XML 61 R42.htm IDEA: XBRL DOCUMENT
v3.23.2

Share-Based Compensation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Weighted Average Option Fair Values and Assumptions | Weighted average stock option fair values and assumptions for the periods presented are disclosed below.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Weighted average fair value of grants | $57.13 |  | $46.33 |  | $60.70 |  | $41.74
Dividend yield | 1.13% |  | 1.14% |  | 1.07% |  | 1.14%
Volatility | 27.20% |  | 25.39% |  | 27.19% |  | 25.15%
Risk-free interest rate | 3.81% |  | 2.98% |  | 4.12% |  | 1.85%
Expected life (in years) | 4.50 |  | 4.90 |  | 4.50 |  | 4.90
Schedule of Compensation Cost for Stock Options | Total compensation cost for stock options is recorded in the Condensed Consolidated Statements of Income as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of goods sold | $ | 0.1 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 0.3 |
Selling, general and administrative expenses(1) | 1.4 |  |  | 2.8 |  |  | 7.1 |  |  | 5.9 |
Total expense before income taxes | 1.5 |  |  | 2.8 |  |  | 7.5 |  |  | 6.2 |
Income tax benefit | (0.2) |  |  | (0.2) |  |  | (0.6) |  |  | (0.5) |
Total expense after income taxes | $ | 1.3 |  |  | $ | 2.6 |  |  | $ | 6.9 |  |  | $ | 5.7 |
(1) The three months ended June 30, 2023 include $1.5 million of lower expense compared with the same period in 2022 while the six months ended June 30, 2023 include $1.1 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants.
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of June 30, 2023 and changes during the six months ended June 30, 2023 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, 2023 | 1,015,572 |  |  | $ | 161.45 |  |  | 6.94 |  | $ | 67.9 |
Granted | 213,865 |  |  | 225.52 |  |  |  |  |
Exercised | (59,643) |  |  | 134.89 |  |  |  |  |
Forfeited | (22,370) |  |  | 198.67 |  |  |  |  |
Outstanding at June 30, 2023 | 1,147,424 |  |  | $ | 174.05 |  |  | 7.09 |  | $ | 49.5 |
Vested and expected to vest as of June 30, 2023 | 1,103,113 |  |  | $ | 172.66 |  |  | 7.01 |  | $ | 49.0 |
Exercisable at June 30, 2023 | 617,095 |  |  | $ | 148.13 |  |  | 5.69 |  | $ | 41.5 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table:
Restricted Stock | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023 | 104,382 |  |  | $ | 179.45 |
Granted | 35,845 |  |  | 219.69 |
Vested | (20,802) |  |  | 170.41 |
Forfeited | (9,150) |  |  | 202.31 |
Unvested at June 30, 2023 | 110,275 |  |  | $ | 192.34 |
Schedule of Compensation Cost for Restricted Stock | Total compensation cost for restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of goods sold | $ | 0.1 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 0.2 |
Selling, general and administrative expenses | 1.6 |  |  | 1.6 |  |  | 3.0 |  |  | 3.2 |
Total expense before income taxes | 1.7 |  |  | 1.6 |  |  | 3.3 |  |  | 3.4 |
Income tax benefit | (0.4) |  |  | (0.2) |  |  | (0.7) |  |  | (0.6) |
Total expense after income taxes | $ | 1.3 |  |  | $ | 1.4 |  |  | $ | 2.6 |  |  | $ | 2.8 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table:
Cash-Settled Restricted Stock | Shares |  | Weighted-Average Fair Value
Unvested at January 1, 2023 | 57,356 |  |  | $ | 228.33 |
Granted | 19,970 |  |  | 225.53 |
Vested | (15,481) |  |  | 229.12 |
Forfeited | (1,985) |  |  | 215.26 |
Unvested at June 30, 2023 | 59,860 |  |  | $ | 215.26 |
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock | Total compensation cost for cash-settled restricted stock is recorded in the Condensed Consolidated Statements of Income as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of goods sold | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | — |
Selling, general and administrative expenses | 0.5 |  |  | (0.5) |  |  | 1.5 |  |  | — |
Total expense before income taxes | 0.6 |  |  | (0.4) |  |  | 1.7 |  |  | — |
Income tax benefit | (0.1) |  |  | — |  |  | (0.1) |  |  | — |
Total expense after income taxes | $ | 0.5 |  |  | $ | (0.4) |  |  | $ | 1.6 |  |  | $ | — |
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions | Weighted average performance share unit fair values and assumptions for the periods 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.
| Six Months Ended June 30,
| 2023 |  | 2022
Weighted average fair value of grants | $308.18 |  | $235.54
Dividend yield | —% |  | —%
Volatility | 27.00% |  | 28.09%
Risk-free interest rate | 4.37% |  | 1.73%
Expected life (in years) | 2.94 |  | 2.93
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table:
Performance Share Units | Shares |  | Weighted-Average Grant Date Fair Value
Unvested at January 1, 2023 | 70,915 |  |  | $ | 236.66 |
Granted | 28,030 |  |  | 308.18 |
Vested | (18,105) |  |  | 226.86 |
Forfeited | (1,725) |  |  | 261.13 |
Unvested at June 30, 2023 | 79,115 |  |  | $ | 264.89 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total compensation cost for performance share units is recorded in the Condensed Consolidated Statements of Income as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cost of goods sold | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses(1) | 0.8 |  |  | 2.5 |  |  | 6.0 |  |  | 3.8 |
Total expense before income taxes | 0.8 |  |  | 2.5 |  |  | 6.0 |  |  | 3.8 |
Income tax benefit | (0.1) |  |  | — |  |  | (0.2) |  |  | (0.1) |
Total expense after income taxes | $ | 0.7 |  |  | $ | 2.5 |  |  | $ | 5.8 |  |  | $ | 3.7 |
(1) The three months ended June 30, 2023 include $1.8 million of lower expense compared with the same period in 2022 while the six months ended June 30, 2023 include $1.6 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants.

X
- Definition Schedule Of Share-Based Compensation, Compensation Cost For Restricted Stock And Restricted Stock Units [Table Text Block] + References No definition available. + Details
Name: | iex_ScheduleOfShareBasedCompensationCompensationCostForRestrictedStockAndRestrictedStockUnitsTableTextBlock
Namespace Prefix: | iex_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Share-based Compensation, Compensation Cost for Stock Options [Table Text Block] + References No definition available. + Details
Name: | iex_ScheduleofSharebasedCompensationCompensationCostforStockOptionsTableTextBlock
Namespace Prefix: | iex_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Share-based Compensation, Compensation Cost for Unvested Cash-settled Restricted Stock [Table Text Block] + References No definition available. + Details
Name: | iex_ScheduleofSharebasedCompensationCompensationCostforUnvestedCashsettledRestrictedStockTableTextBlock
Namespace Prefix: | iex_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Share-based Compensation, Unvested Cash-settled Restricted Stock Activity [Table Text Block] + References No definition available. + Details
Name: | iex_ScheduleofSharebasedCompensationUnvestedCashsettledRestrictedStockActivityTableTextBlock
Namespace Prefix: | iex_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Share-based Payment Award, Equity Instruments Other than Options, Valuation Assumptions [Table Text Block] + References No definition available. + Details
Name: | iex_ScheduleofSharebasedPaymentAwardEquityInstrumentsOtherthanOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | iex_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration