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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 endedMarch 31, 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 April 22, 2022: 76,005,607.


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


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

IDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except per share amounts)
(unaudited)
 
March 31, 2022December 31, 2021
ASSETS
Current assets
Cash and cash equivalents$733.2 $855.4 
Receivables, less allowance for doubtful accounts of $7.5 at March 31, 2022 and $7.2 at December 31, 2021
411.2 356.4 
Inventories428.5 370.4 
Other current assets108.4 95.8 
Total current assets1,681.3 1,678.0 
Property, plant and equipment - net325.8 327.3 
Goodwill2,213.5 2,167.7 
Intangible assets - net629.2 597.3 
Other noncurrent assets149.9 146.9 
Total assets$4,999.7 $4,917.2 
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable$210.2 $178.8 
Accrued expenses258.1 259.8 
Dividends payable 41.4 
Total current liabilities468.3 480.0 
Long-term borrowings1,190.6 1,190.3 
Deferred income taxes196.6 196.4 
Other noncurrent liabilities245.3 247.4 
Total liabilities2,100.8 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: 90,070,399 shares at March 31, 2022 and 90,067,996 shares at December 31, 2021
0.9 0.9 
Additional paid-in capital802.2 795.6 
Retained earnings3,266.5 3,126.5 
Treasury stock at cost: 13,972,023 shares at March 31, 2022 and 13,872,555 shares at December 31, 2021
(1,082.1)(1,050.3)
Accumulated other comprehensive loss(88.5)(69.6)
Total shareholders’ equity2,899.0 2,803.1 
Noncontrolling interest(0.1) 
Total equity2,898.9 2,803.1 
Total liabilities and equity$4,999.7 $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 March 31,
 20222021
Net sales$751.1 $652.0 
Cost of sales408.6 359.4 
Gross profit342.5 292.6 
Selling, general and administrative expenses154.3 134.9 
Restructuring expenses and asset impairments0.6 2.2 
Operating income187.6 155.5 
Other income - net(2.3)(0.8)
Interest expense9.5 10.7 
Income before income taxes180.4 145.6 
Provision for income taxes40.5 32.9 
Net income139.9 112.7 
Net loss attributable to noncontrolling interest0.1  
Net income attributable to IDEX$140.0 $112.7 
Earnings per common share:
Basic earnings per common share attributable to IDEX$1.84 $1.48 
Diluted earnings per common share attributable to IDEX$1.83 $1.48 
Share data:
Basic weighted average common shares outstanding76.1 75.9 
Diluted weighted average common shares outstanding76.4 76.3 
See Notes to Condensed Consolidated Financial Statements
2

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(unaudited)
 
 Three Months Ended March 31,
 20222021
Net income$139.9 $112.7 
Other comprehensive loss:
Reclassification adjustments for derivatives, net of tax
 0.7 
Pension and other postretirement adjustments, net of tax
0.6 0.8 
Cumulative translation adjustment
(19.5)(48.5)
Other comprehensive loss(18.9)(47.0)
Comprehensive income121.0 65.7 
Comprehensive loss attributable to noncontrolling interest  
Comprehensive income attributable to IDEX$121.0 $65.7 
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 


