IDEX (IEX) 10-K risk factor changes: FY2022 vs FY2021

*The Company and its Results of Operations and Financial Condition Have Been and May Continue To Be Materially Adversely Impacted by [removed: the Ongoing COVID-19 Pandemic.*][added: Public Health Conditions, Including Epidemics or Pandemics Such as COVID-19.*]

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

Due to [removed: the] large remote workforce [removed: populations,] [added: populations resulting from COVID-19 or other widespread public health conditions,] the Company may also face informational technology infrastructure and connectivity issues from the vendors that it relies on for certain information technologies to administer, store and support the Company’s multiple business activities.

To the extent COVID-19 [added: or any future widespread public health conditions] adversely affects the Company and its financial results, [removed: it] [added: they] 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 international operations, the Company’s ability to develop new products, the Company’s ability to execute on its growth strategy of acquisitions, the Company’s dependency on raw materials, parts and components, the effects on movements in foreign currency exchange rates on the Company, the effects on the Company that result from declines in commodity prices and the Company’s reliance on labor availability to operate and grow the business.

Acquisitions involve numerous risks, including the assumption of [removed: undisclosed] [added: undisclosed, uninsured] or unindemnified liabilities, difficulties in the assimilation of the operations, technologies, services and products of the acquired companies and the diversion of management’s attention from other business concerns.

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

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

*The Company is Dependent on the Availability of Raw Materials, Parts and Components Used in Its [removed: Products.*][added: Products and Changes in Supply of, or Price for, Raw Materials, Parts and Components May Materially Adversely Affect the Company.*]

*The Company’s Business Operations May Be [added: Materially] Adversely Affected by Information Systems Interruptions or [removed: Intrusion.*][added: Intrusion, Including those Arising From Cybersecurity Attacks or Incidents.*]

[removed: If these systems (or the systems of 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, the Company] [added: These impacts] could [removed: experience] [added: include] production downtimes, operational [removed: delays,] [added: delays or] other detrimental impacts on operations or the ability to provide products and services to its [removed: customers,] [added: customers;] the [removed: compromising] [added: compromise, destruction, corruption or theft] of confidential or otherwise protected information, [removed: destruction] [added: data] or [removed: corruption of data,] [added: intellectual property;] security [removed: breaches,] [added: breaches;] other manipulation or improper use of the Company’s systems or [removed: networks,] [added: networks;] financial losses from [added: fraudulent transactions; financial losses from] remedial [removed: actions,] [added: actions;] loss of business or potential [removed: liability, penalties, fines] [added: liability; adverse media coverage; legal claims or legal proceedings including regulatory investigations, actions, penalties or fines, including those arising from the violation of any applicable data privacy laws;] and/or damage to the Company’s reputation.

While 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, the Company’s systems, networks, products and services remain potentially vulnerable to known or unknown [removed: threats,] [added: threats or other intrusions,] any of which could have a material adverse effect on the Company and its financial condition or results of operations.

[removed: Further, given] [added: Given] the unpredictability, nature and scope of cyber-security [removed: attacks,] [added: attacks and incidents,] it is possible that potential vulnerabilities could go undetected for an extended [removed: period.][added: period, and it could take considerable time for the Company to obtain full and reliable information as to the extent, amount and type of information and/or systems compromised.]

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

[removed: Various] [added: For example, 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, [added: taxation of or caps on the use of carbon-based energy,] limitations or restrictions on water use, [added: limitations or restrictions on] the production of single use plastics, regulations on energy management and waste management and other [removed: climate change-based] rules and [removed: regulations,] [added: regulations to address climate change and other environmental risks,] which may increase the Company’s expenses and adversely affect its operating results.

[removed: In addition, the] [added: These] physical risks [removed: 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.

[removed: The expected] [added: Any] 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 [added: 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.]

In [removed: 2021, 48%] [added: 2022, 52%] of the Company’s sales were derived from domestic operations while [removed: 52%] [added: 48%] were derived from international operations.

The Company’s largest end markets include industrial, semiconductor, automotive, life sciences and [removed: medical technologies, fire and rescue, oil and gas, paint] [added: analytical instruments, food] and [removed: coatings,] [added: pharma, fire & safety, energy, paint,] chemical processing, [removed: agriculture,] [added: agriculture and] water and wastewater [removed: treatment and optical filters and components.][added: treatment.]

- the effects of the Trade and Cooperation Agreement between the European Union, the European Atomic Energy Community and the United Kingdom that [removed: was entered] [added: went] into [added: force] on [removed: December 30, 2020] [added: May 1, 2021,] following the United Kingdom’s decision to exit the European [added: Union, and other long term economic, legal, political and social implications of the United Kingdom’s exit from the European] Union;

- [added: the imposition of and] changes in [removed: tariff] [added: the United States’] and [added: other governments’] trade [added: regulations, trade wars, tariffs and other trade] barriers, including [removed: uncertainty caused by the evolving] [added: as a result of geopolitical developments and] relations between the United States and [removed: China;] [added: China] and [added: the United States and Russia; and]

- geopolitical events, including natural disasters, climate change, public health [removed: issues,] [added: conditions,] political instability [added: or other geopolitical events, including civil or political unrest] (such as [removed: increasing tensions] [added: the current conflict] between Ukraine and Russia), terrorism, insurrection or war.

The Company is exposed to fluctuations in foreign currency exchange rates, particularly with respect to the Euro, Swiss Franc, Canadian Dollar, British Pound, Indian Rupee, Chinese [removed: Renminbi and] [added: Renminbi,] Swedish [removed: Krona.][added: Krona and Brazilian Real.]

For additional detail related to this risk, see Part II, [removed: Item 7A,] [added: [Item 7A](#i8f3ba310e9604f15b151956624aa7e17_55),] “Quantitative and Qualitative Disclosures About Market Risk.”

The Company maintains a [added: Credit Agreement with both a term facility and] revolving credit facility [removed: (the “Revolving] [added: (together, the “Credit] Facility”), which bears interest at either an alternate base rate or adjusted [removed: LIBOR] [added: Term SOFR (or appropriate alternative currency reference rates)] plus, in each case, an applicable margin based on the lower of the [removed: Company's] [added: Company’s] senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio.

A significant increase in [removed: LIBOR] [added: Term SOFR] or the other rates the Company has agreed to use as [removed: a successor] [added: an alternative] to [removed: LIBOR] [added: Term SOFR (should Term SOFR become unavailable)] under the [removed: Revolving] [added: Credit] Facility, as amended, would significantly increase the Company’s cost of borrowings.

Further, any changes in regulatory standards or industry practices, such as the [removed: ultimate] discontinuation of the use of [removed: LIBOR and] [added: Term SOFR and/or] the transition to alternative benchmark rates may result in the usage of higher interest rates under the [removed: Revolving] [added: Credit] Facility, and the Company’s current or future indebtedness may be adversely affected.

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 [added: increase the cost of obtaining new debt and refinancing existing indebtedness.]

[removed: These proceedings may pertain to matters such as product liability or contract disputes, and may] also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters.

For additional detail related to this risk, see [removed: Item 3,] [added: [Item 3](#i8f3ba310e9604f15b151956624aa7e17_25),] “Legal Proceedings” and [removed: Note 11] [added: [Note 11](#i8f3ba310e9604f15b151956624aa7e17_118)] in Part II, Item 8, “Financial Statements and Supplementary Data.”

At December 31, [removed: 2021,] [added: 2022,] goodwill and intangible assets totaled [removed: $2,167.7] [added: $2,638.1] million and [removed: $597.3] [added: $947.8] million, respectively.

See [Note [removed: 6](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_103)] [added: 6](#i8f3ba310e9604f15b151956624aa7e17_103)] in Part II, Item 8, “Financial Statements and Supplementary Data” for further discussion on goodwill and intangible assets.

The [added: Company’s policies mandate compliance with all anti-bribery laws, including the] U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and similar anti-bribery laws in other jurisdictions [added: which] generally prohibit companies and their intermediaries from making improper payments for the purpose of obtaining or retaining business.

[removed: Recent] [added: In particular, recent] years have seen a substantial increase in anti-bribery law enforcement activity with more frequent and aggressive investigations and enforcement proceedings by both the Department of Justice and the SEC, increased enforcement [removed: activity by non-U.S. regulators and increases in criminal and civil proceedings brought against companies and individuals.]

[added: Violations of any of these] laws may result in criminal or civil [removed: sanctions,] [added: sanctions or penalties, both monetary and non-monetary, increased costs of compliance and/or damage to our reputation, any of] which could have a material adverse effect on the Company and its financial condition and results of operations.

The Company faces various risks related to public health issues, including epidemics, pandemics and other outbreaks, including the global outbreak of the COVID-19 pandemic.

The impact of COVID-19, including changes in consumer behavior, pandemic fears, market downturns and restrictions on business and individual activities, has periodically created significant volatility in the global economy.

There have been extraordinary actions taken by international, federal, state and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 in regions throughout the world, including travel bans, quarantines, “stay-at-home” orders and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations.

Further, as new strains or variants of COVID-19 or other viruses, diseases or public health conditions develop or if sufficient amounts of vaccines or treatments are not available, not widely administered or otherwise prove ineffective, the impact of a widespread public health condition on the global economy, and in turn, our financial condition and operating results could be material.

The impacts of the COVID-19 pandemic or any future widespread public health conditions may impact our employees’ ability to work in proximity to others or travel for work.

The Company depends on various internal and third party information technologies to administer, store, process and transmit electronic information (including sensitive data such as confidential business information and personal data relating to employees, customers and other business partners) and to support a variety of critical business activities.

If these systems (or the systems of the Company’s customers or third-party hosting services) are damaged or cease to function properly, or if the Company or third-party hosting service systems are subject to deliberate cyber-security attacks, such as those involving unauthorized access or malicious software, or unintentional cybersecurity incidents, such as those involving systems misconfigurations, misuse or human error and/or other intrusions, the Company, its operating results and financial condition could be materially adversely impacted.

There has been a rise in the number of cyberattacks targeting confidential business information generally and in the manufacturing industry specifically by both state-sponsored and criminal organizations.

Moreover, there has been a rise in the number of cyberattacks that depend on human error or manipulation, including phishing attacks or schemes that use social

engineering to gain access to systems or perpetuate wire transfer or other frauds.

These trends increase the likelihood of such events occurring as well as the costs associated with protecting against such attacks.

Any imposition of liability, particularly liability that is not covered by insurance or is in excess of our insurance coverage, could materially adversely harm our operating results and financial condition.

In addition, the physical risks of climate change are highly uncertain and differ in the geographic regions in which the Company operates.

Further, any failure to adequately address stakeholder expectations or to achieve previously announced initiatives or goals with respect to environmental, social and governance matters may adversely impact our reputation, business, financial condition and results of operations.

For additional detail related to this risk, see Part II, [Item 7A](#i8f3ba310e9604f15b151956624aa7e17_55), "Quantitative and Qualitative Disclosures About Market Risk."

These proceedings may pertain to matters such as product liability or contract disputes, and may

*Failure to Adequately Protect the Company’s Intellectual Property and the Risk of Disputes Involving Intellectual Property Infringement Could Adversely Impact the Company’s Competitive Position, Results of Operations, and Financial Condition.*

The Company owns patents, trademarks, licenses, and other forms of intellectual property related to its products and continuously invests in research and development that may result in technological innovations and general intellectual property rights.

The Company employs various measures to develop, maintain and protect its intellectual property rights.

If these measures are not effective, or if the Company’s intellectual property is otherwise infringed, challenged, invalidated or circumvented, the Company may face adverse impacts to its results of operations and/or financial condition.

Further, if intellectual property is infringed, challenged, invalidated or circumvented, this could reduce barriers to entry into the Company’s existing lines of business and may result in a loss of market share and adversely impact the Company’s competitive position.

Additionally, the Company has registered intellectual property in multiple countries, and the Company’s ability to protect and enforce its intellectual property rights may be limited in foreign countries due to differences in intellectual property protections or proprietary rights laws.

If the Company’s intellectual property is infringed, challenged invalidated, or circumvented due to these lesser protections, the Company may face adverse impacts to its results of operations, financial condition, and/or competitive position.

Litigation may be necessary to enforce the Company’s intellectual property rights or to defend against infringement claims by third parties.

Any litigation or claims brought by the Company could result in costs and diversion of resources, which could adversely affect the Company’s results of operations and/or financial condition.

Any intellectual property litigation or claims brought against the Company may lead to litigation expenses, diversion of resources, losses or licensing expenses, or the cessation of selling certain products, any of which could adversely affect the Company’s results of operations and/or financial condition.

*The Company May Face Adverse Effects Resulting from Improper Conduct by Our Employees, Agents or Business Partners.*

While we strive to maintain high standards, the Company cannot guarantee that our internal controls and compliance systems will always protect us from reckless or criminal acts committed by employees, agents or business partners of ours (or businesses that we acquire or partner with) that would violate laws in the U.S. or foreign countries in which the Company operates, including laws governing payment to government officials, bribery, fraud, conflicts of interest, competition, employment practices and workplace behavior, export and import compliance, economic and trade sanctions, money laundering and data privacy.

activity by non-U.S. regulators and increases in criminal and civil proceedings brought against companies and individuals.

The extent to which COVID-19 and the emergence of variant strains continues to impact 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 the Company, its suppliers and its customers.

The Company has implemented work-from-home policies for certain “non-essential” employees.

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

The Company depends on various information technologies to administer, store and support multiple business activities.

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.

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

*Failure To Comply with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act or Other Applicable Anti-bribery Laws Could Have an Adverse Effect on the Company.*

The Company’s policies mandate compliance with all anti-bribery laws.

The Company’s internal control policies and procedures may not always protect it from reckless or criminal acts committed by employees or third-party intermediaries.

Violations of these anti-bribery

The Company’s actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under* *[Item [removed: 1A](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_16),] [added: 1A](#i8f3ba310e9604f15b151956624aa7e17_16),] “Risk Factors” and elsewhere in this annual report.*

*This discussion includes certain non-GAAP financial measures that have been defined and reconciled to their most directly comparable [removed: U.S. GAAP] measures [added: that are in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)] 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.

Select key financial results for the year ended December 31, [removed: 2021] [added: 2022] when compared to [removed: 2020] [added: 2021] were as follows:

[added: |] Adjusted net income attributable to IDEX [removed: increased 21% to $481.6 million.][added: | | | $ | 618.1 | | | | | $ | 525.1 | | | | | | | |]

Free cash flow of [removed: $492.6] [added: $489.4] million was [removed: 102%] [added: 79%] of adjusted net income attributable to IDEX.

During [removed: 2022,] [added: 2023,] the Company’s primary focus will be [removed: to:][added: on:]

[removed: The Company anticipates deploying] [added: of] additional capital [removed: in 2022] to acquire IDEX-like businesses [added: in 2023] to further strengthen its portfolio.

The following is a discussion and analysis of the Company’s results of operations for the year ended December 31, [removed: 2021] [added: 2022] compared with the year ended December 31, [removed: 2020.][added: 2021.]

For the discussion related to the [added: consolidated] results of operations for the year ended December 31, [removed: 2020] [added: 2021] compared with the year ended December 31, [removed: 2019,] [added: 2020,] refer to the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2020,] [added: 2021,] which was filed with the Securities and Exchange Commission (“SEC”) on February [removed: 25, 2021.][added: 24, 2022.]

| (Dollars in millions, except per share amounts) | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | | | | $ | | | | | | % / bps | | |

| Net sales | | | $ | [removed: 2,764.8] [added: 3,181.9] | | | | | $ | [removed: 2,351.6] [added: 2,764.8] | | | | | | | | $ | [removed: 413.2] [added: 417.1] | | | | | [removed: 18] [added: 15] | | % |

| Cost of sales | | | [removed: 1,540.3] [added: 1,755.0] | | | | | | [removed: 1,324.2] [added: 1,540.3] | | | | | | | | | [removed: 216.1] [added: 214.7] | | | | | | [removed: 16] [added: 14] | | % |

| Gross profit | | | [removed: 1,224.5] [added: 1,426.9] | | | | | | [removed: 1,027.4] [added: 1,224.5] | | | | | | | | | [removed: 197.1] [added: 202.4] | | | | | | [removed: 19] [added: 17] | | % |

| Gross margin | | | [removed: 44.3] [added: 44.8] | | % | | | | [removed: 43.7] [added: 44.3] | | % | | | | | | | n/a | | | | | | [removed: 60] [added: 50] bps | | |

[removed: | Selling, general] [added: Selling, General] and [removed: administrative expenses | | | 578.2 | | | | | | 494.9 | | | | | | | | | 83.3 | | | | | | 17 | | % |][added: Administrative Expenses]

| [added: \+] Restructuring expenses and asset impairments | | | [removed: 9.3 | | | | | | 11.8 | | |] [added: 4.5] | | | | | | [removed: (2.5)] [added: 9.3] | | | | | | [removed: (21] | | [removed: %)] |

| Operating income | | | [removed: 637.0] [added: 751.4] | | | | | | [removed: 520.7] [added: 637.0] | | | | | | | | | [removed: 116.3] [added: 114.4] | | | | | | [removed: 22] [added: 18] | | % |

| Operating margin | | | [removed: 23.0] [added: 23.6] | | % | | | | [removed: 22.1] [added: 23.0] | | % | | | | | | | n/a | | | | | | [removed: 90] [added: 60] bps | | |

| [added: \-] Other [removed: expense] [added: income (expense)] - net | | | [removed: 16.2] [added: —] | | | | | | [removed: 5.6] [added: —] | | | | | | [added: —] | | | [removed: 10.6] | | | [added: —] | | | [removed: 189] | | [removed: %] | [added: (16.2) | | |]

| [added: \+] Interest expense | | | [removed: 41.0] [added: —] | | | | | | [removed: 44.8] [added: —] | | | | | | [added: —] | | | [removed: (3.8)] | | | [added: —] | | | [removed: (8] | | [removed: %)] | [added: 41.0 | | |]

| Income before income taxes | | | [removed: 579.8] [added: 749.4] | | | | | | [removed: 470.3] [added: 579.8] | | | | | | | | | [removed: 109.5] [added: 169.6] | | | | | | [removed: 23] [added: 29] | | % |

| [added: \+] Provision for income taxes | | | [removed: 130.5] [added: —] | | | | | | [removed: 92.5] [added: —] | | | | | | [added: —] | | | [removed: 38.0] | | | [added: —] | | | [removed: 41] | | [removed: %] | [added: 130.5 | | |]

| *Effective tax rate* | | | [removed: *22.5*] [added: *21.7*] | | *%* | | | | [removed: *19.7*] [added: *22.5*] | | *%* | | | | | | | *n/a* | | | | | | [removed: *280] [added: *(80)] bps* | | |

| Net income attributable to IDEX | | | $ | [removed: 449.4] [added: 586.9] | | | | | $ | [removed: 377.8] [added: 449.4] | | | | | | | | $ | [removed: 71.6] [added: 137.5] | | | | | [removed: 19] [added: 31] | | % |

| Diluted earnings per common share attributable to IDEX | | | $ | [removed: 5.88] [added: 7.71] | | | | | $ | [removed: 4.94] [added: 5.88] | | | | | | | | $ | [removed: 0.94] [added: 1.83] | | | | | [removed: 19] [added: 31] | | % |

Sales increased [removed: 15%] [added: 23%] domestically and [removed: 20%] [added: 7%] internationally, and sales to customers outside the U.S. were approximately [removed: 52%] [added: 48%] and [removed: 51%] [added: 52%] of total sales in [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] respectively.

Cost of sales increased due to higher sales [removed: volume] [added: volume, inflation] and [removed: cost inflation.][added: acquisitions.]

Selling, general and administrative (“SG&A”) expenses increased primarily due to [added: the impact from acquisitions, including amortization, as well as] higher [removed: variable compensation] [added: discretionary spending, resource investments] and employee-related [removed: costs, higher amortization from acquisitions and higher acquisition expenses.][added: costs.]

The increase in organic operating [removed: income] [added: margin] is primarily due to higher volume [removed: leverage and] [added: leverage,] favorable [removed: price/cost,] [added: price/cost and operational productivity,] partially offset by [removed: incremental resource investments and targeted] [added: increases in employee-related costs,] discretionary [removed: spending.][added: spending and resource investments.]

Operating margin increased [removed: 90] [added: 60] basis points, reflecting a [removed: 170] [added: 130] basis point increase in organic operating [removed: margin and a 10 basis point favorable impact from lower restructuring costs,] [added: margin,] partially offset by a [removed: 90] [added: 70] basis point decrease due to [removed: acquisitions, which was] [added: acquisitions primarily] driven by higher [removed: amortization and fair value inventory step-up charges.][added: amortization.]

[removed: Other expense - net increased primarily due to] [added: The prior year included] an $8.6 million noncash loss related to the termination of the U.S. pension plan, net of [removed: curtailment,] [added: curtailment] and [removed: $2.3] [added: an $8.6] million [removed: of higher losses] [added: loss] on [removed: trading securities in 2021.][added: early debt redemption.]

Interest expense decreased primarily due to lower [added: weighted average] interest rates on the Company’s indebtedness, partially offset by an increase in the amount of debt outstanding compared with [removed: 2020.][added: 2021 due to borrowings under the Term Facility and the Revolving Facility, both of which were used to fund the acquisition of Muon Group.]

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

For a detailed description of the operations within each segment, please refer to Part I, [Item [removed: 1](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_13),] [added: 1](#i8f3ba310e9604f15b151956624aa7e17_13),] *“Business”* of this Annual Report on Form 10-K.

Management’s primary measurements of segment performance are sales, [removed: operating income] [added: Adjusted EBITDA] and [removed: operating] [added: Adjusted EBITDA] margin.

| (Dollars in millions) | | | 2021 | | | | | | 2020 | | | | | | Change | | | | | | Organic | | | | | | Acq/Div(1) | | | | | | [removed: Restructuring] [added: Other] | | | | | | Foreign Currency | | | | | | Total | | |

[removed: | Operating income | | | 259.3 | | | | | | 235.0 | | | | | | 10 | | % | | | | 8 | | % | | | | — | | | | | | 1% | | | | | | 1 | | % | | | | 10 | | % |][added: Operating Income]

Based on the timing of its acquisition, Flow MD results for the first quarter of 2021 are reflected in the acquisitions/divestitures column while the remaining year-over-year [removed: fluctuation] [added: impact] is included in the organic column.

- [removed: Operating] [added: Adjusted EBITDA] margin of [removed: 26.0%] [added: 29.7%] decreased [removed: 20] [added: 60] basis points compared with [removed: 26.2%] [added: 30.3%] in 2020.

The change in [removed: operating] [added: Adjusted EBITDA] margin was attributed to the following:

2022 Overview

In 2022, the Company achieved a record year in sales driven by robust demand.

The Company’s ability to capture price amid inflation pressures and its focus on execution drove record earnings per share.

Finally, the Company deployed record capital, within its existing portfolio, with the acquisition of three businesses - Nexsight, KZValve and Muon Group - and through share repurchases to support our future goals.

- Sales of $3.2 billion increased 15%; organic sales were up 13%.

- Net income of $586.7 million increased 31%; Net income margin of 18.4% increased 210 basis points.

- Diluted EPS attributable to IDEX of $7.71 increased $1.83, or 31%; Adjusted diluted EPS attributable to IDEX of $8.12 increased $1.25, or 18%.

- Adjusted EBITDA of $884.2 million increased 16%; Adjusted EBITDA margin of 27.9% increased 20 basis points.

- Cash flows provided by operating activities of $557.4 million were down as higher earnings were more than offset by an increased investment in working capital.

Focus for 2023

- *Foundational Execution*.

During 2021 and 2022, the Company experienced both double-digit organic growth and a challenging operating environment characterized by global supply chain constraints, record inflation and continuing effects of the COVID-19 environment.

In 2023, the Company will renew its focus on the core elements of its operating model that are designed to drive efficiency, innovation and growth.

As market conditions continue to evolve, the Company believes it will leverage its process-driven fundamental business practices to drive above-market growth and operational excellence.

- *Building Great Global Teams.* The Company’s teams have demonstrated their ability to quickly adapt to challenges and changing conditions as well as to solve critical problems for customers.

The Company is committed to cultivating talent to fuel future growth and onboarding leaders who are committed to IDEX core values, talent development and creating an inspiring Company culture.

Diversity, Equity and Inclusion continues to be an area of focus, creating environments where people feel they belong and can bring their true selves to work every day.

- *Capital Deployment.* The Company deployed $1.5 billion over the last two years on growth business opportunities, will continue to identify both organic and inorganic opportunities and believes there will be a high quality pipeline for potential acquisitions.

The Company believes that its strong operating cash flow and balance sheet enable deployment

The Company anticipates that 2023 organic investment opportunities will be in line with 2022 spending.

*Performance in 2022 Compared with 2021*

| Selling, general and administrative expenses | | | 652.7 | | | | | | 578.2 | | | | | | | | | 74.5 | | | | | | 13 | | % |

| Restructuring expenses and asset impairments | | | 22.8 | | | | | | 9.3 | | | | | | | | | 13.5 | | | | | | 145 | | % |

| Gain on sale of business | | | (34.8) | | | | | | — | | | | | | | | | (34.8) | | | | | | 100 | | % |

| Other (income) expense - net | | | (3.9) | | | | | | 16.2 | | | | | | | | | (20.1) | | | | | | (124 | | %) |

| Interest expense | | | 40.7 | | | | | | 41.0 | | | | | | | | | (0.3) | | | | | | (1 | | %) |

| Provision for income taxes | | | 162.7 | | | | | | 130.5 | | | | | | | | | 32.2 | | | | | | 25 | | % |

Sales increased 15%, reflecting a 13% increase in organic sales, a 5% increase from acquisitions (Muon Group - November 2022, KZValve - May 2022, Nexsight - February 2022, Airtech - June 2021 and ABEL - March 2021) net of divestitures (Knight LLC and its related affiliates (“Knight”) - September 2022), a 1% increase from the acceleration of previously deferred revenue related to the exit of a COVID-19 testing application (see [Note 15](#i8f3ba310e9604f15b151956624aa7e17_130) in the Notes to the Consolidated Financial Statements for further detail) and a 4% unfavorable impact from foreign currency translation.

Cost of Sales and Gross Margin

Both Gross profit and Gross margin increased primarily due to higher volume leverage, favorable price/cost and productivity and the acceleration of previously deferred revenue related to the exit of a COVID-19 testing application, partially offset by increases in employee-related costs.

Gross profit also increased as a result of acquisitions, net of the Knight divestiture, partially offset by an unfavorable impact from foreign currency translation.

Additionally, the prior year included a $3.5 million impact of a settlement for a corporate transaction indemnity that did not reoccur in 2022.

Restructuring expenses and asset impairments increased primarily due to an asset impairment related to the exit of a COVID-19 testing application, partially offset by lower severance costs in 2022.

See [Note 15](#i8f3ba310e9604f15b151956624aa7e17_130) in the Notes to the Consolidated Financial Statements for further detail.

Operating income increased 18%, reflecting a 19% increase in organic operating income, a 2% increase from acquisitions net of divestitures (Knight - September 2022), a 1% favorable net impact from the exit of a COVID-19 testing application, partially offset by a 4% unfavorable impact from foreign currency translation.

The increase in organic operating income is attributable to higher volume leverage, favorable price/cost and operational productivity, partially offset by increases in employee-related costs, discretionary spending and resource investments.

Gain on Sale of Business

In the third quarter of 2022, the Company completed the sale of Knight for proceeds of $49.4 million, net of cash remitted, resulting in a pre-tax gain on the sale of $34.8 million.

The Company recorded $5.5 million of income tax expense associated with this transaction as Provision for income taxes in the Consolidated Statements of Income during the year ended December 31, 2022.

Other (Income) Expense - Net

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.

- 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%.

- 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.

Focus and Outlook for 2022

- *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.

Sales increased 18%, reflecting a 12% increase in organic sales, a 4% increase from acquisitions (Airtech - June 2021, ABEL - March 2021 and Flow MD - February 2020) and a 2% favorable impact from foreign currency translation.

Both gross profit and gross margin increased primarily due to volume leverage, partially offset by higher fair value inventory step-up charges related to acquisitions.

Additionally, gross profit increased as a result of favorable price/cost.

The Company incurred restructuring expenses and asset impairments in 2021 and 2020 primarily related to severance benefits for cost reduction actions as well as asset impairments related to the consolidation of certain facilities.

Operating income increased 22%, reflecting a 20% increase in organic operating income, a 1% favorable impact from lower restructuring costs and a 2% favorable impact from foreign currency translation, partially offset by a 1% decrease driven by higher amortization and fair value inventory step-up charges related to acquisitions (Airtech - June 2021, ABEL - March

2021 and Flow MD - February 2020).

The increase in organic operating margin is primarily due to higher volume leverage, partially offset by incremental resource investments and targeted discretionary spending.

Other expense - net includes a loss on early debt redemption of $8.6 million in 2021 and $8.4 million in 2020.

The provision for income taxes and the effective tax rate increased as compared with 2020 due to a lower excess tax benefit related to share-based compensation in 2021 and the absence of a benefit from the finalization of the Global Intangible Low-Tax Income (“GILTI”) regulations that favorably impacted the 2020 effective tax rate.

- The FMT segment designs, produces and distributes positive displacement pumps, valves, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agriculture and energy industries.

*•*The HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies.

HST serves a variety of end markets, including food and beverage, pharmaceutical and biopharmaceutical, cosmetics, marine, chemical, wastewater and water treatment, life sciences, research and defense markets.

- The FSDP segment designs, produces and distributes firefighting pumps, valves and controls, rescue tools, lifting bags, other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world.

Segment operating income excludes unallocated corporate operating expenses.

| Operating margin | | | 26.0 | | % | | | | 26.2 | | % | | | | (20) bps | | | | | | 80 bps | | | | | | (110) bps | | | | | | 10 bps | | | | | | — | | | | | | (20) bps | | |

The Company is subject to market risk associated with changes in foreign currency exchange rates and interest [removed: rates.][added: rates as well as inflationary factors.]

As of December 31, [removed: 2021,] [added: 2022,] the Company did not have any derivative instruments outstanding.

The Company’s foreign currency exchange rate risk is limited principally to the Euro, Swiss Franc, British Pound, Canadian Dollar, Indian Rupee, Chinese [removed: Renminbi and] [added: Renminbi,] Swedish [removed: Krona.][added: Krona and Brazilian Real.]

The foreign currency transaction [added: (gains)] losses for the periods [removed: ending] [added: ended] December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019] [added: 2020] were [removed: $1.1] [added: $(0.8)] million, [removed: $3.0] [added: $1.1] million and [removed: $3.3] [added: $3.0] million, respectively, and are reported within Other [removed: expense] [added: (Income) Expense] - [removed: net] [added: Net] on the Consolidated Statements of Income.

See [removed: [Note](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_88) [1](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_88)] [added: [Note 1](#i8f3ba310e9604f15b151956624aa7e17_88)] in Part II, Item 8, “Financial Statements and Supplementary Data,” for further discussion.

The Company [removed: does not have significant] [added: has] interest rate exposure due to [removed: all] [added: $277.7 million] of the [removed: $1,200.1] [added: $1,477.8] million [removed: of] debt outstanding [removed: as of] [added: at] December 31, [removed: 2021] [added: 2022] being [removed: fixed] [added: floating] rate debt.

The Company’s Revolving Facility and Term Facility both bear interest at either an alternate base rate or adjusted Term SOFR (or appropriate alternative currency reference rates) plus, in each case, an applicable margin based on the lower of the Company’s senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio.

At December 31, 2022, there was $77.7 million outstanding under the Revolving Facility with an interest rate of 3.32% and $200.0 million outstanding under the Term Facility with an interest rate of 5.83%.

Inflation Risk

We source a wide variety of materials and components from a network of global suppliers.

While materials are typically available from numerous suppliers, they are subject to price fluctuations, which could have a negative impact on our results.

We seek to minimize the effects of inflation and changing prices through price increases to maintain reasonable gross margins.

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.

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

Substantially all of the Company’s business activities are carried out through over [removed: 40] [added: 50] wholly-owned subsidiaries with shared values of trust, team and excellence.

[removed: ][added: ]

The table below illustrates the percentages of the share of [removed: sales] [added: Net Sales] and [removed: operating income] [added: Adjusted EBITDA] contributed by each segment on the basis of total segments (not total Company) for the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

| | | | Year Ended December 31, [removed: 2021 | | | | | |] [added: 2022] | | | | | | | | | | | | | | | | | | Year Ended December 31, [removed: 2020 | | | | | |] [added: 2021] | | | | | | | | | | | | | | |

| | | | FMT | | | | | | HST | | | | | | FSDP | | | | | | [removed: IDEX | | | | | |] FMT | | | | | | HST | | | | | | FSDP | | | [removed: | | | IDEX | | |]

(1) Segment [removed: operating income] [added: Adjusted EBITDA] excludes [added: the impact of] unallocated corporate [removed: operating expenses] [added: costs] of [removed: $80.5] [added: $85.7] million and [removed: $64.9] [added: $73.2] million for the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] respectively.

[removed: ][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 [removed: pumps, peristaltic pumps, transfer] pumps and [removed: dispensing equipment for industrial laundries, commercial dishwashing and chemical metering.][added: peristaltic pumps.]

- Alfa Valvole and OBL manufacture products 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, [added: chemical plants, petrochemical plants, oil, heating/air conditioning and also on ships, ferries and marine oil platforms.]

- [removed: Richter’s products offer] [added: Richter and Aegis produce] superior solutions for demanding and complex pump and valve applications in the process [removed: industry.][added: industry as well as specialty chemical processing valves for use in the chemical, petro-chemical, chlor-alkali and pulp and paper industries.]

*Agriculture.* Agriculture consists of the [removed: Company’s Banjo business.][added: following businesses:]

[added: -] Banjo is a provider of special purpose, severe-duty pumps, valves, fittings and systems used in liquid handling.

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

The HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, [added: micro-precision components,] pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies.

HST serves a variety of end markets, including food and beverage, life sciences, analytical instruments, pharmaceutical and biopharmaceutical, industrial, semiconductor, [added: digital printing,] automotive/transportation, medical/dental, energy, cosmetics, marine, chemical, wastewater and water treatment, research and aerospace/defense markets.

[removed: ][added: ]

*Scientific Fluidics & Optics.* Scientific Fluidics & Optics is a global authority in life science fluidics, optics, microfluidics and [removed: photonics,] [added: photonics and the movement of liquids and gases in critical applications,] offering a diverse set of technologies, expertise, capabilities and product solutions across numerous market segments.

- IDEX Health & Science (“IH&S”) consists of IH&S [removed: Fluidics and] [added: Fluidics,] IH&S Life Science [removed: Optics.][added: Optics and IH&S Microfluidics.]

The IH&S Fluidics technology and product portfolio consists of column hardware, degassers, fluidic connections, fluidic manifolds, [added: pumps and pump components, sensors, refractive index detectors, valves and fluidics sub-systems.]

IH&S maintains operations in Bristol, Connecticut; Carlsbad, California; Lima, New York; Middleboro, Massachusetts; Oak Harbor, Washington; Rochester, New York; Rohnert Park, California; [removed: Saitama, Japan; Shanghai, China] [added: Zweibruken, Germany] and [removed: Beijing, China.][added: Saitama, Japan.]

[removed: -] [added: IH&S] Microfluidics includes thinXXS Microtechnology, a global leader in developing and producing microfluidic systems, components and consumables serving the point of care diagnostic and digital polymerase chain reaction (“PCR”) markets.

- [removed: Velcora and its operating subsidiaries under the] [added: The] Roplan [removed: name] [added: businesses] are global manufacturers of custom mechanical and shaft seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment.

[removed: Velcora] [added: Roplan] is headquartered in Sweden and has operations in Ningbo, China; Berkshire, England and Madison, Wisconsin.

Airtech is headquartered in Rutherford, New Jersey and has other manufacturing operations in Linthicum Heights, [removed: Maryland,] [added: Maryland;] Wilmington, North [removed: Carolina,] [added: Carolina;] Werneck, Germany and Shenzhen, China.

Fitzpatrick designs and manufactures customized size [removed: reduction,] [added: reduction] and roll compaction systems to support their customers’ product development and manufacturing processes.

[removed: ][added: ]

Principal competitors of the HST segment are the Thomas division of Ingersoll Rand (with respect to vacuum pumps and compressors); [removed: Thermo Scientific Dionex products (with respect to analytical instrumentation);] Parker Hannifin (with respect to sealing devices); Valco Instruments Co., Inc. (with respect to fluid injectors and valves); [removed: and Gooch & Housego PLC] [added: Jenoptik] (with respect to [removed: electro-optic and precision photonics solutions used] [added: optical assemblies] in [added: life sciences); and Tecan Trading AG (with respect to] the life [removed: sciences] [added: science fluidics] market).

In [removed: 2021,] [added: 2022,] the Company did not have any customers that accounted for more than 3% of net sales.

The businesses located outside the U.S. are primarily based in Germany, [removed: U.K.,] [added: the United Kingdom, the Netherlands,] Italy, India, [removed: China, Canada] [added: China] and [removed: The Netherlands.][added: Canada.]

The following table illustrates sales to customers within and outside the U.S. as a percentage of total sales for total IDEX as well as by segment and by reporting unit for the year ended December 31, [removed: 2021:][added: 2022:]

| [removed: FMT] [added: Fire & Safety] | | | | | | [removed: 53%] [added: 53%] | | | | | | | | | [removed: 47%] [added: 47%] | | | | | | | | |

| [removed: Water] [added: FMT] | | | | | | [removed: 57%] [added: 57%] | | | | | | | | | [removed: 43%] [added: 43%] | | | | | | | | |

| [removed: Energy] [added: Dispensing] | | | | | | [removed: 60%] [added: 40%] | | | | | | | | | [removed: 40%] [added: 60%] | | | | | | | | |

| Scientific Fluidics & Optics | | | | | | [removed: 46%] [added: 49%] | | | | | | | | | [removed: 54%] [added: 51%] | | | | | | | | |

| Performance Pneumatic Technologies | | | | | | [removed: 77%] [added: 81%] | | | | | | | | | [removed: 23%] [added: 19%] | | | | | | | | |

| Material Processing Technologies | | | | | | [removed: 34%] [added: 38%] | | | | | | | | | [removed: 66%] [added: 62%] | | | | | | | | |

| [removed: Dispensing] [added: Water] | | | | | | [removed: 42%] [added: 58%] | | | | | | | | | [removed: 58%] [added: 42%] | | | | | | | | |

| IDEX | | | | | | [removed: 48%] [added: 52%] | | | | | | | | | [removed: 52%] [added: 48%] | | | | | | | | |

The Company believes it has an adequate supply of raw materials necessary to meet demand and continues to actively manage [removed: recent] supply chain constraints.

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

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

| Net Sales | | | 37% | | | | | | 42% | | | | | | 21% | | | | | | 36% | | | | | | 41% | | | | | | 23% | | |

| Adjusted EBITDA(1) | | | 39% | | | | | | 42% | | | | | | 19% | | | | | | 36% | | | | | | 42% | | | | | | 22% | | |

- Nexsight and its market leading businesses, Envirosight, WinCan, MyTana and Pipeline Renewal Technologies, complement and create synergies with the Company’s existing iPEK and ADS business units that design and create sewer crawlers, inspection and monitoring systems and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely.

Nexsight maintains operations in Randolph, New Jersey; St. Paul, Minnesota; Callery, Pennsylvania; Murten, Switzerland and various other locations across the United States and Europe.

Richter and Aegis maintain operations in Kempen, Germany; Suzhou, China and Geismar, Louisiana.

- KZValve is a leading manufacturer of electric valves and controllers used primarily in agricultural applications.

KZValve maintains operations in Greenwood, Nebraska.

- Muon Group manufactures highly precise flow paths in a variety of materials that enable the movement of various liquids and gases in critical applications for medical, semiconductor, food processing, digital printing and filtration technologies.

The group includes LouwersHanique, Veco, Millux, Tecan and Atul, which have critical technical expertise in precision and tolerances for different materials, from metals and glass to plastics and ceramics.

The business maintains operations in Hapert, the Netherlands; Eerbeek, the Netherlands; Wijchen, the Netherlands; Dorset in the United Kingdom and Pune, India.

| Pumps | | | | | | 57% | | | | | | | | | 43% | | | | | | | | |

| Energy | | | | | | 62% | | | | | | | | | 38% | | | | | | | | |

| HST | | | | | | 48% | | | | | | | | | 52% | | | | | | | | |

| Micropump | | | | | | 28% | | | | | | | | | 72% | | | | | | | | |

| FSDP | | | | | | 50% | | | | | | | | | 50% | | | | | | | | |

| BAND-IT | | | | | | 57% | | | | | | | | | 43% | | | | | | | | |

During 2022, backlog was elevated as compared to pre-pandemic levels due to supply chain constraints, which both extended lead times and shifted customer order patterns as well as increased inventory to support production.

Further, with respect to order cancellations, the Company has not historically experienced significant order cancellations and does not expect significant order cancellations in the future.

The China

expansion was completed in late 2022 and the India facility is expected to be completed in early 2023.

IDEX also expanded its facilities in Singapore and Dubai in 2022 to support growth in South East Asia and the Middle East.

*Government Regulations*

Our compliance with federal, state and local laws and regulations, including those related to environmental, international trade, labor and employment, human rights, tax, anti-bribery and competition matters, did not have a material effect upon our capital expenditures, earnings or competitive position during the fiscal year ended December 31, 2022.

Approximately 4% of its employees are covered by various collective bargaining agreements in the U.S. which will expire at various times between now and October 2026.

Of those, approximately 1% of employees are covered by collective bargaining agreements in the U.S. which will expire within one year.

Annually, the CHRO presents a talent review to the Company’s Board of Directors focused on senior team development, succession planning for senior management and the general human capital strategy action plan to ensure that the Board is informed on key human capital management matters and to seek alignment on plans for the Company’s continuity and success.

- As part of our Organizational Talent Cycle process, we conduct regular in-depth talent reviews of our workforce teams and culture with business leaders, identify “stretch” opportunities to grow team members, and connect our decentralized businesses by moving skilled employees from one business unit to another as opportunities and interest arise.

Employees and leaders have performance and development conversations throughout the year, talking about business and development goals, reviewing progress, recognizing accomplishments, giving balanced feedback, and identifying opportunities for improvement.

Open, honest dialog about performance, development and career growth supports our values of trust, team and excellence and The IDEX Difference, building trust and helping us fulfill our purpose.

- Employees have access to resources that enhance and build capabilities, including specific individual development plans and local training and development programs.

In support of our growth strategy and culture, the Company also sponsors global leadership programs through the IDEX Academy which provides accelerated development for key leaders to deepen our pipeline across multiple levels of leadership.

Our learning curriculum includes instructor-led, self-paced and blended solutions that have been created internally or sourced from external partners.

We believe our employees have a high level of engagement as the Company’s employee engagement index remains above the average for manufacturing companies at 76 percent.

The Company regularly reviews its compensation structure and intends to adjust pay as necessary to retain key talent.

In 2022, the Company launched its Diversity, Equity and Inclusion (“DEI”) strategic roadmap.

To prepare leadership for the launch, executives participated in a day-long strategy and development session which included a cultural competence assessment and personal feedback for all senior leaders.

The Company also: 1) established a Corporate DEI team; 2) embedded DEI initiatives into Executive Leadership Team compensation and goals; 3) launched an Inclusive Leader Development approach; 4) expanded diverse talent recruiting outreach efforts; and 5) established key DEI partnerships.

The Company’s Board of Directors and CEO regularly review DEI progress.

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

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

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

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

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

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

chemical plants, petrochemical plants, oil, heating/air conditioning and also on ships, ferries and marine oil platforms.

Richter maintains operations in Cedar Falls, Iowa; Kempen, Germany and Suzhou, China.

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

Aegis maintains operations in Geismar, Louisiana.

pumps and pump components, sensors, refractive index detectors, valves and fluidics sub-systems.

The business maintains operations in Zweibruken, Germany.

This reporting unit was previously named Gast and was renamed Performance Pneumatic Technologies upon the acquisition of Airtech in June 2021.

| Pumps | | | | | | 54% | | | | | | | | | 46% | | | | | | | | |

| HST | | | | | | 44% | | | | | | | | | 56% | | | | | | | | |

| Micropump | | | | | | 26% | | | | | | | | | 74% | | | | | | | | |

| FSDP | | | | | | 49% | | | | | | | | | 51% | | | | | | | | |

| Fire & Safety | | | | | | 50% | | | | | | | | | 50% | | | | | | | | |

| BAND-IT | | | | | | 56% | | | | | | | | | 44% | | | | | | | | |

During 2021, backlog significantly increased due to supply chain constraints and inventory increased to support production.

The projects are expected to be completed in 2022.

as well as personnel in various locations in South America, the Middle East, Korea and Japan to support sales and marketing efforts in those regions.

Approximately 5% of its employees in the U.S. were represented by labor unions, with various contracts expiring through November 2023.

Annually, the CHRO presents a talent review to the Company’s Board of Directors.

As part of the review, the team details each enterprise-level senior leadership position and outlines succession plans to ensure the Board is informed of the Company’s plans for business continuity and success.

- Employees have access to learning through a variety of sources, including the IDEX Academy, which is the primary platform for global leadership development programs, local development programs and specific individual development plans.

- The Company also built the IDEX Accelerating Management Potential (“I-AMP”) Collegiate Talent Program in 2018 to give early career professionals the opportunity to learn the Company’s values and business, and to grow within the Company in both full-time and internship roles.

Since the program began, over 78 percent of participants have represented either gender or racial minority groups, and the Company will continue its focus on providing opportunities for diverse early career professionals.

Given the challenges that the COVID-19 pandemic brought to the work environment, the Company is encouraged that employees are staying engaged as it remains in the top quartile among manufacturing companies with employee engagement at 76 percent.

The Company increased its 2022 compensation budgets as related to previous years to maintain its focus on retaining key talent.

In 2021, the Company hired a Vice President, Chief Diversity, Equity and Inclusion (“DE&I”) Officer (“CDO”) reporting directly to the Chief Executive Officer.

Subsequently, the CDO engaged the executive leadership team and Board of Directors to finalize a three-year DE&I High Level Strategy and Tactics road map.

Our Board of Directors regularly reviews DE&I progress.

In 2021, the Board of Directors also added its first African American member.

In 2021, the Company increased its number of senior leaders who are racially diverse by 28%.

The Company also saw a 5% increase in people managers that are racially diverse.

Women in senior leadership and management roles held steady in 2021.

As a part of the DE&I strategic roadmap, in 2022 the Company plans to: 1) hire a global DE&I team; 2) embed DE&I metrics into Executive Leadership Team goals and compensation; 3) review diverse talent quarterly with business leaders; 4) implement a company-wide inclusive leadership development plan; and 5) actively benchmark progress against competitors and DE&I best practice partners.

The Company is proud to manufacture highly engineered products, including many that have life-saving benefits.

Doing this would not be possible without the systems the Company has developed and implemented to help ensure the health and safety of its employees, and those who work in the Company’s locations.

The Company and its subsidiaries are party to legal proceedings [added: arising in the ordinary course of business] as described in [Note [removed: 11](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_121)] [added: 11](#i8f3ba310e9604f15b151956624aa7e17_118)] 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 [removed: six] [added: seven] of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos.

For the fiscal year ended December 31, [removed: 2021][added: 2022]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T [removed: (232.405] [added: (§232.405] of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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: 2021] [added: 2022] closing price of [removed: $220.05)] [added: $181.63)] held by non-affiliates of IDEX Corporation was [removed: $16,710,929,496.][added: $13,718,682,816.]

The number of shares outstanding of IDEX Corporation’s common stock, par value $.01 per share, as of February [removed: 18, 2022] [added: 17, 2023] was [removed: 76,119,749.][added: 75,518,200.]

Portions of the proxy statement with respect to the IDEX Corporation [removed: 2022] [added: 2023] annual meeting of stockholders (the [removed: “2022] [added: “2023] Proxy Statement”) are incorporated by reference into [removed: Part III] [added: [Part III](#i8f3ba310e9604f15b151956624aa7e17_157)] of this Form 10-K.

| PART I. | | | Item 1. | | | [removed: [Business](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_13)] [added: [Business](#i8f3ba310e9604f15b151956624aa7e17_13)] | | | [removed: [1](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_13)] [added: [1](#i8f3ba310e9604f15b151956624aa7e17_13)] | | | | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_16)] [added: Factors](#i8f3ba310e9604f15b151956624aa7e17_16)] | | | [removed: [14](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_16)] [added: [15](#i8f3ba310e9604f15b151956624aa7e17_16)] | | | | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_19)] [added: Comments](#i8f3ba310e9604f15b151956624aa7e17_19)] | | | [removed: [18](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_19)] [added: [20](#i8f3ba310e9604f15b151956624aa7e17_19)] | | | | | |

| | | | Item 2. | | | [removed: [Properties](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_22)] [added: [Properties](#i8f3ba310e9604f15b151956624aa7e17_22)] | | | [removed: [18](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_22)] [added: [21](#i8f3ba310e9604f15b151956624aa7e17_22)] | | | | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_25)] [added: Proceedings](#i8f3ba310e9604f15b151956624aa7e17_25)] | | | [removed: [19](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_28)] [added: [21](#i8f3ba310e9604f15b151956624aa7e17_25)] | | | | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_28)] [added: Disclosures](#i8f3ba310e9604f15b151956624aa7e17_28)] | | | [removed: [19](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_28)] [added: [21](#i8f3ba310e9604f15b151956624aa7e17_28)] | | | | | |

| PART II. | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_34)] [added: Securities](#i8f3ba310e9604f15b151956624aa7e17_34)] | | | [removed: [20](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_34)] [added: [22](#i8f3ba310e9604f15b151956624aa7e17_34)] | | | | | |

| | | | Item 6. | | | [removed: [\[Reserved\]](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_1881)] [added: [\[Reserved\]](#i8f3ba310e9604f15b151956624aa7e17_37)] | | | [removed: [21](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_1881)] [added: [23](#i8f3ba310e9604f15b151956624aa7e17_37)] | | | | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_40)] [added: Operations](#i8f3ba310e9604f15b151956624aa7e17_40)] | | | [removed: [22](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_40)] [added: [24](#i8f3ba310e9604f15b151956624aa7e17_40)] | | | | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_55)] [added: Risk](#i8f3ba310e9604f15b151956624aa7e17_55)] | | | [removed: [30](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_55)] [added: [35](#i8f3ba310e9604f15b151956624aa7e17_55)] | | | | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_58)] [added: Data](#i8f3ba310e9604f15b151956624aa7e17_58)] | | | [removed: [32](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_58)] [added: [36](#i8f3ba310e9604f15b151956624aa7e17_58)] | | | | | |

| | | | | | | [Management’s Report on Internal Control Over Financial [removed: Reporting](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_61)] [added: Reporting](#i8f3ba310e9604f15b151956624aa7e17_61)] | | | [removed: [32](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_61)] [added: [36](#i8f3ba310e9604f15b151956624aa7e17_61)] | | | | | |

| | | | | | | [removed: [Report](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64) [of] [added: [Report of] Independent Registered Public Accounting [removed: Firm](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64) [](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64)[(PCAOB] [added: Firm (PCAOB] ID [removed: No.](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64) 34[)](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64)] [added: No.](#i8f3ba310e9604f15b151956624aa7e17_64) 34[)](#i8f3ba310e9604f15b151956624aa7e17_64)] | | | [removed: [33](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_64)] [added: [37](#i8f3ba310e9604f15b151956624aa7e17_64)] | | | | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_70)] [added: Sheets](#i8f3ba310e9604f15b151956624aa7e17_70)] | | | [removed: [37](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_70)] [added: [41](#i8f3ba310e9604f15b151956624aa7e17_70)] | | | | | |

| | | | | | | [Consolidated Statements of [removed: Income](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_73)] [added: Income](#i8f3ba310e9604f15b151956624aa7e17_73)] | | | [removed: [38](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_73)] [added: [42](#i8f3ba310e9604f15b151956624aa7e17_73)] | | | | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_76)] [added: Income](#i8f3ba310e9604f15b151956624aa7e17_76)] | | | [removed: [39](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_76)] [added: [43](#i8f3ba310e9604f15b151956624aa7e17_76)] | | | | | |

| | | | | | | [Consolidated Statements of [removed: Equity](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_79)] [added: Equity](#i8f3ba310e9604f15b151956624aa7e17_79)] | | | [removed: [40](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_79)] [added: [44](#i8f3ba310e9604f15b151956624aa7e17_79)] | | | | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_82)] [added: Flows](#i8f3ba310e9604f15b151956624aa7e17_82)] | | | [removed: [41](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_82)] [added: [45](#i8f3ba310e9604f15b151956624aa7e17_82)] | | | | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_85)] [added: Statements](#i8f3ba310e9604f15b151956624aa7e17_85)] | | | [removed: [42](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_85)] [added: [46](#i8f3ba310e9604f15b151956624aa7e17_85)] | | | | | |

| | | | | | | [Note 1. Significant Accounting [removed: Policies](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_88)] [added: Policies](#i8f3ba310e9604f15b151956624aa7e17_88)] | | | [removed: [42](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_88)] [added: [46](#i8f3ba310e9604f15b151956624aa7e17_88)] | | | | | |

| | | | | | | [Note 2. Acquisitions and [removed: Divestitures](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_91)] [added: Divestitures](#i8f3ba310e9604f15b151956624aa7e17_91)] | | | [removed: [46](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_91)] [added: [50](#i8f3ba310e9604f15b151956624aa7e17_91)] | | | | | |

| | | | | | | [Note 3. Collaborative [removed: Investments](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_94)] [added: Investments](#i8f3ba310e9604f15b151956624aa7e17_94)] | | | [removed: [51](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_94)] [added: [58](#i8f3ba310e9604f15b151956624aa7e17_94)] | | | | | |

| | | | | | | [Note 4. Balance Sheet [removed: Components](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_97)] [added: Components](#i8f3ba310e9604f15b151956624aa7e17_97)] | | | [removed: [51](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_97)] [added: 63] | | | | | |

| | | | | | | [Note 5. [removed: Revenue](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_100)] [added: Revenue](#i8f3ba310e9604f15b151956624aa7e17_100)] | | | [removed: [53](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_100)] [added: [60](#i8f3ba310e9604f15b151956624aa7e17_100)] | | | | | |

| | | | | | | [Note 6. Goodwill and Intangible [removed: Assets](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_103)] [added: Assets](#i8f3ba310e9604f15b151956624aa7e17_103)] | | | [removed: [55](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_103)] [added: [63](#i8f3ba310e9604f15b151956624aa7e17_103)] | | | | | |

| | | | | | | [Note 7. [removed: Borrowings](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_106)] [added: Borrowings](#i8f3ba310e9604f15b151956624aa7e17_106)] | | | [removed: [57](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_106)] [added: [64](#i8f3ba310e9604f15b151956624aa7e17_106)] | | | | | |

| | | | | | | [Note 8. Derivative [removed: Instruments](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_109)] [added: Instruments](#i8f3ba310e9604f15b151956624aa7e17_109)] | | | [removed: [60](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_109)] [added: [67](#i8f3ba310e9604f15b151956624aa7e17_109)] | | | | | |

| | | | | | | [Note 9. Fair Value [removed: Measurements](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_112)] [added: Measurements](#i8f3ba310e9604f15b151956624aa7e17_112)] | | | [removed: [60](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_112)] [added: [68](#i8f3ba310e9604f15b151956624aa7e17_112)] | | | | | |

| | | | | | | [Note 10. [removed: Leases](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_115)] [added: Leases](#i8f3ba310e9604f15b151956624aa7e17_115)] | | | [removed: [61](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_115)] [added: [69](#i8f3ba310e9604f15b151956624aa7e17_115)] | | | | | |

| | | | | | | [Note 11. Commitments and [removed: Contingencies](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_121)] [added: Contingencies](#i8f3ba310e9604f15b151956624aa7e17_118)] | | | [removed: [64](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_121)] [added: [71](#i8f3ba310e9604f15b151956624aa7e17_118)] | | | | | |

| | | | | | | [Note 13. Income [removed: Taxes](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_127)] [added: Taxes](#i8f3ba310e9604f15b151956624aa7e17_124)] | | | [removed: [64](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_127)] [added: [71](#i8f3ba310e9604f15b151956624aa7e17_124)] | | | | | |

| | | | | | | [Note 14. Business Segments and Geographic [removed: Information](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_130)] [added: Information](#i8f3ba310e9604f15b151956624aa7e17_127)] | | | [removed: [67](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_130)] [added: [74](#i8f3ba310e9604f15b151956624aa7e17_127)] | | | | | |

| | | | | | | [Note 15. Restructuring Expenses and Asset [removed: Impairments](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_133)] [added: Impairments](#i8f3ba310e9604f15b151956624aa7e17_130)] | | | [removed: [70](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_133)] [added: [77](#i8f3ba310e9604f15b151956624aa7e17_130)] | | | | | |

| | | | | | | [Note 16. Share-Based [removed: Compensation](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_136)] [added: Compensation](#i8f3ba310e9604f15b151956624aa7e17_133)] | | | [removed: [71](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_136)] [added: [78](#i8f3ba310e9604f15b151956624aa7e17_133)] | | | | | |

| | | | | | | [Note 17. Other Comprehensive [removed: Income (Loss)](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_139)] [added: (Loss) Income](#i8f3ba310e9604f15b151956624aa7e17_136)] | | | [removed: [76](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_139)] [added: [83](#i8f3ba310e9604f15b151956624aa7e17_136)] | | | | | |

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| | | | | | | [Note 12.](#i8f3ba310e9604f15b151956624aa7e17_121) [S](#i8f3ba310e9604f15b151956624aa7e17_121)[hare Repurchases](#i8f3ba310e9604f15b151956624aa7e17_121) | | | [71](#i8f3ba310e9604f15b151956624aa7e17_121) | | | | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i8f3ba310e9604f15b151956624aa7e17_1933) | | | [91](#i8f3ba310e9604f15b151956624aa7e17_1933) | | | | | |

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

| | | | | | | [Signatures](#i8f3ba310e9604f15b151956624aa7e17_187) | | | [98](#i8f3ba310e9604f15b151956624aa7e17_187) | | | | | |

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

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

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

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

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

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 [removed: (12%),] [added: (11%), the] U.K. (6%), [added: The Netherlands (6%),] Italy (5%), India [removed: (3%),] [added: (4%),] China [removed: (2%), Canada (2%)] [added: (3%)] and [removed: The Netherlands] [added: Canada] (2%).

The Company [removed: has] [added: recently] invested a significant amount of capital to expand [removed: both] the China [added: facility which was completed in late 2022] and [added: the] India [removed: facilities that will] [added: facility which is expected to be completed in early 2023,] ultimately [removed: double] [added: doubling] the Company’s historic capacity in each of these countries.

Otherwise, management considers its facilities suitable and adequate for the Company’s operations and believes [removed: the Company can] [added: it has ample capacity in its plants and equipment to] meet demand increases [removed: over] [added: for future growth in] the [removed: near term with its existing facilities,] [added: intermediate term,] especially given its operational improvement initiatives that usually increase capacity.

A summary of properties used by the Company’s operations as of December 31, [removed: 2021] [added: 2022] are shown in the following table:

| Fluid & Metering Technologies | | | | | | [removed: 1.9] [added: 2.0] | | | | | | 1.4 | | | | | | [removed: 0.5] [added: 0.6] | | | | | | [removed: 1.2] [added: 1.3] | | | | | | 0.7 | | |

| Health & Science Technologies | | | | | | [removed: 1.6] [added: 2.0] | | | | | | 1.0 | | | | | | [removed: 0.6] [added: 1.0] | | | | | | 0.7 | | | | | | [removed: 0.9] [added: 1.3] | | |

| Fire & Safety/Diversified Products | | | | | | [removed: 1.4] [added: 1.2] | | | | | | [removed: 0.8] [added: 0.6] | | | | | | 0.6 | | | | | | [removed: 1.1] [added: 0.9] | | | | | | 0.3 | | |

| Other(1) | | | | | | 0.3 | | | | | | 0.1 | | | | | | 0.2 | | | | | | [removed: 0.2] [added: 0.1] | | | | | | [removed: 0.1] [added: 0.2] | | |

| Total | | | | | | 5.5 | | | | | | 3.1 | | | | | | 2.4 | | | | | | 3.0 | | | | | | 2.5 | | |

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

As of February [removed: 18, 2022,] [added: 17, 2023,] there were approximately [removed: 5,887] [added: 6,580] stockholders of record of the Company’s common stock and there were [removed: 76,119,749] [added: 75,518,200] shares outstanding.

For information pertaining to securities authorized for issuance under equity compensation plans and the related weighted average exercise price, see Part III, [Item [removed: 12](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_169),] [added: 12](#i8f3ba310e9604f15b151956624aa7e17_166),] “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”

The [removed: Company did not purchase any shares] [added: Company’s purchases] of common stock during the quarter ended December 31, [removed: 2021.][added: 2022 are as follows.]

As of December 31, [removed: 2021,] [added: 2022,] the amount of share repurchase authorization remaining was [removed: $712.0] [added: $563.8] million.

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 the Company’s common stock and each index was $100 on December 31, [removed: 2016.][added: 2017.]

[removed: ][added: 1]

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

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

| Period | | | Total Number of Shares Purchased | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Maximum Dollar Value that May Yet be Purchased Under the Plans or Programs | | |

| October 1, 2022 to October 31, 2022 | | | 6,800 | | | | | | $ | 199.04 | | | | | 6,800 | | | | | | $ | 563,841,420 | |

| November 1, 2022 to November 30, 2022 | | | — | | | | | | — | | | | | | — | | | | | | 563,841,420 | | |

| December 1, 2022 to December 31, 2022 | | | — | | | | | | — | | | | | | — | | | | | | 563,841,420 | | |

| Total | | | 6,800 | | | | | | $ | 199.04 | | | | | 6,800 | | | | | | $ | 563,841,420 | |

| | | | 12/17 | | | 12/18 | | | 12/19 | | | 12/20 | | | 12/21 | | | 12/22 | | |

| IDEX Corporation | | | $ | 100.00 | | $ | 96.84 | | $ | 133.58 | | $ | 156.55 | | $ | 187.57 | | $ | 183.39 | |

| S&P 500 Index | | | $ | 100.00 | | $ | 95.62 | | $ | 125.72 | | $ | 148.85 | | $ | 191.58 | | $ | 156.88 | |

| S&P Midcap 400 Industrials Sector Index | | | $ | 100.00 | | $ | 85.11 | | $ | 113.67 | | $ | 132.41 | | $ | 170.07 | | $ | 150.52 | |

| Russell 2000 Index | | | $ | 100.00 | | $ | 88.99 | | $ | 111.70 | | $ | 134.00 | | $ | 153.85 | | $ | 122.41 | |

| | | | 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 | |

Management excluded [removed: ABEL] [added: Nexsight, KZValve] and [removed: Airtech (Note 2] [added: Muon Group ([Note 2](#i8f3ba310e9604f15b151956624aa7e17_91)] - [removed: Acquisitions)] [added: Acquisitions and Divestitures)] from its assessment of internal controls over financial reporting as these acquisitions occurred in [removed: 2021.][added: 2022.]

The total assets (excluding goodwill and intangible assets) and net sales of current year acquisitions represented were [added: each] approximately [removed: 2 percent and] 3 [removed: percent, respectively,] [added: percent] of the [removed: consolidated financial statement] [added: Consolidated Financial Statement] amounts as of and for the year ended December 31, [removed: 2021.][added: 2022.]

Based on that assessment, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, [removed: 2021.][added: 2022.]

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] of the Company and our report dated February [removed: 24, 2022,] [added: 23, 2023,] expressed an unqualified opinion on those financial statements.

As described in Management’s Report on Internal Control over Financial Reporting, management excluded [removed: ABEL] [added: Nexsight, KZValve] and [removed: Airtech] [added: Muon Group] from its assessment of internal control over financial reporting as these acquisitions occurred in the twelve months ended December 31, [removed: 2021.][added: 2022.]

The combined net sales and total assets of these acquisitions represented approximately 3 percent [removed: and 2 percent, respectively,] [added: for each] of the consolidated financial statement amounts as of and for the year ended December 31, [removed: 2021.][added: 2022.]

We have audited the accompanying consolidated balance sheets of IDEX Corporation and subsidiaries (the "Company") as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the related consolidated statements of income, comprehensive income, [removed: equity,] [added: equity] and cash flows, for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] 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: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 24, 2022,] [added: 23, 2023,] expressed an unqualified opinion on the Company's internal control over financial reporting.

Revenue - Disaggregation of Revenue - Refer [removed: to Note 5 to] [added: to [Note 5](#i8f3ba310e9604f15b151956624aa7e17_100) to] the Financial Statements

- For the revenue populations subject to detail testing, we tested the completeness of revenue by making selections from reciprocal populations (e.g., [removed: shipping logs)] [added: cash receipts)] and determined whether the transaction was recorded as a sale in the general ledger.

| | | | [added: 2022 | | | | | |] 2021 | | | | | | 2020 | | |

| Cash and cash equivalents | | | $ | [removed: 855.4] [added: 430.2] | | | | | $ | [removed: 1,025.9] [added: 855.4] | |

| Receivables - net | | | [removed: 356.4] [added: 442.8] | | | | | | [removed: 293.1] [added: 356.4] | | |

| Inventories | | | [removed: 370.4] [added: 470.9] | | | | | | [removed: 289.9] [added: 370.4] | | |

| Other current assets | | | [removed: 95.8] [added: 55.4] | | | | | | [removed: 48.3] [added: 95.8] | | |

| Total current assets | | | [removed: 1,678.0] [added: 1,399.3] | | | | | | [removed: 1,657.2] [added: 1,678.0] | | |

| Property, plant and equipment - net | | | [removed: 327.3] [added: 382.1] | | | | | | [removed: 298.3] [added: 327.3] | | |

| Goodwill | | | [removed: 2,167.7] [added: 2,638.1] | | | | | | [removed: 1,895.6] [added: 2,167.7] | | |

| Intangible assets - net | | | [removed: 597.3] [added: 947.8] | | | | | | [removed: 415.6] [added: 597.3] | | |

| Other noncurrent assets | | | [removed: 146.9] [added: 144.6] | | | | | | [removed: 147.7] [added: 146.9] | | |

| Total assets | | | $ | [added: 5,511.9 | | | | | $ |] 4,917.2 | | | | | $ | 4,414.4 | |

| Trade accounts payable | | | $ | [removed: 178.8] [added: 208.9] | | | | | $ | [removed: 152.0] [added: 178.8] | |

| Accrued expenses | | | [removed: 259.8] [added: 289.1] | | | | | | [removed: 208.8] [added: 259.8] | | |

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

| Dividends payable | | | [removed: 41.4] [added: 45.6] | | | | | | [removed: 38.1] [added: 41.4] | | |

| Total current liabilities | | | [removed: 480.0] [added: 543.6] | | | | | | [removed: 399.0] [added: 480.0] | | |

| Long-term borrowings | | | [removed: 1,190.3] [added: 1,468.7] | | | | | | [removed: 1,044.4] [added: 1,190.3] | | |

| Deferred income taxes | | | [removed: 196.4] [added: 264.2] | | | | | | [removed: 163.9] [added: 196.4] | | |

| Other noncurrent liabilities | | | [removed: 247.4] [added: 195.8] | | | | | | [removed: 266.8] [added: 247.4] | | |

| Total liabilities | | | [removed: 2,114.1] [added: 2,472.3] | | | | | | [removed: 1,874.1] [added: 2,114.1] | | |

| Commitments and contingencies [removed: (Note 11)] [added: ([Note 11](#i8f3ba310e9604f15b151956624aa7e17_118))] | | | | | | | | | | | |

| Issued: [removed: 90,067,996] [added: 90,064,988] shares at December 31, [removed: 2021] [added: 2022] and [removed: 90,071,763] [added: 90,067,996] shares at December 31, [removed: 2020] [added: 2021] | | | 0.9 | | | | | | 0.9 | | |

| Additional paid-in capital | | | [removed: 795.6] [added: 817.2] | | | | | | [removed: 775.2] [added: 795.6] | | |

| Retained earnings | | | [removed: 3,126.5] [added: 3,531.7] | | | | | | [removed: 2,841.5] [added: 3,126.5] | | |

| Treasury stock at cost: [removed: 13,872,555] [added: 14,451,032] shares at December 31, [removed: 2021] [added: 2022] and [removed: 14,111,221] [added: 13,872,555] shares at December 31, [removed: 2020] [added: 2021] | | | [removed: (1,050.3)] [added: (1,184.3)] | | | | | | [removed: (1,063.9)] [added: (1,050.3)] | | |

| Accumulated other comprehensive loss | | | [removed: (69.6)] [added: (126.2)] | | | | | | [removed: (13.5)] [added: (69.6)] | | |

| February 23, 2023 | | | | | |

| February 23, 2023 | | | | | |

| Gain on sale of business | | | (34.8) | | | | | | — | | | | | | — | | |

| Net income (loss) | | | — | | | | | | 586.9 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 586.9 | | | | | | (0.2) | | | | | | 586.7 | | |

| Contributions received from joint venture partner | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | 0.5 | | |

| Balance, December 31, 2022 | | | $ | 818.1 | | | | | $ | 3,531.7 | | | | | $ | (137.1) | | | | | $ | 10.9 | | | | | $ | — | | | | | $ | (1,184.3) | | | | | $ | 3,039.3 | | | | | $ | 0.3 | | | | | $ | 3,039.6 | |

| Net income | | | $ | 586.7 | | | | | $ | 449.3 | | | | | $ | 377.8 | |

| Gains on sales of assets | | | (3.5) | | | | | | — | | | | | | — | | |

| Gain on sale of business | | | (34.8) | | | | | | — | | | | | | — | | |

| Depreciation | | | 50.7 | | | | | | 46.6 | | | | | | 41.7 | | |

| Proceeds from disposal of fixed assets | | | 8.9 | | | | | | — | | | | | | — | | |

| Proceeds from sale of business, net of cash remitted | | | 49.4 | | | | | | — | | | | | | — | | |

| Proceeds from sale of marketable securities | | | 39.7 | | | | | | — | | | | | | — | | |

| Contributions received from joint venture partner | | | 0.5 | | | | | | — | | | | | | — | | |

The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer's trade accounts receivable.

| Basic weighted average common shares outstanding | | | 75.7 | | | | | | 76.0 | | | | | | 75.7 | | |

| Diluted weighted average common shares outstanding | | | 76.0 | | | | | | 76.4 | | | | | | 76.4 | | |

| Software | | | 5 years | | |

The results of operations of Flow Management Devices, LLC (“Flow MD”) (acquired February 28, 2020), Qualtek Manufacturing, Inc. (“Qualtek”) (acquired November 23, 2020), ABEL Pumps, L.P. and certain of its affiliates (“ABEL”) (acquired March 10, 2021), Airtech Group, Inc., US Valve Corporation and related entities (“Airtech”) (acquired June 14, 2021), Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“Nexsight”) (acquired February 28, 2022), KZ CO. (“KZValve”) (acquired May 2, 2022) and Muon B.V. and its subsidiaries (“Muon Group”) (acquired November 18, 2022) have been included in the Company’s Consolidated Financial Statements since the respective dates of acquisition.

The results of operations of Knight have been included in the Company’s Consolidated Financial Statements through the date of disposition on September 9, 2022.

*2022 Acquisitions*

*Nexsight*

On February 28, 2022, the Company acquired Nexsight in a partial stock and asset acquisition.

Nexsight was acquired for cash consideration of $112.5 million.

The goodwill is partially deductible for tax purposes.

| Goodwill | | | 56.5 | | |

Acquired intangible assets consist of trade names, customer relationships and software.

| Software | | | 4.8 | | | | | | 5 | | |

*KZValve*

On May 2, 2022, the Company acquired KZValve in an asset acquisition.

KZValve is a leading manufacturer of electric valves and controllers used primarily in agricultural applications.

KZValve augments and expands IDEX’s agricultural portfolio, complementing Banjo’s current fluid management solutions for these applications.

Headquartered in Greenwood, Nebraska, KZValve operates in the Company’s Agriculture reporting unit within the FMT segment.

KZValve was acquired for cash consideration of $120.1 million.

The entire purchase was funded with cash on hand.

Goodwill and intangible assets recognized as part of this transaction were $56.4 million and $52.0 million, respectively.

As the Company continues to obtain additional information about these assets and liabilities, and continues to integrate the newly acquired business, the Company will refine the estimates of fair value and more accurately allocate the purchase price.

| Property, plant and equipment | | | 1.8 | | |

| Goodwill | | | 56.4 | | |

| Intangible assets | | | 52.0 | | |

| February 24, 2022 | | | | | |

| Balance, December 31, 2018 | | | $ | 739.2 | | | | | $ | 2,342.1 | | | | | $ | (94.5) | | | | | $ | (22.7) | | | | | $ | (12.0) | | | | | $ | (957.5) | | | | | $ | 1,994.6 | | | | | $ | — | | | | | $ | 1,994.6 | |

| Net income | | | — | | | | | | 425.5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 425.5 | | | | | | — | | | | | | 425.5 | | |

| Net change on derivatives designated as cash flow hedges (net of tax of $1.4) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.9 | | | | | | — | | | | | | 4.9 | | | | | | — | | | | | | 4.9 | | |

| Other - net | | | — | | | | | | — | | | | | | (1.8) | | |

| Significant non-cash activities: | | | | | | | | | | | | | | | | | |

| Debt acquired with acquisition of business | | | — | | | | | | — | | | | | | 51.1 | | |

The Company maintains an allowance for doubtful accounts for expected losses as a result of customers’ inability to make required payments.

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, *Simplifying the Accounting for Income Taxes*, which eliminates the need to analyze whether the following apply in a given period (1) exception to the incremental approach for intraperiod tax allocation, (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses.

This ASU is also designed to improve the application of income tax-related guidance and simplify U.S. GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax and (4) enacted changes in tax laws in interim periods.

The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

ASU 2021-10 is effective for annual periods beginning after December 15, 2021.

Early adoption is permitted, and entities may apply the ASU’s provisions prospective or retrospectively.

The results of operations of the acquired companies have been included in the Company’s consolidated results since the dates of acquisition.

As the Company continues to obtain additional information

| Goodwill | | | 42.4 | | |

| Goodwill | | | 267.6 | | |

*2019 Acquisition*

*Velcora*

On July 18, 2019, the Company acquired the stock of Velcora Holding AB (“Velcora”) and its operating subsidiaries, Roplan and Steridose.

Roplan is a global manufacturer of custom mechanical and shaft seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment.

Steridose develops engineered hygienic mixers and valves for the global biopharmaceutical industry.

Both companies are headquartered in Sweden but also have operations in Ningbo, China; Berkshire, England and Madison, Wisconsin.

Roplan and Steridose operate in the HST segment.

Velcora was acquired for cash consideration of $87.2 million and the assumption of $51.1 million of debt.

| Goodwill | | | 86.6 | | |

Any resulting gain or loss recognized due to divestitures is recorded within Loss (gain) on sale of businesses - net within Selling, general and administrative expenses in the Consolidated Statements of Income.

On March 12, 2021, the Company completed the sale of CiDRA Precision Services (“CiDRA”) for $1.0 million in cash, resulting in a pre-tax gain on the sale of $0.5 million.

The results of CiDRA were reported within the HST segment and generated $0.9 million of revenues in 2021 through the date of sale.

On December 28, 2020, the Company completed the sale of its Avery Hardoll product line for $0.5 million in cash, resulting in a pre-tax loss on the sale of $0.4 million.

The Company recorded $0.3 million of income tax benefit associated with this transaction during the year ended December 31, 2020.

The results of Avery Hardoll were reported within the FMT segment and generated $1.2 million of revenues in 2020 through the date of sale.

The Company concluded that this divestiture did not meet the criteria for reporting discontinued operations.

There were no divestitures that took place during the year ended December 31, 2019.

As of December 31, 2021, the Joint Venture has incurred start-up expenses, but has not yet begun manufacturing.

| ALLOWANCE FOR DOUBTFUL ACCOUNTS | | | | | | | | | | | | | | | | | |

(1) During the third quarter of 2021, the Company merged a business in the Water reporting unit with a business in the Valves reporting unit.

Revenue for each reporting unit has been restated to reflect this change for all years presented.

(2) This reporting unit was previously named Gast and was renamed Performance Pneumatic Technologies upon the acquisition of Airtech.

Prior to 2021, amounts reflect only the Gast business.

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: 2021.][added: 2022.]

Management’s Report on Internal Control Over Financial Reporting appearing on page [removed: 35] [added: 39] of this report is incorporated into this Item 9A by reference.

PART III

Not Applicable.

PART III

Information under the headings “Election of Directors”; “Board Committees”; and “Corporate Governance” in the [removed: 2022] [added: 2023] Proxy Statement is incorporated into this Item 10 by reference.

Information regarding executive officers of the Company is located in Part I, [removed: Item 1,] [added: [Item 1](#i8f3ba310e9604f15b151956624aa7e17_13),] of this report under the caption “Information about Our Executive Officers.”

Information under the heading “Executive Compensation” in the [removed: 2022] [added: 2023] Proxy Statement is incorporated into this Item 11 by reference.

Information under the heading “Security Ownership” in the [removed: 2022] [added: 2023] 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: 2021] [added: 2022] is as follows:

| Equity compensation plans approved by the Company’s stockholders | | | [removed: 1,195,069] [added: 1,216,910] | | | | | | $ | [removed: 147.60] [added: 161.45] | | | | | [removed: 2,440,843] [added: 1,980,029] | | |

Information under the headings, “Corporate Governance” and “Board Committees” in the [removed: 2022] [added: 2023] Proxy Statement is incorporated into this Item 13 by reference.

Information under the heading “Principal Accountant Fees and Services” in the [removed: 2022] [added: 2023] Proxy Statement is incorporated into this Item 14 by reference.

“Financial Statements and Supplementary [removed: Data.”](#i1c7c95a3a35c4e5dafc8b646de4a8ff7_58)][added: Data.”](#i8f3ba310e9604f15b151956624aa7e17_58)]

| 3.2 | | | | | | [removed: [Amended] [added: [Second Amended] and Restated Bylaws of IDEX Corporation, effective as of [removed: February] [added: October] 24, [removed: 2021] [added: 2022] (incorporated by reference to Exhibit No. 3.1 to [removed: the Current Report of IDEX Corporation on] [added: the](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm) [Report](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm) [on] Form [removed: 8-K filed February 26, 2021)](https://www.sec.gov/Archives/edgar/data/0000832101/000083210121000021/iex-20210224xex31.htm)] [added: 10-Q](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm) [](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm)[of IDEX Corporation](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm) [for the](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm) [quarter](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm) [ended September 30, 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000056/ex-31amendedandrestatedb.htm)] | | |

| 10.1 | | | | | | [Revised and Restated IDEX Corporation Management Incentive Compensation Plan for Key Employees Effective January 1, 2013 (incorporated by reference to Exhibit [removed: 10.2 to] [added: 10.](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm)[1](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm) [to] the Current Report of IDEX Corporation Form 8-K filed February 20, 2013)](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm) | | |

| [removed: 10.8] [added: 10.14] | | | | | | [Form of IDEX Corporation Restricted Stock Award Agreement effective February 2015 (incorporated by reference to Exhibit No. [removed: 10.16] [added: 10.23] to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, [removed: 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1016.htm)] [added: 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-12312014xex1023.htm)] | | |

| [removed: 10.9] [added: 10.8] | | | | | | [Form of IDEX Corporation Stock Option Agreement effective February 2015 (incorporated by reference to Exhibit No. 10.17 to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1017.htm) | | |

| [removed: 10.10] [added: 10.9] | | | | | | [Form of IDEX Corporation Restricted Stock Unit Award Agreement effective February 2015 (incorporated by reference to Exhibit No. 10.18 to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1018.htm) | | |

| [removed: 10.11] [added: 10.10] | | | | | | [Form of IDEX Corporation Restricted Stock Unit Award Agreement - Cash Settled effective February 2015 (incorporated by reference to Exhibit No. 10.19 to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1019.htm) | | |

| [removed: 10.12] [added: 10.11] | | | | | | [Form of IDEX Corporation Performance Share Unit Award Agreement effective February 2015 (incorporated by reference to Exhibit No. 10.20 to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1020.htm) | | |

| [removed: 10.13] [added: 10.12] | | | | | | [Form of IDEX Corporation Restricted Stock Unit Agreement for Directors effective February 2015 (incorporated by reference to Exhibit No. 10.21 to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1021.htm) | | |

| [removed: 10.14] [added: 10.13] | | | | | | [Form of IDEX Corporation Stock Option Agreement effective February 2015 (incorporated by reference to Exhibit No. 10.22 to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1022.htm) | | |

| [removed: 10.15] [added: 10.20] | | | | | | [Form of IDEX Corporation Restricted Stock Award [removed: Agreement] [added: Agreement,] effective February [removed: 2015] [added: 2018] (incorporated by reference to Exhibit [removed: No. 10.23] [added: 10.27] to the Annual Report of IDEX Corporation on Form 10-K for the [added: fiscal] year ended December 31, [removed: 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-12312014xex1023.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1027.htm)] | | |

| [removed: 10.16] [added: 10.15] | | | | | | [Letter Agreement between IDEX Corporation and Eric D. Ashleman, dated January 21, 2021 (incorporated by reference to Exhibit 10.18 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, 2020)](https://www.sec.gov/Archives/edgar/data/0000832101/000083210121000017/iex-2020x2131xex1018.htm) | | |

| [removed: 10.17] [added: 10.16] | | | | | | [Letter Agreement between IDEX Corporation and [removed: Denise Cade,] [added: William K. Grogan,] dated [removed: September 24, 2015] [added: December 30, 2016] (incorporated by reference to Exhibit [removed: No. 10.24] [added: 10.22] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2015)](http://www.sec.gov/Archives/edgar/data/832101/000083210116000057/iex-20151231xex1024.htm)] [added: 2016)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000016/iex-20161231xex1022.htm)] | | |

| [removed: 10.18] [added: 10.23] | | | | | | [removed: [Stock Purchase] [added: [Form of IDEX Corporation Stock Option] Agreement, [removed: dated] [added: effective] February [removed: 4, 2016, by and among IDEX Corporation, Premier Farnell PLC, Celdis Limited, Premier Farnell Corp. and Akron Brass Holding Corp.] [added: 2018] (incorporated by reference to Exhibit [removed: No. 10.25] [added: 10.30] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2015)](http://www.sec.gov/Archives/edgar/data/832101/000083210116000057/iex-2015x1231xex1025.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1030.htm)] | | |

| [removed: 10.19] [added: 10.18] | | | | | | [removed: [Letter] [added: [Amendment to Letter] Agreement [added: dated December 30, 2016,] between IDEX Corporation and William K. Grogan, [removed: dated December 30, 2016] [added: effective as of April 24, 2017] (incorporated by reference to Exhibit [removed: 10.22] [added: 10.3] to the [removed: Annual] [added: Quarterly] Report [added: on Form 10-Q] of IDEX Corporation [removed: on Form 10-K] for the [removed: fiscal year] [added: quarter] ended [removed: December] [added: March] 31, [removed: 2016)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000016/iex-20161231xex1022.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000027/iex-20170331xex103.htm)] | | |

| [removed: 10.20] [added: 10.17] | | | | | | [Amendment to Letter Agreement dated [removed: September 24, 2015,] [added: February 12, 2014,] between IDEX Corporation and [removed: Denise R. Cade,] [added: Eric D. Ashleman,] effective as of April 24, 2017 (incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] to the Quarterly Report on Form 10-Q of IDEX Corporation for the quarter ended March 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000027/iex-20170331xex101.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000027/iex-2017x0331xex102.htm)] | | |

| [removed: 10.21] [added: 10.30] | | | | | | [removed: [Amendment to Letter] [added: [Letter] Agreement [removed: dated February 12, 2014,] between IDEX Corporation and [removed: Eric D. Ashleman, effective] [added: Melissa S. Flores, dated] as of [removed: April 24, 2017] [added: January 7, 2021] (incorporated by reference to Exhibit [removed: 10.2] [added: No. 10.1] to the Quarterly Report on Form 10-Q of IDEX Corporation for the quarter ended March 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000027/iex-2017x0331xex102.htm)] [added: 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000016/iex-20220331xex101.htm)] | | |

| 10.22 | | | | | | [removed: [Amendment to Letter Agreement dated December 30, 2016, between] [added: [Form of] IDEX Corporation [removed: and William K. Grogan,] [added: Performance Share Unit Award Agreement - Cash Settled,] effective [removed: as of April 24, 2017] [added: February 2018] (incorporated by reference to Exhibit [removed: 10.3] [added: 10.29] to the [removed: Quarterly] [added: Annual] Report [removed: on Form 10-Q] of IDEX Corporation [added: on Form 10-K] for the [removed: quarter] [added: fiscal year] ended [removed: March] [added: December] 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000027/iex-20170331xex103.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-2017x1231xex1029.htm)] | | |

| [removed: 10.23] [added: 10.19] | | | | | | [Form of IDEX Corporation Performance Share Unit Award Agreement - Stock Settled, effective February 2018 (incorporated by reference to Exhibit 10.26 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1026.htm) | | |

| [removed: 10.24] [added: 10.25] | | | | | | [Form of IDEX Corporation Restricted Stock [added: Unit] Award [removed: Agreement,] [added: Agreement - Cash Settled,] effective February 2018 (incorporated by reference to Exhibit [removed: 10.27] [added: 10.32] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1027.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1032.htm)] | | |

| [removed: 10.25] [added: 10.21] | | | | | | [Form of IDEX Corporation Restricted Stock Unit Agreement for Directors, effective February 2018 (incorporated by reference to Exhibit 10.28 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, 2017](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1028.htm)) | | |

| [removed: 10.26] [added: 10.24] | | | | | | [Form of IDEX Corporation [removed: Performance Share Unit Award] [added: Stock Option] Agreement - Cash Settled, effective February 2018 (incorporated by reference to Exhibit [removed: 10.29] [added: 10.31] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-2017x1231xex1029.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1031.htm)] | | |

| [removed: 10.27] [added: 10.26] | | | | | | [Form of IDEX Corporation [added: Restricted] Stock [removed: Option] [added: Unit Award] Agreement, effective [removed: February 2018] [added: December 2015] (incorporated by reference to Exhibit [removed: 10.30] [added: 10.33] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1030.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1033.htm)] | | |

| [removed: 10.28] [added: 10.27] | | | | | | [Form of IDEX Corporation [removed: Stock Option] [added: Confidential Information, Work Product and Restrictive Covenant] Agreement [removed: - Cash Settled, effective February 2018] (incorporated by reference to Exhibit [removed: 10.31] [added: 10.34] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1031.htm)] [added: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1034.htm)] | | |

| 10.29 | | | | | | [removed: [Form of IDEX Corporation Restricted Stock Unit Award Agreement - Cash Settled,] [added: [IDEX Amended and Restated Non-Employee Director Compensation Policy,] effective [removed: February 2018] [added: January 1, 2020] (incorporated by reference to Exhibit [removed: 10.32] [added: 10.35] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1032.htm)] [added: 2019)](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex1035.htm)] | | |

| [removed: 10.32] [added: 10.28] | | | | | | [removed: [Credit] [added: [Amended and Restated Credit] Agreement, dated as of [added: November 1, 2022, which amends and restates the Credit Agreement, dated as of] May 31, 2019, by and among IDEX Corporation and certain of its subsidiaries, as borrowers, Bank of America, N.A., as administrative agent, swing line lender and an issuer of letters of credit; JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as co-syndication agents and issuers of letters of credit; HSBC Bank USA, National Association, Mizuho Bank, Ltd., [removed: PNC Bank, National Association,] and [removed: U.S. Bank, National Association,] [added: Bank of China, Chicago Branch,] as co-documentation [removed: agents,] [added: agents] and the other lenders and financial institutions party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of IDEX Corporation filed [removed: with the SEC] on [removed: June 4, 2019)](http://www.sec.gov/Archives/edgar/data/832101/000083210119000016/iex-20190603xex101.htm)] [added: November 2, 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000059/ex-101idexxcreditagreeme.htm)] | | |

| *21 | | | | | | [Subsidiaries of [removed: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210122000008/iex-202112x31xex21.htm)] [added: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-202212x31xex21.htm)] | | |

| *23 | | | | | | [Consent of Deloitte & Touche [removed: LLP](https://www.sec.gov/Archives/edgar/data/832101/000083210122000008/iex-20211231xex23.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-20221231xex23.htm)] | | |

| *31.1 | | | | | | [Certification of Chief Executive Officer Pursuant to Rule 13a-14 (a) or Rule 15d-14 [removed: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000008/iex-20211231xex311.htm)] [added: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-20221231xex311.htm)] | | |

| *31.2 | | | | | | [Certification of Chief Financial Officer Pursuant to Rule 13a-14 (a) or Rule 15d-14 [removed: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000008/iex-20211231xex312.htm)] [added: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-20221231xex312.htm)] | | |

| *32.1 | | | | | | [Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States [removed: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210122000008/iex-20211231xex321.htm)] [added: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-20221231xex321.htm)] | | |

| *32.2 | | | | | | [Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States [removed: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210122000008/iex-20211231xex322.htm)] [added: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-20221231xex322.htm)] | | |

| *,101 | | | | | | The following materials from IDEX Corporation’s Annual Report on Form 10-K for the year ended December 31, [removed: 2021] [added: 2022] formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets at December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] (ii) the Consolidated Statements of Income for the three years ended December 31, [removed: 2021,] [added: 2022,] (iii) the Consolidated Statements of Comprehensive Income for the three years ended December 31, [removed: 2021,] [added: 2022,] (iv) the Consolidated Statements of Equity for the three years ended December 31, [removed: 2021,] [added: 2022,] (v) the Consolidated Statements of Cash Flows for the three years ended December 31, [removed: 2021,] [added: 2022,] and (vi) Notes to the Consolidated Financial Statements. | | |

Date: February [removed: 24, 2022][added: 23, 2023]

| Eric D. Ashleman | | | | | | | | | February [removed: 24, 2022] [added: 23, 2023] | | | | | |

| William K. Grogan | | | | | | | | | February [removed: 24, 2022] [added: 23, 2023] | | | | | |

| Allison S. Lausas | | | | | | | | | February [removed: 24, 2022] [added: 23, 2023] | | | | | |

| Mark A. Beck | | | | | | | | | February [removed: 24, 2022] [added: 23, 2023] | | | | | |

| Mark A. Buthman | | | | | | | | | February [removed: 24, 2022] [added: 23, 2023] | | | | | |

| Carl R. Christenson | | | | | | | | | February [removed: 24, 2022] [added: 23, 2023] | | | | | |

| /s/ [removed: WILLIAM M. COOK] [added: KATRINA L. HELMKAMP] | | | | | | Non-Executive Chairman of the Board and Director | | | | | | | | |

| 10.31*, | | | | | | [Letter Agreement between IDEX Corporation and Lisa M. Anderson, dated as of February 16, 2022](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1031letteragreementbetw.htm) | | |

| 10.32*, | | | | | | [Letter Agreement between IDEX Corporation and Melissa Aquino, dated as of September 2, 2022](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1032letteragreementbetw.htm) | | |

| 10.33*, | | | | | | [Letter Agreement between IDEX Corporation’s subsidiary Fast & Fluid Management B.V. and Marc Uleman, dated as of June 15, 2020](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1033_xredactedletteragr.htm) | | |

| 10.34*, | | | | | | [Addendum to Letter Agreement dated June 15, 2020, between IDEX Corporation’s subsidiary Fast & Fluid Management B.V. and Marc Uleman, dated as of October 4, 2022](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1034letteragreementbetw.htm) | | |

| /s/ ALEJANDRO QUIROZ CENTENO | | | | | | Director | | | | | | | | |

| Alejandro Quiroz Centeno | | | | | | | | | February 23, 2023 | | | | | |

| /s/ L. PARIS WATTS-STANFIELD | | | | | | Director | | | | | | | | |

| L. Paris Watts-Stanfield | | | | | | | | | February 23, 2023 | | | | | |

| 10.30 | | | | | | [Form of IDEX Corporation Restricted Stock Unit Award Agreement, effective December 2015 (incorporated by reference to Exhibit 10.33 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1033.htm) | | |

| 10.31 | | | | | | [Form of IDEX Corporation Confidential Information, Work Product and Restrictive Covenant Agreement (incorporated by reference to Exhibit 10.34 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1034.htm) | | |

| 10.33* | | | | | | [Amendment No. 1, dated as of December 21, 2021, to the Credit Agreement, dated as of May 31, 2019, by and among IDEX Corporation and certain of its subsidiaries, as borrowers, Bank of America, N.A., as administrative agent, swing line lender and an issuer of letters of credit; JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as co-syndication agents and issuers of letters of credit; HSBC Bank USA, National Association, Mizuho Bank, Ltd., PNC Bank, National Association, and U.S. Bank, National Association, as co-documentation agents, and the other lenders and financial institutions party thereto](https://www.sec.gov/Archives/edgar/data/832101/000083210122000008/iex-20211231xex1033.htm) | | |

| 10.34 | | | | | | [IDEX Amended and Restated Non-Employee Director Compensation Policy, effective January 1, 2020 (incorporated by reference to Exhibit 10.35 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, 2019)](https://www.sec.gov/Archives/edgar/data/832101/000083210120000007/iex-201912x31xex1035.htm) | | |

| 10.35 | | | | | | [Severance and General Release Agreement between IDEX Corporation and Daniel J. Salliotte, dated as of June 30, 2021 (incorporated by reference to Exhibit No. 10.1 to the Quarterly Report on Form 10-Q of IDEX Corporation for the quarter ended June 30, 2021)](https://www.sec.gov/Archives/edgar/data/0000832101/000083210121000053/iex-20210630xex101.htm) | | |

| William M. Cook | | | | | | | | | February 24, 2022 | | | | | |

| Katrina L. Helmkamp | | | | | | | | | February 24, 2022 | | | | | |

| /s/ ERNEST J. MROZEK | | | | | | Director | | | | | | | | |

| Ernest J. Mrozek | | | | | | | | | February 24, 2022 | | | | | |