0000832101-24-000009 | 10-K | XBRL Viewer

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Borrowings - Narrative (Details)		12 Months Ended
Borrowings - Narrative (Details)	Nov. 01, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jun. 13, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Balance outstanding		$ 1,333,300,000
For 12 Months in Connection with Certain Acquisitions
Line of Credit Facility [Line Items]
Leverage ratio required		4.00
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Interest coverage ratio		3.0
Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio required		3.50
Line of Credit
Line of Credit Facility [Line Items]
Revolving facility, extension term	1 year
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 800,000,000	$ 800,000,000.0
Aggregate lending commitments					$ 400,000,000
Balance outstanding		$ 81,000,000.0		$ 77,700,000
Weighted average interest rate		4.22%		3.32%
Outstanding letters of credit		$ 3,400,000
Revolving facility, amount available to borrow		$ 715,600,000
Line of Credit \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Leverage ratio required		0.0000
Line of Credit \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Leverage ratio required		0.01275
Line of Credit \| Term Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	200,000,000
Weighted average interest rate		6.22%		5.83%
Line of Credit \| Secured Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 200,000,000.0
Repayments of debt		150,000,000
Balance outstanding		50,000,000.0		$ 200,000,000.0
Letters of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing capacity	100,000,000
Swing line Loans \| Line of Credit
Line of Credit Facility [Line Items]
Current borrowing capacity	$ 50,000,000
Senior Notes \| Line of Credit
Line of Credit Facility [Line Items]
Balance outstanding		$ 1,200,000,000
5.13% Senior Notes, due June 2028 (the “5.13% Senior Notes”) \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument face amount			$ 100,000,000
Interest rate on senior notes		5.13%	5.13%
3.20% Senior Notes, repaid in June 2023 (the “3.20% Senior Notes”) \| Senior Notes
Line of Credit Facility [Line Items]
Interest rate on senior notes		3.20%	3.20%
3.00% Senior Notes, due May 2030 (the “3.00% Senior Notes”) \| Senior Notes
Line of Credit Facility [Line Items]
Interest rate on senior notes		3.00%
2.625% Senior Notes, due June 2031 (the “2.625% Senior Notes”) \| Senior Notes
Line of Credit Facility [Line Items]
Interest rate on senior notes		2.625%
3.37% Senior Notes, due June 2025 (the “3.37% Senior Notes”) \| Senior Notes
Line of Credit Facility [Line Items]
Interest rate on senior notes		3.37%
2.625% and 3.00% Senior Notes \| Senior Notes \| Upon Change of Control
Line of Credit Facility [Line Items]
Redemption price, percentage		101.00%
3.37% and 5.13% Senior Notes \| Senior Notes \| Upon Change of Control
Line of Credit Facility [Line Items]
Redemption price, percentage		100.00%

Restructuring Expenses and Asset Impairments - Schedule of Restructuring Accruals Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1.4	$ 2.8
Restructuring expenses	10.1	5.4
Payments, utilization and other	(9.4)	(6.8)
Ending balance	2.1	1.4
Property, plant and equipment
Restructuring Cost and Reserve [Line Items]
Asset impairment charges	$ 0.8	$ 17.4

- 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

Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Foreign currency transaction (gain) loss	$ 7.3	$ (0.8)	$ 1.1

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 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 Consolidated Balance Sheets from their respective dates of acquisition. The results of operations of businesses acquired have been included in the Company’s Consolidated Statements of Income since the respective dates of acquisition. The results of operations of divestitures have been included in the Company’s 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 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 Spectral Technologies (“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, Canada, Iridian operates in the Company’s Scientific Fluidics & Optics reporting unit within the HST segment. Iridian was acquired for cash consideration of $109.8 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $52.7 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	52.7
Intangible assets	45.6
Other noncurrent assets	5.4
Total assets acquired	134.2
Current liabilities	(1.2)
Deferred income taxes	(18.3)
Other noncurrent liabilities	(4.9)
Net assets acquired(1)	$	109.8

(1) During the fourth quarter of 2023, the Company finalized the net working capital of the assets and liabilities acquired, resulting in a $0.5 million adjustment to reduce the purchase price of the Iridian business.

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

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


	Total		Weighted Average Life
Trade names	$	5.2	15
Customer relationships	29.3		12
Unpatented technology	11.1		11
Acquired intangible assets	$	45.6

STC

On December 14, 2023, the Company acquired STC Material Solutions (“STC”) in a stock acquisition. STC specializes in the design and manufacturing of technical ceramics and hermetic sealing products for the most extreme, mission critical applications in the semiconductor, aerospace and defense, industrial technology, medical technology and energy markets. Headquartered in St. Albans, Vermont, with additional operations in Santa Ana, California, STC operates in the Company’s Scientific Fluidics & Optics reporting unit within the HST segment. STC was acquired for cash consideration of $202.0 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $104.0 million and $95.3 million, respectively. The goodwill is not deductible for tax purposes.

The Company made a preliminary allocation of the purchase price for the STC 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	$	16.7
Property, plant and equipment	12.5
Goodwill	104.0
Intangible assets	95.3
Other noncurrent assets	3.1
Total assets acquired	231.6
Current liabilities	(5.4)
Deferred income taxes	(21.7)
Other noncurrent liabilities	(2.5)
Net assets acquired	$	202.0

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


	Total		Weighted Average Life
Trade names	$	9.3	15
Customer relationships	66.0		15
Unpatented technology	20.0		11
Acquired intangible assets	$	95.3

2022 Acquisitions

Nexsight

On February 28, 2022, the Company acquired Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“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 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 KZ CO. (“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 B.V. and its subsidiaries (“Muon Group”). Muon Group manufactures highly precise flow paths in a variety of materials that enable the movement of various liquids and gases in critical applications for medical, semiconductor, food processing, digital printing and filtration technologies. Muon Group maintains operations in Hapert, the Netherlands; Eerbeek, the Netherlands; Wijchen, the Netherlands; Dorset, England 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 Facility (as defined below) and $200.0 million of proceeds from the Company's Term Facility (as defined below). Goodwill and intangible assets recognized as part of this transaction were $396.6 million and $319.1 million, respectively. The goodwill is not deductible for tax purposes.

The Company finalized the 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.

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	$	51.4
Property, plant and equipment	57.6
Goodwill	396.6
Intangible assets	319.1
Other noncurrent assets	9.6
Total assets acquired	834.3
Current liabilities	(26.8)
Deferred income taxes	(83.5)
Other noncurrent liabilities	(11.0)
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

2021 Acquisitions

ABEL

On March 10, 2021, the Company acquired the stock of ABEL Pumps, L.P. and certain of its affiliates (“ABEL”). ABEL designs and manufactures highly engineered reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. Headquartered in Büchen, Germany, with sales and service locations in Madrid, Spain, and subsequent to the acquisition, with operations in Mansfield, Ohio, ABEL operates in the Company’s Pumps reporting unit within the FMT segment. ABEL was acquired for cash consideration of $106.3 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $42.7 million and $46.0 million, respectively. The goodwill is not deductible for tax purposes.

The Company finalized the allocation of the purchase price for the ABEL acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy.

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


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

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


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

Airtech

On June 14, 2021, the Company acquired the stock of Airtech Group, Inc., US Valve Corporation and related entities (“Airtech”). Airtech designs and manufactures a wide range of highly-engineered pressure technology products, including vacuum pumps, regenerative blowers, compressor systems and valves for a variety of end markets, including alternative energy, food processing, medical, packaging and transportation. Headquartered in Rutherford, New Jersey, with primary manufacturing operations in Werneck, Germany and Shenzhen, China, Airtech operates in the Company’s Performance Pneumatic Technologies reporting unit within the HST segment. Airtech was acquired for cash consideration of $471.0 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $268.5 million and $202.3 million, respectively. The goodwill is not deductible for tax purposes.

The Company finalized the allocation of the purchase price for the Airtech acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy.

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


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

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


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

Acquisition-Related Costs

The Company incurred acquisition costs related to completed, pending and potential acquisitions, including those that ultimately were not completed. These costs were recorded in Selling, general and administrative expenses. The Company also incurred fair value inventory step-up charges associated with completed acquisitions. These costs were recorded in Cost of sales. A summary of the acquisition costs and the fair value inventory step-up charges recorded in the years ended December 31, 2023, 2022 and 2021 are presented in the following table:


	2023		2022		2021
Acquisition costs	$	7.3	$	6.8	$	6.5
Fair value inventory step-up charges	$	1.6	$	8.5	$	11.6

Divestitures

The Company periodically reviews its businesses relative to its core business and customers and evaluates if refinements may be needed. As such, from time to time, the Company may 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 businesses - net in the Consolidated Statements of Income.

On December 29, 2023, the Company completed the sale of Novotema, SpA (“Novotema”) for proceeds of $8.3 million, net of cash remitted, resulting in a loss on the sale of $9.1 million. There was no income tax impact associated with this transaction in the Consolidated Statements of Income due to the participation exemption of its consolidated group. The results of Novotema were reported in the Sealing Solutions reporting unit within the HST segment.

On August 3, 2023, the Company completed the sale of Micropump, Inc. (“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 Consolidated Statements of Income during the year ended December 31, 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 LLC (“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 Consolidated Statements of Income during the year ended December 31, 2022. The results of Knight were reported in the Water reporting unit within the FMT segment.

Significant Accounting Policies - Earnings per Common Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Option to purchase common stock shares not included in the computation of diluted EPS (in shares)	0.2	0.5	0.3

Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 59.77	$ 42.66	$ 38.88
Dividend yield	1.09%	1.14%	1.01%
Volatility	27.14%	25.23%	23.78%
Risk-free interest rate	4.15%	2.01%
Risk-free interest rate, minimum			0.12%
Risk-free interest rate, maximum			1.54%
Expected life (in years)	4 years 6 months	4 years 10 months 24 days	5 years 8 months 12 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

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-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
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-Section 50
-Paragraph 2
-Subparagraph (e)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (e)(2)
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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)
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-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

Income Taxes - Computed Amount and Differences in Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Pretax income	$ 760.3	$ 749.4	$ 579.8
Computed amount at statutory rate of 21%	159.7	157.4	121.8
State and local income tax (net of federal tax benefit)	12.6	11.4	8.0
Taxes on non-U.S. earnings-net of foreign tax credits	10.8	12.4	9.2
Global Intangible Low-Taxed Income	0.0	2.0	0.4
Effective Income Tax Rate Reconciliation, FDII, Amount	(11.3)	(11.9)	(7.5)
Share-based payments	(2.0)	(2.6)	(3.5)
Other	(5.1)	(6.0)	2.1
Total provision for income taxes	$ 164.7	$ 162.7	$ 130.5
Computed amount at statutory rate of 21%	21.00%	21.00%	21.00%
State and local income tax (net of federal tax benefit)	1.70%	1.50%	1.40%
Taxes on non-U.S. earnings-net of foreign tax credits	1.40%	1.70%	1.60%
Global Intangible Low-Taxed Income	0.00%	0.30%	0.10%
Foreign-Derived Intangible Income Deduction	(1.50%)	(1.60%)	(1.30%)
Share-based payments	(0.30%)	(0.40%)	(0.60%)
Other	(0.60%)	(0.80%)	0.30%
Total provision for income taxes	21.70%	21.70%	22.50%

Significant Accounting Policies - Intangible Asset Depreciation and Amortization Estimated Useful Lives (Details)	Dec. 31, 2023
Patents
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	12 years
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	15 years
Trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	15 years
Trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	13 years
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	12 years
Unpatented technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	8 years
Unpatented technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years
Software
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years

Income Taxes - Schedule Of Income Before Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 534.1	$ 516.5	$ 350.2
Foreign	226.2	232.9	229.6
Income before income taxes	$ 760.3	$ 749.4	$ 579.8

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Business Segments and Geographic Information - Schedule of Sales from External Customers and Long Lived Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	$ 430.3	$ 382.1	$ 327.3
U.S. Plans
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	219.2	191.7	188.3
North America, excluding U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	24.0	4.7	5.4
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	138.4	136.8	98.9
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	48.3	48.8	34.5
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets - net	$ 0.4	$ 0.1	$ 0.2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 94.9	$ 69.0	$ 56.4

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company maintains two share-based compensation plans for executives, non-employee directors and certain key employees that authorize the granting of restricted stock, performance share units and stock options and other types of awards consistent with the purpose of the plans. The number of shares authorized for issuance under the Company’s plans as of December 31, 2023 totaled 15.6 million, of which 1.7 million shares were available for future issuance.

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 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 Binomial lattice option pricing model (for options granted before March 2021) or the Black Scholes valuation model (for options granted after February 2021). The adoption of the Black Scholes model in 2021 was driven by a review of option exercise history, which more closely aligned with the methodology of the Black Scholes model. 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 years ended December 31, 2023, 2022, and 2021 are disclosed below:


	Years Ended December 31,
	2023	2022	2021
Weighted average fair value of grants	$59.77	$42.66	$38.88
Dividend yield	1.09%	1.14%	1.01%
Volatility	27.14%	25.23%	23.78%
Risk-free interest rate	4.15%	2.01%	0.12% - 1.54%
Expected life (in years)	4.50	4.90	5.70

The assumptions are as follows:

•The Company estimated volatility using its historical share price performance over the contractual term of the option (for the Binomial lattice option pricing model) or over the expected life of the option (for the Black Scholes valuation model).

•The Company uses historical data to estimate the expected life of the option. The expected life assumption for options granted before March 2021 is an output of the Binomial lattice option pricing model, which incorporates vesting provisions, rate of voluntary exercise and rate of post-vesting termination over the contractual life of the option to define expected employee behavior. The expected life assumption for options granted after March 2021 is based on IDEX’s own exercise and cancellation history, adjusted for current vesting schedules.

•The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option (for the Binomial lattice option pricing model) or commensurate with the expected life of the option (for the Black Scholes valuation model). For options granted before March 2021, the Company presents the range of risk-free one-year forward rates, derived from the U.S. treasury yield curve, utilized in the Binomial lattice option pricing model. For options granted after March 2021, the Company presents the spot rate used in the Black Scholes valuation model.

•The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the contractual life of the option.

A summary of the Company’s stock option activity as of December 31, 2023, and changes during the year ended December 31, 2023, are presented in the following table:


	Shares	Weighted Average Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at January 1, 2023	1,015,572	$	161.45	6.94	$	67.9
Granted	246,195	222.52
Exercised	(196,050)	133.90
Forfeited	(82,450)	201.67
Outstanding at December 31, 2023	983,267	$	178.86	6.88	$	39.3
Vested and expected to vest at December 31, 2023	954,222	$	177.96	6.82	$	38.9
Exercisable at December 31, 2023	497,612	$	153.99	5.47	$	31.5

The intrinsic value for stock options outstanding and exercisable is defined as the difference between the market value of the Company’s common stock as of the end of the period and the grant price. The total intrinsic value of options exercised in 2023, 2022 and 2021 was $14.9 million, $17.4 million and $21.4 million, respectively. In 2023, 2022 and 2021, cash received from options exercised was $26.3 million, $19.3 million and $19.7 million, respectively, while the actual tax benefit realized for the tax deductions from stock options exercised totaled $3.1 million, $3.7 million and $4.5 million, respectively.

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


	Years Ended December 31,
	2023		2022		2021
Cost of sales	$	0.6	$	0.5	$	0.5
Selling, general and administrative expenses(1)	9.3		8.7		8.0
Total expense before income taxes	9.9		9.2		8.5
Income tax benefit	(1.0)		(0.8)		(0.8)
Total expense after income taxes	$	8.9	$	8.4	$	7.7

(1) The year ended December 31, 2023 includes $0.5 million of lower expense due to executive forfeitures, largely offset by $0.4 million of higher expense due to timing of accelerated stock compensation costs for retiree eligible participants compared with 2022.

As of December 31, 2023, there was $9.4 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.4 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 December 31, 2023, and changes during the year ended December 31, 2023, are presented in the following table:


Restricted Stock	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023	104,382	$	179.45
Granted	46,660	217.01
Vested	(24,076)	175.42
Forfeited	(14,075)	201.92
Unvested at December 31, 2023	112,891	$	193.03

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


	Years Ended December 31,
	2023		2022		2021
Cost of sales	$	0.5	$	0.3	$	0.4
Selling, general and administrative expenses(1)	5.2		6.4		5.1
Total expense before income taxes	5.7		6.7		5.5
Income tax benefit	(1.2)		(1.2)		(1.1)
Total expense after income taxes	$	4.5	$	5.5	$	4.4

(1) The year ended December 31, 2023 includes $0.5 million of lower expense due to timing of accelerated stock compensation costs for retiree eligible participants compared with 2022.

As of December 31, 2023, there was $6.9 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.1 years.

Cash-Settled Restricted Stock

The Company also maintains a cash-settled share based compensation plan for certain employees. Cash-settled restricted stock awards generally cliff vest after three years. The service period for certain retiree eligible participants is accelerated. Cash-settled restricted stock awards are recorded at fair value on a quarterly basis using the market price of the Company’s stock on the last day of the quarter. Dividend equivalents are paid on certain cash-settled restricted stock awards. A summary of

the Company’s unvested cash-settled restricted stock activity as of December 31, 2023, and changes during the year ended December 31, 2023, are presented in the following table:


Cash-Settled Restricted Stock	Shares	Weighted-Average Fair Value
Unvested at January 1, 2023	57,356	$	228.33
Granted	20,940	225.02
Vested	(16,071)	228.86
Forfeited	(5,570)	217.11
Unvested at December 31, 2023	56,655	$	217.11

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


	Years Ended December 31,
	2023		2022		2021
Cost of sales	$	0.3	$	0.1	$	0.7
Selling, general and administrative expenses	3.1		2.6		4.3
Total expense before income taxes	3.4		2.7		5.0
Income tax benefit	(0.2)		(0.2)		(0.4)
Total expense after income taxes	$	3.2	$	2.5	$	4.6

At December 31, 2023 and 2022, the Company has accrued $4.2 million and $4.8 million, respectively, for cash-settled restricted stock in Accrued expenses in the Consolidated Balance Sheets and has accrued $2.9 million and $2.8 million, respectively, for cash-settled restricted stock in Other noncurrent liabilities in the Consolidated Balance Sheets.

As of December 31, 2023, there was $4.1 million of total unrecognized compensation cost related to cash-settled restricted stock that is expected to be recognized over a weighted-average period of 1.0 year.

Performance Share Units

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

Weighted average performance share unit fair values and assumptions for the years ended December 31, 2023, 2022, and 2021 are disclosed below:


	Years Ended December 31,
	2023	2022	2021
Weighted average fair value of grants	$308.18	$235.54	$247.49
Dividend yield	—%	—%	—%
Volatility	27.00%	28.09%	28.60%
Risk-free interest rate	4.37%	1.73%	0.33%
Expected life (in years)	2.94	2.93	2.93

The assumptions are as follows:

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

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

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

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

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


Performance Share Units	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023	70,915	$	236.66
Granted	28,030	308.18
Vested	(18,105)	226.86
Forfeited	(13,385)	263.06
Unvested at December 31, 2023	67,455	$	265.15

The performance period for the 2021 grants ended as of January 31, 2024. The 2021 grants achieved a 50% payout factor and the Company issued 9,606 common shares in February 2024 for awards that vested in 2024.

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


	Years Ended December 31,
	2023		2022		2021
Cost of goods sold	$	—	$	—	$	—
Selling, general and administrative expenses(1)	6.0		6.0		6.4
Total expense before income taxes	6.0		6.0		6.4
Income tax benefit	(0.3)		(0.2)		(0.3)
Total expense after income taxes	$	5.7	$	5.8	$	6.1

(1) The year ended December 31, 2023 includes $0.8 million of higher expense due to timing of accelerated stock compensation costs for retiree eligible participant, offset by $0.8 million of lower expense due to executive forfeitures compared with 2022.

As of December 31, 2023, there was $2.5 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.0 year.