   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 













See Notes to Condensed Consolidated Financial Statements
4

IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(unaudited)
 Three Months Ended March 31,
 20222021
Cash flows from operating activities
Net income$139.9 $112.7 
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of assets(2.7) 
Asset impairments 0.1 
Depreciation and amortization12.2 10.6 
Amortization of intangible assets15.3 11.0 
Amortization of debt issuance expenses0.4 0.4 
Share-based compensation expense6.6 6.2 
Deferred income taxes1.0 0.5 
Non-cash interest expense associated with forward starting swaps 0.9 
Changes in (net of the effect from acquisitions/divestitures and foreign exchange):
Receivables(49.0)(46.3)
Inventories(50.2)(7.5)
Other current assets(12.7)3.3 
Trade accounts payable28.1 20.0 
Deferred revenue6.4 11.1 
Accrued expenses(16.3)(11.1)
Other - net0.7 (2.6)
Net cash flows provided by operating activities79.7 109.3 
Cash flows from investing activities
Purchases of property, plant and equipment(16.1)(14.6)
Acquisition of businesses, net of cash acquired(114.7)(106.2)
Proceeds from disposal of fixed assets6.5 0.2 
Other - net(0.1)1.1 
Net cash flows used in investing activities(124.4)(119.5)
Cash flows from financing activities
Dividends paid(41.4)(38.1)
Proceeds from stock option exercises1.4 3.2 
Repurchases of common stock(26.3) 
Shares surrendered for tax withholding(4.9)(5.4)
Other - net (0.1)(0.1)
Net cash flows used in financing activities(71.3)(40.4)
Effect of exchange rate changes on cash and cash equivalents(6.2)(17.2)
Net decrease in cash(122.2)(67.8)
Cash and cash equivalents at beginning of year855.4 1,025.9 
Cash and cash equivalents at end of period$733.2 $958.1 
Supplemental cash flow information
Cash paid for:
Interest$0.4 $0.5 
Income taxes15.4 18.3 

See Notes to Condensed Consolidated Financial Statements
5


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)

1.    Basis of Presentation and Significant Accounting Policies

The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the entire year.

The Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Recently Issued 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. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods therein. Early adoption is permitted. Entities should apply the ASU’s provisions prospectively to business combinations occurring on or after the effective date of the amendments. The adoption of this standard is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Accounting Standards Codification (“ASC”) 832): Disclosures by Business Entities about Government Assistance, which requires entities to provide certain annual disclosures when they (1) have received government assistance and (2) use a grant or contribution accounting model by analogy to other accounting guidance. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted, and entities may apply the ASU’s provisions prospectively or retrospectively. The adoption of this standard is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.

2.    Acquisitions

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 assets and liabilities, have been included in the Company’s Condensed Consolidated Financial Statements from their respective dates of acquisition. The results of operations of ABEL Pumps, L.P. and certain of its affiliates (“ABEL”) and Airtech Group, Inc., US Valve Corporation and related entities (“Airtech”) have been included in the Company’s Condensed Consolidated Financial Statements since the dates of acquisition on March 10, 2021 and June 14, 2021, respectively. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on the Company’s Condensed Consolidated Financial Statements individually or in the aggregate.

2022 Acquisition

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 asset acquisition. Nexsight complements and creates synergies with the Company’s existing iPEK and ADS business units that design and create sewer crawlers, inspection and monitoring systems and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely. Headquartered in Randolph, New Jersey, Nexsight operates in the Company’s Water reporting unit within the Fluid & Metering Technologies (“FMT”) segment. Nexsight was acquired for cash consideration of $114.7 million. The entire
6


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $55.0 million and $49.8 million, respectively. The goodwill is partially deductible for tax purposes.

The Company made a preliminary 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. As the Company continues to obtain additional information about these assets and liabilities, including intangible asset appraisals, inventory valuation and accrued expenses, 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$18.3 
Property, plant and equipment2.0 
Goodwill55.0 
Intangible assets49.8 
Other noncurrent assets6.0 
Total assets acquired131.1 
Current liabilities(10.5)
Deferred income taxes(1.6)
Other noncurrent liabilities(4.3)
Net assets acquired
$114.7 

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:
TotalWeighted Average Life
Trade names$13.5 15
Customer relationships31.5 10
Software4.8 5
Acquired intangible assets$49.8 

The Company incurred $0.9 million of acquisition-related transaction costs during the three months ended March 31, 2022. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed.

2021 Acquisitions

ABEL

On March 10, 2021, the Company acquired the stock of 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
7


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
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 equipment4.0 
Goodwill42.7 
Intangible assets46.0 
Deferred income taxes2.6 
Other noncurrent assets0.1 
Total assets acquired113.5 
Current liabilities(7.1)
Other noncurrent liabilities(0.1)
Net assets acquired
$106.3 
Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business.

