0000832101-23-000048 | 10-Q | XBRL Viewer

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Share Based Compensation - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Feb. 28, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period (in shares)			29,360	28,034	120,767	117,656
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option exercisable life					10 years
Total unrecognized compensation cost			$ 10.0		$ 10.0
Weighted-average period of total unrecognized compensation cost, in years					1 year 6 months
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			7.3		$ 7.3
Weighted-average period of total unrecognized compensation cost, in years					1 year 1 month 6 days
Granted (in shares)					41,075
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			4.8		$ 4.8
Weighted-average period of total unrecognized compensation cost, in years					1 year 1 month 6 days
Granted (in shares)					20,705
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Total unrecognized compensation cost			$ 3.1		$ 3.1
Weighted-average period of total unrecognized compensation cost, in years					1 year 1 month 6 days
Granted (in shares)	18,105				28,030
Payout percent		173.00%
Stock issued during period (in shares)		31,334

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and the Effective Tax Rate

The provision for income taxes and the effective tax rates were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Provision for income taxes	$	52.8		$	49.7		$	132.8		$	129.2
Effective tax rate	20.2		%	21.8		%	21.4		%	22.1		%

Collaborative Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
Collaborative Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Credit loss on note receivable from collaborative partner	$ 0.0	$ 0.0	$ 7.7	$ 0.0
Convertible Promissory Note
Net Investment Income [Line Items]
Payments to acquire notes receivable					$ 7.2	$ 7.2
Credit loss on note receivable from collaborative partner			$ 7.7

Balance Sheet Components (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
INVENTORIES
Raw materials and component parts	$ 289.7	$ 301.2
Work in process	47.0	54.3
Finished goods	109.9	115.4
Inventories - net	446.6	470.9
ACCRUED EXPENSES
Payroll and related items	91.7	102.7
Management incentive compensation	9.7	26.4
Income taxes payable	17.9	30.2
Insurance	10.6	11.2
Warranty	8.0	8.1
Deferred revenue	48.9	44.7
Lease liability	21.0	21.6
Restructuring	3.4	1.4
Accrued interest	13.6	5.5
Pension and retiree medical obligations	3.3	3.3
Other	33.9	34.0
Accrued expenses	262.0	289.1
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	53.4	55.1
Transition tax payable	5.0	9.1
Deferred revenue	15.8	15.0
Lease liability	96.9	96.6
Other	23.7	20.0
Other noncurrent liabilities	$ 194.8	$ 195.8

Share-Based Compensation

9 Months Ended

Sep. 30, 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. Weighted average stock option fair values and assumptions for the periods presented are disclosed below.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average fair value of grants	$56.47	$52.91	$60.49	$41.90
Dividend yield	1.20%	1.16%	1.07%	1.14%
Volatility	26.78%	25.99%	27.17%	25.16%
Risk-free interest rate	4.26%	3.35%	4.12%	1.87%
Expected life (in years)	4.50	4.90	4.50	4.90

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	0.1	$	0.1	$	0.5	$	0.4
Selling, general and administrative expenses(1)	1.0		0.7		8.2		6.6
Total expense before income taxes	1.1		0.8		8.7		7.0
Income tax benefit	(0.2)		(0.1)		(0.8)		(0.6)
Total expense after income taxes	$	0.9	$	0.7	$	7.9	$	6.4

(1) The three months ended September 30, 2023 include $0.4 million of higher expense due to timing of accelerated stock compensation costs for retiree eligible participants, net of $0.2 million of executive forfeitures compared with the same period in 2022. The nine months ended September 30, 2023 include $1.5 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants.

A summary of the Company’s stock option activity as of September 30, 2023 and changes during the nine months ended September 30, 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	225,115	224.90
Exercised	(87,217)	143.37
Forfeited	(71,833)	200.60
Outstanding at September 30, 2023	1,081,637	$	173.52	6.82	$	40.9
Vested and expected to vest as of September 30, 2023	1,048,823	$	172.37	6.76	$	40.7
Exercisable at September 30, 2023	595,028	$	148.02	5.44	$	35.8

As of September 30, 2023, there was $10.0 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.5 years.

Restricted Stock

Restricted stock awards generally cliff vest after three years for employees and non-employee directors. The service period for certain retiree eligible participants is accelerated. Unvested restricted stock carries dividend and voting rights and the sale of the shares is restricted prior to the date of vesting. Dividends are paid on restricted stock awards and their fair value is equal to the market price of the Company’s stock at the date of the grant. A summary of the Company’s restricted stock activity as of September 30, 2023 and changes during the nine months ended September 30, 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	41,075	219.72
Vested	(22,992)	173.91
Forfeited	(12,220)	201.97
Unvested at September 30, 2023	110,245	$	193.11

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	0.1	$	—	$	0.4	$	0.2
Selling, general and administrative expenses(1)	1.0		2.2		4.0		5.4
Total expense before income taxes	1.1		2.2		4.4		5.6
Income tax benefit	(0.2)		(0.4)		(0.9)		(1.0)
Total expense after income taxes	$	0.9	$	1.8	$	3.5	$	4.6

(1) The three and nine months ended September 30, 2023 include $1.1 million and $0.6 million, respectively, of lower expense due to timing of accelerated stock compensation costs for retiree eligible participants compared with the same period in 2022.

As of September 30, 2023, there was $7.3 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 September 30, 2023 and changes during the nine months ended September 30, 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	20,705	225.34
Vested	(15,981)	229.03
Forfeited	(3,420)	208.02
Unvested at September 30, 2023	58,660	$	208.02

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	—	$	—	$	0.2	$	—
Selling, general and administrative expenses	0.6		1.1		2.1		1.1
Total expense before income taxes	0.6		1.1		2.3		1.1
Income tax benefit	—		—		(0.1)		—
Total expense after income taxes	$	0.6	$	1.1	$	2.2	$	1.1

As of September 30, 2023, there was $4.8 million of total unrecognized compensation cost related to cash-settled restricted shares that is expected to be recognized over a weighted-average period of 1.1 years.

Performance Share Units

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


	Nine Months Ended September 30,
	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 September 30, 2023 and changes during the nine months ended September 30, 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	(12,050)	262.44
Unvested at September 30, 2023	68,790	$	265.22

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	—	$	—	$	—	$	—
Selling, general and administrative expenses(1)	(0.3)		0.2		5.7		4.0
Total expense before income taxes	(0.3)		0.2		5.7		4.0
Income tax benefit	(0.1)		—		(0.3)		(0.1)
Total expense after income taxes	$	(0.4)	$	0.2	$	5.4	$	3.9

(1) The three months ended September 30, 2023 include $1.0 million of lower expense due to executive forfeitures, net of $0.4 million of higher expense due to timing of accelerated stock compensation costs for retiree eligible participants compared with the same period in 2022. The nine months ended September 30, 2023 include $2.0 million of higher expense as it relates to the timing of accelerated stock compensation costs for retiree eligible participants, net of $0.7 million of executive forfeitures when compared with the same period in 2022.

As of September 30, 2023, there was $3.1 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.1 years.

Leases - Balance Sheet Composition (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Right-of-Use (“ROU”) Assets:
Operating lease, right-of-use asset	$ 112.8	$ 110.0
Lease Liabilities:
Operating lease, liability, current, statement of financial position [Extensible List]	Accrued expenses	Accrued expenses
Current lease liabilities	$ 21.0	$ 21.6
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Noncurrent lease liabilities	$ 96.9	$ 96.6
Total lease liabilities	117.9	118.2
Building
Right-of-Use (“ROU”) Assets:
Operating lease, right-of-use asset	106.3	104.4
Equipment
Right-of-Use (“ROU”) Assets:
Operating lease, right-of-use asset	$ 6.5	$ 5.6

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 48.9	$ 44.7
Deferred revenue - noncurrent	15.8	15.0
Total deferred revenue	$ 64.7	$ 59.7

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 6.9	$ 8.0
Accumulated depreciation	$ 539.6	$ 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)	89,962,648	90,064,988
Treasury stock, shares (in shares)	14,337,849	14,451,032

Acquisitions and Divestitures - Acquired Intangible Assets and Weighted Average Amortization Periods (Details) - USD ($) $ in Millions	May 19, 2023	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022
Iridian Spectral Technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 45.6
Iridian Spectral Technologies \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 5.2
Weighted Average Life	15 years
Iridian Spectral Technologies \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 29.3
Weighted Average Life	12 years
Iridian Spectral Technologies \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 11.1
Weighted Average Life	11 years
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

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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	(1.3)		(6.1)		(1.3)		(8.7)
Acquisitions	—		53.6		—		53.6
Measurement period adjustments	(1.8)		3.3		—		1.5
Divestitures	—		(7.2)		—		(7.2)
Balance at September 30, 2023	$	777.1	$	1,538.6	$	361.6	$	2,677.3

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

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at September 30, 2023 and December 31, 2022:


	At September 30, 2023							At December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.8	$	(2.0)	$	0.8	12	$	2.9	$	(1.8)	$	1.1
Trade names	180.8		(71.5)		109.3		15	186.5		(71.4)		115.1
Customer relationships	793.7		(225.0)		568.7		13	772.2		(184.9)		587.3
Unpatented technology	210.5		(63.9)		146.6		12	207.1		(57.8)		149.3
Software	4.8		(1.5)		3.3		5	4.8		(0.7)		4.1
Total amortized intangible assets	1,192.6		(363.9)		828.7			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	$	1,283.5	$	(363.9)	$	919.6		$	1,264.4	$	(316.6)	$	947.8

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Based on the intangible asset balances as of September 30, 2023, expected amortization expense for the remaining three months of 2023 and for the years 2024 through 2027 is as follows:


Maturity of Intangible Assets	Estimated Amortization
2023 (excluding the nine months ended September 30, 2023)	$	23.4
2024	90.2
2025	88.8
2026	87.0
2027	83.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

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)	456.7	456.9		456.9				(0.2)
Cumulative translation adjustment	(196.3)	(196.3)			(196.3)
Net change in retirement obligations (net of tax)	1.8	1.8				1.8
Net issuance of shares of common stock (net of tax)	3.9	3.9					3.9
Repurchase of shares of common stock	(146.7)	(146.7)					(146.7)
Share-based compensation	16.4	16.4	16.4
Cash dividends declared	(136.3)	(136.3)		(136.3)
Ending balance at Sep. 30, 2022	2,802.6	2,802.8	812.9	3,447.1	(258.5)	(5.6)	(1,193.1)	(0.2)
Beginning balance at Jun. 30, 2022	2,788.0	2,788.2	810.0	3,313.8	(163.6)	(6.2)	(1,165.8)	(0.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	178.7	178.7		178.7
Cumulative translation adjustment	(94.9)	(94.9)			(94.9)
Net change in retirement obligations (net of tax)	0.6	0.6				0.6
Net issuance of shares of common stock (net of tax)	3.6	3.6					3.6
Repurchase of shares of common stock	(30.9)	(30.9)					(30.9)
Share-based compensation	2.9	2.9	2.9
Cash dividends declared	(45.4)	(45.4)		(45.4)
Ending balance at Sep. 30, 2022	2,802.6	2,802.8	812.9	3,447.1	(258.5)	(5.6)	(1,193.1)	(0.2)
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)	487.3	487.5		487.5				(0.2)
Cumulative translation adjustment	(19.2)	(19.2)			(19.2)
Net change in retirement obligations (net of tax)	(0.8)	(0.8)				(0.8)
Net issuance of shares of common stock (net of tax)	7.7	7.7					7.7
Repurchase of shares of common stock	(1.1)	(1.1)					(1.1)
Share-based compensation	18.9	18.9	18.9
Cash dividends declared	(145.2)	(145.2)		(145.2)
Ending balance at Sep. 30, 2023	3,387.2	3,387.1	837.0	3,874.0	(156.3)	10.1	(1,177.7)	0.1
Beginning balance at Jun. 30, 2023	3,278.9	3,278.7	835.1	3,713.4	(98.2)	10.4	(1,182.0)	0.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	209.0	209.1		209.1				(0.1)
Cumulative translation adjustment	(58.1)	(58.1)			(58.1)
Net change in retirement obligations (net of tax)	(0.3)	(0.3)				(0.3)
Net issuance of shares of common stock (net of tax)	4.3	4.3					4.3
Share-based compensation	1.9	1.9	1.9
Cash dividends declared	(48.5)	(48.5)		(48.5)
Ending balance at Sep. 30, 2023	$ 3,387.2	$ 3,387.1	$ 837.0	$ 3,874.0	$ (156.3)	$ 10.1	$ (1,177.7)	$ 0.1

- 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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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 3
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
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-Name Accounting Standards Codification
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 562.7	$ 430.2
Receivables - net of allowance for credit losses of $6.9 and $8.0, respectively	430.6	442.8
Inventories - net	446.6	470.9
Other current assets	78.3	55.4
Total current assets	1,518.2	1,399.3
Property, plant and equipment - net of accumulated depreciation of $539.6 and $516.7, respectively	421.5	382.1
Goodwill	2,677.3	2,638.1
Intangible assets - net	919.6	947.8
Other noncurrent assets	133.0	144.6
Total assets	5,669.6	5,511.9
Current liabilities
Trade accounts payable	176.3	208.9
Accrued expenses	262.0	289.1
Current portion of long-term borrowings - net	0.7	0.0
Dividends payable	48.5	45.6
Total current liabilities	487.5	543.6
Long-term borrowings - net	1,320.8	1,468.7
Deferred income taxes	279.3	264.2
Other noncurrent liabilities	194.8	195.8
Total liabilities	2,282.4	2,472.3
Commitments and contingencies (Note 17)
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: 89,962,648 shares at September 30, 2023 and 90,064,988 shares at December 31, 2022	0.9	0.9
Additional paid-in capital	836.1	817.2
Retained earnings	3,874.0	3,531.7
Treasury stock at cost: 14,337,849 shares at September 30, 2023 and 14,451,032 shares at December 31, 2022	(1,177.7)	(1,184.3)
Accumulated other comprehensive loss	(146.2)	(126.2)
Total shareholders’ equity	3,387.1	3,039.3
Noncontrolling interest	0.1	0.3
Total equity	3,387.2	3,039.6
Total liabilities and equity	$ 5,669.6	$ 5,511.9

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Pension and other postretirement adjustments, tax	$ 0.0	$ 0.0	$ (0.2)	$ 0.7
Net issuance shares of common stock (in shares)	29,360	28,034	120,767	117,656
Net issuance of shares of common stock, tax amount	$ 0.4	$ 0.4	$ 2.5	$ 2.5
Repurchase of common stock (in shares)		166,433	5,400	788,623
Cash dividends declared, per common share outstanding (in dollars per share)	$ 0.64	$ 0.60	$ 1.92	$ 1.80

Borrowings - Narrative (Details) - Senior Notes - USD ($)	Sep. 30, 2023	Jun. 13, 2023
5.13% Senior Notes, due June 2028
Line of Credit Facility [Line Items]
Interest rate on senior notes	5.13%	5.13%
Face amount of debt		$ 100,000,000
5.13% Senior Notes, due June 2028 \| Minimum
Line of Credit Facility [Line Items]
Required percent of shares outstanding for prepayment		5.00%
3.20% Senior Notes, due June 2023
Line of Credit Facility [Line Items]
Interest rate on senior notes	3.20%	3.20%

Other Comprehensive Loss - Components of Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	$ (58.4)	$ (94.3)	$ (20.2)	$ (193.8)
Tax	0.0	0.0	0.2	(0.7)
Other comprehensive loss	(58.4)	(94.3)	(20.0)	(194.5)
Cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	(58.1)	(94.9)	(19.2)	(196.3)
Tax	0.0	0.0	0.0	0.0
Other comprehensive loss	(58.1)	(94.9)	(19.2)	(196.3)
Pension and other postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	(0.3)	0.6	(1.0)	2.5
Tax	0.0	0.0	0.2	(0.7)
Other comprehensive loss	$ (0.3)	$ 0.6	$ (0.8)	$ 1.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 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	(8.7)
Acquisitions	53.6
Measurement period adjustments	1.5
Divestitures	(7.2)
Goodwill, ending balance	2,677.3
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	(1.3)
Acquisitions	0.0
Measurement period adjustments	(1.8)
Divestitures	0.0
Goodwill, ending balance	777.1
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	(6.1)
Acquisitions	53.6
Measurement period adjustments	3.3
Divestitures	(7.2)
Goodwill, ending balance	1,538.6
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	(1.3)
Acquisitions	0.0
Measurement period adjustments	0.0
Divestitures	0.0
Goodwill, ending balance	$ 361.6

Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Additional Financial Information Disclosure [Abstract]

Balance Sheet Components


	September 30, 2023		December 31, 2022
INVENTORIES
Raw materials and component parts	$	289.7	$	301.2
Work in process	47.0		54.3
Finished goods	109.9		115.4
Inventories - net	$	446.6	$	470.9
ACCRUED EXPENSES
Payroll and related items	$	91.7	$	102.7
Management incentive compensation	9.7		26.4
Income taxes payable	17.9		30.2
Insurance	10.6		11.2
Warranty	8.0		8.1
Deferred revenue	48.9		44.7
Lease liability	21.0		21.6
Restructuring	3.4		1.4
Accrued interest	13.6		5.5
Pension and retiree medical obligations	3.3		3.3
Other	33.9		34.0
Accrued expenses	$	262.0	$	289.1
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	$	53.4	$	55.1
Transition tax payable	5.0		9.1
Deferred revenue	15.8		15.0
Lease liability	96.9		96.6
Other	23.7		20.0
Other noncurrent liabilities	$	194.8	$	195.8

Retirement Benefits - Narrative (Details) $ in Millions	9 Months Ended
Retirement Benefits - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 3.9
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

Acquisitions and Divestitures - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2023	May 19, 2023	Dec. 31, 2022	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022
Business Acquisition [Line Items]
Goodwill	$ 2,677.3		$ 2,638.1
Iridian Spectral Technologies
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 10.6
Property, plant and equipment		19.9
Goodwill		53.6
Intangible assets		45.6
Other noncurrent assets		5.4
Total assets acquired		135.1
Current liabilities		(1.2)
Deferred income taxes		(18.7)
Other noncurrent liabilities		(4.9)
Net assets acquired		$ 110.3
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				$ 52.0
Property, plant and equipment				59.1
Goodwill				394.4
Intangible assets				319.1
Other noncurrent assets				9.6
Total assets acquired				834.2
Current liabilities				(26.7)
Deferred income taxes				(83.8)
Other noncurrent liabilities				(10.7)
Net assets acquired				$ 713.0

Collaborative Investments	9 Months Ended
Collaborative Investments	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Collaborative Investments	Collaborative InvestmentsDuring 2021 and 2022, a subsidiary of IDEX funded a total of $7.2 million in promissory notes as an investment in a start-up company that provides communication technology to improve individual performance and team coordination for firefighters’ responses, which aligns with IDEX’s Fire & Safety/Diversified Products (“FSDP”) segment’s strategic plan. On a quarterly basis, the Company evaluates whether an allowance for credit losses is required for these promissory notes and measures the allowance using the current expected credit loss model. While the Company continues to retain certain convertible equity rights as well as a secured interest in the intellectual property of the start-up company, during the second quarter of 2023, IDEX concluded it would not provide additional funding to the start-up at that time. As a result of the Company’s analysis of the recoverability of its investment during the second quarter of 2023, IDEX determined that its investment may no longer be recoverable. As a result, IDEX recorded a credit loss of $7.7 million in Other expense (income) - net in the Condensed Consolidated Statements of Income and a reserve in Other noncurrent assets on the Condensed Consolidated Balance Sheets for the full amount of the principal and accrued interest outstanding.

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the entire year.
Recently Adopted Accounting Standards	The Financial Accounting Standards Board establishes changes to U.S. GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s Condensed Consolidated Financial Statements.

Restructuring Expenses and Asset Impairments - Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Asset Impairments	$ 0.3	$ 16.8	$ 0.8	$ 17.0
Total	4.1	17.7	8.2	21.1
Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	3.2	0.9	6.8	3.8
Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.6	0.0	0.6	0.3
Operating segments \| Fluid & Metering Technologies
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.3	0.0	0.8	0.2
Total	1.7	0.1	2.4	2.1
Operating segments \| Fluid & Metering Technologies \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.8	0.1	1.0	1.6
Operating segments \| Fluid & Metering Technologies \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.6	0.0	0.6	0.3
Operating segments \| Health & Science Technologies
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.0	16.8	0.0	16.8
Total	1.5	17.2	4.5	17.4
Operating segments \| Health & Science Technologies \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1.5	0.4	4.5	0.6
Operating segments \| Health & Science Technologies \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.0	0.0
Operating segments \| Fire & Safety/Diversified Products
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.0	0.0	0.0	0.0
Total	0.4	0.4	0.8	1.4
Operating segments \| Fire & Safety/Diversified Products \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.4	0.4	0.8	1.4
Operating segments \| Fire & Safety/Diversified Products \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.0	0.0
Corporate/Other
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.0	0.0	0.0	0.0
Total	0.5	0.0	0.5	0.2
Corporate/Other \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.5	0.0	0.5	0.2
Corporate/Other \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares		9 Months Ended
	Jan. 31, 2023	Sep. 30, 2023
Shares
Unvested, beginning balance (in shares)		70,915
Granted (in shares)	18,105	28,030
Vested (in shares)		(18,105)
Forfeited (in shares)		(12,050)
Unvested, ending balance (in shares)		68,790
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)		262.44
Unvested, ending balance (in dollars per share)		$ 265.22

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessee Disclosure [Abstract]
Fixed lease cost	$ 8.5	$ 11.4	$ 24.2	$ 27.8
Variable lease cost	0.6	0.6	1.9	1.8
Total lease cost	$ 9.1	$ 12.0	$ 26.1	$ 29.6

Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 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 September 30,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	0.3	$	—	$	0.5
Interest cost	0.1		0.6		0.1		0.2
Expected return on plan assets	(0.1)		(0.4)		(0.1)		(0.4)
Net amortization	—		(0.1)		0.1		0.2
Net periodic cost	$	0.1	$	0.4	$	0.1	$	0.5



	Pension Benefits
	Nine Months Ended September 30,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	0.9	$	0.1	$	1.4
Interest cost	0.3		2.0		0.2		0.7
Expected return on plan assets	(0.2)		(1.2)		(0.2)		(1.0)
Net amortization	0.1		(0.4)		0.2		0.6
Net periodic cost	$	0.3	$	1.3	$	0.3	$	1.7


	Other Postretirement Benefits
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service cost	$	0.1	$	0.2	$	0.3	$	0.5
Interest cost	0.2		0.1		0.6		0.4
Net amortization	(0.2)		(0.1)		(0.7)		(0.3)
Net periodic cost	$	0.1	$	0.2	$	0.2	$	0.6

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		75,625,539
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000832101
Current Fiscal Year End Date	--12-31

Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Level 1 - USD ($) $ in Millions	Sep. 30, 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	$ 9.1	$ 7.5
Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 24.6	$ 0.0

