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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
Form 10-Q

☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the quarterly period ended | September 30, 2022

OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the transition period from | to

Commission file number 1-10235
IDEX CORPORATION
(Exact Name of Registrant as Specified in its Charter)

| Delaware |  | 36-3555336
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
| 3100 Sanders Road, | Suite 301, | Northbrook, | Illinois |  | 60062
| (Address of principal executive offices) |  | (Zip Code)

Registrant’s telephone number, including area code: (847) 498-7070
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share |  | IEX |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☑ |  | Accelerated filer ☐ |  | Non-accelerated filer ☐ |  | Smaller reporting company | ☐
Emerging growth company | ☐ |  |  |  |  |  |  |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
Number of shares of common stock of IDEX Corporation outstanding as of October 21, 2022: 75,421,109.

Table of Contents
TABLE OF CONTENTS

Part I. Financial Information |
Item 1. | Financial Statements | 1
| Condensed Consolidated Balance Sheets | 1
| Condensed Consolidated Statements of Income | 2
| Condensed Consolidated Statements of Comprehensive Income | 3
| Condensed Consolidated Statements of Equity | 4
| Condensed Consolidated Statements of Cash Flows | 6
| Notes to Condensed Consolidated Financial Statements | 7
| Note 1. Basis of Presentation and Significant Accounting Policies | 7
| Note 2. Acquisitions and Divestitures | 7
| Note 3. Business Segments | 12
| Note 4. Revenue | 13
| Note 5. Earnings Per Common Share | 17
| Note 6. Inventories | 17
| Note 7. Goodwill and Intangible Assets | 18
| Note 8. Accrued Expenses | 19
| Note 9. Other Noncurrent Liabilities | 19
| Note 10. Borrowings | 20
| Note 11. Fair Value Measurements | 21
| Note 12. Leases | 22
| Note 13. Restructuring Expenses and Asset Impairments | 23
| Note 14. Other Comprehensive Loss | 26
| Note 15. Share Repurchases | 26
| Note 16. Share-Based Compensation | 27
| Note 17. Retirement Benefits | 31
| Note 18. Legal Proceedings | 32
| Note 19. Income Taxes | 32
| Note 20. Significant Events | 32
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 33
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 52
Item 4. | Controls and Procedures | 52
Part II. Other Information |
Item 1. | Legal Proceedings | 53
Item 1A. | Risk Factors | 53
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 53
Item 5. | Other Information | 53
Item 6. | Exhibits | 55
Signatures | 56

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
IDEX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except per share amounts)
(unaudited)

| September 30, 2022 |  | December 31, 2021
ASSETS |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 680.7 |  |  | $ | 855.4 |
Receivables, less allowance for doubtful accounts of $8.0 at September 30, 2022 and $7.2 at December 31, 2021 | 406.1 |  |  | 356.4 |
Inventories | 455.3 |  |  | 370.4 |
Other current assets | 92.9 |  |  | 95.8 |
Total current assets | 1,635.0 |  |  | 1,678.0 |
Property, plant and equipment - net | 303.5 |  |  | 327.3 |
Goodwill | 2,191.2 |  |  | 2,167.7 |
Intangible assets - net | 628.6 |  |  | 597.3 |
Other noncurrent assets | 134.3 |  |  | 146.9 |
Total assets | $ | 4,892.6 |  |  | $ | 4,917.2 |
LIABILITIES AND EQUITY |  |  |
Current liabilities |  |  |
Trade accounts payable | $ | 196.6 |  |  | $ | 178.8 |
Accrued expenses | 264.6 |  |  | 259.8 |
Dividends payable | 45.3 |  |  | 41.4 |
Total current liabilities | 506.5 |  |  | 480.0 |
Long-term borrowings | 1,191.1 |  |  | 1,190.3 |
Deferred income taxes | 185.7 |  |  | 196.4 |
Other noncurrent liabilities | 206.7 |  |  | 247.4 |
Total liabilities | 2,090.0 |  |  | 2,114.1 |
Commitments and contingencies |  |  |
Shareholders’ equity |  |  |
Preferred stock: |  |  |
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None | — |  |  | — |
Common stock: |  |  |
Authorized: 150,000,000 shares, $.01 per share par value |  |  |
Issued: 90,071,346 shares at September 30, 2022 and 90,067,996 shares at December 31, 2021 | 0.9 |  |  | 0.9 |
Additional paid-in capital | 812.0 |  |  | 795.6 |
Retained earnings | 3,447.1 |  |  | 3,126.5 |
Treasury stock at cost: 14,543,722 shares at September 30, 2022 and 13,872,555 shares at December 31, 2021 | (1,193.1) |  |  | (1,050.3) |
Accumulated other comprehensive loss | (264.1) |  |  | (69.6) |
Total shareholders’ equity | 2,802.8 |  |  | 2,803.1 |
Noncontrolling interest | (0.2) |  |  | — |
Total equity | 2,802.6 |  |  | 2,803.1 |
Total liabilities and equity | $ | 4,892.6 |  |  | $ | 4,917.2 |

See Notes to Condensed Consolidated Financial Statements
1

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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net sales | $ | 824.0 |  |  | $ | 712.0 |  |  | $ | 2,371.2 |  |  | $ | 2,050.0 |
Cost of sales | 442.2 |  |  | 400.4 |  |  | 1,290.0 |  |  | 1,139.7 |
Gross profit | 381.8 |  |  | 311.6 |  |  | 1,081.2 |  |  | 910.3 |
Selling, general and administrative expenses | 161.9 |  |  | 147.2 |  |  | 483.7 |  |  | 426.7 |
Restructuring expenses and asset impairments | 17.7 |  |  | 3.2 |  |  | 21.1 |  |  | 8.6 |
Operating income | 202.2 |  |  | 161.2 |  |  | 576.4 |  |  | 475.0 |
Gain on sale of business | (34.8) |  |  | — |  |  | (34.8) |  |  | — |
Other (income) expense - net | (1.0) |  |  | 0.6 |  |  | (3.3) |  |  | 17.0 |
Interest expense | 9.6 |  |  | 9.5 |  |  | 28.6 |  |  | 31.4 |
Income before income taxes | 228.4 |  |  | 151.1 |  |  | 585.9 |  |  | 426.6 |
Provision for income taxes | 49.7 |  |  | 35.4 |  |  | 129.2 |  |  | 96.0 |
Net income | 178.7 |  |  | 115.7 |  |  | 456.7 |  |  | 330.6 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | 0.2 |  |  | — |
Net income attributable to IDEX | $ | 178.7 |  |  | $ | 115.7 |  |  | $ | 456.9 |  |  | $ | 330.6 |
Earnings per common share: |  |  |  |  |  |  |
Basic earnings per common share attributable to IDEX | $ | 2.37 |  |  | $ | 1.52 |  |  | $ | 6.02 |  |  | $ | 4.35 |
Diluted earnings per common share attributable to IDEX | $ | 2.36 |  |  | $ | 1.51 |  |  | $ | 6.00 |  |  | $ | 4.33 |
Share data: |  |  |  |  |  |  |
Basic weighted average common shares outstanding | 75.4 |  |  | 76.0 |  |  | 75.8 |  |  | 76.0 |
Diluted weighted average common shares outstanding | 75.8 |  |  | 76.5 |  |  | 76.1 |  |  | 76.4 |

See Notes to Condensed Consolidated Financial Statements
2

Table of Contents
IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net income | $ | 178.7 |  |  | $ | 115.7 |  |  | $ | 456.7 |  |  | $ | 330.6 |
Other comprehensive loss: |  |  |  |  |  |  |
Reclassification adjustments for derivatives, net of tax | — |  |  | — |  |  | — |  |  | 2.5 |
Pension and other postretirement adjustments, net of tax | 0.6 |  |  | 0.8 |  |  | 1.8 |  |  | 10.8 |
Cumulative translation adjustment | (94.9) |  |  | (28.7) |  |  | (196.3) |  |  | (56.9) |
Other comprehensive loss | (94.3) |  |  | (27.9) |  |  | (194.5) |  |  | (43.6) |
Comprehensive income | 84.4 |  |  | 87.8 |  |  | 262.2 |  |  | 287.0 |
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | 0.2 |  |  | — |
Comprehensive income attributable to IDEX | $ | 84.4 |  |  | $ | 87.8 |  |  | $ | 262.4 |  |  | $ | 287.0 |

See Notes to Condensed Consolidated Financial Statements
3

Table of Contents
IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)

|  |  |  |  | Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
| Common Stock and Additional Paid-In Capital |  | Retained Earnings |  | Cumulative Translation Adjustment |  | Retirement Benefits Adjustment |  | Treasury Stock |  | Total Shareholders’ Equity |  | Noncontrolling Interest |  | Total Equity
Balance, December 31, 2021 | $ | 796.5 |  |  | $ | 3,126.5 |  |  | $ | (62.2) |  |  | $ | (7.4) |  |  | $ | (1,050.3) |  |  | $ | 2,803.1 |  |  | $ | — |  |  | $ | 2,803.1 |
Net income (loss) | — |  |  | 140.0 |  |  | — |  |  | — |  |  | — |  |  | 140.0 |  |  | (0.1) |  |  | 139.9 |
Cumulative translation adjustment | — |  |  | — |  |  | (19.5) |  |  | — |  |  | — |  |  | (19.5) |  |  | — |  |  | (19.5) |
Net change in retirement obligations (net of tax of $0.2) | — |  |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Issuance of 73,755 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $1.7) | — |  |  | — |  |  | — |  |  | — |  |  | 1.4 |  |  | 1.4 |  |  | — |  |  | 1.4 |
Repurchase of 147,500 shares of common stock | — |  |  | — |  |  | — |  |  | — |  |  | (28.3) |  |  | (28.3) |  |  |  |  | (28.3) |
Shares surrendered for tax withholding | — |  |  | — |  |  | — |  |  | — |  |  | (4.9) |  |  | (4.9) |  |  | — |  |  | (4.9) |
Share-based compensation | 6.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6.6 |  |  | — |  |  | 6.6 |
Balance, March 31, 2022 | $ | 803.1 |  |  | $ | 3,266.5 |  |  | $ | (81.7) |  |  | $ | (6.8) |  |  | $ | (1,082.1) |  |  | $ | 2,899.0 |  |  | $ | (0.1) |  |  | $ | 2,898.9 |
Net income (loss) | — |  |  | 138.2 |  |  | — |  |  | — |  |  | — |  |  | 138.2 |  |  | (0.1) |  |  | 138.1 |
Cumulative translation adjustment | — |  |  | — |  |  | (81.9) |  |  | — |  |  | — |  |  | (81.9) |  |  |  |  | (81.9) |
Net change in retirement obligations (net of tax of $0.5) | — |  |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Issuance of 42,408 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $0.4) | — |  |  | — |  |  | — |  |  | — |  |  | 3.8 |  |  | 3.8 |  |  | — |  |  | 3.8 |
Repurchase of 474,690 shares of common stock | — |  |  | — |  |  | — |  |  | — |  |  | (87.5) |  |  | (87.5) |  |  | — |  |  | (87.5) |
Share-based compensation | 6.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6.9 |  |  | — |  |  | 6.9 |
Cash dividends declared - $1.20 per common share outstanding | — |  |  | (90.9) |  |  | — |  |  | — |  |  | — |  |  | (90.9) |  |  | — |  |  | (90.9) |
Balance, June 30, 2022 | $ | 810.0 |  |  | $ | 3,313.8 |  |  | $ | (163.6) |  |  | $ | (6.2) |  |  | $ | (1,165.8) |  |  | $ | 2,788.2 |  |  | $ | (0.2) |  |  | $ | 2,788.0 |
Net income | — |  |  | 178.7 |  |  | — |  |  | — |  |  | — |  |  | 178.7 |  |  | — |  |  | $ | 178.7 |
Cumulative translation adjustment | — |  |  | — |  |  | (94.9) |  |  | — |  |  | — |  |  | (94.9) |  |  |  |  | (94.9) |
Net change in retirement obligations (net of tax of $—) | — |  |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.6 |
Issuance of 28,152 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $0.4) | — |  |  | — |  |  | — |  |  | — |  |  | 3.8 |  |  | 3.8 |  |  | — |  |  | 3.8 |
Repurchase of 166,433 shares of common stock | — |  |  | — |  |  | — |  |  | — |  |  | (30.9) |  |  | (30.9) |  |  | — |  |  | (30.9) |
Shares surrendered for tax withholding | — |  |  | — |  |  | — |  |  | — |  |  | (0.2) |  |  | (0.2) |  |  | — |  |  | (0.2) |
Share-based compensation | 2.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Cash dividends declared - $0.60 per common share outstanding | — |  |  | (45.4) |  |  | — |  |  | — |  |  | — |  |  | (45.4) |  |  | — |  |  | (45.4) |
Balance, September 30, 2022 | $ | 812.9 |  |  | $ | 3,447.1 |  |  | $ | (258.5) |  |  | $ | (5.6) |  |  | $ | (1,193.1) |  |  | $ | 2,802.8 |  |  | $ | (0.2) |  |  | $ | 2,802.6 |

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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (continued)
(Dollars in millions)
(unaudited)

|  |  |  |  | Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
| Common Stock and Additional Paid-In Capital |  | Retained Earnings |  | Cumulative Translation Adjustment |  | Retirement Benefits Adjustment |  | Cumulative Unrealized Gain (Loss) on Derivatives |  | Treasury Stock |  | Total Shareholders’ Equity |  | Noncontrolling Interest |  | Total Equity
Balance, December 31, 2020 | $ | 776.1 |  |  | $ | 2,841.5 |  |  | $ | 13.4 |  |  | $ | (24.4) |  |  | $ | (2.5) |  |  | $ | (1,063.9) |  |  | $ | 2,540.2 |  |  | $ | 0.1 |  |  | $ | 2,540.3 |
Net income | — |  |  | 112.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 112.7 |  |  | — |  |  | 112.7 |
Cumulative translation adjustment | — |  |  | — |  |  | (48.5) |  |  | — |  |  | — |  |  | — |  |  | (48.5) |  |  | — |  |  | (48.5) |
Net change in retirement obligations (net of tax of $0.3) | — |  |  | — |  |  | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Net change on derivatives designated as cash flow hedges (net of tax of $0.2) | — |  |  | — |  |  | — |  |  | — |  |  | 0.7 |  |  | — |  |  | 0.7 |  |  | — |  |  | 0.7 |
Issuance of 106,122 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $1.9) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3.2 |  |  | 3.2 |  |  | — |  |  | 3.2 |
Shares surrendered for tax withholding | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5.4) |  |  | (5.4) |  |  | — |  |  | (5.4) |
Share-based compensation | 6.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6.2 |  |  | — |  |  | 6.2 |
Balance, March 31, 2021 | $ | 782.3 |  |  | $ | 2,954.2 |  |  | $ | (35.1) |  |  | $ | (23.6) |  |  | $ | (1.8) |  |  | $ | (1,066.1) |  |  | $ | 2,609.9 |  |  | $ | 0.1 |  |  | $ | 2,610.0 |
Net income | — |  |  | 102.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 102.2 |  |  | — |  |  | 102.2 |
Cumulative translation adjustment | — |  |  | — |  |  | 20.3 |  |  | — |  |  | — |  |  | — |  |  | 20.3 |  |  | — |  |  | 20.3 |
Net change in retirement obligations (net of tax of $2.8) | — |  |  | — |  |  | — |  |  | 9.2 |  |  | — |  |  | — |  |  | 9.2 |  |  | — |  |  | 9.2 |
Net change on derivatives designated as cash flow hedges (net of tax of $0.5) | — |  |  | — |  |  | — |  |  | — |  |  | 1.8 |  |  | — |  |  | 1.8 |  |  | — |  |  | 1.8 |
Issuance of 67,476 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $0.6) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.5 |  |  | 7.5 |  |  | — |  |  | 7.5 |
Shares surrendered for tax withholding | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |
Share-based compensation | 4.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.3 |  |  | — |  |  | 4.3 |
Cash dividends declared - $1.08 per common share outstanding | — |  |  | (82.3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (82.3) |  |  | — |  |  | (82.3) |
Balance, June 30, 2021 | $ | 786.6 |  |  | $ | 2,974.1 |  |  | $ | (14.8) |  |  | $ | (14.4) |  |  | $ | — |  |  | $ | (1,058.7) |  |  | $ | 2,672.8 |  |  | $ | 0.1 |  |  | $ | 2,672.9 |
Net income | — |  |  | 115.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 115.7 |  |  |  |  | 115.7 |
Cumulative translation adjustment | — |  |  | — |  |  | (28.7) |  |  | — |  |  | — |  |  | — |  |  | (28.7) |  |  | — |  |  | (28.7) |
Net change in retirement obligations (net of tax of $0.3) | — |  |  | — |  |  | — |  |  | 0.8 |  |  | — |  |  | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Issuance of 34,390 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $0.2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1.8 |  |  | 1.8 |  |  | — |  |  | 1.8 |
Shares surrendered for tax withholding | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |
Share-based compensation | 4.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.9 |  |  | — |  |  | 4.9 |
Cash dividends declared - $0.54 per common share outstanding | — |  |  | (41.0) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (41.0) |  |  | — |  |  | (41.0) |
Balance, September 30, 2021 | $ | 791.5 |  |  | $ | 3,048.8 |  |  | $ | (43.5) |  |  | $ | (13.6) |  |  | $ | — |  |  | $ | (1,057.0) |  |  | $ | 2,726.2 |  |  | $ | 0.1 |  |  | $ | 2,726.3 |

