IDEX (IEX) 10-K risk factor changes: FY2023 vs FY2022

Acquisitions involve numerous risks, including the assumption of undisclosed, uninsured or unindemnified [removed: liabilities,] [added: 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.

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

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

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

To the extent [removed: COVID-19 or] [added: that] any [removed: future widespread public health conditions] [added: of the foregoing] adversely [removed: affects] [added: affect] the Company and its financial results, they may also have the effect of heightening many of the other risks described in [removed: Item 1A,] [added: [Item 1A](#i1f79affde3f24a2f86121bcecc525cda_16),] “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.

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

The Company depends on various internal and third party information technologies to administer, store, process and transmit electronic information (including sensitive [added: or controlled] 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 [removed: these systems (or] the [removed: systems] [added: Company’s systems, technologies, products or services (including those we acquire through business acquisitions), or the systems, technologies, products or services] of the Company’s customers or third-party hosting [removed: services)] [added: services (including third-party data centers and cloud platforms upon which we rely),] 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.

These impacts could include production downtimes, operational delays or other detrimental impacts on operations or the ability to provide products and services to [removed: its] customers; the compromise, destruction, corruption or theft of confidential or otherwise protected information, data or intellectual property; security breaches; other manipulation or improper use of the Company’s systems or networks; financial losses from fraudulent transactions; financial losses from remedial actions; loss of business or potential 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.

[removed: Moreover,] [added: In addition,] 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 [added: engineering to gain access to systems or perpetuate wire transfer or other frauds.]

These trends increase the likelihood of such events [removed: occurring as well as the costs associated with protecting against such attacks.][added: occurring.]

While the Company attempts to mitigate [removed: these] [added: cybersecurity] risks by employing a number of measures, including employee training, technical security controls and maintenance of [added: certain] backup and protective systems, the Company’s systems, networks, products and services remain potentially vulnerable to known or unknown threats or other intrusions, [added: and there are risks that our cybersecurity defenses will be insufficient to fully mitigate cyber risks and losses related to cybersecurity events,] any of which [removed: could have] [added: may result in] a material adverse effect on the Company and its financial condition or results of operations.

Given the unpredictability, nature and scope of [removed: cyber-security] [added: cybersecurity] attacks and incidents, it is possible that potential vulnerabilities could go undetected for an extended 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 [removed: Regulation and] [added: Regulation,] Industry Standards, [added: or Other Risks Associated with a Potential Global Transition to a Lower-Carbon Economy,] as well as Physical Risks of Climate Change, Could Adversely Impact the Company's Results of Operations and Financial Position.*

Increased public awareness and concern regarding environmental risks, including global climate [removed: change,] [added: change and the potential global transition to a lower-carbon economy,] may result in more international, [removed: regional and/or] [added: regional,] federal [added: and/or state] requirements or industry standards to reduce or mitigate global warming and other environmental risks.

[removed: For example, various] [added: 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, taxation of or caps on the use of carbon-based energy, limitations or restrictions on water use, limitations or restrictions on the production of single use plastics, regulations on energy management and waste management and other rules and 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: The] physical risks of climate change are highly uncertain and differ in the geographic regions in which the Company operates.

These physical [removed: risks] [added: risks, including wildfires, rising sea levels, floods and other extreme weather events,] 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.

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

Risks Related to Economic [added: and Political] Conditions

In [removed: 2022, 52%] [added: 2023, 50%] of the Company’s sales were derived from domestic operations [removed: while 48%] [added: and 50%] were derived from international operations.

The Company’s largest end markets include industrial, [removed: semiconductor, automotive,] [added: fire and safety, energy,] life [removed: sciences] [added: sciences, water] and [added: wastewater treatment, semiconductor, automotive,] analytical instruments, food and [removed: pharma, fire & safety, energy,] [added: pharmaceuticals,] paint, [removed: chemical processing,] agriculture and [removed: water and wastewater treatment.][added: chemical]

- the imposition of and changes in the United States’ and other governments’ trade regulations, trade wars, tariffs and other trade barriers, including as a result of geopolitical developments [added: (such as escalating tensions in the Middle East)] and relations between the United States and China and the United States and Russia; and

- geopolitical events, including natural disasters, [added: catastrophic weather events,] climate change, public health conditions, [added: including epidemics, pandemics and other outbreaks (such as the global outbreak of the COVID-19 pandemic),] political instability or other geopolitical events, including civil or political [removed: unrest (such as the current conflict between Ukraine and Russia),] [added: unrest,] terrorism, insurrection or war.

For additional detail related to this risk, see Part II, [Item [removed: 7A](#i8f3ba310e9604f15b151956624aa7e17_55),] [added: 7A](#i1f79affde3f24a2f86121bcecc525cda_55),] “Quantitative and Qualitative Disclosures About Market Risk.”

The Company maintains a Credit Agreement with [removed: both] a [removed: term] [added: revolving credit] facility [added: (the “Revolving Facility”) in an aggregate principal amount of $800 million] and [removed: revolving] [added: a term] credit facility [added: (the “Term Facility”) in an aggregate principal amount of $200 million] (together, the “Credit Facility”), which bears 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.

[added: 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 [Item [removed: 3](#i8f3ba310e9604f15b151956624aa7e17_25),] [added: 3](#i1f79affde3f24a2f86121bcecc525cda_25),] “Legal Proceedings” and [Note [removed: 11](#i8f3ba310e9604f15b151956624aa7e17_118)] [added: 10](#i1f79affde3f24a2f86121bcecc525cda_118)] in Part II, Item 8, “Financial Statements and Supplementary Data.”

The Company owns patents, trademarks, [removed: licenses,] [added: 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.

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

Any intellectual property litigation or claims brought against the Company may lead to litigation expenses, diversion of resources, losses or licensing [removed: expenses,] [added: 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’s total assets [removed: reflect] [added: includes] substantial intangible assets, primarily goodwill and identifiable intangible [removed: assets.][added: assets, which primarily result from acquisitions.]

At December 31, [removed: 2022,] [added: 2023,] goodwill and intangible assets totaled [removed: $2,638.1] [added: $2,838.3] million and [removed: $947.8 million, respectively.]

See [Note [removed: 6](#i8f3ba310e9604f15b151956624aa7e17_103)] [added: 6](#i1f79affde3f24a2f86121bcecc525cda_103)] in Part II, Item 8, “Financial Statements and Supplementary Data” for further discussion on goodwill and intangible assets.

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

The loss of the services of any of the executive officers or [added: other key personnel or] a failure to provide adequate succession plans for [removed: key personnel] [added: these individuals] could have an adverse impact on the [removed: Company.][added: Company’s operations and implementation of its strategic plan.]

Additionally, any labor stoppages or labor disruptions, including due to geopolitical unrest, unfavorable economic or industry conditions, catastrophic weather events, natural disasters or [removed: the occurrence of a contagious disease or illness] [added: public health threats] could adversely affect the Company’s operating results or its ability to operate or grow the business.

Additionally, the Company’s competitors may adopt new technologies and technological advancements using artificial intelligence and machine learning to pursue new products and approaches more quickly, successfully and effectively than the Company.

Our business has an increasing reliance on IT systems and a growing digital footprint as a result of changing technologies, increasing connected devices and digital offerings, and an increase in remote and hybrid workforce populations.

Additionally, some of our products contain computer hardware and software and offer the ability to connect to computer networks.

Our customers, including government customers, are also requiring cybersecurity protections and mandating cybersecurity standards for our businesses with more frequency.

While we have experienced, and expect to continue to experience, these types of threats and incidents, based on our analysis at this time, we have not experienced a cybersecurity threat or incident that we believe has or is reasonably likely to materially affect the Company.

As a global organization, we are also subject to data privacy and security laws, regulations and customer-imposed controls in numerous jurisdictions as a result of having access to and processing confidential, personal and/or sensitive data in the course of our business.

Governmental investigations and enforcement actions can be costly and interrupt the regular operations of our business, and data breaches or violations of data privacy laws can result in civil and criminal, monetary and non-monetary penalties and damages to our reputation, any of which may adversely affect our business and financial statements.

As cybersecurity threats continue to evolve and as cybersecurity and data protection laws and regulations continue to develop globally, we expect to expend additional resources to continue to develop our compliance programs, strengthen our information security, data protection, disaster recovery and business continuity measures, and investigate and remediate vulnerabilities.

These may include such things as denial of service attacks, introduction of ransomware or other malicious software programs, and other disruptive problems.

Moreover, the rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks.

The Company regularly identifies, defends against and responds to cyber threats and security incidents.

Moreover, until we have migrated businesses we acquire onto our IT systems or ensured compliance with our information technology and cybersecurity standards, we have in the past and may in the future face additional risks because of the continued use of predecessor IT systems, procedures and cybersecurity risk mitigation measures.

In addition to changes in regulations or industry standards, a failure by the Company to innovate and adapt products to new markets, changing customer preferences for higher-efficiency products, or increasing scrutiny around fossil fuels usage could limit sales growth and negatively impact the Company and its financial condition, results of operations and cash flow.

*Business Disruptions Due to Catastrophic Weather Events, Natural Disasters and Public Health Threats Could Adversely Affect the Company.*

The Company faces various risks related to the occurrence of catastrophic weather events or significant natural disasters, including earthquakes, wildfires, droughts, fires, power-outages or other catastrophic events, in areas in which we have manufacturing facilities or from which we obtain products.

Severe weather conditions, including any that may be caused or exacerbated by global climate change, may cause physical damage to our properties, closure of one or more of our manufacturing or distribution facilities, lack of an adequate work force in a market, temporary disruption in the supply of inventory, disruption in the transport of products and utilities and delays in the delivery of products to our customers.

Additionally, public health threats may negatively impact the global economy by causing changes in consumer behavior, market downturns, restrictions on business and individual activities and increased volatility.

Any widespread public health threats could have a significant impact on the Company’s supply chain, such as the Company experienced during the global outbreak of the COVID-19 pandemic.

processing.

For additional detail related to this risk, see Part II, [Item 7A](#i1f79affde3f24a2f86121bcecc525cda_55), "Quantitative and Qualitative Disclosures About Market Risk."

$1,011.8 million, respectively.

*A Failure to Retain Executive Management and Key Personnel or Recruit Adequate Successors May Adversely Affect the Company’s Operations and Implementation of Strategy.*

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

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 ongoing COVID-19 pandemic continues to be a rapidly-changing situation that has negatively impacted and could continue to negatively impact the global economy.

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.

Any changes in or resurgence of 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 COVID-19 or other widespread public health conditions.

The Company depends greatly on its suppliers for items that are essential to the manufacturing of its products.

If its suppliers fail to meet its manufacturing needs in the future, it would delay the Company’s production and product shipments to customers and negatively affect 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.

Due to large remote workforce 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.

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

Although the Company has not suffered any disruptions to date, any future disruptions in their operations could also negatively impact the Company and its operating results and financial condition.

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

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

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

These assets primarily result from acquisitions, representing the excess of the purchase price over the fair value of the tangible net assets acquired.

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

*The Company’s Success Depends on Its Executive Management and Other Key Personnel.*

However, the Company provides long-term equity awards and certain other benefits for its executive officers which provides incentives for them to make a commitment to the Company.

The Company’s future success will depend on its ability to have adequate succession plans in place and to attract, retain and develop qualified personnel.

A failure to efficiently replace executive management members and other key personnel and to attract, retain and develop new qualified personnel could have an adverse effect on the Company’s operations and implementation of its strategic plan.

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](#i8f3ba310e9604f15b151956624aa7e17_16),] [added: 1A](#i1f79affde3f24a2f86121bcecc525cda_16),] “Risk Factors” and [added: under the heading “Cautionary Statement Under the Private Securities Litigation Reform Act” discussed] 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: measures that are] [added: financial measure prepared] in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) [removed: 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 [removed: later in this Item] under the heading [removed: “Cash Flow Summary.”] [added: “Liquidity and Capital Resources.”] 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.

Accordingly, IDEX’s businesses are affected by levels of industrial activity and economic conditions in the U.S. and in other countries where it does [removed: business and] [added: business, as well as] by the relationship of the U.S. dollar to other currencies.

Select key financial results for the year ended December 31, [removed: 2022] [added: 2023] when compared to [removed: 2021] [added: 2022] were as follows:

[added: |] Free cash flow [removed: of $489.4 million was 79%] [added: as a percent] of adjusted net income attributable to [removed: IDEX.][added: IDEX | | | | | | 101 | | % | | | | 79 | | % |]

The following is a discussion and analysis of the Company’s results of operations for the year ended December 31, [removed: 2022] [added: 2023] compared with the year ended December 31, [removed: 2021.][added: 2022.]

For the discussion related to the consolidated results of operations for the year ended December 31, [removed: 2021] [added: 2022] compared with the year ended December 31, [removed: 2020,] [added: 2021,] refer to the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2021,] [added: 2022,] which was filed with the Securities and Exchange Commission (“SEC”) on February [removed: 24, 2022.][added: 23, 2023.]

*Performance in [removed: 2022] [added: 2023] Compared with [removed: 2021*][added: 2022*]

| (Dollars in millions, except per share amounts) | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | | | | $ | | | | | | % / bps | | |

| Net sales | | | $ | [removed: 3,181.9 | | | | | $ | 2,764.8 | | |] [added: 3,273.9] | | | | | [removed: $] [added: $] | [removed: 417.1] [added: 3,181.9] | | | | | [removed: 15] [added: 3%] | | [removed: %] |

| Cost of sales | | | [removed: 1,755.0] [added: 1,827.0] | | | | | | [removed: 1,540.3] [added: 1,755.0] | | | | | | | | | [removed: 214.7] [added: 72.0] | | | | | | [removed: 14] [added: 4] | | % |

| Gross profit | | | [removed: 1,426.9 | | | | | | 1,224.5 | | |] [added: 1,446.9] | | | | | | [removed: 202.4] [added: 1,426.9] | | | | | | [removed: 17] [added: 1%] | | [removed: %] |

| Gross margin | | | [removed: 44.8] [added: 44.2] | | % | | | | [removed: 44.3] [added: 44.8] | | % | | | | | | | n/a | | | | | | [removed: 50] [added: (60)] bps | | |

| Selling, general and administrative expenses | | | [removed: 652.7] [added: 703.5] | | | | | | [removed: 578.2] [added: 652.7] | | | | | | | | | [removed: 74.5] [added: 50.8] | | | | | | [removed: 13] [added: 8] | | % |

| Restructuring expenses and asset impairments | | | [removed: 22.8] [added: 10.9] | | | | | | [removed: 9.3] [added: 22.8] | | | | | | | | | [removed: 13.5] [added: (11.9)] | | | | | | [removed: 145] [added: (52] | | [removed: %] [added: %)] |

| Operating income | | | [removed: 751.4] [added: 732.5] | | | | | | [removed: 637.0] [added: 751.4] | | | | | | | | | [removed: 114.4] [added: (18.9)] | | | | | | [removed: 18] [added: (3] | | [removed: %] [added: %)] |

| Other [removed: (income)] expense [added: (income)] - net | | | [removed: (3.9)] [added: —] | | | | | | [removed: 16.2] [added: —] | | | | | | [added: —] | | | [removed: (20.1)] | | | [added: —] | | | [removed: (124] | | [removed: %)] | [added: 5.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3.9) | | |]

| Interest expense | | | [removed: 40.7] [added: —] | | | | | | [removed: 41.0] [added: —] | | | | | | [added: —] | | | [removed: (0.3)] | | | [added: —] | | | [removed: (1] | | [removed: %)] | [added: 51.7 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40.7 | | |]

| Income before income taxes | | | [removed: 749.4] [added: 760.3] | | | | | | [removed: 579.8] [added: 749.4] | | | | | | | | | [removed: 169.6] [added: 10.9] | | | | | | [removed: 29] [added: 1] | | % |

| Provision for income taxes | | | [removed: 162.7] [added: —] | | | | | | [removed: 130.5] [added: —] | | | | | | [added: —] | | | [removed: 32.2] | | | [added: —] | | | [removed: 25] | | [removed: %] | [added: 164.7 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 162.7 | | |]

| *Effective tax rate* | | | *21.7* | | *%* | | | | [removed: *22.5*] [added: *21.7*] | | *%* | | | | | | | *n/a* | | | | | | [removed: *(80)] [added: *0] bps* | | |

| Net income attributable to IDEX | | | [removed: $ | 586.9 | | | | | $ | 449.4 | |] [added: 596.1] | | | | | | [removed: $] [added: 586.9] | [removed: 137.5] | | | | | [removed: 31] [added: 2%] | | [removed: %] |

| Diluted earnings per common share attributable to IDEX | | | $ | [removed: 7.71] [added: 7.85] | | | | | $ | [removed: 5.88] [added: 7.71] | | | | | | | | $ | [removed: 1.83] [added: 0.14] | | | | | [removed: 31] [added: 2] | | % |

[removed: Sales] [added: Net sales] increased [removed: 15%, reflecting a 13% increase in organic sales,] [added: 3% as compared to the prior year, driven by] a 5% increase [removed: from acquisitions (Muon Group - November 2022, KZValve - May 2022, Nexsight - February 2022, Airtech - June 2021 and ABEL - March 2021)] [added: in acquisitions,] net of [removed: divestitures (Knight LLC] [added: divestitures, partially offset by a 1% decrease in organic sales] and [removed: its related affiliates (“Knight”) - September 2022),] a 1% [removed: increase from] [added: decrease due to] the acceleration of previously deferred revenue related to the exit of a COVID-19 testing application [added: in 2022 that did not reoccur in 2023] (see [Note [removed: 15](#i8f3ba310e9604f15b151956624aa7e17_130)] [added: 14](#i1f79affde3f24a2f86121bcecc525cda_130)] in the Notes to [removed: the] Consolidated Financial Statements for further [removed: detail) and a 4% unfavorable impact from foreign currency translation.][added: detail).]

[removed: Sales increased 23%] [added: Net sales decreased 1%] domestically and [added: increased] 7% internationally, and sales to customers outside the U.S. were approximately [removed: 48% and 52%] [added: 50%] of total sales in [removed: 2022 and 2021, respectively.][added: 2023 compared with 48% in 2022.]

[removed: Cost of Sales] [added: Gross Profit] and Gross Margin

[removed: Both Gross profit and Gross] [added: - The increase in Adjusted EBITDA] margin [removed: increased] [added: was] primarily due to [removed: higher volume leverage, favorable] [added: strong] price/cost and [removed: productivity and the acceleration of previously deferred revenue related to the exit of a COVID-19 testing application,] [added: favorable operational productivity,] partially offset by [removed: increases in] [added: higher] employee-related costs.

Selling, general and administrative [removed: (“SG&A”)] expenses increased primarily due to the [added: $49.1 million] impact from acquisitions, including amortization, [added: net of divestitures,] as well as [removed: higher discretionary spending, resource investments and] [added: increases in] employee-related [removed: costs.][added: costs, which were largely offset by a decrease in variable compensation.]

Restructuring expenses and asset impairments [removed: increased] [added: decreased] primarily due to an asset impairment [added: charge of $16.8 million] related to the exit of a COVID-19 testing [removed: application,] [added: application in 2022,] partially offset by [removed: lower] [added: higher] severance costs in [removed: 2022.][added: 2023 incurred in conjunction with cost mitigation efforts as a result of current market conditions.]

See [Note [removed: 15](#i8f3ba310e9604f15b151956624aa7e17_130)] [added: 14](#i1f79affde3f24a2f86121bcecc525cda_130)] in the Notes to the Consolidated Financial Statements for further detail.

[added: -] The increase in [removed: organic operating] [added: Adjusted EBITDA] margin [removed: is] [added: was] primarily due to [removed: higher volume leverage, favorable] [added: strong] price/cost and operational productivity, partially offset by [removed: increases in] [added: higher] employee-related costs, [removed: discretionary spending] [added: unfavorable mix] and [removed: resource investments.][added: lower volume leverage.]

Gain on Sale of [removed: Business][added: Businesses - Net]

In [removed: the third quarter of] 2022, the Company completed the sale of Knight [added: LLC (“Knight”)] for proceeds of $49.4 million, net of cash remitted, [removed: resulting] [added: which resulted] in a pre-tax gain [removed: on the sale] of $34.8 million.

Other [removed: (Income)] Expense [added: (Income)] - Net

Other [removed: (income)] expense [added: (income)] - net was [removed: $3.9] [added: $5.2] million of [removed: income] [added: expense] in [removed: 2022] [added: 2023] compared to [removed: $16.2] [added: $3.9] million of [removed: expense] [added: income] in [removed: 2021.][added: 2022.]

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.

The provision for income taxes increased [removed: $32.2] [added: $2.0] million to [removed: $162.7] [added: $164.7] million in [removed: 2022] [added: 2023] as compared with [removed: $130.5] [added: $162.7] million in [removed: 2021 due to higher earnings.][added: 2022.]

For a detailed description of the operations within each segment, please refer to Part I, [Item [removed: 1](#i8f3ba310e9604f15b151956624aa7e17_13), *“Business”*] [added: 1](#i1f79affde3f24a2f86121bcecc525cda_13), *“*Business*”*] of this Annual Report on Form 10-K.

Management’s primary measurements of segment performance are [added: Net] sales, [removed: Adjusted EBITDA] [added: adjusted earnings before interest, income taxes, depreciation] and [added: amortization (“Adjusted EBITDA”) and] Adjusted EBITDA margin.

| (Dollars in millions) | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | Change | | | | | | [removed: Organic] [added: Organic(1)] | | | | | | [removed: Acq/Div(1)] [added: Acq/Div(1)(2)] | | | | | | Foreign Currency | | | | | | Total | | |

2023 Overview

During 2023, the Company delivered strong operating performance amid sharp volume declines as customers recalibrated inventory levels and order patterns following the easing of global supply chain constraints and reduced lead times.

While customer inventory destocking resulted in lower sales volumes, most prominently experienced by the Company’s Health & Science Technologies segment, the Company realized strong price/cost and achieved favorable operational productivity across its segments.

Net income attributable to IDEX and Adjusted EBITDA were $596.1 million and $899.6 million, respectively, in 2023, both up 2% from the prior year.

Cash flows from operating activities were $716.7 million during the year ended December 31, 2023, reflecting inventory reduction efforts and resulting in record free cash flow of $626.8 million during the year.

Finally, the Company deployed capital with the acquisition of two businesses – Iridian Spectral Technologies (“Iridian”) and STC Material Solutions (“STC”).

| (Dollars in millions, except per share amounts) | | | 2023 | | | | | | 2022 | | | | | | % / bps Change | | |

| *Adjusted net sales | | | 3,273.9 | | | | | | *3,164.0* | | | | | | *3%* | | |

| *Adjusted gross profit | | | 1,448.5 | | | | | | *1,417.5* | | | | | | *2%* | | |

| *Adjusted EBITDA | | | 899.6 | | | | | | *884.2* | | | | | | *2%* | | |

| Diluted EPS attributable to IDEX | | | 7.85 | | | | | | 7.71 | | | | | | 2% | | |

| Cash flows from operating activities | | | 716.7 | | | | | | 557.4 | | | | | | 29% | | |

| *Free cash flow | | | 626.8 | | | | | | *489.4* | | | | | | *28%* | | |

| Gross margin | | | 44.2% | | | | | | 44.8% | | | | | | *(60) bps* | | |

| *Adjusted gross margin | | | 44.2% | | | | | | *44.8%* | | | | | | *(60) bps* | | |

*These are non-GAAP measures.

See the definitions of these non-GAAP measures and reconciliations to their most directly comparable GAAP financial measures under the headings “Non-GAAP Disclosures” and “Free Cash Flow.”

2024 Outlook

Moving into 2024, the majority of our businesses are currently experiencing stable demand and seeing early signs of improvement, particularly in the Fluid & Metering Technologies segment.

However, while the life sciences and analytical instrumentation markets served by approximately one-third of the Health & Science Technologies segment appear stable, these markets are not yet showing signs of near-term recovery.

We continue to believe in the long-term growth potential of these end markets and believe we are well positioned to support growth as demand increases.

Additionally, we expect the Dispensing reporting unit within the Company’s Fire & Safety/Diversified Products segment to contract in 2024, due to the completion of the fleet refreshment cycle of our North American customers in 2023.

These declines are expected to be partly offset by growth in the Dispensing reporting unit in emerging markets and growth in the Fire & Safety and BAND-IT reporting units.

| Net sales | | | $ | 3,273.9 | | | | | $ | 3,181.9 | | | | | | | | $ | 92.0 | | | | | 3 | | % |

| Gross profit | | | 1,446.9 | | | | | | 1,426.9 | | | | | | | | | 20.0 | | | | | | 1 | | % |

| Gain on sale of businesses - net | | | (84.7) | | | | | | (34.8) | | | | | | | | | (49.9) | | | | | | 143 | | % |

| Net income attributable to IDEX | | | $ | 596.1 | | | | | $ | 586.9 | | | | | | | | $ | 9.2 | | | | | 2 | | % |

The decrease in organic sales was driven by lower volumes as a result of market conditions during the year, particularly in the Health & Science Technologies businesses, partially offset by price capture across all segments.

Gross profit and Gross margin were positively impacted by price/cost and strong operational productivity as well as lower fair value inventory step-up charges, and negatively impacted by lower volume leverage, higher employee-related costs, unfavorable mix and the acceleration of previously deferred revenue related to the exit of a COVID-19 testing application in 2022 that did not reoccur in 2023.

While acquisitions, net of divestitures also positively impacted Gross profit, they resulted in a dilutive impact to overall Gross margin.

In 2023, the Company completed the sale of Micropump for proceeds of $110.3 million, net of cash remitted, which resulted in a pre-tax gain of $93.8 million, and the sale of Novotema, SpA (“Novotema”) for proceeds of $8.3 million, net of cash remitted, which resulted in a loss of $9.1 million.

The increase in expense was primarily due to a $7.7 million credit loss reserve on an investment with a collaborative partner (see [Note 3](#i1f79affde3f24a2f86121bcecc525cda_94) in the Notes to Consolidated Financial Statements for further detail), higher foreign currency transaction losses and $2.7 million of gains on the sale of assets in 2022 that did not reoccur in 2023, partially offset by higher interest earned on cash balances and gains on the sale of trading securities in 2023.

Interest expense increased primarily due to the borrowings incurred under the Credit Facility in connection with the acquisition of Muon B.V. and its subsidiaries (“Muon Group”) in November 2022 as well as higher interest rates on the Company’s indebtedness.

The 2023 effective tax rate of 21.7% remained unchanged compared with the 2022 effective tax rate.

In October 2021, members of the Organization for Economic Co-operation and Development (“OECD”) and G20 Inclusive Framework on Base Erosion and Profit Shifting agreed to a two-pillar solution to address the tax challenges associated with the digitalization of the economy.

In December 2021, the OECD released the Pillar Two Model Rules (“Pillar Two”), which define the global minimum tax and call for the taxation of large corporations at a minimum rate of 15%.

Although it is uncertain when and how the rules will be fully enacted into law, based on our initial assessment, nearly all of the jurisdictions in which the Company operates have an effective tax rate above the 15% threshold.

Therefore, the Company does not expect a material impact from the Pillar Two income tax rules.

| Domestic sales | | | $ | 695.7 | | | | | $ | 660.8 | | | | | 5 | | % | | | | | | | | | | | | | | | | | | | | | | | | |

| International sales | | | 551.4 | | | | | | 506.5 | | | | | | 9 | | % | | | | | | | | | | | | | | | | | | | | | | | | |

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

During 2023, the Company’s primary focus will be on:

- *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

of additional capital to acquire IDEX-like businesses in 2023 to further strengthen its portfolio.

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

| Operating margin | | | 23.6 | | % | | | | 23.0 | | % | | | | | | | n/a | | | | | | 60 bps | | |

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

Cost of sales increased due to higher sales volume, inflation and acquisitions.

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.

Operating Income

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.

Operating Margin

Operating margin increased 60 basis points, reflecting a 130 basis point increase in organic operating margin, partially offset by a 70 basis point decrease due to acquisitions primarily driven by higher amortization.

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.

The prior year included an $8.6 million noncash loss related to the termination of the U.S. pension plan, net of curtailment and an $8.6 million loss on early debt redemption.

Additionally, 2022 included $3.1 million of gains on the sale of assets and $2.5 million of foreign currency transaction gains, partially offset by $2.3 million of losses on trading securities.

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

Additionally, the prior year included $1.6 million of interest expense for the interest rate contract associated with the 4.20% Senior Notes that did not reoccur in 2022.

The 2022 effective tax rate of 21.7% decreased compared with the 2021 effective tax rate of 22.5% primarily due to tax benefits realized from the divestiture of Knight as well as from realizing foreign currency impacts in connection with the funding of the acquisition of Muon Group.

Within its three reportable segments, the Company maintains 13 reporting units where the Company focuses on organic growth and strategic acquisitions.

During the fourth quarter of 2022, the Company changed the segment measure of profit and loss used by the Chief Operating Decision Maker ("CODM") in accordance with Accounting Standards Codification ("ASC") 280, *Segment Reporting*, from operating income to Adjusted EBITDA.

Typically, the use of derivative instruments is limited to foreign currency forward contracts and interest rate swaps on the [removed: Company’s outstanding long-term debt.]

As of December 31, [removed: 2022,] [added: 2023,] 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, [removed: British Pound,] Canadian Dollar, [added: British Pound,] Indian Rupee, Chinese Renminbi, Swedish Krona and Brazilian Real.

The foreign currency transaction [removed: (gains)] losses [added: (gains)] for the periods ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020] [added: 2021] were [removed: $(0.8)] [added: $7.3] million, [removed: $1.1] [added: $(0.8)] million and [removed: $3.0] [added: $1.1] million, respectively, and are reported within Other [removed: (Income) Expense] [added: expense (income)] - [removed: Net] [added: net] on the Consolidated Statements of Income.

See [Note [removed: 1](#i8f3ba310e9604f15b151956624aa7e17_88)] [added: 1](#i1f79affde3f24a2f86121bcecc525cda_88)] in [removed: Part II, Item 8, “Financial] [added: the Notes to Consolidated Financial] Statements [removed: and Supplementary Data,”] for further discussion.

The Company has interest rate exposure due to [removed: $277.7] [added: $131.0] million of the [removed: $1,477.8] [added: $1,333.3] million debt outstanding at December 31, [removed: 2022] [added: 2023] being floating rate debt.

At December 31, [removed: 2022,] [added: 2023,] there was [removed: $77.7] [added: $81.0] million outstanding under the Revolving Facility with an interest rate of [removed: 3.32%] [added: 5.00%] and [removed: $200.0] [added: $50.0] million outstanding under the Term Facility with an interest rate of [removed: 5.83%.][added: 6.59%.]

Company’s outstanding long-term debt.

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

[removed: ][added: ]

| Agriculture | | | | | | [removed: Micropump] | | | | | | | | |

The table below illustrates the [removed: percentages of the] share of Net [removed: Sales] [added: sales] and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the years ended December 31, [removed: 2022] [added: 2023] and [removed: 2021.][added: 2022.]

| | | | Year Ended December 31, [removed: 2022] [added: 2023] | | | | | | | | | | | | | | | | | | Year Ended December 31, [removed: 2021] [added: 2022] | | | | | | | | | | | | | | |

| Net [removed: Sales] [added: sales] | | | [removed: 37%] [added: 38%] | | | | | | [removed: 42%] [added: 40%] | | | | | | [removed: 21%] [added: 22%] | | | | | | [removed: 36%] [added: 37%] | | | | | | [removed: 41%] [added: 42%] | | | | | | [removed: 23%] [added: 21%] | | |

| Adjusted EBITDA(1) | | | [removed: 39%] [added: 42%] | | | | | | [removed: 42%] [added: 37%] | | | | | | [removed: 19%] [added: 21%] | | | | | | [removed: 36%] [added: 39%] | | | | | | 42% | | | | | | [removed: 22%] [added: 19%] | | |

(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of [removed: $85.7] [added: $84.6] million and [removed: $73.2] [added: $85.7] million for the years ended December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

[removed: ][added: ]

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

Viking Pump maintains operations in Cedar Falls, [removed: Iowa] [added: Iowa, with locations in Windsor, Canada] (Viking Pump [removed: and Wright Flow products); Eastbourne, England (Wright Flow products);] [added: Canada),] Shannon, Ireland [removed: (Viking] [added: (IDEX] Pump [removed: products)] [added: Technologies)] and [removed: Windsor, Ontario] [added: Eastbourne, England] (Viking Pump [removed: products).][added: Hygienic).]

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

- ABEL designs and manufactures highly engineered reciprocating positive displacement pumps [added: used] for [added: mine dewatering, back filling, transfer of mine tailings, municipal sledge and wastewater applications in] a variety of end markets including mining, [removed: marine,] power, [removed: water, wastewater] [added: water] and [added: wastewater as well as] other general industries.

*Water.* Water is a leading provider of metering technology, flow monitoring products and underground surveillance services for wastewater markets, [added: as well as] alloy and non-metallic gear pumps and peristaltic pumps.

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

Its markets include [added: industrial and municipal] water and wastewater treatment, oil and gas, power generation, [removed: pulp and paper,] chemical and hydrocarbon processing and swimming pools.

[removed: Applications] [added: Products] for Liquid Controls and SAMPI consist of positive displacement flow meters [removed: and] [added: as well as] electronic registration and control products, including mobile and stationary metering installations for wholesale and retail distribution of petroleum and liquefied petroleum gas, aviation refueling and industrial metering and dispensing of [added: refined] liquids and gases.

Corken products consist of [removed: positive-displacement] [added: positive displacement] rotary vane pumps, single and multistage regenerative turbine pumps and small horsepower reciprocating piston [removed: compressors.][added: compressors in the oil, gas and industrial markets.]

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

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

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

Richter and Aegis maintain operations in Kempen, Germany; Suzhou, [removed: China] [added: China; Vadodara, India] and Geismar, Louisiana.

Its products are used in [removed: agriculture] [added: agricultural] and industrial applications.

Banjo [removed: is based] [added: maintains operations] in Crawfordsville, Indiana [removed: with] [added: and has] distribution facilities in Didam, [removed: The] [added: the] Netherlands and Valinhos, Brazil.

The HST segment designs, produces and distributes a wide range of precision fluidics, [removed: rotary lobe pumps, centrifugal and] positive displacement pumps, [removed: roll compaction] [added: powder] and [added: liquid processing technologies,] drying systems, 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 [removed: equipment, precision photonic solutions] [added: equipment] and precision [removed: gear and peristaltic pump technologies.][added: photonic solutions.]

[removed: ][added: ]

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

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

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 [removed: (“PCR”)] markets.

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

- IDEX Optical Technologies consists of Advanced Thin Films, CVI Laser [removed: Optics and] [added: Optics,] CVI Infrared [removed: Optics.][added: Optics and Iridian Spectral Technologies.]

IDEX Optical Technologies serves the semiconductor metrology, satellite optical communications, defense, aerospace and remote sensing, additive [removed: manufacturing and] [added: manufacturing,] laser material [removed: processing] [added: processing, laser communications, telecommunications and life science] markets.

The businesses maintain operations in Albuquerque, New Mexico; Boulder, Colorado; Didam, [removed: The] [added: the] Netherlands; [added: Whetstone, England;] and [removed: Whetstone Leicester, United Kingdom.][added: Ottawa, Canada.]

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

The business maintains operations in Hapert, the Netherlands; Eerbeek, the Netherlands; Wijchen, the Netherlands; [removed: Dorset in the United Kingdom] [added: Dorset, England;] and Pune, India.

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

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

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

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

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

IDEX was incorporated in Delaware on September 24, 1987.

- Viking Pump is a global leader in pumping solutions, with products including internal gear, external gear, vane, lobe and circumferential piston pumps, as well as parts, kits and accessories designed to support customers worldwide.

With a focus on industrial applications like chemicals, polyurethane foam and asphalt; energy applications like oil transfer and glycol dehydration; and hygienic applications like biopharma, food and beverage, Viking Pump delivers proven liquid transfer pumping solutions for a wide variety of thin to viscous applications.

- iPEK, Envirosight and WinCan combined are the leading providers of integrated solutions for managing the complete lifecycle of water infrastructure assets and process workflows.

Their products and solutions include sewer crawlers, inspection and monitoring systems and software applications that allow teams to identify, anticipate and correct water system issues, automate and simplify inspection processes, improve infrastructure asset management and support distributed teams and cloud-based collaboration.

MyTana and Pipeline Renewal Technologies design and build products used to clean and repair infrastructure in the sewer and drain industry.

Envirosight and Pipeline Renewal Technologies maintain operations in Randolph, New Jersey and Callery, Pennsylvania.

WinCan has development centers in Murten, Switzerland and Krakow, Poland.

MyTana maintains operations in St. Paul, Minnesota.

All entities have various sales and service outlets across the United States and Europe.

Pulsafeeder serves these markets by producing hydraulic and mechanical diaphragm pumps, rotary pumps, peristaltic pumps and controllers.

IH&S maintains operations in Bristol, Connecticut; Carlsbad, California; Middleboro,

*•*STC Material Solutions specializes in the design and manufacturing of technical ceramics and hermetic sealing products in mission critical applications within the semiconductor, aerospace and defense, industrial technology, medical technology and energy markets.

The business maintains operations in St. Albans, Vermont, with additional operations in Santa Ana, California.

Safety businesses produce hydraulic, battery, gas and electric-operated rescue equipment, hydraulic re-railing equipment, hydraulic tools for industrial applications, recycling cutters, pneumatic lifting and sealing bags for vehicle and aircraft rescue, environmental protection and disaster control and jumping cushions for building rescue for the rescue market.

utility, municipal, cable management and general industrial markets.

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

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

| FMT | | | | | | 56% | | | | | | 44% | | |

| Energy | | | | | | 64% | | | | | | 36% | | |

| Valves | | | | | | 13% | | | | | | 87% | | |

| Agriculture | | | | | | 75% | | | | | | 25% | | |

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

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

| Sealing Solutions | | | | | | 21% | | | | | | 79% | | |

| Micropump(1) | | | | | | 21% | | | | | | 79% | | |

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

| Dispensing | | | | | | 46% | | | | | | 54% | | |

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

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

| IDEX | | | | | | 50% | | | | | | 50% | | |

(1) Revenue from Micropump, Inc. (“Micropump”) (sold on August 3, 2023) has been included in the Company’s Consolidated Statements of Income through the date of disposition.

See [Note 2](#i1f79affde3f24a2f86121bcecc525cda_91) in Part II, Item 8, “Financial Statements and Supplementary Data” for further detail.

Our workplaces promote entrepreneurialism and autonomy while providing a strong safety net of benefits, training and personal development.

The Company offers agile development solutions to support unique needs and drive long-term value.

Each year, the Company invests in a Global Leadership Conference for senior leaders to align on strategic vision and priorities and build core leadership skills.

These programs provide opportunities for emerging leaders across geographies and businesses to come together to practice and apply new leadership behaviors, share best practices, solve business challenges and build strong support networks.

Additionally, the Company sponsored over 150 senior leaders

to participate in a coaching skill-building program in 2023 with continued on-the-job performance support and reinforcement designed to accelerate the growth and development of our high-performing talent and further promote our growth culture.

Part of the IDEX Difference is building and engaging great teams.

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

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

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

Viking Pump products primarily serve the chemical, petroleum, pulp and paper, plastics, paints, inks, tanker trucks, compressor,

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

- iPEK supplies remote controlled systems used for infrastructure inspection.

- 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.

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

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

*Micropump.* Headquartered in Vancouver, Washington, Micropump is a leader in small, precision-engineered, magnetically and electromagnetically driven rotary gear, piston and centrifugal pumps.

Micropump products are used in low-flow abrasive and corrosive applications.

Micropump products primarily serve the continuous ink-jet printing, medical equipment, chemical processing, pharmaceutical, refining, laboratory, electronics, textiles, peristaltic metering pumps, analytical process controllers and sample preparation systems markets.

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

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

| Water | | | | | | 58% | | | | | | | | | 42% | | | | | | | | |

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

| Valves | | | | | | 14% | | | | | | | | | 86% | | | | | | | | |

| Agriculture | | | | | | 77% | | | | | | | | | 23% | | | | | | | | |

| Sealing Solutions | | | | | | 24% | | | | | | | | | 76% | | | | | | | | |

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

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

| Dispensing | | | | | | 40% | | | | | | | | | 60% | | | | | | | | |

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

| IDEX | | | | | | 52% | | | | | | | | | 48% | | | | | | | | |

During 2021, the Company embarked on projects to expand both the China and India facilities in an effort to increase its footprint in these emerging markets as the Company believes there is tremendous potential for growth across all segments.

The China

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

- Across the enterprise, the Company’s goal is to achieve manufacturing company top quartile employee engagement as measured by its engagement survey.

In 2022, a number of the Company’s business units took proactive action with off-cycle pay rate increases for hourly employees with the onset of higher cost of living expenses associated with rising inflation.

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

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.

Additionally, the Company has increased representation for both women and racially/ethnically diverse individuals in leadership roles.

The Company strives to create a work environment that is free of inappropriate and

| Marc Uleman | | | | | | 59 | | | | | | 11 | | | | | | Senior Vice President, Group Executive, Health & Science Technologies | | |

Prior to that, Mr. Grogan served as Vice President of Finance, Operations from July 2015 through January 2017.

From January 2012 through July 2015, Mr. Grogan was Vice President-Finance for the Company’s HST and FSDP segments.

Mr. Uleman has served as Senior Vice President, Group Executive, HST since October 2022.

The Company and its subsidiaries are party to legal proceedings arising in the ordinary course of business as described in [Note [removed: 11](#i8f3ba310e9604f15b151956624aa7e17_118)] [added: 10](#i1f79affde3f24a2f86121bcecc525cda_118)] in Part II, Item 8, [removed: “Commitments] [added: “Financial Statements] and [removed: Contingencies,”] [added: Supplementary Data,”] and such disclosure is incorporated by reference into this Item 3, “Legal Proceedings.”

In addition, the Company and [removed: seven] [added: six] of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos.

For the fiscal year ended December 31, [removed: 2022][added: 2023]

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: 2022] [added: 2023] closing price of [removed: $181.63)] [added: $215.26)] held by non-affiliates of IDEX Corporation was [removed: $13,718,682,816.][added: $16,267,670,265.]

The number of shares outstanding of IDEX Corporation’s common stock, par value $.01 per share, as of February [removed: 17, 2023] [added: 16, 2024] was [removed: 75,518,200.][added: 75,644,654.]

Portions of the proxy statement with respect to the IDEX Corporation [removed: 2023] [added: 2024] annual meeting of stockholders (the [removed: “2023] [added: “2024] Proxy Statement”) are incorporated by reference into [Part [removed: III](#i8f3ba310e9604f15b151956624aa7e17_157)] [added: III](#i1f79affde3f24a2f86121bcecc525cda_160)] of this Form 10-K.

| PART I. | | | Item 1. | | | [removed: [Business](#i8f3ba310e9604f15b151956624aa7e17_13)] [added: [Business](#i1f79affde3f24a2f86121bcecc525cda_13)] | | | [removed: [1](#i8f3ba310e9604f15b151956624aa7e17_13)] [added: [1](#i1f79affde3f24a2f86121bcecc525cda_13)] | | | | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i8f3ba310e9604f15b151956624aa7e17_16)] [added: Factors](#i1f79affde3f24a2f86121bcecc525cda_16)] | | | [removed: [15](#i8f3ba310e9604f15b151956624aa7e17_16)] [added: [15](#i1f79affde3f24a2f86121bcecc525cda_16)] | | | | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i8f3ba310e9604f15b151956624aa7e17_19)] [added: Comments](#i1f79affde3f24a2f86121bcecc525cda_19)] | | | [removed: [20](#i8f3ba310e9604f15b151956624aa7e17_19)] [added: [20](#i1f79affde3f24a2f86121bcecc525cda_19)] | | | | | |

| | | | Item 2. | | | [removed: [Properties](#i8f3ba310e9604f15b151956624aa7e17_22)] [added: [Properties](#i1f79affde3f24a2f86121bcecc525cda_22)] | | | [removed: [21](#i8f3ba310e9604f15b151956624aa7e17_22)] [added: [22](#i1f79affde3f24a2f86121bcecc525cda_22)] | | | | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i8f3ba310e9604f15b151956624aa7e17_25)] [added: Proceedings](#i1f79affde3f24a2f86121bcecc525cda_25)] | | | [removed: [21](#i8f3ba310e9604f15b151956624aa7e17_25)] [added: [22](#i1f79affde3f24a2f86121bcecc525cda_25)] | | | | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i8f3ba310e9604f15b151956624aa7e17_28)] [added: Disclosures](#i1f79affde3f24a2f86121bcecc525cda_28)] | | | [removed: [21](#i8f3ba310e9604f15b151956624aa7e17_28)] [added: [22](#i1f79affde3f24a2f86121bcecc525cda_28)] | | | | | |

| PART II. | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i8f3ba310e9604f15b151956624aa7e17_34)] [added: Securities](#i1f79affde3f24a2f86121bcecc525cda_34)] | | | [removed: [22](#i8f3ba310e9604f15b151956624aa7e17_34)] [added: [23](#i1f79affde3f24a2f86121bcecc525cda_34)] | | | | | |

| | | | Item 6. | | | [removed: [\[Reserved\]](#i8f3ba310e9604f15b151956624aa7e17_37)] [added: [\[Reserved\]](#i1f79affde3f24a2f86121bcecc525cda_37)] | | | [removed: [23](#i8f3ba310e9604f15b151956624aa7e17_37)] [added: [24](#i1f79affde3f24a2f86121bcecc525cda_37)] | | | | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i8f3ba310e9604f15b151956624aa7e17_40)] [added: Operations](#i1f79affde3f24a2f86121bcecc525cda_40)] | | | [removed: [24](#i8f3ba310e9604f15b151956624aa7e17_40)] [added: [25](#i1f79affde3f24a2f86121bcecc525cda_40)] | | | | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i8f3ba310e9604f15b151956624aa7e17_55)] [added: Risk](#i1f79affde3f24a2f86121bcecc525cda_55)] | | | [removed: [35](#i8f3ba310e9604f15b151956624aa7e17_55)] [added: [35](#i1f79affde3f24a2f86121bcecc525cda_55)] | | | | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i8f3ba310e9604f15b151956624aa7e17_58)] [added: Data](#i1f79affde3f24a2f86121bcecc525cda_58)] | | | [removed: [36](#i8f3ba310e9604f15b151956624aa7e17_58)] [added: [37](#i1f79affde3f24a2f86121bcecc525cda_58)] | | | | | |

| | | | | | | [Management’s Report on Internal Control Over Financial [removed: Reporting](#i8f3ba310e9604f15b151956624aa7e17_61)] [added: Reporting](#i1f79affde3f24a2f86121bcecc525cda_61)] | | | [removed: [36](#i8f3ba310e9604f15b151956624aa7e17_61)] [added: [37](#i1f79affde3f24a2f86121bcecc525cda_61)] | | | | | |

| | | | | | | [Report of Independent Registered Public Accounting Firm (PCAOB ID [removed: No.](#i8f3ba310e9604f15b151956624aa7e17_64) 34[)](#i8f3ba310e9604f15b151956624aa7e17_64)] [added: No.](#i1f79affde3f24a2f86121bcecc525cda_64) 34[)](#i1f79affde3f24a2f86121bcecc525cda_64)] | | | [removed: [37](#i8f3ba310e9604f15b151956624aa7e17_64)] [added: [38](#i1f79affde3f24a2f86121bcecc525cda_64)] | | | | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i8f3ba310e9604f15b151956624aa7e17_70)] [added: Sheets](#i1f79affde3f24a2f86121bcecc525cda_70)] | | | [removed: [41](#i8f3ba310e9604f15b151956624aa7e17_70)] [added: [43](#i1f79affde3f24a2f86121bcecc525cda_70)] | | | | | |

| | | | | | | [Consolidated Statements of [removed: Income](#i8f3ba310e9604f15b151956624aa7e17_73)] [added: Income](#i1f79affde3f24a2f86121bcecc525cda_73)] | | | [removed: [42](#i8f3ba310e9604f15b151956624aa7e17_73)] [added: [41](#i1f79affde3f24a2f86121bcecc525cda_73)] | | | | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i8f3ba310e9604f15b151956624aa7e17_76)] [added: Income](#i1f79affde3f24a2f86121bcecc525cda_76)] | | | [removed: [43](#i8f3ba310e9604f15b151956624aa7e17_76)] [added: [42](#i1f79affde3f24a2f86121bcecc525cda_76)] | | | | | |

| | | | | | | [Consolidated Statements of [removed: Equity](#i8f3ba310e9604f15b151956624aa7e17_79)] [added: Equity](#i1f79affde3f24a2f86121bcecc525cda_79)] | | | [removed: [44](#i8f3ba310e9604f15b151956624aa7e17_79)] [added: [44](#i1f79affde3f24a2f86121bcecc525cda_79)] | | | | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i8f3ba310e9604f15b151956624aa7e17_82)] [added: Flows](#i1f79affde3f24a2f86121bcecc525cda_82)] | | | [removed: [45](#i8f3ba310e9604f15b151956624aa7e17_82)] [added: [45](#i1f79affde3f24a2f86121bcecc525cda_82)] | | | | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#i8f3ba310e9604f15b151956624aa7e17_85)] [added: Statements](#i1f79affde3f24a2f86121bcecc525cda_85)] | | | [removed: [46](#i8f3ba310e9604f15b151956624aa7e17_85)] [added: [46](#i1f79affde3f24a2f86121bcecc525cda_85)] | | | | | |

| | | | | | | [Note 1. Significant Accounting [removed: Policies](#i8f3ba310e9604f15b151956624aa7e17_88)] [added: Policies](#i1f79affde3f24a2f86121bcecc525cda_88)] | | | [removed: [46](#i8f3ba310e9604f15b151956624aa7e17_88)] [added: [46](#i1f79affde3f24a2f86121bcecc525cda_88)] | | | | | |

| | | | | | | [Note 2. Acquisitions and [removed: Divestitures](#i8f3ba310e9604f15b151956624aa7e17_91)] [added: Divestitures](#i1f79affde3f24a2f86121bcecc525cda_91)] | | | [removed: [50](#i8f3ba310e9604f15b151956624aa7e17_91)] [added: [51](#i1f79affde3f24a2f86121bcecc525cda_91)] | | | | | |

| | | | | | | [Note 3. Collaborative [removed: Investments](#i8f3ba310e9604f15b151956624aa7e17_94)] [added: Investments](#i1f79affde3f24a2f86121bcecc525cda_94)] | | | [removed: [58](#i8f3ba310e9604f15b151956624aa7e17_94)] [added: [60](#i1f79affde3f24a2f86121bcecc525cda_94)] | | | | | |

| | | | | | | [Note 4. Balance Sheet [removed: Components](#i8f3ba310e9604f15b151956624aa7e17_97)] [added: Components](#i1f79affde3f24a2f86121bcecc525cda_97)] | | | [removed: 63] [added: [61](#i1f79affde3f24a2f86121bcecc525cda_97)] | | | | | |

| | | | | | | [Note 5. [removed: Revenue](#i8f3ba310e9604f15b151956624aa7e17_100)] [added: Revenue](#i1f79affde3f24a2f86121bcecc525cda_100)] | | | [removed: [60](#i8f3ba310e9604f15b151956624aa7e17_100)] [added: [62](#i1f79affde3f24a2f86121bcecc525cda_100)] | | | | | |

| | | | | | | [Note 6. Goodwill and Intangible [removed: Assets](#i8f3ba310e9604f15b151956624aa7e17_103)] [added: Assets](#i1f79affde3f24a2f86121bcecc525cda_103)] | | | [removed: [63](#i8f3ba310e9604f15b151956624aa7e17_103)] [added: [64](#i1f79affde3f24a2f86121bcecc525cda_103)] | | | | | |

| | | | | | | [Note 7. [removed: Borrowings](#i8f3ba310e9604f15b151956624aa7e17_106)] [added: Borrowings](#i1f79affde3f24a2f86121bcecc525cda_106)] | | | [removed: [64](#i8f3ba310e9604f15b151956624aa7e17_106)] [added: [66](#i1f79affde3f24a2f86121bcecc525cda_106)] | | | | | |

| | | | | | | [Note [removed: 9.] [added: 8.] Fair Value [removed: Measurements](#i8f3ba310e9604f15b151956624aa7e17_112)] [added: Measurements](#i1f79affde3f24a2f86121bcecc525cda_112)] | | | [removed: [68](#i8f3ba310e9604f15b151956624aa7e17_112)] [added: [68](#i1f79affde3f24a2f86121bcecc525cda_112)] | | | | | |

| | | | | | | [Note [removed: 10. Leases](#i8f3ba310e9604f15b151956624aa7e17_115)] [added: 9. Leases](#i1f79affde3f24a2f86121bcecc525cda_115)] | | | [removed: [69](#i8f3ba310e9604f15b151956624aa7e17_115)] [added: [68](#i1f79affde3f24a2f86121bcecc525cda_115)] | | | | | |

| | | | | | | [Note [removed: 11.] [added: 10.] Commitments and [removed: Contingencies](#i8f3ba310e9604f15b151956624aa7e17_118)] [added: Contingencies](#i1f79affde3f24a2f86121bcecc525cda_118)] | | | [removed: [71](#i8f3ba310e9604f15b151956624aa7e17_118)] [added: [71](#i1f79affde3f24a2f86121bcecc525cda_118)] | | | | | |

| | | | | | | [Note [removed: 13.] [added: 12.] Income [removed: Taxes](#i8f3ba310e9604f15b151956624aa7e17_124)] [added: Taxes](#i1f79affde3f24a2f86121bcecc525cda_124)] | | | [removed: [71](#i8f3ba310e9604f15b151956624aa7e17_124)] [added: [71](#i1f79affde3f24a2f86121bcecc525cda_124)] | | | | | |

| | | | | | | [Note [removed: 14.] [added: 13.] Business Segments and Geographic [removed: Information](#i8f3ba310e9604f15b151956624aa7e17_127)] [added: Information](#i1f79affde3f24a2f86121bcecc525cda_127)] | | | [removed: [74](#i8f3ba310e9604f15b151956624aa7e17_127)] [added: [74](#i1f79affde3f24a2f86121bcecc525cda_127)] | | | | | |

| | | | | | | [Note [removed: 15.] [added: 14.] Restructuring Expenses and Asset [removed: Impairments](#i8f3ba310e9604f15b151956624aa7e17_130)] [added: Impairments](#i1f79affde3f24a2f86121bcecc525cda_130)] | | | [removed: [77](#i8f3ba310e9604f15b151956624aa7e17_130)] [added: [77](#i1f79affde3f24a2f86121bcecc525cda_130)] | | | | | |

| | | | | | | [Note [removed: 16.] [added: 15.] Share-Based [removed: Compensation](#i8f3ba310e9604f15b151956624aa7e17_133)] [added: Compensation](#i1f79affde3f24a2f86121bcecc525cda_133)] | | | [removed: [78](#i8f3ba310e9604f15b151956624aa7e17_133)] [added: [78](#i1f79affde3f24a2f86121bcecc525cda_133)] | | | | | |

| | | | | | | [Note [removed: 17.] [added: 16.] Other Comprehensive [removed: (Loss) Income](#i8f3ba310e9604f15b151956624aa7e17_136)] [added: Income (Loss)](#i1f79affde3f24a2f86121bcecc525cda_136)] | | | [removed: [83](#i8f3ba310e9604f15b151956624aa7e17_136)] [added: [83](#i1f79affde3f24a2f86121bcecc525cda_136)] | | | | | |

| | | | | | | [Note [removed: 18.] [added: 17.] Retirement [removed: Benefits](#i8f3ba310e9604f15b151956624aa7e17_139)] [added: Benefits](#i1f79affde3f24a2f86121bcecc525cda_139)] | | | [removed: [84](#i8f3ba310e9604f15b151956624aa7e17_139)] [added: [84](#i1f79affde3f24a2f86121bcecc525cda_139)] | | | | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i8f3ba310e9604f15b151956624aa7e17_148)] [added: Disclosure](#i1f79affde3f24a2f86121bcecc525cda_148)] | | | [removed: [91](#i8f3ba310e9604f15b151956624aa7e17_148)] [added: [91](#i1f79affde3f24a2f86121bcecc525cda_148)] | | | | | |

| | | | Item 1C. | | | [Cybersecurity](#i1f79affde3f24a2f86121bcecc525cda_2005) | | | [21](#i1f79affde3f24a2f86121bcecc525cda_2005) | | | | | |

| | | | | | | [Note 11. Share Repurchases](#i1f79affde3f24a2f86121bcecc525cda_121) | | | [71](#i1f79affde3f24a2f86121bcecc525cda_121) | | | | | |

| | | | | | | [Signatures](#i1f79affde3f24a2f86121bcecc525cda_190) | | | [97](#i1f79affde3f24a2f86121bcecc525cda_190) | | | | | |

| | | | | | | [Note 8. Derivative Instruments](#i8f3ba310e9604f15b151956624aa7e17_109) | | | [67](#i8f3ba310e9604f15b151956624aa7e17_109) | | | | | |

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

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

*Risk Management and Strategy.*

The Company’s cybersecurity program is designed to be aligned to the Cybersecurity Framework published by the National Institute of Standards and Technology (“NIST CSF”).

While we use the NIST CSF as a guide, this does not imply that we meet any particular standards, specifications or requirements.

We conduct regular internal and external assessments of our information security and cybersecurity programs, including periodic external audits for company-wide compliance with our program as well as specific business unit alignment, as required, with U.S. federal acquisition regulations and UK Cyber Essentials certifications.

An external penetration test is performed annually against the Company’s network, in addition to our regular internal vulnerability scans.

The Company’s internal Incident Response Policy sets forth specific protocols for cyber or data incident identification, detection, response and recovery.

This process includes the assembly of a response team consisting of internal and external technical and legal experts immediately upon the event of a cyberattack or incident.

The Company reviews and updates this process regularly, including by engaging in tabletop exercises to simulate cybersecurity and data breach incidents.

The Company maintains global cybersecurity insurance coverage that is reviewed annually for adequacy against operations and information systems.

The Company has implemented a number of measures to mitigate cybersecurity risk in its operations, including annual cybersecurity awareness training for employees, regular internal phishing exercises, technical security controls, maintenance of certain backup and protective systems, physical and system securities measures, and data security protocols.

Once fully integrated, all of our businesses have access to a “cyber risk dashboard” that monitors various risk indicators.

The cyber risk dashboard is monitored by our business units.

The Company’s internal auditors periodically review and audit various processes and controls throughout the organization related to cybersecurity readiness.

The Company also has certain processes in place to manage cyber risks associated with third-party service providers which include various technical as well as contractual measures.

For more information on cybersecurity risks and how they affect our business, operating results and financial condition, please refer to [Item 1](#i1f79affde3f24a2f86121bcecc525cda_16)[A](#i1f79affde3f24a2f86121bcecc525cda_16)., “Risk Factors – *The Company’s Business Operations May Be Materially Adversely Affected by Information Systems Interruptions or Intrusion, Including those Arising From Cybersecurity Attacks or Incidents or Violations of Laws Regulating Privacy and Data Security*.” Based on our analysis at this time, we have not identified any risks from a cybersecurity threat or incident that we believe has or is reasonably likely to materially affect the Company.

*Governance, Oversight and Leadership.*

The Board and the Audit Committee oversee management’s efforts to address cybersecurity and information security risks.

Senior management provides the Board updates on the Company’s cybersecurity program at least once a year, including as part of the Company’s enterprise risk management assessment, and the Audit Committee reviews the cybersecurity program at least twice a year and on an as-needed basis.

Such reviews, among other things, include the results of internal and/or external assessments, a review of cybersecurity governance at the management level, and a review of the Company’s cybersecurity program and progress toward various initiatives.

The Company also maintains an Executive Cybersecurity Steering Committee (the “Cybersecurity Committee”), made up of key members of senior leadership, to oversee and monitor progress of various cybersecurity initiatives throughout the organization.

The Cybersecurity Committee meets quarterly.

In addition, the Company asks each business unit to designate an employee as the local Information Security Officer responsible for monitoring the business unit’s cyber risk dashboard and coordinating with local leadership to respond to identified risks accordingly.

Each local Information Security Officer completes an annual certification process and receives regular updates with respect to the Company’s cybersecurity program.

The Chief Information Officer (“CIO”), who reports to the Chief Financial Officer, along with members of the corporate and business unit information technology teams, are generally responsible for developing and managing the Company’s cybersecurity programs.

Our CIO has over 20 years of experience in various information technology and information security roles, and our information security team is comprised of employees with broad knowledge of cybersecurity issues gained through experience and through training and certifications.

These individuals, along with other internal and external personnel as needed, monitor the prevention, detection, mitigation and remediation of cybersecurity incidents, and applicable personnel are informed of known cybersecurity incidents to form the appropriate incident response team and respond accordingly.

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: (11%),] [added: (12%), India (8%),] the [removed: U.K. (6%), The] Netherlands (6%), [added: the U.K. (6%),] Italy [removed: (5%), India (4%),] [added: (3%), Canada (3%),] China [removed: (3%)] [added: (2%)] and [removed: Canada (2%).][added: Switzerland (1%).]

[removed: Otherwise, management] [added: Management] considers its facilities suitable and adequate for the Company’s operations and believes it has ample capacity in its plants and equipment to meet demand increases for future growth in the 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: 2022] [added: 2023] are shown in the following table:

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

| Fire & Safety/Diversified Products | | | | | | [removed: 1.2] [added: 1.1] | | | | | | 0.6 | | | | | | [removed: 0.6] [added: 0.5] | | | | | | [removed: 0.9] [added: 1.0] | | | | | | [removed: 0.3] [added: 0.1] | | |

| Other(1) | | | | | | [removed: 0.3] [added: 0.6] | | | | | | 0.1 | | | | | | [removed: 0.2] [added: 0.5] | | | | | | [removed: 0.1] [added: 0.4] | | | | | | 0.2 | | |

| Health & Science Technologies | | | | | | 2.1 | | | | | | 1.1 | | | | | | 1.0 | | | | | | 0.5 | | | | | | 1.6 | | |

| Total | | | | | | 5.8 | | | | | | 3.2 | | | | | | 2.6 | | | | | | 3.3 | | | | | | 2.5 | | |

The Company recently invested a significant amount of capital to expand the China facility which was completed in late 2022 and the India facility which is expected to be completed in early 2023, ultimately doubling the Company’s historic capacity in each of these countries.

| Health & Science Technologies | | | | | | 2.0 | | | | | | 1.0 | | | | | | 1.0 | | | | | | 0.7 | | | | | | 1.3 | | |

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

As of February [removed: 17, 2023,] [added: 16, 2024,] there were approximately [removed: 6,580] [added: 6,929] stockholders of record of the Company’s common stock and there were [removed: 75,518,200] [added: 75,644,654] 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](#i8f3ba310e9604f15b151956624aa7e17_166),] [added: 12](#i1f79affde3f24a2f86121bcecc525cda_169),] “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”

The Company’s purchases of common stock during the quarter ended December 31, [removed: 2022] [added: 2023] are as follows.

As of December 31, [removed: 2022,] [added: 2023,] the amount of share repurchase authorization remaining was [removed: $563.8] [added: $539.7] 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: 2017.][added: 2018.]

[removed: 1][added: ]

| October 1, 2023 to October 31, 2023 | | | 45,000 | | | | | | $ | 192.72 | | | | | 45,000 | | | | | | $ | 554,091,268 | |

| November 1, 2023 to November 30, 2023 | | | 74,200 | | | | | | 194.10 | | | | | | 74,200 | | | | | | 539,689,117 | | |

| December 1, 2023 to December 31, 2023 | | | — | | | | | | — | | | | | | — | | | | | | 539,689,117 | | |

| Total | | | 119,200 | | | | | | $ | 193.58 | | | | | 119,200 | | | | | | $ | 539,689,117 | |

| | | | 12/18 | | | 12/19 | | | 12/20 | | | 12/21 | | | 12/22 | | | 12/23 | | |

| IDEX Corporation | | | $ | 100.00 | | $ | 137.95 | | $ | 161.67 | | $ | 193.69 | | $ | 189.38 | | $ | 182.19 | |

| S&P 500 Index | | | $ | 100.00 | | $ | 131.49 | | $ | 155.68 | | $ | 200.37 | | $ | 164.08 | | $ | 207.21 | |

| S&P Midcap 400 Industrials Sector Index | | | $ | 100.00 | | $ | 133.55 | | $ | 155.57 | | $ | 199.82 | | $ | 176.84 | | $ | 232.43 | |

| Russell 2000 Index | | | $ | 100.00 | | $ | 125.52 | | $ | 150.58 | | $ | 172.90 | | $ | 137.56 | | $ | 160.85 | |

| 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 | |

The total assets (excluding goodwill and intangible assets) and net sales of current year acquisitions represented [removed: were each] approximately [removed: 3] [added: one] percent [added: and zero percent, respectively,] of the Consolidated Financial Statement amounts as of and for the year ended December 31, [removed: 2022.][added: 2023.]

Based on that assessment, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, [removed: 2022.][added: 2023.]

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] based on criteria established in *Internal [removed: Control - Integrated] [added: 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: 2022,] [added: 2023,] based on criteria established in *Internal [removed: Control - Integrated] [added: 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: 2022,] [added: 2023,] of the Company and our report dated February [removed: 23, 2023,] [added: 22, 2024,] expressed an unqualified opinion on those financial statements.

As described in Management’s Report on Internal Control over Financial Reporting, management excluded [removed: Nexsight, KZValve] [added: Iridian Spectral Technologies] and [removed: Muon Group] [added: STC Material Solutions] from its assessment of internal control over financial reporting as these acquisitions occurred in the twelve months ended December 31, [removed: 2022.][added: 2023.]

The combined [removed: net sales and] total assets [added: and net sales] of these acquisitions represented approximately [removed: 3] [added: one] percent [removed: for each] [added: and zero percent, respectively,] of the consolidated financial statement amounts as of and for the year ended December 31, [removed: 2022.][added: 2023.]

We have audited the accompanying consolidated balance sheets of IDEX Corporation and subsidiaries (the "Company") as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] based on criteria established in *Internal [removed: Control - Integrated] [added: Control* *—* *Integrated] Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 23, 2023,] [added: 22, 2024,] expressed an unqualified opinion on the Company's internal control over financial reporting.

[removed: Revenue - Disaggregation] [added: Revenue *—* Disaggregation] of [removed: Revenue - Refer] [added: Revenue *—* Refer] to [Note [removed: 5](#i8f3ba310e9604f15b151956624aa7e17_100)] [added: 5](#i1f79affde3f24a2f86121bcecc525cda_100)] to the [removed: Financial Statements][added: financial statements]

| | | | [added: 2023 | | | | | |] 2022 | | | | | | 2021 | | |

[removed: | | | |] (Dollars in [removed: millions] [added: millions,] except per share amounts) [removed: | | | | | | | | |]

| Cash and cash equivalents | | | $ | [removed: 430.2] [added: 534.3] | | | | | $ | [removed: 855.4] [added: 430.2] | |

| Receivables - net | | | [removed: 442.8] [added: 427.8] | | | | | | [removed: 356.4] [added: 442.8] | | |

| Inventories [added: - net] | | | [removed: 470.9] [added: 420.8] | | | | | | [removed: 370.4] [added: 470.9] | | |

| Other current assets | | | [removed: 55.4] [added: 63.4] | | | | | | [removed: 95.8] [added: 55.4] | | |

| Total current assets | | | [removed: 1,399.3] [added: 1,446.3] | | | | | | [removed: 1,678.0] [added: 1,399.3] | | |

| Property, plant and equipment - net | | | [removed: 382.1] [added: 430.3] | | | | | | [removed: 327.3] [added: 382.1] | | |

| Goodwill | | | [removed: 2,638.1] [added: 2,838.3] | | | | | | [removed: 2,167.7] [added: 2,638.1] | | |

| Intangible assets - net | | | [removed: 947.8] [added: 1,011.8] | | | | | | [removed: 597.3] [added: 947.8] | | |

| Other noncurrent assets | | | [removed: 144.6] [added: 138.5] | | | | | | [removed: 146.9] [added: 144.6] | | |

| Total assets | | | $ | [added: 5,865.2 | | | | | $ |] 5,511.9 | | | | | $ | 4,917.2 | |

| Trade accounts payable | | | $ | [removed: 208.9] [added: 179.7] | | | | | $ | [removed: 178.8] [added: 208.9] | |

| Accrued expenses | | | [removed: 289.1] [added: 271.5] | | | | | | [removed: 259.8] [added: 289.1] | | |

| Dividends payable | | | [removed: 45.6] [added: 48.5] | | | | | | [removed: 41.4] [added: 45.6] | | |

| Total current liabilities | | | [removed: 543.6] [added: 500.3] | | | | | | [removed: 480.0] [added: 543.6] | | |

| Long-term borrowings | | | [removed: 1,468.7] [added: $] | [added: 1,325.1] | | | | | [removed: 1,190.3] [added: $] | [added: 1,468.7] | |

| Deferred income taxes | | | [removed: 264.2] [added: 291.9] | | | | | | [removed: 196.4] [added: 264.2] | | |

| Other noncurrent liabilities | | | [removed: 195.8] [added: 206.7] | | | | | | [removed: 247.4] [added: 195.8] | | |

| Total liabilities | | | [removed: 2,472.3] [added: 2,324.0] | | | | | | [removed: 2,114.1] [added: 2,472.3] | | |

| Commitments and contingencies ([Note [removed: 11](#i8f3ba310e9604f15b151956624aa7e17_118))] [added: 10](#i1f79affde3f24a2f86121bcecc525cda_118))] | | | | | | | | | | | |

| Issued: [removed: 90,064,988] [added: 90,073,413] shares at December 31, [removed: 2022] [added: 2023] and [removed: 90,067,996] [added: 90,064,988] shares at December 31, [removed: 2021] [added: 2022] | | | 0.9 | | | | | | 0.9 | | |

| Additional paid-in capital | | | [removed: 817.2] [added: 839.0] | | | | | | [removed: 795.6] [added: 817.2] | | |

| Retained earnings | | | [removed: 3,531.7] [added: 3,934.3] | | | | | | [removed: 3,126.5] [added: 3,531.7] | | |

| Treasury stock at cost: [removed: 14,451,032] [added: 14,344,820] shares at December 31, [removed: 2022] [added: 2023] and [removed: 13,872,555] [added: 14,451,032] shares at December 31, [removed: 2021] [added: 2022] | | | [removed: (1,184.3)] [added: (1,187.0)] | | | | | | [removed: (1,050.3)] [added: (1,184.3)] | | |

| Accumulated other comprehensive loss | | | [removed: (126.2)] [added: (45.8)] | | | | | | [removed: (69.6)] [added: (126.2)] | | |

| Total shareholders’ equity | | | [removed: 3,039.3] [added: 3,541.4] | | | | | | [removed: 2,803.1] [added: 3,039.3] | | |

| Noncontrolling interest | | | [removed: 0.3] [added: (0.2)] | | | | | | [removed: —] [added: 0.3] | | |

Management excluded Iridian Spectral Technologies and STC Material Solutions from its assessment of internal controls over financial reporting as these acquisitions occurred in 2023 (see [Note 2](#i1f79affde3f24a2f86121bcecc525cda_91) in the Notes to the Consolidated Financial Statements for further detail).

| February 22, 2024 | | | | | |

| | | | 2023 | | | | | | 2022 | | |

| Current portion of long-term borrowings | | | 0.6 | | | | | | — | | |

| Net issuance of 228,567 shares of common stock (net of tax of $3.1) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13.6 | | | | | | 13.6 | | | | | | — | | | | | | 13.6 | | |

| Net issuance of 216,946 shares of common stock (net of tax of $3.1) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14.1 | | | | | | 14.1 | | | | | | — | | | | | | 14.1 | | |

| Net income (loss) | | | — | | | | | | 596.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 596.1 | | | | | | (0.5) | | | | | | 595.6 | | |

| Net issuance of 230,812 shares of common stock (net of tax of $2.8) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21.5 | | | | | | 21.5 | | | | | | — | | | | | | 21.5 | | |

| Balance, December 31, 2023 | | | $ | 839.9 | | | | | $ | 3,934.3 | | | | | $ | (49.3) | | | | | $ | 3.5 | | | | | $ | — | | | | | $ | (1,187.0) | | | | | $ | 3,541.4 | | | | | $ | (0.2) | | | | | $ | 3,541.2 | |

| Net income | | | $ | 595.6 | | | | | $ | 586.7 | | | | | $ | 449.3 | |

| Other - net | | | 5.3 | | | | | | 0.7 | | | | | | 4.0 | | |

| Capital expenditures | | | (89.9) | | | | | | (68.0) | | | | | | (72.7) | | |

| Other - net | | | 3.5 | | | | | | 7.3 | | | | | | (2.8) | | |

| Proceeds from share issuances, net of shares withheld for taxes | | | 21.5 | | | | | | 14.1 | | | | | | 13.6 | | |

| Other | | | (1.3) | | | | | | (1.8) | | | | | | (4.6) | | |

(Dollars in millions, except per share amounts)

The majority of the Company's contracts have a single performance obligation which represents, in most cases, the product being sold to the customer.

Some contracts include multiple performance obligations such as a product and related installation, extended warranty, software and/or maintenance services.

For contracts with multiple performance obligations, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation.

For performance obligations satisfied at a point in time, revenue is recognized when control transfers to the customer, typically upon shipment.

For performance obligations in which the Company transfers control of a product or service over time, revenue is recognized over time as work is performed.

Typically, this results when the Company performs services over time or the Company creates a product with no alternative use and has an enforceable right to payment for its performance to date.

*Contract Assets and Liabilities*

corresponding performance obligation.

The Company groups and evaluates these long-lived assets for impairment at the lowest level at which individual cash flows can be identified.

| Basic weighted average common shares outstanding | | | 75.6 | | | | | | 75.7 | | | | | | 76.0 | | |

| Diluted weighted average common shares outstanding | | | 75.9 | | | | | | 76.0 | | | | | | 76.4 | | |

| Antidilutive shares not included in Diluted EPS attributable to IDEX | | | 0.2 | | | | | | 0.5 | | | | | | 0.3 | | |

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which improves the disclosures required for reportable segments in the Company’s annual and interim financial

statements, primarily through enhanced disclosures about significant segment expenses.

Adoption of this ASU should be applied retrospectively to all prior periods presented in the financial statements.

In December 2023, the FASB issued ASU 2023-09, *Improvements to Income Tax Disclosures*, which requires public entities, on an annual basis, to provide disclosures of specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction.

ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

Early adoption is permitted.

The Company is currently evaluating the impact of the adoption of this standard on the Company’s Consolidated Financial Statements and disclosures.

The results of operations of businesses acquired have been included in the Company’s Consolidated Statements of Income since the respective dates of acquisition.

In addition, the divestitures did not represent a strategic shift that had a major effect on operations and financial results and, therefore, did not qualify for presentation as discontinued operations.

*2023 Acquisitions*

*Iridian*

On May 19, 2023, the Company acquired Iridian Spectral Technologies (“Iridian”) in a stock acquisition.

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

| | | | | | |

| February 23, 2023 | | | | | |

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

| Balance, December 31, 2019 | | | $ | 761.3 | | | | | $ | 2,615.1 | | | | | $ | (94.4) | | | | | $ | (25.8) | | | | | $ | (7.1) | | | | | $ | (985.9) | | | | | $ | 2,263.2 | | | | | $ | — | | | | | $ | 2,263.2 | |

| Net income | | | — | | | | | | 377.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 377.8 | | | | | | — | | | | | | 377.8 | | |

| Net change on derivatives designated as cash flow hedges (net of tax of $1.4) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.6 | | | | | | — | | | | | | 4.6 | | | | | | — | | | | | | 4.6 | | |

| Issuance of 688,563 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $5.0) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 44.6 | | | | | | 44.6 | | | | | | — | | | | | | 44.6 | | |

| Shares surrendered for tax withholding | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12.3) | | | | | | (12.3) | | | | | | — | | | | | | (12.3) | | |

| Contributions received from joint venture partner | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.1 | | | | | | 0.1 | | |

| Issuance of 258,875 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $3.1) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19.7 | | | | | | 19.7 | | | | | | — | | | | | | 19.7 | | |

| Shares surrendered for tax withholding | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6.1) | | | | | | (6.1) | | | | | | — | | | | | | (6.1) | | |

| Issuance of 243,895 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $3.1) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19.3 | | | | | | 19.3 | | | | | | — | | | | | | 19.3 | | |

| Shares surrendered for tax withholding | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5.2) | | | | | | (5.2) | | | | | | — | | | | | | (5.2) | | |

| Amortization of debt issuance expenses | | | 1.7 | | | | | | 1.7 | | | | | | 1.7 | | |

| Other - net | | | 2.5 | | | | | | 2.3 | | | | | | (0.9) | | |

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

| Debt issuance costs | | | (2.3) | | | | | | (4.6) | | | | | | (4.7) | | |

| Proceeds from stock option exercises | | | 19.3 | | | | | | 19.7 | | | | | | 44.6 | | |

| Shares surrendered for tax withholding | | | (5.2) | | | | | | (6.1) | | | | | | (12.3) | | |

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

Revenue recognized at a point in time is approximately 96% while revenue recognized over time is approximately 4%.

For performance obligations satisfied at a point in time, generally revenue recognition occurs with the transfer of control of the asset, which is in line with shipping terms.

The Company defines service revenue as revenue from activities that are not associated with the design, development or manufacture of a product or the delivery of a software license.

Management evaluates the aging of the accounts receivable balances and the financial

In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, *Government Assistance (ASC 832): Disclosures by Business Entities about Government Assistance*, which requires entities to provide certain annual disclosures when they (1) have received government assistance and (2) use a grant or contribution accounting model by analogy to other accounting guidance.

Entities should apply the ASU’s provisions prospectively to business combinations occurring on or after the effective date of the amendments.

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.

Only items identified as of the acquisition date are considered for subsequent adjustment.

The Company will continue to make required adjustments to the purchase price allocation prior to the completion of the measurement period.

| Goodwill | | | 56.5 | | |

| Goodwill | | | 391.1 | | |

The Company incurred $6.8 million of acquisition-related costs in 2022.

The Company also recorded $0.1 million, $0.3 million, and $8.1 million of fair value inventory step-up charges associated with the completed 2022 acquisitions of Nexsight, KZValve and Muon Group, respectively, in Cost of sales for the year ended December 31, 2022.

The Company incurred $6.5 million of acquisition-related costs in 2021.

The Company also recorded $2.5 million and $9.1 million of fair value inventory step-up charges associated with the completed 2021 acquisitions of ABEL and Airtech, respectively, in Cost of sales for the year ended December 31, 2021.

*2020 Acquisitions*

*Flow MD*

On February 28, 2020, the Company acquired the membership interests of Flow MD, a privately held provider of flow measurement systems that ensure custody transfer accuracy in the oil and gas industry.

Flow MD engineers and manufactures small volume provers.

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: 2022.][added: 2023.]

Management’s Report on Internal Control Over Financial Reporting appearing on page [removed: 39] [added: [37](#i1f79affde3f24a2f86121bcecc525cda_61)] of this report is incorporated into this Item 9A by reference.

During the year ended December 31, 2023, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended.

None.

Information under the headings “Election of Directors”; “Board Committees”; [removed: and] “Corporate [removed: Governance”] [added: Governance”; and “Delinquent Section 16(a) Reports”] in the [removed: 2023] [added: 2024] Proxy Statement is incorporated into this Item 10 by reference.

Information regarding executive officers of the Company is located in Part I, [Item [removed: 1](#i8f3ba310e9604f15b151956624aa7e17_13),] [added: 1](#i1f79affde3f24a2f86121bcecc525cda_13),] of this report under the caption “Information about Our Executive Officers.”

Information under the heading “Executive Compensation” in the [removed: 2023] [added: 2024] Proxy Statement is incorporated into this Item 11 by reference.

Information under the heading “Security Ownership” in the [removed: 2023] [added: 2024] 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: 2022] [added: 2023] is as follows:

| Equity compensation plans approved by the Company’s stockholders | | | [removed: 1,216,910] [added: 1,156,393] | | | | | | $ | [removed: 161.45] [added: 178.86] | | | | | [removed: 1,980,029] [added: 1,719,148] | | |

Information under the headings, “Corporate Governance” and “Board Committees” in the [removed: 2023] [added: 2024] Proxy Statement is incorporated into this Item 13 by reference.

Information under the heading “Principal Accountant Fees and Services” in the [removed: 2023] [added: 2024] Proxy Statement is incorporated into this Item 14 by reference.

“Financial Statements and Supplementary [removed: Data.”](#i8f3ba310e9604f15b151956624aa7e17_58)][added: Data.”](#i1f79affde3f24a2f86121bcecc525cda_58)]

Financial statement schedules are omitted because they are not applicable, not required, [added: not material] or because the required information is included in the Consolidated Financial Statements of the Company or the Notes thereto.

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

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

| [removed: 4.5] [added: 4.6] | | | | | | [Description of Securities (incorporated by reference to Exhibit No. 4.5 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-201912x31xex45.htm) | | |

| 10.1 | | | | | | [Revised and Restated IDEX Corporation Management Incentive Compensation Plan for Key Employees Effective January 1, [removed: 2013] [added: 2022] (incorporated by reference to Exhibit [removed: 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] [added: 10.1 to] the [removed: Current] [added: Quarterly] Report [added: on Form 10-Q] of IDEX Corporation [removed: Form 8-K filed February 20, 2013)](http://www.sec.gov/Archives/edgar/data/832101/000119312513067384/d489907dex101.htm)] [added: for the quarter ended June 30, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000034/iex-20230630xex101.htm)] | | |

| [removed: 10.16] [added: 10.29] | | | | | | [Letter Agreement between IDEX Corporation and [removed: William K. Grogan,] [added: Lisa M. Anderson,] dated [removed: December 30, 2016] [added: as of February 16, 2022] (incorporated by reference to Exhibit [removed: 10.22] [added: 10.31] to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2016)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000016/iex-20161231xex1022.htm)] [added: 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1031letteragreementbetw.htm)] | | |

| [removed: 10.17] [added: 10.16] | | | | | | [Amendment to Letter Agreement dated February 12, 2014, between IDEX Corporation and Eric D. Ashleman, effective as of April 24, 2017 (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of IDEX Corporation for the quarter ended March 31, 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000027/iex-2017x0331xex102.htm) | | |

| [removed: 10.18] [added: 10.28] | | | | | | [removed: [Amendment to Letter] [added: [Letter] Agreement [removed: dated December 30, 2016,] between IDEX Corporation and [removed: William K. Grogan, effective] [added: Melissa S. Flores, dated] as of [removed: April 24, 2017] [added: January 7, 2021] (incorporated by reference to Exhibit [removed: 10.3] [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-20170331xex103.htm)] [added: 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000016/iex-20220331xex101.htm)] | | |

| [removed: 10.19] [added: 10.17] | | | | | | [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: 10.20] [added: 10.18] | | | | | | [Form of IDEX Corporation Restricted Stock Award Agreement, effective February 2018 (incorporated by reference to Exhibit 10.27 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-20171231xex1027.htm) | | |

| [removed: 10.21] [added: 10.19] | | | | | | [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: 10.22] [added: 10.20] | | | | | | [Form of IDEX Corporation Performance Share Unit Award Agreement - Cash Settled, effective February 2018 (incorporated by reference to Exhibit 10.29 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-2017x1231xex1029.htm) | | |

| [removed: 10.23] [added: 10.21] | | | | | | [Form of IDEX Corporation Stock Option Agreement, effective February 2018 (incorporated by reference to Exhibit 10.30 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-20171231xex1030.htm) | | |

| [removed: 10.24] [added: 10.22] | | | | | | [Form of IDEX Corporation Stock Option Agreement - Cash Settled, effective February 2018 (incorporated by reference to Exhibit 10.31 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-20171231xex1031.htm) | | |

| [removed: 10.25] [added: 10.23] | | | | | | [Form of IDEX Corporation Restricted Stock Unit Award Agreement - Cash Settled, effective February 2018 (incorporated by reference to Exhibit 10.32 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-20171231xex1032.htm) | | |

| [removed: 10.26] [added: 10.24] | | | | | | [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) | | |

| [removed: 10.27] [added: 10.25] | | | | | | [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) | | |

| [removed: 10.28] [added: 10.26] | | | | | | [Amended and Restated Credit Agreement, dated as of 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., and Bank of China, Chicago Branch, as co-documentation 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 on November 2, 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000059/ex-101idexxcreditagreeme.htm) | | |

| [removed: 10.29] [added: 10.27] | | | | | | [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) | | |

| [removed: 10.30] [added: 10.33] | | | | | | [removed: [Letter] [added: [Termination and Release] Agreement between [removed: IDEX Corporation] [added: Fast & Fluid Management B.V.] and [removed: Melissa S. Flores,] [added: M.A. Uleman,] dated as of [removed: January 7, 2021 (incorporated] [added: August 31, 2023](https://www.sec.gov/Archives/edgar/data/832101/000083210123000048/ex101-ulemanterminationa.htm) [](https://www.sec.gov/Archives/edgar/data/832101/000083210123000048/ex101-ulemanterminationa.htm)[(incorporated] by reference to Exhibit No. 10.1 to the Quarterly Report on Form 10-Q of IDEX Corporation for the quarter ended [removed: March 31, 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000016/iex-20220331xex101.htm)] [added: September 30, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000048/ex101-ulemanterminationa.htm)] | | |

| [removed: 10.31*,] [added: 10.31] | | | | | | [Letter Agreement between IDEX [removed: Corporation] [added: Corporation’s subsidiary Fast & Fluid Management B.V.] and [removed: Lisa M. Anderson,] [added: Marc Uleman,] dated as of [removed: February 16, 2022](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1031letteragreementbetw.htm)] [added: June 15, 2020](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1033_xredactedletteragr.htm)] | | |

| [removed: 10.32*,] [added: 10.32] | | | | | | [removed: [Letter] [added: [Addendum to Letter] Agreement [added: dated June 15, 2020,] between IDEX [removed: Corporation] [added: Corporation’s subsidiary Fast & Fluid Management B.V.] and [removed: Melissa Aquino,] [added: Marc Uleman,] dated as of [removed: September 2, 2022](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1032letteragreementbetw.htm)] [added: October 4, 2022](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1034letteragreementbetw.htm)] | | |

| [removed: 10.34*,] [added: 10.30*,] | | | | | | [removed: [Addendum to Letter] [added: [Letter] Agreement [removed: dated June 15, 2020,] between IDEX [removed: Corporation’s subsidiary Fast & Fluid Management B.V.] [added: Corporation] and [removed: Marc Uleman,] [added: Abhishek Khandelwal,] dated as of October [removed: 4, 2022](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1034letteragreementbetw.htm)] [added: 19, 2023](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-ex1030.htm)] | | |

| [removed: *21] [added: 21*] | | | | | | [Subsidiaries of [removed: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-202212x31xex21.htm)] [added: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-202312x31xex21.htm)] | | |

| [removed: *23] [added: 23*] | | | | | | [Consent of Deloitte & Touche [removed: LLP](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/iex-20221231xex23.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex23.htm)] | | |

| [removed: *31.1] [added: 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/832101/000083210123000013/iex-20221231xex311.htm)] [added: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex311.htm)] | | |

| [removed: *31.2] [added: 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/832101/000083210123000013/iex-20221231xex312.htm)] [added: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex312.htm)] | | |

| [removed: *32.1] [added: 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/832101/000083210123000013/iex-20221231xex321.htm)] [added: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex321.htm)] | | |

| [removed: *32.2] [added: 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/832101/000083210123000013/iex-20221231xex322.htm)] [added: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex322.htm)] | | |

| *,101 | | | | | | The following materials from IDEX Corporation’s Annual Report on Form 10-K for the year ended December 31, [removed: 2022] [added: 2023] formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets at December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] (ii) the Consolidated Statements of Income for the three years ended December 31, [removed: 2022,] [added: 2023,] (iii) the Consolidated Statements of Comprehensive Income for the three years ended December 31, [removed: 2022,] [added: 2023,] (iv) the Consolidated Statements of Equity for the three years ended December 31, [removed: 2022,] [added: 2023,] (v) the Consolidated Statements of Cash Flows for the three years ended December 31, [removed: 2022,] [added: 2023,] and (vi) Notes to the Consolidated Financial Statements. | | |

In accordance with Rule 406T of Regulation S-T, the XBRL related information in Exhibits 101 and 104 to this Annual Report on Form 10-K shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be part of any registration statement or other [removed: document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.]

Date: February [removed: 23, 2023][added: 22, 2024]

| Eric D. Ashleman | | | | | | | | | February [removed: 23, 2023] [added: 22, 2024] | | | | | |

| /s/ [removed: WILLIAM K. GROGAN] [added: ABHISHEK KHANDELWAL] | | | | | | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | | | | | | | | |

| Allison S. Lausas | | | | | | | | | February [removed: 23, 2023] [added: 22, 2024] | | | | | |

| Mark A. Beck | | | | | | | | | February [removed: 23, 2023] [added: 22, 2024] | | | | | |

| Mark A. Buthman | | | | | | | | | February [removed: 23, 2023] [added: 22, 2024] | | | | | |

| Alejandro Quiroz Centeno | | | | | | | | | February [removed: 23, 2023] [added: 22, 2024] | | | | | |

| Carl R. Christenson | | | | | | | | | February [removed: 23, 2023] [added: 22, 2024] | | | | | |

| Lakecia N. Gunter | | | | | | | | | February [removed: 23, 2023] [added: 22, 2024] | | | | | |

| Katrina L. Helmkamp | | | | | | | | | February [removed: 23, 2023] [added: 22, 2024] | | | | | |

| 4.5 | | | | | | [Note Purchase and Master Note Agreement, dated June 13, 2023, among IDEX Corporation, NYL Investors LLC, New York Life Insurance Company, New York Life Group Insurance Company of NY, New York Life Insurance and Annuity Corporation Institutionally owned Life Insurance Separate Account (BOLI 3), New York Life Insurance and Annuity Corporation Institutionally owned Life Insurance Separate Account (BOLI 3-2) and New York Life Insurance and Annuity Corporation Institutionally owned Life Insurance Separate Account (BOLI 30C) (incorporated by reference to Exhibit No. 4.1 to the Current Report of IDEX Corporation on Form 8-K filed June 14, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000027/iexexhibit41.htm) | | |

| 97* | | | | | | [IDEX Corporation Policy on Recoupment of Incentive Compensation](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/ex97idexcorporationpolic.htm) | | |

document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

| | | | | | | | | |

| | | | | | | | | |

| | | | By: | | | /s/ ABHISHEK KHANDELWAL | | |

| | | | | | | Abhishek Khandelwal | | |

| Abhishek Khandelwal | | | | | | | | | February 22, 2024 | | | | | |

| 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) | | |

| | | | By: | | | /s/ WILLIAM K. GROGAN | | |

| | | | | | | William K. Grogan | | |

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

| William K. Grogan | | | | | | | | | February 23, 2023 | | | | | |