IDEX (IEX) 10-K risk factor changes: FY2021 vs FY2020

In addition to the factors affecting specific business operations identified in connection with the description of [removed: our] [added: the Company’s] operations and the financial results of [removed: our] [added: its] operations elsewhere in this report, the most material of these factors are included below.

These risks are not the only risks that may affect [removed: us.][added: the Company.]

Additional risks that [removed: we are] [added: the Company is] not aware of or [removed: do] [added: does] not believe are material at the time of this filing may also become important factors that adversely affect [removed: our] [added: the Company’s] business.

Risks Related to [removed: Our] [added: the Company’s] Operations

[removed: Our business, results] [added: *The Company and its Results] of [removed: operations] [added: Operations] and [removed: financial condition have been] [added: Financial Condition Have Been] and [removed: may continue to be materially adversely impacted] [added: May Continue To Be Materially Adversely Impacted] by the [removed: ongoing] [added: Ongoing] COVID-19 [removed: pandemic.][added: Pandemic.*]

The ongoing COVID-19 pandemic [removed: has been] [added: continues to be] a rapidly-changing situation that has negatively impacted and could continue to negatively impact the global economy.

The extent to which COVID-19 [added: and the emergence of variant strains] continues to impact [removed: our business] [added: the Company] will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the duration of the outbreak and business closures or business disruptions for [removed: our] [added: the] Company, [removed: our] [added: its] suppliers and [removed: our] [added: its] customers.

Any changes in or resurgence of [removed: the] COVID-19 [removed: outbreak] could [removed: also] have a material impact on [removed: our] [added: the Company’s] ability to get the raw materials, parts and components [removed: we need] [added: it needs] to manufacture [removed: our] [added: its] products as [removed: our] [added: its] suppliers face disruptions in their businesses, closures or bankruptcy as a result of [removed: the COVID-19 outbreak.][added: COVID-19.]

[removed: We depend] [added: The Company depends] greatly on [removed: our] [added: its] suppliers for items that are essential to the manufacturing of [removed: our] [added: its] products.

[removed: Although we have not experienced material supply chain disruptions to date, if our] [added: If its] suppliers fail to meet [removed: our] [added: its] manufacturing needs in the future, it would delay [removed: our] [added: the Company’s] production and [removed: our] product shipments to customers and negatively affect [removed: our] operations.

[removed: We have also] [added: The Company has] implemented work-from-home policies for certain “non-essential” employees.

Although these work-from-home policies have not negatively impacted [removed: our business] [added: the Company] in any material respect to date, [removed: the] COVID-19 [removed: outbreak] is dynamic and any future resurgences could negatively impact productivity, disrupt conduct of [removed: our] [added: the Company’s] business in the ordinary course and delay [removed: our] production timelines.

Due to the large remote workforce populations, [removed: we] [added: the Company] may also face informational technology infrastructure and connectivity issues from the vendors that [removed: we rely] [added: it relies] on for certain information technologies to administer, store and support the Company’s multiple business activities.

IDEX is heavily dependent on the availability and support of [removed: our] [added: its] technology landscape, several of which are provided by external third party service providers (e.g., Microsoft, AT&T and Verizon).

Although [removed: we have] [added: the Company has] not suffered any disruptions to date, any future disruptions in their operations could also negatively impact [removed: our business,] [added: the Company and its] operating results and financial condition.

To the extent [removed: the] COVID-19 [removed: outbreak continues to] adversely [removed: affect our business] [added: affects the Company] and [added: its] financial results, it may also have the effect of heightening many of the other risks described in Item 1A, “Risk Factors” of this annual report, such as those relating to [removed: our] international operations, [removed: our] [added: the Company’s] ability to develop new products, [removed: our] [added: the Company’s] ability to execute on [removed: our] [added: its] growth strategy of acquisitions, [removed: our] [added: the Company’s] dependency on raw materials, parts and components, the effects on movements in foreign currency exchange rates on [removed: our] [added: the] Company, the effects on [removed: our] [added: the] Company that result from declines in commodity prices and [removed: our] [added: the Company’s] reliance on labor availability to operate and grow [removed: our] [added: the] business.

[removed: Our] [added: *The Company’s] Inability to Continue to Develop New Products Could Limit [removed: Our] Sales [removed: Growth.][added: Growth.*]

[removed: Our] [added: The Company’s] ability to continue to grow organically is tied in large part to [removed: our] [added: its] ability to continue to develop new products.

A failure to continue to develop and deliver new, innovative and competitive products to the market could limit [removed: our] sales growth and negatively impact [removed: our business,] [added: the Company and its] financial condition, results of operations and cash flow.

[removed: Our] [added: *The Company’s] Growth Strategy Includes Acquisitions and [removed: We] [added: the Company] May Not be Able to Make Acquisitions of Suitable Candidates or Integrate Acquisitions [removed: Successfully.][added: Successfully.*]

[removed: Our] [added: The Company’s] historical growth has included, and [removed: our] [added: the Company’s] future growth is likely to continue to include, acquisitions.

[removed: We intend] [added: The Company intends] to continue to seek acquisition opportunities both to expand into new markets and to enhance [removed: our] [added: its] position in existing markets throughout the world.

[removed: We] [added: The Company] may not be able to successfully identify suitable candidates, negotiate appropriate acquisition terms, obtain financing needed to consummate those acquisitions, complete proposed acquisitions or successfully integrate acquired businesses into [removed: our] [added: its] existing operations.

In addition, any acquisition, once successfully integrated, may not perform as planned, be accretive to earnings, or otherwise prove beneficial to [removed: us.][added: the Company.]

[removed: The] [added: *The] Markets [removed: We Serve] [added: Served by the Company] are Highly Competitive and this Competition Could Reduce [removed: our] Sales and Operating [removed: Margins.][added: Margins.*]

Most of [removed: our] [added: the Company’s] products are sold in competitive markets.

Maintaining and improving [removed: our] [added: a] competitive position will require continued investment [removed: by us] in manufacturing, engineering, quality standards, marketing, customer service and support and [removed: our] distribution networks.

[removed: We] [added: The Company] may not be successful in maintaining [removed: our] [added: its] competitive position.

[removed: Our] [added: The Company’s] competitors may develop products that are [removed: superior to our products or] [added: superior,] may develop methods of more efficiently and effectively providing products and services or may adapt [removed: more quickly than us] [added: quicker] to new technologies or evolving customer requirements.

Pricing pressures may require [removed: us] [added: the Company] to adjust the prices of [removed: our] products to stay competitive.

[removed: We] [added: The Company] may not be able to compete successfully with [removed: our] existing competitors or with new competitors.

Failure to continue competing successfully could reduce [removed: our] sales, operating margins and overall financial performance.

[removed: We are] [added: *The Company is] Dependent on the Availability of Raw Materials, Parts and Components Used in [removed: Our Products.][added: Its Products.*]

While [removed: we manufacture] [added: the Company manufactures] certain parts and components used in [removed: our] [added: its] products, [removed: we require] [added: the Company also requires] substantial amounts of raw materials and [removed: purchase some] [added: purchases certain] parts and components from suppliers.

The availability [added: of] and prices for raw materials, parts and components may be subject to curtailment or change due to, among other things, suppliers’ allocations to other purchasers, interruptions in production by suppliers, including due to geopolitical or civil unrest, unfavorable economic or industry conditions, labor disruptions, [added: supply chain disruptions,] catastrophic weather events, natural [removed: disasters or] [added: disasters,] the occurrence of a contagious disease or illness, changes in exchange rates and prevailing price levels.

Any change in the supply of, or price for, these raw materials or parts and components could materially affect [removed: our business,] [added: the Company and its] financial condition, results of operations and cash flow.

[removed: Our] [added: *The Company’s] Business Operations May Be Adversely Affected by Information Systems Interruptions or [removed: Intrusion.][added: Intrusion.*]

[removed: We depend] [added: The Company depends] on various information technologies [removed: throughout our Company] to administer, store and support multiple business activities.

If these systems (or the systems of [removed: our] [added: the Company’s] customers or third-party hosting services) are damaged, cease to function properly or are subject to cyber-security attacks, such as those involving unauthorized access, malicious software and/or other intrusions, [removed: we] [added: the Company] could experience production downtimes, operational delays, other detrimental impacts on [removed: our] operations or [added: the] ability to provide products and services to [removed: our] [added: its] customers, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of [removed: our] [added: the Company’s] systems or networks, financial losses from remedial actions, loss of business or potential liability, penalties, fines and/or damage to [removed: our] [added: the Company’s] reputation.

While [removed: we attempt] [added: the Company attempts] to mitigate these risks by employing a number of measures, including employee training, technical security controls and maintenance of backup and protective systems, [removed: our] [added: the Company’s] systems, networks, products and services remain potentially vulnerable to known or unknown threats, any of which could have a material adverse effect on [removed: our business,] [added: the Company and its] financial condition or results of operations.

*Uncertainty Related to Environmental Regulation and Industry Standards, as well as Physical Risks of Climate Change, Could Impact the Company's Results of Operations and Financial Position.*

Increased public awareness and concern regarding environmental risks, including global climate change, may result in more international, regional and/or federal requirements or industry standards to reduce or mitigate global warming and other environmental risks.

New climate change laws and regulations could require the Company to change its manufacturing processes or obtain substitute materials that may cost more or be less available for its manufacturing operations.

Various jurisdictions in which the Company does business have implemented, or in the future could implement or amend, restrictions on emissions of carbon dioxide or other greenhouse gases, limitations or restrictions on water use, the production of single use plastics, regulations on energy management and waste management and other climate change-based rules and regulations, which may increase the Company’s expenses and adversely affect its operating results.

In addition, the physical risks of climate change may impact the availability and cost of materials, sources and supply of energy, product demand and manufacturing and could increase insurance and other operating costs.

The expected future increased worldwide regulatory activity relating to climate change could expand the nature, scope and complexity of matters that the Company is required to control, assess and report.

If environmental laws or regulations or industry standards are either changed or adopted and impose significant operational restrictions and compliance requirements upon the Company, its suppliers, its customers or its products, or the

Company's operations are disrupted due to physical impacts of climate change on the Company, its customers or its suppliers, the Company's business, results of operations and financial condition could be adversely impacted.

A significant increase in LIBOR or the other rates the Company has agreed to use as a successor to LIBOR under the Revolving Facility, as amended, would significantly increase the Company’s cost of borrowings.

The Company is also exposed to risks if the U.S. Federal Reserve raises its benchmark interest rate, which may reduce the availability of and

increase the cost of obtaining new debt and refinancing existing indebtedness.

Violations of these anti-bribery

Our operating results are subject to fluctuations based on general economic conditions and have been adversely affected by the negative general economic conditions.

The deterioration in economic conditions materially reduced, and could continue to reduce, the Company’s sales and profitability.

Although we began to see improvement in our end markets beginning in the third quarter of 2020 and continuing through the fourth quarter of 2020, the financial distress our customers have experienced due to the deterioration in economic conditions has resulted in and could continue to result in reduced sales which has and could continue to negatively impact our results of operations.

U.S and international government responses to the COVID-19 outbreak have included “shelter in place”, “stay at home” and similar types of orders.

These orders exempt certain individuals needed to maintain continuity of operations of critical infrastructure sectors as determined by the U.S. federal and international governmental bodies.

Although the Company’s operations are currently considered essential and exempt, if any of the applicable exemptions are curtailed or revoked in the future, including in response to any COVID-19 resurgence, that would adversely impact our business, operating results and financial condition.

Furthermore, to the extent these exemptions do not extend to our key suppliers and customers, this would also adversely impact our business, operating results and financial condition.

- risks related to other government regulation or required compliance with local laws;

A significant increase in LIBOR would significantly increase our cost of borrowings.

*The following discussion and analysis should be read in conjunction with [removed: our] [added: the Company’s] Consolidated Financial Statements and related notes in this annual report.

[removed: Our] [added: 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 [removed: under Item 1A,] [added: under* *[Item 1A](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_16),] “Risk Factors” and elsewhere in this annual report.*

IDEX is an applied solutions [removed: company] [added: provider] specializing in the manufacture of fluid and metering technologies, health and science technologies and fire, safety and other diversified products built to customers’ specifications.

The Company has three reportable [removed: business] segments: Fluid & Metering [removed: Technologies,] [added: Technologies (“FMT”),] Health & Science Technologies [added: (“HST”)] and Fire & Safety/Diversified [removed: Products.][added: Products (“FSDP”).]

[removed: *•*Our Fire & Safety/Diversified Products] [added: - The FSDP] segment [added: designs,] produces [added: and distributes] firefighting [removed: pumps] [added: pumps, valves] and controls, [removed: apparatus valves, monitors, nozzles,] rescue tools, lifting [removed: bags and] [added: 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, [removed: metering,] [added: metering] and mixing colorants and paints used in a variety of retail and commercial businesses around the world.

For a detailed description of [removed: our] [added: the] operations within each segment, please refer to Part I, [removed: Item 1.][added: [Item 1](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_13), *“Business”* of this Annual Report on Form 10-K.]

Within [removed: our] [added: its] three reportable segments, the Company maintains 13 [removed: platforms] [added: reporting units] where [removed: we focus] [added: the Company focuses] on organic growth and strategic acquisitions.

The following is a discussion and analysis of [removed: our] [added: the Company’s] results of operations for the year ended December 31, [removed: 2020] [added: 2021] compared [removed: to] [added: with] the year ended December 31, [removed: 2019.][added: 2020.]

For [added: the] discussion related to the results of operations for the year ended December 31, [removed: 2019] [added: 2020] compared [removed: to] [added: with] the year ended December 31, [removed: 2018,] [added: 2019,] refer to [removed: Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in] the Company’s [removed: annual report] [added: Annual Report] on Form 10-K for the year ended December 31, [removed: 2019,] [added: 2020,] which was filed with the [removed: SEC] [added: Securities and Exchange Commission (“SEC”)] on February [removed: 21, 2020.][added: 25, 2021.]

[removed: In the following discussion, and throughout this report,] [added: This report] references [removed: to] organic [removed: sales, a non-GAAP measure, refers to] sales [removed: from continuing operations calculated according to U.S. GAAP but excludes] [added: and organic operating income, non-GAAP measures, that exclude] (1) the impact of foreign currency translation and (2) sales [added: and operating income, respectively,] from acquired or divested businesses during the first 12 months of ownership or prior to divestiture.

The portion of sales [added: and operating income] attributable to foreign currency translation is calculated as the difference between (a) the period-to-period change in organic sales and [added: organic operating income, respectively, and] (b) the period-to-period change in organic sales [added: and organic operating income, respectively,] after applying prior period foreign exchange rates to the current year period.

Management believes that reporting organic sales [added: and organic operating income] provides useful information to investors by helping [added: to] identify underlying growth trends in [removed: our] [added: the Company’s] business and facilitating easier comparisons of [removed: our] [added: the Company’s] revenue [added: and operating] performance with prior and future periods and to [removed: our] [added: its] peers.

The Company excludes the effect of foreign currency translation from organic sales [added: and organic operating income] because foreign currency translation is not under management’s control, is subject to volatility and can obscure underlying business trends.

[removed: Performance] [added: *Performance] in [removed: 2020] [added: 2021] Compared with [removed: 2019][added: 2020*]

Sales to customers outside the U.S. [removed: represented] [added: were] approximately 51% [added: and 52%] of total [added: segment] sales in [removed: 2020 compared with 50% in 2019.][added: 2021 and 2020, respectively.]

The [added: Company’s] provision for income taxes is based upon estimated annual tax rates for the year applied to federal, state and foreign income.

[removed: Fluid] [added: *Fluid] & Metering Technologies [removed: Segment][added: Segment*]

| Operating margin | | | [removed: 26.2] [added: 26.0] | | % | | | | [removed: 29.8] [added: 26.2] | | % | | | | [removed: (360)] [added: (20) bps] | | | [added: | | | 80] bps | | | [added: | | | (110) bps | | | | | | 10 bps | | | | | | — | | | | | | (20) bps | | |]

[removed: In 2020, sales decreased 7%] [added: - Sales increased 5%] domestically and [removed: 6%] [added: 19%] internationally.

Sales to customers outside the U.S. were approximately [added: 47% and] 44% of total segment sales in [removed: 2020 compared with 43% in 2019.][added: 2021 and 2020, respectively.]

[removed: Health] [added: *Health] & Science Technologies [removed: Segment][added: Segment*]

| [removed: Operating margin] [added: Operating margin] | | | [removed: 23.0] [added: 23.0] | | [removed: %] [added: %] | | | | [removed: 21.9] [added: 22.1] | | [removed: %] [added: %] | | | | [removed: 110] | | | [removed: bps] [added: n/a] | | | [added: | | | 90 bps | | |]

[removed: In 2020, sales decreased 6%] [added: - Sales increased 27%] domestically and [removed: increased 1%] [added: 24%] internationally.

Sales to customers outside the U.S. were approximately [added: 56% and] 57% of total segment sales in [removed: 2020 compared with 55% in 2019.][added: 2021 and 2020, respectively.]

[removed: Fire] [added: *Fire] & Safety/Diversified Products [removed: Segment][added: Segment*]

| Operating margin | | | [removed: 25.6] [added: 26.1] | | % | | | | [removed: 26.4] [added: 25.6] | | % | | | | [removed: (80)] [added: 50 bps] | | | [added: | | | 10] bps | | | [added: | | | — | | | | | | 30 bps | | | | | | 10 bps | | | | | | 50 bps | | |]

[removed: In 2020, sales decreased 11%] [added: - Sales increased 17%] domestically and [removed: 9%] [added: 13%] internationally.

Sales [added: increased 15% domestically and 20% internationally, and sales] to customers outside the U.S. were approximately 52% [added: and 51%] of total [removed: segment] sales in [removed: both 2020] [added: 2021] and [removed: 2019.][added: 2020, respectively.]

[removed: Operating Activities][added: *Operating Activities*]

At December 31, [removed: 2020,] [added: 2021,] working capital was [removed: $1,258.2] [added: $1,198.0] million and the Company’s current ratio was [removed: 4.2] [added: 3.5] to 1.

At December 31, [removed: 2020,] [added: 2021,] the Company’s cash and cash equivalents totaled [removed: $1,025.9] [added: $855.4] million, of which [removed: $556.9] [added: $457.5] million was held outside of the United States.

[removed: Investing Activities][added: *Investing Activities*]

Cash flows from operations were more than adequate to fund capital expenditures of [removed: $51.5] [added: $72.7] million and [removed: $50.9] [added: $51.6] million in [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

Capital expenditures are generally expenditures for machinery and equipment that support [removed: growth,] [added: growth and] improved productivity, tooling, business system technology, replacement of equipment and investments in new facilities.

[removed: Management] [added: Otherwise, management] believes that the Company has ample capacity in its plants and equipment to meet demand increases for future growth in the intermediate term.

[removed: Financing Activities][added: *Financing Activities*]

At December 31, [removed: 2020,] [added: 2021,] there was no balance outstanding under the Revolving Facility and $7.2 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility of $792.8 million.

There are two key financial covenants that the Company is required to maintain in connection with the Revolving Facility and the [added: 2016 Private Placement] Notes, a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1.

At December 31, [removed: 2020,] [added: 2021,] the Company was in compliance with both of these financial covenants, as the Company’s interest coverage ratio was [removed: 14.66] [added: 20.12] to 1 [added: for covenant calculation purposes] and the leverage ratio was [removed: 1.66] [added: 1.52] to 1.

There are no financial covenants relating to the [removed: 3.0%] [added: 2.625%] Senior Notes or [removed: 4.20%] [added: the 3.00%] Senior Notes; however, both are subject to cross-default provisions.

*This discussion 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.*

2021 Overview

In 2021, the Company achieved a record year in sales, earnings per share and capital deployment as robust demand, targeted growth initiatives and the ability to capture price drove a strong rebound from 2020.

Throughout the year, teams steadily navigated continued headwinds arising from material availability, logistical challenges and pandemic-related absenteeism exacerbated by the emergence of new COVID-19 variants.

Despite these challenges, the Company expanded operating margin in a highly inflationary environment as previous investments to optimize cost position and productivity initiatives delivered value together with diligent price capture where possible.

Finally, the Company delivered strong cash flow and deployed record capital, both within its existing portfolio and with the addition of ABEL and Airtech to the IDEX family of businesses.

Select key financial results for the year ended December 31, 2021 when compared to 2020 were as follows:

- Sales of $2.8 billion increased 18%; organic sales (which excludes acquisitions/divestitures and foreign currency translation) were up 12%.

- Operating income of $637.0 million increased 22%.

Adjusted operating income increased 23% to $661.4 million.

- Operating margin of 23.0% was up 90 basis points.

Adjusted operating margin increased 110 basis points to 23.9%.

- Net income attributable to IDEX of $449.4 million increased 19%.

Adjusted net income attributable to IDEX increased 21% to $481.6 million.

- EBITDA of $723.8 million was 26% of sales and covered interest expense by almost 18 times.

Adjusted EBITDA of $765.4 million was 28% of sales and covered interest expense by almost 19 times.

- Diluted EPS attributable to IDEX of $5.88 increased $0.94, or 19%.

Adjusted EPS attributable to IDEX of $6.30 increased $1.11, or 21%.

- Cash flows provided by operating activities of $565.3 million was flat as strong operating results were offset by volume-driven increases in working capital.

Free cash flow of $492.6 million was 102% of adjusted net income attributable to IDEX.

Focus and Outlook for 2022

During 2022, the Company’s primary focus will be to:

- *Navigate the Short Term while Innovating for the Future.* Demand for the Company’s differentiated technology remains strong.

However, the degree to which the difficult supply chain and COVID-19 environment will persist remains highly variable, and the Company will continue to navigate the day-to-day operational challenges posed by external conditions.

At the same time, the Company remains focused on the longer-term.

The Company will continue to support efficient, innovative, value-creating processes and invest in resources necessary to ensure its businesses are well-positioned to take advantage of the growth potential ahead.

- *Build Great Global Teams.* The Company is committed to its core values and will continue to develop top performing teams.

DE&I remains an area of focus as the Company looks to continue its trajectory in creating environments where people feel like they belong and are comfortable bringing their true selves to work.

- *Deploy Capital.* The Company deployed record capital in 2021 and has identified several organic investment opportunities that will result in even higher capital spending in 2022.

Additionally, the pipeline for potential acquisitions continues to be strong.

The Company anticipates deploying additional capital in 2022 to acquire IDEX-like businesses to further strengthen its portfolio.

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Year Ended December 31, | | | | | | | | | | | | | | | Change | | | | | | | | |

| (Dollars in millions, except per share amounts) | | | 2021 | | | | | | 2020 | | | | | | | | | $ | | | | | | % / bps | | |

| Net sales | | | $ | 2,764.8 | | | | | $ | 2,351.6 | | | | | | | | $ | 413.2 | | | | | 18 | | % |

| Cost of sales | | | 1,540.3 | | | | | | 1,324.2 | | | | | | | | | 216.1 | | | | | | 16 | | % |

| Gross profit | | | 1,224.5 | | | | | | 1,027.4 | | | | | | | | | 197.1 | | | | | | 19 | | % |

| Gross margin | | | 44.3 | | % | | | | 43.7 | | % | | | | | | | n/a | | | | | | 60 bps | | |

2020 Overview

- Our Fluid & Metering Technologies segment designs, produces and distributes some of the most recognized names in positive displacement pumps and flow meters, compressors, injectors and other fluid-handling pump modules and systems.

*•*Our Health & Science Technologies segment focuses on precision engineered fluidics to support and enable growth in analytical instrumentation and the life sciences as well as pneumatic components and proprietary high performance seals and advanced sealing solutions.

Within the fields of health and science, we leverage our capabilities in small-scale, highly accurate fluidics components and medical devices as well as integrated systems and solutions to support the worldwide growth in pharmaceutical drug discovery and new applications in life sciences and diagnostic testing.

“Business” of this Annual Report on Form 10-K.

Each of our 13 platforms is also a reporting unit that we annually test goodwill for impairment.

Our 2020 financial results were as follows:

- Sales of $2.4 billion were down 6.0% and organic sales were down 9.0% compared to the prior year, partially offset by a 3% increase in sales due to acquisitions (Flow MD - February 2020 and Velcora - July 2019).

- Operating income of $520.7 million was down 10% from the prior year and operating margin of 22.1% was down 110 basis points from the prior year.

- Net income decreased 11% from the prior year to $377.8 million in 2020.

- Diluted EPS of $4.94 decreased $0.62, or 11%, compared to 2019.

Our 2020 financial results, adjusted for $11.8 million of restructuring expenses and asset impairments, a $4.1 million fair value inventory step-up charge and an $8.4 million loss on early debt redemption, compared to our 2019 financial results, adjusted for $21.0 million of restructuring expenses and asset impairments and a $3.3 million fair value inventory step-up charge, were as follows (these non-GAAP measures have been reconciled to U.S. GAAP measures in Item 6, “Selected Financial Data”):

- Adjusted operating income of $536.6 million was down 11% from the prior year and adjusted operating margin of 22.8% was down 140 basis points from the prior year.

- Adjusted net income decreased 11% from the prior year to $396.5 million in 2020.

- Adjusted EPS of $5.19 was 11% lower than prior year adjusted EPS of $5.80.

For purposes of this Item, reference is made to the Consolidated Statements of Operations in Part II, Item 8, “Financial Statements and Supplementary Data.” Segment operating income excludes unallocated corporate operating expenses.

The Company is contributing in efforts to end the COVID-19 pandemic with several of our businesses pivoting to support many products that are being used in the fight against COVID-19.

Safety is our top priority and we have implemented protocols at all of our facilities, including temperature taking, social distancing, enhanced cleaning and face coverings.

These measures have enabled successful business continuity, allowing our facilities to remain in operation with only temporary shutdowns at the initial onset of the COVID-19 pandemic.

Although we have remained in operation throughout the pandemic, satisfying customer needs in part through our focus on the development and manufacturing of products used in the fight against COVID-19, the pandemic and the enacted containment measures have adversely affected our business and results of operations.

From the onset of the pandemic through the second quarter of 2020, our customers purchased less product than they have historically purchased; however, beginning in the third quarter and continuing through the fourth quarter of 2020 we began to see improvement in our end markets and we expect our end markets to continue to normalize to historical levels through 2021.

Additionally, IDEX has implemented cost reduction actions, including employee reductions and facility consolidations, and continues to maintain a tight cost control environment.

Moreover, COVID-19 and related measures to contain its impact have caused material disruptions in both national and global financial markets and economies.

The continuing impact of COVID-19 and the enacted containment measures cannot be predicted and may continue to adversely affect, perhaps materially, our business, results of operations, financial condition and liquidity.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (In thousands) | | | 2020 | | | | | | 2019 | | | | | | Change | | | | | |

| Net sales | | | $ | 2,351,646 | | | | | $ | 2,494,573 | | | | | (6) | | % | | | |

| Operating income | | | 520,713 | | | | | | 579,003 | | | | | | (10) | | % | | | |

Sales in 2020 were $2.4 billion, a 6% decrease compared with last year.

Organic sales declined 9% compared to prior year, partially offset by a 3% increase in sales from acquisitions (Flow MD - February 2020 and Velcora - July 2019).

In 2020, Fluid & Metering Technologies contributed 38% of sales and 40% of total segment operating income; Health & Science Technologies contributed 38% of sales and 35% of total segment operating income; and Fire & Safety/Diversified Products contributed 24% of sales and 25% of total segment operating income.

Gross profit of $1.0 billion in 2020 decreased $97.6 million, or 9%, from 2019, and gross margin decreased 140 basis points to 43.7% in 2020 from 45.1% in 2019.

The decrease in gross profit and gross margin is primarily due to lower volume and business mix, partially offset by price capture.

Selling, general and administrative (“SG&A”) expenses decreased to $494.9 million in 2020 from $525.0 million in 2019.

The $30.1 million decrease is primarily due to restructuring savings, lower discretionary spending and lower stock compensation costs due to the departure of our former Chief Executive Officer, partially offset by increased funding of the IDEX Foundation and higher acquisition costs.

As a percentage of sales, SG&A expenses were 21.1% for 2020 and 21.2% for 2019.

In 2020 and 2019, the Company incurred pre-tax restructuring expenses and asset impairments totaling $11.8 million and $21.0 million, respectively, to facilitate long-term, sustainable growth through cost reduction actions, primarily consisting of employee reductions, facility rationalization and asset impairments.

The restructuring expenses and asset impairments in 2020 included severance benefits of $8.5 million, exit costs of $0.2 million and asset impairments of $3.1 million.

In the fourth quarter of 2020, the Company consolidated certain facilities within the FMT segment resulting in an impairment charge of $2.5 million, consisting of $1.6 million related to property, plant and equipment which was not relocated to the new location and $0.9 million related to a building right-of-use asset that was exited early.

Under the policy, the Company does not use financial or commodity derivative instruments for trading [removed: purposes,] [added: purposes] and the use of these instruments is subject to strict approvals by senior officers.

As of December 31, [removed: 2020,] [added: 2021,] the Company did not have any derivative instruments outstanding.

The foreign currency transaction losses [removed: (gains)] for the periods ending December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018] [added: 2019] were [removed: $3.0] [added: $1.1] million, [removed: $3.3] [added: $3.0] million and [removed: $(2.4)] [added: $3.3] million, respectively, and are reported within Other [removed: (income)] expense - net on the Consolidated Statements of [removed: Operations.][added: Income.]

See [removed: Note 8] [added: [Note](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_88) [1](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_88)] in Part II, Item 8, “Financial Statements and Supplementary Data,” for further discussion.

The Company does not have significant interest rate exposure due to all of the [removed: $1,050.2] [added: $1,200.1] million of debt outstanding as of December 31, [removed: 2020] [added: 2021] 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 December 31, 2021, there was no balance outstanding under the Revolving Facility.

Substantially all of the Company’s business activities are carried out through [added: over 40] wholly-owned [removed: subsidiaries.][added: subsidiaries with shared values of trust, team and excellence.]

The Company has three reportable [removed: business] segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”).

[removed: ][added: ]

IDEX believes that each of its reporting units is a leader in its [removed: product] [added: products] and [removed: service areas.][added: services.]

The Company also believes that its strong financial performance has been attributable to its ability to design and engineer specialized quality [removed: products,] [added: products] coupled with its ability to successfully identify, acquire and integrate strategic acquisitions.

The [removed: Fluid & Metering Technologies] [added: FMT] segment designs, produces and distributes positive displacement pumps, [added: 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.

[removed: Fluid & Metering Technologies] [added: FMT] application-specific pump and metering solutions serve a diverse range of end markets, including industrial infrastructure (fossil fuels, refined and alternative fuels and water and wastewater), [added: energy,] chemical processing, agriculture, food and beverage, [added: semiconductor,] pulp and paper, [removed: transportation,] [added: automotive/transportation,] plastics and resins, electronics and electrical, construction and mining, pharmaceutical and bio-pharmaceutical, machinery and numerous other specialty niche markets.

[removed: ][added: ]

[removed: *Energy.* Energy] [added: - Advanced Flow Solutions (“AFS”)] consists of the Company’s Corken, Liquid [removed: Controls, SAMPI, Toptech] [added: Controls] and [removed: Flow MD] [added: SAMPI] businesses.

[added: *Energy.*] Energy is a leading supplier of flow meters, small volume provers, electronic registration and control products, rotary vane and turbine pumps, reciprocating piston compressors and terminal automation control systems.

[added: -] Toptech supplies terminal automation hardware and software to control and manage inventories as well as transactional data and invoicing to customers in the oil, gas and refined-fuels markets.

[added: -] Flow MD engineers and manufactures small volume provers that ensure custody transfer accuracy in the oil and gas industry.

[removed: Energy] [added: AFS] maintains [removed: facilities] [added: operations] in [removed: Lake Bluff, Illinois (Liquid Controls products); Longwood, Florida and Zwijndrecht, Belgium (Toptech products);] Oklahoma City, Oklahoma (Corken and [removed: Flow MD products);] [added: Liquid Controls products) and] Altopascio, Italy (SAMPI [removed: products); and Phoenix, Arizona (Flow MD] products).

[added: *Valves.*] Valves is a leader in the design, manufacture and sale of specialty valve products for use in the chemical, petro-chemical, energy and sanitary markets as well as a leading producer of fluoroplastic lined corrosion-resistant magnetic drive and mechanical seal pumps, shut-off, control and safety valves for corrosive, hazardous, contaminated, pure and high-purity fluids.

[added: -] Alfa [removed: Valvole’s] [added: Valvole and OBL manufacture] products [removed: are] used in various industrial fields for fluid control, in both gas and liquid form, in all sectors of plant engineering, cosmetics, detergents, food industry, electric energy, pharmaceutical, [removed: chemical plants, petrochemical plants, oil, heating/air conditioning and also on ships, ferries and marine oil platforms.]

[added: -] Richter’s products offer superior solutions for demanding and complex pump and valve applications in the process industry.

[added: -] Aegis produces specialty chemical processing valves for use in the chemical, petro-chemical, chlor-alkali and pulp and paper industries.

[removed: Valves] [added: Richter] maintains operations in [removed: Casorezzo, Italy (Alfa Valvole products);] Cedar Falls, [removed: Iowa,] [added: Iowa;] Kempen, Germany and Suzhou, [removed: China (Richter products); and Geismar, Louisiana (Aegis products).][added: China.]

[added: *Water.*] Water is a leading provider of metering technology, flow monitoring products and underground surveillance services for wastewater markets, alloy and non-metallic gear pumps, peristaltic pumps, transfer pumps [removed: as well as] [added: and] dispensing equipment for industrial [added: laundries, commercial dishwashing and chemical metering.]

[added: - Knight is a leading manufacturer of pumps and dispensing equipment for industrial] laundries, commercial dishwashing and chemical metering.

[added: -] ADS’ products and services provide comprehensive integrated solutions that enable industry, municipalities and government agencies to analyze and measure the capacity, quality and integrity of wastewater collection systems, including the maintenance and construction of such systems.

[added: -] iPEK supplies remote controlled systems used for infrastructure inspection.

[added: -] Trebor is a leader in high-purity fluid handling products, including air-operated diaphragm pumps and deionized water-heating systems.

[added: -] Pulsafeeder products [removed: (which also include OBL products)] are used to introduce precise amounts of fluids into processes to manage water quality and chemical composition as well as peristaltic pumps.

[added: *Pumps.*] Pumps is a leading manufacturer of rotary internal gear, external gear, vane and rotary lobe pumps, custom-engineered OEM pumps, strainers, gear reducers and engineered pump systems.

[removed: Viking’s] [added: - Viking Pump’s] products consist of external gear pumps, strainers and reducers and related controls used for transferring and metering thin and viscous liquids sold under the Viking [added: Pump] and Wright Flow brands.

Viking [added: Pump] products primarily serve the chemical, petroleum, pulp and paper, plastics, paints, inks, tanker trucks, compressor, [removed: construction, food and beverage, personal care, pharmaceutical and biotech markets.]

[added: -] Warren Rupp [added: manufactures air-operated double diaphragm pumps] products (which include Versa-Matic products) [removed: are] used for abrasive and semisolid materials as well as for applications where product degradation is a concern or where electricity is not available or should not be used.

Warren Rupp [removed: products, which include air-operated double diaphragm pumps,] [added: products] primarily serve the chemical, paint, food processing, electronics, construction, utilities, oil and gas, mining and industrial maintenance markets.

[removed: Pumps] [added: Viking Pump] maintains operations in Cedar Falls, Iowa (Viking [added: Pump] and Wright Flow products); Eastbourne, England (Wright Flow products); Shannon, Ireland (Viking [removed: and Blagdon products);] [added: Pump products)] and [removed: Mansfield, Ohio (Warren Rupp] [added: Windsor, Ontario (Viking Pump] products).

Its products are used in agriculture (approximately [removed: 71%] [added: 70%] of revenue) and industrial (approximately [removed: 29%] [added: 30%] of revenue) applications.

The [removed: Health & Science Technologies] [added: HST] segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying [removed: systems used in beverage, food processing, pharmaceutical and cosmetics,] [added: systems,] pneumatic components and sealing solutions, [removed: including very] high [removed: precision, low-flow rate pumping solutions required in analytical instrumentation, clinical diagnostics and drug discovery, high] performance molded and extruded sealing components, custom mechanical and shaft [removed: seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment,] [added: seals,] engineered hygienic mixers and [removed: valves for the global biopharmaceutical industry,] [added: valves,] biocompatible medical devices and implantables, air compressors [removed: used in medical, dental] and [removed: industrial applications,] [added: blowers,] optical components and [removed: coatings for applications in the fields of scientific research, defense, biotechnology, aerospace, telecommunications and electronics manufacturing,] [added: coatings,] laboratory and commercial [removed: equipment used in the production of micro and nano scale materials,] [added: equipment,] precision photonic solutions [removed: used in life sciences, research] and [removed: defense markets and] precision gear and peristaltic pump [removed: technologies that meet exacting original equipment manufacturer specifications.][added: technologies.]

[removed: ][added: ]

[added: -] Precision Polymer Engineering is a provider of proprietary high performance seals and advanced sealing solutions for a diverse range of global industries and applications, including hazardous duty, analytical instrumentation, semiconductor, process technologies, oil and gas, pharmaceutical, electronics and food applications.

Precision Polymer Engineering is headquartered in Blackburn, England [removed: with] [added: and has] an additional manufacturing facility in Brenham, Texas.

The joint venture is headquartered in [removed: Damman,] [added: Dammam,] Saudi Arabia.

[added: -] FTL Seals [removed: Technology,] [added: Technology is] located in Leeds, [removed: England,] [added: England and] specializes in the design and application of high integrity rotary seals, specialty bearings and other custom products for the mining, power generation and marine markets.

[removed: Novotema,] [added: - Novotema is] located in Villongo, [removed: Italy,] [added: Italy and] is a leader in the design, manufacture and sale of specialty sealing solutions for use in the building products, gas control, transportation, industrial and water markets.

[added: -] SFC Koenig is a producer of highly engineered expanders and check valves for critical applications across the transportation, hydraulic, aviation and medical markets.

SFC Koenig is based in Dietikon, [removed: Switzerland, with] [added: Switzerland and has] additional facilities in North Haven, [removed: Connecticut,] [added: Connecticut;] Illerrieden, [removed: Germany,] [added: Germany] and Suzhou, China.

*Overview*

IDEX Corporation (“IDEX” or the “Company”) was incorporated in Delaware on September 24, 1987 and is an applied solutions provider serving niche markets worldwide.

IDEX is a high-performing, global enterprise committed to making trusted solutions that improve lives and are mission critical components in everyday life.

IDEX’s diverse family of businesses is innovative and inquisitive in its quest to solve customers’ most challenging applied technology problems.

These businesses operate with a high degree of autonomy, yet are all united by employing The IDEX Difference, a philosophy of great teams who embrace the 80/20 principle while remaining hyper-focused on serving customers.

*End Markets and Products*

The following table summarizes the percentage of total IDEX sales generated by each end market:

The segments are structured around how to best serve customer needs, with each segment consisting of businesses that have product and end market similarities as well as common distribution methods and production processes.

This structure enables management efficiency, aligns IDEX’s operations with its focus on organic growth, strategic acquisitions and capital allocation priorities and provides transparency about the Company’s performance to external stakeholders.

Within its three reportable segments, the Company maintains 13 reporting units.

The table below illustrates the three reportable segments and the reporting units within each segment.

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 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 years ended December 31, 2021 and 2020.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Year Ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | |

| | | | FMT | | | | | | HST | | | | | | FSDP | | | | | | IDEX | | | | | | FMT | | | | | | HST | | | | | | FSDP | | | | | | IDEX | | |

| Sales | | | 36% | | | | | | 41% | | | | | | 23% | | | | | | 100% | | | | | | 38% | | | | | | 38% | | | | | | 24% | | | | | | 100% | | |

| Operating income(1) | | | 36% | | | | | | 40% | | | | | | 24% | | | | | | 100% | | | | | | 40% | | | | | | 35% | | | | | | 25% | | | | | | 100% | | |

(1) Segment operating income excludes unallocated corporate operating expenses of $80.5 million and $64.9 million for the years ended December 31, 2021 and 2020, respectively.

The following table summarizes the percentage of total FMT sales generated by each end market:

The following discussion describes the reporting units included in the FMT segment:

Pumps is comprised of the following businesses:

construction, food and beverage, personal care, pharmaceutical and biotech markets.

Warren Rupp maintains operations in Mansfield, Ohio.

- 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.

ABEL maintains operations in Büchen, Germany and Mansfield, Ohio and has a facility in Madrid, Spain.

Water is comprised of the following businesses:

ADS maintains operations in Huntsville, Alabama and various other locations in the United States, Canada and Australia.

iPEK maintains operations in Hirschegg, Austria and Sulzberg, Germany.

Knight maintains operations in Irvine, California and a maquiladora in Ciudad Juarez, Chihuahua, Mexico.

Trebor maintains operations in West Jordan, Utah.

IDEX Corporation (“IDEX,” the “Company,” “us,” “our,” or “we”) is a Delaware corporation incorporated on September 24, 1987.

The Company is an applied solutions business that sells an extensive array of pumps, valves, flow meters and other fluidics systems and components and engineered products to customers in a variety of markets around the world.

Within our three reportable segments, the Company maintains 13 platforms where we focus on organic growth and strategic acquisitions.

Each of our 13 platforms is also a reporting unit that we annually test for goodwill impairment.

The FMT segment contains the Energy platform (comprised of Corken, Liquid Controls, SAMPI, Toptech and Flow Management Devices, LLC (“Flow MD”)), the Valves platform (comprised of Alfa Valvole, Richter and Aegis), the Water platform (comprised of Pulsafeeder, OBL, Knight, ADS, Trebor and iPEK), the Pumps platform (comprised of Viking and Warren Rupp) and the Agriculture platform (comprised of Banjo).

The HST segment contains the Scientific Fluidics & Optics platform (comprised of Eastern Plastics, Rheodyne, Sapphire Engineering, Upchurch Scientific, ERC, CiDRA Precision Services, thinXXS, CVI Melles Griot, Semrock, Advanced Thin Films and FLI), the Sealing Solutions platform (comprised of Precision Polymer Engineering, FTL Seals Technology, Novotema, SFC Koenig and Velcora), the Gast platform, the Micropump platform and the Material Processing Technologies platform (comprised of Quadro, Fitzpatrick, Microfluidics and Matcon).

The FSDP segment is comprised of the Fire & Safety platform (comprised of Class 1, Hale, Godiva, Akron Brass, Weldon, AWG Fittings, Dinglee, Hurst Jaws of Life, Lukas and Vetter), the BAND-IT platform and the Dispensing platform.

Fluid & Metering Technologies accounted for 38% of IDEX’s sales in each of 2020, 2019 and 2018, respectively, with approximately 44% of its 2020 sales to customers outside the U.S. The segment accounted for 40%, 44% and 42% of total segment operating income in 2020, 2019 and 2018, respectively.

Approximately 33% of Energy’s 2020 sales were to customers outside the U.S.

*Valves.* Valves consists of the Company’s Alfa Valvole, Richter and Aegis businesses.

Approximately 83% of Valves’ 2020 sales were to customers outside the U.S.

*Water.* Water consists of the Company’s ADS, iPEK, Knight, Trebor, Pulsafeeder and OBL businesses.

Knight is a leading manufacturer of pumps and dispensing equipment for industrial laundries, commercial dishwashing and chemical metering.

Water maintains operations in Huntsville, Alabama and various other locations in the United States, Canada and Australia (ADS products and services); Hirschegg, Austria and Sulzberg, Germany (iPEK products); Rochester, New York, Punta Gorda, Florida, and Milan, Italy (Pulsafeeder products); West Jordan, Utah (Trebor products); Irvine, California, Mississauga, Ontario, Canada, and Lewes, England (Knight products); and a maquiladora in Ciudad Juarez, Chihuahua, Mexico (Knight products).

Approximately 45% of Water’s 2020 sales were to customers outside the U.S.

*Pumps.* Pumps consists of the Company’s Viking and Warren Rupp businesses.

Approximately 42% of Pumps’ 2020 sales were to customers outside the U.S.

Approximately 21% of Banjo’s 2020 sales were to customers outside the U.S.

Health & Science Technologies accounted for 38%, 37% and 36% of IDEX’s sales in 2020, 2019 and 2018, respectively, with approximately 57% of its 2020 sales to customers outside the U.S. The segment accounted for 35%, 31% and 32% of total segment operating income in 2020, 2019 and 2018, respectively.

*Scientific Fluidics & Optics.* Scientific Fluidics & Optics consists of the Company’s Eastern Plastics, Rheodyne, Sapphire Engineering, Upchurch Scientific, ERC, CiDRA Precision Services, thinXXS, CVI Melles Griot, Semrock, Advanced Thin Films and FLI businesses.

Eastern Plastics products, which consist of high-precision integrated fluidics and associated engineered manifolds, are used in a broad set of end markets including medical diagnostics, analytical instrumentation and laboratory automation.

Rheodyne products consist of injectors, valves, fittings and accessories for the analytical instrumentation market.

These products are used by manufacturers of high pressure liquid chromatography (“HPLC”) equipment servicing the pharmaceutical, biotech, life science, food and beverage, and chemical markets.

Sapphire Engineering and Upchurch Scientific products consist of fluidic components and systems for the analytical, biotech and diagnostic instrumentation markets, such as fittings, precision-dispensing pumps and valves, tubing and integrated tubing assemblies, filter sensors and other micro-fluidic and nano-fluidic components as well as advanced column hardware and accessories for the high performance liquid chromatography market.

The products produced by Sapphire Engineering and Upchurch Scientific primarily serve the pharmaceutical, drug discovery, chemical, biochemical processing, genomics/proteomics research, environmental labs, food/agriculture, medical lab, personal care and plastics/polymer/rubber production markets.

ERC manufactures gas liquid separations and detection solutions for the life science, analytical instrumentation and clinical chemistry markets.

ERC’s products consist of in-line membrane vacuum degassing solutions, refractive index detectors and ozone generation systems.

CiDRA Precision Services’ products consist of microfluidic components serving the life science, health and industrial markets and thinXXS is a leader in the design, manufacture and sale of microfluidic components serving the point of care, veterinary and life science markets.

CVI Melles Griot is a global leader in the design and manufacture of precision photonic solutions used in the life science, research, semiconductor, security and defense markets.

CVI Melles Griot’s innovative products are focused on the generation, control and productive use of light for a variety of key science and industrial applications.

Products consist of specialty lasers and light sources, electro-optical components, specialty shutters, opto-mechanical assemblies and components.

In addition, CVI Melles Griot produces critical components for life science research, electronics manufacturing, military and other industrial applications, including lenses, mirrors, filters and polarizers.

These components are utilized in a number of important applications such as spectroscopy, cytometry (cell counting), guidance systems for target designation, remote sensing, menology and optical lithography.

Semrock is a provider of optical filters for biotech and analytical instrumentation in the life science market.

Semrock’s optical filters are produced using state-of-the-art manufacturing processes which enable it to offer its customers significant improvements in instrument performance and reliability.

Advanced Thin Films specializes in optical components and coatings for applications in the fields of scientific research, defense, aerospace, telecommunications and electronics manufacturing.

Advanced Thin Films’ core competence is the design and manufacture of filters, splitters,

reflectors and mirrors with the precise physical properties required to support their customers’ most challenging and cutting-edge optical applications.

The Precision Photonics portion of its business specializes in optical components and coatings for applications in the fields of scientific research, aerospace, telecommunications and electronics manufacturing.

FLI specializes in the design, development and production of low-noise cooled charge-coupled device (“CCD”) and high speed, high-sensitivity scientific complementary metal-oxide semiconductor (“CMOS”) cameras for the astronomy and life science markets.

[removed: The Company and its subsidiaries are party to legal proceedings as described in Note 11 in Part II, Item 8, “Commitments and Contingencies,” and such disclosure is incorporated by reference into this Item 3, “Legal Proceedings.”] In addition, the Company and six 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.

The Company and its subsidiaries are party to legal proceedings as described in [Note 11](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_121) in Part II, Item 8, “Commitments and Contingencies,” and such disclosure is incorporated by reference into this Item 3, “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.

[removed: For] [added: For] the fiscal year ended December 31, [removed: 2020][added: 2021]

| | | | [removed: For] [added: For] the transition period from [removed: to] [added: to] | | |

[removed: Commission] [added: Commission] file number [removed: 1-10235][added: 1-10235]

| | | | 3100 Sanders [removed: Road] [added: Road,] | | | Suite 301, | | | Northbrook, | | | Illinois | | | | | | 60062 | | |

[removed: Registrant’s] [added: Registrant’s] telephone number, including area [removed: code:][added: code: (847) 498-7070]

[removed: Securities] [added: Securities] Registered Pursuant to Section 12(b) of the [removed: Act:][added: Act:]

| [removed: Title] [added: Title] of [removed: Each Class] [added: each class] | | | [removed: Trading Symbol(s)] [added: Trading Symbol(s)] | | | [removed: Name] [added: Name] of [removed: Each Exchange] [added: each exchange] on [removed: Which Registered] [added: which registered] | | |

[removed: Securities] [added: Securities] Registered Pursuant to Section 12(g) of the [removed: Act:][added: Act:]

[removed: None][added: None]

Indicate by check mark whether the [removed: registrant:] [added: 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.

The aggregate market value, as of the last business day of the registrant’s most recently completed second fiscal quarter, of the common stock (based on the June 30, [removed: 2020] [added: 2021] closing price of [removed: $158.04)] [added: $220.05)] held by non-affiliates of IDEX Corporation was [removed: $11,866,931,226.][added: $16,710,929,496.]

The number of shares outstanding of IDEX Corporation’s common stock, par value $.01 per share, as of February [removed: 22, 2021] [added: 18, 2022] was [removed: 75,889,737.][added: 76,119,749.]

Portions of the proxy statement with respect to the IDEX Corporation [removed: 2021] [added: 2022] annual meeting of stockholders (the [removed: “2021] [added: “2022] Proxy Statement”) are incorporated by reference into Part III of this Form 10-K.

| [removed: Item 1.] [added: PART I.] | | | [removed: [Business](#i42509c1a01e348f383f54ee4f22f8c52_13)] [added: Item 1.] | | | [removed: [1](#i42509c1a01e348f383f54ee4f22f8c52_13)] [added: [Business](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_13)] | | | [added: [1](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_13) | | | | | |]

| [removed: Item 1A.] | | | [added: Item 1A. | | |] [Risk [removed: Factors](#i42509c1a01e348f383f54ee4f22f8c52_16)] [added: Factors](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_16)] | | | [removed: [12](#i42509c1a01e348f383f54ee4f22f8c52_16)] [added: [14](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_16)] | | | [added: | | |]

| [removed: Item 1B.] | | | [added: Item 1B. | | |] [Unresolved Staff [removed: Comments](#i42509c1a01e348f383f54ee4f22f8c52_19)] [added: Comments](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_19)] | | | [removed: [16](#i42509c1a01e348f383f54ee4f22f8c52_19)] [added: [18](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_19)] | | | [added: | | |]

| [removed: Item 2.] | | | [removed: [Properties](#i42509c1a01e348f383f54ee4f22f8c52_22)] [added: Item 2.] | | | [removed: [16](#i42509c1a01e348f383f54ee4f22f8c52_22)] [added: [Properties](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_22)] | | | [added: [18](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_22) | | | | | |]

| [removed: Item 3.] | | | [added: Item 3. | | |] [Legal [removed: Proceedings](#i42509c1a01e348f383f54ee4f22f8c52_25)] [added: Proceedings](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_25)] | | | [removed: [17](#i42509c1a01e348f383f54ee4f22f8c52_28)] [added: [19](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_28)] | | | [added: | | |]

| [removed: Item 4.] | | | [added: Item 4. | | |] [Mine Safety [removed: Disclosures](#i42509c1a01e348f383f54ee4f22f8c52_28)] [added: Disclosures](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_28)] | | | [removed: [17](#i42509c1a01e348f383f54ee4f22f8c52_28)] [added: [19](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_28)] | | | [added: | | |]

| [removed: Item 5.] [added: PART II.] | | | [added: Item 5. | | |] [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i42509c1a01e348f383f54ee4f22f8c52_34)] [added: Securities](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_34)] | | | [removed: [18](#i42509c1a01e348f383f54ee4f22f8c52_34)] [added: [20](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_34)] | | | [added: | | |]

| [removed: Item 7.] | | | [added: Item 7. | | |] [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i42509c1a01e348f383f54ee4f22f8c52_40)] [added: Operations](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_40)] | | | [removed: [21](#i42509c1a01e348f383f54ee4f22f8c52_40)] [added: [22](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_40)] | | | [added: | | |]

| [removed: Item 7A.] | | | [added: Item 7A. | | |] [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i42509c1a01e348f383f54ee4f22f8c52_55)] [added: Risk](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_55)] | | | [removed: [29](#i42509c1a01e348f383f54ee4f22f8c52_55)] [added: [30](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_55)] | | | [added: | | |]

| [removed: Item 8.] | | | [added: Item 8. | | |] [Financial Statements and Supplementary [removed: Data](#i42509c1a01e348f383f54ee4f22f8c52_58)] [added: Data](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_58)] | | | [removed: [31](#i42509c1a01e348f383f54ee4f22f8c52_58)] [added: [32](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_58)] | | | [added: | | |]

| [removed: Item 9.] | | | [added: Item 9. | | |] [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i42509c1a01e348f383f54ee4f22f8c52_169)] [added: Disclosure](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_151)] | | | [removed: [84](#i42509c1a01e348f383f54ee4f22f8c52_169)] [added: [84](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_151)] | | | [added: | | |]

| [removed: Item 9A.] | | | [added: Item 9A. | | |] [Controls and [removed: Procedures](#i42509c1a01e348f383f54ee4f22f8c52_172)] [added: Procedures](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_154)] | | | [removed: [84](#i42509c1a01e348f383f54ee4f22f8c52_172)] [added: [84](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_154)] | | | [added: | | |]

| [removed: Item 9B.] | | | [added: Item 9B. | | |] [Other [removed: Information](#i42509c1a01e348f383f54ee4f22f8c52_175)] [added: Information](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_157)] | | | [removed: [84](#i42509c1a01e348f383f54ee4f22f8c52_175)] [added: [84](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_157)] | | | [added: | | |]

| [removed: Item 10.] [added: PART III.] | | | [added: Item 10. | | |] [Directors, Executive Officers and Corporate [removed: Governance](#i42509c1a01e348f383f54ee4f22f8c52_181)] [added: Governance](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_163)] | | | [removed: [85](#i42509c1a01e348f383f54ee4f22f8c52_181)] [added: [85](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_163)] | | | [added: | | |]

| [removed: Item 11.] | | | [added: Item 11. | | |] [Executive [removed: Compensation](#i42509c1a01e348f383f54ee4f22f8c52_184)] [added: Compensation](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_166)] | | | [removed: [85](#i42509c1a01e348f383f54ee4f22f8c52_184)] [added: [85](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_166)] | | | [added: | | |]

| [removed: Item 12.] | | | [added: Item 12. | | |] [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i42509c1a01e348f383f54ee4f22f8c52_187)] [added: Matters](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_169)] | | | [removed: [85](#i42509c1a01e348f383f54ee4f22f8c52_187)] [added: [85](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_169)] | | | [added: | | |]

| [removed: Item 13.] | | | [added: Item 13. | | |] [Certain Relationships and Related Transactions, and Director [removed: Independence](#i42509c1a01e348f383f54ee4f22f8c52_190)] [added: Independence](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_172)] | | | [removed: [85](#i42509c1a01e348f383f54ee4f22f8c52_190)] [added: [85](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_172)] | | | [added: | | |]

| [removed: Item 14.] | | | [added: Item 14. | | |] [Principal Accountant Fees and [removed: Services](#i42509c1a01e348f383f54ee4f22f8c52_193)] [added: Services](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_175)] | | | [removed: [85](#i42509c1a01e348f383f54ee4f22f8c52_193)] [added: [85](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_175)] | | | [added: | | |]

| [removed: Item 15.] [added: PART IV.] | | | [added: Item 15. | | |] [Exhibits and Financial Statement [removed: Schedules](#i42509c1a01e348f383f54ee4f22f8c52_199)] [added: Schedules](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_181)] | | | [removed: [86](#i42509c1a01e348f383f54ee4f22f8c52_199)] [added: [86](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_181)] | | | [added: | | |]

| [removed: Item 16.] | | | [added: Item 16. | | |] [Form 10-K [removed: Summary](#i42509c1a01e348f383f54ee4f22f8c52_202)] [added: Summary](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_184)] | | | [removed: [87](#i42509c1a01e348f383f54ee4f22f8c52_202)] [added: [91](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_184)] | | | [added: | | |]

These statements may relate to, among other things, the Company’s expected organic sales [removed: growth, the] [added: growth and] expected [added: earnings per share, and the assumptions underlying these expectations, plant and equipment capacity for future growth and the anticipated] timing and [added: effects of planned facility expansion, the duration of supply chain challenges,] anticipated [removed: benefits] [added: future acquisition behavior and capital deployment, availability] of [added: cash and financing alternatives,] the [added: anticipated timing of the closing of the] Company’s acquisition of [removed: Abel Pumps, L.P.] [added: Nexsight, LLC] and [removed: certain of] its [removed: affiliates,] [added: businesses Envirosight, WinCan, MyTana] and [added: Pipeline Renewal Technologies (“Nexsight”) and] the anticipated [removed: continuing effects] [added: benefits] of the [removed: coronavirus pandemic, including with respect to the Company's sales, improvements in the] Company’s [removed: end markets, facility closures, supply chains] [added: acquisitions of ABEL Pumps, L.P.] and [removed: access to capital, capital expenditures, acquisitions, cost reductions, cash flow, revenues, earnings, market conditions, global economies] [added: certain of its affiliates (“ABEL”), Airtech Group, Inc., US Valve Corporation] and [removed: operating improvements,] [added: related entities (“Airtech”)] and [added: Nexsight, and] are indicated by words or phrases such as “anticipates,” “estimates,” “plans,” [added: “guidance,”] “expects,” “projects,” “forecasts,” “should,” “could,” “will,” “management believes,” “the Company believes,” “the Company intends” and similar words or phrases.

The risks and uncertainties include, but are not limited to, the following: the duration of the [removed: coronavirus] [added: COVID-19] pandemic and the continuing effects of the [removed: coronavirus pandemic] [added: COVID-19 pandemic, including the emergence of variant strains,] on [removed: our] [added: the Company’s] ability to operate [removed: our] [added: its] business and facilities, on [removed: our] [added: its] customers, on supply chains and on the U.S. and global economy generally; economic and political consequences resulting from terrorist attacks and wars; levels of industrial activity and economic conditions in the U.S. and other countries around the world; pricing pressures 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 [removed: results, particularly in light of the low levels of order backlogs it typically maintains;] [added: 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; [added: supply chain backlogs, including risks affecting component availability, labor inefficiencies and freight logistical challenges;] market conditions and material costs; and developments with respect to contingencies, such as litigation and environmental matters, and the other risk factors discussed in Item 1A, “Risk Factors” of this annual report.

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | |

| | | | Item 6. | | | [\[Reserved\]](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_1881) | | | [21](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_1881) | | | | | |

| | | | | | | [Management’s Report on Internal Control Over Financial Reporting](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_61) | | | [32](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_61) | | | | | |

| | | | | | | [Report](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64) [of Independent Registered Public Accounting Firm](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64) [](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64)[(PCAOB ID No.](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64) 34[)](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64) | | | [33](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64) | | | | | |

| | | | | | | [Consolidated Balance Sheets](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_70) | | | [37](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_70) | | | | | |

| | | | | | | [Consolidated Statements of Income](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_73) | | | [38](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_73) | | | | | |

| | | | | | | [Consolidated Statements of Comprehensive Income](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_76) | | | [39](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_76) | | | | | |

| | | | | | | [Consolidated Statements of Equity](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_79) | | | [40](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_79) | | | | | |

| | | | | | | [Consolidated Statements of Cash Flows](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_82) | | | [41](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_82) | | | | | |

| | | | | | | [Notes to Consolidated Financial Statements](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_85) | | | [42](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_85) | | | | | |

| | | | | | | [Note 1. Significant Accounting Policies](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_88) | | | [42](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_88) | | | | | |

| | | | | | | [Note 2. Acquisitions and Divestitures](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_91) | | | [46](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_91) | | | | | |

| | | | | | | [Note 3. Collaborative Investments](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_94) | | | [51](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_94) | | | | | |

| | | | | | | [Note 4. Balance Sheet Components](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_97) | | | [51](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_97) | | | | | |

| | | | | | | [Note 5. Revenue](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_100) | | | [53](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_100) | | | | | |

| | | | | | | [Note 6. Goodwill and Intangible Assets](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_103) | | | [55](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_103) | | | | | |

| | | | | | | [Note 7. Borrowings](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_106) | | | [57](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_106) | | | | | |

| | | | | | | [Note 8. Derivative Instruments](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_109) | | | [60](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_109) | | | | | |

| | | | | | | [Note 9. Fair Value Measurements](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_112) | | | [60](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_112) | | | | | |

| | | | | | | [Note 10. Leases](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_115) | | | [61](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_115) | | | | | |

| | | | | | | [Note 11. Commitments and Contingencies](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_121) | | | [64](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_121) | | | | | |

| | | | | | | [Note 12. Common and Preferred Stock](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_124) | | | [64](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_124) | | | | | |

| | | | | | | [Note 13. Income Taxes](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_127) | | | [64](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_127) | | | | | |

| | | | | | | [Note 14. Business Segments and Geographic Information](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_130) | | | [67](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_130) | | | | | |

| | | | | | | [Note 15. Restructuring Expenses and Asset Impairments](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_133) | | | [70](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_133) | | | | | |

| | | | | | | [Note 16. Share-Based Compensation](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_136) | | | [71](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_136) | | | | | |

| | | | | | | [Note 17. Other Comprehensive Income (Loss)](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_139) | | | [76](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_139) | | | | | |

| | | | | | | [Note 18. Retirement Benefits](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_142) | | | [76](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_142) | | | | | |

| | | | | | | [Note 19. Subsequent Events](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_148) | | | [83](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_148) | | | | | |

| | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | |

| | | | | | | [Signatures](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_1851) | | | [91](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_1851) | | | | | |

(847) 498-7070

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| PART I. | | | | | | | | |

| PART II. | | | | | | | | |

| Item 6. | | | [Selected Financial Data](#i42509c1a01e348f383f54ee4f22f8c52_37) | | | [20](#i42509c1a01e348f383f54ee4f22f8c52_37) | | |

| PART III. | | | | | | | | |

| PART IV. | | | | | | | | |

| [Signatures](#i42509c1a01e348f383f54ee4f22f8c52_205) | | | | | | [88](#i42509c1a01e348f383f54ee4f22f8c52_205) | | |

[removed: Management] [added: Otherwise, management considers its facilities suitable and adequate for the Company’s operations and] believes the Company can meet demand increases over the near term with its existing facilities, especially given its operational improvement initiatives that usually increase capacity.

[removed: The] [added: (1) Other includes shared service locations as well as the] Company’s executive [removed: office] [added: office, which] occupies 40,261 square feet of leased space in Northbrook, Illinois and 16,268 square feet of leased space in Chicago, Illinois.

The Company conducts business at plants and offices that can be owned or leased and located in the U.S. or outside the U.S., with square footage primarily in Germany (12%), U.K. (6%), Italy (5%), India (3%), China (2%), Canada (2%) and The Netherlands (2%).

The Company has invested a significant amount of capital to expand both the China and India facilities that will ultimately double the Company’s historic capacity in each of these countries.

A summary of properties used by the Company’s operations as of December 31, 2021 are shown in the following table:

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | Square footage (in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | Location | | | | | | | | | | | | Owned/Leased | | | | | | | | |

| | | | | | | Total | | | | | | Domestic | | | | | | International | | | | | | Owned | | | | | | Leased | | |

| Fluid & Metering Technologies | | | | | | 1.9 | | | | | | 1.4 | | | | | | 0.5 | | | | | | 1.2 | | | | | | 0.7 | | |

| Health & Science Technologies | | | | | | 1.6 | | | | | | 1.0 | | | | | | 0.6 | | | | | | 0.7 | | | | | | 0.9 | | |

| Fire & Safety/Diversified Products | | | | | | 1.4 | | | | | | 0.8 | | | | | | 0.6 | | | | | | 1.1 | | | | | | 0.3 | | |

| Other(1) | | | | | | 0.3 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.1 | | |

| Total | | | | | | 5.2 | | | | | | 3.3 | | | | | | 1.9 | | | | | | 3.2 | | | | | | 2.0 | | |

The Company’s principal plants and offices have an aggregate floor space area of approximately 4.9 million square feet, of which 3.2 million square feet (66%) are located in the U.S. and approximately 1.7 million square feet (34%) are located outside the U.S., primarily in Germany (10%), U.K. (7%), Italy (5%), India (3%), China (2%), Canada (2%) and The Netherlands (2%).

Management considers these facilities suitable and adequate for the Company’s operations.

Approximately 2.9 million square feet (60%) of the principal plant and office floor area are owned by the Company and the balance is held under lease.

Approximately 1.8 million square feet (36%) of the principal plant and office floor area are held by business units in the Fluid & Metering Technologies segment; 1.4 million square feet (29%) are held by business units in the Health & Science Technologies segment; and 1.5 million square feet (30%) are held by business units in the Fire & Safety/Diversified Products segment.

The remaining 0.2 million square feet (5%) include the executive office as well as shared services locations.

As of February [removed: 22, 2021,] [added: 18, 2022,] there were approximately [removed: 5,629] [added: 5,887] stockholders of record of [removed: our] [added: the Company’s] common stock and there were [removed: 75,889,737] [added: 76,119,749] shares outstanding.

[removed: Our] [added: The Company’s] payment of dividends in the future will be determined by [removed: our] [added: the] Board of Directors and will depend on business conditions, [removed: our] earnings and other factors.

For information pertaining to securities authorized for issuance under equity compensation plans and the related weighted average exercise price, see Part III, [removed: Item 12,] [added: [Item 12](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_169),] “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”

The Company did not purchase any shares of common stock during the quarter ended December 31, [removed: 2020.][added: 2021.]

As of December 31, [removed: 2020,] [added: 2021,] the amount of share repurchase authorization remaining was $712.0 million.

This approval is in addition to the prior repurchase [removed: authorizations] [added: authorization] of the Board of Directors of $300.0 million on December 1, [removed: 2015 and $400.0 million on November 6, 2014.][added: 2015.]

[removed: Performance Graph.] The following table compares total stockholder returns over the last five years to the Standard & Poor’s (the “S&P”) 500 Index, the S&P Midcap Industrials Sector Index and the Russell 2000 Index assuming the value of the investment in [removed: our] [added: the Company’s] common stock and each index was $100 on December 31, [removed: 2015.][added: 2016.]

Total return values for [removed: our] [added: the Company’s] common stock, the S&P 500 Index, S&P Midcap Industrials Sector Index and the Russell 2000 Index were calculated on cumulative total return values assuming reinvestment of dividends.

[removed: ][added: ]

*Performance Graph*

| | | | 12/16 | | | 12/17 | | | 12/18 | | | 12/19 | | | 12/20 | | | 12/21 | | |

| IDEX Corporation | | | $ | 100.00 | | $ | 146.54 | | $ | 140.20 | | $ | 190.98 | | $ | 221.19 | | $ | 262.40 | |

| S&P 500 Index | | | $ | 100.00 | | $ | 119.42 | | $ | 111.97 | | $ | 144.31 | | $ | 167.77 | | $ | 212.89 | |

| S&P Midcap 400 Industrials Sector Index | | | $ | 100.00 | | $ | 122.18 | | $ | 102.79 | | $ | 135.69 | | $ | 156.28 | | $ | 199.11 | |

| Russell 2000 Index | | | $ | 100.00 | | $ | 113.14 | | $ | 99.37 | | $ | 122.94 | | $ | 145.52 | | $ | 165.45 | |

| | | | 12/15 | | | 12/16 | | | 12/17 | | | 12/18 | | | 12/19 | | | 12/20 | | |

| IDEX Corporation | | | $ | 100.00 | | $ | 117.56 | | $ | 172.26 | | $ | 164.81 | | $ | 224.51 | | $ | 260.02 | |

| S&P 500 Index | | | $ | 100.00 | | $ | 109.54 | | $ | 130.81 | | $ | 122.65 | | $ | 158.07 | | $ | 183.77 | |

| S&P Midcap 400 Industrials Sector Index | | | $ | 100.00 | | $ | 127.07 | | $ | 155.26 | | $ | 130.62 | | $ | 172.42 | | $ | 198.59 | |

| Russell 2000 Index | | | $ | 100.00 | | $ | 119.48 | | $ | 135.18 | | $ | 118.72 | | $ | 146.89 | | $ | 173.86 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (Dollars in thousands, except per share data) | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | |

| RESULTS OF OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net sales | | | $ | 2,351,646 | | | | | $ | 2,494,573 | | | | | $ | 2,483,666 | | | | | $ | 2,287,312 | | | | | $ | 2,113,043 | |

| Gross profit | | | 1,027,424 | | | | | | 1,125,034 | | | | | | 1,117,895 | | | | | | 1,026,678 | | | | | | 930,767 | | |

| Selling, general and administrative expenses | | | 494,935 | | | | | | 524,987 | | | | | | 536,724 | | | | | | 524,940 | | | | | | 492,398 | | |

| Loss (gain) on sale of businesses - net | | | — | | | | | | — | | | | | | — | | | | | | (9,273) | | | | | | 22,298 | | |

| Restructuring expenses and asset impairments | | | 11,776 | | | | | | 21,044 | | | | | | 12,083 | | | | | | 8,455 | | | | | | 3,674 | | |

| Operating income | | | 520,713 | | | | | | 579,003 | | | | | | 569,088 | | | | | | 502,556 | | | | | | 412,397 | | |

| Other (income) expense - net | | | 5,627 | | | | | | 1,759 | | | | | | (3,985) | | | | | | 2,394 | | | | | | (1,731) | | |

| Interest expense | | | 44,746 | | | | | | 44,341 | | | | | | 44,134 | | | | | | 44,889 | | | | | | 45,616 | | |

| Provision for income taxes | | | 92,562 | | | | | | 107,382 | | | | | | 118,366 | | | | | | 118,016 | | | | | | 97,403 | | |

| Net income | | | 377,778 | | | | | | 425,521 | | | | | | 410,573 | | | | | | 337,257 | | | | | | 271,109 | | |

| Earnings per share: (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| — basic | | | $ | 4.98 | | | | | $ | 5.62 | | | | | $ | 5.36 | | | | | $ | 4.41 | | | | | $ | 3.57 | |

| — diluted | | | $ | 4.94 | | | | | $ | 5.56 | | | | | $ | 5.29 | | | | | $ | 4.36 | | | | | $ | 3.53 | |

| Weighted average shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| — basic | | | 75,741 | | | | | | 75,594 | | | | | | 76,412 | | | | | | 76,232 | | | | | | 75,803 | | |

| — diluted | | | 76,400 | | | | | | 76,454 | | | | | | 77,563 | | | | | | 77,333 | | | | | | 76,758 | | |

| Year-end shares outstanding | | | 75,961 | | | | | | 76,088 | | | | | | 75,953 | | | | | | 76,694 | | | | | | 76,441 | | |

| Cash dividends per share | | | $ | 2.00 | | | | | $ | 2.00 | | | | | $ | 1.72 | | | | | $ | 1.48 | | | | | $ | 1.36 | |

| FINANCIAL POSITION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Current assets | | | $ | 1,657,231 | | | | | $ | 1,261,445 | | | | | $ | 1,092,532 | | | | | $ | 1,004,043 | | | | | $ | 822,721 | |

| Current liabilities | | | 399,058 | | | | | | 357,877 | | | | | | 364,661 | | | | | | 360,975 | | | | | | 309,158 | | |

| Current ratio | | | 4.2 | | | | | | 3.5 | | | | | | 3.0 | | | | | | 2.8 | | | | | | 2.7 | | |

| Operating working capital (3) | | | 431,063 | | | | | | 453,190 | | | | | | 448,991 | | | | | | 406,823 | | | | | | 396,739 | | |

| Total assets | | | $ | 4,414,398 | | | | | $ | 3,813,912 | | | | | $ | 3,473,857 | | | | | $ | 3,399,628 | | | | | $ | 3,154,944 | |

| Total borrowings | | | 1,044,442 | | | | | | 849,252 | | | | | | 848,818 | | | | | | 859,046 | | | | | | 1,015,281 | | |

| Total equity | | | 2,540,326 | | | | | | 2,263,229 | | | | | | 1,994,640 | | | | | | 1,886,542 | | | | | | 1,543,894 | | |

| PERFORMANCE MEASURES AND OTHER DATA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Percent of net sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Gross profit | | | 43.7 | | % | | | | 45.1 | | % | | | | 45.0 | | % | | | | 44.9 | | % | | | | 44.0 | | % |

| Selling, general and administrative expenses | | | 21.0 | | % | | | | 21.0 | | % | | | | 21.6 | | % | | | | 23.0 | | % | | | | 23.3 | | % |

| Operating income | | | 22.1 | | % | | | | 23.2 | | % | | | | 22.9 | | % | | | | 22.0 | | % | | | | 19.5 | | % |

| Income before income taxes | | | 20.0 | | % | | | | 21.4 | | % | | | | 21.3 | | % | | | | 19.9 | | % | | | | 17.4 | | % |

| Net income | | | 16.1 | | % | | | | 17.1 | | % | | | | 16.5 | | % | | | | 14.7 | | % | | | | 12.8 | | % |

| Capital expenditures | | | $ | 51,545 | | | | | $ | 50,912 | | | | | $ | 56,089 | | | | | $ | 43,858 | | | | | $ | 38,242 | |

| Depreciation and amortization | | | 83,495 | | | | | | 76,876 | | | | | | 77,544 | | | | | | 84,216 | | | | | | 86,892 | | |

| Return on average assets (4) | | | 9.2 | | % | | | | 11.7 | | % | | | | 11.9 | | % | | | | 10.3 | | % | | | | 9.1 | | % |

[removed: Our management] [added: Management] is responsible for establishing and maintaining adequate internal control over financial reporting.

Based on that assessment, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, [removed: 2020.][added: 2021.]

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appears herein.

We have audited the internal control over financial reporting of IDEX Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2020,] [added: 2021,] of the Company and our report dated February [removed: 25, 2021,] [added: 24, 2022,] expressed an unqualified opinion on those financial statements.

We have audited the accompanying consolidated balance sheets of IDEX Corporation and subsidiaries (the "Company") as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of [removed: operations,] [added: income,] comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 25, 2021,] [added: 24, 2022,] expressed an unqualified opinion on the Company's internal control over financial reporting.

| | | | [added: 2021 | | | | | |] 2020 | | | | | | 2019 | | |

| | | | [removed: (In thousands] [added: (Dollars in millions] except share and per share amounts) | | | | | | | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

[removed: | Cash] [added: *Cash] and [removed: cash equivalents | | | $ | 1,025,851 | | | | | $ | 632,581 | |][added: Cash Equivalents*]

| Other current assets | | | [removed: 48,324] [added: $] | [added: 10.2] | | | | | [removed: 37,211] [added: $] | [added: —] | | [added: | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | |]

| Property, plant and equipment - net | | | [removed: 298,273] [added: 327.3] | | | | | | [removed: 280,316] [added: 298.3] | | |

| Short-term borrowings | | | [removed: 88] [added: —] | | | | | | [removed: 388] [added: 0.1] | | |

| Authorized: 150,000,000 shares, $.01 per share par [removed: value; Issued: 90,071,763 shares at December 31, 2020 and 89,948,374 shares at December 31, 2019] [added: value] | | | [removed: 901] | | | | | | [removed: 899] | | |

| Treasury stock at cost: [removed: 14,111,221] [added: 13,872,555] shares at December 31, [removed: 2020] [added: 2021] and [removed: 13,860,340] [added: 14,111,221] shares at December 31, [removed: 2019] [added: 2020] | | | [removed: (1,063,872)] [added: (1,050.3)] | | | | | | [removed: (985,909)] [added: (1,063.9)] | | |

| [removed: Accumulated other] [added: Other] comprehensive [removed: income] (loss) [added: income:] | | | [removed: (13,525)] | | | | | | [removed: (127,345)] | | | [added: | | | | | |]

| Noncontrolling Interest | | | [removed: 123] [added: —] | | | | | | [removed: —] [added: 0.1] | | |

| Total liabilities and equity | | | $ | [removed: 4,414,398] [added: 4,917.2] | | | | | $ | [removed: 3,813,912] [added: 4,414.4] | |

CONSOLIDATED STATEMENTS OF [removed: OPERATIONS][added: INCOME]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| | | | (In [removed: thousands] [added: millions] except per share amounts) | | | | | | | | | | | | | | |

| Restructuring expenses and asset impairments | | | [removed: 11,776] [added: 9.3] | | | | | | [removed: 21,044] [added: 11.8] | | | | | | [removed: 12,083] [added: 21.0] | | |

| Provision for income [removed: taxes] [added: taxes:] | | | [removed: 92,562] | | | | | | [removed: 107,382] | | | | | | [removed: 118,366] | | | [added: | | | | | | | | | | | | | | | | | |]

| [removed: Earnings] [added: *Earnings] per common [removed: share:] [added: share:*] | | | | | | | | | | | | | | | | | |

| Basic earnings per common share [added: attributable to IDEX] | | | $ | [removed: 4.98] [added: 5.91] | | | | | $ | [removed: 5.62] [added: 4.98] | | | | | $ | [removed: 5.36] [added: 5.62] | |

| Diluted earnings per common share [added: attributable to IDEX] | | | $ | [removed: 4.94] [added: 5.88] | | | | | $ | [removed: 5.56] [added: 4.94] | | | | | $ | [removed: 5.29] [added: 5.56] | |

| [removed: Share data:] [added: *Share data:*] | | | | | | | | | | | | | | | | | |

| Basic weighted average common shares outstanding | | | [removed: 75,741] [added: 76.0] | | | | | | [removed: 75,594] [added: 75.7] | | | | | | [removed: 76,412] [added: 75.6] | | |

| Diluted weighted average common shares outstanding | | | [removed: 76,400] [added: 76.4] | | | | | | [removed: 76,454] [added: 76.4] | | | | | | [removed: 77,563] [added: 76.5] | | |

[removed: | Other comprehensive income (loss): | | | | | | | | | | | | | | | | | |][added: Other Comprehensive (Loss) Income]

| Reclassification adjustments for derivatives, net of tax | | | [removed: 4,652] [added: 2.5] | | | | | | [removed: 4,882] [added: 4.6] | | | | | | [removed: 5,006] [added: 4.9] | | |

| Pension and other postretirement adjustments, net of tax | | | [removed: 1,385] [added: 17.0] | | | | | | [removed: (3,069)] [added: 1.4] | | | | | | [removed: 9,825] [added: (3.1)] | | |

| Cumulative translation adjustment | | | [removed: 107,783] [added: —] | | | | | | [removed: 67] [added: —] | | | | | | [removed: (48,114)] [added: 0.1] | | | [added: | | | — | | | | | | — | | | | | | — | | | | | | 0.1 | | | | | | — | | | | | | 0.1 | | |]

| | | | Common Stock and Additional Paid-In Capital | | | | | | Retained Earnings | | | | | | Accumulated Other Comprehensive [removed: Income (Loss)] [added: Loss] | | | | | | | | | | | | | | | | | | Treasury Stock | | | | | | Total Shareholders’ Equity | | | | | | Noncontrolling Interest | | | | | | Total Equity | | |

| | | | [removed: (In thousands] [added: (Dollars in millions] except [removed: share and] per share amounts) | | | | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Net income | | | — | | | | | | [removed: 410,573] [added: 425.5] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [removed: 410,573] [added: 425.5] | | | | | | — | | | | | | [removed: 410,573] [added: 425.5] | | |

| Cumulative translation adjustment | | | — | | | | | | — | | | | | | [removed: (48,114)] [added: 107.8] | | | | | | — | | | | | | — | | | | | | — | | | | | | [removed: (48,114)] [added: 107.8] | | | | | | — | | | | | | [removed: (48,114)] [added: 107.8] | | |

| Net change in retirement obligations (net of tax of [removed: $3,076)] [added: $1.6)] | | | — | | | | | | — | | | | | | — | | | | | | [removed: 9,825] [added: (3.1)] | | | | | | — | | | | | | — | | | | | | [removed: 9,825] [added: (3.1)] | | | | | | — | | | | | | [removed: 9,825] [added: (3.1)] | | |

Management excluded ABEL and Airtech (Note 2 - Acquisitions) from its assessment of internal controls over financial reporting as these acquisitions occurred in 2021.

This exclusion is in accordance with the general guidance from the Staff of the Securities and Exchange Commission that an assessment of a recently acquired business may be omitted from the scope of management’s assessment of internal control over financial reporting for one year following the acquisition.

The total assets (excluding goodwill and intangible assets) and net sales of current year acquisitions represented were approximately 2 percent and 3 percent, respectively, of the consolidated financial statement amounts as of and for the year ended December 31, 2021.

As described in Management’s Report on Internal Control over Financial Reporting, management excluded ABEL and Airtech from its assessment of internal control over financial reporting as these acquisitions occurred in the twelve months ended December 31, 2021.

The combined net sales and total assets of these acquisitions represented approximately 3 percent and 2 percent, respectively, of the consolidated financial statement amounts as of and for the year ended December 31, 2021.

Accordingly, our audit did not include the internal control over financial reporting at these acquired companies.

| February 24, 2022 | | | | | |

| February 24, 2022 | | | | | |

| | | | 2021 | | | | | | 2020 | | |

| Receivables - net | | | 356.4 | | | | | | 293.1 | | |

| Inventories | | | 370.4 | | | | | | 289.9 | | |

| Other current assets | | | 95.8 | | | | | | 48.3 | | |

| Total current assets | | | 1,678.0 | | | | | | 1,657.2 | | |

| Goodwill | | | 2,167.7 | | | | | | 1,895.6 | | |

| Intangible assets - net | | | 597.3 | | | | | | 415.6 | | |

| Other noncurrent assets | | | 146.9 | | | | | | 147.7 | | |

| Total assets | | | $ | 4,917.2 | | | | | $ | 4,414.4 | |

| Trade accounts payable | | | $ | 178.8 | | | | | $ | 152.0 | |

| Accrued expenses | | | 259.8 | | | | | | 208.8 | | |

| Dividends payable | | | 41.4 | | | | | | 38.1 | | |

| Total current liabilities | | | 480.0 | | | | | | 399.0 | | |

| Long-term borrowings | | | 1,190.3 | | | | | | 1,044.4 | | |

| Deferred income taxes | | | 196.4 | | | | | | 163.9 | | |

| Other noncurrent liabilities | | | 247.4 | | | | | | 266.8 | | |

| Total liabilities | | | 2,114.1 | | | | | | 1,874.1 | | |

| Issued: 90,067,996 shares at December 31, 2021 and 90,071,763 shares at December 31, 2020 | | | 0.9 | | | | | | 0.9 | | |

| Additional paid-in capital | | | 795.6 | | | | | | 775.2 | | |

| Retained earnings | | | 3,126.5 | | | | | | 2,841.5 | | |

| Accumulated other comprehensive loss | | | (69.6) | | | | | | (13.5) | | |

| Total shareholders’ equity | | | 2,803.1 | | | | | | 2,540.2 | | |

| Total equity | | | 2,803.1 | | | | | | 2,540.3 | | |

| Net sales | | | $ | 2,764.8 | | | | | $ | 2,351.6 | | | | | $ | 2,494.6 | |

| Cost of sales | | | 1,540.3 | | | | | | 1,324.2 | | | | | | 1,369.6 | | |

| Gross profit | | | 1,224.5 | | | | | | 1,027.4 | | | | | | 1,125.0 | | |

| Operating income | | | 637.0 | | | | | | 520.7 | | | | | | 579.0 | | |

| Other expense - net | | | 16.2 | | | | | | 5.6 | | | | | | 1.8 | | |

| Interest expense | | | 41.0 | | | | | | 44.8 | | | | | | 44.3 | | |

| Income before income taxes | | | 579.8 | | | | | | 470.3 | | | | | | 532.9 | | |

| Net income | | | 449.3 | | | | | | 377.8 | | | | | | 425.5 | | |

| Net loss attributable to noncontrolling interest | | | 0.1 | | | | | | — | | | | | | — | | |

| February 25, 2021 | | | | | |

| | | | | | | | | | | | |

| Receivables - net | | | 293,146 | | | | | | 298,186 | | |

| Inventories | | | 289,910 | | | | | | 293,467 | | |

| Total current assets | | | 1,657,231 | | | | | | 1,261,445 | | |

| Goodwill | | | 1,895,574 | | | | | | 1,779,745 | | |

| Intangible assets - net | | | 415,563 | | | | | | 388,031 | | |

| Other noncurrent assets | | | 147,757 | | | | | | 104,375 | | |

| Total assets | | | $ | 4,414,398 | | | | | $ | 3,813,912 | |

| Trade accounts payable | | | $ | 151,993 | | | | | $ | 138,463 | |

| Accrued expenses | | | 208,828 | | | | | | 180,290 | | |

| Dividends payable | | | 38,149 | | | | | | 38,736 | | |

| Total current liabilities | | | 399,058 | | | | | | 357,877 | | |

| Long-term borrowings | | | 1,044,354 | | | | | | 848,864 | | |

| Deferred income taxes | | | 163,863 | | | | | | 146,574 | | |

| Other noncurrent liabilities | | | 266,797 | | | | | | 197,368 | | |

| Total liabilities | | | 1,874,072 | | | | | | 1,550,683 | | |

| Additional paid-in capital | | | 775,153 | | | | | | 760,453 | | |

| Retained earnings | | | 2,841,546 | | | | | | 2,615,131 | | |

| Total shareholders’ equity | | | 2,540,203 | | | | | | 2,263,229 | | |

| Total equity | | | 2,540,326 | | | | | | 2,263,229 | | |

| | | | | | | | | | | | | | | | | | |

| Net sales | | | $ | 2,351,646 | | | | | $ | 2,494,573 | | | | | $ | 2,483,666 | |

| Cost of sales | | | 1,324,222 | | | | | | 1,369,539 | | | | | | 1,365,771 | | |

| Gross profit | | | 1,027,424 | | | | | | 1,125,034 | | | | | | 1,117,895 | | |

| Selling, general and administrative expenses | | | 494,935 | | | | | | 524,987 | | | | | | 536,724 | | |

| Operating income | | | 520,713 | | | | | | 579,003 | | | | | | 569,088 | | |

| Other (income) expense - net | | | 5,627 | | | | | | 1,759 | | | | | | (3,985) | | |

| Interest expense | | | 44,746 | | | | | | 44,341 | | | | | | 44,134 | | |

| Income before income taxes | | | 470,340 | | | | | | 532,903 | | | | | | 528,939 | | |

| Net income | | | $ | 377,778 | | | | | $ | 425,521 | | | | | $ | 410,573 | |

| | | | (In thousands) | | | | | | | | | | | | | | |

| Other comprehensive income (loss) | | | 113,820 | | | | | | 1,880 | | | | | | (33,283) | | |

| Comprehensive income | | | $ | 491,598 | | | | | $ | 427,401 | | | | | $ | 377,290 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance, December 31, 2017 | | | $ | 717,808 | | | | | $ | 2,057,915 | | | | | $ | (46,306) | | | | | $ | (29,154) | | | | | $ | (14,047) | | | | | $ | (799,674) | | | | | $ | 1,886,542 | | | | | $ | — | | | | | $ | 1,886,542 | |

| Adjustment for adoption of ASU 2016-16 | | | — | | | | | | (645) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (645) | | | | | | — | | | | | | (645) | | |

| Adjustment for adoption of ASU 2018-02 | | | — | | | | | | 6,435 | | | | | | — | | | | | | (3,411) | | | | | | (3,024) | | | | | | | | | | | | — | | | | | | — | | | | | | — | | |

| Repurchase of 1,273,961 shares of common stock | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (173,926) | | | | | | (173,926) | | | | | | — | | | | | | (173,926) | | |

| Balance, December 31, 2018 | | | $ | 739,240 | | | | | $ | 2,342,079 | | | | | $ | (94,420) | | | | | $ | (22,740) | | | | | $ | (12,065) | | | | | $ | (957,454) | | | | | $ | 1,994,640 | | | | | $ | — | | | | | $ | 1,994,640 | |

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 December 31, [removed: 2020.][added: 2021.]

Management’s Report on Internal Control Over Financial Reporting appearing on page [removed: 34] [added: 35] of this report is incorporated into this Item 9A by reference.

Information under the headings “Election of Directors”; “Board Committees”; and “Corporate Governance” in the [removed: 2021] [added: 2022] Proxy Statement is incorporated into this Item 10 by reference.

The Code of Business Conduct and Ethics, along with the Audit Committee Charter, Nominating and Corporate Governance Committee Charter, Compensation Committee Charter and Corporate Governance Guidelines are available on the Company’s website at www.idexcorp.com under [removed: “Investor Relations.”] [added: “Investors.”] In the event [removed: we amend] [added: the Company amends] or [removed: waive] [added: waives] any of the provisions of the Code of Business Conduct and Ethics applicable to [removed: our] [added: the Company’s] principal executive officer, principal financial officer or principal accounting officer, [removed: we intend] [added: the Company intends] to disclose the same on [removed: the Company’s] [added: its] website.

Information under the heading “Executive Compensation” in the [removed: 2021] [added: 2022] Proxy Statement is incorporated into this Item 11 by reference.

Information under the heading “Security Ownership” in the [removed: 2021] [added: 2022] Proxy Statement is incorporated into this Item 12 by reference.

Information with respect to the Company’s equity compensation plans as of December 31, [removed: 2020] [added: 2021] is as follows:

| Equity compensation plans approved by the Company’s stockholders | | | [removed: 1,155,946] [added: 1,195,069] | | | | | | $ | [removed: 125.70] [added: 147.60] | | | | | [removed: 2,964,307] [added: 2,440,843] | | |

Information under the headings, “Corporate Governance” and “Board Committees” in the [removed: 2021] [added: 2022] Proxy Statement is incorporated into this Item 13 by reference.

Information under the heading “Principal Accountant Fees and Services” in the [removed: 2021] [added: 2022] Proxy Statement is incorporated into this Item 14 by reference.

Consolidated financial statements filed as part of this report are listed under Part [removed: II.][added: II, [Item 8.]

“Financial Statements and Supplementary [removed: Data.”][added: Data.”](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_58)]

The exhibits filed with this report are listed on the “Exhibit [removed: Index.”][added: Index,” which precedes the signature page of this report.]

Item 8.

(B)Exhibit Index

The information required by this item is set forth on the “Exhibit Index” which precedes the signature page of this report.

| 3.1 | | | | | | [Restated Certificate of Incorporation of IDEX Corporation as amended to date (incorporated by reference to Exhibit 3.1 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 20](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-12312017xex31.htm)[17)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-12312017xex31.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-12312017xex31.htm)] | | |

| 3.2 | | | | | | [Amended and Restated [removed: By-Laws] [added: Bylaws] of IDEX [removed: Corporation] [added: Corporation, effective as of February 24, 2021] (incorporated by reference to Exhibit No. 3.1 to the Current Report of [removed: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210121000010/iex-20210201xex31.htm) [Corporation](https://www.sec.gov/Archives/edgar/data/832101/000083210121000010/iex-20210201xex31.htm) [on] [added: IDEX Corporation on] Form 8-K filed February [removed: 1, 20](https://www.sec.gov/Archives/edgar/data/832101/000083210121000010/iex-20210201xex31.htm)[21](https://www.sec.gov/Archives/edgar/data/832101/000083210121000010/iex-20210201xex31.htm)[)](https://www.sec.gov/Archives/edgar/data/832101/000083210121000010/iex-20210201xex31.htm)] [added: 26, 2021)](https://www.sec.gov/Archives/edgar/data/0000832101/000083210121000021/iex-20210224xex31.htm)] | | |

| 4.1 | | | | | | [Indenture between IDEX Corporation and Wells Fargo Bank, National Association, as Trustee, dated as of December 6, 2010 (Debt Securities) (incorporated by reference to Exhibit No. 4.1 to the Current Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000095012310111246/c61694exv4w1.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000095012310111246/c61694exv4w1.htm) [on] [added: IDEX Corporation on] Form 8-K filed December 7, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000095012310111246/c61694exv4w1.htm)[0](http://www.sec.gov/Archives/edgar/data/832101/000095012310111246/c61694exv4w1.htm)[)](http://www.sec.gov/Archives/edgar/data/832101/000095012310111246/c61694exv4w1.htm)] [added: 2010)](http://www.sec.gov/Archives/edgar/data/832101/000095012310111246/c61694exv4w1.htm)] | | |

| 4.2 | | | | | | [removed: [Second] [added: [Third] Supplemental Indenture between IDEX Corporation and Wells Fargo Bank, National Association, as Trustee, dated as of [removed: December 13, 2011] [added: April 29, 2020,] (as to [removed: 4.2%] [added: 3.00%] Senior Notes due [removed: 2021)] [added: 2030)] (incorporated by reference to Exhibit No. [removed: 4.1] [added: 4.2] to the Current Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000119312511341046/d271379dex41.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000119312511341046/d271379dex41.htm) [on] [added: IDEX Corporation on] Form 8-K filed [removed: December 14, 201](http://www.sec.gov/Archives/edgar/data/832101/000119312511341046/d271379dex41.htm)[1)](http://www.sec.gov/Archives/edgar/data/832101/000119312511341046/d271379dex41.htm)] [added: April 29, 2020)](https://www.sec.gov/Archives/edgar/data/832101/000119312520126298/d853224dex42.htm)] | | |

| 4.3 | | | | | | [removed: [Third] [added: [Fourth] Supplemental Indenture between IDEX Corporation and Wells Fargo Bank, National Association, as Trustee, dated as of [removed: April 29, 2020,] [added: May 28, 2021,] (as to [removed: 3.0%] [added: 2.625%] Senior Notes due [removed: 2030)] [added: 2031)] (incorporated by reference to Exhibit No. 4.2 to the Current Report of [removed: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000119312520126298/d853224dex42.htm) [Corporation](https://www.sec.gov/Archives/edgar/data/832101/000119312520126298/d853224dex42.htm) [on] [added: IDEX Corporation on] Form 8-K filed [removed: April 29, 202](https://www.sec.gov/Archives/edgar/data/832101/000119312520126298/d853224dex42.htm)[0](https://www.sec.gov/Archives/edgar/data/832101/000119312520126298/d853224dex42.htm)[)](https://www.sec.gov/Archives/edgar/data/832101/000119312520126298/d853224dex42.htm)] [added: May 28, 2021)](https://www.sec.gov/Archives/edgar/data/0000832101/000119312521176964/d186613dex42.htm)] | | |

| 4.4 | | | | | | [Note Purchase Agreement, dated June 13, 2016, between IDEX Corporation and the Purchasers listed in Schedule A thereto (incorporated by reference in Exhibit No. 4.1 to the Current Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000083210116000073/iex-20160613xex41.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000083210116000073/iex-20160613xex41.htm) [on] [added: IDEX Corporation on] Form 8-K filed June 15, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000083210116000073/iex-20160613xex41.htm)[6)](http://www.sec.gov/Archives/edgar/data/832101/000083210116000073/iex-20160613xex41.htm)] [added: 2016)](http://www.sec.gov/Archives/edgar/data/832101/000083210116000073/iex-20160613xex41.htm)] | | |

| 4.5 | | | | | | [Description of [removed: Securitie](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex45.htm)[s](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex45.htm) [(incorporated] [added: Securities (incorporated] by [removed: refer](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex45.htm)[ence] [added: reference] to Exhibit No. 4.5 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 201](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex45.htm)[9)](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex45.htm)] [added: 2019)](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex45.htm)] | | |

| 10.1 | | | | | | [Revised and Restated [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm) [Management] [added: IDEX Corporation Management] Incentive Compensation Plan for Key Employees Effective January 1, 2013 (incorporated by reference to Exhibit 10.2 to the Current Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm) [Corporat](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm)[i](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm)[on] [added: IDEX Corporation] Form 8-K filed February 20, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm)[3)](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm)] [added: 2013)](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm)] | | |

| 10.2 | | | | | | [IDEX Corporation Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10.2 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex102.htm)[7)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex102.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex102.htm)] | | |

| 10.3 | | | | | | [IDEX Corporation Amended and Restated Stock Option Plan for Outside Directors, adopted by resolution of the Board of Directors dated as of November 20, 2003 (incorporated by reference to Exhibit 10.6 (a) to the Annual Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000095013704001504/c83337exv10w6xay.txt) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000095013704001504/c83337exv10w6xay.txt) [on] [added: IDEX Corporation on] Form 10-K for the year ended December 31, [removed: 200](http://www.sec.gov/Archives/edgar/data/832101/000095013704001504/c83337exv10w6xay.txt)[3)](http://www.sec.gov/Archives/edgar/data/832101/000095013704001504/c83337exv10w6xay.txt)] [added: 2003)](http://www.sec.gov/Archives/edgar/data/832101/000095013704001504/c83337exv10w6xay.txt)] | | |

| 10.4 | | | | | | [IDEX Corporation Incentive Award Plan (as amended and restated) (incorporated by reference to Appendix A of the Proxy Statement of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000119312515072666/d878233ddef14a.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000119312515072666/d878233ddef14a.htm) [on] [added: IDEX Corporation on] Schedule 14A, filed March 5, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000119312515072666/d878233ddef14a.htm)[5)](http://www.sec.gov/Archives/edgar/data/832101/000119312515072666/d878233ddef14a.htm)] [added: 2015)](http://www.sec.gov/Archives/edgar/data/832101/000119312515072666/d878233ddef14a.htm)] | | |

| [removed: 10.5] [added: 10.27] | | | | | | [removed: [Amended and Restated Employment Agreement dated February 22, 2018 between] [added: [Form of] IDEX Corporation [removed: and Andrew K. Silvernail] [added: Stock Option Agreement, effective February 2018] (incorporated by reference to Exhibit [removed: 10.5] [added: 10.30] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex105.htm)[7)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex105.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1030.htm)] | | |

| [removed: 10.6] [added: 10.5] | | | | | | [Third Amended and Restated IDEX Corporation Directors Deferred Compensation Plan (incorporated by reference to Exhibit No. 10.30 to the Annual Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w30.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w30.htm) [on] [added: IDEX Corporation on] Form 10-K for the year ended December 31, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w30.htm)[0)](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w30.htm)] [added: 2010)](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w30.htm)] | | |

| [removed: 10.7] [added: 10.6] | | | | | | [IDEX Corporation Supplemental Executive Retirement and Deferred Compensation Plan (incorporated by reference to Exhibit No. 10.31 to the Annual Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w31.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w31.htm) [on] [added: IDEX Corporation on] Form 10-K for the year ended December 31, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w31.htm)[0)](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w31.htm)] [added: 2010)](http://www.sec.gov/Archives/edgar/data/832101/000095012311018609/c62090exv10w31.htm)] | | |

| [removed: 10.8] [added: 10.17] | | | | | | [Letter Agreement between IDEX Corporation and [removed: Jeffrey Bucklew,] [added: Denise Cade,] dated [removed: January 16, 2012] [added: September 24, 2015] (incorporated by reference to Exhibit No. [removed: 10.16] [added: 10.24] to the Annual Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000144530514000435/iex-20131231xex1016.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000144530514000435/iex-20131231xex1016.htm) [on] [added: IDEX Corporation on] Form 10-K for the [added: fiscal] year ended December 31, [removed: 2013](http://www.sec.gov/Archives/edgar/data/832101/000144530514000435/iex-20131231xex1016.htm)[)](http://www.sec.gov/Archives/edgar/data/832101/000144530514000435/iex-20131231xex1016.htm)] [added: 2015)](http://www.sec.gov/Archives/edgar/data/832101/000083210116000057/iex-20151231xex1024.htm)] | | |

| [removed: 10.9] [added: 10.7] | | | | | | [Letter Agreements between IDEX Corporation and Eric Ashleman, dated January 14, 2008 and February 12, 2014 (incorporated by reference to Exhibit No. 10.14 to the Annual Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1014.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1014.htm) [on] [added: IDEX Corporation on] Form 10-K for the year ended December 31, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1014.htm)[4)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1014.htm)] [added: 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1014.htm)] | | |

| [removed: 10.10] [added: 10.8] | | | | | | [Form of IDEX Corporation Restricted Stock Award Agreement effective February 2015 (incorporated by reference to Exhibit No. 10.16 to the Annual Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1016.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1016.htm) [on] [added: IDEX Corporation on] Form 10-K for the year ended December 31, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1016.htm)[4)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1016.htm)] [added: 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1016.htm)] | | |

| [removed: 10.11] [added: 10.9] | | | | | | [Form of IDEX Corporation Stock Option Agreement effective February 2015 (incorporated by reference to Exhibit No. 10.17 to the Annual Report of [removed: IDEX](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1017.htm) [Corporation](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1017.htm) [on] [added: IDEX Corporation on] Form 10-K for the year ended December 31, [removed: 201](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1017.htm)[4)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1017.htm)] [added: 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1017.htm)] | | |