See Notes to Condensed Consolidated Financial Statements
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IDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(unaudited)

| Nine Months Ended September 30,
| 2022 |  | 2021
Cash flows from operating activities |  |  |
Net income | $ | 456.7 |  |  | $ | 330.6 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Gains on sales of assets | (3.0) |  |  | — |
Gain on sale of business | (34.8) |  |  | — |
Asset impairments | 17.0 |  |  | 0.8 |
Depreciation and amortization | 37.0 |  |  | 32.3 |
Amortization of intangible assets | 49.2 |  |  | 40.7 |
Amortization of debt issuance expenses | 1.2 |  |  | 1.4 |
Share-based compensation expense | 16.4 |  |  | 15.4 |
Deferred income taxes | 0.2 |  |  | (7.1) |
Non-cash interest expense associated with forward starting swaps | — |  |  | 3.3 |
Termination of the U.S. pension plan | — |  |  | 9.7 |
Changes in (net of the effect from acquisitions/divestitures and foreign exchange): |  |  |
Receivables | (62.5) |  |  | (59.2) |
Inventories | (99.6) |  |  | (28.1) |
Other current assets | (4.8) |  |  | 6.0 |
Trade accounts payable | 25.6 |  |  | 21.0 |
Deferred revenue | (24.7) |  |  | 14.8 |
Accrued expenses | 13.1 |  |  | 18.9 |
Other - net | 3.1 |  |  | 1.7 |
Net cash flows provided by operating activities | 390.1 |  |  | 402.2 |
Cash flows from investing activities |  |  |
Purchases of property, plant and equipment | (48.0) |  |  | (45.5) |
Acquisition of businesses, net of cash acquired | (232.6) |  |  | (575.6) |
Note receivable from collaborative partner | — |  |  | (4.2) |
Proceeds from disposal of fixed assets | 7.0 |  |  | 0.2 |
Proceeds from sale of business, net of cash remitted | 49.4 |  |  | — |
Other - net | (0.2) |  |  | 0.9 |
Net cash flows used in investing activities | (224.4) |  |  | (624.2) |
Cash flows from financing activities |  |  |
Borrowings under revolving credit facilities | 40.0 |  |  | — |
Payments under revolving credit facilities | (40.0) |  |  | — |
Proceeds from issuance of long-term borrowings | — |  |  | 499.4 |
Payment of long-term borrowings | — |  |  | (350.0) |
Payment of make-whole redemption premium | — |  |  | (6.7) |
Debt issuance costs | — |  |  | (4.6) |
Dividends paid | (132.2) |  |  | (120.3) |
Proceeds from stock option exercises | 9.0 |  |  | 12.5 |
Repurchases of common stock | (146.3) |  |  | — |
Shares surrendered for tax withholding | (5.1) |  |  | (5.6) |
Other - net | — |  |  | (0.1) |
Net cash flows (used in) provided by financing activities | (274.6) |  |  | 24.6 |
Effect of exchange rate changes on cash and cash equivalents | (65.8) |  |  | (22.0) |
Net decrease in cash | (174.7) |  |  | (219.4) |
Cash and cash equivalents at beginning of year | 855.4 |  |  | 1,025.9 |
Cash and cash equivalents at end of period | $ | 680.7 |  |  | $ | 806.5 |
Supplemental cash flow information |  |  |
Cash paid for: |  |  |
Interest | $ | 18.9 |  |  | $ | 17.8 |
Income taxes | 129.5 |  |  | 93.9 |

See Notes to Condensed Consolidated Financial Statements
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
1. Basis of Presentation and Significant Accounting Policies
The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the entire year.
The Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Recently Issued Accounting Standards
In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods therein. Early adoption is permitted. Entities should apply the ASU’s provisions prospectively to business combinations occurring on or after the effective date of the amendments. The adoption of this standard is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.
In November 2021, the FASB issued ASU 2021-10, Government Assistance (Accounting Standards Codification (“ASC”) 832): Disclosures by Business Entities about Government Assistance, which requires entities to provide certain annual disclosures when they (1) have received government assistance and (2) use a grant or contribution accounting model by analogy to other accounting guidance. ASU 2021-10 is effective for annual periods beginning after December 15, 2021. Early adoption is permitted, and entities may apply the ASU’s provisions prospectively or retrospectively. The adoption of this standard is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements.
2. Acquisitions and Divestitures
All of the Company’s acquisitions of businesses have been accounted for under ASC 805, Business Combinations. Accordingly, the assets and liabilities of the acquired companies, after adjustments to reflect the fair values assigned to assets and liabilities, have been included in the Company’s Condensed Consolidated Financial Statements from their respective dates of acquisition. The results of operations of ABEL Pumps, L.P. and certain of its affiliates (“ABEL”), Airtech Group, Inc., US Valve Corporation and related entities (“Airtech”), Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“Nexsight”) and KZ CO. (“KZValve”) have been included in the Company’s Condensed Consolidated Financial Statements since the dates of acquisition on March 10, 2021, June 14, 2021, February 28, 2022 and May 2, 2022, respectively. The results of operations of Knight LLC (“Knight”) have been included in the Company’s Condensed Consolidated Financial Statements through the date of disposition on September 9, 2022. Supplemental pro forma information has not been provided as the acquisitions and divestiture did not have a material impact on the Company’s Condensed Consolidated Financial Statements individually or in the aggregate.
2022 Acquisitions
Nexsight
On February 28, 2022, the Company acquired Nexsight in a partial stock and asset acquisition. Nexsight complements and creates synergies with the Company’s existing iPEK and ADS business units that design and create sewer crawlers, inspection and monitoring systems and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely. Headquartered in Randolph, New Jersey, Nexsight operates in the Company’s Water reporting unit within the Fluid
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
& Metering Technologies (“FMT”) segment. Nexsight was acquired for cash consideration of $112.5 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $56.2 million and $49.8 million, respectively. The goodwill is partially deductible for tax purposes.
The Company made a preliminary allocation of the purchase price for the Nexsight acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information about these assets and liabilities, including intangible asset appraisals, inventory valuation and accrued expenses, and continues to integrate the newly acquired business, the Company will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will continue to make required adjustments to the purchase price allocation prior to the completion of the measurement period.
The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

| Total
Current assets, net of cash acquired | $ | 16.6 |
Property, plant and equipment | 2.0 |
Goodwill | 56.2 |
Intangible assets | 49.8 |
Other noncurrent assets | 4.4 |
Total assets acquired | 129.0 |
Current liabilities | (11.2) |
Deferred income taxes | (1.0) |
Other noncurrent liabilities | (4.3) |
Net assets acquired(1) | $ | 112.5 |

(1) During the third quarter of 2022, the Company obtained additional information about the assets and liabilities acquired that required a $2.2 million adjustment to reduce the purchase price of the Nexsight business.
Acquired intangible assets consist of trade names, customer relationships and software. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business.
The acquired intangible assets and weighted average amortization periods are as follows:

| Total |  | Weighted Average Life
Trade names | $ | 13.5 |  |  | 15
Customer relationships | 31.5 |  |  | 10
Software | 4.8 |  |  | 5
Acquired intangible assets | $ | 49.8 |  |  |

KZValve
On May 2, 2022, the Company acquired KZValve in an asset acquisition. KZValve is a leading manufacturer of electric valves and controllers used primarily in agricultural applications. KZValve will augment and expand IDEX’s agricultural portfolio, complementing Banjo’s current fluid management solutions for these applications. Headquartered in Greenwood, Nebraska, KZValve operates in the Company’s Agriculture reporting unit within the FMT segment. KZValve was acquired for cash consideration of $120.1 million. The entire purchase was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $56.5 million and $52.0 million, respectively. The goodwill is deductible for tax purposes.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
The Company made a preliminary allocation of the purchase price for the KZValve acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information about these assets and liabilities, including intangible asset appraisals, inventory valuation and accrued expenses, and continues to integrate the newly acquired business, the Company will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will continue to make required adjustments to the purchase price allocation prior to the completion of the measurement period.
The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

| Total
Current assets, net of cash acquired | $ | 9.7 |
Property, plant and equipment | 1.8 |
Goodwill | 56.5 |
Intangible assets | 52.0 |
Deferred income taxes | 0.1 |
Other noncurrent assets | 1.0 |
Total assets acquired | 121.1 |
Current liabilities | (1.0) |
Net assets acquired(1) | $ | 120.1 |

(1) During the third quarter of 2022, the Company obtained additional information about the assets and liabilities acquired that required a $0.1 million adjustment to reduce the purchase price of the KZValve business.
Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business.
The acquired intangible assets and weighted average amortization periods are as follows:

| Total |  | Weighted Average Life
Trade names | $ | 7.5 |  |  | 15
Customer relationships | 36.0 |  |  | 13
Unpatented technology | 8.5 |  |  | 10
Acquired intangible assets | $ | 52.0 |  |  |

The Company incurred $2.7 million and $5.3 million of acquisition-related transaction costs during the three and nine months ended September 30, 2022, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. The Company also recorded $0.1 million and $0.3 million of fair value inventory step-up charges associated with the completed 2022 acquisitions of Nexsight and KZValve, respectively, in Cost of sales during the nine months ended September 30, 2022.
2021 Acquisitions
ABEL
On March 10, 2021, the Company acquired the stock of ABEL. ABEL designs and manufactures highly engineered reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. Headquartered in Büchen, Germany, with sales and service locations in Madrid, Spain, and subsequent to the acquisition, with operations in Mansfield, Ohio, ABEL operates in the Company’s Pumps reporting unit
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
within the FMT segment. ABEL was acquired for cash consideration of $106.3 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $42.7 million and $46.0 million, respectively. The goodwill is not deductible for tax purposes.
The Company finalized the allocation of the purchase price for the ABEL acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy.
The final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

| Total
Current assets, net of cash acquired | $ | 18.1 |
Property, plant and equipment | 4.0 |
Goodwill | 42.7 |
Intangible assets | 46.0 |
Deferred income taxes | 2.6 |
Other noncurrent assets | 0.1 |
Total assets acquired | 113.5 |
Current liabilities | (7.1) |
Other noncurrent liabilities | (0.1) |
Net assets acquired | $ | 106.3 |

Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business.
The acquired intangible assets and weighted average amortization periods are as follows:

| Total |  | Weighted Average Life
Trade names | $ | 9.0 |  |  | 15
Customer relationships | 30.0 |  |  | 13
Unpatented technology | 7.0 |  |  | 11
Acquired intangible assets | $ | 46.0 |  |  |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Airtech
On June 14, 2021, the Company acquired the stock of Airtech. Airtech designs and manufactures a wide range of highly-engineered pressure technology products, including vacuum pumps, regenerative blowers, compressor systems and valves for a variety of end markets, including alternative energy, food processing, medical, packaging and transportation. Headquartered in Rutherford, New Jersey, with primary manufacturing operations in Werneck, Germany and Shenzhen, China, Airtech operates in the Company’s Performance Pneumatic Technologies reporting unit within the Health & Science Technologies (“HST”) segment. Airtech was acquired for cash consideration of $471.0 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $268.5 million and $202.3 million, respectively. The goodwill is not deductible for tax purposes.
The Company finalized the allocation of the purchase price for the Airtech acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy.
The final allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows:

| Total
Current assets, net of cash acquired | $ | 45.3 |
Property, plant and equipment | 4.8 |
Goodwill | 268.5 |
Intangible assets | 202.3 |
Other noncurrent assets | 10.2 |
Total assets acquired | 531.1 |
Current liabilities | (11.8) |
Deferred income taxes | (39.9) |
Other noncurrent liabilities | $ | (8.4) |
Net assets acquired | $ | 471.0 |

Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business.
The acquired intangible assets and weighted average amortization periods are as follows:

| Total |  | Weighted Average Life
Trade names | $ | 15.4 |  |  | 15
Customer relationships | 162.9 |  |  | 13
Unpatented technology | 24.0 |  |  | 11
Acquired intangible assets | $ | 202.3 |  |  |

The Company incurred $0.7 million and $4.4 million of acquisition-related costs during the three and nine months ended September 30, 2021, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. The Company also recorded a $2.5 million fair value inventory step-up charge associated with the completed 2021 acquisition of ABEL in Cost of sales during the nine months ended September 30, 2021 and a $9.1 million fair value inventory step-up charge associated with the completed 2021 acquisition of Airtech in Cost of sales during the three and nine months ended September 30, 2021.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Divestitures
The Company periodically reviews its operations for businesses which may no longer be aligned with its strategic objectives and its focus on core businesses and customers. Any resulting gain or loss recognized due to divestitures is recorded within Gain on sale of business in the Condensed Consolidated Statements of Income.
On September 9, 2022, the Company completed the sale of Knight for proceeds of $49.4 million, net of cash remitted, resulting in a pre-tax gain on the sale of $34.8 million. Additionally, the Company recorded $5.5 million of income tax expense associated with this transaction as Provision for income taxes in the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2022. The results of Knight were reported within the FMT segment. The Company concluded that this divestiture did not meet the criteria for reporting the results of Knight as a discontinued operation.
3. Business Segments
IDEX has three reportable business segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”).
The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agriculture and energy industries.
The HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies. HST serves a variety of end markets, including food and beverage, pharmaceutical and biopharmaceutical, cosmetics, marine, chemical, wastewater and water treatment, life sciences, research and defense markets.
The FSDP segment designs, produces and develops firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world.
Information on the Company’s business segments is presented below based on the nature of the products and services offered. The Company evaluates its performance based on several factors, of which sales, operating income and operating margin are the primary financial measures. Intersegment sales are accounted for at fair value as if the sales were to third parties.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net sales |  |  |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  |  |  |
External customers | $ | 307.4 |  |  | $ | 251.3 |  |  | $ | 878.8 |  |  | $ | 745.2 |
Intersegment sales | 0.2 |  |  | — |  |  | 0.7 |  |  | 0.7 |
Total segment sales | 307.6 |  |  | 251.3 |  |  | 879.5 |  |  | 745.9 |
Health & Science Technologies |  |  |  |  |  |  |
External customers | 344.3 |  |  | 301.6 |  |  | 984.3 |  |  | 825.4 |
Intersegment sales | 0.7 |  |  | 0.7 |  |  | 1.9 |  |  | 2.3 |
Total segment sales | 345.0 |  |  | 302.3 |  |  | 986.2 |  |  | 827.7 |
Fire & Safety/Diversified Products |  |  |  |  |  |  |
External customers | 172.3 |  |  | 159.1 |  |  | 508.1 |  |  | 479.4 |
Intersegment sales | 0.1 |  |  | — |  |  | 0.2 |  |  | — |
Total segment sales | 172.4 |  |  | 159.1 |  |  | 508.3 |  |  | 479.4 |
Intersegment elimination | (1.0) |  |  | (0.7) |  |  | (2.8) |  |  | (3.0) |
Total net sales | $ | 824.0 |  |  | $ | 712.0 |  |  | $ | 2,371.2 |  |  | $ | 2,050.0 |
Operating income (loss) (1) |  |  |  |  |  |  |
Fluid & Metering Technologies | $ | 94.5 |  |  | $ | 69.0 |  |  | $ | 257.8 |  |  | $ | 195.4 |
Health & Science Technologies | 85.6 |  |  | 70.4 |  |  | 255.7 |  |  | 213.0 |
Fire & Safety/Diversified Products | 43.6 |  |  | 39.1 |  |  | 124.0 |  |  | 126.5 |
Corporate office and other | (21.5) |  |  | (17.3) |  |  | (61.1) |  |  | (59.9) |
Total operating income | $ | 202.2 |  |  | $ | 161.2 |  |  | $ | 576.4 |  |  | $ | 475.0 |

| September 30, 2022 |  | December 31, 2021
Assets |  |  |
Fluid & Metering Technologies | $ | 1,708.9 |  |  | $ | 1,458.8 |
Health & Science Technologies | 2,069.2 |  |  | 2,138.3 |
Fire & Safety/Diversified Products | 885.1 |  |  | 892.5 |
Corporate office and other | 229.4 |  |  | 427.6 |
Total assets | $ | 4,892.6 |  |  | $ | 4,917.2 |

(1) Segment operating income (loss) excludes net unallocated corporate operating expenses.
4. Revenue
Disaggregation of Revenue
The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates its revenue from contracts with customers by reporting unit and geographical region for each segment as the Company believes it best depicts how the amount, nature, timing and uncertainty of its revenue and cash flows are affected by economic factors. Revenue was attributed to geographical region based on the location of the customer. The following tables present revenue disaggregated by reporting unit and geographical region.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Revenue by reporting unit for the three and nine months ended September 30, 2022 and 2021 was as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Pumps | $ | 102.6 |  |  | $ | 90.0 |  |  | $ | 304.5 |  |  | $ | 261.4 |
Water | 82.1 |  |  | 64.8 |  |  | 228.1 |  |  | 189.0 |
Energy | 51.3 |  |  | 40.5 |  |  | 144.3 |  |  | 125.9 |
Agriculture | 42.1 |  |  | 26.9 |  |  | 112.5 |  |  | 78.0 |
Valves | 29.5 |  |  | 29.1 |  |  | 90.1 |  |  | 91.6 |
Intersegment elimination | (0.2) |  |  | — |  |  | (0.7) |  |  | (0.7) |
Fluid & Metering Technologies | 307.4 |  |  | 251.3 |  |  | 878.8 |  |  | 745.2 |
Scientific Fluidics & Optics(1) | 172.4 |  |  | 131.2 |  |  | 462.8 |  |  | 376.0 |
Sealing Solutions | 64.9 |  |  | 67.7 |  |  | 203.1 |  |  | 202.4 |
Performance Pneumatic Technologies | 64.1 |  |  | 62.2 |  |  | 191.2 |  |  | 125.4 |
Material Processing Technologies | 34.6 |  |  | 32.7 |  |  | 103.1 |  |  | 99.1 |
Micropump | 9.0 |  |  | 8.5 |  |  | 26.0 |  |  | 24.8 |
Intersegment elimination | (0.7) |  |  | (0.7) |  |  | (1.9) |  |  | (2.3) |
Health & Science Technologies | 344.3 |  |  | 301.6 |  |  | 984.3 |  |  | 825.4 |
Fire & Safety | 100.6 |  |  | 92.3 |  |  | 296.1 |  |  | 287.1 |
Dispensing | 42.8 |  |  | 41.7 |  |  | 128.2 |  |  | 117.5 |
BAND-IT | 29.0 |  |  | 25.1 |  |  | 84.0 |  |  | 74.8 |
Intersegment elimination | (0.1) |  |  | — |  |  | (0.2) |  |  | — |
Fire & Safety/Diversified Products | 172.3 |  |  | 159.1 |  |  | 508.1 |  |  | 479.4 |
Total net sales | $ | 824.0 |  |  | $ | 712.0 |  |  | $ | 2,371.2 |  |  | $ | 2,050.0 |

(1) The three and nine months ended September 30, 2022 include the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 for further detail.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Revenue by geographical region for the three and nine months ended September 30, 2022 and 2021 was as follows:

| Three Months Ended September 30, 2022
| FMT |  | HST |  | FSDP |  | IDEX
U.S.(1) | $ | 178.4 |  |  | $ | 175.0 |  |  | $ | 93.5 |  |  | $ | 446.9 |
North America, excluding U.S. | 20.4 |  |  | 3.3 |  |  | 8.4 |  |  | 32.1 |
Europe(1) | 47.2 |  |  | 93.0 |  |  | 36.8 |  |  | 177.0 |
Asia | 39.1 |  |  | 67.4 |  |  | 25.4 |  |  | 131.9 |
Other(2) | 22.5 |  |  | 6.3 |  |  | 8.3 |  |  | 37.1 |
Intersegment elimination | (0.2) |  |  | (0.7) |  |  | (0.1) |  |  | (1.0) |
Total net sales | $ | 307.4 |  |  | $ | 344.3 |  |  | $ | 172.3 |  |  | $ | 824.0 |

| Three Months Ended September 30, 2021
| FMT |  | HST |  | FSDP |  | IDEX
U.S. | $ | 137.0 |  |  | $ | 148.2 |  |  | $ | 80.0 |  |  | $ | 365.2 |
North America, excluding U.S. | 13.7 |  |  | 5.2 |  |  | 7.2 |  |  | 26.1 |
Europe | 48.8 |  |  | 86.5 |  |  | 39.9 |  |  | 175.2 |
Asia | 36.9 |  |  | 60.0 |  |  | 24.4 |  |  | 121.3 |
Other(2) | 14.9 |  |  | 2.4 |  |  | 7.6 |  |  | 24.9 |
Intersegment elimination | — |  |  | (0.7) |  |  | — |  |  | (0.7) |
Total net sales | $ | 251.3 |  |  | $ | 301.6 |  |  | $ | 159.1 |  |  | $ | 712.0 |

| Nine Months Ended September 30, 2022
| FMT |  | HST |  | FSDP |  | IDEX
U.S.(1) | $ | 498.9 |  |  | $ | 484.7 |  |  | $ | 255.0 |  |  | $ | 1,238.6 |
North America, excluding U.S. | 54.3 |  |  | 20.3 |  |  | 27.8 |  |  | 102.4 |
Europe(1) | 147.7 |  |  | 276.8 |  |  | 123.8 |  |  | 548.3 |
Asia | 116.8 |  |  | 187.0 |  |  | 75.4 |  |  | 379.2 |
Other(2) | 61.8 |  |  | 17.4 |  |  | 26.3 |  |  | 105.5 |
Intersegment elimination | (0.7) |  |  | (1.9) |  |  | (0.2) |  |  | (2.8) |
Total net sales | $ | 878.8 |  |  | $ | 984.3 |  |  | $ | 508.1 |  |  | $ | 2,371.2 |

| Nine Months Ended September 30, 2021
| FMT |  | HST |  | FSDP |  | IDEX
U.S. | $ | 399.1 |  |  | $ | 355.8 |  |  | $ | 227.3 |  |  | $ | 982.2 |
North America, excluding U.S. | 42.6 |  |  | 16.7 |  |  | 22.6 |  |  | 81.9 |
Europe | 150.1 |  |  | 258.8 |  |  | 127.9 |  |  | 536.8 |
Asia | 108.5 |  |  | 179.0 |  |  | 78.1 |  |  | 365.6 |
Other(2) | 45.6 |  |  | 17.4 |  |  | 23.5 |  |  | 86.5 |
Intersegment elimination | (0.7) |  |  | (2.3) |  |  | — |  |  | (3.0) |
Total net sales | $ | 745.2 |  |  | $ | 825.4 |  |  | $ | 479.4 |  |  | $ | 2,050.0 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
(1) Includes the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application, of which $9.5 million was recognized in the U.S. and $8.4 million was recognized in Europe in both the three and nine months ended September 30, 2022. See Note 13 for further detail.
(2) Other includes: South America, Middle East, Australia and Africa.
Performance Obligations
The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time approximated 96% of total revenues in both the three and nine months ended September 30, 2022 and 95% of total revenues in both the three and nine months ended September 30, 2021. Revenue from products and services transferred to customers over time approximated 4% of total revenues in both the three and nine months ended September 30, 2022 and 5% of total revenues in both the three and nine months ended September 30, 2021.
Contract Balances
The timing of revenue recognition, billings and cash collections can result in customer receivables, advance payments or billings in excess of revenue recognized. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables on the Condensed Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to invoice in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract.
The composition of customer receivables was as follows:

| September 30, 2022 |  | December 31, 2021
Billed receivables | $ | 393.0 |  |  | $ | 344.0 |
Unbilled receivables | 9.2 |  |  | 10.9 |
Total customer receivables | $ | 402.2 |  |  | $ | 354.9 |

Advance payments, deposits and billings in excess of revenue recognized are included in Deferred revenue, which is classified as current or noncurrent based on the timing of when the Company expects to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Advance payments and deposits represent contract liabilities and are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. The Company generally receives advance payments from customers related to maintenance services which are recognized ratably over the service term. The Company also receives deposits from customers on certain orders which the Company recognizes as revenue at a point in time. Billings in excess of revenue recognized represent contract liabilities and primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and revenue cannot yet be recognized as the Company has not completed the corresponding performance obligation. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied.
The composition of Deferred revenue was as follows:

| September 30, 2022 |  | December 31, 2021
Deferred revenue - current | $ | 45.2 |  |  | $ | 49.0 |
Deferred revenue - noncurrent | 14.6 |  |  | 32.2 |
Total deferred revenue(1) | $ | 59.8 |  |  | $ | 81.2 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
(1) The balance as of September 30, 2022 has been reduced by the acceleration of previously deferred revenue of $17.9 million related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 for further detail.
5. Earnings Per Common Share
Diluted earnings per common share (“EPS”) attributable to IDEX is computed by dividing net income attributable to IDEX by the weighted average number of shares of common stock (basic) plus common stock equivalents outstanding (diluted) during the period. Common stock equivalents consist of stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method, restricted stock and performance share units.
ASC 260, Earnings Per Share, concludes that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has determined that its outstanding shares of restricted stock are participating securities. Accordingly, diluted EPS attributable to IDEX was computed using the two-class method prescribed by ASC 260.
Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Basic weighted average common shares outstanding | 75.4 |  |  | 76.0 |  |  | 75.8 |  |  | 76.0 |
Dilutive effect of stock options, restricted stock and performance share units | 0.4 |  |  | 0.5 |  |  | 0.3 |  |  | 0.4 |
Diluted weighted average common shares outstanding | 75.8 |  |  | 76.5 |  |  | 76.1 |  |  | 76.4 |

Options to purchase approximately 0.5 million and 0.3 million shares of common stock for the three months ended September 30, 2022 and 2021, respectively, and 0.5 million and 0.3 million shares of common stock for the nine months ended September 30, 2022 and 2021, respectively, were not included in the computation of diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive.
6. Inventories
The components of inventories as of September 30, 2022 and December 31, 2021 were:

| September 30, 2022 |  | December 31, 2021
Raw materials and component parts | $ | 287.5 |  |  | $ | 229.4 |
Work in process | 49.9 |  |  | 47.4 |
Finished goods | 117.9 |  |  | 93.6 |
Total inventories | $ | 455.3 |  |  | $ | 370.4 |

Inventories are stated at the lower of cost or net realizable value. Cost, which includes material, labor and overhead, is determined on a first in, first out basis.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
7. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the nine months ended September 30, 2022, by reportable business segment, were as follows:

| FMT |  | HST |  | FSDP |  | IDEX
Goodwill | $ | 701.7 |  |  | $ | 1,264.3 |  |  | $ | 402.3 |  |  | $ | 2,368.3 |
Accumulated goodwill impairment losses | (20.7) |  |  | (149.8) |  |  | (30.1) |  |  | (200.6) |
Balance at December 31, 2021 | 681.0 |  |  | 1,114.5 |  |  | 372.2 |  |  | 2,167.7 |
Foreign currency translation | (18.7) |  |  | (45.4) |  |  | (20.7) |  |  | (84.8) |
Acquisitions | 112.7 |  |  | — |  |  | — |  |  | 112.7 |
Acquisition adjustments | 0.3 |  |  | 0.9 |  |  | — |  |  | 1.2 |
Disposition of business | (5.6) |  |  | — |  |  | — |  |  | (5.6) |
Balance at September 30, 2022 | $ | 769.7 |  |  | $ | 1,070.0 |  |  | $ | 351.5 |  |  | $ | 2,191.2 |

ASC 350, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. In the first nine months of 2022, there were no events or circumstances that would have required an interim impairment test. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of the Company’s annual impairment test at October 31, 2021, all reporting units had fair values in excess of their carrying values.
The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at September 30, 2022 and December 31, 2021:

| At September 30, 2022 |  |  |  | At December 31, 2021
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Weighted Average Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Patents | $ | 2.9 |  |  | $ | (1.8) |  |  | $ | 1.1 |  |  | 10 |  | $ | 3.2 |  |  | $ | (2.0) |  |  | $ | 1.2 |
Trade names | 153.7 |  |  | (76.8) |  |  | 76.9 |  |  | 15 |  | 140.9 |  |  | (72.4) |  |  | 68.5 |
Customer relationships | 541.4 |  |  | (166.7) |  |  | 374.7 |  |  | 13 |  | 495.9 |  |  | (144.2) |  |  | 351.7 |
Unpatented technology | 141.2 |  |  | (60.3) |  |  | 80.9 |  |  | 13 |  | 143.8 |  |  | (58.8) |  |  | 85.0 |
Software | 4.5 |  |  | (0.4) |  |  | 4.1 |  |  | 5 |  | — |  |  | — |  |  | — |
Total amortized intangible assets | 843.7 |  |  | (306.0) |  |  | 537.7 |  |  |  |  | 783.8 |  |  | (277.4) |  |  | 506.4 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Banjo trade name | 62.1 |  |  | — |  |  | 62.1 |  |  |  |  | 62.1 |  |  | — |  |  | 62.1 |
Akron Brass trade name | 28.8 |  |  | — |  |  | 28.8 |  |  |  |  | 28.8 |  |  | — |  |  | 28.8 |
Total intangible assets | $ | 934.6 |  |  | $ | (306.0) |  |  | $ | 628.6 |  |  |  |  | $ | 874.7 |  |  | $ | (277.4) |  |  | $ | 597.3 |

The Banjo trade name and the Akron Brass trade name are indefinite-lived intangible assets which are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. Based on the results of the Company’s annual impairment test at October 31, 2021, these indefinite-lived intangible assets had fair values in excess of their carrying values. In the first nine months of 2022, there were no events or circumstances that would have required an interim impairment test on these indefinite-lived intangible assets.
Amortization of intangible assets was $17.0 million and $49.2 million for the three and nine months ended September 30, 2022, respectively. Amortization of intangible assets was $16.2 million and $40.7 million for the three and nine months ended
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
September 30, 2021, respectively. Based on the intangible asset balances as of September 30, 2022, amortization expense is expected to approximate $16.8 million for the remaining three months of 2022, $64.6 million in 2023, $60.2 million in 2024, $58.7 million in 2025 and $56.8 million in 2026.
8. Accrued Expenses
The components of accrued expenses as of September 30, 2022 and December 31, 2021 were:

| September 30, 2022 |  | December 31, 2021
Payroll and related items | $ | 87.1 |  |  | $ | 91.5 |
Management incentive compensation | 22.5 |  |  | 25.0 |
Income taxes payable | 22.1 |  |  | 17.9 |
Insurance | 11.3 |  |  | 11.0 |
Warranty | 8.4 |  |  | 7.6 |
Deferred revenue(1) | 45.2 |  |  | 49.0 |
Lease liability | 18.2 |  |  | 17.6 |
Restructuring | 1.4 |  |  | 2.8 |
Accrued interest | 12.0 |  |  | 3.6 |
Pension and retiree medical obligations | 3.5 |  |  | 3.5 |
Other | 32.9 |  |  | 30.3 |
Total accrued expenses | $ | 264.6 |  |  | $ | 259.8 |

(1) The balance as of September 30, 2022 has been reduced by the acceleration of previously deferred revenue of $3.2 million related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 for further detail.
9. Other Noncurrent Liabilities
The components of other noncurrent liabilities as of September 30, 2022 and December 31, 2021 were:

| September 30, 2022 |  | December 31, 2021
Pension and retiree medical obligations | $ | 74.9 |  |  | $ | 82.2 |
Transition tax payable | 9.1 |  |  | 14.1 |
Deferred revenue(1) | 14.6 |  |  | 32.2 |
Lease liability | 89.8 |  |  | 93.4 |
Other | 18.3 |  |  | 25.5 |
Total other noncurrent liabilities | $ | 206.7 |  |  | $ | 247.4 |

(1) The balance as of September 30, 2022 has been reduced by the acceleration of previously deferred revenue of $14.7 million related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 for further detail.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
10. Borrowings
Borrowings at September 30, 2022 and December 31, 2021 consisted of the following:

| September 30, 2022 |  | December 31, 2021
3.20% Senior Notes, due June 2023(1) | $ | 100.0 |  |  | $ | 100.0 |
3.37% Senior Notes, due June 2025 | 100.0 |  |  | 100.0 |
3.00% Senior Notes, due May 2030 | 500.0 |  |  | 500.0 |
2.625% Senior Notes, due June 2031 | 500.0 |  |  | 500.0 |
$800.0 million revolving credit facility, due May 2024 (“Revolving Facility”)(2) | — |  |  | — |
Other borrowings | 0.1 |  |  | 0.1 |
Total borrowings | 1,200.1 |  |  | 1,200.1 |
Less deferred debt issuance costs | 7.7 |  |  | 8.4 |
Less unaccreted debt discount | 1.3 |  |  | 1.4 |
Total long-term borrowings | $ | 1,191.1 |  |  | $ | 1,190.3 |

(1) As of September 30, 2022, the $100.0 million 3.20% Senior Notes, due in June 2023, have not been classified as short-term borrowings on the Condensed Consolidated Balance Sheets as the Company has the ability and intent to either refinance or repay the Notes using the available borrowing capacity of the Revolving Facility, due May 2024. As a result, the 3.20% Senior Notes remain classified as long-term borrowings in the Condensed Consolidated Balance Sheets as of September 30, 2022.
(2) At September 30, 2022, there was no balance outstanding under the Revolving Facility and $6.5 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility at September 30, 2022 of approximately $793.5 million.
At September 30, 2022, the Company was in compliance with covenants contained in the credit agreement associated with the Revolving Facility as well as other long-term debt agreements.
Issuance of 2.625% Senior Notes in 2021
On May 28, 2021, the Company completed a public offering of $500.0 million in aggregate principal amount of 2.625% Senior Notes due June 2031 (the “2.625% Senior Notes”). The net proceeds from the offering were approximately $494.7 million, after deducting the issuance discount of $0.6 million, the underwriting commission of $3.3 million and offering expenses of $1.4 million.
On May 17, 2021, the Company provided notice of its election to redeem early, on June 16, 2021, the $350.0 million aggregate principal amount of its then outstanding 4.20% Senior Notes at a redemption price of $350.0 million plus a make-whole redemption premium of $6.7 million using proceeds from the Company’s 2.625% Senior Notes discussed above. In addition, the Company recognized the remaining $1.3 million of the pre-tax amount included in Accumulated other comprehensive loss in shareholders’ equity related to the interest rate exchange agreement associated with the 4.20% Senior Notes. The Company wrote off the remaining $0.1 million of deferred issuance costs and $0.1 million of the debt issuance discount associated with the 4.20% Senior Notes as well as $0.4 million of deferred taxes for a total loss on early debt redemption of $8.6 million, which was recorded within Other (income) expense - net in the Condensed Consolidated Statements of Income during the nine months ended September 30, 2021.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
11. Fair Value Measurements
ASC 820, Fair Value Measurements and Disclosures, defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2: Inputs, other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheets at September 30, 2022 and December 31, 2021:

| Basis of Fair Value Measurements
| Balance at September 30, 2022 |  | Level 1 |  | Level 2 |  | Level 3
Trading securities - mutual funds held in nonqualified SERP(1) | $ | 7.1 |  |  | $ | 7.1 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities - equities(2) | 38.8 |  |  | 38.8 |  |  | — |  |  | — |

| Basis of Fair Value Measurements
| Balance at December 31, 2021 |  | Level 1 |  | Level 2 |  | Level 3
Trading securities - mutual funds held in nonqualified SERP(1) | $ | 11.6 |  |  | $ | 11.6 |  |  | $ | — |  |  | $ | — |
Available-for-sale securities - equities(2) | 45.3 |  |  | 45.3 |  |  | — |  |  | — |

(1) The Supplemental Executive Retirement Plan (“SERP”) investment assets are offset by a SERP liability which represents the Company’s obligation to distribute SERP funds to participants.
(2) At September 30, 2022 and December 31, 2021, the securities are included in Other current assets on the Company’s Condensed Consolidated Balance Sheets and are available for overnight cash settlement, if necessary, to fund current operations.
There were no transfers of assets or liabilities between Level 1 and Level 2 during the three and nine months ended September 30, 2022 or the year ended December 31, 2021.
The carrying values of the Company’s cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued expenses approximate fair value because of the short term nature of these instruments. At September 30, 2022 and December 31, 2021, the fair value of the outstanding indebtedness described in Note 10 based on quoted market prices and current market rates for debt with similar credit risk and maturity was approximately $1,024.2 million and $1,219.9 million, respectively, compared to the carrying value of $1,198.8 million and $1,198.7 million, respectively. These fair value measurements are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions to entities with a credit rating similar to the Company’s rating.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
12. Leases
The Company leases certain office facilities, warehouses, manufacturing plants, equipment (which includes both office and plant equipment) and vehicles under operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.
Certain leases include one or more options to renew. The exercise of lease renewal options is at the Company’s sole discretion. The Company does not include renewal periods in any of the leases’ terms until the renewal is executed as they are generally not reasonably certain of being exercised. The Company does not have any material purchase options.
Certain of the Company’s lease agreements have rental payments that are adjusted periodically for inflation or that are based on usage. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Supplemental balance sheet information related to leases as of September 30, 2022 and December 31, 2021 was as follows:

| Balance Sheet Caption |  | September 30, 2022 |  | December 31, 2021
Operating leases: |  |  |  |  |
Building right-of-use assets - net | Other noncurrent assets |  | $ | 99.0 |  |  | $ | 101.0 |
Equipment right-of-use assets - net | Other noncurrent assets |  | 4.7 |  |  | 6.2 |
Total right-of-use assets - net |  |  | $ | 103.7 |  |  | $ | 107.2 |
Operating leases: |  |  |  |  |
Current lease liabilities | Accrued expenses |  | $ | 18.2 |  |  | $ | 17.6 |
Noncurrent lease liabilities | Other noncurrent liabilities |  | 89.8 |  |  | 93.4 |
Total lease liabilities |  |  | $ | 108.0 |  |  | $ | 111.0 |