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

TotalWeighted Average Life
Trade names$9.0 15
Customer relationships30.0 13
Unpatented technology7.0 11
Acquired intangible assets$46.0 
8


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Airtech

On June 14, 2021, the Company acquired the stock of 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 Health & Science Technologies (“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 $268.6 million and $202.3 million, respectively. The goodwill is not deductible for tax purposes.

The Company made a preliminary 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. As the Company continues to obtain additional information about these assets and liabilities, including intangible asset appraisals, inventory valuation and accrued expenses, 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$45.3 
Property, plant and equipment4.8 
Goodwill268.6 
Intangible assets202.3 
Other noncurrent assets10.1 
Total assets acquired531.1 
Current liabilities(11.1)
Deferred income taxes(40.6)
Other noncurrent liabilities$(8.4)
Net assets acquired
$471.0 

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:

TotalWeighted Average Life
Trade names$15.4 15
Customer relationships162.9 13
Unpatented technology24.0 11
Acquired intangible assets$202.3 

The Company incurred $1.4 million of acquisition-related costs during the three months ended March 31, 2021. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. The Company also recorded a $0.7 million fair value inventory step-up charge associated with the completed 2021 acquisition of ABEL in Cost of sales during the three months ended March 31, 2021.
9


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)

3.    Business Segments

IDEX has three reportable business segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”).

The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agriculture and energy industries.

The HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies. HST serves a variety of end markets, including food and beverage, pharmaceutical and biopharmaceutical, cosmetics, marine, chemical, wastewater and water treatment, life sciences, research and defense markets.

The FSDP segment designs, produces and develops 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 and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world.

Information on the Company’s business segments is presented below based on the nature of the products and services offered. The Company evaluates its performance based on several factors, of which sales, operating income and operating margin are the primary financial measures. Intersegment sales are accounted for at fair value as if the sales were to third parties.

10


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
 Three Months Ended March 31,
 20222021
Net sales
Fluid & Metering Technologies
External customers$271.9 $243.0 
Intersegment sales0.1 0.3 
Total segment sales272.0 243.3 
Health & Science Technologies
External customers314.6 249.5 
Intersegment sales0.6 0.9 
Total segment sales315.2 250.4 
Fire & Safety/Diversified Products
External customers164.6 159.5 
Intersegment sales0.1  
Total segment sales164.7 159.5 
Intersegment elimination(0.8)(1.2)
Total net sales$751.1 $652.0 
Operating income (loss) (1)
Fluid & Metering Technologies$80.4 $62.9 
Health & Science Technologies83.6 66.6 
Fire & Safety/Diversified Products40.5 44.6 
Corporate office and other(16.9)(18.6)
Total operating income$187.6 $155.5 

March 31,
2022
December 31,
2021
Assets
Fluid & Metering Technologies$1,635.6 $1,458.8 
Health & Science Technologies2,182.6 2,138.3 
Fire & Safety/Diversified Products905.2 892.5 
Corporate office and other276.3 427.6 
Total assets$4,999.7 $4,917.2 

(1) Segment operating income (loss) excludes net unallocated corporate operating expenses.


11


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
4.    Revenue

Disaggregation of Revenue

The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates its revenue from contracts with customers by reporting unit and geographical region for each segment as the Company believes it best depicts how the amount, nature, timing and uncertainty of its revenue and cash flows are affected by economic factors. Revenue was attributed to geographical region based on the location of the customer. The following tables present revenue disaggregated by reporting unit and geographical region.

