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<SEC-DOCUMENT>0000950123-10-092314.txt : 20101210
<SEC-HEADER>0000950123-10-092314.hdr.sgml : 20101210
<ACCEPTANCE-DATETIME>20101008155457
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-092314
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20101008

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IDEX CORP /DE/
		CENTRAL INDEX KEY:			0000832101
		STANDARD INDUSTRIAL CLASSIFICATION:	PUMPS & PUMPING EQUIPMENT [3561]
		IRS NUMBER:				363555336
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		630 DUNDEE RD STE 400
		CITY:			NORTHBROOK
		STATE:			IL
		ZIP:			60062
		BUSINESS PHONE:		8474987070
</SEC-HEADER>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c60647c6064701.gif" alt="(IDEX CORPORATION LOGO)"><BR>
IDEX Corporation<BR>
1925 West Field Court<BR>
Suite&nbsp;200<BR>
Lake Forest, IL 60045-4824<BR>
United States<BR>
www.idexcorp.com

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">October&nbsp;8, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>VIA EDGAR AND OVERNIGHT DELIVERY</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-3030

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attn:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Martin James</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Assistant Chief Accountant</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Re: IDEX Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Form&nbsp;10-K: For the Fiscal Year Ended December&nbsp;31, 2009 Filed March&nbsp;1, 2010</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Form&nbsp;10-Q for the Quarterly Period Ended June&nbsp;30, 2010</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>File No.&nbsp;001-10235</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;James:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We submit this letter in response to comments from the staff of the Securities and Exchange
Commission (the &#147;Staff) received by letter dated September&nbsp;27, 2010 relating to IDEX Corporation&#146;s
(the &#147;Company&#148;) 10-K for the fiscal year ended December&nbsp;31, 2009 (2009 10-K) and IDEX Corporation&#146;s
10-Q for the quarter ended June&nbsp;30, 2010 (2010 10-Q).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this letter, we have recited the comments from the Staff in italicized, bold type and have
followed each comment with the Company&#146;s response. Captitalized terms used but not defined herein
shall have the meanings ascribed thereto in the 2009 10-K and the 2010 10-Q as applicable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2009</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Consolidated Financial Statements</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 2 Inventory, page 35</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>We note that you changed your method of accounting for certain inventories from the LIFO
method to FIFO method as of January&nbsp;1, 2009. Please explain to us in greater detail the
reasons for the change in accounting principle, including an explanation of why the FIFO
method is preferable. Refer to FASB ASC 250-10-50-1 and revise your disclosure in future
filing to include similar information.</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company believed that changing to the FIFO method was preferable for the following reasons:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Improved
Financial Reporting </I>- Inventory valued under the FIFO basis results in a better
measurement of current value of inventories on the Company&#146;s Balance Sheets. In addition, the
FIFO method is reflective of the physical flow of inventory.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Consistency/Comparability &#151; </I>The change provides a consistent method of inventory valuation as
all inventories are valued using a uniform cost method across all operations. Prior to the
change to the FIFO method, 85% of total net inventory was valued using the LIFO method and 15%
was valued using the FIFO method.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Industry Practice </I>- The FIFO method provides better comparability to industry peers and
competitors. The Company reviewed the Form 10-K of 11 of its closest industry
peers and competitors and noted the change from LIFO to FIFO conforms the Company&#146;s inventory
valuation method to the method used by seven of its competitors, while three used a
combination of both LIFO and FIFO and one used strictly LIFO.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on the aforementioned, the Company believed that the FIFO method of inventory costing was a
preferable accounting method and these reasons were disclosed in Note 2 of the Company&#146;s 2009 10-K
on page 36 in accordance with FASB ASC 250-10-50-1. With regards to your request to revise our
disclosures in future filings, we respectfully believe that our disclosures met the disclosure
requirements of ASC 250 &#147;Accounting Changes and Error Corrections&#148; and our intention is to not
repeat this disclosure in our December&nbsp;31, 2010 10-K, as it is not required.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Item&nbsp;9A. Controls and Procedures, page 65</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B><I>2.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Please revise your future filings to clarify the date upon which management is concluding on
the effectiveness of the company&#146;s disclosure controls and procedures.</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In our next quarterly filing the Company will specifically provide the date to clarify when
management is concluding on the effectiveness of the Company&#146;s disclosure controls and procedures.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Item&nbsp;11. Executive Compensation, page 65</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B><I>3.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>We note your use of the term &#147;market&#148; throughout your Compensation Discussion and Analysis in
your Schedule&nbsp;14A that you incorporate by reference. In future filings please disclose the
definition of this term and identify the companies included. Also, given that you target your
compensation, please briefly discuss in your applicable future filings how each element of
compensation you provide to the named executive officers relates to the market data you have
analyzed and include an analysis of where actual payments under each element of compensation
actually fell within the targeted range. If any of your named executive officers are
compensated at levels that are materially different from the targeted levels of compensation,
please also provide discussion and analysis as to why.</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In future filings to the extent that we use market data to set compensation for such year we will
discuss how that market is determined and identify any companies specifically included in
benchmarking market compensation. We will also include a discussion of each element of
compensation for which market data was used and where actual payments fell within a targeted range.
If any of our named executive officers are compensated differently in any material way from the
targeted levels of compensation, we will also, in future filings, provide
discussion and analysis as to why. Such disclosure will likely look similar to the disclosure
contained in our proxy statement filed on March&nbsp;9, 2009 discussing compensation for the 2008 fiscal
year. Please note that we did not use market data or benchmark any elements of compensation for
2009 which is described under the heading &#147;Market Benchmarking&#148; on page 20 of the proxy statement
filed on March&nbsp;5, 2010.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-Q for the Quarterly Period Ended June&nbsp;30, 2010</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Item&nbsp;4. Controls and Procedures, Page 25</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B><I>4.</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>We note that your Chief Executive Officer and Chief Financial Officer concluded that the
company&#146;s disclosure controls and procedures were effective to accomplish their objectives at
the reasonable assurance level. In future fillings please revise this disclosure to remove
the qualification of the conclusion related to accomplishing the objectives of your disclosure
controls and procedures. Refer to Item&nbsp;307 Regulation&nbsp;S-K.</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In our next quarterly filing the Company will revise the disclosure to remove the qualification of
the conclusion associated with the effectiveness of the disclosure controls and procedures. Future
filings will clearly indicate that the Company&#146;s Chief Executive Officer and Chief Financial
Officer concluded that the Company&#146;s disclosure controls and procedures were effective.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with providing its responses to the Staff&#146;s comments, the Company acknowledges the
following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is responsible for the adequacy and accuracy of the disclosure in the filings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments or changes to disclosure in response to staff comments do not foreclose the
Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the nature of the comments herein and the Staff&#146;s recommendation to revise futures
filings, we respectfully submit that amendments of the Company&#146;s public reports would not provide
materially meaningful information and therefore are not necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please direct any further questions or comments to me 847-664-4754. In addition, we would request
that you provide a facsimile of any future correspondence regarding this matter to my attention at
847-498-9123.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Dominic A. Romeo<DIV style="width: 35%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
Dominic A. Romeo<BR>
Vice President and Chief Financial Officer

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