Balance Sheet Components - Components (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
RECEIVABLES - NET
Customers	$ 419.0	$ 431.3
Other	16.3	19.5
Total	435.3	450.8
Less allowance for credit losses	7.5	8.0
Total receivables - net	427.8	442.8
INVENTORIES - NET
Raw materials and components parts	268.1	301.2
Work in process	44.5	54.3
Finished goods	108.2	115.4
Total inventories - net	420.8	470.9
PROPERTY, PLANT AND EQUIPMENT - NET
Land and improvements	30.8	35.2
Buildings and improvements	234.7	214.2
Machinery, equipment and other	551.0	492.4
Office and transportation equipment	106.0	100.6
Construction in progress	53.5	56.4
Total	976.0	898.8
Less accumulated depreciation and amortization	545.7	516.7
Total property, plant and equipment - net	430.3	382.1
ACCRUED EXPENSES
Payroll and related items	97.1	102.7
Management incentive compensation	16.4	26.4
Income taxes payable	18.5	30.2
Insurance	11.4	11.2
Warranty	9.1	8.1
Deferred revenue	55.9	44.7
Lease liability	22.0	21.6
Restructuring	2.1	1.4
Accrued interest	4.5	5.5
Pension and retiree medical obligations	3.4	3.3
Other	31.1	34.0
Total accrued expenses	271.5	289.1
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	65.1	55.1
Transition tax payable	5.0	9.1
Deferred revenue	17.3	15.0
Lease liability	98.1	96.6
Other	21.2	20.0
Total other noncurrent liabilities	$ 206.7	$ 195.8

Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 1,274.1	$ 1,173.5
Intangible assets - Gross Carrying Amount	1,365.0	1,264.4
Accumulated Amortization	(353.2)	(316.6)
Amortized intangible assets - Net	920.9	856.9
Intangible assets - Net	$ 1,011.8	947.8
Weighted Average
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Weighted Average Life	13 years
Banjo trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets	$ 62.1	62.1
Akron Brass trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets	28.8	28.8
Patents
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	2.7	2.9
Accumulated Amortization	(2.0)	(1.8)
Amortized intangible assets - Net	$ 0.7	1.1
Amortized intangible assets - Weighted Average Life	12 years
Trade names
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 171.9	186.5
Accumulated Amortization	(54.3)	(71.4)
Amortized intangible assets - Net	$ 117.6	115.1
Amortized intangible assets - Weighted Average Life	15 years
Customer relationships
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 860.7	772.2
Accumulated Amortization	(228.7)	(184.9)
Amortized intangible assets - Net	$ 632.0	587.3
Amortized intangible assets - Weighted Average Life	13 years
Unpatented technology
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 233.5	207.1
Accumulated Amortization	(66.3)	(57.8)
Amortized intangible assets - Net	$ 167.2	149.3
Amortized intangible assets - Weighted Average Life	12 years
Software
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 5.3	4.8
Accumulated Amortization	(1.9)	(0.7)
Amortized intangible assets - Net	$ 3.4	$ 4.1
Amortized intangible assets - Weighted Average Life	5 years

Business Segments and Geographic Information - Schedule of Information on Company's Business Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 3,273.9	$ 3,181.9	$ 2,764.8
Adjusted EBITDA	899.6	884.2	765.4
Interest expense	(51.7)	(40.7)	(41.0)
Depreciation	(57.2)	(50.7)	(46.6)
Amortization of intangible assets	(94.9)	(69.0)	(56.4)
Fair value inventory step-up charges	(1.6)	(8.5)	(11.6)
Restructuring expenses and asset impairments	(10.9)	(4.5)	(9.3)
Net impact from the exit of a COVID-19 testing application	0.0	1.1	0.0
Corporate transaction indemnity	0.0	0.0	(3.5)
Gain on sale of businesses - net	84.7	34.8	0.0
Gains on sales of assets	0.0	2.7	0.0
Credit loss on note receivable from collaborative partner	(7.7)	0.0	0.0
Loss on early debt redemption	0.0	0.0	(8.6)
Termination of the U.S. pension plan, net of curtailment	0.0	0.0	(8.6)
Income before income taxes	760.3	749.4	579.8
Total assets	5,865.2	5,511.9	4,917.2
Total depreciation and amortization	152.1	119.7	103.0
Total capital expenditures	89.9	68.0	72.7
Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	(8.4)	(3.8)	(3.6)
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	984.2	969.9	838.6
Corporate/Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(84.6)	(85.7)	(73.2)
Total assets	135.5	132.1	427.6
Total depreciation and amortization	1.0	0.5	0.5
Total capital expenditures	0.9	0.2	0.7
FMT
Segment Reporting Information [Line Items]
Net sales	1,244.2	1,166.2	998.0
FMT \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	2.9	1.1	0.7
FMT \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,247.1	1,167.3	998.7
Adjusted EBITDA	416.1	374.2	297.0
Total assets	1,674.7	1,676.9	1,458.8
Total depreciation and amortization	36.8	36.9	30.5
Total capital expenditures	24.2	25.3	21.0
HST
Segment Reporting Information [Line Items]
Net sales	1,313.5	1,336.8	1,119.0
HST \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	2.9	2.4	2.8
HST \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,316.4	1,339.2	1,121.8
Adjusted EBITDA	359.5	411.8	355.9
Revenue recognized	17.9	17.9
Impairment of definite-lived assets	16.8	16.8
Total assets	3,262.4	2,931.1	2,138.3
Total depreciation and amortization	99.0	67.3	56.7
Total capital expenditures	55.1	32.0	41.5
FSDP
Segment Reporting Information [Line Items]
Net sales	716.2	678.9	647.8
FSDP \| Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	2.6	0.3	0.1
FSDP \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	718.8	679.2	647.9
Adjusted EBITDA	208.6	183.9	185.7
Total assets	792.6	771.8	892.5
Total depreciation and amortization	15.3	15.0	15.3
Total capital expenditures	$ 9.7	$ 10.5	$ 9.5

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands	Dec. 14, 2023	May 19, 2023	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022	Jun. 14, 2021	Mar. 10, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill								$ 2,838,300	$ 2,638,100	$ 2,167,700
Iridian
Business Acquisition [Line Items]
Aggregate purchase price, cash paid		$ 109,800
Goodwill		52,700
Intangible assets		$ 45,600
STC
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	$ 202,000
Goodwill	104,000
Intangible assets	$ 95,300
Nexsight
Business Acquisition [Line Items]
Aggregate purchase price, cash paid					$ 112,500
Goodwill					54,700
Intangible assets					$ 49,800
KZValve
Business Acquisition [Line Items]
Aggregate purchase price, cash paid				$ 120,100
Goodwill				56,400
Intangible assets				$ 52,000
Muon Group
Business Acquisition [Line Items]
Aggregate purchase price, cash paid			$ 713,000
Goodwill			396,600
Intangible assets			319,100
Muon Group \| Line of Credit \| Revolving Credit Facility
Business Acquisition [Line Items]
Proceeds from issuance of debt			170,400
Muon Group \| Line of Credit \| Secured Debt
Business Acquisition [Line Items]
Proceeds from issuance of debt			200,000
Muon Group \| Cash On Hand
Business Acquisition [Line Items]
Aggregate purchase price, cash paid			$ 342,600
ABEL
Business Acquisition [Line Items]
Aggregate purchase price, cash paid							$ 106,300
Goodwill							42,700
Intangible assets							$ 46,000
Airtech
Business Acquisition [Line Items]
Aggregate purchase price, cash paid						$ 471,000
Goodwill						268,500
Intangible assets						$ 202,300

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	34

Retirement Benefits - Amounts in Accumulated Other Comprehensive Income Loss Expected to be Recognized as Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior service cost (credit)	$ 0.2	$ 0.1
Net loss (gain)	2.7	1.9
Total	2.9	2.0
Pension Benefits \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior service cost (credit)	(0.4)	(0.5)
Net loss (gain)	1.8	(5.5)
Total	1.4	(6.0)
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Prior service cost (credit)	(0.3)	(0.4)
Net loss (gain)	(8.6)	(9.9)
Total	$ (8.9)	$ (10.3)

Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,273.9	$ 3,181.9	$ 2,764.8
Deferred revenue	73.2	59.7
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total net sales	(8.4)	(3.8)	(3.6)
FMT \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	1,244.2	1,166.2	998.0
FMT \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total net sales	(2.9)	(1.1)	(0.7)
FMT \| Pumps \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	402.9	396.5	345.1
FMT \| Water \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	345.8	307.8	255.3
FMT \| Energy \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	209.3	191.3	169.0
FMT \| Agriculture \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	159.6	152.8	107.4
FMT \| Valves \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	129.5	118.9	121.9
HST \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	1,313.5	1,336.8	1,119.0
Deferred revenue		17.9
HST \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total net sales	(2.9)	(2.4)	(2.8)
HST \| Scientific Fluidics & Optics \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	681.5	639.0	508.0
HST \| Performance Pneumatic Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	250.0	257.6	182.2
HST \| Sealing Solutions \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	242.3	266.0	264.2
HST \| Material Processing Technologies \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	120.7	138.1	134.5
HST \| Micropump \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	21.9	38.5	32.9
FSDP \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	716.2	678.9	647.8
FSDP \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total net sales	(2.6)	(0.3)	(0.1)
FSDP \| Fire & Safety \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	431.9	400.1	377.5
FSDP \| Dispensing \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	167.5	167.5	169.6
FSDP \| BAND-IT \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 119.4	$ 111.6	$ 100.8

Business Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 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.


	2023		2022		2021
NET SALES
Fluid & Metering Technologies
External customers	$	1,244.2	$	1,166.2	$	998.0
Intersegment sales	2.9		1.1		0.7
Total segment sales	1,247.1		1,167.3		998.7
Health & Science Technologies
External customers	1,313.5		1,336.8		1,119.0
Intersegment sales	2.9		2.4		2.8
Total segment sales	1,316.4		1,339.2		1,121.8
Fire & Safety/Diversified Products
External customers	716.2		678.9		647.8
Intersegment sales	2.6		0.3		0.1
Total segment sales	718.8		679.2		647.9
Intersegment eliminations	(8.4)		(3.8)		(3.6)
Net sales	$	3,273.9	$	3,181.9	$	2,764.8
ADJUSTED EBITDA
Fluid & Metering Technologies	$	416.1	$	374.2	$	297.0
Health & Science Technologies	359.5		411.8		355.9
Fire & Safety/Diversified Products	208.6		183.9		185.7
Segment Adjusted EBITDA	984.2		969.9		838.6
Corporate and other(1)	(84.6)		(85.7)		(73.2)
Adjusted EBITDA	899.6		884.2		765.4
Interest expense	(51.7)		(40.7)		(41.0)
Depreciation	(57.2)		(50.7)		(46.6)
Amortization of intangible assets	(94.9)		(69.0)		(56.4)
Fair value inventory step-up charges	(1.6)		(8.5)		(11.6)
Restructuring expenses and asset impairments	(10.9)		(4.5)		(9.3)
Net impact from the exit of a COVID-19 testing application(2)	—		1.1		—
Corporate transaction indemnity	—		—		(3.5)
Gain on sale of businesses - net	84.7		34.8		—
Gains on sales of assets	—		2.7		—
Credit loss on note receivable from collaborative partner(3)	(7.7)		—		—
Loss on early debt redemption	—		—		(8.6)
Termination of the U.S. pension plan, net of curtailment	—		—		(8.6)
Income before income taxes	$	760.3	$	749.4	$	579.8

(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 acceleration of previously deferred revenue of $17.9 million, net of 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 14 in the Notes to 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 Consolidated Financial Statements for further detail.


	2023		2022		2021
ASSETS
Fluid & Metering Technologies	$	1,674.7	$	1,676.9	$	1,458.8
Health & Science Technologies	3,262.4		2,931.1		2,138.3
Fire & Safety/Diversified Products	792.6		771.8		892.5
Corporate and other	135.5		132.1		427.6
Total assets	$	5,865.2	$	5,511.9	$	4,917.2
DEPRECIATION AND AMORTIZATION OF INTANGIBLE ASSETS
Fluid & Metering Technologies	$	36.8	$	36.9	$	30.5
Health & Science Technologies	99.0		67.3		56.7
Fire & Safety/Diversified Products	15.3		15.0		15.3
Corporate and other	1.0		0.5		0.5
Total depreciation and amortization	$	152.1	$	119.7	$	103.0
CAPITAL EXPENDITURES
Fluid & Metering Technologies	$	24.2	$	25.3	$	21.0
Health & Science Technologies	55.1		32.0		41.5
Fire & Safety/Diversified Products	9.7		10.5		9.5
Corporate and other	0.9		0.2		0.7
Total capital expenditures	$	89.9	$	68.0	$	72.7

Schedule of Sales From External Customers and Long-Lived Assets

Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2023, 2022 and 2021 is shown below.


	2023		2022		2021
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.	$	219.2	$	191.7	$	188.3
North America, excluding U.S.	24.0		4.7		5.4
Europe	138.4		136.8		98.9
Asia	48.3		48.8		34.5
Other(1)	0.4		0.1		0.2
Total long-lived assets - net	$	430.3	$	382.1	$	327.3

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

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance, January 1	$ 8.1	$ 7.6	$ 7.4
Provision for warranties	5.8	3.0	3.4
Claim settlements	(4.7)	(4.1)	(3.8)
Other adjustments, including acquisitions, divestitures and foreign currency translation	(0.1)	1.6	0.6
Ending balance, December 31	$ 9.1	$ 8.1	$ 7.6

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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

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


	Basis of Fair Value Measurements
	December 31, 2023		December 31, 2022
	Level 1		Level 1
Trading securities - mutual funds held in nonqualified SERP(1)	$	10.5	$	7.5
Available-for-sale securities - equities(2)	4.4		—

(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 December 31, 2023, the securities are included in Other current assets on the Company’s Consolidated Balance Sheets and are available for overnight cash settlement, if necessary, to fund current operations.

Schedule of Fair Value, by Balance Sheet Grouping

The following table provides the fair value of the outstanding indebtedness described in Note 7, 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.


	December 31, 2023				December 31, 2022
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Total Borrowings, less unaccreted debt discount	$	1,203.5	$	1,332.2	$	1,328.7	$	1,476.6

Significant Accounting Policies - Property and Equipment at Cost Depreciation and Amortization Estimated Useful Lives (Details)	Dec. 31, 2023
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	8 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Machinery, equipment and other \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Machinery, equipment and other \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	12 years
Office and transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years
Office and transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

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 Adjustments	Cumulative Unrealized Gain (Loss) on Derivatives	Treasury Stock	Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 2,540.3	$ 2,540.2	$ 776.1	$ 2,841.5	$ 13.4	$ (24.4)	$ (2.5)	$ (1,063.9)	$ 0.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	449.3	449.4		449.4					(0.1)
Cumulative translation adjustment	(75.6)	(75.6)			(75.6)
Net change in retirement obligations (net of tax)	17.0	17.0				17.0
Net change on derivatives designated as cash flow hedges (net of tax)	2.5	2.5					2.5
Net issuance of shares of common stock (net of tax)	13.6	13.6						13.6
Share-based compensation	20.4	20.4	20.4
Cash dividends declared	(164.4)	(164.4)		(164.4)
Ending balance at Dec. 31, 2021	2,803.1	2,803.1	796.5	3,126.5	(62.2)	(7.4)	0.0	(1,050.3)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	586.7	586.9		586.9					(0.2)
Cumulative translation adjustment	(74.9)	(74.9)			(74.9)
Net change in retirement obligations (net of tax)	18.3	18.3				18.3
Net change on derivatives designated as cash flow hedges (net of tax)	0.0
Net issuance of shares of common stock (net of tax)	14.1	14.1						14.1
Repurchase of common stock	(148.1)	(148.1)						(148.1)
Share-based compensation	21.6	21.6	21.6
Cash dividends declared	(181.7)	(181.7)		(181.7)
Contributions received from joint venture partner	0.5								0.5
Ending balance at Dec. 31, 2022	3,039.6	3,039.3	818.1	3,531.7	(137.1)	10.9	0.0	(1,184.3)	0.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	595.6	596.1		596.1					(0.5)
Cumulative translation adjustment	87.8	87.8			87.8
Net change in retirement obligations (net of tax)	(7.4)	(7.4)				(7.4)
Net change on derivatives designated as cash flow hedges (net of tax)	0.0
Net issuance of shares of common stock (net of tax)	21.5	21.5						21.5
Repurchase of common stock	(24.2)	(24.2)						(24.2)
Share-based compensation	21.8	21.8	21.8
Cash dividends declared	(193.5)	(193.5)		(193.5)
Ending balance at Dec. 31, 2023	$ 3,541.2	$ 3,541.4	$ 839.9	$ 3,934.3	$ (49.3)	$ 3.5	$ 0.0	$ (1,187.0)	$ (0.2)

Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Advertising costs	$ 15.9	$ 14.9	$ 10.7

Retirement Benefits

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Benefits

The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other post-retirement plans for its employees. The Company uses a measurement date of December 31 for its defined benefit pension plans and post-retirement medical plans. The Company employs the measurement date provisions of ASC 715, Compensation-Retirement Benefits, which require the measurement date of plan assets and liabilities to coincide with the sponsor’s year end.

During the year ended December 31, 2021, the Company settled its remaining obligations under the IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan which was terminated in May 2020, through a combination of lump-sum payments to eligible participants who elected them, and through the purchase of annuities from Legal and General, an A rated third-party insurer. The Company recognized a net loss of $9.7 million, which was recorded within Other expense (income) - net. The net loss consisted of $10.7 million related to previously deferred pension related costs, partially offset by $1.0 million related to an increase in plan assets remaining after the settlement.

The following table provides a reconciliation of the changes in the benefit obligation and fair value of plan assets over the two-year period ended December 31, 2023 and a statement of the funded status at December 31 for both years.


	Pension Benefits								Other Benefits
	2023				2022				2023		2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	8.3	$	75.7	$	10.6	$	104.3	$	16.4	$	23.6
Service cost	0.1		1.2		0.1		1.8		0.4		0.7
Interest cost	0.4		2.8		0.2		1.0		0.8		0.5
Plan amendments	—		—		—		—		—		—
Benefits paid	(0.7)		(1.4)		(0.6)		(0.8)		(0.9)		(1.0)
Actuarial loss (gain)	0.4		6.2		(2.0)		(27.8)		0.5		(7.3)
Currency translation	—		5.2		—		(6.1)		—		(0.1)
Settlements	—		(3.0)		—		(0.1)		—		—
Curtailments	—		—		—		—		—		—
Acquisition/Divestiture	—		1.0		—		2.7		—		—
Other	0.4		0.8		—		0.7		—		—
Obligation at December 31	$	8.9	$	88.5	$	8.3	$	75.7	$	17.2	$	16.4
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	4.7	$	37.8	$	17.0	$	46.1	$	—	$	—
Actual return on plan assets	(0.3)		0.9		(2.0)		(10.5)		—		—
Employer contributions	0.4		3.3		0.4		2.8		0.9		1.0
Benefits paid	(0.7)		(1.4)		(0.6)		(0.8)		(0.9)		(1.0)
Currency translation	—		3.2		—		(2.5)		—		—
Settlements	—		(3.0)		—		(0.1)		—		—
Acquisition/Divestiture	—		—		—		2.0		—		—
Other	0.2		0.9		(10.1)		0.8		—		—
Fair value of plan assets at December 31	$	4.3	$	41.7	$	4.7	$	37.8	$	—	$	—
Funded status at December 31	$	(4.6)	$	(46.8)	$	(3.6)	$	(37.9)	$	(17.2)	$	(16.4)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets	$	—	$	—	$	—	$	—	$	—	$	—
Other noncurrent assets	—		1.5		—		0.5		—		—
Current liabilities	(0.7)		(1.7)		(0.7)		(1.5)		(1.1)		(1.1)
Other noncurrent liabilities	(3.9)		(46.6)		(2.9)		(36.9)		(16.1)		(15.3)
Net asset (liability) at December 31	$	(4.6)	$	(46.8)	$	(3.6)	$	(37.9)	$	(17.2)	$	(16.4)

The pension benefits actuarial loss in 2023 was primarily driven by the decrease in the discount rates from 2022 to 2023. The increase in the Eurozone inflation rate contributed further to the reported Non-U.S. pension actuarial loss.

The other benefits actuarial loss in 2023 was primarily driven by the decrease in the discount rates from 2022 to 2023 with additional losses from the updated medical trend assumptions for the U.S. plans, partially offset by gains from updated participants data.

The accumulated benefit obligation for all defined benefit pension plans was $94.6 million and $81.9 million at December 31, 2023 and 2022, respectively.

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2023 and 2022 were as follows:


	U.S. Plans				Non-U.S. Plans				Other Benefits
	2023		2022		2023		2022		2023		2022
Discount rate	4.93	%	5.17	%	3.01	%	3.75	%	4.90	%	5.21	%
Rate of compensation increase	—	%	—	%	2.55	%	2.44	%	—	%	—	%
Cash balance interest credit rate	—	%	—	%	1.43	%	2.42	%	—	%	—	%

The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2023 and 2022 were as follows:


	Pension Benefits								Other Benefits
	2023				2022				2023		2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Prior service cost (credit)	$	0.2	$	(0.4)	$	0.1	$	(0.5)	$	(0.3)	$	(0.4)
Net loss (gain)	2.7		1.8		1.9		(5.5)		(8.6)		(9.9)
Total	$	2.9	$	1.4	$	2.0	$	(6.0)	$	(8.9)	$	(10.3)

The components of the net periodic cost (benefit) for the plans in 2023, 2022 and 2021 are as follows:


	Pension Benefits
	2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	1.2	$	0.1	$	1.8	$	0.1	$	2.0
Interest cost	0.4		2.8		0.2		1.0		0.3		0.7
Expected return on plan assets	(0.2)		(1.6)		(0.2)		(1.3)		(0.9)		(1.0)
Settlement (gain) loss recognized	—		(0.1)		—		—		10.5		—
Net amortization	0.1		(0.6)		0.3		0.6		0.4		2.1
Net periodic cost	$	0.4	$	1.7	$	0.4	$	2.1	$	10.4	$	3.8


	Other Benefits
	2023		2022		2021
Service cost	$	0.4	$	0.7	$	0.7
Interest cost	0.8		0.5		0.4
Curtailment gain recognized	—		—		(2.0)
Net amortization	(0.9)		(0.5)		(0.6)
Net periodic cost (benefit)	$	0.3	$	0.7	$	(1.5)

The Company recognizes the service cost component in both Cost of sales and Selling, general and administrative expenses in the 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 Consolidated Statements of Income.

