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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, 2022
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 21, 2022: 75,421,109.


TABLE OF CONTENTS
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

IDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except per share amounts)
(unaudited)
 
September 30, 2022December 31, 2021
ASSETS
Current assets
Cash and cash equivalents$680.7 $855.4 
Receivables, less allowance for doubtful accounts of $8.0 at September 30, 2022 and $7.2 at December 31, 2021
406.1 356.4 
Inventories455.3 370.4 
Other current assets92.9 95.8 
Total current assets1,635.0 1,678.0 
Property, plant and equipment - net303.5 327.3 
Goodwill2,191.2 2,167.7 
Intangible assets - net628.6 597.3 
Other noncurrent assets134.3 146.9 
Total assets$4,892.6 $4,917.2 
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable$196.6 $178.8 
Accrued expenses264.6 259.8 
Dividends payable45.3 41.4 
Total current liabilities506.5 480.0 
Long-term borrowings1,191.1 1,190.3 
Deferred income taxes185.7 196.4 
Other noncurrent liabilities206.7 247.4 
Total liabilities2,090.0 2,114.1 
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: 90,071,346 shares at September 30, 2022 and 90,067,996 shares at December 31, 2021
0.9 0.9 
Additional paid-in capital812.0 795.6 
Retained earnings3,447.1 3,126.5 
Treasury stock at cost: 14,543,722 shares at September 30, 2022 and 13,872,555 shares at December 31, 2021
(1,193.1)(1,050.3)
Accumulated other comprehensive loss(264.1)(69.6)
Total shareholders’ equity2,802.8 2,803.1 
Noncontrolling interest(0.2) 
Total equity2,802.6 2,803.1 
Total liabilities and equity$4,892.6 $4,917.2 
See Notes to Condensed Consolidated Financial Statements
1

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(unaudited)
 

 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net sales$824.0 $712.0 $2,371.2 $2,050.0 
Cost of sales442.2 400.4 1,290.0 1,139.7 
Gross profit381.8 311.6 1,081.2 910.3 
Selling, general and administrative expenses161.9 147.2 483.7 426.7 
Restructuring expenses and asset impairments17.7 3.2 21.1 8.6 
Operating income202.2 161.2 576.4 475.0 
Gain on sale of business (34.8) (34.8) 
Other (income) expense - net(1.0)0.6 (3.3)17.0 
Interest expense9.6 9.5 28.6 31.4 
Income before income taxes228.4 151.1 585.9 426.6 
Provision for income taxes49.7 35.4 129.2 96.0 
Net income178.7 115.7 456.7 330.6 
Net loss attributable to noncontrolling interest  0.2  
Net income attributable to IDEX$178.7 $115.7 $456.9 $330.6 
Earnings per common share:
Basic earnings per common share attributable to IDEX$2.37 $1.52 $6.02 $4.35 
Diluted earnings per common share attributable to IDEX$2.36 $1.51 $6.00 $4.33 
Share data:
Basic weighted average common shares outstanding75.4 76.0 75.8 76.0 
Diluted weighted average common shares outstanding75.8 76.5 76.1 76.4 
See Notes to Condensed Consolidated Financial Statements
2

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(unaudited)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income$178.7 $115.7 $456.7 $330.6 
Other comprehensive loss:
Reclassification adjustments for derivatives, net of tax
   2.5 
Pension and other postretirement adjustments, net of tax
0.6 0.8 1.8 10.8 
Cumulative translation adjustment
(94.9)(28.7)(196.3)(56.9)
Other comprehensive loss(94.3)(27.9)(194.5)(43.6)
Comprehensive income84.4 87.8 262.2 287.0 
Comprehensive loss attributable to noncontrolling interest  0.2  
Comprehensive income attributable to IDEX$84.4 $87.8 $262.4 $287.0 
See Notes to Condensed Consolidated Financial Statements
3

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)