Revenue by reporting unit for the three months ended March 31, 2022 and 2021 was as follows:


Three Months Ended March 31,
20222021
Pumps$97.4 $82.3 
Water(1)
64.4 58.7 
Energy48.3 45.3 
Agriculture32.3 26.0 
Valves(1)
29.6 31.0 
Intersegment elimination(0.1)(0.3)
Fluid & Metering Technologies271.9 243.0 
Scientific Fluidics & Optics141.2 114.4 
Sealing Solutions70.2 65.6 
Performance Pneumatic Technologies(2)
62.0 32.9 
Material Processing Technologies33.7 29.9 
Micropump8.1 7.6 
Intersegment elimination(0.6)(0.9)
Health & Science Technologies314.6 249.5 
Fire & Safety95.7 96.8 
Dispensing41.6 36.9 
BAND-IT27.4 25.8 
Intersegment elimination(0.1) 
Fire & Safety/Diversified Products164.6 159.5 
Total net sales$751.1 $652.0 

(1) During the third quarter of 2021, the Company merged a business in the Water reporting unit with a business in the Valves reporting unit. Revenue for each reporting unit has been restated to reflect this change for the three months ended March 31, 2021.

(2) This reporting unit was previously named Gast and was renamed Performance Pneumatic Technologies upon the acquisition of Airtech on June 14, 2021. Prior to the acquisition date, amounts reflect only the Gast business.


12


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Revenue by geographical region for the three months ended March 31, 2022 and 2021 was as follows:
Three Months Ended March 31, 2022
FMTHSTFSDPIDEX
U.S.$150.0 $152.0 $76.5 $378.5 
North America, excluding U.S.17.3 7.5 10.9 35.7 
Europe 48.7 91.3 45.0 185.0 
Asia36.5 58.8 23.4 118.7 
Other (1)
19.5 5.6 8.9 34.0 
Intersegment elimination(0.1)(0.6)(0.1)(0.8)
Total net sales$271.9 $314.6 $164.6 $751.1 

Three Months Ended March 31, 2021
FMTHSTFSDPIDEX
U.S.$131.0 $93.7 $75.5 $300.2 
North America, excluding U.S.14.8 7.1 7.2 29.1 
Europe 48.6 76.8 42.6 168.0 
Asia33.7 67.7 26.9 128.3 
Other (1)
15.2 5.1 7.3 27.6 
Intersegment elimination(0.3)(0.9) (1.2)
Total net sales$243.0 $249.5 $159.5 $652.0 

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

Performance Obligations

The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time approximated 96% of total revenues in both the three months ended March 31, 2022 and 2021. Revenue from products and services transferred to customers over time approximated 4% of total revenues in both the three months ended March 31, 2022 and 2021.

Contract Balances

The timing of revenue recognition, billings and cash collections can result in customer receivables, advance payments or billings in excess of revenue recognized. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables on the Condensed Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to invoice in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract.

The composition of Customer receivables was as follows:
13


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
March 31, 2022December 31, 2021
Billed receivables$397.3 $344.0 
Unbilled receivables10.1 10.9 
Total customer receivables$407.4 $354.9 

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

The composition of Deferred revenue was as follows:
March 31, 2022December 31, 2021
Deferred revenue - current$59.8 $49.0 
Deferred revenue - noncurrent30.8 32.2 
Total deferred revenue$90.6 $81.2 

5.    Earnings Per Common Share

Diluted earnings per common share (“EPS”) attributable to IDEX is computed by dividing net income attributable to IDEX by the weighted average number of shares of common stock (basic) plus common stock equivalents outstanding (diluted) during the period. Common stock equivalents consist of stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method, restricted stock and performance share units.

ASC 260, Earnings Per Share, concludes that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has determined that its outstanding shares of restricted stock are participating securities. Accordingly, diluted EPS attributable to IDEX was computed using the two-class method prescribed by ASC 260.

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

 Three Months Ended March 31,
 20222021
Basic weighted average common shares outstanding76.1 75.9 
Dilutive effect of stock options, restricted stock and performance share units0.3 0.4 
Diluted weighted average common shares outstanding76.4 76.3 

Options to purchase approximately 0.5 million and 0.3 million shares of common stock for the three months ended March 31, 2022 and 2021, respectively, were not included in the computation of diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive.

14


IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
6.    Inventories

The components of inventories as of March 31, 2022 and December 31, 2021 were:
March 31,
2022
December 31,
2021
Raw materials and component parts$262.8 $229.4 
Work in process53.0 47.4 
Finished goods112.7