XML 65 R45.htm IDEA: XBRL DOCUMENT
v3.20.4

Retirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Retirement Benefits [Abstract] |
Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets | The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2020 and a statement of the funded status at December 31 for both years.
| Pension Benefits |  | Other Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |
| (In thousands)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1 | $ | 95,947 |  |  | $ | 102,016 |  |  | $ | 85,175 |  |  | $ | 89,789 |  |  | $ | 23,257 |  |  | $ | 22,593 |
Service cost | 134 |  |  | 2,215 |  |  | 653 |  |  | 1,844 |  |  | 616 |  |  | 561 |
Interest cost | 1,274 |  |  | 1,056 |  |  | 2,796 |  |  | 1,440 |  |  | 624 |  |  | 849 |
Plan amendments | 183 |  |  | (1) |  |  | — |  |  | (156) |  |  | (2,905) |  |  | — |
Benefits paid | (4,023) |  |  | (2,640) |  |  | (3,520) |  |  | (1,507) |  |  | (722) |  |  | (676) |
Actuarial loss (gain) | 6,504 |  |  | 7,279 |  |  | 16,931 |  |  | 9,903 |  |  | 3,241 |  |  | (161) |
Currency translation | — |  |  | 8,941 |  |  | — |  |  | 66 |  |  | 62 |  |  | 91 |
Settlements | (6,064) |  |  | (3,802) |  |  | (4,826) |  |  | — |  |  | — |  |  | — |
Curtailments | — |  |  | — |  |  | (1,538) |  |  | — |  |  | — |  |  | — |
Acquisition/Divestiture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | 624 |  |  | 276 |  |  | 637 |  |  | — |  |  | — |
Obligation at December 31 | $ | 93,955 |  |  | $ | 115,688 |  |  | $ | 95,947 |  |  | $ | 102,016 |  |  | $ | 24,173 |  |  | $ | 23,257 |
CHANGE IN PLAN ASSETS |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 93,413 |  |  | $ | 39,304 |  |  | $ | 83,580 |  |  | $ | 33,532 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 16,225 |  |  | 3,620 |  |  | 17,446 |  |  | 3,406 |  |  | — |  |  | — |
Employer contributions | 421 |  |  | 2,389 |  |  | 733 |  |  | 2,320 |  |  | 722 |  |  | 676 |
Benefits paid | (4,023) |  |  | (2,640) |  |  | (3,520) |  |  | (1,507) |  |  | (722) |  |  | (676) |
Currency translation | — |  |  | 2,669 |  |  | — |  |  | 916 |  |  | — |  |  | — |
Settlements | (6,064) |  |  | (3,802) |  |  | (4,826) |  |  | — |  |  | — |  |  | — |
Acquisition/Divestiture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | 624 |  |  | — |  |  | 637 |  |  | — |  |  | — |
Fair value of plan assets at December 31 | $ | 99,972 |  |  | $ | 42,164 |  |  | $ | 93,413 |  |  | $ | 39,304 |  |  | $ | — |  |  | $ | — |
Funded status at December 31 | $ | 6,017 |  |  | $ | (73,524) |  |  | $ | (2,534) |  |  | $ | (62,712) |  |  | $ | (24,173) |  |  | $ | (23,257) |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets | $ | 10,754 |  |  | $ | 3 |  |  | $ | 1,921 |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |
Current liabilities | (510) |  |  | (1,520) |  |  | (564) |  |  | (1,270) |  |  | (990) |  |  | (1,127) |
Other noncurrent liabilities | (4,227) |  |  | (72,007) |  |  | (3,891) |  |  | (61,456) |  |  | (23,183) |  |  | (22,130) |
Net asset (liability) at December 31 | $ | 6,017 |  |  | $ | (73,524) |  |  | $ | (2,534) |  |  | $ | (62,712) |  |  | $ | (24,173) |  |  | $ | (23,257) |
Weighted Average Assumptions Used in Measurement of Benefit Obligation | The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2020 and 2019 were as follows:
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.14 | % |  | 3.06 | % |  | 0.95 | % |  | 1.33 | % |  | 2.20 | % |  | 3.09 | %
Rate of compensation increase | — | % |  | — | % |  | 2.32 | % |  | 2.29 | % |  | — | % |  | 4.00 | %
Cash balance interest credit rate | 4.00 | % |  | 4.00 | % |  | 1.00 | % |  | 1.00 | % |  | — | % | — | % | — | %
| U.S. Plans |  | Non-U.S. Plans
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate | Various* |  | 4.11%/2.99%** |  | 3.46 | % |  | 1.33 | % |  | 2.07 | % |  | 1.82 | %
Expected return on plan assets | 4.00 | % |  | 4.00 | % |  | 5.50 | % |  | 3.00 | % |  | 3.12 | % |  | 3.09 | %
Rate of compensation increase | — | % |  | 4.00 | % |  | 4.00 | % |  | 2.29 | % |  | 2.13 | % |  | 2.37 | %
*For the IDEX Corporation Retirement Plan, a discount rate of 3.07% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through March 31, 2020, a discount rate of 2.97% was used to determine the net periodic (benefit) cost for the period April 1, 2020 through June 30, 2020, a discount rate of 2.41% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through September 30, 2020 and a discount rate of 2.36% was used to determine the net periodic (benefit) cost for the period October 1, 2020 through December 31, 2020 as a result of the quarterly remeasurements that occurred in conjunction with the termination of the Plan. For the Pulsafeeder, Inc. Pension Plan for Hourly Employees at Rochester, New York, a discount rate of 3.21% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through June 30, 2020 and a discount rate of 2.62% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through December 31, 2020 as a result of the remeasurement that occurred in conjunction with the ratification of the collective bargaining agreement. **A discount rate of 4.11% was used to determine the net periodic benefit cost for the period January 1, 2019 through August 31, 2019 and a discount rate of 2.99% was used to determine the net periodic benefit cost for the period September 1, 2019 through December 31, 2019 as a result of the remeasurement that occurred in conjunction with the decision to freeze the Plan.
| Other Benefits
| 2020 |  | 2019 |  | 2018
Discount rate | 3.09 | % |  | 4.11 | % |  | 3.50 | %
Expected return on plan assets | — | % |  | — | % |  | — | %
Rate of compensation increase | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2020 and 2019 were as follows:
| Pension Benefits |  | Other Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |
| (In thousands)
Prior service cost (credit) | $ | 202 |  |  | $ | (92) |  |  | $ | 46 |  |  | $ | (100) |  |  | $ | (2,914) |  |  | $ | (46) |
Net loss (gain) | 13,414 |  |  | 24,536 |  |  | 21,432 |  |  | 19,304 |  |  | (2,266) |  |  | (6,009) |
Total | $ | 13,616 |  |  | $ | 24,444 |  |  | $ | 21,478 |  |  | $ | 19,204 |  |  | $ | (5,180) |  |  | $ | (6,055) |
The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2020 is as follows:
| Pension Benefits |  | Other Benefits
| U.S. |  | Non-U.S. |  |
| (In thousands)
Net gain (loss) in current year | $ | 5,971 |  |  | $ | (4,829) |  |  | $ | (3,241) |
Prior service cost | (182) |  |  | 2 |  |  | 2,905 |
Amortization of prior service cost (credit) | 27 |  |  | (22) |  |  | (37) |
Amortization of net loss (gain) | 2,046 |  |  | 1,367 |  |  | (504) |
Exchange rate effect on amounts in other comprehensive income | — |  |  | (1,758) |  |  | 2 |
Total | $ | 7,862 |  |  | $ | (5,240) |  |  | $ | (875) |
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | The components of, and the weighted average assumptions used to determine, the net periodic (benefit) cost for the plans in 2020, 2019 and 2018 are as follows:
| Pension Benefits
| 2020 |  | 2019 |  | 2018
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
