XML 57 R39.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax | Pretax income for 2021, 2020 and 2019 was taxed in the following jurisdictions:
| 2021 |  | 2020 |  | 2019
| (In millions)
U.S. | $ | 350.2 |  |  | $ | 296.3 |  |  | $ | 377.2 |
Foreign | 229.6 |  |  | 174.0 |  |  | 155.7 |
Total | $ | 579.8 |  |  | $ | 470.3 |  |  | $ | 532.9 |
Schedule of Components of Income Tax | The provision (benefit) for income taxes for 2021, 2020 and 2019 was as follows:
| 2021 |  | 2020 |  | 2019
| (In millions)
Current |  |  |  |  |
U.S. | $ | 64.7 |  |  | $ | 29.5 |  |  | $ | 49.8 |
State and local | 11.0 |  |  | 4.6 |  |  | 9.1 |
Foreign | 60.9 |  |  | 50.2 |  |  | 41.9 |
Total current | 136.6 |  |  | 84.3 |  |  | 100.8 |
Deferred |  |  |  |  |
U.S. | (4.1) |  |  | 10.1 |  |  | 10.1 |
State and local | (1.4) |  |  | 1.5 |  |  | (0.1) |
Foreign | (0.6) |  |  | (3.4) |  |  | (3.4) |
Total deferred | (6.1) |  |  | 8.2 |  |  | 6.6 |
Total provision for income taxes | $ | 130.5 |  |  | $ | 92.5 |  |  | $ | 107.4 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) at December 31, 2021 and 2020 were:
| 2021 |  | 2020
| (In millions)
Employee and retiree benefit plans | $ | 23.6 |  |  | $ | 26.9 |
Capital loss and other carryforwards | 11.9 |  |  | 16.3 |
Operating lease assets | 25.7 |  |  | 24.7 |
Operating lease liabilities | (24.8) |  |  | (23.9) |
Depreciation and amortization | (222.0) |  |  | (189.0) |
Inventories | 11.7 |  |  | 8.8 |
Allowances and accruals | 10.3 |  |  | 7.3 |
Interest rate exchange agreement | — |  |  | 0.7 |
Other | (16.6) |  |  | (16.9) |
Total gross deferred tax (liabilities) | (180.2) |  |  | (145.1) |
Valuation allowance | (11.9) |  |  | (16.3) |
Total deferred tax (liabilities), net of valuation allowances | $ | (192.1) |  |  | $ | (161.4) |
Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets | The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2021 and 2020 were:
| 2021 |  | 2020
| (In millions)
Noncurrent deferred tax asset - Other noncurrent assets | $ | 4.3 |  |  | $ | 2.5 |
Noncurrent deferred tax liabilities - Deferred income taxes | (196.4) |  |  | (163.9) |
Net deferred tax liabilities | $ | (192.1) |  |  | $ | (161.4) |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount calculated by applying the statutory federal income tax rate to pretax income. The calculated amount and the differences for 2021, 2020 and 2019 are shown in the following table:
| 2021 |  | 2020 |  | 2019
| (In millions)
Pretax income | $ | 579.8 |  |  |  |  | $ | 470.3 |  |  |  |  | $ | 532.9 |  |  |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |
Computed amount at statutory rate of 21% | $ | 121.8 |  |  | 21.0 | % |  | $ | 98.8 |  |  | 21.0 | % |  | $ | 111.9 |  |  | 21.0 | %
State and local income tax (net of federal tax benefit) | 8.0 |  |  | 1.4 | % |  | 5.9 |  |  | 1.3 | % |  | 8.2 |  |  | 1.5 | %
Taxes on non-U.S. earnings-net of foreign tax credits | 9.2 |  |  | 1.6 | % |  | 8.4 |  |  | 1.8 | % |  | 6.3 |  |  | 1.2 | %
Global Intangible Low-Taxed Income | 0.4 |  |  | 0.1 | % |  | (2.7) |  |  | (0.6 | %) |  | 2.3 |  |  | 0.4 | %
Foreign-Derived Intangible Income Deduction | (7.5) |  |  | (1.3 | %) |  | (4.9) |  |  | (1.0 | %) |  | (5.8) |  |  | (1.1 | %)
Share-based payments | (3.5) |  |  | (0.6 | %) |  | (9.8) |  |  | (2.1 | %) |  | (11.0) |  |  | (2.1 | %)
Other | 2.1 |  |  | 0.3 | % |  | (3.2) |  |  | (0.7 | %) |  | (4.5) |  |  | (0.7 | %)
Total provision for income taxes | $ | 130.5 |  |  | 22.5 | % |  | $ | 92.5 |  |  | 19.7 | % |  | $ | 107.4 |  |  | 20.2 | %
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2021, 2020 and 2019 is as follows:
| 2021 |  | 2020 |  | 2019
| (In millions)
Beginning balance January 1 | $ | 1.1 |  |  | $ | 3.7 |  |  | $ | 4.1 |
Gross increases for tax positions of prior years | 0.1 |  |  | — |  |  | — |
Gross decreases for tax positions of prior years | (0.3) |  |  | — |  |  | — |
Settlements | (0.2) |  |  | (2.6) |  |  | (0.1) |
Lapse of statute of limitations | (0.6) |  |  | — |  |  | (0.3) |
Ending balance December 31 | $ | 0.1 |  |  | $ | 1.1 |  |  | $ | 3.7 |

X
- Definition Schedule Of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets [Table Text Block] + References No definition available. + Details
Name: | iex_ScheduleOfDeferredTaxAssetsLiabilitiesRecognizedInBalanceSheetsTableTextBlock
Namespace Prefix: | iex_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration