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

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

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



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No   
Number of shares of common stock of IDEX Corporation outstanding as of October 22, 2021: 76,031,495.


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


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

IDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts)
(unaudited)
 
September 30, 2021December 31, 2020
ASSETS
Current assets
Cash and cash equivalents$806,497 $1,025,851 
Receivables, less allowance for doubtful accounts of $7,234 at September 30, 2021 and $6,091 at December 31, 2020
366,779 293,146 
Inventories353,924 289,910 
Other current assets56,161 48,324 
Total current assets1,583,361 1,657,231 
Property, plant and equipment - net314,631 298,273 
Goodwill2,197,084 1,895,574 
Intangible assets - net613,366 415,563 
Other noncurrent assets146,137 147,757 
Total assets$4,854,579 $4,414,398 
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable$175,864 $151,993 
Accrued expenses252,092 208,828 
Short-term borrowings35 88 
Dividends payable41,117 38,149 
Total current liabilities469,108 399,058 
Long-term borrowings1,190,078 1,044,354 
Deferred income taxes211,066 163,863 
Other noncurrent liabilities258,044 266,797 
Total liabilities2,128,296 1,874,072 
Commitments and contingencies
Shareholders’ equity
Preferred stock:
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None
  
Common stock:
Authorized: 150,000,000 shares, $.01 per share par value
Issued: 90,074,054 shares at September 30, 2021 and 90,071,763 shares at December 31, 2020
901 901 
Additional paid-in capital790,629 775,153 
Retained earnings3,048,856 2,841,546 
Treasury stock at cost: 13,931,832 shares at September 30, 2021 and 14,111,221 shares at December 31, 2020
(1,057,055)(1,063,872)
Accumulated other comprehensive loss(57,086)(13,525)
Total shareholders’ equity2,726,245 2,540,203 
Noncontrolling interest38 123 
Total equity2,726,283 2,540,326 
Total liabilities and equity$4,854,579 $4,414,398 
See Notes to Condensed Consolidated Financial Statements
1

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
 

 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net sales$712,019 $581,113 $2,050,002 $1,736,824 
Cost of sales400,450 329,613 1,139,738 978,568 
Gross profit311,569 251,500 910,264 758,256 
Selling, general and administrative expenses147,180 117,370 426,708 369,750 
Restructuring expenses and asset impairments3,204 2,917 8,568 6,758 
Operating income161,185 131,213 474,988 381,748 
Other expense (income) - net630 (704)16,957 7,321 
Interest expense9,498 10,642 31,479 33,958 
Income before income taxes151,057 121,275 426,552 340,469 
Provision for income taxes35,343 17,427 95,987 63,759 
Net income115,714 103,848 330,565 276,710 
Net loss attributable to noncontrolling interest28  80  
Net income attributable to IDEX$115,742 $103,848 $330,645 $276,710 
Earnings per common share:
Basic earnings per common share attributable to IDEX$1.52 $1.38 $4.35 $3.66 
Diluted earnings per common share attributable to IDEX$1.51 $1.37 $4.33 $3.64 
Share data:
Basic weighted average common shares outstanding76,010 75,352 75,957 75,423 
Diluted weighted average common shares outstanding76,452 75,960 76,408 76,119 
See Notes to Condensed Consolidated Financial Statements
2

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income$115,714 $103,848 $330,565 $276,710 
Other comprehensive income (loss):
Reclassification adjustments for derivatives, net of tax
 672 2,531 3,982 
Pension and other postretirement adjustments, net of tax
840 291 10,795 1,956 
Cumulative translation adjustment
(28,703)47,343 (56,887)40,158 
Other comprehensive income (loss)
(27,863)48,306 (43,561)46,096 
Comprehensive income87,851 152,154 287,004 322,806 
Comprehensive loss attributable to noncontrolling interest30  85  
Comprehensive income attributable to IDEX$87,881 $152,154 $287,089 $322,806 
See Notes to Condensed Consolidated Financial Statements
3

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

   Accumulated Other Comprehensive Loss  
 Common
Stock and
Additional
Paid-In Capital
Retained
Earnings
Cumulative
Translation
Adjustment
Retirement
Benefits
Adjustment
Cumulative
Unrealized Gain (Loss) on
Derivatives
Treasury
Stock
Total
Shareholders’
Equity
Noncontrolling InterestTotal Equity
Balance, December 31, 2020$776,054 $2,841,546 $13,430 $(24,424)$(2,531)$(1,063,872)$2,540,203 $123 $2,540,326 
Net income (loss)— 112,708 — — — — 112,708 (36)112,672 
Cumulative translation adjustment— — (48,439)— — — (48,439)2 (48,437)
Net change in retirement obligations (net of tax of $309)
— — — 745 — — 745 — 745 
Net change on derivatives designated as cash flow hedges (net of tax of $195)
— — — — 664 — 664 — 664 
Issuance of 106,122 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $1,865)
— — — — — 3,231 3,231 — 3,231 
Shares surrendered for tax withholding— — — — — (5,460)(5,460)— (5,460)
Share-based compensation6,274 — — — — — 6,274 — 6,274 
Balance, March 31, 2021$782,328 $2,954,254 $(35,009)$(23,679)$(1,867)$(1,066,101)$2,609,926 $89 $2,610,015 
Net income (loss)— 102,195 — — — — 102,195 (16)102,179 
Cumulative translation adjustment— — 20,255 — — — 20,255 (5)20,250 
Net change in retirement obligations (net of tax of $2,799)
— — — 9,210 — — 9,210 — 9,210 
Net change on derivatives designated as cash flow hedges (net of tax of $549)
— — — — 1,867 — 1,867 — 1,867 
Issuance of 67,476 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $621)
— — — — — 7,456 7,456 — 7,456 
Shares surrendered for tax withholding— — — — — (74)(74)— (74)
Share-based compensation4,247 — — — — — 4,247 — 4,247 
Cash dividends declared - $1.08 per common share outstanding
— (82,286)— — — — (82,286)— (82,286)
Balance, June 30, 2021$786,575 $2,974,163 $(14,754)$(14,469)$ $(1,058,719)$2,672,796 $68 $2,672,864 
Net income— 115,742 — — — — 115,742 (28)115,714 
Cumulative translation adjustment— — (28,703)— — — (28,703)(2)(28,705)
Net change in retirement obligations (net of tax of $335)
— — — 840 — — 840 — 840 
Issuance of 34,390 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $178)
— — — — — 1,810 1,810 — 1,810 
Shares surrendered for tax withholding— — — — — (146)(146)— (146)
Share-based compensation4,955 — — — — — 4,955 — 4,955 
Cash dividends declared - $0.54 per common share outstanding
— (41,049)— — — — (41,049)— (41,049)
Balance, September 30, 2021$791,530 $3,048,856 $(43,457)$(13,629)$ $(1,057,055)$2,726,245 $38 $2,726,283 





4

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

   Accumulated Other Comprehensive Loss  
 Common
Stock and
Additional
Paid-In Capital
Retained
Earnings
Cumulative
Translation
Adjustment
Retirement
Benefits
Adjustment
Cumulative
Unrealized Gain (Loss) on
Derivatives
Treasury
Stock
Total
Shareholders’
Equity
Balance, December 31, 2019$761,352 $2,615,131 $(94,353)$(25,809)$(7,183)$(985,909)$2,263,229 
Net income— 101,998 — — — — 101,998 
Cumulative translation adjustment— — (26,456)— — — (26,456)
Net change in retirement obligations (net of tax of $578)
— — — 2,296 — — 2,296 
Net change on derivatives designated as cash flow hedges (net of tax of $351)
— — — — 1,194 — 1,194 
Issuance of 131,757 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $3,061)
— — — — — 2,089 2,089 
Repurchase of 866,823 shares of common stock
— — — — — (108,907)(108,907)
Shares surrendered for tax withholding— — — — — (12,119)(12,119)
Share-based compensation6,463 — — — — — 6,463 
Balance, March 31, 2020$767,815 $2,717,129 $(120,809)$(23,513)$(5,989)$(1,104,846)$2,229,787 
Net income— 70,864 — — — — 70,864 
Cumulative translation adjustment— — 19,271 — — — 19,271 
Net change in retirement obligations (net of tax of $62)
— — — (631)— — (631)
Net change on derivatives designated as cash flow hedges (net of tax of $623)
— — — — 2,116 — 2,116 
Issuance of 145,263 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $594)
— — — — — 11,022 11,022 
Repurchase of 9,600 shares of common stock
— — — — — (1,435)(1,435)
Shares surrendered for tax withholding— — — — — (29)(29)
Share-based compensation5,753 — — — — — 5,753 
Cash dividends declared - $1.00 per common share outstanding
— (75,681)— — — — (75,681)
Balance, June 30, 2020$773,568 $2,712,312 $(101,538)$(24,144)$(3,873)$(1,095,288)$2,261,037 
Net income— 103,848 — — — — 103,848 
Cumulative translation adjustment— — 47,343 — — — 47,343 
Net change in retirement obligations (net of tax of $171)
— — — 291 — — 291 
Net change on derivatives designated as cash flow hedges (net of tax of $197)
— — — — 672 — 672 
Issuance of 191,432 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $837)
— — — — — 15,618 15,618 
Shares surrendered for tax withholding— — — — — (50)(50)
Share-based compensation5,800 — — — — — 5,800 
Cash dividends declared - $0.50 per common share outstanding
— (38,030)— — — — (38,030)
Balance, September 30, 2020$779,368 $2,778,130 $(54,195)$(23,853)$(3,201)$(1,079,720)$2,396,529 

See Notes to Condensed Consolidated Financial Statements
5

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 Nine Months Ended September 30,
 20212020
Cash flows from operating activities
Net income$330,565 $276,710 
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairments815 85 
Depreciation and amortization32,281 30,851 
Amortization of intangible assets40,681 31,123 
Amortization of debt issuance expenses1,354 1,351 
Share-based compensation expense18,575 21,155 
Deferred income taxes(7,070)1,323 
Non-cash interest expense associated with forward starting swaps3,275 5,153 
Termination of the U.S. pension plan9,688  
Changes in (net of the effect from acquisitions/divestitures):
Receivables(59,249)33,291 
Inventories(28,072)17,920&