The components of lease cost for the three and nine months ended September 30, 2022 and 2021 were as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost (1) | $ | 11.4 |  |  | $ | 9.3 |  |  | $ | 27.8 |  |  | $ | 23.8 |
Variable lease cost | 0.6 |  |  | 0.7 |  |  | 1.8 |  |  | 1.9 |
Total lease expense | $ | 12.0 |  |  | $ | 10.0 |  |  | $ | 29.6 |  |  | $ | 25.7 |

(1) Includes short-term leases, which are immaterial.
Supplemental cash flow information related to leases for the nine months ended September 30, 2022 and 2021 was as follows:

| Nine Months Ended September 30,
| 2022 |  | 2021
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 28.1 |  |  | $ | 23.1 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 7.1 |  |  | 13.9 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Other supplemental information related to leases as of September 30, 2022 and December 31, 2021 was as follows:

Lease Term and Discount Rate | September 30, 2022 |  | December 31, 2021 |  |
Weighted-average remaining lease term (years): |  |  |  |  |
Operating leases - building and equipment | 7.78 |  | 8.50 |  |
Operating leases - vehicles | 2.11 |  | 2.34 |  |
Weighted-average discount rate: |  |  |  |  |
Operating leases - building and equipment | 3.24 | % |  | 3.27 | % |  |
Operating leases - vehicles | 1.16 | % |  | 1.08 | % |  |

The Company uses its incremental borrowing rate to determine the present value of the lease payments.
Total lease liabilities at September 30, 2022 have scheduled maturities as follows:

Maturity of Lease Liabilities |  | Operating Leases
2022 (excluding the nine months ended September 30, 2022) |  | $ | 5.3 |
2023 |  | 20.3 |
2024 |  | 17.6 |
2025 |  | 16.1 |
2026 |  | 14.0 |
Thereafter |  | 49.3 |
Total lease payments |  | 122.6 |
Less: Imputed interest |  | (14.6) |
Present value of lease liabilities |  | $ | 108.0 |

13. Restructuring Expenses and Asset Impairments
During the three and nine months ended September 30, 2022 and 2021, the Company incurred restructuring costs to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. Restructuring costs include severance costs, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income. Severance costs primarily consist of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consist of lease exit and contract termination costs.
2022 Initiative
During the three and nine months ended September 30, 2022, the restructuring costs incurred by the Company primarily related to asset impairments. In addition, the Company also incurred severance costs related to employee reductions.
In the second quarter of 2020, the Company engaged in the development of a COVID-19 testing application with a customer at one of its businesses in the HST segment. As part of this contract, the customer fully funded the $28.7 million investment needed to complete the development and production of microfluidic cartridges during 2020 and 2021. The costs incurred by the Company were primarily recorded as Property, plant & equipment – net in the Condensed Consolidated Balance Sheets and were being depreciated over the expected life of the assets, while the reimbursement was recorded as Deferred revenue in the Condensed Consolidated Balance Sheets and was being recognized as units were shipped.
In the third quarter of 2022, the Company was informed by the customer of its decision to discontinue further investment in commercializing its COVID-19 testing application. This event was deemed a triggering event, which required an interim impairment test be performed on the Property, plant & equipment related to this contract, resulting in an impairment charge of $16.8 million that was recorded as Restructuring expenses and asset impairments in the Condensed Consolidated Statements of
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Income during three and nine months ended September 30, 2022. In addition, the Company accelerated previously deferred revenue of $17.9 million related to units that are no longer expected to be shipped and recorded it as Net sales in the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2022.
Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2022 were as follows:

|  | Three Months Ended September 30, 2022
|  | Severance Costs |  | Exit Costs |  | Asset Impairments |  | Total
Fluid & Metering Technologies |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
Health & Science Technologies |  | 0.4 |  |  | — |  |  | 16.8 |  |  | 17.2 |
Fire & Safety/Diversified Products |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Corporate/Other |  | — |  |  | — |  |  | — |  |  | — |
Total restructuring costs |  | $ | 0.9 |  |  | $ | — |  |  | $ | 16.8 |  |  | $ | 17.7 |

|  | Nine Months Ended September 30, 2022
|  | Severance Costs |  | Exit Costs |  | Asset Impairments |  | Total
Fluid & Metering Technologies |  | $ | 1.6 |  |  | $ | 0.3 |  |  | $ | 0.2 |  |  | $ | 2.1 |
Health & Science Technologies |  | 0.6 |  |  | — |  |  | 16.8 |  |  | 17.4 |
Fire & Safety/Diversified Products |  | 1.4 |  |  | — |  |  | — |  |  | 1.4 |
Corporate/Other |  | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Total restructuring costs |  | $ | 3.8 |  |  | $ | 0.3 |  |  | $ | 17.0 |  |  | $ | 21.1 |

2021 Initiative
During the three and nine months ended September 30, 2021, the Company incurred severance costs related to employee reductions. In addition, the Company consolidated certain facilities within the FMT segment, which resulted in impairment charges related to property, plant and equipment that was not relocated to the new locations.
Pre-tax restructuring expenses and asset impairments by segment for the three and nine months ended September 30, 2021 were as follows:

|  | Three Months Ended September 30, 2021
|  | Severance Costs |  | Exit Costs |  | Asset Impairment |  | Total
Fluid & Metering Technologies |  | $ | 1.4 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 2.0 |
Health & Science Technologies |  | 0.6 |  |  | — |  |  | — |  |  | 0.6 |
Fire & Safety/Diversified Products |  | (0.1) |  |  | — |  |  | — |  |  | (0.1) |
Corporate/Other |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Total restructuring costs |  | $ | 2.6 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | 3.2 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)

|  | Nine Months Ended September 30, 2021
|  | Severance Costs |  | Exit Costs |  | Asset Impairment |  | Total
Fluid & Metering Technologies |  | $ | 4.0 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 4.8 |
Health & Science Technologies |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
Fire & Safety/Diversified Products |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Corporate/Other |  | 2.0 |  |  | — |  |  | — |  |  | 2.0 |
Total restructuring costs |  | $ | 7.8 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 8.6 |

Restructuring accruals reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets are as follows:

| Restructuring Initiatives
Balance at January 1, 2022 | $ | 2.8 |
Restructuring expenses | 4.1 |
Payments, utilization and other | (5.5) |
Balance at September 30, 2022 | $ | 1.4 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
14. Other Comprehensive Loss
The components of Other comprehensive loss are as follows:

| Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021
| Pre-tax |  | Tax |  | Net of tax |  | Pre-tax |  | Tax |  | Net of tax
Cumulative translation adjustment | $ | (94.9) |  |  | $ | — |  |  | $ | (94.9) |  |  | $ | (28.7) |  |  | $ | — |  |  | $ | (28.7) |
Pension and other postretirement adjustments | 0.6 |  |  | — |  |  | 0.6 |  |  | 1.1 |  |  | (0.3) |  |  | 0.8 |
Total other comprehensive loss | $ | (94.3) |  |  | $ | — |  |  | $ | (94.3) |  |  | $ | (27.6) |  |  | $ | (0.3) |  |  | $ | (27.9) |

| Nine Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2021
| Pre-tax |  | Tax |  | Net of tax |  | Pre-tax |  | Tax |  | Net of tax
Cumulative translation adjustment | $ | (196.3) |  |  | $ | — |  |  | $ | (196.3) |  |  | $ | (56.9) |  |  | $ | — |  |  | $ | (56.9) |
Pension and other postretirement adjustments | 2.5 |  |  | (0.7) |  |  | 1.8 |  |  | 14.2 |  |  | (3.4) |  |  | 10.8 |
Reclassification adjustments for derivatives | — |  |  | — |  |  | — |  |  | 3.2 |  |  | (0.7) |  |  | 2.5 |
Total other comprehensive loss | $ | (193.8) |  |  | $ | (0.7) |  |  | $ | (194.5) |  |  | $ | (39.5) |  |  | $ | (4.1) |  |  | $ | (43.6) |

The amounts reclassified from Accumulated other comprehensive loss to net income during the three and nine months ended September 30, 2022 and 2021 are as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30, |
| 2022 |  | 2021 |  | 2022 |  | 2021 | Income Statement Caption
Pension and other postretirement plans: |  |  |  |  |  |  |  |
Amortization of net (gain) loss | $ | 0.6 |  |  | $ | 1.1 |  |  | $ | 2.5 |  |  | $ | 14.2 |  | Other (income) expense - net
Total before tax | 0.6 |  |  | 1.1 |  |  | 2.5 |  |  | 14.2 |  |
Provision for income taxes | — |  |  | (0.3) |  |  | (0.7) |  |  | (3.4) |  |
Total net of tax | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 1.8 |  |  | $ | 10.8 |  |
Derivatives: |  |  |  |  |  |  |  |
Reclassification adjustments | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3.2 |  | Interest expense
Total before tax | — |  |  | — |  |  | — |  |  | 3.2 |  |
Provision for income taxes | — |  |  | — |  |  | — |  |  | (0.7) |  |
Total net of tax | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2.5 |  |

In conjunction with the early redemption of the 4.20% Senior Notes discussed in Note 10, the Company recognized the remaining $1.3 million of the pre-tax amount included in Accumulated other comprehensive loss in shareholders’ equity related to the affiliated interest rate contract in Other (income) expense - net in the Condensed Consolidated Statements of Income during the nine months ended September 30, 2021.
15. Share Repurchases
On March 17, 2020, the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock. This approval is in addition to the prior repurchase authorization of the Board of Directors of $300.0 million on December 1, 2015. These authorizations have no expiration date. Repurchases under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. During the nine months ended September 30, 2022, the Company repurchased a total of 788,623 shares at a cost of $146.8 million, of which $0.5 million was settled in October 2022. There were no share repurchases during the nine months ended September 30, 2021. As of September 30, 2022, the amount of share repurchase authorization remaining was $565.2 million.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
16. Share-Based Compensation
The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Board of Directors based on the recommendation from the Compensation Committee.
The Company’s policy is to recognize compensation cost on a straight-line basis, assuming forfeitures, over the requisite service period for the entire award. Classification of stock compensation cost within the Condensed Consolidated Statements of Income is consistent with classification of cash compensation for the same employees.
Stock Options
Stock options generally vest ratably over four years, with vesting beginning one year from the date of grant, and generally expire 10 years from the date of grant. The service period for certain retiree eligible participants is accelerated. Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model (for options granted before March 2021) or the Black Scholes valuation model (for options granted after February 2021). The adoption of the Black Scholes model in 2021 was driven by a review of option exercise history, which more closely aligned with the methodology of the Black Scholes model.

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Weighted average fair value of grants | $52.91 |  | $45.44 |  | $41.90 |  | $38.86
Dividend yield | 1.16% |  | 0.96% |  | 1.14% |  | 1.01%
Volatility | 25.99% |  | 24.60% |  | 25.16% |  | 23.77%
Risk-free interest rate | 3.35% |  | 0.71% - 0.82% |  | 1.87% |  | 0.12% - 1.54%
Expected life (in years) | 4.90 |  | 4.90 |  | 4.90 |  | 5.70

Total compensation cost for stock options is recorded in the Condensed Consolidated Statements of Income as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Selling, general and administrative expenses | 0.7 |  |  | 1.8 |  |  | 6.6 |  |  | 6.3 |
Total expense before income taxes | 0.8 |  |  | 1.9 |  |  | 7.0 |  |  | 6.7 |
Income tax benefit | (0.1) |  |  | (0.2) |  |  | (0.6) |  |  | (0.6) |
Total expense after income taxes | $ | 0.7 |  |  | $ | 1.7 |  |  | $ | 6.4 |  |  | $ | 6.1 |

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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
A summary of the Company’s stock option activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:

Stock Options | Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
| (Dollars in millions except weighted average price)
Outstanding at January 1, 2022 | 1,008,586 |  |  | $ | 147.60 |  |  | 6.97 |  | $ | 89.5 |
Granted | 272,530 |  |  | 189.64 |  |  |  |  |
Exercised | (75,104) |  |  | 120.41 |  |  |  |  |
Forfeited | (85,764) |  |  | 183.32 |  |  |  |  |
Outstanding at September 30, 2022 | 1,120,248 |  |  | $ | 156.92 |  |  | 6.95 |  | $ | 48.4 |
Vested and expected to vest as of September 30, 2022 | 1,080,032 |  |  | $ | 155.67 |  |  | 6.88 |  | $ | 48.0 |
Exercisable at September 30, 2022 | 560,148 |  |  | $ | 127.47 |  |  | 5.34 |  | $ | 40.6 |

As of September 30, 2022, there was $11.0 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 0.9 years.
Restricted Stock
Restricted stock awards generally cliff vest after three years for employees and non-employee directors. The service period for certain retiree eligible participants is accelerated. Unvested restricted stock carries dividend and voting rights and the sale of the shares is restricted prior to the date of vesting. Dividends are paid on restricted stock awards and their fair value is equal to the market price of the Company’s stock at the date of the grant. A summary of the Company’s restricted stock activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:

Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022 | 107,475 |  |  | $ | 169.58 |
Granted | 43,180 |  |  | 189.44 |
Vested | (26,684) |  |  | 153.41 |
Forfeited | (13,147) |  |  | 179.66 |
Unvested at September 30, 2022 | 110,824 |  |  | $ | 180.01 |

Total compensation cost for restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | — |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.3 |
Selling, general and administrative expenses | 2.2 |  |  | 1.3 |  |  | 5.4 |  |  | 3.9 |
Total expense before income taxes | 2.2 |  |  | 1.4 |  |  | 5.6 |  |  | 4.2 |
Income tax benefit | (0.4) |  |  | (0.3) |  |  | (1.0) |  |  | (0.9) |
Total expense after income taxes | $ | 1.8 |  |  | $ | 1.1 |  |  | $ | 4.6 |  |  | $ | 3.3 |

As of September 30, 2022, there was $7.0 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.0 year.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
Cash-Settled Restricted Stock
The Company also maintains a cash-settled share-based compensation plan for certain employees. Cash-settled restricted stock awards generally cliff vest after three years. The service period for certain retiree eligible participants is accelerated. Cash-settled restricted stock awards are recorded at fair value on a quarterly basis using the market price of the Company’s stock on the last day of the quarter. Dividend equivalents are paid on certain cash-settled restricted stock awards. A summary of the Company’s unvested cash-settled restricted stock activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:

Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2022 | 57,949 |  |  | $ | 236.32 |
Granted | 23,070 |  |  | 189.41 |
Vested | (20,676) |  |  | 190.67 |
Forfeited | (5,762) |  |  | 199.85 |
Unvested at September 30, 2022 | 54,581 |  |  | $ | 199.85 |

Total compensation (benefit) cost for cash-settled restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4 |
Selling, general and administrative expenses | 1.1 |  |  | 0.4 |  |  | 1.1 |  |  | 2.7 |
Total expense before income taxes(1) | 1.1 |  |  | 0.4 |  |  | 1.1 |  |  | 3.1 |
Income tax benefit | — |  |  | — |  |  | — |  |  | (0.2) |
Total expense after income taxes | $ | 1.1 |  |  | $ | 0.4 |  |  | $ | 1.1 |  |  | $ | 2.9 |

(1) The three and nine months ended September 30, 2021 amount was previously included in Share-based compensation expense on the Condensed Consolidated Statements of Cash Flows. This amount has been reclassified to Accrued expenses and Other-net such that the amount presented in Share-based compensation expense on the Condensed Consolidated Statements of Cash Flows relates solely to non-cash awards for both periods presented. There was no change to the reported amount of net cash flows provided by operating activities for three and nine months ended September 30, 2021 as a result of the reclassification.
As of September 30, 2022, there was $4.1 million of total unrecognized compensation cost related to cash-settled restricted shares that is expected to be recognized over a weighted-average period of 1.0 year.
Performance Share Units
Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)

| Nine Months Ended September 30,
| 2022 |  | 2021
Weighted average fair value of grants | $235.54 |  | $247.49
Dividend yield | —% |  | —%
Volatility | 28.09% |  | 28.6%
Risk-free interest rate | 1.73% |  | 0.33%
Expected life (in years) | 2.93 |  | 2.93

A summary of the Company’s performance share unit activity as of September 30, 2022 and changes during the nine months ended September 30, 2022 are presented in the following table:

Performance Share Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2022 | 52,025 |  |  | $ | 236.75 |
Granted | 31,370 |  |  | 235.54 |
Vested | — |  |  | — |
Forfeited | (12,240) |  |  | 235.90 |
Unvested at September 30, 2022 | 71,155 |  |  | $ | 236.66 |

On December 31, 2021, 29,840 performance share units vested. Based on the Company’s relative total shareholder return rank during the three year period ended December 31, 2021, the Company achieved a 143% payout factor and issued 42,688 common shares in February 2022 for awards that vested in 2021.
Total compensation cost for performance share units is recorded in the Condensed Consolidated Statements of Income as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 0.2 |  |  | 1.7 |  |  | 4.0 |  |  | 4.6 |
Total expense before income taxes | 0.2 |  |  | 1.7 |  |  | 4.0 |  |  | 4.6 |
Income tax benefit | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.2) |
Total expense after income taxes | $ | 0.2 |  |  | $ | 1.6 |  |  | $ | 3.9 |  |  | $ | 4.4 |

As of September 30, 2022, there was $5.3 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 0.8 years.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
17. Retirement Benefits
The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other post-retirement plans for its employees. The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans.

| Pension Benefits
| Three Months Ended September 30,
| 2022 |  | 2021
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | — |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 0.5 |
Interest cost | 0.1 |  |  | 0.2 |  |  | — |  |  | 0.2 |
Expected return on plan assets | (0.1) |  |  | (0.4) |  |  | — |  |  | (0.2) |
Settlement loss recognized | — |  |  | — |  |  | — |  |  | — |
Net amortization | 0.1 |  |  | 0.2 |  |  | 0.1 |  |  | 0.5 |
Net periodic cost | $ | 0.1 |  |  | $ | 0.5 |  |  | $ | 0.1 |  |  | $ | 1.0 |

| Pension Benefits
| Nine Months Ended September 30,
| 2022 |  | 2021
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Service cost | $ | 0.1 |  |  | $ | 1.4 |  |  | $ | 0.1 |  |  | $ | 1.5 |
Interest cost | 0.2 |  |  | 0.7 |  |  | 0.2 |  |  | 0.6 |
Expected return on plan assets | (0.2) |  |  | (1.0) |  |  | (0.8) |  |  | (0.7) |
Settlement loss recognized | — |  |  | — |  |  | 10.5 |  |  | — |
Net amortization | 0.2 |  |  | 0.6 |  |  | 0.3 |  |  | 1.6 |
Net periodic (benefit) cost | $ | 0.3 |  |  | $ | 1.7 |  |  | $ | 10.3 |  |  | $ | 3.0 |

| Other Postretirement Benefits
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Service cost | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Interest cost | 0.1 |  |  | 0.1 |  |  | 0.4 |  |  | 0.3 |
Net amortization | (0.1) |  |  | (0.2) |  |  | (0.3) |  |  | (0.5) |
Net periodic cost | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.6 |  |  | $ | 0.3 |

The Company expects to contribute approximately $4.0 million to its defined benefit plans and $1.2 million to its other post-retirement benefit plans in 2022. During the first nine months of 2022, the Company contributed a total of $3.9 million to fund these plans.
The IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was terminated in May 2020. During the nine months ended September 30, 2021, the Company settled its remaining obligations under the Plan. The Company recognized a net loss of $9.7 million, which was recorded within Other expense (income) - net. The net loss consisted of $10.7 million related to previously deferred pension related costs, partially offset by $1.0 million related to an increase in plan assets remaining after the settlement. As of September 30, 2022, the Company has $0.8 million of surplus assets from the Plan included in Other current assets on the Company’s Condensed Consolidated Balance Sheets all of which will be used to fund the Company’s other retirement benefit plans over the next quarter.
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IDEX CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share amounts)
(unaudited)
18. Legal Proceedings
The Company and certain of its subsidiaries are involved in pending and threatened legal, regulatory and other proceedings arising in the ordinary course of business. These proceedings may pertain to matters such as product liability or contract disputes, and may also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters. Although the results of such legal proceedings cannot be predicted with certainty, the Company believes that the ultimate disposition of these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s business, financial condition, results of operations or cash flows.
19. Income Taxes
The Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal, state and foreign income. The provision for income taxes increased to $49.7 million for the three months ended September 30, 2022 from $35.4 million during the same period in 2021. The effective tax rate decreased to 21.8% for the three months ended September 30, 2022 from 23.4% during the same period in 2021 primarily due to the release of the valuation allowance on a capital loss carryforward that may now be realized as a result of the sale of Knight.
The provision for income taxes increased to $129.2 million for the nine months ended September 30, 2022 from $96.0 million during the same period in 2021. The effective tax rate decreased to 22.1% for the nine months ended September 30, 2022 from 22.5% during the same period in 2021 primarily due to the release of the valuation allowance on a capital loss carryforward that may now be realized as a result of the sale of Knight.
20. Significant Events
On September 13, 2022, the Company entered into a definitive agreement to acquire Muon B.V. and its subsidiaries ("Muon Group") for cash consideration of €700.0 million, subject to customary post-closing adjustments. Muon Group, based in the Netherlands, manufactures highly precise flow paths in a variety of materials that enable the movement of various liquids and gases in critical applications for medical, semiconductor, food processing, digital printing and filtration technologies. Muon Group will expand upon the Company’s growing platform of precision technology businesses in the HST segment with its unique technology and product solutions for similar end-customers. With annual sales of approximately €140.0 million, Muon Group will be part of the Company’s Scientific Fluidics & Optics reporting unit within the HST segment. The Company expects to close the transaction by the end of the fourth quarter of 2022, subject to regulatory approvals and customary closing conditions.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and related notes in this quarterly report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Company’s actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Item 1A, “Risk Factors” in the Company’s most recent annual report on Form 10-K and under the heading “Cautionary Statement Under the Private Securities Litigation Reform Act” discussed elsewhere in this quarterly report.
This discussion also includes certain non-GAAP financial measures that have been defined and reconciled to their most directly comparable U.S. GAAP measures later in this Item under the headings “Non-GAAP Disclosures” and “Free Cash Flow.” This discussion also includes Operating working capital, which has been defined later in this Item under the heading “Cash Flow Summary.” The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP. The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated.
Overview
IDEX is an applied solutions company specializing in the manufacture of fluid and metering technologies, health and science technologies and fire, safety and other diversified products built to customers’ specifications. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. Accordingly, IDEX’s businesses are affected by levels of industrial activity and economic conditions in the U.S. and in other countries where it does business and by the relationship of the U.S. dollar to other currencies. Levels of capacity utilization and capital spending in certain industries and overall industrial activity are important factors that influence the demand for IDEX’s products.
During the nine months ended September 30, 2022, the Company achieved record sales driven by robust demand. Teams continued to navigate the difficult economic environment arising from material availability and logistical challenges in order to deliver for customers. The Company expanded operating margin as its highly differentiated product portfolio enabled strong price capture amid inflation pressures and the Company’s focus on execution drove record EPS. Finally, the Company deployed additional capital, both within its existing portfolio and with the acquisitions of Nexsight and KZValve to the IDEX family of businesses as well as through share repurchases.
Select key financial results for the three months ended September 30, 2022 when compared to the same period in the prior year are as follows:
•Sales of $824.0 million increased 16%; organic sales (which excludes acquisitions/divestitures, the impact from the exit of a COVID-19 testing application and foreign currency translation) were up 15%.
•Operating income of $202.2 million increased 25%. Adjusted operating income increased 16% to $201.1 million.
•Operating margin of 24.5% was up 190 basis points. Adjusted operating margin increased 60 basis points to 24.9%.
•Net income attributable to IDEX of $178.7 million increased 54%. Adjusted net income attributable to IDEX increased 18% to $161.9 million.
•Adjusted EBITDA of $231.4 million increased 16% and was 28.7% of adjusted net sales, up 70 basis points.
•Dilute d EPS attributable to IDEX o f $2.36 increased $0.85, or 56%. Adjusted diluted EPS attributable to IDEX o f $2.14 increased $0.35, or 20%.
Select key financial results for the nine months ended September 30, 2022 when compared to the same period in the prior year are as follows:
•Sa les of $2.4 billion increased 16%; org anic sales (which excludes acquisitions/divestitures, the impact from the exit of a COVID-19 testing application and foreign currency translation) were up 13%.
•Operatin g income of $576.4 million increased 21%. Adjusted operating inco me increased 16% to $578.5 million.
•Operating margin of 24.3% was up 110 basis points. Adjusted operating margin increased 30 basis points to 24.6%.
•Net income attributable to IDEX of $456.9 million increased 38%. Adjusted net income attributable to IDEX increased 18% to $465.3 million.
•Adjusted EBITDA of $665.3 million increased 16% and was 28.3% of adjusted net sales, up 40 basis points.
•Diluted EPS attributable to IDEX of $6.00 increased $1.67, or 39%. Adjusted diluted EPS attributable to IDEX of $6.12 increased $0.96, or 19%.
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•Cash flows provided by operating activities of $390.1 million were down due to increases in working capital, partially offset by higher earnings. Free cash flow of $342.1 million was 74% of adjusted net income attributable to IDEX.
Results of Operations
The following is a discussion and analysis of the Company’s results of operations for the three and nine months ended September 30, 2022 compared with the three and nine months ended September 30, 2021.
Performance for the Three and Nine Months Ended September 30, 2022 Compared with the Same Periods in 2021

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions, except per share amounts) | 2022 |  | 2021 |  |  |  | % / bps Change |  | 2022 |  | 2021 |  |  |  | % / bps Change
Net sales | $ | 824.0 |  | $ | 712.0 |  |  |  | 16 | % |  | $ | 2,371.2 |  | $ | 2,050.0 |  |  |  | 16 | %
Cost of sales | 442.2 |  | 400.4 |  |  |  | 10 | % |  | 1,290.0 |  | 1,139.7 |  |  |  | 13 | %
Gross profit | 381.8 |  | 311.6 |  |  |  | 23 | % |  | 1,081.2 |  | 910.3 |  |  |  | 19 | %
Gross margin | 46.3 | % |  | 43.8 | % |  |  |  | 250 bps |  | 45.6 | % |  | 44.4 | % |  |  |  | 120 bps
Selling, general and administrative expenses | 161.9 |  | 147.2 |  |  |  | 10 | % |  | 483.7 |  | 426.7 |  |  |  | 13 | %
Restructuring expenses and asset impairments | 17.7 |  | 3.2 |  |  |  | 453 | % |  | 21.1 |  | 8.6 |  |  |  | 145 | %
Operating income | 202.2 |  | 161.2 |  |  |  | 25 | % |  | 576.4 |  | 475.0 |  |  |  | 21 | %
Operating margin | 24.5 | % |  | 22.6 | % |  |  |  | 190 bps |  | 24.3 | % |  | 23.2 | % |  |  |  | 110 bps
Gain on sale of business | (34.8) |  | — |  |  |  | 100 | % |  | (34.8) |  | — |  |  |  | 100 | %
Other (income) expense - net | (1.0) |  | 0.6 |  |  |  | 267 | % |  | (3.3) |  | 17.0 |  |  |  | 119 | %
Interest expense | 9.6 |  | 9.5 |  |  |  | 1 | % |  | 28.6 |  | 31.4 |  |  |  | (9 | %)
Income before income taxes | 228.4 |  | 151.1 |  |  |  | 51 | % |  | 585.9 |  | 426.6 |  |  |  | 37 | %
Provision for income taxes | 49.7 |  | 35.4 |  |  |  | 40 | % |  | 129.2 |  | 96.0 |  |  |  | 35 | %
Effective tax rate | 21.8 | % |  | 23.4 | % |  |  |  | (160) bps |  | 22.1 | % |  | 22.5 | % |  |  |  | (40) bps
Net income attributable to IDEX | $ | 178.7 |  | $ | 115.7 |  |  |  | 54 | % |  | $ | 456.9 |  | $ | 330.6 |  |  |  | 38 | %
Diluted earnings per common share attributable to IDEX | $ | 2.36 |  | $ | 1.51 |  |  |  | 56 | % |  | $ | 6.00 |  | $ | 4.33 |  |  |  | 39 | %

Net Sales
Sales in the third quarter of 2022 increased 16%, reflecting a 15% increase in organic sales, a 3% increase from acquisitions (KZValve - May 2022 and Nexsight - February 2022) net of divestitures (Knight - September 2022), a 3% increase from the acceleration of previously deferred revenue related to t he exit of a COVID-19 testing application (see Note 13 in the Notes to Condensed Consolidated Financial Statements for further detail) and a 5% unfavorable impact from foreign currency translation. Sales increased 22% domestically and 9% internationally, and sales to customers outside the U.S. were approximately 46% of total sales in the third quarter of 2022 compared with 49% during the same period in 2021.
Sales in the first nine months of 2022 increased 16%, reflecting a 13% increase in organic sales, a 5% increase from acquisitions (KZValve - May 2022, Nexsight - February 2022, Airtech - June 2021 and ABEL - March 2021) net of divestitures (Knight - September 2022), a 1% increase from the acceleration of previously deferred revenue related to the exit of a COVID-19 testing application and a 3% unfavorable impact from foreign currency translation. Sales increased 26% domestically and 6% internationally, and sales to customers outside the U.S. were approximately 48% of total sales in the first nine months of 2022 compared with 52% during the same period in 2021.
Cost of Sales and Gross Margin
Cost of sales in both the three and nine months ended September 30, 2022 increased due to higher sales volume, inflation and acquisitions. Both gross profit and gross margin increased primarily due to higher volume leverage, favorable price/cost, the acceleration of previously deferred revenue related to the exit of a COVID-19 testing application and lower fair value inventory step-up charges in 2022, partially offset by higher employee-related costs. Gross profit also increased as a result of acquisitions, net of the Knight divestiture, partially offset by an unfavorable impact from foreign currency translation.
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Selling, General and Administrative Expenses
Selling, general and administrative expense s in both the three and nine months ended September 30, 2022 increased primarily due to the impact from acquisitions, including amortization, as well as higher discretionary spending, resource investments and employee-related costs compared with the same periods in 2021. Additionally, the nine months ended September 30, 2021 included the $3.5 million impact of a settlement for a Corporate transaction indemnity that did not reoccur in 2022.
Restructuring Expenses and Asset Impairments
Restructuring expenses and asset impairments increased in both the three and nine months ended September 30, 2022 primarily due to an asset impairment related to the exit of a COVID-19 testing application, partially offset by lower severance costs in the three and nine months ended September 30, 2022. See Note 13 in the Notes to Condensed Consolidated Financial Statements for further detail.
Operating Income
Operating income for the third quarter of 2022 increased 25%, reflecting a 25% increase in organic operating income, a 2% increase from acquisitions (KZValve - May 2022 and Nexsight - February 2022) net of divestitures (Knight - September 2022) and a 3% favorable impact from lower restructuring costs which includes the net impact from the exit of a COVID-19 testing application, partially offset by a 5% unfavorable impact from foreign currency translation. The increase in organic operating income is attributable to higher volume leverage, favorable price/cost and the $9.1 million fair value inventory step-up charge related to the Airtech acquisition in the prior year period that did not reoccur in 2022, partially offset by increases in employee-related costs, discretionary spending and resource investments.
Operating income for the first nine months of 2022 increased 21%, reflecting a 19% increase in organic operating income, a 4% increase from acquisitions (KZValve - May 2022, Nexsight - February 2022, Airtech - June 2021 and ABEL - March 2021) net of divestitures (Knight - September 2022) and a 1% favorable impact from lower restructuring costs which includes the net impact from the exit of a COVID-19 testing application, partially offset by a 3% unfavorable impact from foreign currency translation. The increase in organic operating income is attributable to higher volume leverage, favorable price/cost, operational productivity and lower fair value inventory step-up charges in 2022, partially offset by increases in employee-related costs, discretionary spending and resource investments.
Operating Margin
Operating margin for the third quarter of 2022 increased 190 basis points, reflecting a 230 basis point increase in organic operating margin, partially offset by a 30 basis point decrease due to acquisitions primarily driven by higher amortization and a 10 basis point unfavorable impact from the exit of a COVID-19 testing application net of lower severance costs. The increase in organic operating margin is primarily due to higher volume leverage, favorable price/cost and the $9.1 million fair value inventory step-up charge related to the Airtech acquisition in the prior year period that did not reoccur in 2022, partially offset by higher employee-related costs, discretionary spending and resource investments.
Operating margin for the first nine months of 2022 increased 110 basis points, reflecting a 150 basis point increase in organic operating margin, partially offset by a 40 basis point decrease due to acquisitions primarily driven by higher amortization. The increase in organic operating margin is primarily due to higher volume leverage, favorable price/cost, operational productivity and lower fair value inventory step-up charges in 2022, partially offset by higher employee-related costs, discretionary spending and resource investments.
Gain on Sale of Business
In the third quarter of 2022, the Company completed the sale of Knight for proceeds of $49.4 million, net of cash remitted, resulting in a pre-tax gain on the sale of $34.8 million. The Company recorded $5.5 million of income tax expense associated with this transaction as Provision for income taxes in the Condensed Consolidated Statements of Income during the three and nine months ended September 30, 2022.
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Other (Income) Expense - Net
Other (income) expense - net increased to $1.0 million of income in the third quarter of 2022 compared to $0.6 million of expense during the same period in 2021, primarily due to foreign currency transaction gains.
Other (income) expense - net increased to $3.3 million of income for the nine months ended September 30, 2022 compared to $17.0 million of expense during the same period in 2021. The nine months ended September 30, 2021 included a $9.7 million noncash loss related to the termination of the U.S. pension plan and an $8.6 million loss on early debt redemption. Additionally, the first nine months of 2022 included foreign currency transaction gains and $3.0 million of gains on the sale of assets, partially offset by $4.1 million of losses on trading securities.
Interest Expense
Interest expense for the three months ended September 30, 2022 was flat compared to the same period in 2021. Interest expense decreased in the nine months ended September 30, 2022 primarily due to lower interest rates on the Company’s indebtedness, partially offset by an increase in the amount of debt outstanding compared with the same periods in 2021.
Income Taxes
The provision for income taxes increased in both the three and nine months ended September 30, 2022 compared with the same periods in 2021 primarily due to higher earnings. The effective tax rate decreased to 21.8% and 22.1% for the three and nine months ended September 30, 2022, respectively, compared with 23.4% and 22.5% during the same periods in 2021. The decrease in both periods is primarily due to the release of the valuation allowance on a capital loss carryforward that may now be realized as a result of the sale of Knight.
Results of Reportable Business Segments
The Company has three reportable segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”).
•The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agriculture and energy industries.
•The HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies. HST serves a variety of end markets, including food and beverage, pharmaceutical and biopharmaceutical, cosmetics, marine, chemical, wastewater and water treatment, life sciences, research and defense markets.
•The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags, other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world.
Within its three reportable segments, the Company maintains 13 reporting units where the Company focuses on organic growth and strategic acquisitions. Management’s primary measurements of segment performance are sales, operating income and operating margin. The table below illustrates the three reportable segments and the reporting units within each segment.
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FMT |  | HST |  | FSDP
Pumps |  | Scientific Fluidics & Optics |  | Fire & Safety
Water |  | Sealing Solutions |  | Dispensing
Energy |  | Performance Pneumatic Technologies |  | BAND-IT
Valves |  | Material Processing Technologies |  |
Agriculture |  | Micropump |  |

The table below illustrates the percentages of the share of sales and operating income contributed by each segment on the basis of total segments (not total Company) for the three and nine months ended September 30, 2022.

| Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
| FMT |  | HST |  | FSDP |  | IDEX |  | FMT |  | HST |  | FSDP |  | IDEX
Sales | 37 | % |  | 42 | % |  | 21 | % |  | 100 | % |  | 37 | % |  | 42 | % |  | 21 | % |  | 100 | %
Operating Income(1) | 42 | % |  | 38 | % |  | 20 | % |  | 100 | % |  | 41 | % |  | 40 | % |  | 19 | % |  | 100 | %

(1) Segment operating income excludes unallocated corporate operating expenses of $21.5 million and $61.1 million for the three and nine months ended September 30, 2022, respectively.
Fluid & Metering Technologies Segment

| Three Months Ended September 30, |  | Components of Change
(Dollars in millions) | 2022 |  | 2021 |  | Change |  | Organic |  | Acq/Div(1) |  | Restructuring |  | Foreign Currency |  | Total
Net sales | $ | 307.6 |  | $ | 251.3 |  | 22% |  | 17% |  | 9% |  | — |  | (4%) |  | 22%
Operating income | 94.5 |  | 69.0 |  | 37% |  | 31% |  | 6% |  | 4% |  | (4%) |  | 37%
Operating margin | 30.7 | % |  | 27.5 | % |  | 320 bps |  | 370 bps |  | (120) bps |  | 70 bps |  | — |  | 320 bps

| Nine Months Ended September 30, |  | Components of Change
(Dollars in millions) | 2022 |  | 2021 |  | Change |  | Organic |  | Acq/Div(1)(2) |  | Restructuring |  | Foreign Currency |  | Total
Net sales | $ | 879.5 |  | $ | 745.9 |  | 18% |  | 14% |  | 7% |  | — |  | (3%) |  | 18%
Operating income | 257.8 |  | 195.4 |  | 32% |  | 29% |  | 3% |  | 2% |  | (2%) |  | 32%
Operating margin | 29.3 | % |  | 26.2 | % |  | 310 bps |  | 380 bps |  | (100) bps |  | 30 bps |  | — |  | 310 bps

(1) Acquisitions included KZValve - May 2022 and Nexsight - February 2022. Divestitures included Knight - September 2022.
(2) Based on the timing of its acquisition, ABEL results for the first two months of 2022 are reflected in the acquisitions/divestitures column while the remaining year-over-year impact is included in the organic column.
•Sales in the third quarter of 2022 increased 30% domestically and 13% internationally. Sales to customers outside the U.S. were approximately 42% of total segment sales in the third quarter of 2022 compared with 46% during the same period in 2021.
•Sales in the first nine months of 2022 increased 25% domestically and 10% internationally. Sales to customers outside the U.S. were approximately 43% of total segment sales in the first nine months of 2022 compared with 47% during the same period in 2021.
•The change in organic sales for both the three and nine months ended September 30, 2022 was primarily attributed to increases in the Pumps reporting unit due to continued favorable demand in the industrial and energy markets as well as strong price capture. Additionally, there were increases in the Energy reporting unit driven by a continued rebound in the refined fuel, liquefied petroleum gas and aviation markets as well as improved operational performance and increases in the Agriculture reporting unit driven by strong market performance due to favorable commodity prices and global demand.
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•Operating margin of 30.7% for the third quarter of 2022 increased 320 basis points compared with 27.5% during the same period in 2021. The change in operating margin was attributed to the following:
◦Organic operating margin increased 370 basis points due to favorable price/cost, strong operational productivity and higher volume leverage, partially offset by increases in employee-related costs, discretionary spending and resource investments.
◦Acquisitions and divestitures negatively impacted operating margin by 120 basis points primarily due to:
▪Incremental intangible asset amortization of $2.3 million related to the Nexsight and KZValve acquisitions, which unfavorably impacted operating margin by 80 basis points; and
▪The dilutive impact from the Nexsight and KZValve acquisitions on overall FMT operating margin.
◦Lower restructuring costs favorably impacted operating margin by 70 basis points.
•Operating margin of 29.3% for the first nine months of 2022 increased 310 basis points compared with 26.2% during the same period in 2021. The change in operating margin was attributed to the following:
◦Organic operating margin increased 380 basis points due to strong operational productivity, favorable price/cost, higher volume leverage and positive mix, partially offset by increases in employee-related costs, discretionary spending and resource investments. Additionally, the prior year period was unfavorably impacted by the fair value inventory step-up charge related to the ABEL acquisition.
◦Acquisitions and divestitures negatively impacted operating margin by 100 basis points primarily due to:
▪Incremental intangible asset amortization of $4.9 million related to the ABEL, Nexsight and KZValve acquisitions, which unfavorably impacted operating margin by 50 basis points; and
▪The dilutive impact from the ABEL, Nexsight and KZValve acquisitions on overall FMT operating margin.
◦Lower restructuring costs favorably impacted operating margin by 30 basis points.
Health & Science Technologies Segment

| Three Months Ended September 30, |  | Components of Change
(Dollars in millions) | 2022 |  | 2021 |  | Change |  | Organic |  | Acq/Div |  | Restructuring(2) |  | Foreign Currency |  | Total
Net sales | $ | 345.0 |  | $ | 302.3 |  | 14% |  | 13% |  | —% |  | 6% |  | (5%) |  | 14%
Operating income | 85.6 |  | 70.4 |  | 22% |  | 24% |  | —% |  | 2% |  | (4%) |  | 22%
Operating margin | 24.8 | % |  | 23.3 | % |  | 150 bps |  | 220 bps |  | 0 bps |  | (90) bps |  | 20 bps |  | 150 bps

| Nine Months Ended September 30, |  | Components of Change
(Dollars in millions) | 2022 |  | 2021 |  | Change |  | Organic |  | Acq/Div(1) |  | Restructuring(2) |  | Foreign Currency |  | Total
Net sales | $ | 986.2 |  | $ | 827.7 |  | 19% |  | 13% |  | 7% |  | 2% |  | (3%) |  | 19%
Operating income | 255.7 |  | 213.0 |  | 20% |  | 16% |  | 5% |  | 1% |  | (2%) |  | 20%
Operating margin | 25.9 | % |  | 25.7 | % |  | 20 bps |  | 70 bps |  | (40) bps |  | (30) bps |  | 20 bps |  | 20 bps

(1) Based on the timing of its acquisition, Airtech results for the first six months of 2022 are reflected in the acquisitions/ divestitures column while the remaining year-over-year impact is included in the organic column.
(2) Includes restructuring expenses as well as the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 in the Notes to Condensed Consolidated Financial Statements for further detail.
•Sales in the third quarter of 2022 increased 18% domestically and 10% internationally. Sales to customers outside the U.S. were approximately 49% of total segment sales in the third quarter of 2022 compared with 51% during the same period in 2021.
•Sales in the first nine months of 2022 increased 36% domestically and 6% internationally. Sales to customers outside the U.S. were approximately 51% of total segment sales in the first nine months of 2022 compared with 57% during the same period in 2021.
•The change in organic sales for both the three and nine months ended September 30, 2022 was primarily attributed to increases in the Scientific Fluidics & Optics reporting unit due to strong demand across the analytical instrumentation, life sciences and semiconductor markets as well as targeted growth initiatives tied to Next Gen Sequencing and
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satellite broadband. Additionally, there were increases in the Sealing Solutions reporting unit driven by favorable performance in the oil and gas, automotive and industrial markets which more than offset customer supply chain driven softness in the semiconductor market and increases in the Performance Pneumatics Technologies reporting unit driven by strength in the industrial market, price capture and targeted growth initiatives tied to fuel cells.
•Operating margin of 24.8% for the third quarter of 2022 increased 150 basis points compared with 23.3% during the same period in 2021. The change in operating margin was attributed to the following:
◦Organic operating margin increased 220 basis points primarily due to the $9.1 million fair value inventory step-up charge related to the Airtech acquisition in the prior year period that did not reoccur in 2022. Additionally, higher volume leverage and favorable price/cost were more than offset by lower productivity and increases in employee-related costs, discretionary spending and resource investments.
◦Restructuring, which includes the dilutive impact of the exit of a COVID-19 testing application net of lower severance costs, unfavorably impacted operating margin by 90 basis points.
◦Foreign currency translation favorably impacted operating margin by 20 basis points.
•Operating margin of 25.9% for the first nine months of 2022 increased 20 basis points compared with 25.7% during the same period in 2021. The change in operating margin was attributed to the following:
◦Organic operating margin increased 70 basis points primarily due to higher volume leverage, favorable price/cost and the $9.1 million fair value inventory step-up charge related to the Airtech acquisition in the prior year period that did not reoccur in 2022 which were more than offset by lower productivity and increases in employee-related costs, discretionary spending and resource investments.
◦Acquisitions negatively impacted operating margin by 40 basis points as the contributions of the Airtech business were more than offset by incremental intangible asset amortization of $7.9 million, which unfavorably impacted operating margin by 80 basis points.
◦Restructuring, which includes the dilutive impact of the exit of a COVID-19 testing application net of lower severance costs, unfavorably impacted operating margin by 30 basis points.
◦Foreign currency translation favorably impacted operating margin by 20 basis points.
Fire & Safety/Diversified Products Segment

| Three Months Ended September 30, |  | Components of Change
(Dollars in millions) | 2022 |  | 2021 |  | Change |  | Organic |  | Acq/Div |  | Restructuring |  | Foreign Currency |  | Total
Net sales | $ | 172.4 |  | $ | 159.1 |  | 8% |  | 14% |  | — |  | — |  | (6%) |  | 8%
Operating income | 43.6 |  | 39.1 |  | 12% |  | 19% |  | — |  | (1%) |  | (6%) |  | 12%
Operating margin | 25.3 | % |  | 24.6 | % |  | 70 bps |  | 110 bps |  | — |  | (20) bps |  | (20) bps |  | 70 bps

| Nine Months Ended September 30, |  | Components of Change
(Dollars in millions) | 2022 |  | 2021 |  | Change |  | Organic |  | Acq/Div |  | Restructuring |  | Foreign Currency |  | Total
Net sales | $ | 508.3 |  | $ | 479.4 |  | 6% |  | 10% |  | — |  | — |  | (4%) |  | 6%
Operating income | 124.0 |  | 126.5 |  | (2%) |  | 4% |  | — |  | (1%) |  | (5%) |  | (2%)
Operating margin | 24.4 | % |  | 26.4 | % |  | (200) bps |  | (170) bps |  | — |  | (20) bps |  | (10) bps |  | (200) bps

•Sales in the third quarter of 2022 increased 17% domestically and were flat internationally. Sales to customers outside the U.S. were approximately 46% of total segment sales in the third quarter of 2022 compared with 50% during the same period in 2021.
•Sales in the first nine months of 2022 increased 12% domestically and 1% internationally. Sales to customers outside the U.S. were approximately 50% of total segment sales in the first nine months of 2022 compared with 53% during the same period in 2021.
•The change in organic sales for both the three and nine months ended September 30, 2022 was driven by increases in the Fire & Safety reporting unit due to price realization, backlog execution and strong acceptance of targeted growth initiatives. Additionally, increases in the Dispensing reporting unit were due to North American project volume and strong demand in the paint market as well as strong performance in India and increases in the BAND-IT reporting unit were due to strength in the energy market as a result of increases in oil prices as well as favorable performance in the automotive and industrial markets.
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•Operating margin of 25.3% for the third quarter of 2022 increased 70 basis points compared with 24.6% during the same period in 2021. The change in operating margin was attributed to the following:
◦Organic operating margin increased 110 basis points due to higher volume, partially offset by higher employee-related costs and unfavorable price/cost due to long-term original equipment manufacturer contracts.
◦Higher restructuring costs unfavorably impacted operating margin by 20 basis points.
◦Foreign currency translation unfavorably impacted operating margin by 20 basis points.
•Operating margin of 24.4% for the first nine months of 2022 decreased 200 basis points compared with 26.4% during the same period in 2021. The change in operating margin was attributed to the following:
◦Organic operating margin decreased 170 basis points driven by unfavorable price/cost due to long-term original equipment manufacturer contracts as well as higher discretionary spending and employee-related costs, partially offset by higher volume.
◦Higher restructuring costs unfavorably impacted operating margin by 20 basis points.
◦Foreign currency translation unfavorably impacted operating margin by 10 basis points.
Liquidity and Capital Resources
Liquidity
Although the COVID-19 pandemic (including the emergence of variant strains) has impacted and may continue to impact the Company’s operating cash flows, based on management’s current expectations and currently available information, the Company believes current cash, cash from operations and cash available under the Revolving Facility will be sufficient to meet its operating cash requirements, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements, share repurchases and quarterly dividend payments to holders of the Company’s common stock for the foreseeable future. Additionally, in the event that suitable businesses are available for acquisition upon acceptable terms, the Company may obtain all or a portion of the financing for these acquisitions through the incurrence of additional borrowings.
At September 30, 2022, working capital was $1,128.5 million and the Company’s current ratio was 3.2 to 1. At September 30, 2022, the Company’s cash and cash equivalents totaled $680.7 million, of which $497.4 million w as held outside of the United States. As of September 30, 2022, there was no balance outstanding under the Revolving Facility and $6.5 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility of $793.5 million. The Company believes that additional borrowings through various financing alternatives remain available, if required.
Cash Flow Summary
The following table is derived from the Condensed Consolidated Statements of Cash Flows:

|  | Nine Months Ended September 30,
(In millions) |  | 2022 |  | 2021
Net cash flows provided by (used in): |  |  |  |
Operating activities |  | $ | 390.1 |  |  | $ | 402.2 |
Investing activities |  | (224.4) |  |  | (624.2) |
Financing activities |  | (274.6) |  |  | 24.6 |

Operating Activities
Cash flows provided by operating activities decreased $12.1 million to $390.1 million, primarily due to increases in working capital discussed below, partially offset by higher earnings.
Operating working capital, calculated as accounts receivable plus inventory minus accounts payable, is used by management as a measurement of operational results as well as the short-term liquidity of the Company. The following table details operating working capital as of September 30, 2022 and December 31, 2021:
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(In millions) |  | September 30, 2022 |  | December 31, 2021
Receivables - net |  | $ | 406.1 |  |  | $ | 356.4 |
Inventories |  | 455.3 |  | 370.4
Less: Trade accounts payable |  | 196.6 |  | 178.8
Operating working capital |  | $ | 664.8 |  |  | $ | 548.0 |

Operating working capital increased $116.8 million to $664.8 million at September 30, 2022. Accounts receivable increased $59.4 million as a result of higher volume; inventories increased $99.3 million to support production amid supply chain challenges; and trade accounts payable increased $23.0 million due to higher inventory purchases. These increases were partially offset by an $18.9 million decrease from acquisitions, divestitures and foreign currency translation.
Investing Activities
Cash flows used in investing activities decreased $399.8 million to $224.4 million, primarily due to lower cash outflows for acquisitions with the addition of KZValve and Nexsight in 2022 compared to Airtech and ABEL in 2021, proceeds from the sale of Knight in 2022 and higher proceeds from asset sales in 2022 compared to 2021.
Financing Activities
Cash flows used in financing activities in the nine months ended September 30, 2022 were $274.6 million compared to cash flows provided by financing activities of $24.6 million in the prior year period. During 2022, the Company repurchased 788,623 shares at a cost of $146.8 million, of which $0.5 million did not settle until October, paid $132.2 million in dividends and borrowed and repaid $40.0 million under the Revolving Facility. During 2021, the Company issued $500.0 million of 2.625% Senior Notes, redeemed $350.0 million of 4.20% Senior Notes and paid $120.3 million in dividends.
Free Cash Flow
The Company believes free cash flow, a non-GAAP measure, is an important measure of performance because it provides a measurement of cash generated from operations that is available for payment obligations such as operating cash requirements, planned capital expenditures, interest and principal payments on all borrowings, pension and postretirement funding requirements and quarterly dividend payments to holders of the Company’s common stock as well as for funding acquisitions and share repurchases. Free cash flow is calculated as cash flows provided by operating activities less capital expenditures.
The following table reconciles free cash flow to cash flows provided by operating activities:

|  | Nine Months Ended September 30,
(Dollars in millions) |  | 2022 |  | 2021
Cash flows provided by operating activities |  | $ | 390.1 |  |  | $ | 402.2 |
Less: Capital expenditures |  | (48.0) |  |  | (45.5) |
Free cash flow |  | $ | 342.1 |  |  | $ | 356.7 |
Free cash flow as a percent of adjusted net income attributable to IDEX(1) |  | 73.5 | % |  | 90.4 | %

(1) Free cash flow as a percent of adjusted net income attributable to IDEX reflects the impact of excluding acquisition-related intangible asset amortization, net of related taxes, from adjusted net income attributable to IDEX in both periods presented.
The decrease in free cash flow as compared to 2021 is due to the increases in working capital discussed above, which more than offset higher earnings.
Cash Requirements
Pending Acquisitions
On September 13, 2022, the Company entered into a definitive agreement to acquire Muon Group for cash consideration of €700.0 million, which is expected to be funded with $350.0 million of cash on hand, $150.0 million from the Company’s
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Revolving Facility and $200.0 million of proceeds from a new debt issuance. The Company expects to close the transaction by the end of the fourth quarter of 2022, subject to regulatory approvals and customary closing conditions.
Capital Expenditures
Capital expenditures are generally expenditures for machinery and equipment that support growth and improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities. Cash flows from operations were more than adequate to fund capital expenditures of $48.0 million and $45.5 million in the first nine months of 2022 and 2021, respectively. The Company believes it has sufficient operating cash flow to continue to meet current obligations and invest in planned capital expenditures.
Debt Repayment
As of September 30, 2022, the Company has $100.0 million of 3.20% Senior Notes due June 2023. The Company expects to either refinance or repay the Notes using the available borrowing capacity of the Revolving Facility, due May 2024.
Share Repurchases
During the nine months ended September 30, 2022, the Company repurchased 788,623 shares at a cost of $146.8 million, of which $0.5 million did not settle until October. There were no share repurchases during the nine months ended September 30, 2021. As of September 30, 2022, the amount of share repurchase authorization remaining was $565.2 million. For additional information regarding the Company’s share repurchase program, refer to Note 15 in the Notes to Condensed Consolidated Financial Statements.
Subsequent to September 30, 2022 and through October 21, 2022, the Company has repurchased 6,800 shares at a cost of $1.4 million.
Covenants
There are two key financial covenants that the Company is required to maintain in connection with the Revolving Facility, the 3.20% Senior Notes and the 3.37% Senior Notes, a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1. At September 30, 2022, the Company was in compliance with both of these financial covenants, as the Company’s interest coverage ratio was 24.27 to 1 for covenant calculation purposes and the leverage ratio was 1.35 to 1. There are no financial covenants relating to the 2.625% Senior Notes or the 3.00% Senior Notes; however, both are subject to cross-default provisions.
Credit Ratings
The Company’s credit ratings, which were independently developed by the following credit agencies, are detailed below:
•S&P Global Ratings affirmed the Company’s corporate credit rating of BBB (stable outlook) in August 2022.
•Moody’s Investors Service affirmed the Company’s corporate credit rating of Baa2 (stable outlook) in December 2021.
•Fitch Ratings reaffirmed the Company’s corporate credit rating of BBB+ (stable outlook) in March 2022.
Critical Accounting Estimates
As discussed in the Annual Report on Form 10-K for the year ended December 31, 2021, the preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. There have been no changes to the Company’s critical accounting estimates described in the Annual Report on Form 10-K for the year ended December 31, 2021.
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Non-GAAP Disclosures
Set forth below are reconciliations of each of Organic sales, Adjusted net sales, Adjusted gross profit (and Adjusted gross margin), Adjusted operating income (and Adjusted operating margin), Adjusted net income attributable to IDEX, Adjusted diluted earnings per share (“EPS”) attributable to IDEX, Earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to its respective most directly comparable U.S. GAAP measure. Management uses these metrics to measure performance of the Company since they exclude items that are not reflective of ongoing operations, such as fair value inventory step-up charges, restructuring expenses and asset impairments, the impact from the exit of a COVID-19 testing application, gain on sale of a business, gains on sales of assets, the impact of a settlement for a Corporate transaction indemnity, the loss on early debt redemption and the noncash loss related to the termination of the U.S. pension plan. Adjusted net income attributable to IDEX and Adjusted diluted EPS attributable to IDEX also exclude acquisition-related intangible asset amortization. Management also supplements its U.S. GAAP financial statements with adjusted information to provide investors with greater insight, transparency and a more comprehensive understanding of the information used by management in its financial and operational decision making. The reconciliation of segment EBITDA and Adjusted segment EBITDA to net income was performed on a consolidated basis due to the fact that the Company does not allocate consolidated interest expense or the consolidated provision for income taxes to its segments.
This report references organic sales and organic operating income, non-GAAP measures, that exclude (1) the impact of foreign currency translation (2) sales and operating income, respectively, from acquired or divested businesses during the first 12 months of ownership or prior to divestiture and (3) the impact from the exit of a COVID-19 testing application. The portion of sales and operating income attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales and organic operating income, respectively, and (b) the period-to-period change in organic sales and organic operating income, respectively, after applying prior period foreign exchange rates to the current year period. Management believes that reporting organic sales and organic operating income provides useful information to investors by helping to identify underlying growth trends in the Company’s business and facilitating easier comparisons of the Company’s revenue and operating performance with prior and future periods and to its peers. The Company excludes the effect of foreign currency translation from organic sales and organic operating income because foreign currency translation is not under management’s control, is subject to volatility and can obscure underlying business trends. The Company excludes the effect of acquisitions and divestitures because they can obscure underlying business trends and make comparisons of long-term performance difficult due to the varying nature, size and number of transactions from period to period and between the Company and its peers. The Company excludes the impact from the exit of a COVID-19 testing application because it is not reflective of ongoing operations and can obscure underlying business trends.
Given the acquisitive nature of the Company, which results in a higher level of amortization expense from recently acquired businesses, management uses EBITDA as an internal operating metric to provide another representation of the businesses’ performance across the Company’s three segments and for enterprise valuation purposes. Management believes that EBITDA is useful to investors as an indicator of the strength and performance of the Company and a way to evaluate and compare operating performance and value companies within the Company’s industry. Management believes that EBITDA margin is useful for the same reason as EBITDA. EBITDA is also used to calculate certain financial covenants such as EBITDA interest coverage, which is EBITDA divided by consolidated interest expense. In addition, this report presents Adjusted EBITDA, which is EBITDA adjusted for items that are not reflective of ongoing operations as discussed above and Adjusted EBITDA interest coverage, which is Adjusted EBITDA divided by consolidated interest expense. Management believes that Adjusted EBITDA is useful as a performance indicator of ongoing operations. The Company believes that Adjusted EBITDA is also useful to some investors as an indicator of the strength and performance of the Company and its segments’ ongoing business operations and a way to evaluate and compare operating performance and value companies within the Company’s industry. The definition of Adjusted EBITDA used here may differ from that used by other companies.
This report also references free cash flow. This non-GAAP measure is discussed and reconciled to its most directly comparable U.S. GAAP measure in the section above titled “Cash Flow Summary.”
The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP. Due to rounding, numbers presented throughout this and other documents may not add up or recalculate precisely. The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated.
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1. Reconciliations of the Change in Net Sales to Organic Net Sales |  |  |  |  |  |  |
| Three Months Ended September 30, 2022
| FMT |  | HST |  | FSDP |  | IDEX
Change in net sales | 22 | % |  | 14 | % |  | 8 | % |  | 16 | %
- Net impact from acquisitions/divestitures | 9 | % |  | — |  |  | — |  |  | 3 | %
- Impact from foreign currency | (4 | %) |  | (5 | %) |  | (6 | %) |  | (5 | %)
- Impact from the exit of a COVID-19 testing application(1) | — |  |  | 6 | % |  | — |  |  | 3 | %
Change in organic net sales | 17 | % |  | 13 | % |  | 14 | % |  | 15 | %

| Nine Months Ended September 30, 2022
| FMT |  | HST |  | FSDP |  | IDEX
Change in net sales | 18 | % |  | 19 | % |  | 6 | % |  | 16 | %
- Net impact from acquisitions/divestitures | 7 | % |  | 7 | % |  | — |  |  | 5 | %
- Impact from foreign currency | (3 | %) |  | (3 | %) |  | (4 | %) |  | (3 | %)
- Impact from the exit of a COVID-19 testing application(1) | — |  |  | 2 | % |  | — |  |  | 1 | %
Change in organic net sales | 14 | % |  | 13 | % |  | 10 | % |  | 13 | %

(1) Represents the acceleration of previously deferred revenue of $17.9 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 in the Notes to Condensed Consolidated Financial Statements for further detail.

2. Reconciliations of Reported-to-Adjusted Gross Profit and Margin and Net Sales to Adjusted Net Sales
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Gross profit | $ | 381.8 |  | $ | 311.6 |  | $ | 1,081.2 |  | $ | 910.3
- Impact from the exit of a COVID-19 testing application(1) | (17.9) |  | — |  | (17.9) |  | —
+ Fair value inventory step-up charges | — |  | 9.1 |  | 0.4 |  | 11.6
Adjusted gross profit | $ | 363.9 |  | $ | 320.7 |  | $ | 1,063.7 |  | $ | 921.9
Net sales | $ | 824.0 |  | $ | 712.0 |  | $ | 2,371.2 |  | $ | 2,050.0
- Impact from the exit of a COVID-19 testing application(1) | (17.9) |  | — |  | (17.9) |  | —
Adjusted net sales | 806.1 |  | 712.0 |  | 2,353.3 |  | 2,050.0
Gross margin | 46.3 | % |  | 43.8 | % |  | 45.6 | % |  | 44.4 | %
Adjusted gross margin | 45.1 | % |  | 45.0 | % |  | 45.2 | % |  | 45.0 | %

(1) Represents the acceleration of previously deferred revenue of $17.9 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 in the Notes to Condensed Consolidated Financial Statements for further detail.
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3. Reconciliations of Reported-to-Adjusted Operating Income and Margin and Net Sales to Adjusted Net Sales
| Three Months Ended September 30,
| 2022 |  | 2021
| FMT |  | HST |  | FSDP |  | Corporate |  | IDEX |  | FMT |  | HST |  | FSDP |  | Corporate |  | IDEX
Reported operating income (loss) | $ | 94.5 |  | $ | 85.6 |  | $ | 43.6 |  | $ | (21.5) |  |  | $ | 202.2 |  | $ | 69.0 |  | $ | 70.4 |  | $ | 39.1 |  | $ | (17.3) |  | $ | 161.2
+ Fair value inventory step-up charges | — |  | — |  | — |  | — |  | — |  | — |  | 9.1 |  | — |  | — |  | 9.1
+ Restructuring expenses and asset impairments | — |  | — |  | — |  | — |  | — |  | 2.0 |  | 0.6 |  | (0.1) |  | 0.7 |  | 3.2
- Net impact from the exit of a COVID-19 testing application 1) | — |  | (1.1) |  | — |  | — |  | (1.1) |  | — |  | — |  | — |  | — |  | —
+ Corporate transaction indemnity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (0.4) |  |  | (0.4)
Adjusted operating income (loss) | $ | 94.5 |  | $ | 84.5 |  | $ | 43.6 |  | $ | (21.5) |  |  | $ | 201.1 |  | $ | 71.0 |  | $ | 80.1 |  | $ | 39.0 |  | $ | (17.0) |  |  | $ | 173.1
Net sales (eliminations) | $ | 307.6 |  | $ | 345.0 |  | $ | 172.4 |  | $ | (1.0) |  | $ | 824.0 |  | $ | 251.3 |  | $ | 302.3 |  | $ | 159.1 |  | $ | (0.7) |  | $ | 712.0
- Impact from the exit of a COVID-19 testing application(1) | — |  | (17.9) |  | — |  | — |  | (17.9) |  | — |  | — |  | — |  | — |  | —
Adjusted net sales (eliminations) | 307.6 |  | 327.1 |  | 172.4 |  | (1.0) |  | 806.1 |  | 251.3 |  | 302.3 |  | 159.1 |  | (0.7) |  | 712.0
Reported operating margin | 30.7 | % |  | 24.8 | % |  | 25.3 | % |  | n/m |  | 24.5 | % |  | 27.5 | % |  | 23.3 | % |  | 24.6 | % |  | n/m |  | 22.6 | %
Adjusted operating margin | 30.7 | % |  | 25.8 | % |  | 25.3 | % |  | n/m |  | 24.9 | % |  | 28.2 | % |  | 26.5 | % |  | 24.6 | % |  | n/m |  | 24.3 | %

| Nine Months Ended September 30,
| 2022 |  | 2021
| FMT |  | HST |  | FSDP |  | Corporate |  | IDEX |  | FMT |  | HST |  | FSDP |  | Corporate |  | IDEX
Reported operating income (loss) | $ | 257.8 |  | $ | 255.7 |  | $ | 124.0 |  | $ | (61.1) |  |  | $ | 576.4 |  | $ | 195.4 |  | $ | 213.0 |  | $ | 126.5 |  | $ | (59.9) |  | $ | 475.0
+ Fair value inventory step-up charges | 0.4 |  | — |  | — |  | — |  |  | 0.4 |  | 2.5 |  | 9.1 |  | — |  | — |  | 11.6
+ Restructuring expenses and asset impairments | 1.7 |  | 0.1 |  | 1.0 |  | — |  |  | 2.8 |  | 4.8 |  | 1.7 |  | 0.1 |  | 2.0 |  | 8.6
- Net impact from the exit of a COVID-19 testing application(1) | — |  | (1.1) |  | — |  | — |  |  | (1.1) |  | — |  | — |  | — |  | — |  | —
+ Corporate transaction indemnity | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |  | 3.5 |  | 3.5
Adjusted operating income (loss) | $ | 259.9 |  | $ | 254.7 |  | $ | 125.0 |  | $ | (61.1) |  | $ | 578.5 |  | $ | 202.7 |  | $ | 223.8 |  | $ | 126.6 |  | $ | (54.4) |  | $ | 498.7
Net sales (eliminations) | $ | 879.5 |  | $ | 986.2 |  | $ | 508.3 |  | $ | (2.8) |  | $ | 2,371.2 |  | $ | 745.9 |  | $ | 827.7 |  | $ | 479.4 |  | $ | (3.0) |  | $ | 2,050.0
- Impact from the exit of a COVID-19 testing application(1) | — |  | (17.9) |  | — |  | — |  | (17.9) |  | — |  | — |  | — |  | — |  | —
Adjusted net sales (eliminations) | 879.5 |  | 968.3 |  | 508.3 |  | (2.8) |  | 2,353.3 |  | 745.9 |  | 827.7 |  | 479.4 |  | (3.0) |  | 2,050.0
Reported operating margin | 29.3 | % |  | 25.9 | % |  | 24.4 | % |  | n/m |  | 24.3 | % |  | 26.2 | % |  | 25.7 | % |  | 26.4 | % |  | n/m |  | 23.2 | %
Adjusted operating margin | 29.6 | % |  | 26.3 | % |  | 24.6 | % |  | n/m |  | 24.6 | % |  | 27.2 | % |  | 27.0 | % |  | 26.4 | % |  | n/m |  | 24.3 | %

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(1) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 in the Notes to Condensed Consolidated Financial Statements for further detail.

4. Reconciliations of Reported-to-Adjusted Net Income and Diluted EPS |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Reported net income attributable to IDEX | $ | 178.7 |  |  | $ | 115.7 |  |  | $ | 456.9 |  |  | $ | 330.6 |
+ Restructuring expenses and asset impairments | — |  |  | 3.2 |  |  | 2.8 |  |  | 8.6 |
+ Tax impact on restructuring expenses and asset impairments | — |  |  | (0.7) |  |  | (0.7) |  |  | (2.1) |
+ Fair value inventory step-up charges | — |  |  | 9.1 |  |  | 0.4 |  |  | 11.6 |
+ Tax impact on fair value inventory step-up charges | — |  |  | (2.0) |  |  | (0.1) |  |  | (2.7) |
- Net impact from the exit of a COVID-19 testing application(1) | (1.1) |  |  | — |  |  | (1.1) |  |  | — |
+ Tax impact on the exit of a COVID-19 testing application | 0.3 |  |  | — |  |  | 0.3 |  |  | — |
- Gain on sale of business | (34.8) |  |  | — |  |  | (34.8) |  |  | — |
+ Tax impact on gain on sale of business | 5.5 |  |  | — |  |  | 5.5 |  |  | — |
- Gains on sales of assets | — |  |  | — |  |  | (2.7) |  |  | — |
+ Tax impact on gains on sales of assets | — |  |  | — |  |  | 0.6 |  |  | — |
+ Corporate transaction indemnity | — |  |  | (0.4) |  |  | — |  |  | 3.5 |
+ Tax impact on Corporate transaction indemnity | — |  |  | 0.1 |  |  | — |  |  | (0.8) |
+ Loss on early debt redemption | — |  |  | — |  |  | — |  |  | 8.6 |
+ Tax impact on loss on early debt redemption | — |  |  | — |  |  | — |  |  | (1.8) |
+ Termination of the U.S. pension plan | — |  |  | — |  |  | — |  |  | 9.7 |
+ Tax impact on termination of the U.S. pension plan | — |  |  | — |  |  | — |  |  | (2.1) |
+ Acquisition-related intangible asset amortization | 17.0 |  |  | 16.2 |  |  | 49.2 |  |  | 40.7 |
+ Tax impact on acquisition-related intangible asset amortization | (3.7) |  |  | (3.7) |  |  | (11.0) |  |  | (9.3) |
Adjusted net income attributable to IDEX | $ | 161.9 |  |  | $ | 137.5 |  |  | $ | 465.3 |  |  | $ | 394.5 |

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| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Reported diluted EPS attributable to IDEX | $ | 2.36 |  |  | $ | 1.51 |  |  | $ | 6.00 |  |  | $ | 4.33 |
+ Restructuring expenses and asset impairments | — |  |  | 0.04 |  |  | 0.04 |  |  | 0.11 |
+ Tax impact on restructuring expenses and asset impairments | — |  |  | (0.01) |  |  | (0.01) |  |  | (0.03) |
+ Fair value inventory step-up charges | — |  |  | 0.12 |  |  | — |  |  | 0.15 |
+ Tax impact on fair value inventory step-up charges | — |  |  | (0.03) |  |  | — |  |  | (0.04) |
- Net impact from the exit of a COVID-19 testing application(1) | (0.01) |  |  | — |  |  | (0.01) |  |  | — |
+ Tax impact on the exit of a COVID-19 testing application | — |  |  | — |  |  | — |  |  | — |
- Gain on sale of business | (0.46) |  |  | — |  |  | (0.46) |  |  | — |
+ Tax impact on gain on sale of business | 0.07 |  |  | — |  |  | 0.07 |  |  | — |
- Gains on sales of assets | — |  |  | — |  |  | (0.03) |  |  | — |
+ Tax impact on gains on sales of assets | — |  |  | — |  |  | 0.01 |  |  | — |
+ Corporate transaction indemnity | — |  |  | — |  |  | — |  |  | 0.05 |
+ Tax impact on Corporate transaction indemnity | — |  |  | — |  |  | — |  |  | (0.01) |
+ Loss on early debt redemption | — |  |  | — |  |  | — |  |  | 0.11 |
+ Tax impact on loss on early debt redemption | — |  |  | — |  |  | — |  |  | (0.02) |
+ Termination of the U.S. pension plan | — |  |  | — |  |  | — |  |  | 0.13 |
+ Tax impact on termination of the U.S. pension plan | — |  |  | — |  |  | — |  |  | (0.03) |
+ Acquisition-related intangible asset amortization | 0.23 |  |  | 0.21 |  |  | 0.65 |  |  | 0.53 |
+ Tax impact on acquisition-related intangible asset amortization | (0.05) |  |  | (0.05) |  |  | (0.14) |  |  | (0.12) |
Adjusted diluted EPS attributable to IDEX | $ | 2.14 |  |  | $ | 1.79 |  |  | $ | 6.12 |  |  | $ | 5.16 |
Diluted weighted average shares outstanding | 75.8 |  |  | 76.5 |  |  | 76.1 |  |  | 76.4 |