| (In thousands)
Service cost | $ | 134 |  |  | $ | 2,215 |  |  | $ | 653 |  |  | $ | 1,844 |  |  | $ | 886 |  |  | $ | 2,105 |
Interest cost | 1,274 |  |  | 1,056 |  |  | 2,796 |  |  | 1,440 |  |  | 2,634 |  |  | 1,389 |
Expected return on plan assets | (3,750) |  |  | (1,170) |  |  | (3,319) |  |  | (1,047) |  |  | (3,943) |  |  | (1,120) |
Settlement loss recognized | 910 |  |  | (385) |  |  | 713 |  |  | — |  |  | (1) |  |  | (307) |
Special termination benefit recognized | — |  |  | — |  |  | 276 |  |  | — |  |  | — |  |  | — |
Net amortization | 1,163 |  |  | 1,730 |  |  | 1,614 |  |  | 1,117 |  |  | 2,712 |  |  | 1,271 |
Net periodic (benefit) cost | $ | (269) |  |  | $ | 3,446 |  |  | $ | 2,733 |  |  | $ | 3,354 |  |  | $ | 2,288 |  |  | $ | 3,338 |
| Other Benefits
| 2020 |  | 2019 |  | 2018
| (In thousands)
Service cost | $ | 616 |  |  | $ | 561 |  |  | $ | 668 |
Interest cost | 624 |  |  | 849 |  |  | 810 |
Net amortization | (542) |  |  | (635) |  |  | (737) |
Net periodic benefit cost | $ | 698 |  |  | $ | 775 |  |  | $ | 741 |
Summary of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value | The Company’s pension plan weighted average asset allocations at December 31, 2020 and 2019, by asset category, were as follows:
| U.S. Plans |  | Non-U.S. Plans
| 2020 |  | 2019 |  | 2020 |  | 2019
Equity securities | 7 | % |  | 10 | % |  | 17 | % |  | 17 | %
Fixed income securities | 65 | % |  | 90 | % |  | 24 | % |  | 24 | %
Cash/Commingled Funds/Other (1) | 28 | % |  | — | % |  | 59 | % |  | 59 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2020 and 2019 is summarized as follows:
| Basis of Fair Value Measurement
| Outstanding Balances |  | Level 1 |  | Level 2 |  | Level 3
As of December 31, 2020 | (In thousands)
Equity |  |  |  |  |  |  |
U.S. Large Cap | $ | 3,710 |  |  | $ | 3,710 |  |  | $ | — |  |  | $ | — |
U.S. Small / Mid Cap | 444 |  |  | — |  |  | 444 |  |  | — |
International | 10,427 |  |  | 4,412 |  |  | 6,015 |  |  | — |
Fixed Income |  |  |  |  |  |  |
U.S. Intermediate | 14,263 |  |  | — |  |  | 14,263 |  |  | — |
U.S. Long Term | 51,891 |  |  | — |  |  | 51,891 |  |  | — |
U.S. High Yield | 296 |  |  | — |  |  | 296 |  |  | — |
International | 8,448 |  |  | 257 |  |  | 8,191 |  |  | — |
Other Commingled Funds (1) | 20,665 |  |  | — |  |  | — |  |  | 20,665 |
Cash and Equivalents | 28,469 |  |  | 27,826 |  |  | 643 |  |  | — |
Other | 3,523 |  |  | — |  |  | 3,523 |  |  | — |
| $ | 142,136 |  |  | $ | 36,205 |  |  | $ | 85,266 |  |  | $ | 20,665 |
(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.
| Basis of Fair Value Measurement
| Outstanding Balances |  | Level 1 |  | Level 2 |  | Level 3
As of December 31, 2019 | (In thousands)
Equity |  |  |  |  |  |  |
U.S. Large Cap | $ | 4,734 |  |  | $ | 4,734 |  |  | $ | — |  |  | $ | — |
U.S. Small / Mid Cap | 455 |  |  | — |  |  | 455 |  |  | — |
International | 10,845 |  |  | 5,258 |  |  | 5,587 |  |  | — |
Fixed Income |  |  |  |  |  |  |
U.S. Intermediate | 640 |  |  | — |  |  | 640 |  |  | — |
U.S. Long Term | 83,628 |  |  | — |  |  | 83,628 |  |  | — |
U.S. High Yield | 1,346 |  |  | — |  |  | 1,346 |  |  | — |
International | 7,516 |  |  | 296 |  |  | 7,220 |  |  | — |
Other Commingled Funds (1) | 19,438 |  |  | — |  |  | — |  |  | 19,438 |
Cash and Equivalents | 1,094 |  |  | 517 |  |  | 577 |  |  | — |
Other | 3,021 |  |  | — |  |  | 3,021 |  |  | — |
| $ | 132,717 |  |  | $ | 10,805 |  |  | $ | 102,474 |  |  | $ | 19,438 |
(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration