SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 4/24/24 IDEX Corp. 10-Q 3/31/24 86:7.7M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.37M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 27K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 27K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 24K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 24K 11: R1 Cover Page HTML 77K 12: R2 Condensed Consolidated Statements of Income HTML 112K 13: R3 Condensed Consolidated Statements of Comprehensive HTML 59K Income 14: R4 Condensed Consolidated Balance Sheets HTML 146K 15: R5 Condensed Consolidated Balance Sheets HTML 41K (Parenthetical) 16: R6 Condensed Consolidated Statements of Equity HTML 82K 17: R7 Condensed Consolidated Statements of Equity HTML 27K (Parenthetical) 18: R8 Condensed Consolidated Statements of Cash Flows HTML 105K 19: R9 Basis of Presentation and Significant Accounting HTML 29K Policies 20: R10 Acquisitions HTML 58K 21: R11 Business Segments HTML 71K 22: R12 Revenue HTML 108K 23: R13 Earnings Per Common Share HTML 34K 24: R14 Balance Sheet Components HTML 48K 25: R15 Goodwill and Intangible Assets HTML 84K 26: R16 Borrowings HTML 45K 27: R17 Fair Value Measurements HTML 44K 28: R18 Accumulated Other Comprehensive Loss HTML 52K 29: R19 Share Repurchases HTML 25K 30: R20 Share-Based Compensation HTML 91K 31: R21 Retirement Benefits HTML 57K 32: R22 Commitments and Contingencies HTML 26K 33: R23 Income Taxes HTML 33K 34: R24 Pay vs Performance Disclosure HTML 35K 35: R25 Insider Trading Arrangements HTML 29K 36: R26 Basis of Presentation and Significant Accounting HTML 29K Policies (Policies) 37: R27 Acquisitions (Tables) HTML 53K 38: R28 Business Segments (Tables) HTML 68K 39: R29 Revenue (Tables) HTML 109K 40: R30 Earnings Per Common Share (Tables) HTML 31K 41: R31 Balance Sheet Components (Tables) HTML 48K 42: R32 Goodwill and Intangible Assets (Tables) HTML 88K 43: R33 Borrowings (Tables) HTML 44K 44: R34 Fair Value Measurements (Tables) HTML 42K 45: R35 Accumulated Other Comprehensive Loss (Tables) HTML 52K 46: R36 Share-Based Compensation (Tables) HTML 96K 47: R37 Retirement Benefits (Tables) HTML 49K 48: R38 Income Taxes (Tables) HTML 31K 49: R39 Acquisitions - Narrative (Details) HTML 53K 50: R40 Acquisitions and Divestitures - Allocation of HTML 60K Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) 51: R41 Acquisitions and Divestitures - Acquired HTML 43K Intangible Assets and Weighted Average Amortization Periods (Details) 52: R42 Business Segments - Narrative (Details) HTML 25K 53: R43 Business Segments - Schedule of Information on HTML 83K Company's Business Segments (Details) 54: R44 Revenue - Revenue by Reporting Unit (Details) HTML 73K 55: R45 Revenue - Revenue by Geography (Details) HTML 72K 56: R46 Revenue - Performance Obligations (Details) HTML 34K 57: R47 Revenue - Receivables (Details) HTML 30K 58: R48 Revenue - Deferred Revenue (Details) HTML 30K 59: R49 Earnings Per Common Share - Schedule of Basic HTML 30K Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) 60: R50 Earnings Per Common Share - Narrative (Details) HTML 25K 61: R51 Balance Sheet Components (Details) HTML 61K 62: R52 Goodwill and Intangible Assets - Schedule of HTML 51K Changes in Carrying Amount of Goodwill (Details) 63: R53 Goodwill and Intangible Assets - Schedule of Gross HTML 61K Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) 64: R54 Goodwill and Intangible Assets - Narrative HTML 26K (Details) 65: R55 Goodwill and Intangible Assets - Schedule of HTML 34K Finite Lived Intangible Assets Future Amortization Expense (Details) 66: R56 Borrowings - Schedule of Debt (Details) HTML 76K 67: R57 Fair Value Measurements - Schedule of Company HTML 33K Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) 68: R58 Fair Value Measurements - Schedule of Fair Value HTML 30K of Debt Outstanding (Details) 69: R59 Accumulated Other Comprehensive Loss (Details) HTML 65K 70: R60 Share Repurchases (Details) HTML 29K 71: R61 Share Based Compensation - Narrative (Details) HTML 73K 72: R62 Share-Based Compensation - Schedule of Weighted HTML 44K Average Option Fair Values and Assumptions (Details) 73: R63 Share-Based Compensation - Stock Options Activity HTML 75K (Details) 74: R64 Share-Based Compensation - Restricted Stock Units HTML 47K Activity (Details) 75: R65 Share-Based Compensation - Cash-settled Restricted HTML 47K Stock Activity (Details) 76: R66 Share-Based Compensation - Schedule of Weighted HTML 44K Average Performance Share Units Fair Values and Assumptions (Details) 77: R67 Share-Based Compensation - Performance Share Unit HTML 47K Activity (Details) 78: R68 Share-Based Compensation - Pre-Tax Compensation HTML 46K Cost (Details) 79: R69 Retirement Benefits - Components of Net Periodic HTML 48K Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) 80: R70 Retirement Benefits - Narrative (Details) HTML 33K 81: R71 Income Taxes (Details) HTML 29K 83: XML IDEA XML File -- Filing Summary XML 154K 86: XML XBRL Instance -- iex-20240331_htm XML 1.77M 82: EXCEL IDEA Workbook of Financial Report Info XLSX 131K 7: EX-101.CAL XBRL Calculations -- iex-20240331_cal XML 188K 8: EX-101.DEF XBRL Definitions -- iex-20240331_def XML 594K 9: EX-101.LAB XBRL Labels -- iex-20240331_lab XML 1.57M 10: EX-101.PRE XBRL Presentations -- iex-20240331_pre XML 1.05M 6: EX-101.SCH XBRL Schema -- iex-20240331 XSD 151K 84: JSON XBRL Instance as JSON Data -- MetaLinks 532± 774K 85: ZIP XBRL Zipped Folder -- 0000832101-24-000016-xbrl Zip 309K