(1) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 in the Notes to Condensed Consolidated Financial Statements for further detail.
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5. Reconciliations of EBITDA to Net Income |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended September 30,
| 2022 |  | 2021
| FMT |  | HST |  | FSDP |  | Corporate |  | IDEX |  | FMT |  | HST |  | FSDP |  | Corporate |  | IDEX
Reported operating income (loss) | $ | 94.5 |  | $ | 85.6 |  | $ | 43.6 |  | $ | (21.5) |  | $ | 202.2 |  | $ | 69.0 |  | $ | 70.4 |  | $ | 39.1 |  | $ | (17.3) |  | $ | 161.2
+ Gain on sale of business | — |  | — |  | — |  | 34.8 |  | 34.8 |  | — |  | — |  | — |  | — |  | —
+ Other income (expense), net | 0.2 |  | 1.1 |  | 0.5 |  | (0.8) |  | 1.0 |  | (0.4) |  | 0.2 |  | — |  | (0.4) |  | (0.6)
+ Depreciation and amortization | 9.7 |  | 15.8 |  | 3.7 |  | 0.1 |  | 29.3 |  | 7.8 |  | 15.3 |  | 3.8 |  | 0.1 |  | 27.0
EBITDA | 104.4 |  | 102.5 |  | 47.8 |  | 12.6 |  | 267.3 |  | 76.4 |  | 85.9 |  | 42.9 |  | (17.6) |  | 187.6
- Interest expense |  |  |  |  |  |  |  |  | 9.6 |  |  |  |  |  |  |  |  |  | 9.5
- Provision for income taxes |  |  |  |  |  |  |  |  | 49.7 |  |  |  |  |  |  |  |  |  | 35.4
- Depreciation and amortization |  |  |  |  |  |  |  |  | 29.3 |  |  |  |  |  |  |  |  |  | 27.0
Reported net income |  |  |  |  |  |  |  |  | $ | 178.7 |  |  |  |  |  |  |  |  |  | $ | 115.7
Net sales (eliminations) | $ | 307.6 |  | $ | 345.0 |  | $ | 172.4 |  | $ | (1.0) |  | $ | 824.0 |  | $ | 251.3 |  | $ | 302.3 |  | $ | 159.1 |  | $ | (0.7) |  | $ | 712.0
Reported operating margin | 30.7 | % |  | 24.8 | % |  | 25.3 | % |  | n/m |  | 24.5 | % |  | 27.5 | % |  | 23.3 | % |  | 24.6 | % |  | n/m |  | 22.6 | %
EBITDA margin | 33.9 | % |  | 29.7 | % |  | 27.8 | % |  | n/m |  | 32.4 | % |  | 30.4 | % |  | 28.4 | % |  | 26.9 | % |  | n/m |  | 26.3 | %
EBITDA interest coverage |  |  |  |  |  |  |  |  | 28.1 |  |  |  |  |  |  |  |  |  | 19.7

| Nine Months Ended September 30,
| 2022 |  | 2021
| FMT |  | HST |  | FSDP |  | Corporate |  | IDEX |  | FMT |  | HST |  | FSDP |  | Corporate |  | IDEX
Reported operating income (loss) | $ | 257.8 |  | $ | 255.7 |  | $ | 124.0 |  | $ | (61.1) |  | $ | 576.4 |  | $ | 195.4 |  | $ | 213.0 |  | $ | 126.5 |  | $ | (59.9) |  | $ | 475.0
+ Gain on sale of business | — |  | — |  | — |  | 34.8 |  | 34.8 |  | — |  | — |  | — |  | — |  | —
+ Other income (expense), net | 2.0 |  | 2.5 |  | 2.6 |  | (3.8) |  | 3.3 |  | (6.0) |  | 0.3 |  | (1.8) |  | (9.5) |  | (17.0)
+ Depreciation and amortization | 27.1 |  | 47.6 |  | 11.2 |  | 0.3 |  | 86.2 |  | 22.8 |  | 38.4 |  | 11.5 |  | 0.3 |  | 73.0
EBITDA | 286.9 |  | 305.8 |  | 137.8 |  | (29.8) |  | 700.7 |  | 212.2 |  | 251.7 |  | 136.2 |  | (69.1) |  | 531.0
- Interest expense |  |  |  |  |  |  |  |  | 28.6 |  |  |  |  |  |  |  |  |  | 31.4
- Provision for income taxes |  |  |  |  |  |  |  |  | 129.2 |  |  |  |  |  |  |  |  |  | 96.0
- Depreciation and amortization |  |  |  |  |  |  |  |  | 86.2 |  |  |  |  |  |  |  |  |  | 73.0
Reported net income |  |  |  |  |  |  |  |  | $ | 456.7 |  |  |  |  |  |  |  |  |  | $ | 330.6
Net sales (eliminations) | $ | 879.5 |  | $ | 986.2 |  | $ | 508.3 |  | $ | (2.8) |  | $ | 2,371.2 |  | $ | 745.9 |  | $ | 827.7 |  | $ | 479.4 |  | $ | (3.0) |  | $ | 2,050.0
Reported operating margin | 29.3 | % |  | 25.9 | % |  | 24.4 | % |  | n/m |  | 24.3 | % |  | 26.2 | % |  | 25.7 | % |  | 26.4 | % |  | n/m |  | 23.2 | %
EBITDA margin | 32.6 | % |  | 31.0 | % |  | 27.1 | % |  | n/m |  | 29.5 | % |  | 28.4 | % |  | 30.4 | % |  | 28.4 | % |  | n/m |  | 25.9 | %
EBITDA interest coverage |  |  |  |  |  |  |  |  | 24.5 |  |  |  |  |  |  |  |  |  | 16.9

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6. Reconciliations of EBITDA to Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended September 30,
| 2022 |  | 2021
| FMT |  | HST |  | FSDP |  | Corporate |  | IDEX |  | FMT |  | HST |  | FSDP |  | Corporate |  | IDEX
EBITDA(1) | $ | 104.4 |  | $ | 102.5 |  | $ | 47.8 |  | $ | 12.6 |  | $ | 267.3 |  | $ | 76.4 |  | $ | 85.9 |  | $ | 42.9 |  | $ | (17.6) |  | $ | 187.6
+ Fair value inventory step-up charges | — |  | — |  | — |  | — |  | — |  | — |  | 9.1 |  | — |  | — |  | 9.1
+ Restructuring expenses and asset impairments | — |  | — |  | — |  | — |  | — |  | 2.0 |  | 0.6 |  | (0.1) |  | 0.7 |  | 3.2
- Net impact from the exit of a COVID-19 testing application(2) | — |  | (1.1) |  | — |  | — |  | (1.1) |  | — |  | — |  | — |  | — |  | —
+ Corporate transaction indemnity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (0.4) |  | (0.4)
- Gain on sale of business | — |  | — |  | — |  | (34.8) |  | (34.8) |  | — |  | — |  | — |  | — |  | —
Adjusted EBITDA | $ | 104.4 |  | $ | 101.4 |  | $ | 47.8 |  | $ | (22.2) |  | $ | 231.4 |  | $ | 78.4 |  | $ | 95.6 |  | $ | 42.8 |  | $ | (17.3) |  | $ | 199.5
Adjusted net sales (eliminations) | $ | 307.6 |  | $ | 327.1 |  | $ | 172.4 |  | $ | (1.0) |  | $ | 806.1 |  | $ | 251.3 |  | $ | 302.3 |  | $ | 159.1 |  | $ | (0.7) |  | $712.0
Adjusted EBITDA margin | 33.9 | % |  | 31.0 | % |  | 27.8 | % |  | n/m |  | 28.7 | % |  | 31.2 | % |  | 31.6 | % |  | 26.9 | % |  | n/m |  | 28.0 | %
Adjusted EBITDA interest coverage |  |  |  |  |  |  |  |  | 24.3 |  |  |  |  |  |  |  |  |  | 21.0

| Nine Months Ended September 30,
| 2022 |  | 2021
| FMT |  | HST |  | FSDP |  | Corporate |  | IDEX |  | FMT |  | HST |  | FSDP |  | Corporate |  | IDEX
EBITDA(1) | $ | 286.9 |  | $ | 305.8 |  | $ | 137.8 |  | $ | (29.8) |  | $ | 700.7 |  | $ | 212.2 |  | $ | 251.7 |  | $ | 136.2 |  | $ | (69.1) |  | $ | 531.0
+ Fair value inventory step-up charges | 0.4 |  | — |  | — |  | — |  | 0.4 |  | 2.5 |  | 9.1 |  | — |  | — |  | 11.6
+ Restructuring expenses and asset impairments | 1.7 |  | 0.1 |  | 1.0 |  | — |  | 2.8 |  | 4.8 |  | 1.7 |  | 0.1 |  | 2.0 |  | 8.6
- Net impact from the exit of a COVID-19 testing application(2) | — |  | (1.1) |  | — |  | — |  | (1.1) |  | — |  | — |  | — |  | — |  | —
+ Corporate transaction indemnity | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 3.5 |  | 3.5
- Gain on sale of business | — |  | — |  | — |  | (34.8) |  | (34.8) |  | — |  | — |  | — |  | — |  | —
- Gains on sales of assets | (1.2) |  | — |  | (1.5) |  | — |  | (2.7) |  | — |  | — |  | — |  | — |  | —
+ Loss on early debt redemption | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 8.6 |  | 8.6
+ Termination of the U.S. pension plan | — |  | — |  | — |  | — |  | — |  | 6.3 |  | — |  | 1.8 |  | 1.6 |  | 9.7
Adjusted EBITDA | $ | 287.8 |  | $ | 304.8 |  | $ | 137.3 |  | $ | (64.6) |  | $ | 665.3 |  | $ | 225.8 |  | $ | 262.5 |  | $ | 138.1 |  | $ | (53.4) |  | $ | 573.0
Adjusted net sales (eliminations) | $ | 879.5 |  | $ | 968.3 |  | $ | 508.3 |  | $ | (2.8) |  | $ | 2,353.3 |  | $ | 745.9 |  | $ | 827.7 |  | $ | 479.4 |  | $ | (3.0) |  | $2,050.0
Adjusted EBITDA margin | 32.7 | % |  | 31.5 | % |  | 27.0 | % |  | n/m |  | 28.3 | % |  | 30.3 | % |  | 31.7 | % |  | 28.8 | % |  | n/m |  | 27.9 | %
Adjusted EBITDA interest coverage |  |  |  |  |  |  |  |  | 23.3 |  |  |  |  |  |  |  |  |  | 18.2

(1) EBITDA, a non-GAAP financial measure, is reconciled to net income, its most directly comparable U.S. GAAP financial measure, immediately above in Table 5.
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(2) Represents the net impact of the acceleration of previously deferred revenue of $17.9 million and an impairment charge of $16.8 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 13 in the Notes to Condensed Consolidated Financial Statements for further detail.
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Cautionary Statement Under the Private Securities Litigation Reform Act
This quarterly report on Form 10-Q, including the “Overview,” “Results of Operations” and “Liquidity and Capital Resources” sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company’s full year 2022 outlook including expected organic sales growth, expected earnings per share and adjusted earnings per share, and the assumptions underlying these expectations, anticipated future acquisition behavior and capital deployment, availability of cash and financing alternatives, the intent to refinance or repay the Notes using the available borrowing capacity of the Revolving Facility, the anticipated timing of the closing of and the anticipated sources of funding for the Company’s acquisition of Muon Group and the anticipated benefits of the Company’s acquisitions, including the acquisitions of ABEL, Airtech, Nexsight, KZValve and Muon Group, and are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “guidance,” “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this report. The risks and uncertainties include, but are not limited to, the following: the impact of health epidemics and pandemics, including the COVID-19 pandemic, and the impact of related governmental actions, on the Company’s ability to operate its business and facilities, on its customers, on supply chains and on the U.S. and global economy generally; economic and political consequences resulting from terrorist attacks and wars, including Russia's invasion of Ukraine and the global response to this invasion, which, along with the ongoing effects of the COVID-19 pandemic, could have an adverse impact on the Company's business by creating disruptions in the global supply chain and by potentially having an adverse impact on the global economy; levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries, all of which could have a material impact on order rates and the Company’s results; the Company’s ability to make acquisitions and to integrate and operate acquired businesses on a profitable basis; the relationship of the U.S. dollar to other currencies and its impact on pricing and cost competitiveness; political and economic conditions in foreign countries in which the Company operates; developments with respect to trade policy and tariffs; interest rates; capacity utilization and the effect this has on costs; labor markets; supply chain backlogs, including risks affecting component availability, labor inefficiencies and freight logistical challenges; market conditions and material costs; risks related to environmental, social and corporate governance (“ESG”) issues, including those related to climate change and sustainability; and developments with respect to contingencies, such as litigation and environmental matters. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included in the Company’s most recent annual report on Form 10-K and the Company’s subsequent quarterly reports filed with the Securities and Exchange Commission (“SEC”) and the other risks discussed in the Company’s filings with the SEC. The forward-looking statements included here are only made as of the date of this report, and management undertakes no obligation to publicly update them to reflect subsequent events or circumstances, except as may be required by law. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented here.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company is subject to market risk associated with changes in foreign currency exchange rates and interest rates as well as inflationary factors. The Company may, from time to time, enter into foreign currency forward contracts and interest rate swaps on its debt when it believes there is a financial advantage in doing so. A treasury risk management policy, adopted by the Board of Directors, describes the procedures and controls over derivative financial and commodity instruments, including foreign currency forward contracts and interest rate swaps. Under the policy, the Company does not use financial or commodity derivative instruments for trading purposes and the use of these instruments is subject to strict approvals by senior officers. Typically, the use of derivative instruments is limited to foreign currency forward contracts and interest rate swaps on the Company’s outstanding long-term debt. As of September 30, 2022, the Company did not have any derivative instruments outstanding.
Foreign Currency Exchange Rates
The Company’s foreign currency exchange rate risk is limited principally to the Euro, Swiss Franc, British Pound, Canadian Dollar, Indian Rupee, Chinese Renminbi and Swedish Krona. The Company manages its foreign exchange risk principally through invoicing customers in the same currency as the source of products. Foreign currency transaction gains and losses are reported within Other (income) expense - net in the Condensed Consolidated Statements of Income.
Interest Rate Fluctuations
The Company does not have significant interest rate exposure due to all of the $1,200.1 million of debt outstanding as of September 30, 2022 being fixed rate debt. The Company’s Revolving Facility bears interest at either an alternate base rate or adjusted LIBOR plus, in each case, an applicable margin. At September 30, 2022, there was no balance outstanding under the Revolving Facility; however, as discussed above in the “Liquidity and Capital Resources” section of this Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Company expects to fund the recently announced acquisition of the Muon Group with $150.0 million from the Company’s Revolving Facility and $200.0 million of proceeds from a new debt issuance, which would be subject to interest rate fluctuations.
Inflation Risk
We source a wide variety of materials and components from a network of global suppliers. While such materials are typically available from numerous suppliers, they are subject to price fluctuations, which could have a negative impact on our results. We seek to minimize the effects of inflation and changing prices through price increases to maintain reasonable gross margins.
Item 4. Controls and Procedures
The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company’s Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As required by SEC Rule 13a-15(b), the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2022.
There has been no change in the Company’s internal control over financial reporting during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company and its subsidiaries are party to legal proceedings arising in the ordinary course of business as described in Note 18 in Part I, Item 1, “Legal Proceedings,” and such disclosure is incorporated by reference into this Item 1, “Legal Proceedings.”
The Company’s threshold for disclosing material environmental legal proceedings involving a government authority where potential monetary sanctions are involved is $1.0 million.
In addition, the Company and seven of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos. These components were acquired from third party suppliers and were not manufactured by the Company or any of the defendant subsidiaries. To date, the majority of the Company’s settlements and legal costs, except for costs of coordination, administration, insurance investigation and a portion of defense costs, have been covered in full by insurance, subject to applicable deductibles. However, the Company cannot predict whether and to what extent insurance will be available to continue to cover these settlements and legal costs, or how insurers may respond to claims that are tendered to them. Asbestos-related claims have been filed in jurisdictions throughout the United States and the United Kingdom. Most of the claims resolved to date have been dismissed without payment. The balance of the claims have been settled for various immaterial amounts. Only one case has been tried, resulting in a verdict for the Company’s business unit. No provision has been made in the financial statements of the Company, other than for insurance deductibles in the ordinary course, and the Company does not currently believe the asbestos-related claims will have a material adverse effect on the Company’s business, financial position, results of operations or cash flows.
Item 1A. Risk Factors
There have been no material changes with respect to risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about the Company’s purchases of its common stock during the quarter ended September 30, 2022:

Period | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) |  | Approximate Dollar Value that May Yet be Purchased Under the Plans or Programs(1)
July 1, 2022 to July 31, 2022 | 152,312 |  |  | $ | 184.95 |  |  | 152,312 |  |  | $ | 568,012,659 |
August 1, 2022 to August 31, 2022 | — |  |  | — |  |  | — |  |  | 568,012,659 |
September 1, 2022 to September 30, 2022 | 14,121 |  |  | 199.54 |  |  | 14,121 |  |  | 565,194,924 |
Total | 166,433 |  |  | $ | 186.18 |  |  | 166,433 |  |  | $ | 565,194,924 |

(1)On March 17, 2020, the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock. This approval is in addition to the prior repurchase authorization of the Board of Directors of $300.0 million on December 1, 2015. These authorizations have no expiration date.
Item 5. Other Information
On and effective October 24, 2022, the Company’s Board of Directors (the “Board”) adopted amendments to the Company’s Amended and Restated Bylaws (the “Restated Bylaws”) as follows:
a.Specify that meetings of stockholders may be adjourned for technical failures associated with virtual meetings and enhance procedures for reconvening an adjourned meeting;
b.Enhance procedures with respect to stockholder nominations of directors and submissions of stockholder proposals (other than proposals to be included in the Company’s proxy statement pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended) at meetings of stockholders;
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c.Specify additional types of information and representations that a nominating stockholder or its proposed director nominee must provide to the Company in connection with a director nomination;
d.Clarify the procedures for excluding business (including a director nomination) that is not properly brought before a meeting of stockholders; and
e.Eliminate the requirement that a complete list of the stockholders entitled to vote at a meeting of stockholders be kept available at such meeting, as such action is no longer mandated by Delaware law.
The foregoing summary of the Restated Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Restated Bylaws, a copy of which is attached as Exhibit 3.1 and incorporated herein by reference.
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Item 6. Exhibits

Exhibit Number |  | Description
3.1* |  | Second Amended and Restated Bylaws of IDEX Corporation, effective as of October 24, 2022
31.1* |  | Certification of Chief Executive Officer Pursuant to Section 302 of Sarbanes Oxley Act of 2002
31.2* |  | Certification of Chief Financial Officer Pursuant to Section 302 of Sarbanes Oxley Act of 2002
32.1* |  | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
32.2* |  | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350
101* |  | The following financial information from IDEX Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 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 the Condensed Consolidated Financial Statements.
104* |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Filed herewith.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| IDEX Corporation
| By: | /s/ WILLIAM K. GROGAN
|  | William K. Grogan
|  | Senior Vice President and Chief Financial Officer (Principal Financial Officer)
| By: | /s/ ALLISON S. LAUSAS
|  | Allison S. Lausas
|  | Vice President and Chief Accounting Officer (Principal Accounting Officer)

Date: October 26, 2022
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