 months 12 days		2 years 1 month 20 days
Weighted-average discount rate:
Weighted-average discount rate: operating leases	2.29%		1.70%
Equipment
Weighted-average remaining lease term (years):
Weighted-average remaining lease term (years): financing leases	2 years 3 months 3 days		2 years 18 days
Weighted-average discount rate:
Weighted-average discount rate: financing leases	4.16%		4.48%

Leases - Lease Liability Future Payments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 19.3
2024	19.7
2025	22.5
2026	17.8
2027	14.2
Thereafter	48.2
Total lease payments	141.7
Less: Imputed interest	(20.5)
Present value of lease liabilities	$ 121.2	$ 118.2

Restructuring Expenses and Asset Impairments - Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Asset Impairments	$ 0.0	$ 0.0
Total	0.5	0.6
Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.5	0.6
Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0
Operating segments \| Fluid & Metering Technologies
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.0	0.0
Total	0.1	0.3
Operating segments \| Fluid & Metering Technologies \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.1	0.3
Operating segments \| Fluid & Metering Technologies \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0
Operating segments \| Health & Science Technologies
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.0	0.0
Total	0.3	0.1
Operating segments \| Health & Science Technologies \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.3	0.1
Operating segments \| Health & Science Technologies \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0
Operating segments \| Fire & Safety/Diversified Products
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.0	0.0
Total	0.1	0.0
Operating segments \| Fire & Safety/Diversified Products \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.1	0.0
Operating segments \| Fire & Safety/Diversified Products \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0
Corporate/Other
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.0	0.0
Total	0.0	0.2
Corporate/Other \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.2
Corporate/Other \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.0	$ 0.0

Restructuring Expenses and Asset Impairments - Restructuring Accruals (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 1.4
Restructuring expenses	0.5
Payments, utilization and other	(0.6)
Restructuring reserve, ending balance	$ 1.3

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	$ 37.2	$ (18.7)
Total other comprehensive income (loss), tax	(0.2)	(0.2)
Other comprehensive income (loss)	37.0	(18.9)
Cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	36.6	(19.5)
Total other comprehensive income (loss), tax	0.0	0.0
Other comprehensive income (loss)	36.6	(19.5)
Pension and other postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	0.6	0.8
Total other comprehensive income (loss), tax	(0.2)	(0.2)
Other comprehensive income (loss)	$ 0.4	$ 0.6

Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of service cost	$ (0.6)	$ (2.3)
Total before tax	(179.8)	(180.4)
Provision for income taxes	40.0	40.5
Net income	(139.8)	(140.0)
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 service cost	0.6	0.8
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	0.8
Provision for income taxes	(0.2)	(0.2)
Net income	$ 0.4	$ 0.6

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

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

+ References + Details

- Definition

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

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+ Details

Share Repurchases (Details) - USD ($)			1 Months Ended	3 Months Ended
Share Repurchases (Details) - USD ($)	Mar. 17, 2020	Dec. 01, 2015	Apr. 30, 2022	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Increase in share repurchase authorized amount	$ 500,000,000	$ 300,000,000
Purchase of common stock (in shares)				0	147,500
Repurchase of shares of common stock					$ 28,300,000
Purchase of common stock			$ 2,000,000	$ 0	$ 26,300,000
Remaining authorized repurchase amount				$ 563,800,000

Share Based Compensation - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Jan. 31, 2023	Feb. 28, 2023	Mar. 31, 2023
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option exercisable life			10 years
Total unrecognized compensation cost			$ 13.8
Weighted-average period of total unrecognized compensation cost, in years			1 year 7 months 6 days
Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost			$ 9.9
Weighted-average period of total unrecognized compensation cost, in years			1 year 1 month 6 days
Granted (in shares)			25,595
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
Total unrecognized compensation cost			$ 7.0
Weighted-average period of total unrecognized compensation cost, in years			1 year 2 months 12 days
Granted (in shares)			19,755
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Total unrecognized compensation cost			$ 5.7
Weighted-average period of total unrecognized compensation cost, in years			1 year 2 months 12 days
Granted (in shares)	18,105		28,030
Payout percent		173.00%
Stock issued during period (in shares)		31,334

Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 60.80	$ 41.66
Dividend yield	1.06%	1.14%
Volatility	27.19%	25.15%
Risk-free interest rate	4.12%	1.83%
Expected life (in years)	4 years 6 months	4 years 10 months 24 days

Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 12.8	$ 6.6
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	6.0	3.4
Income tax benefit	(0.4)	(0.3)
Total expense after income taxes	5.6	3.1
Stock Option \| Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	0.3	0.3
Stock Option \| Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	5.7	$ 3.1
Stock Option \| Selling, general and administrative expenses \| Accelerated Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 2.4

Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Shares
Beginning balance (in shares)	1,015,572
Granted (in shares)	208,305
Exercised (in shares)	(33,460)
Forfeited (in shares)	(8,491)
Ending balance (in shares)	1,181,926	1,015,572
Vested and expected to vest (in shares)	1,130,292
Exercisable (in shares)	639,677
Weighted Average Price
Beginning balance (in dollars per share)	$ 161.45
Granted (in dollars per share)	225.71
Exercised (in dollars per share)	141.19
Forfeited (in dollars per share)	196.25
Ending balance (in dollars per share)	173.10	$ 161.45
Vested and expected to vest (in dollars per share)	171.52
Exercisable (in dollars per share)	$ 146.97
Weighted-Average Remaining Contractual Term
Stock options outstanding, weighted-average remaining contractual term	7 years 3 months 10 days	6 years 11 months 8 days
Weighted-average remaining contractual term, vested and expected to vest	7 years 2 months 12 days
Weighted-average remaining contractual term, exercisable	5 years 10 months 17 days
Aggregate Intrinsic Value
Stock options outstanding, aggregate intrinsic value	$ 68.5	$ 67.9
Aggregate intrinsic value, vested and expected to vest	67.3
Aggregate intrinsic value, exercisable	$ 53.8

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	104,382
Granted (in shares) \| shares	25,595
Vested (in shares) \| shares	(16,905)
Forfeited (in shares) \| shares	(3,430)
Unvested, ending balance (in shares) \| shares	109,642
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 179.45
Granted (in dollars per share) \| $ / shares	225.73
Vested (in dollars per share) \| $ / shares	171.67
Forfeited (in dollars per share) \| $ / shares	204.03
Unvested, ending balance (in dollars per share) \| $ / shares	$ 190.69

Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	$ 1.6	$ 1.8
Income tax benefit	(0.3)	(0.4)
Total expense after income taxes	1.3	1.4
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	0.2	0.2
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	$ 1.4	$ 1.6

Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	57,356
Granted (in shares) \| shares	19,755
Vested (in shares) \| shares	(14,300)
Forfeited (in shares) \| shares	(1,265)
Unvested, ending balance (in shares) \| shares	61,546
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 228.33
Granted (in dollars per share) \| $ / shares	225.66
Vested (in dollars per share) \| $ / shares	230.78
Forfeited (in dollars per share) \| $ / shares	231.03
Unvested, ending balance (in dollars per share) \| $ / shares	$ 231.03

Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 1.1	$ 0.4
Income tax benefit	0.0	0.0
Total expense after income taxes	1.1	0.4
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.1	(0.1)
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 1.0	$ 0.5

Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 308.18	$ 235.54
Dividend yield	0.00%	0.00%
Volatility	27.00%	28.09%
Risk-free interest rate	4.37%	1.73%
Expected life (in years)	2 years 11 months 8 days	2 years 11 months 4 days

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares		3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023
Shares
Unvested, beginning balance (in shares)		70,915
Granted (in shares)	18,105	28,030
Vested (in shares)		(18,105)
Forfeited (in shares)		(1,725)
Unvested, ending balance (in shares)		79,115
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)		$ 236.66
Granted (in dollars per share)		308.18
Vested (in dollars per share)		226.86
Forfeited (in dollars per share)		261.13
Unvested, ending balance (in dollars per share)		$ 264.89

Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 5.2	$ 1.3
Income tax benefit	(0.1)	(0.1)
Total expense after income taxes	5.1	1.2
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.0	0.0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	5.2	$ 1.3
Selling, general and administrative expenses \| Accelerated Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 3.4

Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.1	$ 0.2
Interest cost	0.2	0.1
Net amortization	(0.2)	(0.1)
Net periodic cost	0.1	0.2
U.S. \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.0	0.0
Interest cost	0.1	0.1
Expected return on plan assets	(0.1)	(0.1)
Net amortization	0.1	0.1
Net periodic cost	0.1	0.1
Non-U.S. \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.5
Interest cost	0.7	0.2
Expected return on plan assets	(0.4)	(0.3)
Net amortization	(0.2)	0.2
Net periodic cost	$ 0.4	$ 0.6

Retirement Benefits - Narrative (Details) $ in Millions	3 Months Ended
Retirement Benefits - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 1.3
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year	3.9
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year	$ 1.1

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 40.0	$ 40.5
Effective tax rate	22.20%	22.40%

- Definition

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

+ References + Details

Subsequent Events (Details) $ in Millions, $ in Millions		3 Months Ended		12 Months Ended
Subsequent Events (Details) $ in Millions, $ in Millions	Apr. 25, 2023 CAD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)
Subsequent Event [Line Items]
Annual revenues of acquired company		$ 845.4	$ 751.1
Iridian Spectral Technologies \| Iridian Spectral Technologies
Subsequent Event [Line Items]
Annual revenues of acquired company				$ 34.0
Subsequent Event \| Iridian Spectral Technologies
Subsequent Event [Line Items]
Aggregate purchase price, cash paid	$ 150.0

- 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

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+ Details