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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 and a statement of the funded status at December 31 for both years.
| Pension Benefits |  | Other Benefits
| 2021 |  | 2020 |  | 2021 |  | 2020
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |
| (In millions)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1 | $ | 94.0 |  |  | $ | 115.7 |  |  | $ | 95.9 |  |  | $ | 102.0 |  |  | $ | 24.2 |  |  | $ | 23.3 |
Service cost | 0.1 |  |  | 2.0 |  |  | 0.1 |  |  | 2.2 |  |  | 0.7 |  |  | 0.6 |
Interest cost | 0.3 |  |  | 0.7 |  |  | 1.3 |  |  | 1.1 |  |  | 0.4 |  |  | 0.6 |
Plan amendments | — |  |  | (0.5) |  |  | 0.2 |  |  | — |  |  | — |  |  | (2.9) |
Benefits paid | (3.3) |  |  | (3.0) |  |  | (4.0) |  |  | (2.6) |  |  | (0.7) |  |  | (0.7) |
Actuarial loss (gain) | (1.9) |  |  | (5.3) |  |  | 6.5 |  |  | 7.3 |  |  | (0.8) |  |  | 3.2 |
Currency translation | — |  |  | (6.0) |  |  | — |  |  | 8.9 |  |  | — |  |  | 0.1 |
Settlements | (78.6) |  |  | — |  |  | (6.0) |  |  | (3.8) |  |  | — |  |  | — |
Curtailments | — |  |  | — |  |  | — |  |  | — |  |  | (0.2) |  |  | — |
Other | — |  |  | 0.7 |  |  | — |  |  | 0.6 |  |  | — |  |  | — |
Obligation at December 31 | $ | 10.6 |  |  | $ | 104.3 |  |  | $ | 94.0 |  |  | $ | 115.7 |  |  | $ | 23.6 |  |  | $ | 24.2 |
CHANGE IN PLAN ASSETS |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 100.0 |  |  | $ | 42.2 |  |  | $ | 93.4 |  |  | $ | 39.3 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (0.5) |  |  | 4.2 |  |  | 16.2 |  |  | 3.6 |  |  | — |  |  | — |
Employer contributions | 0.4 |  |  | 2.9 |  |  | 0.4 |  |  | 2.4 |  |  | 0.7 |  |  | 0.7 |
Benefits paid | (3.3) |  |  | (3.0) |  |  | (4.0) |  |  | (2.6) |  |  | (0.7) |  |  | (0.7) |
Currency translation | — |  |  | (0.9) |  |  | — |  |  | 2.7 |  |  | — |  |  | — |
Settlements | (78.6) |  |  | — |  |  | (6.0) |  |  | (3.8) |  |  | — |  |  | — |
Acquisition/Divestiture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | (1.0) |  |  | 0.7 |  |  | — |  |  | 0.6 |  |  | — |  |  | — |
Fair value of plan assets at December 31 | $ | 17.0 |  |  | $ | 46.1 |  |  | $ | 100.0 |  |  | $ | 42.2 |  |  | $ | — |  |  | $ | — |
Funded status at December 31 | $ | 6.4 |  |  | $ | (58.2) |  |  | $ | 6.0 |  |  | $ | (73.5) |  |  | $ | (23.6) |  |  | $ | (24.2) |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets | $ | 10.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other noncurrent assets | — |  |  | 0.1 |  |  | 10.7 |  |  | — |  |  | — |  |  | — |
Current liabilities | (0.8) |  |  | (1.5) |  |  | (0.5) |  |  | (1.5) |  |  | (1.2) |  |  | (1.0) |
Other noncurrent liabilities | (3.0) |  |  | (56.8) |  |  | (4.2) |  |  | (72.0) |  |  | (22.4) |  |  | (23.2) |
Net asset (liability) at December 31 | $ | 6.4 |  |  | $ | (58.2) |  |  | $ | 6.0 |  |  | $ | (73.5) |  |  | $ | (23.6) |  |  | $ | (24.2) |
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, 2021 and 2020 were as follows:
| U.S. Plans |  | Non-U.S. Plans |  | Other Benefits
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate | 2.52 | % |  | 2.14 | % |  | 1.25 | % |  | 0.95 | % |  | 2.70 | % |  | 2.20 | %
Rate of compensation increase | — | % |  | — | % |  | 2.31 | % |  | 2.32 | % |  | — | % |  | — | %
Cash balance interest credit rate | — | % |  | 4.00 | % |  | 1.00 | % |  | 1.00 | % |  | — | % |  | — | %
| U.S. Plans |  | Non-U.S. Plans
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate | 2.14 | % |  | Various* |  | 4.11%/2.99%** |  | 0.95 | % |  | 1.33 | % |  | 2.07 | %
Expected return on plan assets | 2.40 | % |  | 4.00 | % |  | 4.00 | % |  | 2.41 | % |  | 3.00 | % |  | 3.12 | %
Rate of compensation increase | — | % |  | — | % |  | 4.00 | % |  | 2.32 | % |  | 2.29 | % |  | 2.13 | %
*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
| 2021 |  | 2020 |  | 2019
Discount rate | 2.20 | % |  | 3.09 | % |  | 4.11 | %
Expected return on plan assets | — | % |  | — | % |  | — | %
Rate of compensation increase | — | % |  | 4.00 | % |  | 4.00 | %
Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows:
| Pension Benefits |  | Other Benefits
| 2021 |  | 2020 |  | 2021 |  | 2020
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |
| (In millions)
Prior service cost (credit) | $ | 0.1 |  |  | $ | (0.5) |  |  | $ | 0.2 |  |  | $ | (0.1) |  |  | $ | (0.5) |  |  | $ | (2.9) |
Net loss (gain) | 2.1 |  |  | 12.6 |  |  | 13.4 |  |  | 24.5 |  |  | (3.0) |  |  | (2.3) |
Total | $ | 2.2 |  |  | $ | 12.1 |  |  | $ | 13.6 |  |  | $ | 24.4 |  |  | $ | (3.5) |  |  | $ | (5.2) |
The pretax change recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheet in 2021 is as follows:
| Pension Benefits |  | Other Benefits
| U.S. |  | Non-U.S. |  |
| (In millions)
Net gain (loss) in current year | $ | 0.5 |  |  | $ | 8.5 |  |  | $ | 1.0 |
Prior service cost | — |  |  | 0.5 |  |  | — |
Amortization of prior service cost (credit) | 0.1 |  |  | — |  |  | (2.4) |
Amortization of net loss (gain) | 10.8 |  |  | 2.1 |  |  | (0.3) |
Exchange rate effect on amounts in other comprehensive income | — |  |  | 1.5 |  |  | — |
Total | $ | 11.4 |  |  | $ | 12.6 |  |  | $ | (1.7) |
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | The components of the net periodic (benefit) cost for the plans in 2021, 2020 and 2019 are as follows:
| Pension Benefits
| 2021 |  | 2020 |  | 2019
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
| (In millions)
Service cost | $ | 0.1 |  |  | $ | 2.0 |  |  | $ | 0.1 |  |  | $ | 2.2 |  |  | $ | 0.6 |  |  | $ | 1.8 |
Interest cost | 0.3 |  |  | 0.7 |  |  | 1.3 |  |  | 1.1 |  |  | 2.8 |  |  | 1.5 |
Expected return on plan assets | (0.9) |  |  | (1.0) |  |  | (3.8) |  |  | (1.2) |  |  | (3.3) |  |  | (1.0) |
Settlement loss recognized | 10.5 |  |  | — |  |  | 0.9 |  |  | (0.4) |  |  | 0.7 |  |  | — |
Special termination benefit recognized | — |  |  | — |  |  | — |  |  | — |  |  | 0.3 |  |  | — |
Net amortization | 0.4 |  |  | 2.1 |  |  | 1.2 |  |  | 1.7 |  |  | 1.6 |  |  | 1.1 |