   Accumulated Other Comprehensive Loss  
 Common
Stock and
Additional
Paid-In Capital
Retained
Earnings
Cumulative
Translation
Adjustment
Retirement
Benefits
Adjustment
Treasury
Stock
Total
Shareholders’
Equity
Noncontrolling InterestTotal Equity
Balance, December 31, 2021$796.5 $3,126.5 $(62.2)$(7.4)$(1,050.3)$2,803.1 $ $2,803.1 
Net income (loss)— 140.0 — — — 140.0 (0.1)139.9 
Cumulative translation adjustment— — (19.5)— — (19.5)— (19.5)
Net change in retirement obligations (net of tax of $0.2)
— — — 0.6 — 0.6 — 0.6 
Issuance of 73,755 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $1.7)
— — — — 1.4 1.4 — 1.4 
Repurchase of 147,500 shares of common stock
— — — — (28.3)(28.3)(28.3)
Shares surrendered for tax withholding— — — — (4.9)(4.9)— (4.9)
Share-based compensation6.6 — — — — 6.6 — 6.6 
Balance, March 31, 2022$803.1 $3,266.5 $(81.7)$(6.8)$(1,082.1)$2,899.0 $(0.1)$2,898.9 
Net income (loss)— 138.2 — — — 138.2 (0.1)138.1 
Cumulative translation adjustment— — (81.9)— — (81.9)(81.9)
Net change in retirement obligations (net of tax of $0.5)
— — — 0.6 — 0.6 — 0.6 
Issuance of 42,408 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $0.4)
— — — — 3.8 3.8 — 3.8 
Repurchase of 474,690 shares of common stock
— — — — (87.5)(87.5)— (87.5)
Share-based compensation6.9 — — — — 6.9 — 6.9 
Cash dividends declared - $1.20 per common share outstanding
— (90.9)— — — (90.9)— (90.9)
Balance, June 30, 2022$810.0 $3,313.8 $(163.6)$(6.2)$(1,165.8)$2,788.2 $(0.2)$2,788.0 
Net income— 178.7 — — — 178.7 — $178.7 
Cumulative translation adjustment— — (94.9)— — (94.9)(94.9)
Net change in retirement obligations (net of tax of $)
— — — 0.6 — 0.6 — 0.6 
Issuance of 28,152 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $0.4)
— — — — 3.8 3.8 — 3.8 
Repurchase of 166,433 shares of common stock
— — — — (30.9)(30.9)— (30.9)
Shares surrendered for tax withholding— — — — (0.2)(0.2)— (0.2)
Share-based compensation2.9 — — — — 2.9 — 2.9 
Cash dividends declared - $0.60 per common share outstanding
— (45.4)— — — (45.4)— (45.4)
Balance, September 30, 2022$812.9 $3,447.1 $(258.5)$(5.6)$(1,193.1)$2,802.8 $(0.2)$2,802.6 




















4

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (continued)
(Dollars in millions)
(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$776.1 $2,841.5 $13.4 $(24.4)$(2.5)$(1,063.9)$2,540.2 $0.1 $2,540.3 
Net income— 112.7 — — — — 112.7 — 112.7 
Cumulative translation adjustment— — (48.5)— — — (48.5)— (48.5)
Net change in retirement obligations (net of tax of $0.3)
— — — 0.8 — — 0.8 — 0.8 
Net change on derivatives designated as cash flow hedges (net of tax of $0.2)
— — — — 0.7 — 0.7 — 0.7 
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 $1.9)
— — — — — 3.2 3.2 — 3.2 
Shares surrendered for tax withholding— — — — — (5.4)(5.4)— (5.4)
Share-based compensation6.2 — — — — — 6.2 — 6.2 
Balance, March 31, 2021$782.3 $2,954.2 $(35.1)$(23.6)$(1.8)$(1,066.1)$2,609.9 $0.1 $2,610.0 
Net income— 102.2 — — — — 102.2 — 102.2 
Cumulative translation adjustment— — 20.3 — — — 20.3 — 20.3 
Net change in retirement obligations (net of tax of $2.8)
— — — 9.2 — — 9.2 — 9.2 
Net change on derivatives designated as cash flow hedges (net of tax of $0.5)
— — — — 1.8 — 1.8 — 1.8 
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 $0.6)
— — — — — 7.5 7.5 — 7.5 
Shares surrendered for tax withholding— — — — — (0.1)(0.1)— (0.1)
Share-based compensation4.3 — — — — — 4.3 — 4.3 
Cash dividends declared - $1.08 per common share outstanding
— (82.3)— — — — (82.3)— (82.3)
Balance, June 30, 2021$786.6 $2,974.1 $(14.8)$(14.4)$ $(1,058.7)$2,672.8 $0.1 $2,672.9 
Net income— 115.7 — — — — 115.7 115.7 
Cumulative translation adjustment— — (28.7)— — — (28.7)— (28.7)
Net change in retirement obligations (net of tax of $0.3)
— — — 0.8 — — 0.8 — 0.8 
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 $0.2)
— — — — — 1.8 1.8 — 1.8 
Shares surrendered for tax withholding— — — — — (0.1)(0.1)— (0.1)
Share-based compensation4.9 — — — — — 4.9 — 4.9 
Cash dividends declared - $0.54 per common share outstanding
— (41.0)— — — — (41.0)— (41.0)
Balance, September 30, 2021$791.5 $3,048.8 $(43.5)$(13.6)$ $(1,057.0)$2,726.2 $0.1 $2,726.3 


See Notes to Condensed Consolidated Financial Statements
5

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(unaudited)
 Nine Months Ended September 30,
 20222021
Cash flows from operating activities
Net income$456.7 $330.6 
Adjustments to reconcile net income to net cash provided by operating activities:
Gains on sales of assets(3.0) 
Gain on sale of business(34.8) 
Asset impairments17.0 0.8 
Depreciation and amortization37.0 32.3 
Amortization of intangible assets49.2 40.7 
Amortization of debt issuance expenses1.2 1.4 
Share-based compensation expense16.4 15.4 
Deferred income taxes0.2 (7.1)
Non-cash interest expense associated with forward starting swaps 3.3 
Termination of the U.S. pension plan 9.7 
Changes in (net of the effect from acquisitions/divestitures and foreign exchange):
Receivables(62.5)(59.2)
Inventories(99.6)(28.1)
Other current assets(4.8)6.0 
Trade accounts payable25.6 21.0 
Deferred revenue(24.7)14.8 
Accrued expenses13.1 18.9 
Other - net3.1 1.7 
Net cash flows provided by operating activities390.1