Leases - Lease Liability Future Payments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (excluding the nine months ended September 30, 2023)	$ 6.4
2024	19.6
2025	22.3
2026	19.5
2027	15.5
Thereafter	52.0
Total lease payments	135.3
Less: Imputed interest	(17.4)
Present value of lease liabilities	$ 117.9	$ 118.2

Business Segments - Narrative (Details)	9 Months Ended
Business Segments - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Aug. 03, 2023	Sep. 09, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business			$ 93.8	$ 34.8	$ 93.8	$ 34.8
Provision for income taxes			$ 52.8	$ 49.7	$ 132.8	$ 129.2
Disposed of by Sale \| Micropump
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash remitted	$ 110.3
Gain on sale of business	93.8
Provision for income taxes	$ 22.7
Disposed of by Sale \| Knight LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash remitted		$ 49.4
Gain on sale of business		34.8
Provision for income taxes		$ 5.5

- Definition

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

+ References + Details

Business Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Information on Company's Business Segments

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 contracted with terms equivalent to those of an arm’s-length transaction.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales
Fluid & Metering Technologies
External customers	$	300.5	$	307.4	$	945.7	$	878.8
Intersegment sales	0.6		0.2		2.3		0.7
Total segment sales	301.1		307.6		948.0		879.5
Health & Science Technologies
External customers	312.7		344.3		1,001.4		984.3
Intersegment sales	0.5		0.7		2.3		1.9
Total segment sales	313.2		345.0		1,003.7		986.2
Fire & Safety/Diversified Products
External customers	180.2		172.3		537.9		508.1
Intersegment sales	0.4		0.1		1.9		0.2
Total segment sales	180.6		172.4		539.8		508.3
Intersegment eliminations	(1.5)		(1.0)		(6.5)		(2.8)
Net sales	$	793.4	$	824.0	$	2,485.0	$	2,371.2
ADJUSTED EBITDA
Fluid & Metering Technologies	$	103.6	$	104.4	$	323.9	$	287.8
Health & Science Technologies	84.4		101.4		278.8		304.8
Fire & Safety/Diversified Products	52.8		47.8		157.0		137.3
Segment Adjusted EBITDA	240.8		253.6		759.7		729.9
Corporate and other(1)	(15.3)		(22.2)		(63.7)		(64.6)
Adjusted EBITDA	225.5		231.4		696.0		665.3
Interest expense	(13.7)		(9.6)		(40.1)		(28.6)
Depreciation	(14.7)		(12.3)		(41.9)		(37.0)
Amortization	(23.8)		(17.0)		(70.6)		(49.2)
Fair value inventory step-up charges	(1.2)		—		(1.2)		(0.4)
Restructuring expenses and asset impairments	(4.1)		—		(8.2)		(2.8)
Net impact from the exit of a COVID-19 testing application(2)	—		1.1		—		1.1
Gain on sale of business	93.8		34.8		93.8		34.8
Gains on sales of assets	—		—		—		2.7
Credit loss on note receivable from collaborative partner(3)	—		—		(7.7)		—
Income before income taxes	$	261.8	$	228.4	$	620.1	$	585.9

(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other.

(2) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application in the HST segment in 2022 that did not reoccur in 2023. See Note 12 in the Notes to Condensed Consolidated Financial Statements for further detail.

(3) Represents a reserve recorded on an investment with a collaborative partner that may no longer be recoverable. See Note 3 in the Notes to Condensed Consolidated Financial Statements for further detail.


	September 30, 2023		December 31, 2022
ASSETS
Fluid & Metering Technologies	$	1,700.0	$	1,676.9
Health & Science Technologies	2,997.3		2,931.1
Fire & Safety/Diversified Products	797.2		771.8
Corporate and other	175.1		132.1
Total assets	$	5,669.6	$	5,511.9

Restructuring Expenses and Asset Impairments (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2023 were as follows:



	Three Months Ended September 30, 2023
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	0.8	$	0.6	$	0.3	$	1.7
Health & Science Technologies	1.5		—		—		1.5
Fire & Safety/Diversified Products	0.4		—		—		0.4
Corporate/Other	0.5		—		—		0.5
Restructuring expenses and asset impairments	$	3.2	$	0.6	$	0.3	$	4.1



	Nine Months Ended September 30, 2023
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	1.0	$	0.6	$	0.8	$	2.4
Health & Science Technologies	4.5		—		—		4.5
Fire & Safety/Diversified Products	0.8		—		—		0.8
Corporate/Other	0.5		—		—		0.5
Restructuring expenses and asset impairments	$	6.8	$	0.6	$	0.8	$	8.2

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



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



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

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	7.4
Payments, utilization and other	(5.4)
Balance at September 30, 2023	$	3.4

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheets at September 30, 2023 and December 31, 2022:


	Basis of Fair Value Measurements
	September 30, 2023		December 31, 2022
	Level 1		Level 1
Trading securities - mutual funds held in nonqualified SERP(1)	$	9.1	$	7.5
Available-for-sale securities - equities(2)	24.6		—

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

(2) At September 30, 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.

Fair Value of the Outstanding Indebtedness

The following table provides the fair value of the outstanding indebtedness described in Note 9, which is based on quoted market prices and current market rates for debt with similar credit risk and maturity, as well as the carrying value. 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.


	September 30, 2023				December 31, 2022
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Total Borrowings, less deferred debt issuance costs	$	1,135.4	$	1,328.3	$	1,328.7	$	1,476.6

Restructuring Expenses and Asset Impairments - Narrative (Details) - Operating segments - Health & Science Technologies - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2020	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Contract with customer, amount reimbursed		$ 28,700,000
Definite-lived intangible assets	$ 16,800,000		$ 0	$ 16,800,000	$ 16,800,000
Revenue recognized	$ 17,900,000			$ 17,900,000	$ 17,900,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring Expenses and Asset Impairments - Restructuring Accruals (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 1.4
Restructuring expenses	7.4
Payments, utilization and other	(5.4)
Restructuring reserve, ending balance	$ 3.4

Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Other Comprehensive Loss

The components of Other comprehensive loss are as follows:


	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(58.1)	$	—	$	(58.1)	$	(94.9)	$	—	$	(94.9)
Pension and other postretirement adjustments	(0.3)		—		(0.3)		0.6		—		0.6
Total other comprehensive loss	$	(58.4)	$	—	$	(58.4)	$	(94.3)	$	—	$	(94.3)


	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(19.2)	$	—	$	(19.2)	$	(196.3)	$	—	$	(196.3)
Pension and other postretirement adjustments	(1.0)		0.2		(0.8)		2.5		(0.7)		1.8
Total other comprehensive loss	$	(20.2)	$	0.2	$	(20.0)	$	(193.8)	$	(0.7)	$	(194.5)

The amounts reclassified from Accumulated other comprehensive loss to Net income during the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022		Income Statement Caption
Pension and other postretirement plans:
Amortization of actuarial (gains) losses and prior service costs	$	(0.3)	$	0.6	$	(1.0)	$	2.5	Other (income) expense - net
Total before tax	(0.3)		0.6		(1.0)		2.5
Provision for income taxes	—		—		0.2		(0.7)
Total net of tax	$	(0.3)	$	0.6	$	(0.8)	$	1.8

Retirement Benefits

9 Months Ended

Sep. 30, 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 September 30,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	0.3	$	—	$	0.5
Interest cost	0.1		0.6		0.1		0.2
Expected return on plan assets	(0.1)		(0.4)		(0.1)		(0.4)
Net amortization	—		(0.1)		0.1		0.2
Net periodic cost	$	0.1	$	0.4	$	0.1	$	0.5



	Pension Benefits
	Nine Months Ended September 30,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	0.9	$	0.1	$	1.4
Interest cost	0.3		2.0		0.2		0.7
Expected return on plan assets	(0.2)		(1.2)		(0.2)		(1.0)
Net amortization	0.1		(0.4)		0.2		0.6
Net periodic cost	$	0.3	$	1.3	$	0.3	$	1.7


	Other Postretirement Benefits
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Service cost	$	0.1	$	0.2	$	0.3	$	0.5
Interest cost	0.2		0.1		0.6		0.4
Net amortization	(0.2)		(0.1)		(0.7)		(0.3)
Net periodic cost	$	0.1	$	0.2	$	0.2	$	0.6

The Company recognizes the service cost component in both Cost of sales and Selling, general and administrative expenses in the Condensed Consolidated Statements of Income depending on the functional area of the underlying employees and the interest cost, expected return on plan assets and net amortization components in Other expense (income) - net in the Condensed Consolidated Statements of Income.

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 nine months of 2023, the Company contributed a total of $3.9 million to fund these plans.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 23.8	$ 17.0	$ 70.6	$ 49.2

Share Repurchases (Details) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended
Share Repurchases (Details) - USD ($)	Mar. 17, 2020	Dec. 01, 2015	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Increase in share repurchase authorized amount	$ 500,000,000	$ 300,000,000
Purchase of common stock (in shares)				166,433	5,400	788,623
Repurchase of shares of common stock				$ 30,900,000	$ 1,100,000	$ 146,700,000
Repurchase of shares of common stock						146,300,000
Purchase of common stock			$ 500,000		1,100,000	$ 146,300,000
Remaining authorized repurchase amount					$ 562,800,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 487.3	$ 456.7
Adjustments to reconcile net income to net cash flows provided by operating activities:
Gain on sale of business	(93.8)	(34.8)
Asset impairments	0.8	17.0
Credit loss on note receivable from collaborative partner	7.7	0.0
Depreciation	41.9	37.0
Amortization of intangible assets	70.6	49.2
Share-based compensation expense	18.9	16.4
Deferred income taxes	(1.8)	0.2
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation):
Receivables	11.6	(62.5)
Inventories	24.5	(99.6)
Other current assets	0.3	(4.8)
Trade accounts payable	(30.2)	25.6
Deferred revenue	5.6	(24.7)
Accrued expenses	(34.0)	13.1
Other - net	6.3	1.3
Net cash flows provided by operating activities	515.7	390.1
Cash flows from investing activities
Capital expenditures	(68.3)	(48.0)
Acquisition of businesses, net of cash acquired	(110.3)	(232.6)
Proceeds from sale of business, net of cash remitted	110.3	49.4
Purchases of marketable securities	(24.6)	0.0
Other - net	2.9	6.8
Net cash flows used in investing activities	(90.0)	(224.4)
Cash flows from financing activities
Borrowings under revolving credit facilities	0.0	40.0
Payments under revolving credit facilities	0.0	(40.0)
Proceeds from issuance of 5.13% Senior Notes	100.0	0.0
Payment of 3.20% Senior Notes	(100.0)	0.0
Payments under Term Facility	(150.0)	0.0
Cash dividends paid to shareholders	(142.3)	(132.2)
Net proceeds from stock option exercises	7.7	3.9
Repurchases of common stock	(1.1)	(146.3)
Other - net	(1.0)	0.0
Net cash flows used in financing activities	(286.7)	(274.6)
Effect of exchange rate changes on cash and cash equivalents	(6.5)	(65.8)
Net increase (decrease) in cash and cash equivalents	132.5	(174.7)
Cash and cash equivalents at beginning of year	430.2	855.4
Cash and cash equivalents at end of period	562.7	680.7
Cash paid for:
Interest	30.5	18.9
Income taxes	$ 147.1	$ 129.5

Business Segments - Schedule of Information on Company's Business Segments (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 793,400,000	$ 824,000,000.0	$ 2,485,000,000	$ 2,371,200,000
ADJUSTED EBITDA	225,500,000	231,400,000	696,000,000.0	665,300,000
Interest expense	(13,700,000)	(9,600,000)	(40,100,000)	(28,600,000)
Depreciation	(14,700,000)	(12,300,000)	(41,900,000)	(37,000,000.0)
Amortization	(23,800,000)	(17,000,000.0)	(70,600,000)	(49,200,000)
Fair value inventory step-up charges	(1,200,000)	0	(1,200,000)	(400,000)
Restructuring expenses and asset impairments	(4,100,000)	0	(8,200,000)	(2,800,000)
Net impact from the exit of a COVID-19 testing application	0	1,100,000	0	1,100,000
Gain on sale of business	93,800,000	34,800,000	93,800,000	34,800,000
Gains on sales of asset	0	0	0	2,700,000
Credit loss on note receivable from collaborative partner	0	0	(7,700,000)	0
Income before income taxes	261,800,000	228,400,000	620,100,000	585,900,000
Total assets	5,669,600,000		5,669,600,000		$ 5,511,900,000
Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	(1,500,000)	(1,000,000.0)	(6,500,000)	(2,800,000)
Operating segments
Segment Reporting Information [Line Items]
ADJUSTED EBITDA	240,800,000	253,600,000	759,700,000	729,900,000
Corporate and other
Segment Reporting Information [Line Items]
ADJUSTED EBITDA	(15,300,000)	(22,200,000)	(63,700,000)	(64,600,000)
Total assets	175,100,000		175,100,000		132,100,000
Fluid & Metering Technologies
Segment Reporting Information [Line Items]
Net sales	300,500,000	307,400,000	945,700,000	878,800,000
Income before income taxes	261,800,000	228,400,000	620,100,000	585,900,000
Fluid & Metering Technologies \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	600,000	200,000	2,300,000	700,000
Fluid & Metering Technologies \| Operating segments
Segment Reporting Information [Line Items]
Net sales	301,100,000	307,600,000	948,000,000.0	879,500,000
ADJUSTED EBITDA	103,600,000	104,400,000	323,900,000	287,800,000
Total assets	1,700,000,000		1,700,000,000		1,676,900,000
Health & Science Technologies
Segment Reporting Information [Line Items]
Net sales	312,700,000	344,300,000	1,001,400,000	984,300,000
Health & Science Technologies \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	500,000	700,000	2,300,000	1,900,000
Health & Science Technologies \| Operating segments
Segment Reporting Information [Line Items]
Net sales	313,200,000	345,000,000.0	1,003,700,000	986,200,000
ADJUSTED EBITDA	84,400,000	101,400,000	278,800,000	304,800,000
Revenue recognized		17,900,000		17,900,000	17,900,000
Definite-lived intangible assets		16,800,000	0	16,800,000	16,800,000
Total assets	2,997,300,000		2,997,300,000		2,931,100,000
Fire & Safety/Diversified Products
Segment Reporting Information [Line Items]
Net sales	180,200,000	172,300,000	537,900,000	508,100,000
Fire & Safety/Diversified Products \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	400,000	100,000	1,900,000	200,000
Fire & Safety/Diversified Products \| Operating segments
Segment Reporting Information [Line Items]
Net sales	180,600,000	172,400,000	539,800,000	508,300,000
ADJUSTED EBITDA	52,800,000	$ 47,800,000	157,000,000.0	$ 137,300,000
Total assets	$ 797,200,000		$ 797,200,000		$ 771,800,000

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	104,382
Granted (in shares) \| shares	41,075
Vested (in shares) \| shares	(22,992)
Forfeited (in shares) \| shares	(12,220)
Unvested, ending balance (in shares) \| shares	110,245
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 179.45
Granted (in dollars per share) \| $ / shares	219.72
Vested (in dollars per share) \| $ / shares	173.91
Forfeited (in dollars per share) \| $ / shares	201.97
Unvested, ending balance (in dollars per share) \| $ / shares	$ 193.11

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue by reporting unit for the three and nine months ended September 30, 2023 and 2022 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Pumps	$	94.7	$	102.6	$	309.0	$	304.5
Water	79.8		82.1		261.2		228.1
Energy	53.7		51.3		160.1		144.3
Agriculture	39.2		42.1		117.9		112.5
Valves	33.7		29.5		99.8		90.1
Intersegment elimination	(0.6)		(0.2)		(2.3)		(0.7)
Fluid & Metering Technologies	300.5		307.4		945.7		878.8
Scientific Fluidics & Optics(1)	162.1		172.4		509.7		462.8
Performance Pneumatic Technologies	60.0		64.1		195.4		191.2
Sealing Solutions	59.2		64.9		186.3		203.1
Material Processing Technologies	29.7		34.6		90.4		103.1
Micropump(2)	2.2		9.0		21.9		26.0
Intersegment elimination	(0.5)		(0.7)		(2.3)		(1.9)
Health & Science Technologies	312.7		344.3		1,001.4		984.3
Fire & Safety	112.0		100.6		328.0		296.1
Dispensing	41.9		42.8		122.8		128.2
BAND-IT	26.7		29.0		89.0		84.0
Intersegment elimination	(0.4)		(0.1)		(1.9)		(0.2)
Fire & Safety/Diversified Products	180.2		172.3		537.9		508.1
Net sales	$	793.4	$	824.0	$	2,485.0	$	2,371.2

(1) The three and nine months ended September 30, 2022 include the acceleration of previously deferred revenue of $17.9 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 12 for further detail.

(2) Revenue from Micropump (sold on August 3, 2023) has been included in the Company’s Condensed Consolidated Statements of Income through the date of disposition. See Note 2 for further detail.

Schedule of External Net Sales Disaggregated by Geography

Revenue by geographical region for the three and nine months ended September 30, 2023 and 2022 was as follows:



	Three Months Ended September 30, 2023
	FMT		HST		FSDP		IDEX
U.S.	$	168.4	$	139.2	$	94.4	$	402.0
North America, excluding U.S.	15.5		3.2		8.8		27.5
Europe	52.3		106.0		39.0		197.3
Asia	43.1		57.8		29.0		129.9
Other(1)	21.8		7.0		9.4		38.2
Intersegment elimination	(0.6)		(0.5)		(0.4)		(1.5)
Net sales	$	300.5	$	312.7	$	180.2	$	793.4



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



	Nine Months Ended September 30, 2023
	FMT		HST		FSDP		IDEX
U.S.	$	525.9	$	437.3	$	280.5	$	1,243.7
North America, excluding U.S.	52.8		16.6		25.4		94.8
Europe	163.0		338.1		126.1		627.2
Asia	137.0		189.6		80.4		407.0
Other(1)	69.3		22.1		27.4		118.8
Intersegment elimination	(2.3)		(2.3)		(1.9)		(6.5)
Net sales	$	945.7	$	1,001.4	$	537.9	$	2,485.0



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

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

(2) The HST segment includes the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application, of which $9.5 million was recognized in the U.S. and $8.4 million was recognized in Europe in both the three and nine months ended September 30, 2022. See Note 12 for further detail.

Schedules of Concentration of Risk

Revenue from products and services transferred to customers at a point in time and over time was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue from products transferred at a point in time	95	%	96	%	95	%	96	%
Revenue from products and services transferred over time	5	%	4	%	5	%	4	%

Schedule of Contract with Customer, Asset and Liability

The composition of customer receivables was as follows:


	September 30, 2023		December 31, 2022
Billed receivables	$	413.4	$	421.3
Unbilled receivables	9.4		10.0
Total customer receivables	$	422.8	$	431.3

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The composition of deferred revenue was as follows:


	September 30, 2023		December 31, 2022
Deferred revenue - current	$	48.9	$	44.7
Deferred revenue - noncurrent	15.8		15.0
Total deferred revenue	$	64.7	$	59.7

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Lessee Disclosure [Abstract]

Schedule of Lease, Cost

Supplemental balance sheet information related to leases as of September 30, 2023 and December 31, 2022 was as follows:


	Balance Sheet Caption	September 30, 2023		December 31, 2022
Right-of-Use (“ROU”) Assets:
Building ROU assets - net	Other noncurrent assets	$	106.3	$	104.4
Equipment ROU assets - net	Other noncurrent assets	6.5		5.6
Total ROU assets - net		$	112.8	$	110.0
Lease Liabilities:
Current lease liabilities	Accrued expenses	$	21.0	$	21.6
Noncurrent lease liabilities	Other noncurrent liabilities	96.9		96.6
Total lease liabilities		$	117.9	$	118.2

The components of lease cost for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed lease cost (1)	$	8.5	$	11.4	$	24.2	$	27.8
Variable lease cost	0.6		0.6		1.9		1.8
Total lease cost	$	9.1	$	12.0	$	26.1	$	29.6

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

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and 2022 was as follows:


	Nine Months Ended September 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	24.8	$	28.1
Right-of-use assets obtained in exchange for new lease liabilities	17.6		7.1

Other supplemental information related to leases as of September 30, 2023 and December 31, 2022 was as follows:


Lease Term and Discount Rate	September 30, 2023		December 31, 2022
Weighted-average remaining lease term (years):
Building and equipment	7.14		7.43
Vehicles	2.61		2.14
Weighted-average discount rate:
Building and equipment	3.68	%	3.41	%
Vehicles	2.81	%	1.70	%

Schedule of Operating Lease, Liability, Maturity

Total lease liabilities at September 30, 2023 have scheduled maturities as follows:


Maturity of Lease Liabilities
2023 (excluding the nine months ended September 30, 2023)	$	6.4
2024	19.6
2025	22.3
2026	19.5
2027	15.5
Thereafter	52.0
Total lease payments	135.3
Less: Imputed interest	(17.4)
Present value of lease liabilities	$	117.9

Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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


	Total
Current assets, net of cash acquired	$	10.6
Property, plant and equipment	19.9
Goodwill	53.6
Intangible assets	45.6
Other noncurrent assets	5.4
Total assets acquired	135.1
Current liabilities	(1.2)
Deferred income taxes	(18.7)
Other noncurrent liabilities	(4.9)
Net assets acquired	$	110.3

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


	Total
Current assets, net of cash acquired	$	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 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	$	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	$	52.0
Property, plant and equipment	59.1
Goodwill	394.4
Intangible assets	319.1
Other noncurrent assets	9.6
Total assets acquired	834.2
Current liabilities	(26.7)
Deferred income taxes	(83.8)
Other noncurrent liabilities	(10.7)
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	$	5.2	15
Customer relationships	29.3		12
Unpatented technology	11.1		11
Acquired intangible assets	$	45.6

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

Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ (0.3)	$ 0.2	$ 5.7	$ 4.0
Income tax benefit	(0.1)	0.0	(0.3)	(0.1)
Total expense after income taxes	(0.4)	0.2	5.4	3.9
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.0	0.0	0.0	0.0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	(0.3)	$ 0.2	5.7	$ 4.0
Selling, general and administrative expenses \| Accelerated Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Executive forfeitures	1.0
Share-based payment arrangement, increase (decrease) in noncash expense	$ (0.4)		2.0
Executive forfeitures			$ 0.7

Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	$ 1.1	$ 2.2	$ 4.4	$ 5.6
Income tax benefit	(0.2)	(0.4)	(0.9)	(1.0)
Total expense after income taxes	0.9	1.8	3.5	4.6
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	0.1	0.0	0.4	0.2
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	1.0	$ 2.2	4.0	$ 5.4
Selling, general and administrative expenses \| Accelerated Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, increase (decrease) in noncash expense	$ 1.1		$ 0.6

Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 793.4	$ 824.0	$ 2,485.0	$ 2,371.2
Deferred revenue	64.7		64.7		$ 59.7
Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	300.5	307.4	945.7	878.8
Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	312.7	344.3	1,001.4	984.3
Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	180.2	172.3	537.9	508.1
Operating segments \| Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	300.5	307.4	945.7	878.8
Operating segments \| Fluid & Metering Technologies \| Pumps
Disaggregation of Revenue [Line Items]
Net sales	94.7	102.6	309.0	304.5
Operating segments \| Fluid & Metering Technologies \| Water
Disaggregation of Revenue [Line Items]
Net sales	79.8	82.1	261.2	228.1
Operating segments \| Fluid & Metering Technologies \| Energy
Disaggregation of Revenue [Line Items]
Net sales	53.7	51.3	160.1	144.3
Operating segments \| Fluid & Metering Technologies \| Agriculture
Disaggregation of Revenue [Line Items]
Net sales	39.2	42.1	117.9	112.5
Operating segments \| Fluid & Metering Technologies \| Valves
Disaggregation of Revenue [Line Items]
Net sales	33.7	29.5	99.8	90.1
Operating segments \| Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	312.7	344.3	1,001.4	984.3
Deferred revenue		17.9		17.9
Operating segments \| Health & Science Technologies \| Scientific Fluidics & Optics
Disaggregation of Revenue [Line Items]
Net sales	162.1	172.4	509.7	462.8
Operating segments \| Health & Science Technologies \| Performance Pneumatic Technologies
Disaggregation of Revenue [Line Items]
Net sales	60.0	64.1	195.4	191.2
Operating segments \| Health & Science Technologies \| Sealing Solutions
Disaggregation of Revenue [Line Items]
Net sales	59.2	64.9	186.3	203.1
Operating segments \| Health & Science Technologies \| Material Processing Technologies
Disaggregation of Revenue [Line Items]
Net sales	29.7	34.6	90.4	103.1
Operating segments \| Health & Science Technologies \| Micropump
Disaggregation of Revenue [Line Items]
Net sales	2.2	9.0	21.9	26.0
Operating segments \| Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	180.2	172.3	537.9	508.1
Operating segments \| Fire & Safety/Diversified Products \| Fire & Safety
Disaggregation of Revenue [Line Items]
Net sales	112.0	100.6	328.0	296.1
Operating segments \| Fire & Safety/Diversified Products \| Dispensing
Disaggregation of Revenue [Line Items]
Net sales	41.9	42.8	122.8	128.2
Operating segments \| Fire & Safety/Diversified Products \| BAND-IT
Disaggregation of Revenue [Line Items]
Net sales	26.7	29.0	89.0	84.0
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(1.5)	(1.0)	(6.5)	(2.8)
Intersegment eliminations \| Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	(0.6)	(0.2)	(2.3)	(0.7)
Intersegment eliminations \| Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	(0.5)	(0.7)	(2.3)	(1.9)
Intersegment eliminations \| Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	$ (0.4)	$ (0.1)	$ (1.9)	$ (0.2)

Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 0.6	$ 1.1	$ 2.3	$ 1.1
Income tax benefit	0.0	0.0	(0.1)	0.0
Total expense after income taxes	0.6	1.1	2.2	1.1
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.0	0.0	0.2	0.0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 0.6	$ 1.1	$ 2.1	$ 1.1

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe 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.

Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense			$ 18.9	$ 16.4
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1.1	$ 0.8	8.7	7.0
Income tax benefit	(0.2)	(0.1)	(0.8)	(0.6)
Total expense after income taxes	0.9	0.7	7.9	6.4
Stock Option \| Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	0.1	0.1	0.5	0.4
Stock Option \| Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1.0	$ 0.7	8.2	$ 6.6
Stock Option \| Selling, general and administrative expenses \| Accelerated Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, increase (decrease) in noncash expense	0.4		$ 1.5
Executive forfeitures	$ 0.2

Fair Value Measurements

9 Months Ended

Sep. 30, 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.


	Basis of Fair Value Measurements
	September 30, 2023		December 31, 2022
	Level 1		Level 1
Trading securities - mutual funds held in nonqualified SERP(1)	$	9.1	$	7.5
Available-for-sale securities - equities(2)	24.6		—

(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.

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


	September 30, 2023				December 31, 2022
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Total Borrowings, less deferred debt issuance costs	$	1,135.4	$	1,328.3	$	1,328.7	$	1,476.6

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases

9 Months Ended

Sep. 30, 2023

Lessee Disclosure [Abstract]

Leases

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

Certain leases can 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 contain provisions for future rent increases or have rental payments that are adjusted periodically for inflation or based on usage. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company does not have any significant leases that have not yet commenced.

Supplemental balance sheet information related to leases as of September 30, 2023 and December 31, 2022 was as follows:


	Balance Sheet Caption	September 30, 2023		December 31, 2022
Right-of-Use (“ROU”) Assets:
Building ROU assets - net	Other noncurrent assets	$	106.3	$	104.4
Equipment ROU assets - net	Other noncurrent assets	6.5		5.6
Total ROU assets - net		$	112.8	$	110.0
Lease Liabilities:
Current lease liabilities	Accrued expenses	$	21.0	$	21.6
Noncurrent lease liabilities	Other noncurrent liabilities	96.9		96.6
Total lease liabilities		$	117.9	$	118.2

The components of lease cost for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed lease cost (1)	$	8.5	$	11.4	$	24.2	$	27.8
Variable lease cost	0.6		0.6		1.9		1.8
Total lease cost	$	9.1	$	12.0	$	26.1	$	29.6

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

Supplemental cash flow information related to leases for the nine months ended September 30, 2023 and 2022 was as follows:


	Nine Months Ended September 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	24.8	$	28.1
Right-of-use assets obtained in exchange for new lease liabilities	17.6		7.1

Other supplemental information related to leases as of September 30, 2023 and December 31, 2022 was as follows:


Lease Term and Discount Rate	September 30, 2023		December 31, 2022
Weighted-average remaining lease term (years):
Building and equipment	7.14		7.43
Vehicles	2.61		2.14
Weighted-average discount rate:
Building and equipment	3.68	%	3.41	%
Vehicles	2.81	%	1.70	%

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

Total lease liabilities at September 30, 2023 have scheduled maturities as follows:


Maturity of Lease Liabilities
2023 (excluding the nine months ended September 30, 2023)	$	6.4
2024	19.6
2025	22.3
2026	19.5
2027	15.5
Thereafter	52.0
Total lease payments	135.3
Less: Imputed interest	(17.4)
Present value of lease liabilities	$	117.9

Revenue - Schedules of Concentration of Risk (Details) - Revenue from Contract with Customer - Product Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	95.00%	96.00%	95.00%	96.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	5.00%	4.00%	5.00%	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - Senior Notes	Sep. 30, 2023	Jun. 13, 2023
5.13% Senior Notes, due June 2028
Stated interest rate	5.13%	5.13%
3.20% Senior Notes, due June 2023
Stated interest rate	3.20%	3.20%

Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	$ 1,192.6	$ 1,173.5
Amortized intangible assets - accumulated amortization	(363.9)	(316.6)
Amortized intangible assets - net	828.7	856.9
Intangible assets - gross carrying amount	1,283.5	1,264.4
Intangible assets - net	919.6	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	2.8	2.9
Amortized intangible assets - accumulated amortization	(2.0)	(1.8)
Amortized intangible assets - net	0.8	$ 1.1
Amortized intangible assets - weighted average life		12 years
Trade names
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	180.8	$ 186.5
Amortized intangible assets - accumulated amortization	(71.5)	(71.4)
Amortized intangible assets - net	109.3	$ 115.1
Amortized intangible assets - weighted average life		15 years
Customer relationships
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	793.7	$ 772.2
Amortized intangible assets - accumulated amortization	(225.0)	(184.9)
Amortized intangible assets - net	568.7	$ 587.3
Amortized intangible assets - weighted average life		13 years
Unpatented technology
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	210.5	$ 207.1
Amortized intangible assets - accumulated amortization	(63.9)	(57.8)
Amortized intangible assets - net	146.6	$ 149.3
Amortized intangible assets - weighted average life		12 years
Software
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	4.8	$ 4.8
Amortized intangible assets - accumulated amortization	(1.5)	(0.7)
Amortized intangible assets - net	$ 3.3	$ 4.1
Amortized intangible assets - weighted average life		5 years

Earnings Per Common Share

9 Months Ended

Sep. 30, 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 common shares outstanding (basic) plus common stock equivalents outstanding (diluted) for the period. Common stock equivalents consist of restricted stock, performance share units and stock options, which have been included in the calculation of weighted average common shares outstanding using the treasury stock method.

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Basic weighted average common shares outstanding	75.6	75.4	75.6	75.8
Dilutive effect of restricted stock, performance share units and stock options	0.3	0.4	0.3	0.3
Diluted weighted average common shares outstanding	75.9	75.8	75.9	76.1

Options to purchase shares of common stock that were not included in the computation of Diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Antidilutive shares not included in Diluted EPS attributable to IDEX	0.2	0.5	0.2	0.5

Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 56.47	$ 52.91	$ 60.49	$ 41.90
Dividend yield	1.20%	1.16%	1.07%	1.14%
Volatility	26.78%	25.99%	27.17%	25.16%
Risk-free interest rate	4.26%	3.35%	4.12%	1.87%
Expected life (in years)	4 years 6 months	4 years 10 months 24 days	4 years 6 months	4 years 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measurements - Schedule of Fair Value of Debt Outstanding (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Borrowings, less deferred debt issuance costs	$ 1,135.4	$ 1,328.7
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Borrowings, less deferred debt issuance costs	$ 1,328.3	$ 1,476.6

Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings at September 30, 2023 and December 31, 2022 consisted of the following:


	September 30, 2023		December 31, 2022

3.20% Senior Notes, due June 2023	$	—	$	100.0
3.37% Senior Notes, due June 2025	100.0		100.0
5.13% Senior Notes, due June 2028	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(1)	76.9		77.7
$200.0 million Term Facility, due November 2027(2)	50.0		200.0
Other borrowings	2.5		0.1
Total borrowings	1,329.4		1,477.8
Less current portion	0.7		—
Less deferred debt issuance costs	6.8		7.9
Less unaccreted debt discount	1.1		1.2
Long-term borrowings	$	1,320.8	$	1,468.7

(1) At September 30, 2023, there was $76.9 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 2.95% and $7.2 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Credit Facility of approximately $715.9 million.

(2) The Term Facility has a weighted average interest rate of 6.10%. During the third quarter of 2023, the Company repaid $150.0 million of the $200.0 million previously outstanding under the Term Facility.

At September 30, 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.

Issuance of 5.13% Senior Notes in 2023

On June 13, 2023, the Company completed a private placement of $100 million aggregate principal amount of 5.13% Senior Notes due June 13, 2028 (the “5.13% Senior Notes”) pursuant to a Note Purchase and Master Note Agreement, dated as of June 13, 2023 (the “Purchase Agreement”), among the Company, NYL Investors LLC (“New York Life”) and certain affiliates of New York Life identified as Purchasers of the 5.13% Senior Notes therein. The 5.13% Senior Notes are unsecured obligations of the Company and rank pari passu in right of payment with all of the Company’s other unsecured, unsubordinated debt. The Company used the proceeds from the 5.13% Senior Notes issuance to repay the 3.20% Senior Notes due June 13, 2023.

The Company may at any time prepay all, or any portion of the 5.13% Senior Notes, provided that such portion is not less than 5% of the aggregate principal amount of all notes then outstanding under the Purchase Agreement. In the event of a prepayment, the Company will pay an amount equal to par plus accrued interest plus a make-whole amount. The Company also has the ability to make certain other offers to repurchase any notes outstanding under the Purchase Agreement.

The Purchase Agreement contains certain covenants that restrict the Company’s and its subsidiaries’ ability to, among other things, transfer or sell assets, create liens, incur indebtedness, transact with affiliates and engage in certain mergers or consolidations. In addition, the Company must comply with a leverage ratio, interest coverage ratio and priority debt ratio as set forth in the Purchase Agreement. The Purchase Agreement provides for customary events of default. In the case of an event of default arising from specified events of bankruptcy or insolvency, all notes then outstanding under the Purchase Agreement will become due and payable immediately without further action or notice. In the case of payment events of default, any holder of

such notes affected thereby may declare all of the notes outstanding under the Purchase Agreement held by it due and payable immediately. In the case of any other event of default, a majority of the holders of the notes then outstanding under the Purchase Agreement may declare all of such notes to be due and payable immediately, in each case subject to certain cure and notice provisions.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 209.1	$ 178.7	$ 487.5	$ 456.9

- Definition

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

+ References

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+ Details

Revenue - Revenue by Geography (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 793.4	$ 824.0	$ 2,485.0	$ 2,371.2
Deferred revenue	64.7		64.7		$ 59.7
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(1.5)	(1.0)	(6.5)	(2.8)
U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	402.0	446.9	1,243.7	1,238.6
North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	27.5	32.1	94.8	102.4
Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	197.3	177.0	627.2	548.3
Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	129.9	131.9	407.0	379.2
Other \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	38.2	37.1	118.8	105.5
FMT
Disaggregation of Revenue [Line Items]
Net sales	300.5	307.4	945.7	878.8
FMT \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	300.5	307.4	945.7	878.8
FMT \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(0.6)	(0.2)	(2.3)	(0.7)
FMT \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	168.4	178.4	525.9	498.9
FMT \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	15.5	20.4	52.8	54.3
FMT \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	52.3	47.2	163.0	147.7
FMT \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	43.1	39.1	137.0	116.8
FMT \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	21.8	22.5	69.3	61.8
HST
Disaggregation of Revenue [Line Items]
Net sales	312.7	344.3	1,001.4	984.3
HST \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	312.7	344.3	1,001.4	984.3
Deferred revenue		17.9		17.9
Revenue recognized		17.9		17.9	$ 17.9
HST \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(0.5)	(0.7)	(2.3)	(1.9)
HST \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	139.2	175.0	437.3	484.7
Revenue recognized				9.5
HST \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	3.2	3.3	16.6	20.3
HST \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	106.0	93.0	338.1	276.8
Revenue recognized				8.4
HST \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	57.8	67.4	189.6	187.0
HST \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	7.0	6.3	22.1	17.4
FSDP
Disaggregation of Revenue [Line Items]
Net sales	180.2	172.3	537.9	508.1
FSDP \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	180.2	172.3	537.9	508.1
FSDP \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(0.4)	(0.1)	(1.9)	(0.2)
FSDP \| U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	94.4	93.5	280.5	255.0
FSDP \| North America, excluding U.S. \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	8.8	8.4	25.4	27.8
FSDP \| Europe \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	39.0	36.8	126.1	123.8
FSDP \| Asia \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	29.0	25.4	80.4	75.4
FSDP \| Other \| Operating segments
Disaggregation of Revenue [Line Items]
Net sales	$ 9.4	$ 8.3	$ 27.4	$ 26.3

Business Segments

9 Months Ended

Sep. 30, 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, positive displacement pumps, powder and liquid processing technologies, 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 and precision photonic solutions. HST serves a variety of end markets, including food and beverage, life sciences, analytical instruments, pharmaceutical and biopharmaceutical, industrial, semiconductor, 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales
Fluid & Metering Technologies
External customers	$	300.5	$	307.4	$	945.7	$	878.8
Intersegment sales	0.6		0.2		2.3		0.7
Total segment sales	301.1		307.6		948.0		879.5
Health & Science Technologies
External customers	312.7		344.3		1,001.4		984.3
Intersegment sales	0.5		0.7		2.3		1.9
Total segment sales	313.2		345.0		1,003.7		986.2
Fire & Safety/Diversified Products
External customers	180.2		172.3		537.9		508.1
Intersegment sales	0.4		0.1		1.9		0.2
Total segment sales	180.6		172.4		539.8		508.3
Intersegment eliminations	(1.5)		(1.0)		(6.5)		(2.8)
Net sales	$	793.4	$	824.0	$	2,485.0	$	2,371.2
ADJUSTED EBITDA
Fluid & Metering Technologies	$	103.6	$	104.4	$	323.9	$	287.8
Health & Science Technologies	84.4		101.4		278.8		304.8
Fire & Safety/Diversified Products	52.8		47.8		157.0		137.3
Segment Adjusted EBITDA	240.8		253.6		759.7		729.9
Corporate and other(1)	(15.3)		(22.2)		(63.7)		(64.6)
Adjusted EBITDA	225.5		231.4		696.0		665.3
Interest expense	(13.7)		(9.6)		(40.1)		(28.6)
Depreciation	(14.7)		(12.3)		(41.9)		(37.0)
Amortization	(23.8)		(17.0)		(70.6)		(49.2)
Fair value inventory step-up charges	(1.2)		—		(1.2)		(0.4)
Restructuring expenses and asset impairments	(4.1)		—		(8.2)		(2.8)
Net impact from the exit of a COVID-19 testing application(2)	—		1.1		—		1.1
Gain on sale of business	93.8		34.8		93.8		34.8
Gains on sales of assets	—		—		—		2.7
Credit loss on note receivable from collaborative partner(3)	—		—		(7.7)		—
Income before income taxes	$	261.8	$	228.4	$	620.1	$	585.9

(1) Corporate expenses that can be identified with a segment have been included in determining segment results. The remainder is included in Corporate and Other.


	September 30, 2023		December 31, 2022
ASSETS
Fluid & Metering Technologies	$	1,700.0	$	1,676.9
Health & Science Technologies	2,997.3		2,931.1
Fire & Safety/Diversified Products	797.2		771.8
Corporate and other	175.1		132.1
Total assets	$	5,669.6	$	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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 793.4	$ 824.0	$ 2,485.0	$ 2,371.2
Cost of sales	443.8	442.2	1,374.9	1,290.0
Gross profit	349.6	381.8	1,110.1	1,081.2
Selling, general and administrative expenses	165.9	161.9	529.9	483.7
Restructuring expenses and asset impairments	4.1	17.7	8.2	21.1
Operating income	179.6	202.2	572.0	576.4
Gain on sale of business	(93.8)	(34.8)	(93.8)	(34.8)
Other (income) expense - net	(2.1)	(1.0)	5.6	(3.3)
Interest expense	13.7	9.6	40.1	28.6
Income before income taxes	261.8	228.4	620.1	585.9
Provision for income taxes	52.8	49.7	132.8	129.2
Net income	209.0	178.7	487.3	456.7
Net loss attributable to noncontrolling interest	0.1	0.0	0.2	0.2
Net income attributable to IDEX	$ 209.1	$ 178.7	$ 487.5	$ 456.9
Earnings per common share:
Basic earnings per common share attributable to IDEX (in dollars per share)	$ 2.76	$ 2.37	$ 6.44	$ 6.02
Diluted earnings per common share attributable to IDEX (in dollars per share)	$ 2.75	$ 2.36	$ 6.42	$ 6.00
Share data:
Basic weighted average common shares outstanding (in shares)	75.6	75.4	75.6	75.8
Diluted weighted average common shares outstanding (in shares)	75.9	75.8	75.9	76.1

Share Repurchases	9 Months Ended
Share Repurchases	Sep. 30, 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. During the nine months ended September 30, 2023, the Company repurchased a total of 5,400 shares at a cost of $1.1 million. During the nine months ended September 30, 2022, the Company repurchased a total of 788,623 shares at a cost of $146.3 million, of which $0.5 million was settled in October 2022. As of September 30, 2023, the amount of share repurchase authorization remaining was $562.8 million.

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2023

Additional Financial Information Disclosure [Abstract]

Balance Sheet Components


	September 30, 2023		December 31, 2022
INVENTORIES
Raw materials and component parts	$	289.7	$	301.2
Work in process	47.0		54.3
Finished goods	109.9		115.4
Inventories - net	$	446.6	$	470.9
ACCRUED EXPENSES
Payroll and related items	$	91.7	$	102.7
Management incentive compensation	9.7		26.4
Income taxes payable	17.9		30.2
Insurance	10.6		11.2
Warranty	8.0		8.1
Deferred revenue	48.9		44.7
Lease liability	21.0		21.6
Restructuring	3.4		1.4
Accrued interest	13.6		5.5
Pension and retiree medical obligations	3.3		3.3
Other	33.9		34.0
Accrued expenses	$	262.0	$	289.1
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	$	53.4	$	55.1
Transition tax payable	5.0		9.1
Deferred revenue	15.8		15.0
Lease liability	96.9		96.6
Other	23.7		20.0
Other noncurrent liabilities	$	194.8	$	195.8

Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial (gains) losses and prior service costs	$ (2.1)	$ (1.0)	$ 5.6	$ (3.3)
Total before tax	(261.8)	(228.4)	(620.1)	(585.9)
Provision for income taxes	52.8	49.7	132.8	129.2
Total net of tax	(209.1)	(178.7)	(487.5)	(456.9)
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 actuarial (gains) losses and prior service costs	(0.3)	0.6	(1.0)	2.5
Reclassification out of Accumulated Other Comprehensive Income \| Retirement Benefits Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(0.3)	0.6	(1.0)	2.5
Provision for income taxes	0.0	0.0	0.2	(0.7)
Total net of tax	$ (0.3)	$ 0.6	$ (0.8)	$ 1.8

- 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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- Definition

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

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- 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-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	57,356
Granted (in shares) \| shares	20,705
Vested (in shares) \| shares	(15,981)
Forfeited (in shares) \| shares	(3,420)
Unvested, ending balance (in shares) \| shares	58,660
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 228.33
Granted (in dollars per share) \| $ / shares	225.34
Vested (in dollars per share) \| $ / shares	229.03
Forfeited (in dollars per share) \| $ / shares	208.02
Unvested, ending balance (in dollars per share) \| $ / shares	$ 208.02

Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Borrowings

Borrowings at September 30, 2023 and December 31, 2022 consisted of the following:


	September 30, 2023		December 31, 2022

3.20% Senior Notes, due June 2023	$	—	$	100.0
3.37% Senior Notes, due June 2025	100.0		100.0
5.13% Senior Notes, due June 2028	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(1)	76.9		77.7
$200.0 million Term Facility, due November 2027(2)	50.0		200.0
Other borrowings	2.5		0.1
Total borrowings	1,329.4		1,477.8
Less current portion	0.7		—
Less deferred debt issuance costs	6.8		7.9
Less unaccreted debt discount	1.1		1.2
Long-term borrowings	$	1,320.8	$	1,468.7

- 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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+ Details

Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Shares
Beginning balance (in shares)			1,015,572
Granted (in shares)			225,115
Exercised (in shares)			(87,217)
Forfeited (in shares)			(71,833)
Ending balance (in shares)	1,081,637		1,081,637		1,015,572
Vested and expected to vest (in shares)	1,048,823		1,048,823
Exercisable (in shares)	595,028		595,028
Weighted Average Price
Beginning balance (in dollars per share)			$ 161.45
Granted (in dollars per share)			224.90
Exercised (in dollars per share)			143.37
Forfeited (in dollars per share)			200.60
Ending balance (in dollars per share)	$ 173.52		173.52		$ 161.45
Vested and expected to vest (in dollars per share)	172.37		172.37
Exercisable (in dollars per share)	$ 148.02		$ 148.02
Weighted-Average Remaining Contractual Term
Stock options outstanding, weighted-average remaining contractual term			6 years 9 months 25 days		6 years 11 months 8 days
Weighted-average remaining contractual term, vested and expected to vest			6 years 9 months 3 days
Weighted-average remaining contractual term, exercisable			5 years 5 months 8 days
Aggregate Intrinsic Value
Stock options outstanding, aggregate intrinsic value	$ 40.9		$ 40.9		$ 67.9
Aggregate intrinsic value, vested and expected to vest	40.7		40.7
Aggregate intrinsic value, exercisable	$ 35.8		$ 35.8
Risk-free interest rate	4.26%	3.35%	4.12%	1.87%

Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Other Comprehensive Income

The components of Other comprehensive loss are as follows:


	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(58.1)	$	—	$	(58.1)	$	(94.9)	$	—	$	(94.9)
Pension and other postretirement adjustments	(0.3)		—		(0.3)		0.6		—		0.6
Total other comprehensive loss	$	(58.4)	$	—	$	(58.4)	$	(94.3)	$	—	$	(94.3)


	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(19.2)	$	—	$	(19.2)	$	(196.3)	$	—	$	(196.3)
Pension and other postretirement adjustments	(1.0)		0.2		(0.8)		2.5		(0.7)		1.8
Total other comprehensive loss	$	(20.2)	$	0.2	$	(20.0)	$	(193.8)	$	(0.7)	$	(194.5)

Reclassification out of Accumulated Other Comprehensive Income

The amounts reclassified from Accumulated other comprehensive loss to Net income during the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022		Income Statement Caption
Pension and other postretirement plans:
Amortization of actuarial (gains) losses and prior service costs	$	(0.3)	$	0.6	$	(1.0)	$	2.5	Other (income) expense - net
Total before tax	(0.3)		0.6		(1.0)		2.5
Provision for income taxes	—		—		0.2		(0.7)
Total net of tax	$	(0.3)	$	0.6	$	(0.8)	$	1.8

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 The Financial Accounting Standards Board establishes changes to U.S. GAAP in the form of accounting standards updates (“ASUs”) to the Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. Any recent ASUs were assessed and determined to be either not applicable or are expected to have an immaterial impact on the Company’s Condensed Consolidated Financial Statements.

Revenue

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2023 and 2022 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Pumps	$	94.7	$	102.6	$	309.0	$	304.5
Water	79.8		82.1		261.2		228.1
Energy	53.7		51.3		160.1		144.3
Agriculture	39.2		42.1		117.9		112.5
Valves	33.7		29.5		99.8		90.1
Intersegment elimination	(0.6)		(0.2)		(2.3)		(0.7)
Fluid & Metering Technologies	300.5		307.4		945.7		878.8
Scientific Fluidics & Optics(1)	162.1		172.4		509.7		462.8
Performance Pneumatic Technologies	60.0		64.1		195.4		191.2
Sealing Solutions	59.2		64.9		186.3		203.1
Material Processing Technologies	29.7		34.6		90.4		103.1
Micropump(2)	2.2		9.0		21.9		26.0
Intersegment elimination	(0.5)		(0.7)		(2.3)		(1.9)
Health & Science Technologies	312.7		344.3		1,001.4		984.3
Fire & Safety	112.0		100.6		328.0		296.1
Dispensing	41.9		42.8		122.8		128.2
BAND-IT	26.7		29.0		89.0		84.0
Intersegment elimination	(0.4)		(0.1)		(1.9)		(0.2)
Fire & Safety/Diversified Products	180.2		172.3		537.9		508.1
Net sales	$	793.4	$	824.0	$	2,485.0	$	2,371.2

(2) Revenue from Micropump (sold on August 3, 2023) has been included in the Company’s Condensed Consolidated Statements of Income through the date of disposition. See Note 2 for further detail.

Revenue by geographical region for the three and nine months ended September 30, 2023 and 2022 was as follows:



	Three Months Ended September 30, 2023
	FMT		HST		FSDP		IDEX
U.S.	$	168.4	$	139.2	$	94.4	$	402.0
North America, excluding U.S.	15.5		3.2		8.8		27.5
Europe	52.3		106.0		39.0		197.3
Asia	43.1		57.8		29.0		129.9
Other(1)	21.8		7.0		9.4		38.2
Intersegment elimination	(0.6)		(0.5)		(0.4)		(1.5)
Net sales	$	300.5	$	312.7	$	180.2	$	793.4



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



	Nine Months Ended September 30, 2023
	FMT		HST		FSDP		IDEX
U.S.	$	525.9	$	437.3	$	280.5	$	1,243.7
North America, excluding U.S.	52.8		16.6		25.4		94.8
Europe	163.0		338.1		126.1		627.2
Asia	137.0		189.6		80.4		407.0
Other(1)	69.3		22.1		27.4		118.8
Intersegment elimination	(2.3)		(2.3)		(1.9)		(6.5)
Net sales	$	945.7	$	1,001.4	$	537.9	$	2,485.0



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

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

Performance Obligations

A majority of the Company's contracts have a single performance obligation which represents, in most cases, the product being sold to the customer. Some contracts include multiple performance obligations such as a product and the related installation, extended warranty, software and/or maintenance services. For contracts with multiple performance obligations, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation.

The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. For performance obligations satisfied at a point in time, revenue is recognized when control transfers to the customer, typically upon shipment. For performance obligations in which the Company transfers control of a product or service over time, revenue is recognized over time as work is performed. Typically, this results when the Company performs services over time or the Company creates a product with no alternative use and has an enforceable right to payment for its performance to date. Revenue from products and services transferred to customers at a point in time and over time was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue from products transferred at a point in time	95	%	96	%	95	%	96	%
Revenue from products and services transferred over time	5	%	4	%	5	%	4	%

Contract Balances

The timing of billings and cash collections can result in customer receivables, billings in excess of revenue recognized, advance payments or deposits. 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.

The composition of customer receivables was as follows:


	September 30, 2023		December 31, 2022
Billed receivables	$	413.4	$	421.3
Unbilled receivables	9.4		10.0
Total customer receivables	$	422.8	$	431.3

Billings in excess of revenue recognized, advance payments and deposits represent contract liabilities and are included in deferred revenue which is classified as current or noncurrent based on 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.

The composition of deferred revenue was as follows:


	September 30, 2023		December 31, 2022
Deferred revenue - current	$	48.9	$	44.7
Deferred revenue - noncurrent	15.8		15.0
Total deferred revenue	$	64.7	$	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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

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

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Basic weighted average common shares outstanding	75.6	75.4	75.6	75.8
Dilutive effect of restricted stock, performance share units and stock options	0.3	0.4	0.3	0.3
Diluted weighted average common shares outstanding	75.9	75.8	75.9	76.1

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Antidilutive shares not included in Diluted EPS attributable to IDEX	0.2	0.5	0.2	0.5

Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.1	$ 0.2	$ 0.3	$ 0.5
Interest cost	0.2	0.1	0.6	0.4
Net amortization	(0.2)	(0.1)	(0.7)	(0.3)
Net periodic cost	0.1	0.2	0.2	0.6
U.S. \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.1	0.0	0.1	0.1
Interest cost	0.1	0.1	0.3	0.2
Expected return on plan assets	(0.1)	(0.1)	(0.2)	(0.2)
Net amortization	0.0	0.1	0.1	0.2
Net periodic cost	0.1	0.1	0.3	0.3
Non-U.S. \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.5	0.9	1.4
Interest cost	0.6	0.2	2.0	0.7
Expected return on plan assets	(0.4)	(0.4)	(1.2)	(1.0)
Net amortization	(0.1)	0.2	(0.4)	0.6
Net periodic cost	$ 0.4	$ 0.5	$ 1.3	$ 1.7

Earnings Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive shares not included in Diluted EPS attributable to IDEX (in shares)	0.2	0.5	0.2	0.5

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 52.8	$ 49.7	$ 132.8	$ 129.2
Effective tax rate	20.20%	21.80%	21.40%	22.10%

- Definition

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

+ References + Details

Goodwill and Intangible Assets - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Millions	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (excluding the nine months ended September 30, 2023)	$ 23.4
2024	90.2
2025	88.8
2026	87.0
2027	$ 83.2

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

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 and the effective tax rates were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Provision for income taxes	$	52.8		$	49.7		$	132.8		$	129.2
Effective tax rate	20.2		%	21.8		%	21.4		%	22.1		%

The decrease in the effective tax rate for both the three and nine months ended September 30, 2023 is primarily due to the tax benefit related to the finalization of the impact of research expenditure capitalization on the foreign derived intangible income deduction and the reduction of Global Intangible Low-Tax Income (“GILTI”) as a result of the tax amortization of goodwill related to the Muon Group acquisition.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases - Supplemental Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of lease liabilities	$ 24.8	$ 28.1
Right-of-use assets obtained in exchange for new lease liabilities	$ 17.6	$ 7.1
Building and equipment
Weighted-average remaining lease term (years):
Weighted-average remaining lease term (years): operating leases	7 years 1 month 20 days		7 years 5 months 4 days
Weighted-average discount rate:
Weighted-average discount rate: operating leases	3.68%		3.41%
Vehicles
Weighted-average remaining lease term (years):
Weighted-average remaining lease term (years): operating leases	2 years 7 months 9 days		2 years 1 month 20 days
Weighted-average discount rate:
Weighted-average discount rate: operating leases	2.81%		1.70%

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

All of the Company’s acquisitions of businesses have been accounted for under ASC 805, Business Combinations. Accordingly, the assets and liabilities of the acquired companies, after adjustments to reflect the fair values assigned to the assets and liabilities, have been included in the Company’s Condensed Consolidated Balance Sheets 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), Muon B.V. and its subsidiaries (“Muon Group”) (acquired November 18, 2022) and Iridian Spectral Technologies ("Iridian") (acquired May 19, 2023) have been included in the Company’s Condensed Consolidated Statements of Income since the respective dates of acquisition. The results of operations of Micropump, Inc. (“Micropump”) (sold on August 3, 2023) and Knight LLC (“Knight”) (sold on September 9, 2022) have been included in the Company’s Condensed Consolidated Statements of Income through the respective dates of disposition. 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. In addition, the divestitures did not represent a strategic shift that had a major effect on operations and financial results and, therefore, did not qualify for presentation as discontinued operations.

2023 Acquisitions

Iridian

On May 19, 2023, the Company acquired Iridian in a stock acquisition. Iridian is a global leader in designing and manufacturing thin-film, multi-layer optical filters serving the laser communications, telecommunications and life sciences markets and expands the Company’s array of optical technology offerings. Headquartered in Ottawa, Ontario, Canada, Iridian operates in the Company’s Scientific Fluidics & Optics reporting unit within the Health & Science Technologies (“HST”) segment. Iridian was acquired for cash consideration of $110.3 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $53.6 million and $45.6 million, respectively. The goodwill is not deductible for tax purposes.

The Company made a preliminary allocation of the purchase price for the Iridian 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, primarily related to the valuations of 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	$	10.6
Property, plant and equipment	19.9
Goodwill	53.6
Intangible assets	45.6
Other noncurrent assets	5.4
Total assets acquired	135.1
Current liabilities	(1.2)
Deferred income taxes	(18.7)
Other noncurrent liabilities	(4.9)
Net assets acquired	$	110.3

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	$	5.2	15
Customer relationships	29.3		12
Unpatented technology	11.1		11
Acquired intangible assets	$	45.6

2022 Acquisitions

Nexsight

On February 28, 2022, the Company acquired Nexsight in a partial stock and partial 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 finalized the 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.

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	$	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 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 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 $394.4 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, primarily related to the valuations of 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	$	52.0
Property, plant and equipment	59.1
Goodwill	394.4
Intangible assets	319.1
Other noncurrent assets	9.6
Total assets acquired	834.2
Current liabilities	(26.7)
Deferred income taxes	(83.8)
Other noncurrent liabilities	(10.7)
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

Acquisition-Related Costs

The Company incurred $1.8 million and $5.4 million of acquisition-related costs during the three and nine months ended September 30, 2023, respectively, and $2.7 million and $5.3 million of acquisition-related costs during the three and nine months ended September 30, 2022, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed, pending and potential acquisitions, including those that ultimately were not completed.

The Company also recorded a $1.2 million fair value inventory step-up charge associated with the completed 2023 acquisition of Iridian in Cost of sales during the three and nine months ended September 30, 2023, and $0.1 million and $0.3 million of fair value inventory step-up charges associated with the completed 2022 acquisitions of Nexsight and KZValve, respectively, in Cost of sales during the nine months ended September 30, 2022.

Divestitures

The Company periodically reviews its businesses for their strategic fit within its core businesses and customers and may from time to time sell various businesses or assets for a variety of reasons. Any resulting gain or loss recognized due to divestitures is recorded within Gain on sale of business in the Condensed Consolidated Statements of Income.

On August 3, 2023, the Company completed the sale of Micropump for proceeds of $110.3 million, net of cash remitted, resulting in a pre-tax gain on the sale of $93.8 million. The divestiture resulted in $22.7 million of income tax expense in the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2023. Micropump was its own reporting unit and its results were reported within the HST segment.

On September 9, 2022, the Company completed the sale of Knight for proceeds of $49.4 million, net of cash remitted, resulting in a pre-tax gain on the sale of $34.8 million. The divestiture resulted in $5.5 million of income tax expense in the

Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2022. The results of Knight were reported in the Water reporting unit within the FMT segment.

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Option Fair Values and Assumptions

Weighted average stock option fair values and assumptions for the periods presented are disclosed below.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average fair value of grants	$56.47	$52.91	$60.49	$41.90
Dividend yield	1.20%	1.16%	1.07%	1.14%
Volatility	26.78%	25.99%	27.17%	25.16%
Risk-free interest rate	4.26%	3.35%	4.12%	1.87%
Expected life (in years)	4.50	4.90	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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	0.1	$	0.1	$	0.5	$	0.4
Selling, general and administrative expenses(1)	1.0		0.7		8.2		6.6
Total expense before income taxes	1.1		0.8		8.7		7.0
Income tax benefit	(0.2)		(0.1)		(0.8)		(0.6)
Total expense after income taxes	$	0.9	$	0.7	$	7.9	$	6.4

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of September 30, 2023 and changes during the nine months ended September 30, 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	225,115	224.90
Exercised	(87,217)	143.37
Forfeited	(71,833)	200.60
Outstanding at September 30, 2023	1,081,637	$	173.52	6.82	$	40.9
Vested and expected to vest as of September 30, 2023	1,048,823	$	172.37	6.76	$	40.7
Exercisable at September 30, 2023	595,028	$	148.02	5.44	$	35.8

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of September 30, 2023 and changes during the nine months ended September 30, 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	41,075	219.72
Vested	(22,992)	173.91
Forfeited	(12,220)	201.97
Unvested at September 30, 2023	110,245	$	193.11

Schedule of Compensation Cost for Restricted Stock

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	0.1	$	—	$	0.4	$	0.2
Selling, general and administrative expenses(1)	1.0		2.2		4.0		5.4
Total expense before income taxes	1.1		2.2		4.4		5.6
Income tax benefit	(0.2)		(0.4)		(0.9)		(1.0)
Total expense after income taxes	$	0.9	$	1.8	$	3.5	$	4.6

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of September 30, 2023 and changes during the nine months ended September 30, 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	20,705	225.34
Vested	(15,981)	229.03
Forfeited	(3,420)	208.02
Unvested at September 30, 2023	58,660	$	208.02

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	—	$	—	$	0.2	$	—
Selling, general and administrative expenses	0.6		1.1		2.1		1.1
Total expense before income taxes	0.6		1.1		2.3		1.1
Income tax benefit	—		—		(0.1)		—
Total expense after income taxes	$	0.6	$	1.1	$	2.2	$	1.1

Schedule of Weighted Average Performance Share Units Fair Values and Assumptions


	Nine Months Ended September 30,
	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 September 30, 2023 and changes during the nine months ended September 30, 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	(12,050)	262.44
Unvested at September 30, 2023	68,790	$	265.22

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of sales	$	—	$	—	$	—	$	—
Selling, general and administrative expenses(1)	(0.3)		0.2		5.7		4.0
Total expense before income taxes	(0.3)		0.2		5.7		4.0
Income tax benefit	(0.1)		—		(0.3)		(0.1)
Total expense after income taxes	$	(0.4)	$	0.2	$	5.4	$	3.9

Revenue - Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 422.8	$ 431.3
Unbilled receivables	9.4	10.0
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 413.4	$ 421.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 209.0	$ 178.7	$ 487.3	$ 456.7
Other comprehensive loss:
Pension and other postretirement adjustments, net of tax	(0.3)	0.6	(0.8)	1.8
Cumulative translation adjustment	(58.1)	(94.9)	(19.2)	(196.3)
Other comprehensive loss	(58.4)	(94.3)	(20.0)	(194.5)
Comprehensive income	150.6	84.4	467.3	262.2
Comprehensive loss attributable to noncontrolling interest	0.1	0.0	0.2	0.2
Comprehensive income attributable to IDEX	$ 150.7	$ 84.4	$ 467.5	$ 262.4

- 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.

+ References

+ Details

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions				3 Months Ended		9 Months Ended
	May 19, 2023	Nov. 18, 2022	May 02, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Feb. 28, 2022
Business Acquisition [Line Items]
Goodwill				$ 2,677.3		$ 2,677.3		$ 2,638.1
Iridian Spectral Technologies
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	$ 110.3
Goodwill	53.6
Intangible assets	45.6
Cash consideration	$ 110.3
Nexsight
Business Acquisition [Line Items]
Goodwill									$ 54.7
Intangible assets									49.8
Cash consideration									$ 112.5
KZValve
Business Acquisition [Line Items]
Aggregate purchase price, cash paid			$ 120.1
Goodwill			56.4
Intangible assets			52.0
Cash consideration			$ 120.1
Muon Group
Business Acquisition [Line Items]
Aggregate purchase price, cash paid		$ 713.0
Goodwill		394.4
Intangible assets		319.1
Cash consideration		713.0
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 \| Iridian Spectral Technologies
Business Acquisition [Line Items]
Acquisition-related transaction costs				1.8		5.4
Selling, general and administrative expenses \| Muon Group
Business Acquisition [Line Items]
Acquisition-related transaction costs					$ 2.7		$ 5.3
Cost of sales \| Iridian Spectral Technologies
Business Acquisition [Line Items]
Inventory adjustment				$ 1.2		$ 1.2
Cost of sales \| Nexsight
Business Acquisition [Line Items]
Inventory adjustment							0.1
Cost of sales \| KZValve
Business Acquisition [Line Items]
Inventory adjustment							$ 0.3

Earnings Per Common Share - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	75.6	75.4	75.6	75.8
Dilutive effect of restricted stock, performance share units and stock options (in shares)	0.3	0.4	0.3	0.3
Diluted weighted average common shares outstanding (in shares)	75.9	75.8	75.9	76.1

Restructuring Expenses and Asset Impairments

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Expenses and Asset Impairments

From time to time, the Company incurs expenses 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 and nine months ended September 30, 2023, the Company incurred severance costs related to employee reductions in conjunction with cost mitigation efforts as a result of current market conditions, contract termination costs and asset impairments.

Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2023 were as follows:



	Three Months Ended September 30, 2023
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	0.8	$	0.6	$	0.3	$	1.7
Health & Science Technologies	1.5		—		—		1.5
Fire & Safety/Diversified Products	0.4		—		—		0.4
Corporate/Other	0.5		—		—		0.5
Restructuring expenses and asset impairments	$	3.2	$	0.6	$	0.3	$	4.1



	Nine Months Ended September 30, 2023
	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	1.0	$	0.6	$	0.8	$	2.4
Health & Science Technologies	4.5		—		—		4.5
Fire & Safety/Diversified Products	0.8		—		—		0.8
Corporate/Other	0.5		—		—		0.5
Restructuring expenses and asset impairments	$	6.8	$	0.6	$	0.8	$	8.2

2022 Initiative

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

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

In the third quarter of 2022, the Company was informed by the customer of its decision to discontinue further investment in commercializing its COVID-19 testing application. This event was deemed a triggering event, which required an interim impairment test be performed on the Property, plant and equipment related to this contract, resulting in an impairment charge of $16.8 million that was recorded as Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income during three and nine months ended September 30, 2022. In addition, the Company accelerated previously deferred revenue of $17.9 million related to units that are no longer expected to be shipped and recorded it as Net sales in the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2022.

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



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



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

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	7.4
Payments, utilization and other	(5.4)
Balance at September 30, 2023	$	3.4

Borrowings - Schedule of Debt (Details) - USD ($)	3 Months Ended
Borrowings - Schedule of Debt (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Jun. 13, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total borrowings	$ 1,329,400,000			$ 1,477,800,000
Other borrowings	2,500,000			100,000
Less current portion	700,000			0
Less deferred debt issuance costs	6,800,000			7,900,000
Less unaccreted debt discount	1,100,000			1,200,000
Long-term borrowings	1,320,800,000			1,468,700,000
Revolving Facility
Debt Instrument [Line Items]
Borrowing capacity	800
Letters of credit outstanding	7,200,000
Amount available to borrow	$ 715,900,000
Senior Notes \| 3.20% Senior Notes, due June 2023
Debt Instrument [Line Items]
Stated interest rate	3.20%		3.20%
Total borrowings	$ 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 \| 5.13% Senior Notes, due June 2028
Debt Instrument [Line Items]
Stated interest rate	5.13%		5.13%
Total borrowings	$ 100,000,000.0			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]
Debt outstanding	$ 76,900,000			77,700,000
Weighted average interest rate	2.95%
Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Borrowing capacity	$ 200
Debt outstanding	$ 50,000,000.0	$ 200,000,000		$ 200,000,000.0
Weighted average interest rate	6.10%
Company repaid	$ 150,000,000

Leases - Narrative (Details)	Sep. 30, 2023 option
Leases [Abstract]
Options for renewal	1

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the nine months ended September 30, 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	(1.3)		(6.1)		(1.3)		(8.7)
Acquisitions	—		53.6		—		53.6
Measurement period adjustments	(1.8)		3.3		—		1.5
Divestitures	—		(7.2)		—		(7.2)
Balance at September 30, 2023	$	777.1	$	1,538.6	$	361.6	$	2,677.3

ASC 350, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce

the fair value of the reporting unit below its carrying value. In the first nine months of 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 September 30, 2023 and December 31, 2022:


	At September 30, 2023							At December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.8	$	(2.0)	$	0.8	12	$	2.9	$	(1.8)	$	1.1
Trade names	180.8		(71.5)		109.3		15	186.5		(71.4)		115.1
Customer relationships	793.7		(225.0)		568.7		13	772.2		(184.9)		587.3
Unpatented technology	210.5		(63.9)		146.6		12	207.1		(57.8)		149.3
Software	4.8		(1.5)		3.3		5	4.8		(0.7)		4.1
Total amortized intangible assets	1,192.6		(363.9)		828.7			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	$	1,283.5	$	(363.9)	$	919.6		$	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 nine 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 $23.8 million and $70.6 million for the three and nine months ended September 30, 2023, respectively. Amortization of intangible assets was $17.0 million and $49.2 million for the three and nine months ended September 30, 2022, respectively. Based on the intangible asset balances as of September 30, 2023, expected amortization expense for the remaining three months of 2023 and for the years 2024 through 2027 is as follows:


Maturity of Intangible Assets	Estimated Amortization
2023 (excluding the nine months ended September 30, 2023)	$	23.4
2024	90.2
2025	88.8
2026	87.0
2027	83.2