Net periodic cost (benefit) | $ | 10.4 |  |  | $ | 3.8 |  |  | $ | (0.3) |  |  | $ | 3.4 |  |  | $ | 2.7 |  |  | $ | 3.4 |
| Other Benefits
| 2021 |  | 2020 |  | 2019
| (In millions)
Service cost | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 0.6 |
Interest cost | 0.4 |  |  | 0.6 |  |  | 0.8 |
Curtailment gain recognized | (2.0) |  |  | — |  |  | — |
Net amortization | (0.6) |  |  | (0.5) |  |  | (0.6) |
Net periodic (benefit) cost | $ | (1.5) |  |  | $ | 0.7 |  |  | $ | 0.8 |
The Company recognizes the service cost component in both Selling, general and administrative expenses and Cost of sales in the Consolidated Statements of Income depending on the functional area of the underlying employees included in the plans. The assumptions used in determining the net periodic cost (benefit) were as follows:
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, 2021 and 2020, by asset category, were as follows:
| U.S. Plans |  | Non-U.S. Plans
| 2021 |  | 2020 |  | 2021 |  | 2020
Equity securities | 4 | % |  | 7 | % |  | 18 | % |  | 17 | %
Fixed income securities | 33 | % |  | 65 | % |  | 22 | % |  | 24 | %
Cash/Commingled Funds/Other (1) | 63 | % |  | 28 | % |  | 60 | % |  | 59 | %
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2021 and 2020 is summarized as follows:
| Basis of Fair Value Measurement
| Outstanding Balances |  | Level 1 |  | Level 2 |  | Level 3
As of December 31, 2021 | (In millions)
Equity |  |  |  |  |  |  |
U.S. Large Cap | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
U.S. Small / Mid Cap | 4.6 |  |  | — |  |  | 4.6 |  |  | — |
International | 4.2 |  |  | 1.0 |  |  | 3.2 |  |  | — |
Fixed Income |  |  |  |  |  |  |
U.S. Intermediate | 1.9 |  |  | — |  |  | 1.9 |  |  | — |
U.S. Long Term | 5.4 |  |  | — |  |  | 5.4 |  |  | — |
U.S. High Yield | 0.7 |  |  | — |  |  | 0.7 |  |  | — |
International | 7.5 |  |  | 0.3 |  |  | 7.2 |  |  | — |
Other Commingled Funds(1) | 23.7 |  |  | — |  |  | — |  |  | 23.7 |
Cash and Equivalents | 12.1 |  |  | 11.0 |  |  | 1.1 |  |  | — |
Other | 2.7 |  |  | — |  |  | 2.7 |  |  | — |
| $ | 63.1 |  |  | $ | 12.6 |  |  | $ | 26.8 |  |  | $ | 23.7 |
(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, 2020 | (In millions)
Equity |  |  |  |  |  |  |
U.S. Large Cap | $ | 3.7 |  |  | $ | 3.7 |  |  | $ | — |  |  | $ | — |
U.S. Small / Mid Cap | 0.4 |  |  | — |  |  | 0.4 |  |  | — |
International | 10.4 |  |  | 4.4 |  |  | 6.0 |  |  | — |
Fixed Income |  |  |  |  |  |  |
U.S. Intermediate | 14.3 |  |  | — |  |  | 14.3 |  |  | — |
U.S. Long Term | 51.9 |  |  | — |  |  | 51.9 |  |  | — |
U.S. High Yield | 0.3 |  |  | — |  |  | 0.3 |  |  | — |
International | 8.4 |  |  | 0.3 |  |  | 8.1 |  |  | — |
Other Commingled Funds(1) | 20.7 |  |  | — |  |  | — |  |  | 20.7 |
Cash and Equivalents | 28.5 |  |  | 27.8 |  |  | 0.7 |  |  | — |
Other | 3.5 |  |  | — |  |  | 3.5 |  |  | — |
| $ | 142.1 |  |  | $ | 36.2 |  |  | $ | 85.2 |  |  | $ | 20.7 |
(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

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