iex-20240331 |
i ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the quarterly period ended | i March 31, 2024 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the transition period from | to |
i Delaware | i 36-3555336 | |||||||||||||||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
i 3100 Sanders Road, | i Suite 301, | i Northbrook, | i Illinois | i 60062 | ||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
i Common Stock, par value $.01 per share | i IEX | i New York Stock Exchange |
i Large accelerated filer | ☑ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | i ☐ | |||||||||||||||||||||
Emerging growth company | i ☐ | |||||||||||||||||||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Net sales | $ | i 800.5 | $ | i 845.4 | |||||||||||||||||||
Cost of sales | i 443.1 | i 462.9 | |||||||||||||||||||||
Gross profit | i 357.4 | i 382.5 | |||||||||||||||||||||
Selling, general and administrative expenses | i 195.1 | i 189.7 | |||||||||||||||||||||
Restructuring expenses and asset impairments | i 1.1 | i 0.5 | |||||||||||||||||||||
Operating income | i 161.2 | i 192.3 | |||||||||||||||||||||
Other (income) expense - net | ( i 2.7) | ( i 0.6) | |||||||||||||||||||||
Interest expense - net | i 9.4 | i 13.1 | |||||||||||||||||||||
Income before income taxes | i 154.5 | i 179.8 | |||||||||||||||||||||
Provision for income taxes | i 33.2 | i 40.0 | |||||||||||||||||||||
Net income | i 121.3 | i 139.8 | |||||||||||||||||||||
Net loss attributable to noncontrolling interest | i 0.1 | i — | |||||||||||||||||||||
Net income attributable to IDEX | $ | i 121.4 | $ | i 139.8 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic earnings per common share attributable to IDEX | $ | i 1.60 | $ | i 1.85 | |||||||||||||||||||
Diluted earnings per common share attributable to IDEX | $ | i 1.60 | $ | i 1.84 | |||||||||||||||||||
Share data: | |||||||||||||||||||||||
Basic weighted average common shares outstanding | i 75.7 | i 75.6 | |||||||||||||||||||||
Diluted weighted average common shares outstanding | i 75.9 | i 75.9 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Net income | $ | i 121.3 | $ | i 139.8 | |||||||||||||||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||||||||||||
Pension and other postretirement adjustments, net of tax | ( i 0.1) | i 0.4 | |||||||||||||||||||||||||||||||||
Cumulative translation adjustment | ( i 64.3) | i 36.6 | |||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | ( i 64.4) | i 37.0 | |||||||||||||||||||||||||||||||||
Comprehensive income | i 56.9 | i 176.8 | |||||||||||||||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | i 0.1 | i — | |||||||||||||||||||||||||||||||||
Comprehensive income attributable to IDEX | $ | i 57.0 | $ | i 176.8 |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | i 616.3 | $ | i 534.3 | |||||||
Receivables - net | i 437.9 | i 427.8 | |||||||||
Inventories - net | i 426.0 | i 420.8 | |||||||||
Other current assets | i 74.3 | i 63.4 | |||||||||
Total current assets | i 1,554.5 | i 1,446.3 | |||||||||
Property,
plant and equipment - net of accumulated depreciation of $ i 556.1 and $ i 545.7, respectively | i 428.2 | i 430.3 | |||||||||
Goodwill | i 2,803.0 | i 2,838.3 | |||||||||
Intangible assets - net | i 969.1 | i 1,011.8 | |||||||||
Other noncurrent assets | i 134.6 | i 138.5 | |||||||||
Total assets | $ | i 5,889.4 | $ | i 5,865.2 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Trade accounts payable | $ | i 185.8 | $ | i 179.7 | |||||||
Accrued expenses | i 274.1 | i 271.5 | |||||||||
Current portion of long-term borrowings | i 0.7 | i 0.6 | |||||||||
Dividends payable | i — | i 48.5 | |||||||||
Total current liabilities | i 460.6 | i 500.3 | |||||||||
Long-term borrowings - net | i 1,322.9 | i 1,325.1 | |||||||||
Deferred income taxes | i 286.0 | i 291.9 | |||||||||
Other noncurrent liabilities | i 201.6 | i 206.7 | |||||||||
Total liabilities | i 2,271.1 | i 2,324.0 | |||||||||
i | i | ||||||||||
Shareholders’ equity | |||||||||||
Preferred stock: | |||||||||||
Authorized:
i i 5.0 / million shares, $ i i .01 /
per share par value; Issued: i i None / | i — | i — | |||||||||
Common stock: | |||||||||||
Authorized: i i 150.0 /
million shares, $ i i .01 / per share par value | |||||||||||
Issued:
i 90.1 million shares at March 31, 2024 and i 90.1 million shares at December 31, 2023 | i 0.9 | i 0.9 | |||||||||
Treasury
stock at cost: i 14.2 million shares at March 31, 2024 and i 14.3 million shares at December 31, 2023 | ( i 1,179.3) | ( i 1,187.0) | |||||||||
Additional paid-in capital | i 851.5 | i 839.0 | |||||||||
Retained earnings | i 4,055.7 | i 3,934.3 | |||||||||
Accumulated other comprehensive loss | ( i 110.2) | ( i 45.8) | |||||||||
Total shareholders’ equity | i 3,618.6 | i 3,541.4 | |||||||||
Noncontrolling interest | ( i 0.3) | ( i 0.2) | |||||||||
Total equity | i 3,618.3 | i 3,541.2 | |||||||||
Total liabilities and equity | $ | i 5,889.4 | $ | i 5,865.2 |
Common Stock Shares | Common Stock and Additional Paid-In Capital | Treasury Stock Shares | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | i 90.1 | $ | i 839.9 | i 14.3 | $ | ( i 1,187.0) | $ | ( i 45.8) | $ | i 3,934.3 | $ | i 3,541.4 | $ | ( i 0.2) | $ | i 3,541.2 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | i 121.4 | i 121.4 | ( i 0.1) | i 121.3 | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | ( i 64.3) | — | ( i 64.3) | — | ( i 64.3) | ||||||||||||||||||||||||||||||||||||||||||||
Net
change in retirement obligations (net of tax of $ i 0.0) | — | — | — | — | ( i 0.1) | — | ( i 0.1) | — | ( i 0.1) | ||||||||||||||||||||||||||||||||||||||||||||
Net
issuance of shares of common stock (net of tax of $ i 2.2) | — | — | ( i 0.1) | i 7.7 | — | — | i 7.7 | — | i 7.7 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | i 12.5 | — | — | — | — | i 12.5 | — | i 12.5 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | i 90.1 | $ | i 852.4 | i 14.2 | $ | ( i 1,179.3) | $ | ( i 110.2) | $ | i 4,055.7 | i 3,618.6 | $ | ( i 0.3) | $ | i 3,618.3 | ||||||||||||||||||||||||||||||||||||||
Common Stock Shares | Common Stock and Additional Paid-In Capital | Treasury Stock Shares | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders’ Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | i 90.1 | $ | i 818.1 | i 14.5 | $ | ( i 1,184.3) | $ | ( i 126.2) | $ | i 3,531.7 | $ | i 3,039.3 | $ | i 0.3 | $ | i 3,039.6 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | i 139.8 | i 139.8 | — | i 139.8 | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | — | i 36.6 | — | i 36.6 | — | i 36.6 | ||||||||||||||||||||||||||||||||||||||||||||
Net
change in retirement obligations (net of tax of $ i 0.2) | — | — | — | — | i 0.4 | — | i 0.4 | — | i 0.4 | ||||||||||||||||||||||||||||||||||||||||||||
Net
issuance of shares of common stock (net of tax of $ i 1.8) | — | — | ( i 0.1) | i 0.3 | — | — | i 0.3 | — | i 0.3 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | i 12.8 | — | — | — | — | i 12.8 | — | i 12.8 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | i 90.1 | $ | i 830.9 | i 14.4 | $ | ( i 1,184.0) | $ | ( i 89.2) | $ | i 3,671.5 | $ | i 3,229.2 | $ | i 0.3 | $ | i 3,229.5 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | i 121.3 | $ | i 139.8 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation | i 16.2 | i 12.8 | |||||||||
Amortization of intangible assets | i 24.6 | i 23.6 | |||||||||
Share-based compensation expense | i 12.5 | i 12.8 | |||||||||
Deferred income taxes | i 0.2 | ( i 0.2) | |||||||||
Changes in (net of the effect from acquisitions and foreign currency translation): | |||||||||||
Receivables - net | ( i 12.2) | ( i 0.7) | |||||||||
Inventories - net | ( i 9.5) | ( i 23.3) | |||||||||
Other current assets | ( i 10.9) | ( i 11.1) | |||||||||
Trade accounts payable | i 8.9 | i 7.6 | |||||||||
Deferred revenue | i 6.8 | i 10.2 | |||||||||
Accrued expenses | ( i 1.5) | ( i 24.9) | |||||||||
Other - net | i 0.2 | i 1.3 | |||||||||
Net cash flows provided by operating activities | i 156.6 | i 147.9 | |||||||||
Cash flows from investing activities | |||||||||||
Capital expenditures | ( i 20.0) | ( i 26.6) | |||||||||
Purchases of marketable securities | i — | ( i 3.2) | |||||||||
Other - net | i — | i 0.6 | |||||||||
Net cash flows used in investing activities | ( i 20.0) | ( i 29.2) | |||||||||
Cash flows from financing activities | |||||||||||
Cash dividends paid to shareholders | ( i 48.5) | ( i 45.5) | |||||||||
Proceeds from share issuances, net of shares withheld for taxes | i 7.7 | i 0.3 | |||||||||
Other - net | ( i 0.2) | i — | |||||||||
Net cash flows used in financing activities | ( i 41.0) | ( i 45.2) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( i 13.6) | i 7.0 | |||||||||
Net increase in cash and cash equivalents | i 82.0 | i 80.5 | |||||||||
Cash and cash equivalents at beginning of year | i 534.3 | i 430.2 | |||||||||
Cash and cash equivalents at end of period | $ | i 616.3 | $ | i 510.7 | |||||||
Supplemental cash flow information | |||||||||||
Cash paid for: | |||||||||||
Interest | $ | i 2.4 | $ | i 4.1 | |||||||
Income taxes - net | i 18.4 | i 20.7 |
Total | |||||
Current assets, net of cash acquired | $ | i 10.6 | |||
Property, plant and equipment | i 19.9 | ||||
Goodwill | i 52.7 | ||||
Intangible assets | i 45.6 | ||||
Other noncurrent assets | i 5.4 | ||||
Total assets acquired | i 134.2 | ||||
Current liabilities | ( i 1.2) | ||||
Deferred income taxes | ( i 18.3) | ||||
Other noncurrent liabilities | ( i 4.9) | ||||
Net
assets acquired | $ | i 109.8 |
Total | Weighted Average Life | ||||||||||
Trade names | $ | i 5.2 | i 15 | ||||||||
Customer relationships | i 29.3 | i 12 | |||||||||
Unpatented technology | i 11.1 | i 11 | |||||||||
Acquired intangible assets | $ | i 45.6 |
Total | |||||
Current assets, net of cash acquired | $ | i 16.9 | |||
Property, plant and equipment | i 12.5 | ||||
Goodwill | i 104.5 | ||||
Intangible assets | i 92.3 | ||||
Other noncurrent assets | i 2.9 | ||||
Total assets acquired | i 229.1 | ||||
Current liabilities | ( i 5.5) | ||||
Deferred income taxes | ( i 20.5) | ||||
Other noncurrent liabilities | ( i 2.7) | ||||
Net
assets acquired(1) | $ | i 200.4 |
Total | Weighted Average Life | ||||||||||
Trade names | $ | i 9.3 | i 15 | ||||||||
Customer relationships | i 63.0 | i 15 | |||||||||
Unpatented technology | i 20.0 | i 11 | |||||||||
Acquired intangible assets | $ | i 92.3 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
NET SALES | |||||||||||||||||||||||
Fluid & Metering Technologies | |||||||||||||||||||||||
External customers | $ | i 313.5 | $ | i 321.1 | |||||||||||||||||||
Intersegment sales | i 0.2 | i 0.7 | |||||||||||||||||||||
Total segment sales | i 313.7 | i 321.8 | |||||||||||||||||||||
Health & Science Technologies | |||||||||||||||||||||||
External customers | i 309.4 | i 350.3 | |||||||||||||||||||||
Intersegment sales | i 0.7 | i 0.7 | |||||||||||||||||||||
Total segment sales | i 310.1 | i 351.0 | |||||||||||||||||||||
Fire & Safety/Diversified Products | |||||||||||||||||||||||
External customers | i 177.6 | i 174.0 | |||||||||||||||||||||
Intersegment sales | i 0.4 | i 0.4 | |||||||||||||||||||||
Total segment sales | i 178.0 | i 174.4 | |||||||||||||||||||||
Intersegment eliminations | ( i 1.3) | ( i 1.8) | |||||||||||||||||||||
Net sales | $ | i 800.5 | $ | i 845.4 | |||||||||||||||||||
ADJUSTED EBITDA | |||||||||||||||||||||||
Fluid & Metering Technologies | $ | i 105.4 | $ | i 106.2 | |||||||||||||||||||
Health & Science Technologies | i 81.4 | i 100.7 | |||||||||||||||||||||
Fire & Safety/Diversified Products | i 51.4 | i 49.7 | |||||||||||||||||||||
Segment Adjusted EBITDA | i 238.2 | i 256.6 | |||||||||||||||||||||
Corporate
and other(1) | ( i 29.9) | ( i 26.8) | |||||||||||||||||||||
Adjusted EBITDA | i 208.3 | i 229.8 | |||||||||||||||||||||
Interest expense - net | ( i 9.4) | ( i 13.1) | |||||||||||||||||||||
Depreciation | ( i 16.2) | ( i 12.8) | |||||||||||||||||||||
Amortization of intangible assets | ( i 24.6) | ( i 23.6) | |||||||||||||||||||||
Fair value inventory step-up charges | ( i 2.5) | i — | |||||||||||||||||||||
Restructuring expenses and asset impairments | ( i 1.1) | ( i 0.5) | |||||||||||||||||||||
Income before income taxes | $ | i 154.5 | $ | i 179.8 |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Fluid & Metering Technologies | $ | i 1,702.6 | $ | i 1,674.7 | |||||||
Health & Science Technologies | i 3,193.6 | i 3,262.4 | |||||||||
Fire & Safety/Diversified Products | i 804.3 | i 792.6 | |||||||||
Corporate and other | i 188.9 | i 135.5 | |||||||||
Total assets | $ | i 5,889.4 | $ | i 5,865.2 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Pumps | $ | i 101.9 | $ | i 105.1 | |||||||||||||||||||||||||||||||
Water | i 83.0 | i 94.1 | |||||||||||||||||||||||||||||||||
Energy | i 52.6 | i 50.7 | |||||||||||||||||||||||||||||||||
Agriculture | i 39.7 | i 38.6 | |||||||||||||||||||||||||||||||||
Valves | i 36.5 | i 33.3 | |||||||||||||||||||||||||||||||||
Intersegment elimination | ( i 0.2) | ( i 0.7) | |||||||||||||||||||||||||||||||||
Fluid & Metering Technologies | i 313.5 | i 321.1 | |||||||||||||||||||||||||||||||||
Scientific Fluidics & Optics | i 162.7 | i 178.6 | |||||||||||||||||||||||||||||||||
Sealing Solutions | i 60.5 | i 64.7 | |||||||||||||||||||||||||||||||||
Performance Pneumatic Technologies | i 57.5 | i 69.4 | |||||||||||||||||||||||||||||||||
Material Processing Technologies | i 29.4 | i 27.7 | |||||||||||||||||||||||||||||||||
Micropump(1) | i — | i 10.6 | |||||||||||||||||||||||||||||||||
Intersegment elimination | ( i 0.7) | ( i 0.7) | |||||||||||||||||||||||||||||||||
Health & Science Technologies | i 309.4 | i 350.3 | |||||||||||||||||||||||||||||||||
Fire & Safety | i 105.1 | i 106.2 | |||||||||||||||||||||||||||||||||
Dispensing | i 41.5 | i 36.2 | |||||||||||||||||||||||||||||||||
BAND-IT | i 31.4 | i 32.0 | |||||||||||||||||||||||||||||||||
Intersegment elimination | ( i 0.4) | ( i 0.4) | |||||||||||||||||||||||||||||||||
Fire & Safety/Diversified Products | i 177.6 | i 174.0 | |||||||||||||||||||||||||||||||||
Net sales | $ | i 800.5 | $ | i 845.4 |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
FMT | HST | FSDP | IDEX | ||||||||||||||||||||
U.S. | $ | i 172.6 | $ | i 138.9 | $ | i 86.1 | $ | i 397.6 | |||||||||||||||
North America, excluding U.S. | i 16.3 | i 5.6 | i 7.4 | i 29.3 | |||||||||||||||||||
Europe | i 58.8 | i 104.1 | i 45.0 | i 207.9 | |||||||||||||||||||
Asia | i 44.7 | i 55.7 | i 30.7 | i 131.1 | |||||||||||||||||||
Other(1) | i 21.3 | i 5.8 | i 8.8 | i 35.9 | |||||||||||||||||||
Intersegment elimination | ( i 0.2) | ( i 0.7) | ( i 0.4) | ( i 1.3) | |||||||||||||||||||
Net sales | $ | i 313.5 | $ | i 309.4 | $ | i 177.6 | $ | i 800.5 |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
FMT | HST | FSDP | IDEX | ||||||||||||||||||||
U.S. | $ | i 176.8 | $ | i 149.6 | $ | i 89.4 | $ | i 415.8 | |||||||||||||||
North America, excluding U.S. | i 19.4 | i 5.2 | i 8.5 | i 33.1 | |||||||||||||||||||
Europe | i 59.2 | i 120.9 | i 44.7 | i 224.8 | |||||||||||||||||||
Asia | i 45.1 | i 66.6 | i 23.4 | i 135.1 | |||||||||||||||||||
Other(1) | i 21.3 | i 8.7 | i 8.4 | i 38.4 | |||||||||||||||||||
Intersegment elimination | ( i 0.7) | ( i 0.7) | ( i 0.4) | ( i 1.8) | |||||||||||||||||||
Net sales | $ | i 321.1 | $ | i 350.3 | $ | i 174.0 | $ | i 845.4 |
March 31, 2024 | December 31, 2023 | ||||||||||
Billed receivables | $ | i 419.4 | $ | i 408.1 | |||||||
Unbilled receivables | i 9.7 | i 10.9 | |||||||||
Total customer receivables | $ | i 429.1 | $ | i 419.0 |
March 31, 2024 | December 31, 2023 | ||||||||||
Deferred revenue - current | $ | i 62.4 | $ | i 55.9 | |||||||
Deferred revenue - noncurrent | i 17.9 | i 17.3 | |||||||||
Total deferred revenue | $ | i 80.3 | $ | i 73.2 |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Basic weighted average common shares outstanding | i 75.7 | i 75.6 | |||||||||||||||||||||