The assumptions used in determining the net periodic cost (benefit) were as follows:


	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Discount rate	5.17	%	2.52	%	2.14	%	3.75	%	1.25	%	0.95	%
Expected return on plan assets	4.65	%	2.63	%	2.40	%	4.17	%	2.87	%	2.41	%
Rate of compensation increase	—	%	—	%	—	%	2.44	%	2.31	%	2.32	%


	Other Benefits
	2023		2022		2021
Discount rate	5.21	%	2.70	%	2.20	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	—	%	—	%	—	%

The pretax change recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheet in 2023 is as follows:


	Pension Benefits				Other Benefits
	U.S.		Non-U.S.
Net loss in current year	$	(0.9)	$	(6.9)	$	(0.4)
Prior service cost	(0.1)		—		—
Amortization of prior service credit	—		(0.1)		(0.1)
Amortization of net loss (gain)	0.1		(0.5)		(0.9)
Exchange rate effect on amounts in other comprehensive income	—		0.1		—
Total	$	(0.9)	$	(7.4)	$	(1.4)

The discount rates for the Company’s plans are derived by matching the plan’s cash flows to a yield curve that provides the equivalent yields on zero-coupon bonds for each maturity. The discount rate selected is the rate that produces the same present value of cash flows.

In selecting the expected rate of return on plan assets, the Company considers the historical returns and expected returns on plan assets. The expected returns are evaluated using asset return class, variance and correlation assumptions based on the plan’s target asset allocation and current market conditions.

Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active participants.

Costs of defined contribution plans were $16.8 million, $16.1 million and $12.8 million for 2023, 2022 and 2021, respectively.

The Company, through its subsidiaries, participates in a multi-employer pension plan covering approximately 211 participants under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company as contributions to these plans totaled $0.9 million, $0.8 million, and $1.0 million for 2023, 2022 and 2021, respectively.

For measurement purposes, a 6.23% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for 2023. The rate was assumed to decrease gradually each year to a rate of 4.00% for 2040, and remain at that level thereafter.

Plan Assets

The Company’s pension plan weighted average asset allocations at December 31, 2023 and 2022, by asset category, were as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Equity securities	9	%	9	%	10	%	13	%
Fixed income securities	79	%	84	%	22	%	19	%
Cash/Commingled Funds/Other (1)	12	%	7	%	68	%	68	%
Total	100	%	100	%	100	%	100	%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2023 and 2022 is summarized as follows:


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2023
Equity
U.S. Large Cap	$	0.2	$	0.2	$	—	$	—
U.S. Small / Mid Cap	2.1		—		2.1		—
International	2.4		0.8		1.6		—
Fixed Income
U.S. Intermediate	2.5		—		2.5		—
U.S. Long Term	3.3		—		3.3		—
U.S. High Yield	0.5		—		0.5		—
International	6.4		0.2		6.2		—
Other Commingled Funds(1)	25.8		—		—		25.8
Cash and Equivalents	1.1		0.6		0.5		—
Other	1.7		—		1.7		—
	$	46.0	$	1.8	$	18.4	$	25.8

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


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2022
Equity
U.S. Large Cap	$	0.2	$	0.2	$	—	$	—
U.S. Small / Mid Cap	2.5		—		2.5		—
International	2.5		0.8		1.7		—
Fixed Income
U.S. Intermediate	1.6		—		1.6		—
U.S. Long Term	3.8		—		3.8		—
U.S. High Yield	0.4		—		0.4		—
International	5.4		0.2		5.2		—
Other Commingled Funds(1)	23.7		—		—		23.7
Cash and Equivalents	1.0		0.4		0.6		—
Other	1.4		—		1.4		—
	$	42.5	$	1.6	$	17.2	$	23.7

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

Equities that are valued using quoted prices are valued at the published market prices. Equities in a common collective trust or a registered investment company that are valued using significant other observable inputs are valued at the net asset value (“NAV”) provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities. Fixed income securities that are valued using significant other observable inputs are valued at prices obtained from independent financial service industry-recognized vendors.

Investment Policies and Strategies

The investment objective of the U.S. plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn the highest possible total rate of return consistent with the plan’s tolerance for risk. The general asset allocation guidelines for plan assets are that “equities” will constitute 10% and “fixed income” obligations, including cash, will constitute 90% of the market value of total fund assets.

The investment objective of the UK plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn a target return of UK Gilts plus approximately 2.6% per year. The general asset allocation guidelines for plan assets are that “equities” will constitute from 35% to 45% of the market value of total fund assets with a target of 40%, and “fixed income” obligations, including cash, will constitute from 55% to 65% with a target of 60%. The UK plan also has a framework in place such that if the funding position (which is monitored daily) improves to a certain level, the asset allocation will switch out of equities into fixed income assets in order to lower the level of risk of the investments.

The term “equities” includes common stock, while the term “fixed income” includes obligations with contractual payments and a specific maturity date. Diversification of assets is employed to ensure that adverse performance of one security or security class does not have an undue detrimental impact on the portfolio as a whole. Diversification is interpreted to include diversification by type, characteristic and number of investments as well as by investment style of designated investment fund managers. No restrictions are placed on the selection of individual investments by the investment fund managers. The total fund performance and the performance of the investment fund managers is reviewed on a regular basis using an appointed professional independent advisor. As of December 31, 2023, there were no shares of the Company’s stock held in plan assets.

Cash Flows

The Company expects to contribute approximately $3.6 million to its defined benefit plans and $1.1 million to its other postretirement benefit plans in 2024. The Company also expects to contribute approximately $17.3 million to its defined contribution plan and $13.5 million to its 401(k) savings plan in 2024 using cash on hand.

Estimated Future Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows:


Estimated Future Benefits
2024	$	6.9
2025	6.6
2026	6.6
2027	6.6
2028	6.6
2029 to 2033	33.0
Total Estimated Future Benefit Payments	$	66.3

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-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
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-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
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-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
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-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
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-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

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Change in retirement obligation, tax amount	$ (2.3)	$ 6.8	$ 5.3
Tax benefit from change on derivatives designated as cash flow hedges, tax			$ 0.8
Net issuance shares of common stock (in shares)	230,812	216,946	228,567
Net issuance of shares of common stock, tax amount	$ 2.8	$ 3.1	$ 3.1
Repurchase of common stock (in shares)	124,600	795,423	0
Cash dividends declared, per common share outstanding (in dollars per share)	$ 2.56	$ 2.40	$ 2.16

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 595.6	$ 586.7	$ 449.3
Other comprehensive loss:
Reclassification adjustments for derivatives, net of tax	0.0	0.0	2.5
Pension and other postretirement adjustments, net of tax	(7.4)	18.3	17.0
Cumulative translation adjustment	87.8	(74.9)	(75.6)
Other comprehensive income (loss)	80.4	(56.6)	(56.1)
Comprehensive income	676.0	530.1	393.2
Comprehensive loss attributable to noncontrolling interest	0.5	0.2	0.0
Comprehensive income attributable to IDEX	$ 676.5	$ 530.3	$ 393.2

Leases - Lease Liability Future Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 20.6
2025	23.3
2026	20.7
2027	15.9
2028	13.5
Thereafter	39.8
Total lease payments	133.8
Less: Imputed interest	(13.7)
Present value of lease liabilities	$ 120.1	$ 118.2

Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income) - net	$ 5.2	$ (3.9)	$ 16.2
Reclassification adjustments	51.7	40.7	41.0
Income before income taxes	(760.3)	(749.4)	(579.8)
Provision for income taxes	164.7	162.7	130.5
Total net of tax	(596.1)	(586.9)	(449.4)
Reclassification out of Accumulated Other Comprehensive Income \| Retirement Benefits Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	(1.5)	0.5	10.3
Provision for income taxes	0.4	(0.1)	(2.4)
Total net of tax	(1.1)	0.4	7.9
Reclassification out of Accumulated Other Comprehensive Income \| Amortization and settlement gain
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income) - net	(1.4)	0.5	1.8
Reclassification out of Accumulated Other Comprehensive Income \| Settlement (gain) loss recognized
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income) - net	(0.1)	0.0	10.5
Reclassification out of Accumulated Other Comprehensive Income \| Curtailment gain recognized
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income) - net	0.0	0.0	(2.0)
Reclassification out of Accumulated Other Comprehensive Income \| Derivatives Adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments	0.0	0.0	3.3
Income before income taxes	0.0	0.0	3.3
Provision for income taxes	0.0	0.0	(0.8)
Total net of tax	$ 0.0	$ 0.0	2.5
Reclassification out of Accumulated Other Comprehensive Income \| Derivatives Adjustments \| Acceleration Due to Cash Settlement on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments			$ 1.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 595.6	$ 586.7	$ 449.3
Adjustments to reconcile net income to net cash flows provided by operating activities:
Gain on sale of businesses - net	(84.7)	(34.8)	0.0
Asset impairments	0.8	17.4	0.8
Credit loss on note receivable from collaborative partner	7.7	0.0	0.0
Depreciation	57.2	50.7	46.6
Amortization of intangible assets	94.9	69.0	56.4
Share-based compensation expense	21.8	21.6	20.4
Deferred income taxes	(14.7)	(18.5)	(6.1)
Non-cash interest expense associated with forward starting swaps	0.0	0.0	3.3
Termination of the U.S. pension plan, net of curtailment	0.0	0.0	8.6
Changes in (net of the effect from acquisitions/divestitures and foreign currency translation):
Receivables - net	20.5	(71.7)	(49.4)
Inventories - net	66.2	(72.4)	(46.1)
Other current assets	(6.5)	(0.5)	9.0
Trade accounts payable	(25.3)	17.6	22.9
Deferred revenue	12.7	(25.0)	19.8
Accrued expenses	(34.8)	16.6	25.8
Other - net	5.3	0.7	4.0
Net cash flows provided by operating activities	716.7	557.4	565.3
Cash flows from investing activities
Capital expenditures	(89.9)	(68.0)	(72.7)
Acquisition of businesses, net of cash acquired	(311.8)	(945.6)	(577.4)
Proceeds from sale of businesses, net of cash remitted	118.6	49.4	0.0
Purchases of marketable securities	(29.0)	0.0	(45.2)
Proceeds from sale of marketable securities	24.8	39.7	0.0
Other - net	3.5	7.3	(2.8)
Net cash flows used in investing activities	(283.8)	(917.2)	(698.1)
Cash flows from financing activities
Borrowings under revolving credit facilities	0.0	210.4
Payments under revolving credit facilities	0.0	(135.0)	0.0
Proceeds from issuance of long-term borrowings	100.0	200.0	499.4
Payment of long-term borrowings	(250.0)	0.0	(350.1)
Payment of make-whole redemption premium	0.0	0.0	(6.7)
Cash dividends paid to shareholders	(190.7)	(177.4)	(161.1)
Proceeds from share issuances, net of shares withheld for taxes	21.5	14.1	13.6
Repurchases of common stock	(24.2)	(148.1)	0.0
Other	(1.3)	(1.8)	(4.6)
Net cash flows used in financing activities	(344.7)	(37.8)	(9.5)
Effect of exchange rate changes on cash and cash equivalents	15.9	(27.6)	(28.2)
Net increase (decrease) in cash and cash equivalents	104.1	(425.2)	(170.5)
Cash and cash equivalents at beginning of year	430.2	855.4	1,025.9
Cash and cash equivalents at end of year	534.3	430.2	855.4
Cash paid for:
Interest	50.8	37.1	36.0
Income taxes - net	$ 199.5	$ 175.6	$ 118.2

Revenue - Revenue by Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,273.9	$ 3,181.9	$ 2,764.8
Deferred revenue	73.2	59.7
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total net sales	(8.4)	(3.8)	(3.6)
U.S. Plans
Disaggregation of Revenue [Line Items]
Total net sales	1,643.1	1,651.0	1,339.6
North America, excluding U.S.
Disaggregation of Revenue [Line Items]
Total net sales	126.3	132.6	113.8
Europe
Disaggregation of Revenue [Line Items]
Total net sales	820.4	735.2	699.7
Asia
Disaggregation of Revenue [Line Items]
Total net sales	535.5	523.3	495.5
Other
Disaggregation of Revenue [Line Items]
Total net sales	157.0	143.6	119.8
FMT \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	1,244.2	1,166.2	998.0
FMT \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total net sales	(2.9)	(1.1)	(0.7)
FMT \| U.S. Plans \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	695.7	660.8	532.9
FMT \| North America, excluding U.S. \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	70.3	71.5	61.6
FMT \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	213.8	194.6	197.2
FMT \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	177.6	157.8	143.7
FMT \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	89.7	82.6	63.3
HST \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	1,313.5	1,336.8	1,119.0
Deferred revenue		17.9
Revenue recognized	17.9	17.9
HST \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total net sales	(2.9)	(2.4)	(2.8)
HST \| U.S. Plans \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	575.5	646.9	489.7
Revenue recognized		9.5
HST \| North America, excluding U.S. \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	22.6	25.8	23.7
HST \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	439.9	379.7	341.0
Revenue recognized		8.4
HST \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	249.4	261.3	241.8
HST \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	29.0	25.5	25.6
FSDP \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	716.2	678.9	647.8
FSDP \| Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total net sales	(2.6)	(0.3)	(0.1)
FSDP \| U.S. Plans \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	371.9	343.3	317.0
FSDP \| North America, excluding U.S. \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	33.4	35.3	28.5
FSDP \| Europe \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	166.7	160.9	161.5
FSDP \| Asia \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	108.5	104.2	110.0
FSDP \| Other \| Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 38.3	$ 35.5	$ 30.9

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for 2023 and 2022, by reportable business segment, were as follows:


	FMT		HST		FSDP		Total
Goodwill	$	701.7	$	1,264.3	$	402.3	$	2,368.3
Accumulated goodwill impairment losses	(20.7)		(149.8)		(30.1)		(200.6)
Balance at January 1, 2022	681.0		1,114.5		372.2		2,167.7
Foreign currency translation	(8.4)		(11.5)		(9.3)		(29.2)
Acquisitions	112.9		391.1		—		504.0
Measurement period adjustments	0.3		0.9		—		1.2
Divestitures	(5.6)		—		—		(5.6)
Balance at December 31, 2022	780.2		1,495.0		362.9		2,638.1
Foreign currency translation	6.6		38.6		5.7		50.9
Acquisitions	—		156.7		—		156.7
Measurement period adjustments	(1.8)		5.4		—		3.6
Divestitures	—		(11.0)		—		(11.0)
Balance at December 31, 2023	$	785.0	$	1,684.7	$	368.6	$	2,838.3

Goodwill represents the purchase price in excess of the net amount assigned to the assets acquired and liabilities assumed and was tested for impairment at each of the Company’s reporting units as determined in accordance with ASC 350 as of October 31, 2023, the Company’s annual impairment test date, with no impairment noted. In assessing the fair value of the reporting units, the Company considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is determined by the respective trailing 12 month earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and the forward looking 2024 EBITDA (50% each), based on multiples of comparable public companies. The market approach is dependent on a number of significant management assumptions including forecasted EBITDA and selected market multiples. Under the income approach, the fair value of the reporting unit is determined based on the present value of estimated future cash flows. The income approach is dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, net working capital requirements, long-term growth rates and discount rates. Weighting was equally attributed to both the market and the income approaches (50% each) in arriving at the fair value of the reporting units. In 2023 and 2022, there were no events or circumstances that would have required an interim impairment test.

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


	At December 31, 2023							At December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.7	$	(2.0)	$	0.7	12	$	2.9	$	(1.8)	$	1.1
Trade names	171.9		(54.3)		117.6		15	186.5		(71.4)		115.1
Customer relationships	860.7		(228.7)		632.0		13	772.2		(184.9)		587.3
Unpatented technology	233.5		(66.3)		167.2		12	207.1		(57.8)		149.3
Software	5.3		(1.9)		3.4		5	4.8		(0.7)		4.1
Total amortized intangible assets	1,274.1		(353.2)		920.9		13	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	$	1,365.0	$	(353.2)	$	1,011.8		$	1,264.4	$	(316.6)	$	947.8

The Banjo and Akron Brass trade names are indefinite-lived intangible assets that were also tested for impairment as of October 31, 2023, with no impairments noted. These indefinite-lived intangible assets are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. The Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of these trade names. The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. In 2023 and 2022, there were no events or circumstances that would have required an interim impairment test.

Amortization of intangible assets was $94.9 million, $69.0 million and $56.4 million in 2023, 2022 and 2021, respectively. Based on the intangible asset balances as of December 31, 2023, expected amortization expense for the years 2024 through 2028 is as follows:


Maturity of Intangible Assets	Estimated Amortization
2024	$	98.8
2025	97.3
2026	95.7
2027	92.4
2028	89.4

Restructuring Expenses and Asset Impairments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Restructuring expenses and asset impairments
Total restructuring costs		$ 10.9	$ 22.8	$ 9.3
Asset Impairments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs		0.8	17.4	0.8
Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs		0.5	0.3	2.6
Corporate/Other \| Asset Impairments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs		0.0	0.0	0.0
HST \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Contract with customer, amount reimbursed	$ 28.7
Impairment of definite-lived assets		16.8	16.8
Revenue recognized		17.9	17.9
Total restructuring costs		6.6	18.0	1.7
HST \| Operating Segments \| Asset Impairments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs		0.0	16.8	0.0
FMT \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs		2.9	2.7	4.5
FMT \| Operating Segments \| Asset Impairments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs		$ 0.8	$ 0.5	$ 0.8

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

The Consolidated Financial Statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are revenue recognition, sales returns and allowances, allowance for credit losses, inventory valuation, recoverability of long-lived assets, valuation of goodwill and intangible assets, income taxes, product warranties, contingencies and litigation, insurance-related items, defined benefit retirement plans and purchase accounting related to acquisitions.

Revenue Recognition

The Company accounts for a contract with a customer when it has approval from both parties, the rights and payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. The Company determines the appropriate revenue recognition by analyzing the terms and conditions of the contract. Revenue, or Net sales, is recognized when control of the products or services is transferred to a customer at an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring the products or providing the services. Control is transferred to customers when performance obligations within a contract are satisfied. A performance obligation is a promise to transfer a distinct product or service to a customer.

The 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 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 at either 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.

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

When accounting for over-time contracts, the Company uses an input measure to determine the extent of progress towards completion of the performance obligation. The Company believes this measure of progress best depicts the transfer of control to the customer which occurs as the Company incurs costs on its contracts. Incurred cost represents work performed, which corresponds with the transfer of control to the customer. Contract costs include labor, material and overhead. Revenue is recognized based on the relationship between actual costs incurred to date for each contract and the total estimated costs for such contract at completion of the performance obligation. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred.

As a significant change in one or more of these estimates could affect the profitability of the Company’s contracts, the Company reviews and updates its estimates regularly. Due to uncertainties inherent in the estimation process, it is reasonably possible that completion costs, including those arising from contract penalty provisions and final contract settlements, will be revised. Such revisions to costs and income are recognized in the period in which the revisions are determined as a cumulative catch-up adjustment. The impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, the Company recognizes provisions for estimated losses on incomplete contracts in the period in which such losses are determined.

The Company records allowances for discounts and product returns at the time of sale as a reduction of revenue as such allowances can be reliably estimated based on historical experience and known trends. The Company also offers product warranties (primarily assurance-type) and accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, warranty costs incurred and any other related information known to the Company.

Contract Assets and Liabilities

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 - net on the Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to invoice in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract.

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

corresponding performance obligation. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied.

Shipping and Handling Costs

Shipping and handling costs are included in Cost of sales and are recognized as a period expense during the period in which they are incurred.

Advertising Costs

Advertising costs of $15.9 million, $14.9 million and $10.7 million for 2023, 2022 and 2021, respectively, are expensed as incurred within Selling, general and administrative expenses.

Cash and Cash Equivalents

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

Marketable Securities

From time to time, the Company may hold investments in marketable securities, which are recorded in Other current assets in the Consolidated Balance Sheets. These investments are recorded at fair value, with gains and losses, dividends and interest income included in Other expense (income) - net in the Consolidated Statements of Income. See Note 8 for further discussion on the marketable securities held by the Company.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are recorded at face amount less an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision.

Inventories

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

Impairment of Long-Lived Assets

A long-lived asset is reviewed for impairment if an event occurs or circumstances change that would more likely than not reduce the fair value of the asset below its carrying value, as measured by comparing its net book value to the projected undiscounted future cash flows generated by its use. The Company groups and evaluates these long-lived assets for impairment at the lowest level at which individual cash flows can be identified. A long-lived asset impairment exists when the carrying value of the asset group exceeds its fair value. The amount and timing of the impairment charge for an asset group requires the estimation of future cash flows, which are then discounted to determine the fair value of the asset group. An impaired asset group is recorded at its estimated fair value. Refer to Note 14 for further discussion on impairment of long-lived assets.

Goodwill and Indefinite-Lived Intangible Assets

Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets (“ASC 350”), requires that the Company review the carrying value of goodwill and indefinite-lived intangible assets annually, or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company evaluates the recoverability of these assets as of October 31 based on the estimated fair value of each reporting unit and the indefinite-lived intangible assets. See Note 6 for further discussion on goodwill and indefinite-lived intangible assets.

Borrowing Expenses

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

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) during the year. 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.

Share-Based Compensation

The Company accounts for share-based payments in accordance with ASC 718, Compensation-Stock Compensation. Accordingly, the Company expenses the fair value of the awards granted under its share-based compensation plans. That cost is recognized in the Consolidated Financial Statements over the requisite service period of the grants. See Note 15 for further discussion on share-based compensation.

Depreciation and Amortization

Property and equipment are stated at cost, with depreciation provided using the straight-line method over the following estimated useful lives:


Land improvements			8 to 12 years
Buildings and improvements			8 to 30 years
Machinery, equipment and other			3 to 12 years
Office and transportation equipment			2 to 10 years

Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows:


Patents			5 to 20 years
Trade names			15 to 20 years
Customer relationships			5 to 20 years
Unpatented technology			8 to 20 years
Software			5 years

Research and Development Expenditures

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

Foreign Currency Translation and Transaction

The functional currency of substantially all operations outside the United States is the respective local currency. Accordingly, those foreign currency balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date and the income statement amounts have been translated using the average monthly exchange rates for the year. Translation adjustments from year to year have been reported in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Foreign currency transaction gains and losses from transactions denominated in a currency other than the functional currency of the subsidiary involved are reported within Other expense (income) - net in the Consolidated Statements of Income.

Income Taxes

Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and tax bases of existing assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and the manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized.

Concentration of Credit Risk

The Company is not dependent on a single customer as its largest customer accounted for less than 3% of net sales for all years presented.

Recently Adopted Accounting Standards and Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. The Company adopted this standard on a prospective basis for the annual period beginning January 1, 2023. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements.

Recently Issued Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves the disclosures required for reportable segments in the Company’s annual and interim financial

statements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Adoption of this ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s Consolidated Financial Statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s Consolidated Financial Statements and disclosures.

Fair Value Measurements - Schedule of Fair Value of Debt Outstanding (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Borrowings, less unaccreted debt discount	$ 1,203.5	$ 1,328.7
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Borrowings, less unaccreted debt discount	$ 1,332.2	$ 1,476.6

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Borrowings

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


	2023		2022
3.20% Senior Notes, repaid in June 2023 (the “3.20% Senior Notes”)	$	—	$	100.0
3.37% Senior Notes, due June 2025 (the “3.37% Senior Notes”)	100.0		100.0
5.13% Senior Notes, due June 2028 (the “5.13% Senior Notes”)	100.0		—
3.00% Senior Notes, due May 2030 (the “3.00% Senior Notes”)	500.0		500.0
2.625% Senior Notes, due June 2031 (the “2.625% Senior Notes”)	500.0		500.0
$800.0 million Revolving Facility, due November 2027 (the “Revolving Facility”)	81.0		77.7
$200.0 million Term Facility, due November 2027 (the “Term Facility”)	50.0		200.0
Other borrowings	2.3		0.1
Total borrowings	1,333.3		1,477.8
Less current portion	0.6		—
Less deferred debt issuance costs	6.5		7.9
Less unaccreted debt discount	1.1		1.2
Long-term borrowings	$	1,325.1	$	1,468.7

Schedule of Maturities of Borrowings

Total borrowings at December 31, 2023 have scheduled maturities as follows:


Maturity of Borrowings
2024	$	0.6
2025	100.9
2026	0.5
2027	131.3
2028	100.0
Thereafter	1,000.0
Total borrowings	$	1,333.3

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Fixed lease cost	$ 33.0	$ 30.8	$ 31.5
Variable lease cost	2.7	2.3	2.3
Total lease expense	$ 35.7	$ 33.1	$ 33.8

Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	57,356
Granted (in shares) \| shares	20,940
Vested (in shares) \| shares	(16,071)
Forfeited (in shares) \| shares	(5,570)
Unvested, ending balance (in shares) \| shares	56,655
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 228.33
Granted (in dollars per share) \| $ / shares	225.02
Vested (in dollars per share) \| $ / shares	228.86
Forfeited (in dollars per share) \| $ / shares	217.11
Unvested, ending balance (in dollars per share) \| $ / shares	$ 217.11

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	70,915
Granted (in shares) \| shares	28,030
Vested (in shares) \| shares	(18,105)
Forfeited (in shares) \| shares	(13,385)
Unvested, ending balance (in shares) \| shares	67,455
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 236.66
Granted (in dollars per share) \| $ / shares	308.18
Vested (in dollars per share) \| $ / shares	226.86
Forfeited (in dollars per share) \| $ / shares	263.06
Unvested, ending balance (in dollars per share) \| $ / shares	$ 265.15

Leases

12 Months Ended

Dec. 31, 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 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 December 31, 2023 and 2022 was as follows:


	Balance Sheet Caption	December 31, 2023		December 31, 2022
Right-of-Use (“ROU”) Assets:
Building ROU assets - net	Other noncurrent assets	$	110.7	$	104.4
Equipment ROU assets - net	Other noncurrent assets	7.6		5.6
Total ROU assets - net		$	118.3	$	110.0
Lease Liabilities:
Current lease liabilities	Accrued expenses	$	22.0	$	21.6
Noncurrent lease liabilities	Other noncurrent liabilities	98.1		96.6
Total lease liabilities		$	120.1	$	118.2

The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023		2022		2021
Fixed lease cost (1)	$	33.0	$	30.8	$	31.5
Variable lease cost	2.7		2.3		2.3
Total lease expense	$	35.7	$	33.1	$	33.8

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

Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows:


	2023		2022		2021
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities	$	33.6	$	31.7	$	31.2
Right-of-use assets obtained in exchange for new lease liabilities	29.0		19.0		16.0

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


Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average remaining lease term (years):
Building and equipment	7.00		7.43
Vehicles	2.63		2.14
Weighted-average discount rate:
Building and equipment	3.71	%	3.41	%
Vehicles	3.43	%	1.70	%

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

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


Maturity of Lease Liabilities
2024	$	20.6
2025	23.3
2026	20.7
2027	15.9
2028	13.5
Thereafter	39.8
Total lease payments	133.8
Less: Imputed interest	(13.7)
Present value of lease liabilities	$	120.1

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 596.1	$ 586.9	$ 449.4

- Definition

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

+ References

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

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	$ 78.1	$ (49.8)	$ (50.0)
Total other comprehensive income (loss), Tax	2.3	(6.8)	(6.1)
Other comprehensive income (loss)	80.4	(56.6)	(56.1)
Cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	87.8	(74.9)	(75.6)
Total other comprehensive income (loss), Tax	0.0	0.0	0.0
Other comprehensive income (loss)	87.8	(74.9)	(75.6)
Net (loss) gain arising during the year
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(8.2)	24.6	12.0
Total other comprehensive income (loss), Tax	1.9	(6.7)	(2.9)
Other comprehensive income (loss)	(6.3)	17.9	9.1
Amortization and settlement gain
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(1.5)	0.5	10.3
Total other comprehensive income (loss), Tax	0.4	(0.1)	(2.4)
Other comprehensive income (loss)	(1.1)	0.4	7.9
Pension and other postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(9.7)	25.1	22.3
Total other comprehensive income (loss), Tax	2.3	(6.8)	(5.3)
Other comprehensive income (loss)	(7.4)	18.3	17.0
Reclassification adjustments for derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	0.0	0.0	3.3
Total other comprehensive income (loss), Tax	0.0	0.0	(0.8)
Other comprehensive income (loss)	$ 0.0	$ 0.0	2.5
Reclassification adjustments for derivatives \| Acceleration Due to Cash Settlement on Derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)			$ 1.3

Income Taxes - Provision Benefit for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
U.S.	$ 103.8	$ 102.8	$ 64.7
State and local	13.7	14.5	11.0
Foreign	61.9	63.9	60.9
Total current	179.4	181.2	136.6
Deferred
U.S.	(11.1)	(12.2)	(4.1)
State and local	1.7	(1.0)	(1.4)
Foreign	(5.3)	(5.3)	(0.6)
Total deferred	(14.7)	(18.5)	(6.1)
Total provision for income taxes	$ 164.7	$ 162.7	$ 130.5

Retirement Benefits - Pretax Amounts Recognized in Accumulated Other Comprehensive Income Loss (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Pension Benefits \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Net loss in current year	$ (0.9)
Prior service cost	(0.1)
Amortization of prior service credit	0.0
Amortization of net loss (gain)	0.1
Exchange rate effect on amounts in other comprehensive income	0.0
Total	(0.9)
Pension Benefits \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Net loss in current year	(6.9)
Prior service cost	0.0
Amortization of prior service credit	(0.1)
Amortization of net loss (gain)	(0.5)
Exchange rate effect on amounts in other comprehensive income	0.1
Total	(7.4)
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net loss in current year	(0.4)
Prior service cost	0.0
Amortization of prior service credit	(0.1)
Amortization of net loss (gain)	(0.9)
Exchange rate effect on amounts in other comprehensive income	0.0
Total	$ (1.4)

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue - current	$ 55.9	$ 44.7
Deferred revenue - noncurrent	17.3	15.0
Total deferred revenue	$ 73.2	59.7
Operating Segments \| HST
Disaggregation of Revenue [Line Items]
Total deferred revenue		$ 17.9

- 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

12 Months Ended

Dec. 31, 2023

Restructuring Costs and Asset Impairment Charges [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 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 year ended December 31, 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 2023 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	1.5	$	0.6	$	0.8	$	2.9
Health & Science Technologies	6.4		0.2		—		6.6
Fire & Safety/Diversified Products	0.7		0.2		—		0.9
Corporate/Other	0.5		—		—		0.5
Total restructuring costs	$	9.1	$	1.0	$	0.8	$	10.9

2022 Initiative

During the year ended December 31, 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 Consolidated Balance Sheets and were being depreciated over the expected life of the assets, while the reimbursement was recorded as Deferred revenue in the 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 Consolidated Statements of Income during the year ended December 31, 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 Consolidated Statements of Income during the year ended December 31, 2022.

Pre-tax Restructuring expenses and asset impairments by segment for the 2022 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	1.9	$	0.3	$	0.5	$	2.7
Health & Science Technologies	1.2		—		16.8		18.0
Fire & Safety/Diversified Products	1.7		—		0.1		1.8
Corporate/Other	0.3		—		—		0.3
Total restructuring costs	$	5.1	$	0.3	$	17.4	$	22.8

2021 Initiative

During the year ended December 31, 2021, the Company incurred severance costs related to employee reductions. In addition, the Company consolidated certain facilities within the FMT segment which resulted in asset impairments of $0.8 million related to property, plant and equipment that was not relocated to the new locations.

Pre-tax restructuring expenses and asset impairments by segment for the 2021 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	3.7	$	—	$	0.8	$	4.5
Health & Science Technologies	1.7		—		—		1.7
Fire & Safety/Diversified Products	0.5		—		—		0.5
Corporate/Other	2.6		—		—		2.6
Total restructuring costs	$	8.5	$	—	$	0.8	$	9.3

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


	Restructuring Initiatives
Balance at January 1, 2022	$	2.8
Restructuring expenses(1)	5.4
Payments, utilization and other	(6.8)
Balance at December 31, 2022	1.4
Restructuring expenses(2)	10.1
Payments, utilization and other	(9.4)
Balance at December 31, 2023	$	2.1

(1) Excludes $17.4 million of asset impairments related to property, plant and equipment.

(2) Excludes $0.8 million of asset impairments related to property, plant and equipment.

Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 10.5	$ 7.5
Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 4.4	$ 0.0

Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

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


	2023		2022
3.20% Senior Notes, repaid in June 2023 (the “3.20% Senior Notes”)	$	—	$	100.0
3.37% Senior Notes, due June 2025 (the “3.37% Senior Notes”)	100.0		100.0
5.13% Senior Notes, due June 2028 (the “5.13% Senior Notes”)	100.0		—
3.00% Senior Notes, due May 2030 (the “3.00% Senior Notes”)	500.0		500.0
2.625% Senior Notes, due June 2031 (the “2.625% Senior Notes”)	500.0		500.0
$800.0 million Revolving Facility, due November 2027 (the “Revolving Facility”)	81.0		77.7
$200.0 million Term Facility, due November 2027 (the “Term Facility”)	50.0		200.0
Other borrowings	2.3		0.1
Total borrowings	1,333.3		1,477.8
Less current portion	0.6		—
Less deferred debt issuance costs	6.5		7.9
Less unaccreted debt discount	1.1		1.2
Long-term borrowings	$	1,325.1	$	1,468.7

Revolving Credit Facility and Term Facility

On November 1, 2022, the Company entered into an amended and restated credit agreement (as amended and restated, the “Credit Agreement”) along with certain of its subsidiaries, as borrowers (the “Borrowers”), Bank of America, N.A., as administrative agent, swing line lender and an issuer of letters of credit, and other agents party thereto. The Credit Agreement consists of a revolving credit facility in an aggregate principal amount of $800 million and a term credit facility available to the Company in an aggregate principal amount of $200 million, both of which have a final maturity date of November 1, 2027. The maturity date of the Revolving Facility may be extended under certain conditions for an additional one-year term. Up to $100 million of the Revolving Facility is available for the issuance of letters of credit. Additionally, up to $50 million of the Revolving Facility is available to the Company for swing line loans, available on a same-day basis.

Proceeds of the Revolving Facility are available for use by the Borrowers for working capital and other general corporate purposes, including refinancing existing debt of the Company and its subsidiaries and financing of acquisitions. The Company may request increases in the lending commitments under the Credit Agreement, but the aggregate lending commitments pursuant to such increases may not exceed $400 million. The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain foreign subsidiaries of the Company as borrowers under the Credit Agreement. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries under the Credit Agreement. During 2023, the Company repaid $150.0 million of the $200.0 million previously outstanding under the Term Facility.

Borrowings under the Credit Agreement bear interest, at either an alternate base rate or Term SOFR (or appropriate alternative currency reference rates) plus, in each case, an applicable margin. Such applicable margin is based on the better of the Company’s senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio and can range from 0.00% to 1.275%. Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of Term SOFR loans, on the last day of the applicable interest period selected, or every three months from the effective date of such interest period for interest periods exceeding three months. The weighted-average interest rate for borrowings outstanding under the Revolving Facility was 4.22% during 2023 and 3.32% during 2022 for the period following the issuance of the Revolving Facility. The weighted-average interest rate for borrowings outstanding under the Term Facility was 6.22% during 2023 and 5.83% during 2022 for the period following the issuance of the Term Facility.

The Credit Agreement requires payment to the lenders of a facility fee based upon the amount of the lenders’ commitments under the credit facility from time to time, equal to the applicable interest rate times the actual daily amount of the Revolving Facility. Voluntary prepayments of any loans and voluntary reductions of the unutilized portion of the commitments under the credit facility are permissible without penalty, subject to break funding payments and minimum notice and minimum reduction amount requirements.

The Credit Agreement gives the Company the option to enter into a future environmental, social and governance amendment by which pricing may be adjusted pursuant to the Company’s performance measured against certain key performance indicators agreed by the Company and BofA Securities, Inc., as sustainability coordinator.

At December 31, 2023, there was $81.0 million outstanding under the Revolving Facility and $3.4 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility of approximately $715.6 million.

Senior Notes

On June 13, 2023, the Company completed a private placement of $100.0 million aggregate principal amount of 5.13% Senior Notes due June 13, 2028 pursuant to a Note Purchase and Master Note Agreement, dated as of June 13, 2023, 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.

Inclusive of the 5.13% Senior Notes, at December 31, 2023, the Company has $1.2 billion in senior notes outstanding at various interest rates detailed in the table above (the “Senior Notes”). Interest on the Senior Notes is payable semi-annually in arrears during the second and fourth quarters of the year. The 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. Subject to the terms of the respective indenture, the Company may redeem all or a portion of the Senior Notes at any time prior to maturity at the redemption prices set forth in the indenture. The terms of the 2.625% Senior Notes and the 3.00% Senior Notes also require the Company to make an offer to repurchase the 2.625% Senior Notes and the 3.00% Senior Notes upon a change of control triggering event (as defined in the indenture) at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any. The terms of the 3.37% Senior Notes and the 5.13% Senior Notes also require the Company to make an offer to repurchase the 3.37% Senior Notes and the 5.13% Senior Notes upon a change of control (as defined in the note purchase agreement) of the Company at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any.

Covenants

There are two key financial covenants that the Company is required to maintain in connection with the Credit Agreement and the Senior Notes, excluding the 3.00% Senior Notes and the 2.625% Senior Notes which have no financial covenants. Those two covenants include a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1, which is the ratio of the Company’s consolidated total debt to its consolidated EBITDA, both of which are tested quarterly and in the case of the leverage ratio, there is an option to increase the ratio to 4.00 for 12 months in connection with certain acquisitions. While there are no financial covenants relating to the 3.00% Senior Notes and the 2.625% Senior Notes, they are subject to cross-default provisions. At December 31, 2023, the Company was in compliance with all covenants under our borrowing arrangements.

Total borrowings at December 31, 2023 have scheduled maturities as follows:


Maturity of Borrowings
2024	$	0.6
2025	100.9
2026	0.5
2027	131.3
2028	100.0
Thereafter	1,000.0
Total borrowings	$	1,333.3

- 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

Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance January 1	$ 0.0	$ 0.1	$ 1.1
Gross increases for tax positions of prior years	0.0	0.0	0.1
Gross decreases for tax positions of prior years	0.0	0.0	(0.3)
Settlements	0.0	0.0	(0.2)
Lapse of statute of limitations	0.0	(0.1)	(0.6)
Ending balance December 31	$ 0.0	$ 0.0	$ 0.1

Restructuring Expenses and Asset Impairments (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring Costs and Asset Impairment Charges [Abstract]

Schedule of Restructuring Costs

Pre-tax Restructuring expenses and asset impairments by segment for the 2023 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	1.5	$	0.6	$	0.8	$	2.9
Health & Science Technologies	6.4		0.2		—		6.6
Fire & Safety/Diversified Products	0.7		0.2		—		0.9
Corporate/Other	0.5		—		—		0.5
Total restructuring costs	$	9.1	$	1.0	$	0.8	$	10.9

Pre-tax Restructuring expenses and asset impairments by segment for the 2022 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	1.9	$	0.3	$	0.5	$	2.7
Health & Science Technologies	1.2		—		16.8		18.0
Fire & Safety/Diversified Products	1.7		—		0.1		1.8
Corporate/Other	0.3		—		—		0.3
Total restructuring costs	$	5.1	$	0.3	$	17.4	$	22.8

Pre-tax restructuring expenses and asset impairments by segment for the 2021 initiative were as follows:


	Severance Costs		Exit Costs		Asset Impairments		Total
Fluid & Metering Technologies	$	3.7	$	—	$	0.8	$	4.5
Health & Science Technologies	1.7		—		—		1.7
Fire & Safety/Diversified Products	0.5		—		—		0.5
Corporate/Other	2.6		—		—		2.6
Total restructuring costs	$	8.5	$	—	$	0.8	$	9.3

Schedule of Restructuring Accruals Expenses

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


	Restructuring Initiatives
Balance at January 1, 2022	$	2.8
Restructuring expenses(1)	5.4
Payments, utilization and other	(6.8)
Balance at December 31, 2022	1.4
Restructuring expenses(2)	10.1
Payments, utilization and other	(9.4)
Balance at December 31, 2023	$	2.1

(1) Excludes $17.4 million of asset impairments related to property, plant and equipment.

(2) Excludes $0.8 million of asset impairments related to property, plant and equipment.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	90,073,413	90,064,988
Treasury stock, common (in shares)	14,344,820	14,451,032

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 534.3	$ 430.2
Receivables - net	427.8	442.8
Inventories - net	420.8	470.9
Other current assets	63.4	55.4
Total current assets	1,446.3	1,399.3
Property, plant and equipment - net	430.3	382.1
Goodwill	2,838.3	2,638.1
Intangible assets - net	1,011.8	947.8
Other noncurrent assets	138.5	144.6
Total assets	5,865.2	5,511.9
Current liabilities
Trade accounts payable	179.7	208.9
Accrued expenses	271.5	289.1
Current portion of long-term borrowings	0.6	0.0
Dividends payable	48.5	45.6
Total current liabilities	500.3	543.6
Long-term borrowings - net	1,325.1	1,468.7
Deferred income taxes	291.9	264.2
Other noncurrent liabilities	206.7	195.8
Total liabilities	2,324.0	2,472.3
Commitments and contingencies (Note 10)
Preferred stock:
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None	0.0	0.0
Common stock:
Authorized: 150,000,000 shares, $.01 per share par value Issued: 90,073,413 shares at December 31, 2023 and 90,064,988 shares at December 31, 2022	0.9	0.9
Additional paid-in capital	839.0	817.2
Retained earnings	3,934.3	3,531.7
Treasury stock at cost: 14,344,820 shares at December 31, 2023 and 14,451,032 shares at December 31, 2022	(1,187.0)	(1,184.3)
Accumulated other comprehensive loss	(45.8)	(126.2)
Total shareholders’ equity	3,541.4	3,039.3
Noncontrolling interest	(0.2)	0.3
Total equity	3,541.2	3,039.6
Total liabilities and equity	$ 5,865.2	$ 5,511.9

Significant Accounting Policies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer \| Customer Concentration Risk \| Largest Customer
Concentration Risk [Line Items]
Percentage of concentration risk (less than)	3.00%	3.00%	3.00%

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 3,273.9	$ 3,181.9	$ 2,764.8
Cost of sales	1,827.0	1,755.0	1,540.3
Gross profit	1,446.9	1,426.9	1,224.5
Selling, general and administrative expenses	703.5	652.7	578.2
Restructuring expenses and asset impairments	10.9	22.8	9.3
Operating income	732.5	751.4	637.0
Gain on sale of businesses - net	(84.7)	(34.8)	0.0
Other expense (income) - net	5.2	(3.9)	16.2
Interest expense	51.7	40.7	41.0
Income before income taxes	760.3	749.4	579.8
Provision for income taxes	164.7	162.7	130.5
Net income	595.6	586.7	449.3
Net loss attributable to noncontrolling interest	0.5	0.2	0.1
Net income	$ 596.1	$ 586.9	$ 449.4
Earnings per common share:
Basic earnings per common share attributable to IDEX (in dollar per share)	$ 7.87	$ 7.74	$ 5.91
Diluted earnings per common share attributable to IDEX (in dollar per share)	$ 7.85	$ 7.71	$ 5.88
Share data:
Basic weighted average common shares outstanding (in shares)	75.6	75.7	76.0
Diluted weighted average common shares outstanding (in shares)	75.9	76.0	76.4

Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Additional Financial Information Disclosure [Abstract]

Balance Sheet Components


	December 31,
	2023		2022
RECEIVABLES - NET
Customers	$	419.0	$	431.3
Other	16.3		19.5
Total	435.3		450.8
Less allowance for credit losses	7.5		8.0
Total receivables - net	$	427.8	$	442.8
INVENTORIES - NET
Raw materials and components parts	$	268.1	$	301.2
Work in process	44.5		54.3
Finished goods	108.2		115.4
Total inventories - net	$	420.8	$	470.9
PROPERTY, PLANT AND EQUIPMENT - NET
Land and improvements	$	30.8	$	35.2
Buildings and improvements	234.7		214.2
Machinery, equipment and other	551.0		492.4
Office and transportation equipment	106.0		100.6
Construction in progress	53.5		56.4
Total	976.0		898.8
Less accumulated depreciation and amortization	545.7		516.7
Total property, plant and equipment - net	$	430.3	$	382.1
ACCRUED EXPENSES
Payroll and related items	$	97.1	$	102.7
Management incentive compensation	16.4		26.4
Income taxes payable	18.5		30.2
Insurance	11.4		11.2
Warranty	9.1		8.1
Deferred revenue	55.9		44.7
Lease liability	22.0		21.6
Restructuring	2.1		1.4
Accrued interest	4.5		5.5
Pension and retiree medical obligations	3.4		3.3
Other	31.1		34.0
Total accrued expenses	$	271.5	$	289.1
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	$	65.1	$	55.1
Transition tax payable	5.0		9.1
Deferred revenue	17.3		15.0
Lease liability	98.1		96.6
Other	21.2		20.0
Total other noncurrent liabilities	$	206.7	$	195.8

The valuation and qualifying account activity for the years ended December 31, 2023 and 2022 is as follows:


	2023		2022
ALLOWANCE FOR CREDIT LOSSES
Beginning balance January 1	$	8.0	$	7.2
Charged to costs and expenses, net of recoveries	0.6		2.2
Utilization	(1.2)		(1.2)
Other adjustments, including acquisitions and Foreign currency translation	0.1		(0.2)
Ending balance December 31	$	7.5	$	8.0

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Pretax income for 2023, 2022 and 2021 was taxed in the following jurisdictions:


	2023		2022		2021
U.S.	$	534.1	$	516.5	$	350.2
Foreign	226.2		232.9		229.6
Total	$	760.3	$	749.4	$	579.8

The provision (benefit) for income taxes for 2023, 2022 and 2021 was as follows:


	2023		2022		2021
Current
U.S.	$	103.8	$	102.8	$	64.7
State and local	13.7		14.5		11.0
Foreign	61.9		63.9		60.9
Total current	179.4		181.2		136.6
Deferred
U.S.	(11.1)		(12.2)		(4.1)
State and local	1.7		(1.0)		(1.4)
Foreign	(5.3)		(5.3)		(0.6)
Total deferred	(14.7)		(18.5)		(6.1)
Total provision for income taxes	$	164.7	$	162.7	$	130.5

Deferred tax assets (liabilities) at December 31, 2023 and 2022 were:


	2023		2022
Allowances and accruals	$	18.8	$	21.1
Employee and retiree benefit plans	20.9		17.8
Inventories	10.8		12.0
Foreign tax credit and other carryforwards	14.8		15.0
Lease liabilities	25.8		26.9
Right of use assets	(24.7)		(25.9)
Depreciation and amortization	(322.1)		(301.3)
Taxes on undistributed foreign earnings	(21.0)		(18.4)
Other	0.7		5.6
Total gross deferred tax (liabilities)	(276.0)		(247.2)
Valuation allowance	(14.4)		(15.0)
Total deferred tax (liabilities), net of valuation allowances	$	(290.4)	$	(262.2)

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 were:


	2023		2022
Noncurrent deferred tax asset - Other noncurrent assets	$	1.5	$	2.0
Noncurrent deferred tax liabilities - Deferred income taxes	(291.9)		(264.2)
Net deferred tax liabilities	$	(290.4)	$	(262.2)

The Company had prepaid income taxes, recorded within Other current assets on the Consolidated Balance Sheets, of $14.3 million and $15.1 million as of December 31, 2023 and 2022, respectively.

The provision for income taxes differs from the amount calculated by applying the statutory federal income tax rate to pretax income. The calculated amount and the differences for 2023, 2022 and 2021 are shown in the following table:


	2023				2022				2021
Pretax income	$	760.3			$	749.4			$	579.8
Provision for income taxes:
Computed amount at statutory rate of 21%	$	159.7	21.0	%	$	157.4	21.0	%	$	121.8	21.0	%
State and local income tax (net of federal tax benefit)	12.6		1.7	%	11.4		1.5	%	8.0		1.4	%
Taxes on non-U.S. earnings-net of foreign tax credits	10.8		1.4	%	12.4		1.7	%	9.2		1.6	%
Global Intangible Low-Taxed Income	—		—	%	2.0		0.3	%	0.4		0.1	%
Foreign-Derived Intangible Income Deduction	(11.3)		(1.5	%)	(11.9)		(1.6	%)	(7.5)		(1.3	%)
Share-based payments	(2.0)		(0.3	%)	(2.6)		(0.4	%)	(3.5)		(0.6	%)
Other	(5.1)		(0.6	%)	(6.0)		(0.8	%)	2.1		0.3	%
Total provision for income taxes	$	164.7	21.7	%	$	162.7	21.7	%	$	130.5	22.5	%

The Company has $54.9 million and $45.3 million of permanently reinvested earnings of non-U.S. subsidiaries as of December 31, 2023 and 2022, respectively. No deferred U.S. income taxes have been provided on the $54.9 million of earnings that are considered to be permanently reinvested. The Company does not expect these earnings to incur U.S. taxes when ultimately repatriated other than potentially U.S. federal, state and local taxes on foreign exchange gains or losses recognized on the distribution of such earnings. Such distributions could also be subject to additional foreign withholding and foreign income taxes. The amount of unrecognized deferred income tax liabilities on currently permanently reinvested earnings is estimated to be $8.2 million and $6.8 million as of December 31, 2023 and 2022, respectively.

During the years ended December 31, 2023, 2022 and 2021, the Company repatriated $134.1 million, $199.9 million and $116.0 million of foreign earnings, respectively. These actual distributions resulted in no incremental income tax expense other than tax impacts on foreign exchange gains or losses. These repatriations represent distributions of previously taxed income.

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2023, 2022 and 2021 is as follows:


	2023		2022		2021
Beginning balance January 1	$	—	$	0.1	$	1.1
Gross increases for tax positions of prior years	—		—		0.1
Gross decreases for tax positions of prior years	—		—		(0.3)
Settlements	—		—		(0.2)
Lapse of statute of limitations	—		(0.1)		(0.6)
Ending balance December 31	$	—	$	—	$	0.1

As of December 31, 2023, the Company has no remaining unrecognized tax benefits that would affect the Company’s effective tax rate. The tax years 2018-2022 remain open to examination by major taxing jurisdictions. Due to the potential federal, state and foreign examinations, it is reasonably possible that the Company’s gross unrecognized tax benefits balance may change.

As of December 31, 2023, the Company has minimal deferred tax assets on non-U.S. and U.S. state net operating loss carryforwards of $0.3 million and $0.6 million, respectively. The entire balance of net operating losses across jurisdictions, the majority of which relates to acquisitions, is available to be carried forward indefinitely. There is no valuation allowance as it is more-likely-than-not that the net operating losses will be realized.

As of December 31, 2023, the Company has deferred tax assets on non-U.S. capital loss carryforwards of $3.1 million with a full valuation allowance. The non-U.S. capital loss can be carried forward indefinitely.

As of December 31, 2023, the Company has deferred tax assets with a full valuation allowance recorded against foreign tax credit carryforwards for U.S. federal purposes of approximately $10.6 million. The U.S. federal foreign tax credit carryforward will expire between 2029 and 2033.

- 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

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-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

Revenue - Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled receivables	$ 10.9	$ 10.0
Total customer receivables	419.0	431.3
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 408.1	$ 421.3

Retirement Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost of Plans (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.21%	2.70%	2.20%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%
Pension Benefits \| U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.17%	2.52%	2.14%
Expected return on plan assets	4.65%	2.63%	2.40%
Rate of compensation increase	0.00%	0.00%	0.00%
Pension Benefits \| Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.75%	1.25%	0.95%
Expected return on plan assets	4.17%	2.87%	2.41%
Rate of compensation increase	2.44%	2.31%	2.32%

Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 247.49
Dividend yield	0.00%	0.00%	0.00%
Volatility	27.00%	28.09%	28.60%
Risk-free interest rate	4.37%	1.73%	0.33%
Expected life (in years)	2 years 11 months 8 days	2 years 11 months 4 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

+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-10235
Entity Registrant Name	IDEX CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3555336
Entity Address, Address Line One	3100 Sanders Road,
Entity Address, Address Line Two	Suite 301,
Entity Address, City or Town	Northbrook,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60062
City Area Code	847
Local Phone Number	498-7070
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	IEX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 16,267,670,265
Entity Common Stock, Shares Outstanding		75,644,654
Documents Incorporated by Reference	Portions of the proxy statement with respect to the IDEX Corporation 2024 annual meeting of stockholders (the “2024 Proxy Statement”) are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000832101

Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning balance (in shares)	1,015,572
Granted (in shares)	246,195
Exercised (in shares)	(196,050)
Forfeited (in shares)	(82,450)
Ending balance (in shares)	983,267	1,015,572
Vested and expected to vest (in shares)	954,222
Exercisable (in shares)	497,612
Weighted Average Price
Beginning balance (in dollars per share)	$ 161.45
Granted (in dollars per share)	222.52
Exercised (in dollars per share)	133.90
Forfeited (in dollars per share)	201.67
Ending balance (in dollars per share)	178.86	$ 161.45
Vested and expected to vest (in dollars per share)	177.96
Exercisable (in dollars per share)	$ 153.99
Weighted-Average Remaining Contractual Term
Weighted-Average Remaining Contractual Term (years)	6 years 10 months 17 days	6 years 11 months 8 days
Weighted-average remaining contractual term, vested and expected to vest	6 years 9 months 25 days
Weighted-average remaining contractual term, exercisable	5 years 5 months 19 days
Aggregate Intrinsic Value
Stock options outstanding, aggregate intrinsic value	$ 39,300,000	$ 67,900,000
Aggregate intrinsic value, vested and expected to vest	38,900,000
Aggregate intrinsic value, exercisable	$ 31,500,000

Balance Sheet Components - Valuation And Qualifying Accounts (Details) - ALLOWANCE FOR DOUBTFUL ACCOUNTS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ALLOWANCE FOR CREDIT LOSSES
Beginning balance January 1	$ 8.0	$ 7.2
Charged to costs and expenses, net of recoveries	0.6	2.2
Utilization	(1.2)	(1.2)
Other adjustments, including acquisitions and Foreign currency translation	0.1	(0.2)
Ending balance December 31	$ 7.5	$ 8.0

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill			$ 2,368.3
Accumulated goodwill impairment losses			(200.6)
Goodwill
Beginning Balance	$ 2,638.1	$ 2,167.7
Foreign currency translation	50.9	(29.2)
Acquisitions	156.7	504.0
Measurement period adjustments	3.6	1.2
Divestitures	(11.0)	(5.6)
Ending Balance	2,838.3	2,638.1
FMT
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill			701.7
Accumulated goodwill impairment losses			(20.7)
Goodwill
Beginning Balance	780.2	681.0
Foreign currency translation	6.6	(8.4)
Acquisitions	0.0	112.9
Measurement period adjustments	(1.8)	0.3
Divestitures	0.0	(5.6)
Ending Balance	785.0	780.2
HST
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill			1,264.3
Accumulated goodwill impairment losses			(149.8)
Goodwill
Beginning Balance	1,495.0	1,114.5
Foreign currency translation	38.6	(11.5)
Acquisitions	156.7	391.1
Measurement period adjustments	5.4	0.9
Divestitures	(11.0)	0.0
Ending Balance	1,684.7	1,495.0
FSDP
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill			402.3
Accumulated goodwill impairment losses			$ (30.1)
Goodwill
Beginning Balance	362.9	372.2
Foreign currency translation	5.7	(9.3)
Acquisitions	0.0	0.0
Measurement period adjustments	0.0	0.0
Divestitures	0.0	0.0
Ending Balance	$ 368.6	$ 362.9

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	For the Year Ended December 31, 2023						For the Year Ended December 31, 2022
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	87.8	$	—	$	87.8	$	(74.9)	$	—	$	(74.9)
Pension and other postretirement adjustments
Net (loss) gain arising during the year	(8.2)		1.9		(6.3)		24.6		(6.7)		17.9
Amortization and settlement gain	(1.5)		0.4		(1.1)		0.5		(0.1)		0.4
Pension and other postretirement adjustments	(9.7)		2.3		(7.4)		25.1		(6.8)		18.3
Reclassification adjustments for derivatives	—		—		—		—		—		—
Total other comprehensive income (loss)	$	78.1	$	2.3	$	80.4	$	(49.8)	$	(6.8)	$	(56.6)


	For the Year Ended December 31, 2021
	Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(75.6)	$	—	$	(75.6)
Pension and other postretirement adjustments
Net gain (loss) arising during the year	12.0		(2.9)		9.1
Amortization and settlement loss, net of curtailment gain	10.3		(2.4)		7.9
Pension and other postretirement adjustments	22.3		(5.3)		17.0
Reclassification adjustments for derivatives(1)	3.3		(0.8)		2.5
Total other comprehensive (loss)	$	(50.0)	$	(6.1)	$	(56.1)

(1) Includes the acceleration of $1.3 million of the remaining accumulated other comprehensive loss resulting from the cash settlement of a forward starting interest rate exchange agreement, which was cash settled in 2011. The amounts were recognized in Other expense (income) - net in the Consolidated Statements of Income during the year ended December 31, 2021 in connection with the early redemption of the related debt instrument.

Schedule of Reclassification out of Accumulated Other Comprehensive Income

The amounts reclassified from Accumulated other comprehensive loss to net income are summarized as follows:


	For the Year Ended December 31,
	2023		2022		2021		Income Statement Caption
Pension and other postretirement plans:
Amortization of actuarial (gains) losses and prior service costs	$	(1.4)	$	0.5	$	1.8	Other expense (income) - net
Settlement (gain) loss recognized	(0.1)		—		10.5		Other expense (income) - net
Curtailment gain recognized	—		—		(2.0)		Other expense (income) - net
Total before tax	(1.5)		0.5		10.3
Provision for income taxes	0.4		(0.1)		(2.4)
Total net of tax	$	(1.1)	$	0.4	$	7.9
Derivatives:
Reclassification adjustments(1)	$	—	$	—	$	3.3	Interest expense
Total before tax	—		—		3.3
Provision for income taxes	—		—		(0.8)
Total net of tax	$	—	$	—	$	2.5

Leases - Balance Sheet Composition (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Right-of-Use (“ROU”) Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Operating lease, right-of-use asset	$ 118.3	$ 110.0
Lease Liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses	Accrued expenses
Current lease liabilities	$ 22.0	$ 21.6
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Noncurrent lease liabilities	$ 98.1	$ 96.6
Total lease liabilities	120.1	118.2
Building
Right-of-Use (“ROU”) Assets:
Operating lease, right-of-use asset	110.7	104.4
Equipment
Right-of-Use (“ROU”) Assets:
Operating lease, right-of-use asset	$ 7.6	$ 5.6

Income Taxes - Deferred Tax Assets and Liabilities Recognized in Company's Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Noncurrent deferred tax asset - Other noncurrent assets	$ 1.5	$ 2.0
Noncurrent deferred tax liabilities - Deferred income taxes	(291.9)	(264.2)
Net deferred tax liabilities	$ (290.4)	$ (262.2)

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [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:


	2023	2022	2021
	(In millions)
Basic weighted average common shares outstanding	75.6	75.7	76.0
Dilutive effect of restricted stock, performance share units and stock options	0.3	0.3	0.4
Diluted weighted average common shares outstanding	75.9	76.0	76.4

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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:


	2023	2022	2021
Antidilutive shares not included in Diluted EPS attributable to IDEX	0.2	0.5	0.3

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

Property and equipment are stated at cost, with depreciation provided using the straight-line method over the following estimated useful lives:


Land improvements			8 to 12 years
Buildings and improvements			8 to 30 years
Machinery, equipment and other			3 to 12 years
Office and transportation equipment			2 to 10 years

Schedule of Identifiable Intangible Assets, Useful Lives


Patents			5 to 20 years
Trade names			15 to 20 years
Customer relationships			5 to 20 years
Unpatented technology			8 to 20 years
Software			5 years

Retirement Benefits - Summary of Basis Used to Measure Defined Benefit Plans Assets at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	$ 46.0	$ 42.5
U.S. Large Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.2	0.2
U.S. Small / Mid Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	2.1	2.5
International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	2.4	2.5
U.S. Intermediate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	2.5	1.6
U.S. Long Term
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	3.3	3.8
U.S. High Yield
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.5	0.4
International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	6.4	5.4
Other Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	25.8	23.7
Cash and Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	1.1	1.0
Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	1.7	1.4
Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	1.8	1.6
Level 1 \| U.S. Large Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.2	0.2
Level 1 \| U.S. Small / Mid Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 1 \| International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.8	0.8
Level 1 \| U.S. Intermediate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 1 \| U.S. Long Term
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 1 \| U.S. High Yield
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 1 \| International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.2	0.2
Level 1 \| Other Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 1 \| Cash and Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.6	0.4
Level 1 \| Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	18.4	17.2
Level 2 \| U.S. Large Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 2 \| U.S. Small / Mid Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	2.1	2.5
Level 2 \| International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	1.6	1.7
Level 2 \| U.S. Intermediate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	2.5	1.6
Level 2 \| U.S. Long Term
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	3.3	3.8
Level 2 \| U.S. High Yield
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.5	0.4
Level 2 \| International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	6.2	5.2
Level 2 \| Other Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 2 \| Cash and Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.5	0.6
Level 2 \| Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	1.7	1.4
Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	25.8	23.7
Level 3 \| U.S. Large Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 3 \| U.S. Small / Mid Cap
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 3 \| International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 3 \| U.S. Intermediate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 3 \| U.S. Long Term
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 3 \| U.S. High Yield
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 3 \| International
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 3 \| Other Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	25.8	23.7
Level 3 \| Cash and Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	0.0	0.0
Level 3 \| Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, fair value of plan assets	$ 0.0	$ 0.0

Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 3.4	$ 2.7	$ 5.0
Income tax benefit	(0.2)	(0.2)	(0.4)
Total expense after income taxes	3.2	2.5	4.6
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.3	0.1	0.7
Selling, general and administrative expenses(1)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 3.1	$ 2.6	$ 4.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax

Pretax income for 2023, 2022 and 2021 was taxed in the following jurisdictions:


	2023		2022		2021
U.S.	$	534.1	$	516.5	$	350.2
Foreign	226.2		232.9		229.6
Total	$	760.3	$	749.4	$	579.8

Schedule of Components of Income Tax

The provision (benefit) for income taxes for 2023, 2022 and 2021 was as follows:


	2023		2022		2021
Current
U.S.	$	103.8	$	102.8	$	64.7
State and local	13.7		14.5		11.0
Foreign	61.9		63.9		60.9
Total current	179.4		181.2		136.6
Deferred
U.S.	(11.1)		(12.2)		(4.1)
State and local	1.7		(1.0)		(1.4)
Foreign	(5.3)		(5.3)		(0.6)
Total deferred	(14.7)		(18.5)		(6.1)
Total provision for income taxes	$	164.7	$	162.7	$	130.5

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) at December 31, 2023 and 2022 were:


	2023		2022
Allowances and accruals	$	18.8	$	21.1
Employee and retiree benefit plans	20.9		17.8
Inventories	10.8		12.0
Foreign tax credit and other carryforwards	14.8		15.0
Lease liabilities	25.8		26.9
Right of use assets	(24.7)		(25.9)
Depreciation and amortization	(322.1)		(301.3)
Taxes on undistributed foreign earnings	(21.0)		(18.4)
Other	0.7		5.6
Total gross deferred tax (liabilities)	(276.0)		(247.2)
Valuation allowance	(14.4)		(15.0)
Total deferred tax (liabilities), net of valuation allowances	$	(290.4)	$	(262.2)

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

The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2023 and 2022 were:


	2023		2022
Noncurrent deferred tax asset - Other noncurrent assets	$	1.5	$	2.0
Noncurrent deferred tax liabilities - Deferred income taxes	(291.9)		(264.2)
Net deferred tax liabilities	$	(290.4)	$	(262.2)

Schedule of Effective Income Tax Rate Reconciliation


	2023				2022				2021
Pretax income	$	760.3			$	749.4			$	579.8
Provision for income taxes:
Computed amount at statutory rate of 21%	$	159.7	21.0	%	$	157.4	21.0	%	$	121.8	21.0	%
State and local income tax (net of federal tax benefit)	12.6		1.7	%	11.4		1.5	%	8.0		1.4	%
Taxes on non-U.S. earnings-net of foreign tax credits	10.8		1.4	%	12.4		1.7	%	9.2		1.6	%
Global Intangible Low-Taxed Income	—		—	%	2.0		0.3	%	0.4		0.1	%
Foreign-Derived Intangible Income Deduction	(11.3)		(1.5	%)	(11.9)		(1.6	%)	(7.5)		(1.3	%)
Share-based payments	(2.0)		(0.3	%)	(2.6)		(0.4	%)	(3.5)		(0.6	%)
Other	(5.1)		(0.6	%)	(6.0)		(0.8	%)	2.1		0.3	%
Total provision for income taxes	$	164.7	21.7	%	$	162.7	21.7	%	$	130.5	22.5	%

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2023, 2022 and 2021 is as follows:


	2023		2022		2021
Beginning balance January 1	$	—	$	0.1	$	1.1
Gross increases for tax positions of prior years	—		—		0.1
Gross decreases for tax positions of prior years	—		—		(0.3)
Settlements	—		—		(0.2)
Lapse of statute of limitations	—		(0.1)		(0.6)
Ending balance December 31	$	—	$	—	$	0.1

Significant Accounting Policies - Business (Details)	12 Months Ended
Significant Accounting Policies - Business (Details)	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) \| shares	104,382
Granted (in shares) \| shares	46,660
Vested (in shares) \| shares	(24,076)
Forfeited (in shares) \| shares	(14,075)
Unvested, ending balance (in shares) \| shares	112,891
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 179.45
Granted (in dollars per share) \| $ / shares	217.01
Vested (in dollars per share) \| $ / shares	175.42
Forfeited (in dollars per share) \| $ / shares	201.92
Unvested, ending balance (in dollars per share) \| $ / shares	$ 193.03

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for 2023 and 2022, by reportable business segment, were as follows:


	FMT		HST		FSDP		Total
Goodwill	$	701.7	$	1,264.3	$	402.3	$	2,368.3
Accumulated goodwill impairment losses	(20.7)		(149.8)		(30.1)		(200.6)
Balance at January 1, 2022	681.0		1,114.5		372.2		2,167.7
Foreign currency translation	(8.4)		(11.5)		(9.3)		(29.2)
Acquisitions	112.9		391.1		—		504.0
Measurement period adjustments	0.3		0.9		—		1.2
Divestitures	(5.6)		—		—		(5.6)
Balance at December 31, 2022	780.2		1,495.0		362.9		2,638.1
Foreign currency translation	6.6		38.6		5.7		50.9
Acquisitions	—		156.7		—		156.7
Measurement period adjustments	(1.8)		5.4		—		3.6
Divestitures	—		(11.0)		—		(11.0)
Balance at December 31, 2023	$	785.0	$	1,684.7	$	368.6	$	2,838.3

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 December 31, 2023 and 2022:


	At December 31, 2023							At December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life	Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Patents	$	2.7	$	(2.0)	$	0.7	12	$	2.9	$	(1.8)	$	1.1
Trade names	171.9		(54.3)		117.6		15	186.5		(71.4)		115.1
Customer relationships	860.7		(228.7)		632.0		13	772.2		(184.9)		587.3
Unpatented technology	233.5		(66.3)		167.2		12	207.1		(57.8)		149.3
Software	5.3		(1.9)		3.4		5	4.8		(0.7)		4.1
Total amortized intangible assets	1,274.1		(353.2)		920.9		13	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	$	1,365.0	$	(353.2)	$	1,011.8		$	1,264.4	$	(316.6)	$	947.8

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Based on the intangible asset balances as of December 31, 2023, expected amortization expense for the years 2024 through 2028 is as follows:


Maturity of Intangible Assets	Estimated Amortization
2024	$	98.8
2025	97.3
2026	95.7
2027	92.4
2028	89.4

- 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
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Significant Accounting Policies - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Basic weighted average common shares outstanding (in shares)	75.6	75.7	76.0
Dilutive effect of stock options, restricted stock and performance share units (in shares)	0.3	0.3	0.4
Diluted weighted average common shares outstanding (in shares)	75.9	76.0	76.4

Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Millions				12 Months Ended
	Dec. 29, 2023	Aug. 03, 2023	Sep. 09, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business				$ 84.7	$ 34.8	$ 0.0
Provision for income taxes				164.7	162.7	$ 130.5
Disposed of by Sale \| Novotema
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses, net of cash remitted	$ 8.3
Gain (loss) on sale of business	$ (9.1)
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 (loss) 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 (loss) 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

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: Inputs, other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

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


	Basis of Fair Value Measurements
	December 31, 2023		December 31, 2022
	Level 1		Level 1
Trading securities - mutual funds held in nonqualified SERP(1)	$	10.5	$	7.5
Available-for-sale securities - equities(2)	4.4		—

(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 in 2023 or 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.


	December 31, 2023				December 31, 2022
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
Total Borrowings, less unaccreted debt discount	$	1,203.5	$	1,332.2	$	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

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 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	52.7
Intangible assets	45.6
Other noncurrent assets	5.4
Total assets acquired	134.2
Current liabilities	(1.2)
Deferred income taxes	(18.3)
Other noncurrent liabilities	(4.9)
Net assets acquired(1)	$	109.8

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


	Total
Current assets, net of cash acquired	$	16.7
Property, plant and equipment	12.5
Goodwill	104.0
Intangible assets	95.3
Other noncurrent assets	3.1
Total assets acquired	231.6
Current liabilities	(5.4)
Deferred income taxes	(21.7)
Other noncurrent liabilities	(2.5)
Net assets acquired	$	202.0

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 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	$	51.4
Property, plant and equipment	57.6
Goodwill	396.6
Intangible assets	319.1
Other noncurrent assets	9.6
Total assets acquired	834.3
Current liabilities	(26.8)
Deferred income taxes	(83.5)
Other noncurrent liabilities	(11.0)
Net assets acquired	$	713.0

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


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

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


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

Schedule of Finite-Lived Intangible Assets Acquired

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


	Total		Weighted Average Life
Trade names	$	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	$	9.3	15
Customer relationships	66.0		15
Unpatented technology	20.0		11
Acquired intangible assets	$	95.3

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

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


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

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


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

Schedule of Business Acquisitions-Related cost and the Fair value Inventory

A summary of the acquisition costs and the fair value inventory step-up charges recorded in the years ended December 31, 2023, 2022 and 2021 are presented in the following table:


	2023		2022		2021
Acquisition costs	$	7.3	$	6.8	$	6.5
Fair value inventory step-up charges	$	1.6	$	8.5	$	11.6

Acquisitions and Divestitures - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 14, 2023	May 19, 2023	Dec. 31, 2022	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022	Dec. 31, 2021	Jun. 14, 2021	Mar. 10, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,838,300			$ 2,638,100				$ 2,167,700
Net assets acquired		$ 202,000
Iridian
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 10,600
Property, plant and equipment			19,900
Goodwill			52,700
Intangible assets			45,600
Other noncurrent assets			5,400
Total assets acquired			134,200
Current liabilities			(1,200)
Deferred income taxes			(18,300)
Other noncurrent liabilities			(4,900)
Net assets acquired			$ 109,800
Adjustment to purchase price	$ (500)
STC
Business Acquisition [Line Items]
Current assets, net of cash acquired		16,700
Property, plant and equipment		12,500
Goodwill		104,000
Intangible assets		95,300
Other noncurrent assets		3,100
Total assets acquired		231,600
Current liabilities		(5,400)
Deferred income taxes		(21,700)
Other noncurrent liabilities		$ (2,500)
Nexsight
Business Acquisition [Line Items]
Current assets, net of cash acquired							$ 16,600
Property, plant and equipment							2,000
Goodwill							54,700
Intangible assets							49,800
Other noncurrent assets							4,300
Total assets acquired							127,400
Current liabilities							(9,200)
Deferred income taxes							(1,900)
Other noncurrent liabilities							(3,800)
Net assets acquired							$ 112,500
KZValve
Business Acquisition [Line Items]
Current assets, net of cash acquired						$ 9,700
Property, plant and equipment						1,800
Goodwill						56,400
Intangible assets						52,000
Deferred income taxes						200
Other noncurrent assets						1,000
Total assets acquired						121,100
Current liabilities						(1,000)
Net assets acquired						$ 120,100
Muon Group
Business Acquisition [Line Items]
Current assets, net of cash acquired					$ 51,400
Property, plant and equipment					57,600
Goodwill					396,600
Intangible assets					319,100
Other noncurrent assets					9,600
Total assets acquired					834,300
Current liabilities					(26,800)
Deferred income taxes					(83,500)
Other noncurrent liabilities					(11,000)
Net assets acquired					$ 713,000
ABEL
Business Acquisition [Line Items]
Current assets, net of cash acquired										$ 18,100
Property, plant and equipment										4,000
Goodwill										42,700
Intangible assets										46,000
Deferred income taxes										2,600
Other noncurrent assets										100
Total assets acquired										113,500
Current liabilities										(7,100)
Other noncurrent liabilities										(100)
Net assets acquired										$ 106,300
Airtech
Business Acquisition [Line Items]
Current assets, net of cash acquired									$ 45,300
Property, plant and equipment									4,800
Goodwill									268,500
Intangible assets									202,300
Other noncurrent assets									10,200
Total assets acquired									531,100
Current liabilities									(11,800)
Deferred income taxes									(39,900)
Other noncurrent liabilities									(8,400)
Net assets acquired									$ 471,000

Leases - Supplemental Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of lease liabilities	$ 33.6	$ 31.7	$ 31.2
Right-of-use assets obtained in exchange for new lease liabilities	$ 29.0	$ 19.0	$ 16.0
Building and Equipment
Weighted-average remaining lease term (years):
Operating lease - building and equipment, vehicles	7 years	7 years 5 months 4 days
Weighted-average discount rate:
Operating lease, weighted-average discount rate - building and equipment, vehicles	3.71%	3.41%
Vehicles
Weighted-average remaining lease term (years):
Operating lease - building and equipment, vehicles	2 years 7 months 17 days	2 years 1 month 20 days
Weighted-average discount rate:
Operating lease, weighted-average discount rate - building and equipment, vehicles	3.43%	1.70%

Retirement Benefits- Compensation Related Costs, Retirement Benefits (Details) $ in Millions	Dec. 31, 2023 USD ($)
Estimated Future Benefit Payments
2024	$ 6.9
2025	6.6
2026	6.6
2027	6.6
2028	6.6
2029 to 2033	33.0
Total Estimated Future Benefit Payments	$ 66.3

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates 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, or Net sales, 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 years ended December 31, 2023, 2022 and 2021 was as follows:


	For the Year Ended December 31,
	2023		2022		2021
Pumps	$	402.9	$	396.5	$	345.1
Water	345.8		307.8		255.3
Energy	209.3		191.3		169.0
Agriculture	159.6		152.8		107.4
Valves	129.5		118.9		121.9
Intersegment elimination	(2.9)		(1.1)		(0.7)
Fluid & Metering Technologies	1,244.2		1,166.2		998.0
Scientific Fluidics & Optics(1)	681.5		639.0		508.0
Performance Pneumatic Technologies	250.0		257.6		182.2
Sealing Solutions	242.3		266.0		264.2
Material Processing Technologies	120.7		138.1		134.5
Micropump(2)	21.9		38.5		32.9
Intersegment elimination	(2.9)		(2.4)		(2.8)
Health & Science Technologies	1,313.5		1,336.8		1,119.0
Fire & Safety	431.9		400.1		377.5
Dispensing	167.5		167.5		169.6
BAND-IT	119.4		111.6		100.8
Intersegment elimination	(2.6)		(0.3)		(0.1)
Fire & Safety/Diversified Products	716.2		678.9		647.8
Total net sales	$	3,273.9	$	3,181.9	$	2,764.8

(1) The year ended December 31, 2022 includes 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 14 for further detail.

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

Revenue by geographical region for the years ended December 31, 2023, 2022 and 2021 was as follows:


	For the Year Ended December 31, 2023
	FMT		HST		FSDP		IDEX
U.S.	$	695.7	$	575.5	$	371.9	$	1,643.1
North America, excluding U.S.	70.3		22.6		33.4		126.3
Europe	213.8		439.9		166.7		820.4
Asia	177.6		249.4		108.5		535.5
Other(1)	89.7		29.0		38.3		157.0
Intersegment elimination	(2.9)		(2.9)		(2.6)		(8.4)
Total net sales	$	1,244.2	$	1,313.5	$	716.2	$	3,273.9


	For the Year Ended December 31, 2022
	FMT		HST		FSDP		IDEX
U.S.(2)	$	660.8	$	646.9	$	343.3	$	1,651.0
North America, excluding U.S.	71.5		25.8		35.3		132.6
Europe(2)	194.6		379.7		160.9		735.2
Asia	157.8		261.3		104.2		523.3
Other(1)	82.6		25.5		35.5		143.6
Intersegment elimination	(1.1)		(2.4)		(0.3)		(3.8)
Total net sales	$	1,166.2	$	1,336.8	$	678.9	$	3,181.9


	For the Year Ended December 31, 2021
	FMT		HST		FSDP		IDEX
U.S.	$	532.9	$	489.7	$	317.0	$	1,339.6
North America, excluding U.S.	61.6		23.7		28.5		113.8
Europe	197.2		341.0		161.5		699.7
Asia	143.7		241.8		110.0		495.5
Other(1)	63.3		25.6		30.9		119.8
Intersegment elimination	(0.7)		(2.8)		(0.1)		(3.6)
Total net sales	$	998.0	$	1,119.0	$	647.8	$	2,764.8

(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 as a result of 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 the year ended December 31, 2022. See Note 14 for further detail.

Performance Obligations

Revenue from products and services transferred to customers at a point in time was approximately 95% and over time was approximately 5% in each of the years ended December 31, 2023, 2022, and 2021.

Contract Balances

The composition of customer receivables was as follows:


	December 31, 2023		December 31, 2022
Billed receivables	$	408.1	$	421.3
Unbilled receivables	10.9		10.0
Total customer receivables	$	419.0	$	431.3

The composition of deferred revenue was as follows:


	December 31, 2023		December 31, 2022
Deferred revenue - current	$	55.9	$	44.7
Deferred revenue - noncurrent	17.3		15.0
Total deferred revenue	$	73.2	$	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
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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

+ Details

Borrowings - Schedule of Borrowings (Details) - USD ($)	Dec. 31, 2023	Jun. 13, 2023	Dec. 31, 2022	Nov. 01, 2022
Debt Instrument [Line Items]
Total borrowings	$ 1,333,300,000		$ 1,477,800,000
Long-Term debt, gross	1,333,300,000
Other borrowings	2,300,000		100,000
Less current portion	600,000		0
Less deferred debt issuance costs	6,500,000		7,900,000
Less unaccreted debt discount	1,100,000		1,200,000
Long-term borrowings	$ 1,325,100,000		1,468,700,000
Senior Notes \| 3.20% Senior Notes, repaid in June 2023 (the “3.20% Senior Notes”)
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 (the “3.37% Senior Notes”)
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 (the “5.13% Senior Notes”)
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 (the “3.00% Senior Notes”)
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 (the “2.625% Senior Notes”)
Debt Instrument [Line Items]
Stated interest rate	2.625%
Total borrowings	$ 500,000,000.0		500,000,000.0
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	800,000,000.0			$ 800,000,000
Long-Term debt, gross	81,000,000.0		77,700,000
Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000,000.0
Long-Term debt, gross	$ 50,000,000.0		$ 200,000,000.0

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Other Comprehensive Income (Loss)

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


	For the Year Ended December 31, 2023						For the Year Ended December 31, 2022
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	87.8	$	—	$	87.8	$	(74.9)	$	—	$	(74.9)
Pension and other postretirement adjustments
Net (loss) gain arising during the year	(8.2)		1.9		(6.3)		24.6		(6.7)		17.9
Amortization and settlement gain	(1.5)		0.4		(1.1)		0.5		(0.1)		0.4
Pension and other postretirement adjustments	(9.7)		2.3		(7.4)		25.1		(6.8)		18.3
Reclassification adjustments for derivatives	—		—		—		—		—		—
Total other comprehensive income (loss)	$	78.1	$	2.3	$	80.4	$	(49.8)	$	(6.8)	$	(56.6)


	For the Year Ended December 31, 2021
	Pre-tax		Tax		Net of tax
Cumulative translation adjustment	$	(75.6)	$	—	$	(75.6)
Pension and other postretirement adjustments
Net gain (loss) arising during the year	12.0		(2.9)		9.1
Amortization and settlement loss, net of curtailment gain	10.3		(2.4)		7.9
Pension and other postretirement adjustments	22.3		(5.3)		17.0
Reclassification adjustments for derivatives(1)	3.3		(0.8)		2.5
Total other comprehensive (loss)	$	(50.0)	$	(6.1)	$	(56.1)

The amounts reclassified from Accumulated other comprehensive loss to net income are summarized as follows:


	For the Year Ended December 31,
	2023		2022		2021		Income Statement Caption
Pension and other postretirement plans:
Amortization of actuarial (gains) losses and prior service costs	$	(1.4)	$	0.5	$	1.8	Other expense (income) - net
Settlement (gain) loss recognized	(0.1)		—		10.5		Other expense (income) - net
Curtailment gain recognized	—		—		(2.0)		Other expense (income) - net
Total before tax	(1.5)		0.5		10.3
Provision for income taxes	0.4		(0.1)		(2.4)
Total net of tax	$	(1.1)	$	0.4	$	7.9
Derivatives:
Reclassification adjustments(1)	$	—	$	—	$	3.3	Interest expense
Total before tax	—		—		3.3
Provision for income taxes	—		—		(0.8)
Total net of tax	$	—	$	—	$	2.5

Acquisitions and Divestitures - Schedule of Business Acquisitions-Related cost and the Fair value Inventory (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Fair value inventory step-up charges	$ 1.6	$ 8.5	$ 11.6
Selling, general and administrative expenses(1)
Business Acquisition [Line Items]
Acquisition costs	$ 7.3	$ 6.8	$ 6.5

Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 5.7	$ 6.7	$ 5.5
Income tax benefit	(1.2)	(1.2)	(1.1)
Total expense after income taxes	4.5	5.5	4.4
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.5	0.3	0.4
Selling, general and administrative expenses(1)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	5.2	$ 6.4	$ 5.1
Selling, general and administrative expenses(1) \| Accelerated Stock Retiree Eligibility
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, increase (decrease) in noncash expense	$ (0.5)

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Lessee Disclosure [Abstract]

Schedule of Lease, Cost

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


	Balance Sheet Caption	December 31, 2023		December 31, 2022
Right-of-Use (“ROU”) Assets:
Building ROU assets - net	Other noncurrent assets	$	110.7	$	104.4
Equipment ROU assets - net	Other noncurrent assets	7.6		5.6
Total ROU assets - net		$	118.3	$	110.0
Lease Liabilities:
Current lease liabilities	Accrued expenses	$	22.0	$	21.6
Noncurrent lease liabilities	Other noncurrent liabilities	98.1		96.6
Total lease liabilities		$	120.1	$	118.2

The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023		2022		2021
Fixed lease cost (1)	$	33.0	$	30.8	$	31.5
Variable lease cost	2.7		2.3		2.3
Total lease expense	$	35.7	$	33.1	$	33.8

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

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows:


	2023		2022		2021
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities	$	33.6	$	31.7	$	31.2
Right-of-use assets obtained in exchange for new lease liabilities	29.0		19.0		16.0

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


Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average remaining lease term (years):
Building and equipment	7.00		7.43
Vehicles	2.63		2.14
Weighted-average discount rate:
Building and equipment	3.71	%	3.41	%
Vehicles	3.43	%	1.70	%

Schedule of Operating Lease, Liability, Maturity

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


Maturity of Lease Liabilities
2024	$	20.6
2025	23.3
2026	20.7
2027	15.9
2028	13.5
Thereafter	39.8
Total lease payments	133.8
Less: Imputed interest	(13.7)
Present value of lease liabilities	$	120.1

Restructuring Expenses and Asset Impairments - Schedule of Pre-Tax Restructuring Expenses by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 10.9	$ 22.8	$ 9.3
Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	9.1	5.1	8.5
Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1.0	0.3	0.0
Asset Impairments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.8	17.4	0.8
Operating Segments \| FMT
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	2.9	2.7	4.5
Operating Segments \| HST
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	6.6	18.0	1.7
Operating Segments \| FSDP
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.9	1.8	0.5
Operating Segments \| Severance Costs \| FMT
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1.5	1.9	3.7
Operating Segments \| Severance Costs \| HST
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	6.4	1.2	1.7
Operating Segments \| Severance Costs \| FSDP
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.7	1.7	0.5
Operating Segments \| Exit Costs \| FMT
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.6	0.3	0.0
Operating Segments \| Exit Costs \| HST
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.2	0.0	0.0
Operating Segments \| Exit Costs \| FSDP
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.2	0.0	0.0
Operating Segments \| Asset Impairments \| FMT
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.8	0.5	0.8
Operating Segments \| Asset Impairments \| HST
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	16.8	0.0
Operating Segments \| Asset Impairments \| FSDP
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.1	0.0
Corporate/Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.5	0.3	2.6
Corporate/Other \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.5	0.3	2.6
Corporate/Other \| Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.0	0.0	0.0
Corporate/Other \| Asset Impairments
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.0	$ 0.0	$ 0.0

Retirement Benefits - Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CHANGE IN BENEFIT OBLIGATION
Actuarial loss (gain)			$ (9.7)
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$ 42.5
Fair value of plan assets at December 31	46.0	$ 42.5
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent liabilities	(65.1)	(55.1)
Pension Benefits
CHANGE IN BENEFIT OBLIGATION
Other	0.4
Pension Benefits \| U.S.
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	8.3	10.6
Service cost	0.1	0.1	0.1
Interest cost	0.4	0.2	0.3
Plan amendments	0.0	0.0
Benefits paid	(0.7)	(0.6)
Actuarial loss (gain)	0.4	(2.0)
Currency translation	0.0	0.0
Settlements	0.0	0.0
Curtailments	0.0	0.0
Acquisition/Divestiture	0.0	0.0
Other		0.0
Obligation at December 31	8.9	8.3	10.6
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	4.7	17.0
Actual return on plan assets	(0.3)	(2.0)
Employer contributions	0.4	0.4
Benefits paid	(0.7)	(0.6)
Currency translation	0.0	0.0
Settlements	0.0	0.0
Acquisition/Divestiture	0.0	0.0
Other	0.2	(10.1)
Fair value of plan assets at December 31	4.3	4.7	17.0
Funded status at December 31	(4.6)	(3.6)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets	0.0	0.0
Other noncurrent assets	0.0	0.0
Current liabilities	(0.7)	(0.7)
Other noncurrent liabilities	(3.9)	(2.9)
Net asset (liability) at December 31	(4.6)	(3.6)
Pension Benefits \| Non-U.S.
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	75.7	104.3
Service cost	1.2	1.8	2.0
Interest cost	2.8	1.0	0.7
Plan amendments	0.0	0.0
Benefits paid	(1.4)	(0.8)
Actuarial loss (gain)	6.2	(27.8)
Currency translation	5.2	(6.1)
Settlements	(3.0)	(0.1)
Curtailments	0.0	0.0
Acquisition/Divestiture	1.0	2.7
Other	0.8	0.7
Obligation at December 31	88.5	75.7	104.3
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	37.8	46.1
Actual return on plan assets	0.9	(10.5)
Employer contributions	3.3	2.8
Benefits paid	(1.4)	(0.8)
Currency translation	3.2	(2.5)
Settlements	(3.0)	(0.1)
Acquisition/Divestiture	0.0	2.0
Other	0.9	0.8
Fair value of plan assets at December 31	41.7	37.8	46.1
Funded status at December 31	(46.8)	(37.9)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets	0.0	0.0
Other noncurrent assets	1.5	0.5
Current liabilities	(1.7)	(1.5)
Other noncurrent liabilities	(46.6)	(36.9)
Net asset (liability) at December 31	(46.8)	(37.9)
Other Benefits
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	16.4	23.6
Service cost	0.4	0.7	0.7
Interest cost	0.8	0.5	0.4
Plan amendments	0.0	0.0
Benefits paid	(0.9)	(1.0)
Actuarial loss (gain)	0.5	(7.3)
Currency translation	0.0	(0.1)
Settlements	0.0	0.0
Curtailments	0.0	0.0
Acquisition/Divestiture	0.0	0.0
Other	0.0	0.0
Obligation at December 31	17.2	16.4	23.6
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	0.0	0.0
Actual return on plan assets	0.0	0.0
Employer contributions	0.9	1.0
Benefits paid	(0.9)	(1.0)
Currency translation	0.0	0.0
Settlements	0.0	0.0
Acquisition/Divestiture	0.0	0.0
Other	0.0	0.0
Fair value of plan assets at December 31	0.0	0.0	$ 0.0
Funded status at December 31	(17.2)	(16.4)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets	0.0	0.0
Other noncurrent assets	0.0	0.0
Current liabilities	(1.1)	(1.1)
Other noncurrent liabilities	(16.1)	(15.3)
Net asset (liability) at December 31	$ (17.2)	$ (16.4)

Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

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


	Pension Benefits								Other Benefits
	2023				2022				2023		2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	8.3	$	75.7	$	10.6	$	104.3	$	16.4	$	23.6
Service cost	0.1		1.2		0.1		1.8		0.4		0.7
Interest cost	0.4		2.8		0.2		1.0		0.8		0.5
Plan amendments	—		—		—		—		—		—
Benefits paid	(0.7)		(1.4)		(0.6)		(0.8)		(0.9)		(1.0)
Actuarial loss (gain)	0.4		6.2		(2.0)		(27.8)		0.5		(7.3)
Currency translation	—		5.2		—		(6.1)		—		(0.1)
Settlements	—		(3.0)		—		(0.1)		—		—
Curtailments	—		—		—		—		—		—
Acquisition/Divestiture	—		1.0		—		2.7		—		—
Other	0.4		0.8		—		0.7		—		—
Obligation at December 31	$	8.9	$	88.5	$	8.3	$	75.7	$	17.2	$	16.4
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	4.7	$	37.8	$	17.0	$	46.1	$	—	$	—
Actual return on plan assets	(0.3)		0.9		(2.0)		(10.5)		—		—
Employer contributions	0.4		3.3		0.4		2.8		0.9		1.0
Benefits paid	(0.7)		(1.4)		(0.6)		(0.8)		(0.9)		(1.0)
Currency translation	—		3.2		—		(2.5)		—		—
Settlements	—		(3.0)		—		(0.1)		—		—
Acquisition/Divestiture	—		—		—		2.0		—		—
Other	0.2		0.9		(10.1)		0.8		—		—
Fair value of plan assets at December 31	$	4.3	$	41.7	$	4.7	$	37.8	$	—	$	—
Funded status at December 31	$	(4.6)	$	(46.8)	$	(3.6)	$	(37.9)	$	(17.2)	$	(16.4)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets	$	—	$	—	$	—	$	—	$	—	$	—
Other noncurrent assets	—		1.5		—		0.5		—		—
Current liabilities	(0.7)		(1.7)		(0.7)		(1.5)		(1.1)		(1.1)
Other noncurrent liabilities	(3.9)		(46.6)		(2.9)		(36.9)		(16.1)		(15.3)
Net asset (liability) at December 31	$	(4.6)	$	(46.8)	$	(3.6)	$	(37.9)	$	(17.2)	$	(16.4)

Schedule of Weighted Average Assumptions Used in Measurement of Benefit Obligation

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2023 and 2022 were as follows:


	U.S. Plans				Non-U.S. Plans				Other Benefits
	2023		2022		2023		2022		2023		2022
Discount rate	4.93	%	5.17	%	3.01	%	3.75	%	4.90	%	5.21	%
Rate of compensation increase	—	%	—	%	2.55	%	2.44	%	—	%	—	%
Cash balance interest credit rate	—	%	—	%	1.43	%	2.42	%	—	%	—	%

The assumptions used in determining the net periodic cost (benefit) were as follows:


	U.S. Plans						Non-U.S. Plans
	2023		2022		2021		2023		2022		2021
Discount rate	5.17	%	2.52	%	2.14	%	3.75	%	1.25	%	0.95	%
Expected return on plan assets	4.65	%	2.63	%	2.40	%	4.17	%	2.87	%	2.41	%
Rate of compensation increase	—	%	—	%	—	%	2.44	%	2.31	%	2.32	%


	Other Benefits
	2023		2022		2021
Discount rate	5.21	%	2.70	%	2.20	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	—	%	—	%	—	%

Schedule of Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2023 and 2022 were as follows:


	Pension Benefits								Other Benefits
	2023				2022				2023		2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Prior service cost (credit)	$	0.2	$	(0.4)	$	0.1	$	(0.5)	$	(0.3)	$	(0.4)
Net loss (gain)	2.7		1.8		1.9		(5.5)		(8.6)		(9.9)
Total	$	2.9	$	1.4	$	2.0	$	(6.0)	$	(8.9)	$	(10.3)

The pretax change recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheet in 2023 is as follows:


	Pension Benefits				Other Benefits
	U.S.		Non-U.S.
Net loss in current year	$	(0.9)	$	(6.9)	$	(0.4)
Prior service cost	(0.1)		—		—
Amortization of prior service credit	—		(0.1)		(0.1)
Amortization of net loss (gain)	0.1		(0.5)		(0.9)
Exchange rate effect on amounts in other comprehensive income	—		0.1		—
Total	$	(0.9)	$	(7.4)	$	(1.4)

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

The components of the net periodic cost (benefit) for the plans in 2023, 2022 and 2021 are as follows:


	Pension Benefits
	2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	0.1	$	1.2	$	0.1	$	1.8	$	0.1	$	2.0
Interest cost	0.4		2.8		0.2		1.0		0.3		0.7
Expected return on plan assets	(0.2)		(1.6)		(0.2)		(1.3)		(0.9)		(1.0)
Settlement (gain) loss recognized	—		(0.1)		—		—		10.5		—
Net amortization	0.1		(0.6)		0.3		0.6		0.4		2.1
Net periodic cost	$	0.4	$	1.7	$	0.4	$	2.1	$	10.4	$	3.8


	Other Benefits
	2023		2022		2021
Service cost	$	0.4	$	0.7	$	0.7
Interest cost	0.8		0.5		0.4
Curtailment gain recognized	—		—		(2.0)
Net amortization	(0.9)		(0.5)		(0.6)
Net periodic cost (benefit)	$	0.3	$	0.7	$	(1.5)

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

The Company’s pension plan weighted average asset allocations at December 31, 2023 and 2022, by asset category, were as follows:


	U.S. Plans				Non-U.S. Plans
	2023		2022		2023		2022
Equity securities	9	%	9	%	10	%	13	%
Fixed income securities	79	%	84	%	22	%	19	%
Cash/Commingled Funds/Other (1)	12	%	7	%	68	%	68	%
Total	100	%	100	%	100	%	100	%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2023 and 2022 is summarized as follows:


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2023
Equity
U.S. Large Cap	$	0.2	$	0.2	$	—	$	—
U.S. Small / Mid Cap	2.1		—		2.1		—
International	2.4		0.8		1.6		—
Fixed Income
U.S. Intermediate	2.5		—		2.5		—
U.S. Long Term	3.3		—		3.3		—
U.S. High Yield	0.5		—		0.5		—
International	6.4		0.2		6.2		—
Other Commingled Funds(1)	25.8		—		—		25.8
Cash and Equivalents	1.1		0.6		0.5		—
Other	1.7		—		1.7		—
	$	46.0	$	1.8	$	18.4	$	25.8

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


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2022
Equity
U.S. Large Cap	$	0.2	$	0.2	$	—	$	—
U.S. Small / Mid Cap	2.5		—		2.5		—
International	2.5		0.8		1.7		—
Fixed Income
U.S. Intermediate	1.6		—		1.6		—
U.S. Long Term	3.8		—		3.8		—
U.S. High Yield	0.4		—		0.4		—
International	5.4		0.2		5.2		—
Other Commingled Funds(1)	23.7		—		—		23.7
Cash and Equivalents	1.0		0.4		0.6		—
Other	1.4		—		1.4		—
	$	42.5	$	1.6	$	17.2	$	23.7

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

Schedule of Expected Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows:


Estimated Future Benefits
2024	$	6.9
2025	6.6
2026	6.6
2027	6.6
2028	6.6
2029 to 2033	33.0
Total Estimated Future Benefit Payments	$	66.3

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Roll Forward of the Warranty Reserve

A rollforward of the warranty reserve is as follows:


	2023		2022		2021
Beginning balance, January 1	$	8.1	$	7.6	$	7.4
Provision for warranties	5.8		3.0		3.4
Claim settlements	(4.7)		(4.1)		(3.8)
Other adjustments, including acquisitions, divestitures and foreign currency translation	(0.1)		1.6		0.6
Ending balance, December 31	$	9.1	$	8.1	$	7.6

Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 6.0	$ 6.0	$ 6.4
Income tax benefit	(0.3)	(0.2)	(0.3)
Total expense after income taxes	5.7	5.8	6.1
Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.0	0.0	0.0
Selling, general and administrative expenses(1)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	6.0	$ 6.0	$ 6.4
Selling, general and administrative expenses(1) \| Accelerated Stock Retiree Eligibility
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, increase (decrease) in noncash expense	0.8
Executive forfeitures	$ 0.8

Borrowings - Schedule of Maturities of Borrowings (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0.6
2025	100.9
2026	0.5
2027	131.3
2028	100.0
Thereafter	1,000.0
Total borrowings	$ 1,333.3

Share Repurchases (Details) - USD ($)			12 Months Ended
Share Repurchases (Details) - USD ($)	Mar. 17, 2020	Dec. 01, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Increase in share repurchase authorized amount	$ 500,000,000	$ 300,000,000
Purchase of common stock (in shares)			124,600	795,423	0
Repurchase of common stock			$ 24,200,000	$ 148,100,000
Remaining authorized repurchase amount			$ 539,700,000
Common stock, shares authorized (in shares)			150,000,000	150,000,000

Retirement Benefits - Narrative (Details) $ in Millions	12 Months Ended
Retirement Benefits - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) employee shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss (gain)			$ 9.7
Deferred pension cost (reversal of cost)			10.7
Plan assets, period increase (decrease)			1.0
Accumulated benefit obligation for all defined benefit pension plans	$ 94.6	$ 81.9
Percentage of excess gains and losses over benefit obligation or market value of assets amortized	10.00%
Costs of defined contribution plans	$ 16.8	16.1	12.8
Number of participants covering under multi employer pension plan \| employee	211
Costs of bargaining unit-sponsored multi-employer plans and defined contribution plans	$ 0.9	0.8	1.0
Weighted average annual rate of increase in the per capita cost of covered health care benefits assumed	6.23%
Assumed decrease of weighted average health care cost trend rate	4.00%
Year that reaches assumed decrease of weighted average health care cost trend rate	2040
Stock held in plan assets (in shares) \| shares	0
Defined Contribution Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, expected contribution for next fiscal year	$ 17.3
401k
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, expected contribution for next fiscal year	13.5
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contribution for next fiscal year	3.6
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	(0.3)	(0.7)	1.5
Actuarial loss (gain)	(0.5)	7.3
Funded status	(17.2)	(16.4)
Defined benefit plan, expected contribution for next fiscal year	1.1
U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlement (gain) loss recognized	0.0	0.0	10.5
Net periodic benefit cost	(0.4)	(0.4)	(10.4)
Actuarial loss (gain)	(0.4)	2.0
Funded status	(4.6)	(3.6)
Non-U.S. \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlement (gain) loss recognized	(0.1)	0.0	0.0
Net periodic benefit cost	(1.7)	(2.1)	$ (3.8)
Actuarial loss (gain)	(6.2)	27.8
Funded status	$ (46.8)	$ (37.9)
UK \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	2.60%
Equity securities \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	10.00%
Equity securities \| UK
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	40.00%
Equity securities \| UK \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	35.00%
Equity securities \| UK \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	45.00%
Fixed income securities \| U.S. \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	90.00%
Fixed income securities \| UK
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	60.00%
Fixed income securities \| UK \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	55.00%
Fixed income securities \| UK \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation of fund assets in equities	65.00%

Revenue - Narrative (Details) - Revenue from Contract with Customer - Product Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	95.00%	95.00%	95.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	5.00%	5.00%	5.00%

- 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

Collaborative Investments	12 Months Ended
Collaborative Investments	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Collaborative Investments	Collaborative Investments On May 12, 2020, a subsidiary of IDEX entered into a joint venture agreement with a third party to form a limited liability company (the “Joint Venture”) that manufactures and sells high performance elastomer seals for the oil and gas industry to customers within the Kingdom of Saudi Arabia as well as exports these high performance elastomer seals outside of the Kingdom of Saudi Arabia. The Joint Venture maintains operations in Dammam, Saudi Arabia and operates in the Company’s Sealing Solutions reporting unit within the HST segment. The Company has contributed $0.7 million for 55% of the share capital while the third-party partner has contributed $0.6 million for 45% of the share capital. The Joint Venture has been selling since July 2022. Since IDEX controls the entity, IDEX has consolidated the Joint Venture and recorded a Noncontrolling interest in its Consolidated Financial Statements. During 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 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. 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 Consolidated Statements of Income and a reserve in Other noncurrent assets on the Consolidated Balance Sheets for the full amount of the principal and accrued interest outstanding. During the fourth quarter of 2023, IDEX converted the promissory notes to equity, resulting in a cost method investment with zero value.

Share-Based Compensation - Narrative (Details) $ in Millions		1 Months Ended	12 Months Ended
	Jan. 31, 2024	Feb. 22, 2024 shares	Dec. 31, 2023 USD ($) share-based_compensation_plan shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share-based compensation plans (in shares) \| share-based_compensation_plan			2
Number of shares authorized (in shares) \| shares			15,600,000
Number of shares available for future issuance (in shares) \| shares			1,700,000
Net issuance shares of common stock (in shares) \| shares			230,812	216,946	228,567
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option exercisable life			10 years
Total intrinsic value of options exercised			$ 14.9	$ 17.4	$ 21.4
Proceeds from Stock Options Exercised			26.3	19.3	19.7
Tax benefit realized for the tax deductions from stock options exercised			3.1	$ 3.7	$ 4.5
Total unrecognized compensation cost			$ 9.4
Weighted-average period of total unrecognized compensation cost, in years			1 year 4 months 24 days
Dividend yield			1.09%	1.14%	1.01%
Stock Option \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Total unrecognized compensation cost			$ 6.9
Weighted-average period of total unrecognized compensation cost, in years			1 year 1 month 6 days
Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Total unrecognized compensation cost			$ 4.1
Weighted-average period of total unrecognized compensation cost, in years			1 year
Share based compensation, accrued expenses			$ 4.2	$ 4.8
Share based compensation, other noncurrent liabilities			2.9	$ 2.8
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost			$ 2.5
Weighted-average period of total unrecognized compensation cost, in years			1 year
Award requisite service period			3 years
Dividend yield			0.00%	0.00%	0.00%
Performance Shares Units \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, payout percent	5000.00%
Net issuance shares of common stock (in shares) \| shares		9,606
Performance Shares Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award			0.00%
Performance Shares Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award			250.00%
Target payout			100.00%

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Line Items]
Permanently reinvested earnings of non-U.S. subsidiaries	$ 54,900,000	$ 45,300,000
Unrecognized deferred income tax liabilities on currently permanently reinvested earnings	8,200,000	6,800,000
Foreign earnings repatriated	134,100,000	199,900,000	$ 116,000,000
Incremental income tax expense (benefit)	0	0	$ 0
Net operating loss carryforwards, foreign	300,000
Net operating loss carryforwards, state and local	600,000
Foreign tax credit and other carryforwards	14,800,000	15,000,000.0
Foreign tax credit carryover for U.S. federal purposes	10,600,000
Foreign
Income Tax Disclosure [Line Items]
Foreign tax credit and other carryforwards	3,100,000
Other current assets
Income Tax Disclosure [Line Items]
Prepaid taxes	$ 14,300,000	$ 15,100,000

Share Repurchases	12 Months Ended
Share Repurchases	Dec. 31, 2023
Equity [Abstract]
Share Repurchases	Share Repurchases On March 17, 2020, the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock. This approval is in addition to the prior repurchase authorizations of the Board of Directors of $300.0 million on December 1, 2015. These authorizations have no expiration date. During 2023, the Company repurchased a total of 124,600 shares at a cost of $24.2 million. During 2022, the Company repurchased a total of 795,423 shares at a cost of $148.1 million. There were no share repurchases during 2021. As of December 31, 2023, the amount of share repurchase authorization remaining was $539.7 million.

Retirement Benefits - Pension Plan Weighted Average Asset Allocations (Details) - Pension Benefits	Dec. 31, 2023	Dec. 31, 2022
U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total	100.00%	100.00%
U.S. Plans \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total	9.00%	9.00%
U.S. Plans \| Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total	79.00%	84.00%
U.S. Plans \| Cash/Commingled Funds/Other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total	12.00%	7.00%
Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total	100.00%	100.00%
Non-U.S. Plans \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total	10.00%	13.00%
Non-U.S. Plans \| Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total	22.00%	19.00%
Non-U.S. Plans \| Cash/Commingled Funds/Other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Total	68.00%	68.00%

Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 21.8	$ 21.6	$ 20.4
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	9.9	9.2	8.5
Income tax benefit	(1.0)	(0.8)	(0.8)
Total expense after income taxes	8.9	8.4	7.7
Stock Option \| Cost of sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.6	0.5	0.5
Stock Option \| Selling, general and administrative expenses(1)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	9.3	$ 8.7	$ 8.0
Stock Option \| Selling, general and administrative expenses(1) \| Accelerated Stock Retiree Eligibility
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, increase (decrease) In noncash expense due to executive forfeitures	0.5
Share-based payment arrangement, increase (decrease) in noncash expense	$ 0.4

Business Segments and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segments and Geographic Information

IDEX has three reportable business segments: FMT, HST and FSDP. When determining these reportable segments, the Company aggregated operating segments based on their similar economic and operating characteristics.

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.


	2023		2022		2021
NET SALES
Fluid & Metering Technologies
External customers	$	1,244.2	$	1,166.2	$	998.0
Intersegment sales	2.9		1.1		0.7
Total segment sales	1,247.1		1,167.3		998.7
Health & Science Technologies
External customers	1,313.5		1,336.8		1,119.0
Intersegment sales	2.9		2.4		2.8
Total segment sales	1,316.4		1,339.2		1,121.8
Fire & Safety/Diversified Products
External customers	716.2		678.9		647.8
Intersegment sales	2.6		0.3		0.1
Total segment sales	718.8		679.2		647.9
Intersegment eliminations	(8.4)		(3.8)		(3.6)
Net sales	$	3,273.9	$	3,181.9	$	2,764.8
ADJUSTED EBITDA
Fluid & Metering Technologies	$	416.1	$	374.2	$	297.0
Health & Science Technologies	359.5		411.8		355.9
Fire & Safety/Diversified Products	208.6		183.9		185.7
Segment Adjusted EBITDA	984.2		969.9		838.6
Corporate and other(1)	(84.6)		(85.7)		(73.2)
Adjusted EBITDA	899.6		884.2		765.4
Interest expense	(51.7)		(40.7)		(41.0)
Depreciation	(57.2)		(50.7)		(46.6)
Amortization of intangible assets	(94.9)		(69.0)		(56.4)
Fair value inventory step-up charges	(1.6)		(8.5)		(11.6)
Restructuring expenses and asset impairments	(10.9)		(4.5)		(9.3)
Net impact from the exit of a COVID-19 testing application(2)	—		1.1		—
Corporate transaction indemnity	—		—		(3.5)
Gain on sale of businesses - net	84.7		34.8		—
Gains on sales of assets	—		2.7		—
Credit loss on note receivable from collaborative partner(3)	(7.7)		—		—
Loss on early debt redemption	—		—		(8.6)
Termination of the U.S. pension plan, net of curtailment	—		—		(8.6)
Income before income taxes	$	760.3	$	749.4	$	579.8

(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.

(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 Consolidated Financial Statements for further detail.


	2023		2022		2021
ASSETS
Fluid & Metering Technologies	$	1,674.7	$	1,676.9	$	1,458.8
Health & Science Technologies	3,262.4		2,931.1		2,138.3
Fire & Safety/Diversified Products	792.6		771.8		892.5
Corporate and other	135.5		132.1		427.6
Total assets	$	5,865.2	$	5,511.9	$	4,917.2
DEPRECIATION AND AMORTIZATION OF INTANGIBLE ASSETS
Fluid & Metering Technologies	$	36.8	$	36.9	$	30.5
Health & Science Technologies	99.0		67.3		56.7
Fire & Safety/Diversified Products	15.3		15.0		15.3
Corporate and other	1.0		0.5		0.5
Total depreciation and amortization	$	152.1	$	119.7	$	103.0
CAPITAL EXPENDITURES
Fluid & Metering Technologies	$	24.2	$	25.3	$	21.0
Health & Science Technologies	55.1		32.0		41.5
Fire & Safety/Diversified Products	9.7		10.5		9.5
Corporate and other	0.9		0.2		0.7
Total capital expenditures	$	89.9	$	68.0	$	72.7

Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2023, 2022 and 2021 is shown below.


	2023		2022		2021
LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT
U.S.	$	219.2	$	191.7	$	188.3
North America, excluding U.S.	24.0		4.7		5.4
Europe	138.4		136.8		98.9
Asia	48.3		48.8		34.5
Other(1)	0.4		0.1		0.2
Total long-lived assets - net	$	430.3	$	382.1	$	327.3

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Business Segments and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

Goodwill and Intangible Assets - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 98.8
2025	97.3
2026	95.7
2027	92.4
2028	$ 89.4

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

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2023, 2022, and 2021 are disclosed below:


	Years Ended December 31,
	2023	2022	2021
Weighted average fair value of grants	$59.77	$42.66	$38.88
Dividend yield	1.09%	1.14%	1.01%
Volatility	27.14%	25.23%	23.78%
Risk-free interest rate	4.15%	2.01%	0.12% - 1.54%
Expected life (in years)	4.50	4.90	5.70

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of December 31, 2023, and changes during the year ended December 31, 2023, are presented in the following table:


	Shares	Weighted Average Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at January 1, 2023	1,015,572	$	161.45	6.94	$	67.9
Granted	246,195	222.52
Exercised	(196,050)	133.90
Forfeited	(82,450)	201.67
Outstanding at December 31, 2023	983,267	$	178.86	6.88	$	39.3
Vested and expected to vest at December 31, 2023	954,222	$	177.96	6.82	$	38.9
Exercisable at December 31, 2023	497,612	$	153.99	5.47	$	31.5

Schedule of Compensation Cost for Stock Options

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


	Years Ended December 31,
	2023		2022		2021
Cost of sales	$	0.6	$	0.5	$	0.5
Selling, general and administrative expenses(1)	9.3		8.7		8.0
Total expense before income taxes	9.9		9.2		8.5
Income tax benefit	(1.0)		(0.8)		(0.8)
Total expense after income taxes	$	8.9	$	8.4	$	7.7

Schedule of Restricted Stock Activity

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


Restricted Stock	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023	104,382	$	179.45
Granted	46,660	217.01
Vested	(24,076)	175.42
Forfeited	(14,075)	201.92
Unvested at December 31, 2023	112,891	$	193.03

Schedule of Compensation Cost for Restricted Stock

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


	Years Ended December 31,
	2023		2022		2021
Cost of sales	$	0.5	$	0.3	$	0.4
Selling, general and administrative expenses(1)	5.2		6.4		5.1
Total expense before income taxes	5.7		6.7		5.5
Income tax benefit	(1.2)		(1.2)		(1.1)
Total expense after income taxes	$	4.5	$	5.5	$	4.4

(1) The year ended December 31, 2023 includes $0.5 million of lower expense due to timing of accelerated stock compensation costs for retiree eligible participants compared with 2022.

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of

the Company’s unvested cash-settled restricted stock activity as of December 31, 2023, and changes during the year ended December 31, 2023, are presented in the following table:


Cash-Settled Restricted Stock	Shares	Weighted-Average Fair Value
Unvested at January 1, 2023	57,356	$	228.33
Granted	20,940	225.02
Vested	(16,071)	228.86
Forfeited	(5,570)	217.11
Unvested at December 31, 2023	56,655	$	217.11

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

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


	Years Ended December 31,
	2023		2022		2021
Cost of sales	$	0.3	$	0.1	$	0.7
Selling, general and administrative expenses	3.1		2.6		4.3
Total expense before income taxes	3.4		2.7		5.0
Income tax benefit	(0.2)		(0.2)		(0.4)
Total expense after income taxes	$	3.2	$	2.5	$	4.6

Schedule of Weighted Average Performance Share Units Fair Values and Assumptions

Weighted average performance share unit fair values and assumptions for the years ended December 31, 2023, 2022, and 2021 are disclosed below:


	Years Ended December 31,
	2023	2022	2021
Weighted average fair value of grants	$308.18	$235.54	$247.49
Dividend yield	—%	—%	—%
Volatility	27.00%	28.09%	28.60%
Risk-free interest rate	4.37%	1.73%	0.33%
Expected life (in years)	2.94	2.93	2.93

Schedule of Performance Shares Units Activity

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


Performance Share Units	Shares	Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023	70,915	$	236.66
Granted	28,030	308.18
Vested	(18,105)	226.86
Forfeited	(13,385)	263.06
Unvested at December 31, 2023	67,455	$	265.15

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

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


	Years Ended December 31,
	2023		2022		2021
Cost of goods sold	$	—	$	—	$	—
Selling, general and administrative expenses(1)	6.0		6.0		6.4
Total expense before income taxes	6.0		6.0		6.4
Income tax benefit	(0.3)		(0.2)		(0.3)
Total expense after income taxes	$	5.7	$	5.8	$	6.1

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Business

IDEX is an applied solutions provider specializing in the manufacturing of fluid and metering technologies, health and science technologies and fire, safety and other diversified products built to customers’ specifications. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. The Company’s products and services include positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems, flow monitoring and other services, precision fluidics, 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, precision photonic solutions, 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 and precision equipment for dispensing, metering and mixing colorants and paints. These products and services are grouped into three reportable segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”).

Principles of Consolidation

The Consolidated Financial Statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated.

Use of Estimates

Revenue Recognition

Contract Assets and Liabilities

corresponding performance obligation. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied.

Shipping and Handling Costs

Shipping and handling costs are included in Cost of sales and are recognized as a period expense during the period in which they are incurred.

Advertising Costs

Advertising costs of $15.9 million, $14.9 million and $10.7 million for 2023, 2022 and 2021, respectively, are expensed as incurred within Selling, general and administrative expenses.

Cash and Cash Equivalents

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

Marketable Securities

Accounts Receivable and Allowance for Credit Losses

Inventories

Impairment of Long-Lived Assets

Goodwill and Indefinite-Lived Intangible Assets

Borrowing Expenses

Earnings per Common Share

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


	2023	2022	2021
	(In millions)
Basic weighted average common shares outstanding	75.6	75.7	76.0
Dilutive effect of restricted stock, performance share units and stock options	0.3	0.3	0.4
Diluted weighted average common shares outstanding	75.9	76.0	76.4


	2023	2022	2021
Antidilutive shares not included in Diluted EPS attributable to IDEX	0.2	0.5	0.3

Share-Based Compensation

Depreciation and Amortization

Property and equipment are stated at cost, with depreciation provided using the straight-line method over the following estimated useful lives:


Land improvements			8 to 12 years
Buildings and improvements			8 to 30 years
Machinery, equipment and other			3 to 12 years
Office and transportation equipment			2 to 10 years


Patents			5 to 20 years
Trade names			15 to 20 years
Customer relationships			5 to 20 years
Unpatented technology			8 to 20 years
Software			5 years

Research and Development Expenditures

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

Total engineering expenses, which include research and development as well as application and support engineering, were $107.5 million, $95.4 million and $82.9 million in 2023, 2022 and 2021, respectively. Research and development expenses, which include costs associated with developing new products and major improvements to existing products, were $68.4 million, $61.4 million and $50.1 million in 2023, 2022 and 2021, respectively.

Foreign Currency Translation and Transaction

Income Taxes

Concentration of Credit Risk

The Company is not dependent on a single customer as its largest customer accounted for less than 3% of net sales for all years presented.

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Significant Accounting Policies - Research and Development Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Engineering expense	$ 107.5	$ 95.4	$ 82.9
Research and development expense	$ 68.4	$ 61.4	$ 50.1

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenue by reporting unit for the years ended December 31, 2023, 2022 and 2021 was as follows:


	For the Year Ended December 31,
	2023		2022		2021
Pumps	$	402.9	$	396.5	$	345.1
Water	345.8		307.8		255.3
Energy	209.3		191.3		169.0
Agriculture	159.6		152.8		107.4
Valves	129.5		118.9		121.9
Intersegment elimination	(2.9)		(1.1)		(0.7)
Fluid & Metering Technologies	1,244.2		1,166.2		998.0
Scientific Fluidics & Optics(1)	681.5		639.0		508.0
Performance Pneumatic Technologies	250.0		257.6		182.2
Sealing Solutions	242.3		266.0		264.2
Material Processing Technologies	120.7		138.1		134.5
Micropump(2)	21.9		38.5		32.9
Intersegment elimination	(2.9)		(2.4)		(2.8)
Health & Science Technologies	1,313.5		1,336.8		1,119.0
Fire & Safety	431.9		400.1		377.5
Dispensing	167.5		167.5		169.6
BAND-IT	119.4		111.6		100.8
Intersegment elimination	(2.6)		(0.3)		(0.1)
Fire & Safety/Diversified Products	716.2		678.9		647.8
Total net sales	$	3,273.9	$	3,181.9	$	2,764.8

(2) Revenue from Micropump (sold on August 3, 2023) has been included in the Company’s 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 years ended December 31, 2023, 2022 and 2021 was as follows:


	For the Year Ended December 31, 2023
	FMT		HST		FSDP		IDEX
U.S.	$	695.7	$	575.5	$	371.9	$	1,643.1
North America, excluding U.S.	70.3		22.6		33.4		126.3
Europe	213.8		439.9		166.7		820.4
Asia	177.6		249.4		108.5		535.5
Other(1)	89.7		29.0		38.3		157.0
Intersegment elimination	(2.9)		(2.9)		(2.6)		(8.4)
Total net sales	$	1,244.2	$	1,313.5	$	716.2	$	3,273.9


	For the Year Ended December 31, 2022
	FMT		HST		FSDP		IDEX
U.S.(2)	$	660.8	$	646.9	$	343.3	$	1,651.0
North America, excluding U.S.	71.5		25.8		35.3		132.6
Europe(2)	194.6		379.7		160.9		735.2
Asia	157.8		261.3		104.2		523.3
Other(1)	82.6		25.5		35.5		143.6
Intersegment elimination	(1.1)		(2.4)		(0.3)		(3.8)
Total net sales	$	1,166.2	$	1,336.8	$	678.9	$	3,181.9


	For the Year Ended December 31, 2021
	FMT		HST		FSDP		IDEX
U.S.	$	532.9	$	489.7	$	317.0	$	1,339.6
North America, excluding U.S.	61.6		23.7		28.5		113.8
Europe	197.2		341.0		161.5		699.7
Asia	143.7		241.8		110.0		495.5
Other(1)	63.3		25.6		30.9		119.8
Intersegment elimination	(0.7)		(2.8)		(0.1)		(3.6)
Total net sales	$	998.0	$	1,119.0	$	647.8	$	2,764.8

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

Schedule of Contract with Customer, Asset and Liability

The composition of customer receivables was as follows:


	December 31, 2023		December 31, 2022
Billed receivables	$	408.1	$	421.3
Unbilled receivables	10.9		10.0
Total customer receivables	$	419.0	$	431.3

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The composition of deferred revenue was as follows:


	December 31, 2023		December 31, 2022
Deferred revenue - current	$	55.9	$	44.7
Deferred revenue - noncurrent	17.3		15.0
Total deferred revenue	$	73.2	$	59.7

Collaborative Investments (Details) - USD ($) $ in Millions		12 Months Ended
Collaborative Investments (Details) - USD ($) $ in Millions	May 12, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Contribution to joint venture	$ 0.7
Note receivable from collaborative partner			$ 7.2	$ 7.2
Credit loss on note receivable from collaborative partner		$ 7.7	$ 0.0	$ 0.0
Convertible Promissory Note
Net Investment Income [Line Items]
Credit loss on note receivable from collaborative partner		$ 7.7
Elastomer Seals Joint Venture Partner
Net Investment Income [Line Items]
Contribution to joint venture	$ 0.6
Elastomer Seals Joint Venture
Net Investment Income [Line Items]
Ownership percentage by parent	55.00%
Ownership percentage by noncontrolling owners	45.00%

Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits \| U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.1	$ 0.1	$ 0.1
Interest cost	0.4	0.2	0.3
Expected return on plan assets	(0.2)	(0.2)	(0.9)
Settlement (gain) loss recognized	0.0	0.0	10.5
Net amortization	0.1	0.3	0.4
Net periodic cost	0.4	0.4	10.4
Pension Benefits \| Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	1.2	1.8	2.0
Interest cost	2.8	1.0	0.7
Expected return on plan assets	(1.6)	(1.3)	(1.0)
Settlement (gain) loss recognized	(0.1)	0.0	0.0
Net amortization	(0.6)	0.6	2.1
Net periodic cost	1.7	2.1	3.8
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.4	0.7	0.7
Interest cost	0.8	0.5	0.4
Curtailment gain recognized	0.0	0.0	(2.0)
Net amortization	(0.9)	(0.5)	(0.6)
Net periodic cost	$ 0.3	$ 0.7	$ (1.5)

Income Taxes - Deferred Tax Assets Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Allowances and accruals	$ 18.8	$ 21.1
Employee and retiree benefit plans	20.9	17.8
Inventories	10.8	12.0
Foreign tax credit and other carryforwards	14.8	15.0
Lease liabilities	25.8	26.9
Right of use assets	(24.7)	(25.9)
Depreciation and amortization	(322.1)	(301.3)
Taxes on undistributed foreign earnings	(21.0)	(18.4)
Other	0.7	5.6
Total gross deferred tax (liabilities)	(276.0)	(247.2)
Valuation allowance	(14.4)	(15.0)
Total deferred tax (liabilities), net of valuation allowances	$ (290.4)	$ (262.2)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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


	2023		2022		2021
Beginning balance, January 1	$	8.1	$	7.6	$	7.4
Provision for warranties	5.8		3.0		3.4
Claim settlements	(4.7)		(4.1)		(3.8)
Other adjustments, including acquisitions, divestitures and foreign currency translation	(0.1)		1.6		0.6
Ending balance, December 31	$	9.1	$	8.1	$	7.6

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

Retirement Benefits - Weighted Average Assumptions Used in the Measurement of Benefit Obligation (Details)	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits \| U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	4.93%	5.17%
Rate of compensation increase	0.00%	0.00%
Cash balance interest credit rate	0.00%	0.00%
Pension Benefits \| Non-U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	3.01%	3.75%
Rate of compensation increase	2.55%	2.44%
Cash balance interest credit rate	1.43%	2.42%
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	4.90%	5.21%
Rate of compensation increase	0.00%	0.00%
Cash balance interest credit rate	0.00%	0.00%

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2023

Additional Financial Information Disclosure [Abstract]

Schedule of Balance Sheet Components


	December 31,
	2023		2022
RECEIVABLES - NET
Customers	$	419.0	$	431.3
Other	16.3		19.5
Total	435.3		450.8
Less allowance for credit losses	7.5		8.0
Total receivables - net	$	427.8	$	442.8
INVENTORIES - NET
Raw materials and components parts	$	268.1	$	301.2
Work in process	44.5		54.3
Finished goods	108.2		115.4
Total inventories - net	$	420.8	$	470.9
PROPERTY, PLANT AND EQUIPMENT - NET
Land and improvements	$	30.8	$	35.2
Buildings and improvements	234.7		214.2
Machinery, equipment and other	551.0		492.4
Office and transportation equipment	106.0		100.6
Construction in progress	53.5		56.4
Total	976.0		898.8
Less accumulated depreciation and amortization	545.7		516.7
Total property, plant and equipment - net	$	430.3	$	382.1
ACCRUED EXPENSES
Payroll and related items	$	97.1	$	102.7
Management incentive compensation	16.4		26.4
Income taxes payable	18.5		30.2
Insurance	11.4		11.2
Warranty	9.1		8.1
Deferred revenue	55.9		44.7
Lease liability	22.0		21.6
Restructuring	2.1		1.4
Accrued interest	4.5		5.5
Pension and retiree medical obligations	3.4		3.3
Other	31.1		34.0
Total accrued expenses	$	271.5	$	289.1
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	$	65.1	$	55.1
Transition tax payable	5.0		9.1
Deferred revenue	17.3		15.0
Lease liability	98.1		96.6
Other	21.2		20.0
Total other noncurrent liabilities	$	206.7	$	195.8

Schedule of Accounts Receivable, Allowance for Credit Loss

The valuation and qualifying account activity for the years ended December 31, 2023 and 2022 is as follows:


	2023		2022
ALLOWANCE FOR CREDIT LOSSES
Beginning balance January 1	$	8.0	$	7.2
Charged to costs and expenses, net of recoveries	0.6		2.2
Utilization	(1.2)		(1.2)
Other adjustments, including acquisitions and Foreign currency translation	0.1		(0.2)
Ending balance December 31	$	7.5	$	8.0

Acquisitions and Divestitures - Acquired Intangible Assets and Weighted Average Amortization Periods (Details) - USD ($) $ in Millions	Dec. 01, 2023	May 19, 2023	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022	Jun. 14, 2021	Mar. 10, 2021
Iridian
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 45.6
Iridian \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 5.2
Acquired intangible assets, Weighted Average Life		15 years
Iridian \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 29.3
Acquired intangible assets, Weighted Average Life		12 years
Iridian \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 11.1
Acquired intangible assets, Weighted Average Life		11 years
STC
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 95.3
STC \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 9.3
Acquired intangible assets, Weighted Average Life	15 years
STC \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 66.0
Acquired intangible assets, Weighted Average Life	15 years
STC \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 20.0
Acquired intangible assets, 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
Acquired intangible assets, Weighted Average Life					15 years
Nexsight \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total					$ 31.5
Acquired intangible assets, Weighted Average Life					10 years
Nexsight \| Software
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total					$ 4.8
Acquired intangible assets, Weighted Average Life					5 years
KZValve
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total				$ 52.0
KZValve \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total				$ 7.5
Acquired intangible assets, Weighted Average Life				15 years
KZValve \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total				$ 36.0
Acquired intangible assets, Weighted Average Life				13 years
KZValve \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total				$ 8.5
Acquired intangible assets, Weighted Average Life				10 years
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
Acquired intangible assets, Weighted Average Life			15 years
Muon Group \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total			$ 212.4
Acquired intangible assets, Weighted Average Life			13 years
Muon Group \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total			$ 68.4
Acquired intangible assets, Weighted Average Life			11 years
ABEL
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total							$ 46.0
ABEL \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total							$ 9.0
Acquired intangible assets, Weighted Average Life							15 years
ABEL \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total							$ 30.0
Acquired intangible assets, Weighted Average Life							13 years
ABEL \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total							$ 7.0
Acquired intangible assets, Weighted Average Life							11 years
Airtech
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total						$ 202.3
Airtech \| Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total						$ 15.4
Acquired intangible assets, Weighted Average Life						15 years
Airtech \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total						$ 162.9
Acquired intangible assets, Weighted Average Life						13 years
Airtech \| Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total						$ 24.0
Acquired intangible assets, Weighted Average Life						11 years