Dilutive effect of restricted stock, performance share units and stock options | i 0.2 | i 0.3 | |||||||||||||||||||||
Diluted weighted average common shares outstanding | i 75.9 | i 75.9 |
March 31, 2024 | December 31, 2023 | ||||||||||
RECEIVABLES - NET | |||||||||||
Customers | $ | i 429.1 | $ | i 419.0 | |||||||
Other | i 16.0 | i 16.3 | |||||||||
Total | i 445.1 | i 435.3 | |||||||||
Less: allowance for credit losses | i 7.2 | i 7.5 | |||||||||
Receivables - net | $ | i 437.9 | $ | i 427.8 | |||||||
INVENTORIES - NET | |||||||||||
Raw materials and component parts | $ | i 283.4 | $ | i 268.1 | |||||||
Work in process | i 37.7 | i 44.5 | |||||||||
Finished goods | i 104.9 | i 108.2 | |||||||||
Inventories - net | $ | i 426.0 | $ | i 420.8 | |||||||
ACCRUED EXPENSES | |||||||||||
Payroll and related items | $ | i 81.1 | $ | i 97.1 | |||||||
Management incentive compensation | i 6.8 | i 16.4 | |||||||||
Income taxes payable | i 32.7 | i 18.5 | |||||||||
Deferred revenue | i 62.4 | i 55.9 | |||||||||
Lease liability | i 21.7 | i 22.0 | |||||||||
Other | i 69.4 | i 61.6 | |||||||||
Accrued expenses | $ | i 274.1 | $ | i 271.5 | |||||||
FMT | HST | FSDP | IDEX | ||||||||||||||||||||
Goodwill | $ | i 805.7 | $ | i 1,834.5 | $ | i 398.7 | $ | i 3,038.9 | |||||||||||||||
Accumulated goodwill impairment losses | ( i 20.7) | ( i 149.8) | ( i 30.1) | ( i 200.6) | |||||||||||||||||||
Balance at January 1, 2024 | i 785.0 | i 1,684.7 | i 368.6 | i 2,838.3 | |||||||||||||||||||
Foreign currency translation | ( i 4.5) | ( i 27.7) | ( i 3.6) | ( i 35.8) | |||||||||||||||||||
Measurement period adjustments | i — | i 0.5 | i — | i 0.5 | |||||||||||||||||||
Balance at March 31, 2024 | $ | i 780.5 | $ | i 1,657.5 | $ | i 365.0 | $ | i 2,803.0 |
At March 31, 2024 | At December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Weighted Average Life | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||||||||||||||||||
Patents | $ | i 2.8 | $ | ( i 2.1) | $ | i 0.7 | i 12 | $ | i 2.7 | $ | ( i 2.0) | $ | i 0.7 | ||||||||||||||||||||||||||||
Trade names | i 169.3 | ( i 56.5) | i 112.8 | i 15 | i 171.9 | ( i 54.3) | i 117.6 | ||||||||||||||||||||||||||||||||||
Customer relationships | i 841.9 | ( i 239.1) | i 602.8 | i 13 | i 860.7 | ( i 228.7) | i 632.0 | ||||||||||||||||||||||||||||||||||
Unpatented technology | i 228.8 | ( i 69.8) | i 159.0 | i 12 | i 233.5 | ( i 66.3) | i 167.2 | ||||||||||||||||||||||||||||||||||
Software | i 4.9 | ( i 2.0) | i 2.9 | i 5 | i 5.3 | ( i 1.9) | i 3.4 | ||||||||||||||||||||||||||||||||||
Total amortized intangible assets | i 1,247.7 | ( i 369.5) | i 878.2 | i 13 | i 1,274.1 | ( i 353.2) | i 920.9 | ||||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||||||
Banjo trade name | i 62.1 | — | i 62.1 | i 62.1 | — | i 62.1 | |||||||||||||||||||||||||||||||||||
Akron Brass trade name | i 28.8 | — | i 28.8 | i 28.8 | — | i 28.8 | |||||||||||||||||||||||||||||||||||
Total intangible assets | $ | i 1,338.6 | $ | ( i 369.5) | $ | i 969.1 | $ | i 1,365.0 | $ | ( i 353.2) | $ | i 1,011.8 |
Estimated Amortization | ||||||||
Remainder of 2024 | $ | i 72.5 | ||||||
2025 | i 95.3 | |||||||
2026 | i 93.7 | |||||||
2027 | i 90.4 | |||||||
2028 | i 87.3 |
March 31, 2024 | December 31, 2023 | ||||||||||
i 3.37%
Senior Notes, due June 2025 (the “ i 3.37% Senior Notes”) | i 100.0 | i 100.0 | |||||||||
i 5.13%
Senior Notes, due June 2028 (the “ i 5.13% Senior Notes”) | i 100.0 | i 100.0 | |||||||||
i 3.00%
Senior Notes, due May 2030 (the “ i 3.00% Senior Notes”) | i 500.0 | i 500.0 | |||||||||
i 2.625%
Senior Notes, due June 2031 (the “ i 2.625% Senior Notes”) | i 500.0 | i 500.0 | |||||||||
$ i 800.0
million Revolving Facility, due November 2027 (the “Revolving Facility”)(1) | i 78.8 | i 81.0 | |||||||||
$ i 200.0
million Term Facility, due November 2027 (the “Term Facility”)(2) | i 50.0 | i 50.0 | |||||||||
Other borrowings | i 2.1 | i 2.3 | |||||||||
Total borrowings | i 1,330.9 | i 1,333.3 | |||||||||
Less: current portion | i 0.7 | i 0.6 | |||||||||
Less: deferred debt issuance costs | i 6.3 | i 6.5 | |||||||||
Less: unaccreted debt discount | i 1.0 | i 1.1 | |||||||||
Long-term borrowings | $ | i 1,322.9 | $ | i 1,325.1 |
Basis of Fair Value Measurements | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Level 1 | Level 1 | ||||||||||
Trading securities - mutual funds held in nonqualified SERP(1) | $ | i 10.3 | $ | i 10.5 | |||||||
Available-for-sale
securities - equities(2) | i 4.4 | i 4.4 | |||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Fair Value | Carrying Amount | Fair Value | Carrying Amount | ||||||||||||||||||||||||||||||||
Total Borrowings, less unaccreted debt discount | $ | i 1,239.7 | $ | i 1,329.9 | $ | i 1,203.5 | $ | i 1,332.2 |
Cumulative Translation Adjustment | Pension and Other Postretirement Adjustments | Accumulated Other Comprehensive Loss | ||||||||||||||||||
Balance, December
31, 2023(1) | $ | ( i 49.3) | $ | i 3.5 | $ | ( i 45.8) | ||||||||||||||
Other comprehensive loss before reclassification adjustments | ( i 64.3) | i — | ( i 64.3) | |||||||||||||||||
Gain
reclassified from Accumulated other comprehensive loss(2)(3) | i — | ( i 0.1) | ( i 0.1) | |||||||||||||||||
Tax benefit | i — | i — | i — | |||||||||||||||||
Net
other comprehensive loss(1) | ( i 64.3) | ( i 0.1) | ( i 64.4) | |||||||||||||||||
Balance,
March 31, 2024(1) | ( i 113.6) | i 3.4 | ( i 110.2) |
Cumulative Translation Adjustment | Pension and Other Postretirement Adjustments | Accumulated Other Comprehensive Loss | ||||||||||||||||||
Balance, December 31, 2022(1) | $ | ( i 137.1) | $ | i 10.9 | $ | ( i 126.2) | ||||||||||||||
Other comprehensive income before reclassification adjustments | i 36.6 | i — | i 36.6 | |||||||||||||||||
Loss
reclassified from Accumulated other comprehensive loss(2)(3) | i — | i 0.6 | i 0.6 | |||||||||||||||||
Tax benefit | i — | ( i 0.2) | ( i 0.2) | |||||||||||||||||
Net
other comprehensive income(1) | i 36.6 | i 0.4 | i 37.0 | |||||||||||||||||
Balance,
March 31, 2023(1) | ( i 100.5) | i 11.3 | ( i 89.2) |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Weighted average fair value of grants | $ i 63.74 | $ i 60.80 | |||||||||||||||||||||
Dividend yield | i 1.09% | i 1.06% | |||||||||||||||||||||
Volatility | i 26.67% | i 27.19% | |||||||||||||||||||||
Risk-free interest rate | i 4.31% | i 4.12% | |||||||||||||||||||||
Expected life (in years) | i 4.60 | i 4.50 |
Shares | Weighted Average Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
Outstanding at January 1, 2024 | i 983,267 | $ | i 178.86 | i 6.88 | $ | i 39.3 | |||||||||||||||||
Granted | i 192,065 | i 234.91 | |||||||||||||||||||||
Exercised | ( i 64,168) | i 154.88 | |||||||||||||||||||||
Forfeited | ( i 14,482) | i 185.34 | |||||||||||||||||||||
Outstanding at March 31, 2024 | i 1,096,682 | $ | i 190.00 | i 7.28 | $ | i 59.2 | |||||||||||||||||
Vested and expected to vest as of March 31, 2024 | i 1,053,090 | $ | i 188.59 | i 7.20 | $ | i 58.4 | |||||||||||||||||
Exercisable at March 31, 2024 | i 605,708 | $ | i 166.99 | i 5.91 | $ | i 46.7 |
Restricted Stock | Shares | Weighted-Average Grant Date Fair Value | |||||||||
Unvested at January 1, 2024 | i 112,891 | $ | i 193.03 | ||||||||
Granted | i 28,545 | i 228.93 | |||||||||
Vested | ( i 15,035) | i 198.33 | |||||||||
Forfeited | ( i 3,395) | i 206.55 | |||||||||
Unvested at March 31, 2024 | i 123,006 | $ | i 200.34 |
Cash-Settled Restricted Stock | Shares | Weighted-Average Fair Value | |||||||||
Unvested at January 1, 2024 | i 56,655 | $ | i 217.11 | ||||||||
Granted | i 19,760 | i 235.01 | |||||||||
Vested | ( i 14,980) | i 235.97 | |||||||||
Forfeited | ( i 1,700) | i 244.02 | |||||||||
Unvested at March 31, 2024 | i 59,735 | $ | i 244.02 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Weighted average fair value of grants | $ i 349.59 | $ i 308.18 | |||||||||
Dividend yield | i —% | i —% | |||||||||
Volatility | i 22.23% | i 27.00% | |||||||||
Risk-free interest rate | i 4.45% | i 4.37% | |||||||||
Expected life (in years) | i 2.94 | i 2.94 |
Performance Share Units | Shares | Weighted-Average Grant Date Fair Value | |||||||||
Unvested at January 1, 2024 | i 67,455 | $ | i 265.15 | ||||||||
Granted | i 27,135 | i 349.59 | |||||||||
Vested | ( i 9,606) | i 245.40 | |||||||||
Forfeited | ( i 10,629) | i 246.70 | |||||||||
Unvested at March 31, 2024 | i 74,355 | $ | i 300.72 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Stock options expense | $ | i 5.4 | $ | i 6.0 | |||||||
Restricted stock expense | i 2.0 | i 1.6 | |||||||||
Cash-settled restricted stock expense | i 1.9 | i 1.1 | |||||||||
Performance share units expense | i 5.1 | i 5.2 | |||||||||
Total pre-tax share-based compensation expense | i 14.4 | i 13.9 | |||||||||
Income tax benefit | ( i 0.9) | ( i 0.8) | |||||||||
Total share-based compensation expense, net of income taxes | $ | i 13.5 | $ | i 13.1 |
Pension Benefits | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | ||||||||||||||||||||
Service cost | $ | i — | $ | i 0.4 | $ | i — | $ | i 0.3 | |||||||||||||||
Interest cost | i 0.1 | i 0.6 | i 0.1 | i 0.7 | |||||||||||||||||||
Expected return on plan assets | ( i 0.1) | ( i 0.4) | ( i 0.1) | ( i 0.4) | |||||||||||||||||||
Net amortization | i 0.1 | i — | i 0.1 | ( i 0.2) | |||||||||||||||||||
Net periodic cost | $ | i 0.1 | $ | i 0.6 | $ | i 0.1 | $ | i 0.4 |
Other Postretirement Benefits | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Service cost | $ | i 0.1 | $ | i 0.1 | |||||||||||||||||||
Interest cost | i 0.2 | i 0.2 | |||||||||||||||||||||
Net amortization | ( i 0.2) | ( i 0.2) | |||||||||||||||||||||
Net periodic cost | $ | i 0.1 | $ | i 0.1 |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | $ | i 33.2 | $ | i 40.0 | |||||||||||||||||||||||||||||||
Effective tax rate | i 21.5 | % | i 22.2 | % |
Three Months Ended March 31, | |||||||||||||||||
(Dollars in millions, except per share amounts) | 2024 | 2023 | % / bps Change | ||||||||||||||
Net sales | $ | 800.5 | $ | 845.4 | (5%) | ||||||||||||
Change in organic net sales* | (6%) | ||||||||||||||||
Gross profit | 357.4 | 382.5 | (7%) | ||||||||||||||
Adjusted gross profit* | 359.9 | 382.5 | (6%) | ||||||||||||||
Net income attributable to IDEX | 121.4 | 139.8 | (13%) | ||||||||||||||
Adjusted net income attributable to IDEX* | 143.2 | 158.6 | (10%) | ||||||||||||||
Adjusted EBITDA* | 208.3 | 229.8 | (9%) | ||||||||||||||
Diluted EPS attributable to IDEX | 1.60 | 1.84 | (13%) | ||||||||||||||
Adjusted diluted EPS attributable to IDEX* | 1.88 | 2.09 | (10%) | ||||||||||||||
Cash flows from operating activities | 156.6 | 147.9 | 6% | ||||||||||||||
Free cash flow* | 136.6 | 121.3 | 13% | ||||||||||||||
Gross margin | 44.6% | 45.2% | (60) bps | ||||||||||||||
Adjusted gross margin* | 45.0% | 45.2% | (20) bps | ||||||||||||||
Net income margin | 15.2% | 16.5% | (130) bps | ||||||||||||||
Adjusted EBITDA margin* | 26.0% | 27.2% | (120) bps |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share amounts) | 2024 | 2023 | % / bps Change | ||||||||||||||||||||||||||||||||
Net sales | $ | 800.5 | $ | 845.4 | (5 | %) | |||||||||||||||||||||||||||||
Cost of sales | 443.1 | 462.9 | (4 | %) | |||||||||||||||||||||||||||||||
Gross profit | 357.4 | 382.5 | (7 | %) | |||||||||||||||||||||||||||||||
Gross margin | 44.6 | % | 45.2 | % | (60) bps | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 195.1 | 189.7 | 3 | % | |||||||||||||||||||||||||||||||
Restructuring expenses and asset impairments | 1.1 | 0.5 | 120 | % | |||||||||||||||||||||||||||||||
Operating income | 161.2 | 192.3 | (16 | %) | |||||||||||||||||||||||||||||||
Other (income) expense - net | (2.7) | (0.6) | 350 | % | |||||||||||||||||||||||||||||||
Interest expense - net | 9.4 | 13.1 | (28 | %) | |||||||||||||||||||||||||||||||
Income before income taxes | 154.5 | 179.8 | (14 | %) | |||||||||||||||||||||||||||||||
Provision for income taxes | 33.2 | 40.0 | (17 | %) | |||||||||||||||||||||||||||||||
Effective tax rate | 21.5 | % | 22.2 | % | (70) bps | ||||||||||||||||||||||||||||||
Net income attributable to IDEX | $ | 121.4 | $ | 139.8 | (13 | %) | |||||||||||||||||||||||||||||
Diluted earnings per common share attributable to IDEX | $ | 1.60 | $ | 1.84 | (13 | %) |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | IDEX | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | 39 | % | 39 | % | 22 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||
Adjusted
EBITDA(1) | 44 | % | 34 | % | 22 | % | 100 | % |
Three Months Ended March 31, | Components of Change | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | Organic | Acq/Div | Foreign Currency | Total | ||||||||||||||||||||||||||||||||||
Domestic sales | $ | 172.6 | $ | 176.8 | (2%) | ||||||||||||||||||||||||||||||||||||
International sales | 141.1 | 145.0 | (3%) | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 313.7 | $ | 321.8 | (3%) | (3%) | — | — | (3%) | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | 105.4 | 106.2 | (1%) | (1%) | — | — | (1%) | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 33.6 | % | 33.0 | % | 60 bps | 60 bps | — | — | 60 bps |
Three Months Ended March 31, | Components of Change | ||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 | Change | Organic | Acq/Div | Foreign Currency | Total | ||||||||||||||||||||||||||||||||||
Domestic sales | $ | 86.1 | $ | 89.4 | (4%) | ||||||||||||||||||||||||||||||||||||
International sales | 91.9 | 85.0 | 8% | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 178.0 | $ | 174.4 | 2% | 2% | — | — | 2% | ||||||||||||||||||||||||||||||||
Adjusted EBITDA | 51.4 | 49.7 | 3% | 3% | — | — | 3% | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 28.9 | % | 28.5 | % | 40 bps | 40 bps | — | — | 40 bps |
(In millions) | March 31, 2024 | |||||||
Working capital | $ | 1,093.9 | ||||||
Current ratio | 3.4 to 1 | |||||||
Cash and cash equivalents | $ | 616.3 | ||||||
Cash held outside of the United States | 475.0 | |||||||
Revolving Facility capacity | $ | 800.0 | ||||||
Borrowings | 78.8 | |||||||
Letters of credit | 3.4 | |||||||
Revolving Facility availability | $ | 717.8 |
(In millions) | March 31, 2024 | December 31, 2023 | Change | Organic Change | ||||||||||||||||||||||
Receivables - net | $ | 437.9 | $ | 427.8 | $ | 10.1 | $ | 13.9 | ||||||||||||||||||
Inventories - net | 426.0 | 420.8 | 5.2 | 9.4 | ||||||||||||||||||||||
Less: Trade accounts payable | 185.8 | 179.7 | 6.1 | 8.2 | ||||||||||||||||||||||
Operating working capital | $ | 678.1 | $ | 668.9 | $ | 9.2 | $ | 15.1 |
Three Months Ended March 31, | ||||||||||||||
(In millions) | 2024 | 2023 | ||||||||||||
Net cash flows provided by (used in): | ||||||||||||||
Operating activities | $ | 156.6 | $ | 147.9 | ||||||||||
Investing activities | (20.0) | (29.2) | ||||||||||||
Financing activities | (41.0) | (45.2) |
Three Months Ended March 31, | ||||||||||||||
(Dollars in millions) | 2024 | 2023 | ||||||||||||
Cash flows provided by operating activities | $ | 156.6 | $ | 147.9 | ||||||||||
Less: capital expenditures | 20.0 | 26.6 | ||||||||||||
Free cash flow | $ | 136.6 | $ | 121.3 | ||||||||||
Free cash flow as a percent of adjusted net income attributable to IDEX | 95.4 | % | 76.5 | % |
1. Reconciliations of the Change in Net Sales to Organic Net Sales | |||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
FMT | HST | FSDP | IDEX | ||||||||||||||||||||
Change in net sales | (3 | %) | (12 | %) | 2 | % | (5 | %) | |||||||||||||||
Less: | |||||||||||||||||||||||
Net impact from acquisitions/divestitures(1) | — | % | 1 | % | — | % | 1 | % | |||||||||||||||
Impact from foreign currency | — | % | — | % | — | % | — | % | |||||||||||||||
Change in organic net sales | (3 | %) | (13 | %) | 2 | % | (6 | %) |
2. Reconciliations of Reported-to-Adjusted Gross Profit and Gross Margin (dollars in millions) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Gross profit | $ | 357.4 | $ | 382.5 | |||||||||||||||||||
Fair value inventory step-up charges | 2.5 | — | |||||||||||||||||||||
Adjusted gross profit | $ | 359.9 | $ | 382.5 | |||||||||||||||||||
Net sales | $ | 800.5 | $ | 845.4 | |||||||||||||||||||
Gross margin | 44.6 | % | 45.2 | % | |||||||||||||||||||
Adjusted gross margin | 45.0 | % | 45.2 | % |
3. Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except for share amounts) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Reported net income attributable to IDEX | $ | 121.4 | $ | 139.8 | |||||||||||||||||||
Fair value inventory step-up charges | 2.5 | — | |||||||||||||||||||||
Tax impact on fair value inventory step-up charges | (0.5) | — | |||||||||||||||||||||
Restructuring expenses and asset impairments | 1.1 | 0.5 | |||||||||||||||||||||
Tax impact on restructuring expenses and asset impairments | (0.3) | (0.1) | |||||||||||||||||||||
Acquisition-related intangible asset amortization | 24.6 | 23.6 | |||||||||||||||||||||
Tax impact on acquisition-related intangible asset amortization | (5.6) | (5.2) | |||||||||||||||||||||
Adjusted net income attributable to IDEX | $ | 143.2 | $ | 158.6 | |||||||||||||||||||
Reported diluted EPS attributable to IDEX | $ | 1.60 | $ | 1.84 | |||||||||||||||||||
Fair value inventory step-up charges | 0.03 | — | |||||||||||||||||||||
Tax impact on fair value inventory step-up charges | (0.01) | — | |||||||||||||||||||||
Restructuring expenses and asset impairments | 0.01 | 0.01 | |||||||||||||||||||||
Tax impact on restructuring expenses and asset impairments | — | — | |||||||||||||||||||||
Acquisition-related intangible asset amortization | 0.32 | 0.31 | |||||||||||||||||||||
Tax impact on acquisition-related intangible asset amortization | (0.07) | (0.07) | |||||||||||||||||||||
Adjusted diluted EPS attributable to IDEX | $ | 1.88 | $ | 2.09 | |||||||||||||||||||
Diluted weighted average shares outstanding | 75.9 | 75.9 |
4.
Reconciliations of Net Income to Adjusted EBITDA (dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported net income | $ | — | $ | — | $ | — | $ | — | $ | 121.3 | $ | — | $ | — | $ | — | $ | — | $ | 139.8 | |||||||||||||||||||||||||||||||||||||||
Provision for income taxes | — | — | — | — | 33.2 | — | — | — | — | 40.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense - net | — | — | — | — | 9.4 | — | — | — | — | 13.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense - net | — | — | — | — | (2.7) | — | — | — | — | (0.6) | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 94.8 | 49.2 | 47.7 | (30.5) | 161.2 | 96.5 | 77.5 | 46.0 | (27.7) | 192.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) - net | 0.5 | 2.1 | (0.2) | 0.3 | 2.7 | 0.5 | (0.3) | (0.2) | 0.6 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 4.3 | 9.4 | 2.3 | 0.2 | 16.2 | 3.1 | 7.3 | 2.1 | 0.3 | 12.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | 5.3 | 17.7 | 1.6 | — | 24.6 | 6.0 | 15.9 | 1.7 | — | 23.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair value inventory step-up charges | — | 2.5 | — | — | 2.5 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring expenses and asset impairments | 0.5 | 0.5 | — | 0.1 | 1.1 | 0.1 | 0.3 | 0.1 | — | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 105.4 | $ | 81.4 | $ | 51.4 | $ | (29.9) | $ | 208.3 | $ | 106.2 | $ | 100.7 | $ | 49.7 | $ | (26.8) | $ | 229.8 | |||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 313.7 | $ | 310.1 | $ | 178.0 | $ | (1.3) | $ | 800.5 | $ | 321.8 | $ | 351.0 | $ | 174.4 | $ | (1.8) | $ | 845.4 | |||||||||||||||||||||||||||||||||||||||
Net income margin | 15.2 | % | 16.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 33.6 | % | 26.2 | % | 28.9 | % | n/m | 26.0 | % | 33.0 | % | 28.7 | % | 28.5 | % | n/m | 27.2 | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value that May Yet be Purchased Under
the Plans or Programs(1) | |||||||||||||||||||
January 1, 2024 to January 31, 2024 | — | $ | — | — | $ | 539,689,117 | |||||||||||||||||
February 1, 2024 to February 29, 2024 | — | — | — | 539,689,117 | |||||||||||||||||||
March 1, 2024 to March 31, 2024 | — | — | — | 539,689,117 | |||||||||||||||||||
Total | — | $ | — | — | $ | 539,689,117 |
Exhibit Number | Description | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1* | ||||||||
32.2* | ||||||||
101* | The following financial information from IDEX Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 formatted in Inline eXtensible Business Reporting Language (iXBRL) includes: (i) the Cover Page, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Income, (iv) the Condensed Consolidated Statements of Comprehensive Income, (v) the Condensed Consolidated Statements of Equity, (vi) the Condensed Consolidated Statements of Cash Flows, and (vii) Notes to Condensed Consolidated Financial Statements. | |||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
* Filed herewith. | ||||||||
IDEX Corporation | ||||||||
By: | /s/ ABHISHEK KHANDELWAL | |||||||
Abhishek Khandelwal | ||||||||
Senior Vice President and Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/15/24 | ||||
Filed on: | 4/24/24 | 8-K | ||
4/19/24 | ||||
For Period end: | 3/31/24 | |||
3/1/24 | ||||
2/29/24 | ||||
2/1/24 | ||||
1/31/24 | ||||
1/1/24 | ||||
12/31/23 | 10-K, ARS | |||
12/15/23 | ||||
12/14/23 | ||||
10/31/23 | ||||
8/3/23 | ||||
5/19/23 | ||||
3/31/23 | 10-Q | |||
12/31/22 | 10-K, ARS, SD | |||
3/17/20 | ||||
12/1/15 | 8-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/07/24 IDEX Corp. S-8 5/07/24 5:194K Donnelley … Solutions/FA |