IDEX (IEX) 10-K risk factor changes: FY2024 vs FY2023

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

Acquisitions involve numerous risks, including the assumption of [added: unexpected,] undisclosed, uninsured or unindemnified [removed: liabilities;] [added: liabilities including exposure to litigation, governmental investigations, regulatory exposure or other claims that may be pending or inherited at the time of the acquisition or that may be filed, expanded or commenced thereafter;] 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.

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

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, [added: increased or new tariffs and other trade barriers,] labor disruptions, supply chain disruptions, catastrophic weather events, natural disasters, public health concerns, changes in exchange rates and prevailing price levels.

[removed: Governmental] [added: Litigation, governmental] investigations and enforcement actions can be costly and interrupt the regular operations of our business, and data breaches or violations of [removed: data privacy] laws [added: regarding privacy, data protection and data security] 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.

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

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

Various jurisdictions in which the Company does business have implemented, or in the future could implement or amend, restrictions on emissions of carbon dioxide or other greenhouse gases, taxation of or caps on the use of carbon-based energy, limitations or restrictions on water use, limitations or restrictions on the production of [removed: single use] [added: 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.

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 [removed: around fossil fuels usage] [added: related to sustainability activities and greenhouse gas emissions] could limit sales growth and negatively impact the Company and its financial condition, results [removed: of operations and cash flow.]

To the extent that any of the foregoing adversely affect the Company and its financial results, they may also have the effect of heightening many of the other risks described in [added: this] [Item [removed: 1A](#i1f79affde3f24a2f86121bcecc525cda_16),] [added: 1A](#i3655bb0ec9a24425975d48d9875b2090_19),] “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.

In [removed: 2023,] [added: 2024,] 50% of the Company’s sales were derived from domestic operations and 50% were derived from international operations.

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

- the imposition of and changes in the United States’ and other governments’ trade regulations, trade wars, [added: increased or new] tariffs and other trade barriers, including as a result of geopolitical developments (such as escalating tensions in the Middle East) and relations between the United States and China and the United States and [removed: Russia;] [added: Russia] and [added: any changes arising as a result of global leadership changes, including the recent United States’ presidential election; and]

- geopolitical events, including natural disasters, catastrophic weather events, climate change, public health conditions, 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 unrest, terrorism, insurrection or [removed: war.][added: war (including the ongoing war in Russia and Ukraine and the Israel-Hamas war).]

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

For additional detail related to this risk, see Part II, [Item [removed: 7A](#i1f79affde3f24a2f86121bcecc525cda_55),] [added: 7A](#i3655bb0ec9a24425975d48d9875b2090_64),] “Quantitative and Qualitative Disclosures About Market Risk.”

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

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

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

The Company [removed: is] [added: and its subsidiaries are] currently involved in pending and threatened legal, regulatory and other proceedings [removed: arising in] [added: incidental to] the [removed: ordinary course] [added: operation] of [removed: business.][added: their businesses.]

For additional detail related to this risk, see [Item [removed: 3](#i1f79affde3f24a2f86121bcecc525cda_25),] [added: 3](#i3655bb0ec9a24425975d48d9875b2090_31),] “Legal Proceedings” and [Note [removed: 10](#i1f79affde3f24a2f86121bcecc525cda_118)] [added: 10](#i3655bb0ec9a24425975d48d9875b2090_127), “Commitments and Contingencies”] in Part II, Item 8, “Financial Statements and Supplementary Data.”

At December 31, [removed: 2023,] [added: 2024,] goodwill and intangible assets totaled [removed: $2,838.3] [added: $3,251.7] million and [added: $1,284.8 million, respectively.]

See [Note [removed: 6](#i1f79affde3f24a2f86121bcecc525cda_103)] [added: 6](#i3655bb0ec9a24425975d48d9875b2090_112), “Goodwill and Intangible Assets”] 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 [removed: and aggressive] investigations and enforcement proceedings by both the Department of Justice and the SEC, increased enforcement activity by non-U.S. regulators and increases in criminal and civil proceedings brought against companies and individuals.

The Company may also seek to divest portions of its business that are not deemed to fit with its strategic plan.

Divestitures involve additional risks and uncertainties, such as the ability to sell such businesses on satisfactory terms and within the anticipated time frame, or at all.

Any failure to realize the expected benefits of any divestiture transaction could negatively impact the Company and its financial condition, results of operations and cash flow.

In addition, divestitures of businesses involve a number of risks, including significant costs and expenses, the loss of customer relationships, decrease in revenues and earnings associated with the divested business and the diversion of management’s attention from other business concerns.

Furthermore, divestitures may also involve continued financial involvement in the divested business, such as through guarantees, indemnities or other financial obligations which could negatively impact the Company and its financial condition, results of operations and cash flow.

We are required to comply with increasingly complex laws and regulations enacted to protect business and personal data regarding privacy, data protection and data security in the U.S. and other jurisdictions, including the European Union’s General Data Protection Regulation (“GDPR”) and the California Consumer Privacy Act (“CCPA”) as revised and expanded under the California Privacy Rights Act (“CPRA”), as well as new laws governing digital technologies and cybersecurity and increasingly robust contractual requirements on privacy and security.

The interpretation and enforcement of existing and new laws and regulations regarding privacy, data protection and data security are continuously evolving and there is significant uncertainty with respect to how compliance with these laws and regulations may develop and the costs and complexity of future compliance.

In

*Uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products may result in harm to our business and reputation.*

We are in the initial stages of incorporating artificial intelligence (“AI”) into our business activities and our product and service offerings.

As with many innovations, AI presents risks and challenges that could adversely impact our business.

The development, adoption, and use of AI technologies are still in their early stages and ineffective or inadequate AI development or deployment practices could result in unintended consequences.

For example, AI algorithms may be flawed or may be based on datasets that are biased or insufficient.

In addition, any disruption or failure in the AI functionality we have incorporated or may in the future incorporate into our business activities, products or services could adversely impact our business or result in delays or errors in our offerings.

The legal and regulatory landscape surrounding AI technologies is rapidly evolving and uncertain, including in the areas of intellectual property, cybersecurity and privacy and data protection.

Compliance with new or changing laws, regulations or industry standards relating to AI may impose significant costs and may limit our ability to develop, deploy or use AI technologies.

Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory action, or brand and reputational harm.

We also are or may become subject to increasing sustainability-related reporting requirements.

In March 2024, the SEC adopted new rules regarding climate-related disclosures.

Though these rules are currently being challenged in legal proceedings and their effectiveness has been stayed by the SEC, these rules, if they become effective, would require public companies to make a wide range of climate-related disclosures.

Similarly, the State of California has recently enacted its own legislation requiring extensive climate-related disclosures for companies deemed to be doing business in California, and other states are considering similar laws.

We are also subject to the European Union’s Corporate Sustainability Reporting Directive.

Complying with such laws and regulations, which may continue to evolve, may impose substantial additional costs and require additional resources, including for third-party attestation to enable the capture, analysis and audit of appropriate data.

Any actual or alleged failure to comply with laws and regulations around disclosures could result in fines, penalties and civil liabilities and damages to our reputation.

of operations and cash flow.

At the same time, certain governmental representatives and other stakeholders have increasingly expressed or pursued opposing views, legislation and investment expectations around sustainability initiatives, including the enactment or proposal of “anti-ESG” legislation or policies.

If our sustainability reporting and practices do not meet the expectations and standards of our stockholders, customers and other stakeholders, our reputation and business activities may be negatively impacted and our appeal to certain investors may be reduced.

For additional detail related to this risk, see Part II, [Item 7A](#i3655bb0ec9a24425975d48d9875b2090_64), “Quantitative and Qualitative Disclosures About Market Risk.”

These trends increase the likelihood of such events occurring.

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

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

processing.

$1,011.8 million, respectively.

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](#i1f79affde3f24a2f86121bcecc525cda_16),] [added: 1A](#i3655bb0ec9a24425975d48d9875b2090_19),] “Risk Factors” and under the heading “Cautionary Statement Under the Private Securities Litigation Reform Act” discussed elsewhere in this annual report.*

[removed: 2023 Overview][added: Overview]

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

Levels of capacity utilization and capital spending in certain [removed: industries] [added: markets] and overall industrial activity are important factors that influence the demand for IDEX’s products.

| | | | [added: | | |] Year Ended December 31, | | | | | | | | | | | | | | |

| [removed: (Dollars in] [added: (In] millions, except per share amounts) | | | [added: 2024 | | | | | |] 2023 | | | | | | [removed: 2022] | | | [added: $] | | | [added: | | |] % / [removed: bps Change] [added: bps] | | |

| [removed: Net sales | | | $ | 3,273.9 | |] [added: Net sales] | | | $ | [removed: 3,181.9] [added: 3,268.8] | | | | | [removed: 3%] [added: $] | [added: 3,273.9] | |

| [removed: *Adjusted net sales | | | 3,273.9 | | |] [added: Net sales] | | | [removed: *3,164.0*] [added: $] | [added: 3,268.8] | | | | | [removed: *3%*] [added: $] | [added: 3,273.9] | |

| [removed: *Organic] [added: Change in organic] net sales [removed: growth] | | | [added: —] | | [added: %] | | | | [added: (7] | | [added: %)] | | | | [removed: *(1%)*] [added: 4] | | [added: %] | [added: | | | (2 | | %) | | | | 5 | | % | | | | (10 | | %) | | | | 6 | | % | | | | (1 | | %) |]

| [removed: Gross profit | | | 1,446.9 | | |] [added: Gross profit] | | | [removed: 1,426.9] [added: $] | [added: 1,445.2] | | | | | [removed: 1%] [added: $] | [added: 1,446.9] | |

| [removed: *Adjusted] [added: Adjusted] gross [removed: profit | | | 1,448.5 | | |] [added: profit] | | | [removed: *1,417.5*] [added: $] | [added: 1,454.8] | | | | | [removed: *2%*] [added: $] | [added: 1,448.5] | |

| Net income attributable to IDEX | | | [added: $ | 505.0 | | | | | $ |] 596.1 | | | | | | [removed: 586.9] | | [added: $] | [added: (91.1)] | | | [removed: 2%] | | [added: (15] | [added: | %) |]

| [removed: *Adjusted] [added: Adjusted] net income attributable to [removed: IDEX | | | 623.6] [added: IDEX] | | | | | | [removed: *618.1*] [added: 598.5] | | | | | | [removed: *1%*] [added: 623.6] | | |

| [removed: *Adjusted EBITDA | | | 899.6 | | |] [added: Adjusted EBITDA] | | | [removed: *884.2*] [added: $] | [added: 874.3] | | | | | [removed: *2%*] [added: $] | [added: 899.6] | |

| [removed: Diluted] [added: Reported diluted] EPS attributable to [removed: IDEX | | | 7.85 | | |] [added: IDEX] | | | [removed: 7.71] [added: $] | [added: 6.64] | | | | | [removed: 2%] [added: $] | [added: 7.85] | |

| [removed: *Adjusted] [added: Adjusted] diluted EPS attributable to [removed: IDEX | | | 8.22 | | |] [added: IDEX] | | | [removed: *8.12*] [added: $] | [added: 7.89] | | | | | [removed: *1%*] [added: $] | [added: 8.22] | |

| [removed: Cash] [added: Cash] flows [removed: from] [added: provided by] operating [removed: activities | | | 716.7] [added: activities] | | | | | | [removed: 557.4] [added: $] | [added: 668.1] | | | | | [removed: 29%] [added: $] | [added: 716.7] | |

| [removed: *Free] [added: Free] cash [removed: flow | | | 626.8] [added: flow] | | | | | | [removed: *489.4*] [added: $] | [added: 603.0] | | | | | [removed: *28%*] [added: $] | [added: 626.8] | |

| Gross margin | | | [removed: 44.2%] [added: 44.2] | | [added: %] | | | | [removed: 44.8%] [added: 44.2] | | [added: %] | | | | [removed: *(60) bps*] | | | [added: n/a | | | | | | 0 bps | | |]

| [removed: *Adjusted] [added: Adjusted] EBITDA [removed: margin] [added: margin] | | | [removed: 27.5%] [added: 32.9] | | [added: %] | | | | [removed: *27.9%*] [added: 33.4] | | [added: %] | | | | [removed: *(40) bps*] [added: (50) bps] | | | [added: | | | (40) bps | | | | | | — bps | | | | | | (10) bps | | | | | | (50) bps | | |]

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

The following is a discussion and analysis of the Company’s results of operations for the year ended December 31, [removed: 2023] [added: 2024] compared with the year ended December 31, [removed: 2022.][added: 2023.]

For the discussion related to the consolidated results of operations for the year ended December 31, [removed: 2022] [added: 2023] compared with the year ended December 31, [removed: 2021,] [added: 2022,] refer to the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2022,] [added: 2023,] which was filed with the [removed: Securities and Exchange Commission (“SEC”)] [added: SEC] on February [removed: 23, 2023.][added: 22, 2024.]

| Net sales | | | [removed: $] [added: 3,268.8] | [removed: 3,273.9] | | | | | [removed: $] [added: 3,273.9] | [removed: 3,181.9] | | | | | | | | [removed: $] [added: (5.1)] | [removed: 92.0] | | | | | [removed: 3] [added: —] | | % |

| Cost of sales | | | [removed: 1,827.0] [added: 1,823.6] | | | | | | [removed: 1,755.0] [added: 1,827.0] | | | | | | | | | [removed: 72.0] [added: (3.4)] | | | | | | [removed: 4] [added: —] | | % |

| Gross profit | | | [removed: 1,446.9] [added: 1,445.2] | | | | | | [removed: 1,426.9] [added: 1,446.9] | | | | | | | | | [removed: 20.0] [added: (1.7)] | | | | | | [removed: 1] [added: —] | | % |

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

| Selling, general and administrative expenses | | | [removed: 703.5] [added: 758.7] | | | | | | [removed: 652.7] [added: 703.5] | | | | | | | | | [removed: 50.8] [added: 55.2] | | | | | | 8 | | % |

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

| Operating income | | | [removed: 732.5] [added: 677.2] | | | | | | [removed: 751.4] [added: 732.5] | | | | | | | | | [removed: (18.9)] [added: (55.3)] | | | | | | [removed: (3] [added: (8] | | %) |

| Gain on sale of businesses - net | | | [removed: (84.7) | | | | | | (34.8) | | | | | | | | | (49.9)] [added: (4.0)] | | | | | | [removed: 143] [added: (84.7)] | | [removed: %] |

[removed: | Other expense (income) - net | | | 5.2 | | | | | | (3.9) | | | | | | | | | 9.1 | | | | | | (233 | | %) |][added: Other (Income) Expense – net]

| Interest expense [removed: | | | 51.7 | | | | | | 40.7 | | | | | |] [added: – net] | | | [removed: 11.0] [added: 44.5] | | | | | | [removed: 27] [added: 51.7] | | [removed: %] |

| Income before income taxes | | | [removed: 760.3] [added: 639.3] | | | | | | [removed: 749.4] [added: 760.3] | | | | | | | | | [removed: 10.9] [added: (121.0)] | | | | | | [removed: 1] [added: (16] | | [removed: %] [added: %)] |

| Provision for income taxes | | | [removed: 164.7 | | | | | | 162.7 | | | | | | | | | 2.0] [added: 134.7] | | | | | | [removed: 1] [added: 164.7] | | [removed: %] |

| *Effective tax rate* | | | [removed: *21.7*] [added: *21.1*] | | *%* | | | | *21.7* | | *%* | | | | | | | *n/a* | | | | | | [removed: *0] [added: *(60)] bps* | | |

| [removed: Net] [added: Reported net] income attributable to [removed: IDEX | | | $ | 596.1 | | | | | $ | 586.9 | |] [added: IDEX] | | | | | | [removed: $] [added: $] | [removed: 9.2] [added: 505.0] | | | | | [removed: 2] [added: $] | [added: 596.1] | [removed: %] |

| Diluted earnings per common share attributable to IDEX | | | $ | [removed: 7.85] [added: 6.64] | | | | | $ | [removed: 7.71] [added: 7.85] | | | | | | | | $ | [removed: 0.14] [added: (1.21)] | | | | | [removed: 2] [added: (15] | | [removed: %] [added: %)] |

The decrease in organic [added: net] sales was driven by lower volumes as a result of [added: unfavorable] market [removed: conditions during the year, particularly] [added: conditions, primarily] in the Health & Science Technologies [removed: businesses,] [added: segment,] partially offset by price capture across all segments.

Selling, general and administrative expenses increased primarily due to the [removed: $49.1] [added: $31.1] million impact from acquisitions, including amortization, net of divestitures, as well as [removed: increases in] [added: higher] employee-related [removed: costs, which were largely offset by a decrease in variable compensation.][added: costs and increased discretionary spending and transaction expenses.]

2024 Highlights

(All comparisons are against 2023 unless otherwise noted)

- Net sales of $3,268.8 million, flat overall and down 2% organically*

- Diluted earnings per common share (“EPS”) attributable to IDEX of $6.64, down 15%

- Operating cash flow of $668.1 million, down 7%, was 132% of net income, up from 120%

- Free cash flow* of $603.0 million, down 4%, was 101% of adjusted net income*, flat with prior year

- Completed acquisition of Mott Corporation and its subsidiaries (“Mott”) on September 5, 2024 for cash consideration of $986.2 million, net of cash acquired, using a combination of $211.9 million of cash on hand and $774.3 million of debt

- Completed a public offering of $500 million principal amount of 4.950% Senior Notes, due September 2029, as part of the funding for the acquisition of Mott

During 2024, the Company delivered solid execution amid uncertain macro conditions and continued to deploy capital focused on growth initiatives, including completing the acquisition of Mott, which is the Company’s largest acquisition to date.

Net sales reflects the benefit of acquisitions, net of divestitures, and growth in our FSDP segment, which together mostly offset the impact of lower volumes from continued market softness in our HST segment; FMT segment net sales were flat organically.

Despite market choppiness, our businesses achieved strong productivity through both net price capture and operational excellence and delivered reported and adjusted diluted earnings per share of $6.64 and $7.89, respectively.

We delivered operating cash flow of $668.1 million, which was 132% of net income, and achieved free cash flow conversion of 101% of adjusted net income.

2025 Outlook

Moving into 2025, the majority of our end markets are stable.

Our businesses are well-positioned to capitalize on secular growth trends that we expect will emerge following this current period of near-term uncertainty surrounding U.S. trade and economic policy and overall high levels of geopolitical tension.

Within HST, we expect growth driven by demand for new disease therapies and nutrition, global communication satellite network expansion, and energy consumption tied to datacenters.

We expect modest growth from key end markets in life science fluidics and optical filters while semiconductor will remain delayed until the second half of the year.

Separately, our FMT segment expects its largest area of growth to come from its water businesses while core industrial markets are expected to remain stable.

Contributions from these spaces are expected to be tempered by pressured demand in energy and agriculture markets, which are experiencing the most exposure to market cyclicality.

Finally, we expect FSDP segment growth will continue to be driven by our fire and safety businesses as North America original equipment manufacturers continue to recover and our integrated systems offerings have increased our content per firetruck.

| Domestic sales | | | $ | 1,618.1 | | | | | $ | 1,638.7 | | | | | | | | $ | (20.6) | | | | | (1 | | %) |

| International sales | | | 1,650.7 | | | | | | 1,635.2 | | | | | | | | | 15.5 | | | | | | 1 | | % |

| Restructuring expenses and asset impairments | | | 9.3 | | | | | | 10.9 | | | | | | | | | (1.6) | | | | | | (15 | | %) |

Net sales were relatively flat compared to the prior year, reflecting a 2% increase in acquisitions, net of divestitures, offset by a 2% decrease in organic net sales.

Gross profit and Gross margin were positively impacted by strong price/cost and were negatively impacted by higher employee-related costs and unfavorable mix.

Additionally, Gross profit was positively impacted by the net accretive impact of acquisitions and divestitures, which was more than offset by lower volumes.

Restructuring expenses and asset impairments decreased primarily due to lower severance costs.

Severance costs during both periods were incurred in conjunction with cost mitigation efforts as a result of market conditions.

In 2024, the Company completed the sale of Alfa Valvole, Srl (“Alfa Valvole”) for proceeds of $45.1 million, net of cash remitted, resulting in a gain on the sale of $4.0 million, net of a release of cumulative foreign currency translation losses of $5.5 million.

For additional information, refer to [Note 2](#i3655bb0ec9a24425975d48d9875b2090_100), “Acquisitions and Divestitures,” in the Notes to Consolidated Financial Statements.

Interest expense - net decreased primarily due to higher interest earned on cash balances in 2024, partially offset by incremental interest expense in 2024, including the impact of higher debt outstanding to finance the acquisition of Mott.

One-time discrete tax benefits lowered the effective tax rate in 2024 and 2023.

For additional information, refer to [Note 1](#i3655bb0ec9a24425975d48d9875b2090_133)[2](#i3655bb0ec9a24425975d48d9875b2090_133), “Income Taxes,” in the Notes to Consolidated Financial Statements.

While it is uncertain whether the United States will enact legislation to adopt Pillar Two, certain countries in which we operate have enacted legislation, and other countries are in the process of introducing draft legislation to implement the minimum tax directive.

Many aspects of Pillar Two became effective January 1, 2025; however, nearly all of the jurisdictions in which IDEX operates have an effective tax rate above the 15% threshold.

We are continuing to monitor legislative developments and evaluate financial results for changes in the expected impact.

(1) Divestitures included Alfa Valvole, sold in June 2024.

- Organic net sales were positively impacted by price capture and targeted growth initiatives, which were offset by lower volumes, driven primarily by softness in agriculture and energy markets.

Strength in municipal water markets was muted by softness in the semiconductor capital construction market within our water business.

- Organic net sales were negatively impacted by cyclical market softness in the life sciences and semiconductor markets.

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”).

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

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

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

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

| Net income margin | | | 18.2% | | | | | | 18.4% | | | | | | *(20) bps* | | |

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.

*Performance in 2023 Compared with 2022*

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

Net sales increased 3% as compared to the prior year, driven by a 5% increase in acquisitions, net of divestitures, partially offset by a 1% decrease in organic sales and a 1% decrease due to the acceleration of previously deferred revenue related to the exit of a COVID-19 testing application in 2022 that did not reoccur in 2023 (see [Note 14](#i1f79affde3f24a2f86121bcecc525cda_130) in the Notes to Consolidated Financial Statements for further detail).

Net sales decreased 1% domestically and increased 7% internationally, and sales to customers outside the U.S. were approximately 50% of total sales in 2023 compared with 48% in 2022.

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.

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

In 2022, the Company completed the sale of Knight LLC (“Knight”) for proceeds of $49.4 million, net of cash remitted, which resulted in a pre-tax gain of $34.8 million.

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

The provision for income taxes increased $2.0 million to $164.7 million in 2023 as compared with $162.7 million in 2022.

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.

(1) Based on the timing of the acquisitions, Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“Nexsight”) results for the first three months of 2023 and KZ CO. (“KZValve”) results for the first four months of 2023 are reflected in the acquisitions/divestitures column while the remaining year-over-year impact is included in the organic column.

(2) Divestitures included Knight sold in September 2022.

- Organic net sales were positively impacted by the following:

◦Water reporting unit driven by price capture, favorability in the municipal water market and operational execution;

◦Energy reporting unit driven by operational execution related to backlog reduction, improved supply chain conditions, price capture and growth initiatives;

◦Valves reporting unit driven by strong price capture and demand in Asia; and

◦Pumps reporting unit driven by strong price capture and operational execution, which more than offset the impact of lower volumes in the industrial market.

Organic net sales were negatively impacted by the Agriculture reporting unit driven by distribution inventory recalibration, partially offset by positive original equipment manufacturer demand.

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

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

| Adjusted net sales | | | 1,316.4 | | | | | | 1,321.3 | | | | | | (1 | | %) | | | | (10 | | %) | | | | 9 | | % | | | | — | | % | | | | — | | % | | | | (1 | | %) |

(1) Based on the timing of the acquisition, Muon Group results for the first 10.5 months of 2023 are reflected in the acquisitions/divestitures column while the remaining year-over-year impact is included in the organic column.

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

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

See [Note [removed: 1](#i1f79affde3f24a2f86121bcecc525cda_88)] [added: 1](#i3655bb0ec9a24425975d48d9875b2090_97), “Significant Accounting Policies,”] in the Notes to Consolidated Financial Statements for further discussion.

The Company has interest rate exposure due to [removed: $131.0] [added: $269.8] million of the [removed: $1,333.3] [added: $1,971.3] million debt outstanding at December 31, [removed: 2023 being] [added: 2024 bearing] floating rate debt.

The Company’s Revolving Facility [removed: and Term Facility both bear] [added: 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.

At December 31, [removed: 2023,] [added: 2024,] there was [removed: $81.0] [added: $269.8] million outstanding under the Revolving Facility with an interest rate of [removed: 5.00% and $50.0 million outstanding under the Term Facility with an interest rate of 6.59%.][added: 3.84%.]

While materials are typically available from numerous suppliers, they are subject to price fluctuations, [added: including the impact of new or increased tariffs on imports,] which could have a negative impact on our results.

The foreign currency transaction (gains) losses for the years ended December 31, 2024, 2023 and 2022 were $(1.0) million, $7.3 million and

The Company may, from time to time, enter into foreign currency forward contracts and interest rate swaps on its debt when it believes there is a financial advantage in doing so.

A treasury risk management policy, adopted by the Board of Directors, describes the procedures and controls over derivative financial and commodity instruments, including foreign currency forward contracts and interest rate swaps.

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

Typically, the use of derivative instruments is limited to foreign currency forward contracts and interest rate swaps on the

Company’s outstanding long-term debt.

As of December 31, 2023, the Company did not have any derivative instruments outstanding.

IDEX Corporation [removed: (“IDEX” or] [added: (“IDEX,”] the [removed: “Company”)] [added: “Company,” “we,” or “our”)] is [removed: an] [added: a global] applied solutions provider serving niche markets [removed: worldwide.][added: with mission critical components for everyday life.]

IDEX’s diverse family of businesses is [added: committed to making trusted solutions that improve lives and is] innovative and inquisitive in its quest to solve customers’ most challenging applied technology problems.

The following table summarizes the percentage of total IDEX sales generated by each end [removed: market:][added: market served:]

[removed: ][added: ]

The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

| | | | Year Ended December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | Year Ended December 31, [removed: 2022] [added: 2023] | | | | | | | | | | | | | | |

| Net sales | | | 38% | | | | | | [removed: 40%] [added: 39%] | | | | | | [removed: 22%] [added: 23%] | | | | | | [removed: 37%] [added: 38%] | | | | | | [removed: 42%] [added: 40%] | | | | | | [removed: 21%] [added: 22%] | | |

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

(1) Segment Adjusted EBITDA excludes the impact of unallocated corporate costs of [removed: $84.6] [added: $93.0] million and [removed: $85.7] [added: $84.6] million for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

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

The following table summarizes the percentage of total FMT sales generated by each end [removed: market:][added: market served:]

[removed: ][added: ]

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

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

Warren Rupp maintains [added: primary] operations in Mansfield, Ohio.

ABEL maintains operations in Büchen, Germany and Mansfield, Ohio and has [removed: a facility] [added: facilities] in Madrid, [removed: Spain.][added: Spain and Mumbai, India.]

- Flow [removed: MD] [added: Management Devices (“Flow MD”)] engineers and manufactures small volume provers that ensure custody transfer accuracy in the oil and gas market.

[removed: *Agriculture.*] Agriculture consists of the following businesses:

The HST segment designs, produces and distributes a wide range of precision fluidics, positive displacement pumps, powder and 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 equipment and precision photonic [added: solutions, technical ceramics and hermetic sealing products and porous material structures and flow control] solutions.

The following table summarizes the percentage of total HST sales generated by each end [removed: market:][added: market served:]

[removed: ][added: ]

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

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

IDEX Optical Technologies [removed: serves] [added: specializes in complex coatings on a range of advanced substrates to serve] the semiconductor metrology, satellite optical communications, defense, aerospace and remote sensing, additive manufacturing, laser material processing, laser communications, telecommunications and life science markets.

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

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

[removed: *•*STC] [added: *◦*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.

*•*FTL Seals Technology [removed: 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.

*•*Airtech designs and manufactures a wide range of [removed: highly-engineered] [added: highly engineered] pressure technology products, with a core technology around high performance blowers (2 hp and above) and pneumatic valves for a variety of end markets, including alternative energy, food processing, medical, packaging and transportation.

*•*IDEX MPT, Inc., which includes Quadro, Steridose, Fitzpatrick, Microfluidics, and Matcon, maintains operations in Waterloo, Canada; Westwood, Massachusetts; Delran, New Jersey; Evesham, England; [removed: Ahmedebad,] [added: Ahmedabad,] India and Shanghai, China.

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

The following table summarizes the percentage of total FSDP sales generated by each end [removed: market:][added: market served:]

[removed: ][added: ]

Fire & Safety maintains operations in Ocala, Florida (Class 1 and Hale products); Warwick, England (Godiva products); Wooster and Columbus, Ohio (Akron Brass and Weldon products); Ballendorf, Germany (AWG Fittings products); Shelby, North Carolina (Hurst Jaws of Life® products); Tianjin, China (Dinglee products); Erlangen, Germany (Lukas products) and [removed: Zulpich,] [added: Zülpich,] Germany (Vetter products).

BAND-IT maintains operations in Denver, Colorado, with additional operations in Staveley, [removed: England.][added: England and Suzhou, China.]

Principal competitors of the HST segment are the Thomas division of Ingersoll Rand (with respect to vacuum pumps and compressors); Parker Hannifin (with respect to sealing devices); Valco Instruments Co., Inc. (with respect to connections, degassers and valves); [removed: Alluxa] [added: Alluxa, Bekaert, Porvair PLC and the Pall division of Danaher Corporation] (with respect to filters); Jenoptik (with respect to optical assemblies in life sciences); and Tecan Trading AG (with respect to the life science fluidics market).

Principal competitors of the FSDP segment are Waterous Company, a unit of American Cast Iron Pipe Company (with respect to truck-mounted firefighting pumps); Holmatro, Inc. (with respect to rescue tools); Corob [removed: S.p.A.][added: S.p.A., a unit of Graco Inc. (with respect to dispensing and mixing equipment for the paint industry); and Panduit Corporation and Oetiker Inc. (with respect to stainless steel bands, buckles and clamping systems).]

In [removed: 2023,] [added: 2024,] the Company did not have any customers that accounted for more than 3% of net sales.

The following table illustrates sales to customers within and outside the U.S. as a percentage of total sales for total IDEX as well as by segment and by reporting unit for the year ended December 31, [removed: 2023:][added: 2024:]

| [removed: Agriculture] [added: Dispensing] | | | | | | [removed: 75%] [added: 25%] | | | | | | [removed: 25%] [added: 75%] | | |

*Agriculture.* Agriculture is a leading supplier of pumps, valves, controllers, fittings and systems used in agricultural and industrial applications.

- IDEX Materials Science Solutions is comprised of the following:

- Mott Corporation, acquired in September 2024, specializes in the design, customization and manufacturing of sintered porous metal components and engineered solutions used in fluidic applications within the medical, energy, industrial technology, semiconductor, water and aerospace/defense markets.

The business maintains operations in Farmington, Connecticut, with additional operations in Plymouth, Michigan and Binasco, Italy.

FTL Seals Technology maintains operations in Leeds, England.

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

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

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

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

| Fire & Safety | | | | | | 54% | | | | | | 46% | | |

This ensures that the Board of Directors stays informed and aligned on human capital management strategies for business continuity and success.

As part of our Organizational Talent Cycle process, the Company regularly conducts in-depth talent reviews with business leaders, focusing on workforce teams and culture.

We identify “stretch” opportunities to help team members grow within and across business units as opportunities and interest arise, and identify local human capital actions to drive our growth strategy.

Employees and leaders engage in ongoing performance and development conversations throughout the year.

These discussions cover business and development goals, review progress, recognize accomplishments, provide balanced feedback and identify opportunities for improvement.

Additionally, in 2024, the Company supported over 150 senior leaders in inclusive change leadership sessions to accelerate the development of high-performing talent and promote a culture of growth.

We believe our

Additionally, 94% of employees reported they have the knowledge and skills needed to perform their jobs effectively.

In 2024, we continued progress against the strategic roadmap tied to our human capital strategy: (1) completion of local Business Unit Inclusion Plans; (2) delivery of quarterly Inclusive Leadership Training and a two-day enterprise-wise Inclusion Summit to promote leadership skill building for all employees; (3) participation in the Company’s Employee Resource Groups (“ERGs”); and (4) participation in Talent Networks.

All offerings, including membership in ERGs, are open to all employees, regardless of their specific background or identity.

We offer “wellness credits” that can be earned by employees as well as spouses and partners who take advantage of these early detection services offered or engage in healthy challenges and other activities each year.

This includes a global Code of Business Conduct & Ethics

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

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

- Alfa Valvole and OBL manufacture 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.

Alfa Valvole and OBL maintain operations in Cassorezzo, Italy.

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

(with respect to dispensing and mixing equipment for the paint industry); and Panduit Corporation (with respect to stainless steel bands, buckles and clamping systems).

| Water | | | | | | 57% | | | | | | 43% | | |

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

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

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

| Fire & Safety | | | | | | 53% | | | | | | 47% | | |

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

(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.

The Company completed an expansion of its China facility in late 2022 and its India facility in 2023 in an effort to increase its footprint in these emerging markets as the Company believes there is tremendous potential for growth across all segments.

In addition, the Company expanded its facilities in Singapore and Dubai in 2022 to support growth in Southeast Asia and the Middle East.

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

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

These offerings also help to develop future and potential leaders in the IDEX leadership methodology.

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.

The Company’s investments in people have led to significant increases in favorability for career development for all employees.

Gender, ethnic, cultural and other human diversity is critical to the Company’s success.

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

In 2023, progress against the strategic roadmap included: (1) implementation of mentoring based on employee resource groups (“ERGs”) and talent development networks; (2) delivery of Inclusive Leadership Training; (3) increased participation in IDEX ERGs; (4) continuation of IDEX’s performance-based DEI goals for senior leaders; and (5) expansion of talent development and recruiting efforts.

The Company’s Board of Directors now comprises 30% women and 30% members who identify with racial/ethnic minority groups.

Additionally, the representation of women in leadership at the Company remained steady in 2023.

From 2022 to 2023, and as of December 31, 2023, the percentage of women globally in senior leadership roles remained constant at 31%.

The percentage of women globally in people leadership roles remained at 22%.

During the same time period, and as of December 31, 2023, the number of racial/ethnic minority senior leaders in the U.S. increased from 21% to 22%, and the number of racial/ethnic minority people managers in the U.S. increased from 19% to 20%.

The foregoing representation numbers do not include employee populations associated with acquisitions completed in 2023.

Prior to joining IDEX, Ms. Anderson served

The Company and its subsidiaries are party to legal proceedings [removed: arising in] [added: incidental to] the [removed: ordinary course] [added: operation] of [removed: business] [added: their businesses] as described in [Note [removed: 10](#i1f79affde3f24a2f86121bcecc525cda_118)] [added: 10](#i3655bb0ec9a24425975d48d9875b2090_127)] in Part II, Item 8, “Financial Statements and Supplementary Data,” and such disclosure is incorporated by reference into this Item 3, “Legal Proceedings.”

In addition, the Company and [removed: six] [added: eight] 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: 2023][added: 2024]

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 [removed: 30, 2023] [added: 28, 2024] closing price of [removed: $215.26)] [added: $201.20)] held by non-affiliates of IDEX Corporation was [removed: $16,267,670,265.][added: $15,227,465,474.]

The number of shares outstanding of IDEX Corporation’s common stock, par value $.01 per share, as of February [removed: 16, 2024] [added: 14, 2025] was [removed: 75,644,654.][added: 75,784,047.]

Portions of the proxy statement with respect to the IDEX Corporation [removed: 2024] [added: 2025] annual meeting of stockholders (the [removed: “2024] [added: “2025] Proxy Statement”) are incorporated by reference into [Part [removed: III](#i1f79affde3f24a2f86121bcecc525cda_160)] [added: III](#i3655bb0ec9a24425975d48d9875b2090_169)] of this Form 10-K.

| PART I. | | | Item 1. | | | [removed: [Business](#i1f79affde3f24a2f86121bcecc525cda_13)] [added: [Business](#i3655bb0ec9a24425975d48d9875b2090_16)] | | | [removed: [1](#i1f79affde3f24a2f86121bcecc525cda_13)] [added: [3](#i3655bb0ec9a24425975d48d9875b2090_16)] | | | | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i1f79affde3f24a2f86121bcecc525cda_16)] [added: Factors](#i3655bb0ec9a24425975d48d9875b2090_19)] | | | [removed: [15](#i1f79affde3f24a2f86121bcecc525cda_16)] [added: [15](#i3655bb0ec9a24425975d48d9875b2090_19)] | | | | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i1f79affde3f24a2f86121bcecc525cda_19)] [added: Comments](#i3655bb0ec9a24425975d48d9875b2090_22)] | | | [removed: [20](#i1f79affde3f24a2f86121bcecc525cda_19)] [added: [21](#i3655bb0ec9a24425975d48d9875b2090_22)] | | | | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i1f79affde3f24a2f86121bcecc525cda_2005)] [added: [Cybersecurity](#i3655bb0ec9a24425975d48d9875b2090_25)] | | | [removed: [21](#i1f79affde3f24a2f86121bcecc525cda_2005)] [added: [21](#i3655bb0ec9a24425975d48d9875b2090_25)] | | | | | |

| | | | Item 2. | | | [removed: [Properties](#i1f79affde3f24a2f86121bcecc525cda_22)] [added: [Properties](#i3655bb0ec9a24425975d48d9875b2090_28)] | | | [removed: [22](#i1f79affde3f24a2f86121bcecc525cda_22)] [added: [23](#i3655bb0ec9a24425975d48d9875b2090_28)] | | | | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i1f79affde3f24a2f86121bcecc525cda_25)] [added: Proceedings](#i3655bb0ec9a24425975d48d9875b2090_31)] | | | [removed: [22](#i1f79affde3f24a2f86121bcecc525cda_25)] [added: [23](#i3655bb0ec9a24425975d48d9875b2090_31)] | | | | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i1f79affde3f24a2f86121bcecc525cda_28)] [added: Disclosures](#i3655bb0ec9a24425975d48d9875b2090_34)] | | | [removed: [22](#i1f79affde3f24a2f86121bcecc525cda_28)] [added: [23](#i3655bb0ec9a24425975d48d9875b2090_34)] | | | | | |

| PART II. | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i1f79affde3f24a2f86121bcecc525cda_34)] [added: Securities](#i3655bb0ec9a24425975d48d9875b2090_40)] | | | [removed: [23](#i1f79affde3f24a2f86121bcecc525cda_34)] [added: [24](#i3655bb0ec9a24425975d48d9875b2090_40)] | | | | | |

| | | | Item 6. | | | [removed: [\[Reserved\]](#i1f79affde3f24a2f86121bcecc525cda_37)] [added: [\[Reserved\]](#i3655bb0ec9a24425975d48d9875b2090_43)] | | | [removed: [24](#i1f79affde3f24a2f86121bcecc525cda_37)] [added: [25](#i3655bb0ec9a24425975d48d9875b2090_43)] | | | | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i1f79affde3f24a2f86121bcecc525cda_40)] [added: Operations](#i3655bb0ec9a24425975d48d9875b2090_46)] | | | [removed: [25](#i1f79affde3f24a2f86121bcecc525cda_40)] [added: [26](#i3655bb0ec9a24425975d48d9875b2090_46)] | | | | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i1f79affde3f24a2f86121bcecc525cda_55)] [added: Risk](#i3655bb0ec9a24425975d48d9875b2090_64)] | | | [removed: [35](#i1f79affde3f24a2f86121bcecc525cda_55)] [added: [34](#i3655bb0ec9a24425975d48d9875b2090_64)] | | | | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i1f79affde3f24a2f86121bcecc525cda_58)] [added: Data](#i3655bb0ec9a24425975d48d9875b2090_67)] | | | [removed: [37](#i1f79affde3f24a2f86121bcecc525cda_58)] [added: [36](#i3655bb0ec9a24425975d48d9875b2090_67)] | | | | | |

| | | | | | | [Management’s Report on Internal Control Over Financial [removed: Reporting](#i1f79affde3f24a2f86121bcecc525cda_61)] [added: Reporting](#i3655bb0ec9a24425975d48d9875b2090_70)] | | | [removed: [37](#i1f79affde3f24a2f86121bcecc525cda_61)] [added: [36](#i3655bb0ec9a24425975d48d9875b2090_70)] | | | | | |

| | | | | | | [Report of Independent Registered Public Accounting Firm (PCAOB ID [removed: No.](#i1f79affde3f24a2f86121bcecc525cda_64) 34[)](#i1f79affde3f24a2f86121bcecc525cda_64)] [added: No.](#i3655bb0ec9a24425975d48d9875b2090_73) 34[)](#i3655bb0ec9a24425975d48d9875b2090_73)] | | | [removed: [38](#i1f79affde3f24a2f86121bcecc525cda_64)] [added: [37](#i3655bb0ec9a24425975d48d9875b2090_73)] | | | | | |

| | | | | | | [Consolidated Statements of [removed: Income](#i1f79affde3f24a2f86121bcecc525cda_73)] [added: Income](#i3655bb0ec9a24425975d48d9875b2090_79)] | | | [removed: [41](#i1f79affde3f24a2f86121bcecc525cda_73)] [added: [40](#i3655bb0ec9a24425975d48d9875b2090_79)] | | | | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i1f79affde3f24a2f86121bcecc525cda_76)] [added: Income](#i3655bb0ec9a24425975d48d9875b2090_82)] | | | [removed: [42](#i1f79affde3f24a2f86121bcecc525cda_76)] [added: [41](#i3655bb0ec9a24425975d48d9875b2090_82)] | | | | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i1f79affde3f24a2f86121bcecc525cda_70)] [added: Sheets](#i3655bb0ec9a24425975d48d9875b2090_85)] | | | [removed: [43](#i1f79affde3f24a2f86121bcecc525cda_70)] [added: [42](#i3655bb0ec9a24425975d48d9875b2090_85)] | | | | | |

| | | | | | | [Consolidated Statements of [removed: Equity](#i1f79affde3f24a2f86121bcecc525cda_79)] [added: Equity](#i3655bb0ec9a24425975d48d9875b2090_88)] | | | [removed: [44](#i1f79affde3f24a2f86121bcecc525cda_79)] [added: [43](#i3655bb0ec9a24425975d48d9875b2090_88)] | | | | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i1f79affde3f24a2f86121bcecc525cda_82)] [added: Flows](#i3655bb0ec9a24425975d48d9875b2090_91)] | | | [removed: [45](#i1f79affde3f24a2f86121bcecc525cda_82)] [added: [44](#i3655bb0ec9a24425975d48d9875b2090_91)] | | | | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#i1f79affde3f24a2f86121bcecc525cda_85)] [added: Statements](#i3655bb0ec9a24425975d48d9875b2090_94)] | | | [removed: [46](#i1f79affde3f24a2f86121bcecc525cda_85)] [added: [45](#i3655bb0ec9a24425975d48d9875b2090_94)] | | | | | |

| | | | | | | [Note 1. Significant Accounting [removed: Policies](#i1f79affde3f24a2f86121bcecc525cda_88)] [added: Policies](#i3655bb0ec9a24425975d48d9875b2090_97)] | | | [removed: [46](#i1f79affde3f24a2f86121bcecc525cda_88)] [added: [45](#i3655bb0ec9a24425975d48d9875b2090_97)] | | | | | |

| | | | | | | [Note 2. Acquisitions and [removed: Divestitures](#i1f79affde3f24a2f86121bcecc525cda_91)] [added: Divestitures](#i3655bb0ec9a24425975d48d9875b2090_100)] | | | [removed: [51](#i1f79affde3f24a2f86121bcecc525cda_91)] [added: [50](#i3655bb0ec9a24425975d48d9875b2090_100)] | | | | | |

| | | | | | | [Note 3. Collaborative [removed: Investments](#i1f79affde3f24a2f86121bcecc525cda_94)] [added: Investments](#i3655bb0ec9a24425975d48d9875b2090_103)] | | | [removed: [60](#i1f79affde3f24a2f86121bcecc525cda_94)] [added: [58](#i3655bb0ec9a24425975d48d9875b2090_103)] | | | | | |

| | | | | | | [Note 4. Balance Sheet [removed: Components](#i1f79affde3f24a2f86121bcecc525cda_97)] [added: Components](#i3655bb0ec9a24425975d48d9875b2090_106)] | | | [removed: [61](#i1f79affde3f24a2f86121bcecc525cda_97)] [added: [59](#i3655bb0ec9a24425975d48d9875b2090_106)] | | | | | |

| | | | | | | [Note 6. Goodwill and Intangible [removed: Assets](#i1f79affde3f24a2f86121bcecc525cda_103)] [added: Assets](#i3655bb0ec9a24425975d48d9875b2090_112)] | | | [removed: [64](#i1f79affde3f24a2f86121bcecc525cda_103)] [added: [62](#i3655bb0ec9a24425975d48d9875b2090_112)] | | | | | |

| | | | | | | [Note 8. Fair Value [removed: Measurements](#i1f79affde3f24a2f86121bcecc525cda_112)] [added: Measurements](#i3655bb0ec9a24425975d48d9875b2090_121)] | | | [removed: [68](#i1f79affde3f24a2f86121bcecc525cda_112)] [added: [66](#i3655bb0ec9a24425975d48d9875b2090_121)] | | | | | |

| | | | | | | [Note 10. Commitments and [removed: Contingencies](#i1f79affde3f24a2f86121bcecc525cda_118)] [added: Contingencies](#i3655bb0ec9a24425975d48d9875b2090_127)] | | | [removed: [71](#i1f79affde3f24a2f86121bcecc525cda_118)] [added: [69](#i3655bb0ec9a24425975d48d9875b2090_127)] | | | | | |

| | | | | | | [Note 11. Share [removed: Repurchases](#i1f79affde3f24a2f86121bcecc525cda_121)] [added: Repurchases](#i3655bb0ec9a24425975d48d9875b2090_130)] | | | [removed: [71](#i1f79affde3f24a2f86121bcecc525cda_121)] [added: [69](#i3655bb0ec9a24425975d48d9875b2090_130)] | | | | | |

| | | | | | | [Note 12. Income [removed: Taxes](#i1f79affde3f24a2f86121bcecc525cda_124)] [added: Taxes](#i3655bb0ec9a24425975d48d9875b2090_133)] | | | [removed: [71](#i1f79affde3f24a2f86121bcecc525cda_124)] [added: [69](#i3655bb0ec9a24425975d48d9875b2090_133)] | | | | | |

| | | | | | | [Note 13. Business Segments and Geographic [removed: Information](#i1f79affde3f24a2f86121bcecc525cda_127)] [added: Information](#i3655bb0ec9a24425975d48d9875b2090_136)] | | | [removed: [74](#i1f79affde3f24a2f86121bcecc525cda_127)] [added: [72](#i3655bb0ec9a24425975d48d9875b2090_136)] | | | | | |

| | | | | | | [Note 14. Restructuring Expenses and Asset [removed: Impairments](#i1f79affde3f24a2f86121bcecc525cda_130)] [added: Impairments](#i3655bb0ec9a24425975d48d9875b2090_139)] | | | [removed: [77](#i1f79affde3f24a2f86121bcecc525cda_130)] [added: [75](#i3655bb0ec9a24425975d48d9875b2090_139)] | | | | | |

| | | | | | | [Note 15. Share-Based [removed: Compensation](#i1f79affde3f24a2f86121bcecc525cda_133)] [added: Compensation](#i3655bb0ec9a24425975d48d9875b2090_145)] | | | [removed: [78](#i1f79affde3f24a2f86121bcecc525cda_133)] [added: [76](#i3655bb0ec9a24425975d48d9875b2090_145)] | | | | | |

| | | | | | | [Note 16. [added: Accumulated] Other Comprehensive [removed: Income (Loss)](#i1f79affde3f24a2f86121bcecc525cda_136)] [added: Loss](#i3655bb0ec9a24425975d48d9875b2090_148)] | | | [removed: [83](#i1f79affde3f24a2f86121bcecc525cda_136)] [added: [81](#i3655bb0ec9a24425975d48d9875b2090_148)] | | | | | |

| | | | | | | [Note 17. Retirement [removed: Benefits](#i1f79affde3f24a2f86121bcecc525cda_139)] [added: Benefits](#i3655bb0ec9a24425975d48d9875b2090_151)] | | | [removed: [84](#i1f79affde3f24a2f86121bcecc525cda_139)] [added: [81](#i3655bb0ec9a24425975d48d9875b2090_151)] | | | | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i1f79affde3f24a2f86121bcecc525cda_148)] [added: Disclosure](#i3655bb0ec9a24425975d48d9875b2090_157)] | | | [removed: [91](#i1f79affde3f24a2f86121bcecc525cda_148)] [added: [88](#i3655bb0ec9a24425975d48d9875b2090_157)] | | | | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i1f79affde3f24a2f86121bcecc525cda_151)] [added: Procedures](#i3655bb0ec9a24425975d48d9875b2090_160)] | | | [removed: [91](#i1f79affde3f24a2f86121bcecc525cda_151)] [added: [88](#i3655bb0ec9a24425975d48d9875b2090_160)] | | | | | |

The Company also routinely posts important information for investors on its website at www.idexcorp.com under “Investors.” The Company may use this website as a means of disclosing material, non-public information and for complying with its disclosure obligations under Regulation FD adopted by the United States Securities and Exchange Commission (the “SEC”).

Accordingly, investors should monitor the Investor Relations portion of the Company’s website noted above, in addition to following the Company’s press releases, SEC filings, and public conference calls and webcasts.

Our website and the information contained therein or connected thereto shall not be deemed to be incorporated into this annual report on Form 10-K.

[Table of Conten](#i3655bb0ec9a24425975d48d9875b2090_7)[t](#i3655bb0ec9a24425975d48d9875b2090_7)[s](#i3655bb0ec9a24425975d48d9875b2090_7)

| | | | | | | [Note 5. Revenue](#i3655bb0ec9a24425975d48d9875b2090_109) | | | [60](#i3655bb0ec9a24425975d48d9875b2090_109) | | | | | |

| | | | | | | [Note 7. Borrowings](#i3655bb0ec9a24425975d48d9875b2090_115) | | | [64](#i3655bb0ec9a24425975d48d9875b2090_115) | | | | | |

| | | | | | | [Note 9. Leases](#i3655bb0ec9a24425975d48d9875b2090_124) | | | [66](#i3655bb0ec9a24425975d48d9875b2090_124) | | | | | |

| | | | | | | [Note 18. Subsequent Events](#i3655bb0ec9a24425975d48d9875b2090_142) | | | [87](#i3655bb0ec9a24425975d48d9875b2090_142) | | | | | |

| | | | | | | [Signatures](#i3655bb0ec9a24425975d48d9875b2090_199) | | | [95](#i3655bb0ec9a24425975d48d9875b2090_199) | | | | | |

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

| | | | | | | [Note 5. Revenue](#i1f79affde3f24a2f86121bcecc525cda_100) | | | [62](#i1f79affde3f24a2f86121bcecc525cda_100) | | | | | |

| | | | | | | [Note 7. Borrowings](#i1f79affde3f24a2f86121bcecc525cda_106) | | | [66](#i1f79affde3f24a2f86121bcecc525cda_106) | | | | | |

| | | | | | | [Note 9. Leases](#i1f79affde3f24a2f86121bcecc525cda_115) | | | [68](#i1f79affde3f24a2f86121bcecc525cda_115) | | | | | |

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

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

This process includes the assembly of a response team consisting of internal [removed: and] [added: and, as required,] external technical and legal experts [removed: immediately] upon the event of a cyberattack or incident.

[removed: The cyber risk] dashboard is monitored by our business units.

For more information on cybersecurity risks and how they affect our business, operating results and financial condition, please refer to [Item [removed: 1](#i1f79affde3f24a2f86121bcecc525cda_16)[A](#i1f79affde3f24a2f86121bcecc525cda_16).,] [added: 1A](#i3655bb0ec9a24425975d48d9875b2090_19).,] “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.

The Board [added: of Directors] and the Audit Committee oversee management’s efforts to address cybersecurity and information security risks.

Senior management provides the Board [added: of Directors] 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.

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 [removed: certifications.][added: certifications and includes our Director of Information Security, who has over 20 years of experience leading and managing cybersecurity programs.]

The cyber risk

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 [added: international] square footage primarily in Germany (12%), [removed: India (8%),] the Netherlands [added: (7%), India] (6%), the U.K. [removed: (6%),] [added: (5%),] Italy (3%), Canada (3%), China (2%) and Switzerland [removed: (1%).][added: (2%).]

A summary of properties used by the Company’s operations as of December 31, [removed: 2023] [added: 2024] are shown in the following table:

| Fluid & Metering Technologies | | | | | | [removed: 2.0] [added: 1.8] | | | | | | 1.4 | | | | | | [removed: 0.6] [added: 0.4] | | | | | | [removed: 1.4] [added: 1.1] | | | | | | [removed: 0.6] [added: 0.7] | | |

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

| Health & Science Technologies | | | | | | 2.4 | | | | | | 1.2 | | | | | | 1.2 | | | | | | 0.6 | | | | | | 1.8 | | |

| Total | | | | | | 5.7 | | | | | | 3.3 | | | | | | 2.4 | | | | | | 3.0 | | | | | | 2.7 | | |

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

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

As of February [removed: 16, 2024,] [added: 14, 2025,] there were approximately [removed: 6,929] [added: 7,285] stockholders of record of the Company’s common stock and there were [removed: 75,644,654] [added: 75,784,047] 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](#i1f79affde3f24a2f86121bcecc525cda_169),] [added: 12](#i3655bb0ec9a24425975d48d9875b2090_178),] “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”

The [removed: Company’s purchases of] [added: Company did not repurchase any] common stock during the quarter ended December 31, [removed: 2023 are as follows.][added: 2024.]

As of December 31, [removed: 2023,] [added: 2024,] the amount of share repurchase authorization remaining was $539.7 million.

| November 1, [removed: 2023] [added: 2024] to November 30, [removed: 2023] [added: 2024] | | | [removed: 74,200] [added: —] | | | | | | [removed: 194.10] [added: —] | | | | | | [removed: 74,200] [added: —] | | | | | | 539,689,117 | | |

| December 1, [removed: 2023] [added: 2024] to December 31, [removed: 2023] [added: 2024] | | | — | | | | | | — | | | | | | — | | | | | | 539,689,117 | | |

| Total | | | [removed: 119,200] [added: —] | | | | | | $ | [removed: 193.58] [added: —] | | | | | [removed: 119,200] [added: —] | | | | | | $ | 539,689,117 | |

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 [added: 400] 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: 2018.][added: 2019.]

Total return values for the Company’s common stock, the S&P 500 Index, S&P Midcap [added: 400] Industrials Sector Index and the Russell 2000 Index were calculated on cumulative total return values assuming reinvestment of dividends.

[removed: ][added: ]

| October 1, 2024 to October 31, 2024 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 539,689,117 | |

| | | | 12/19 | | | 12/20 | | | 12/21 | | | 12/22 | | | 12/23 | | | 12/24 | | |

| IDEX Corporation | | | $ | 100.00 | | $ | 117.20 | | $ | 140.41 | | $ | 137.28 | | $ | 132.08 | | $ | 128.96 | |

| S&P 500 Index | | | $ | 100.00 | | $ | 118.40 | | $ | 152.39 | | $ | 124.79 | | $ | 157.59 | | $ | 197.02 | |

| S&P Midcap 400 Industrials Sector Index | | | $ | 100.00 | | $ | 116.49 | | $ | 149.62 | | $ | 132.42 | | $ | 174.04 | | $ | 197.51 | |

| Russell 2000 Index | | | $ | 100.00 | | $ | 119.96 | | $ | 137.74 | | $ | 109.59 | | $ | 128.14 | | $ | 142.93 | |

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

| | | | 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 | |

Management excluded [removed: Iridian Spectral Technologies and STC Material Solutions] [added: Mott Corporation] from its assessment of internal controls over financial reporting as [removed: these acquisitions] [added: the acquisition] occurred in [removed: 2023] [added: 2024] (see [Note [removed: 2](#i1f79affde3f24a2f86121bcecc525cda_91)] [added: 2](#i3655bb0ec9a24425975d48d9875b2090_100), “Acquisitions and Divestitures,”] in the Notes to [removed: the] Consolidated Financial Statements for further detail).

The total assets (excluding goodwill and intangible assets) and net sales of [added: the] current year [removed: acquisitions] [added: acquisition] represented approximately [removed: one] [added: eight] percent and [removed: zero] [added: two] percent, respectively, of the Consolidated Financial Statement amounts as of and for the year ended December 31, [removed: 2023.][added: 2024.]

Based on that assessment, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

The effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] based on criteria established in *Internal Control* *—* *Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control* *—* *Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2023,] [added: 2024,] of the Company and our report dated February [removed: 22, 2024,] [added: 20, 2025,] expressed an unqualified opinion on those financial statements.

As described in Management’s Report on Internal Control over Financial Reporting, management excluded [removed: Iridian Spectral Technologies and STC Material Solutions] [added: Mott Corporation] from its assessment of internal control over financial reporting as [removed: these acquisitions] [added: this acquisition] occurred in the twelve months ended December 31, [removed: 2023.][added: 2024.]

The combined total assets [added: (excluding goodwill] and [added: intangible assets) and] net sales of [removed: these acquisitions] [added: this acquisition] represented approximately [removed: one] [added: eight] percent and [removed: zero] [added: two] percent, respectively, of the consolidated financial statement amounts as of and for the year ended December 31, [removed: 2023.][added: 2024.]

Accordingly, our audit did not include the internal control over financial reporting at [removed: these] [added: this] acquired [removed: companies.][added: company.]

We have audited the accompanying consolidated balance sheets of IDEX Corporation and subsidiaries (the [removed: "Company")] [added: “Company”)] as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively referred to as the [removed: "financial statements").][added: “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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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 [removed: Company's] [added: Company’s] internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control* *—* *Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 22, 2024,] [added: 20, 2025,] expressed an unqualified opinion on the [removed: Company's] [added: Company’s] internal control over financial reporting.

Revenue *—* Disaggregation of Revenue *—* Refer to [Note [removed: 5](#i1f79affde3f24a2f86121bcecc525cda_100)] [added: 5](#i3655bb0ec9a24425975d48d9875b2090_109)] to the financial statements

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Net sales | | | $ | [removed: 3,273.9] [added: 3,268.8] | | | | | $ | [removed: 3,181.9] [added: 3,273.9] | | | | | $ | [removed: 2,764.8] [added: 3,181.9] | |

| Cost of sales | | | [removed: 1,827.0] [added: 1,823.6] | | | | | | [removed: 1,755.0] [added: 1,827.0] | | | | | | [removed: 1,540.3] [added: 1,755.0] | | |

| Gross profit | | | [removed: 1,446.9] [added: 1,445.2] | | | | | | [removed: 1,426.9] [added: 1,446.9] | | | | | | [removed: 1,224.5] [added: 1,426.9] | | |

| Selling, general and administrative expenses | | | [removed: 703.5] [added: 758.7] | | | | | | [removed: 652.7] [added: 703.5] | | | | | | [removed: 578.2] [added: 652.7] | | |

| Restructuring expenses and asset impairments | | | [removed: 10.9] [added: 9.3] | | | | | | [removed: 22.8] [added: 10.9] | | | | | | [removed: 9.3] [added: 22.8] | | |

| Operating income | | | [removed: 732.5] [added: 677.2] | | | | | | [removed: 751.4] [added: 732.5] | | | | | | [removed: 637.0] [added: 751.4] | | |

| Gain on sale of businesses [removed: -] [added: –] net | | | [removed: (84.7)] [added: (4.0)] | | | | | | [removed: (34.8)] [added: (84.7)] | | | | | | [removed: —] [added: (34.8)] | | |

| Other [removed: expense] (income) [removed: -] [added: expense –] net | | | [removed: 5.2] [added: (2.6)] | | | | | | [removed: (3.9)] [added: 5.2] | | | | | | [removed: 16.2] [added: (3.9)] | | |

| Interest expense [added: – net] | | | [removed: 51.7] [added: 44.5] | | | | | | [removed: 40.7] [added: 51.7] | | | | | | [removed: 41.0] [added: 40.7] | | |

| Income before income taxes | | | [removed: 760.3] [added: 639.3] | | | | | | [removed: 749.4] [added: 760.3] | | | | | | [removed: 579.8] [added: 749.4] | | |

| Provision for income taxes | | | [removed: 164.7] [added: 134.7] | | | | | | [removed: 162.7] [added: 164.7] | | | | | | [removed: 130.5] [added: 162.7] | | |

| Net income | | | [removed: 595.6] [added: 504.6] | | | | | | [removed: 586.7] [added: 595.6] | | | | | | [removed: 449.3] [added: 586.7] | | |

| Net loss attributable to noncontrolling interest | | | [removed: 0.5] [added: 0.4] | | | | | | [removed: 0.2] [added: 0.5] | | | | | | [removed: 0.1] [added: 0.2] | | |

| Net income attributable to IDEX | | | $ | [removed: 596.1] [added: 505.0] | | | | | $ | [removed: 586.9] [added: 596.1] | | | | | $ | [removed: 449.4] [added: 586.9] | |

| Basic earnings per common share attributable to IDEX | | | $ | [removed: 7.87] [added: 6.66] | | | | | $ | [removed: 7.74] [added: 7.87] | | | | | $ | [removed: 5.91] [added: 7.74] | |

| Diluted earnings per common share attributable to IDEX | | | $ | [removed: 7.85] [added: 6.64] | | | | | $ | [removed: 7.71] [added: 7.85] | | | | | $ | [removed: 5.88] [added: 7.71] | |

| Basic weighted average common shares outstanding | | | [removed: 75.6] [added: 75.7] | | | | | | [removed: 75.7] [added: 75.6] | | | | | | [removed: 76.0] [added: 75.7] | | |

| Diluted weighted average common shares outstanding | | | 75.9 | | | | | | [removed: 76.0] [added: 75.9] | | | | | | [removed: 76.4] [added: 76.0] | | |

| Net income | | | $ | [removed: 595.6] [added: 504.6] | | | | | $ | [removed: 586.7] [added: 595.6] | | | | | $ | [removed: 449.3] [added: 586.7] | |

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

| Pension and other postretirement adjustments, net of tax | | | [removed: (7.4)] [added: 3.1] | | | | | | [removed: 18.3] [added: (7.4)] | | | | | | [removed: 17.0] [added: 18.3] | | |

| Cumulative translation adjustment | | | [removed: 87.8] [added: (88.2)] | | | | | | [removed: (74.9)] [added: 87.8] | | | | | | [removed: (75.6)] [added: (74.9)] | | |

| Other comprehensive [removed: income] (loss) [added: income, net of tax] | | | [removed: 80.4] [added: (85.1)] | | | | | | [removed: (56.6)] [added: 80.4] | | | | | | [removed: (56.1)] [added: (56.6)] | | |

| Comprehensive income | | | [removed: 676.0] [added: 419.5] | | | | | | [removed: 530.1] [added: 676.0] | | | | | | [removed: 393.2] [added: 530.1] | | |

| Comprehensive loss attributable to noncontrolling interest | | | [removed: 0.5] [added: 0.4] | | | | | | [removed: 0.2] [added: 0.5] | | | | | | [removed: —] [added: 0.2] | | |

| February 20, 2025 | | | | | |

| February 20, 2025 | | | | | |

| | | | 2024 | | | | | | 2023 | | |

| Other comprehensive loss, net of tax | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (56.6) | | | | | | — | | | | | | (56.6) | | | | | | — | | | | | | (56.6) | | |

| Repurchases of common stock | | | — | | | | | | | | | | | | 0.8 | | | | | | (148.1) | | | | | | — | | | | | | — | | | | | | (148.1) | | | | | | — | | | | | | (148.1) | | |

| Other comprehensive income, net of tax | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 80.4 | | | | | | — | | | | | | 80.4 | | | | | | — | | | | | | 80.4 | | |

| Repurchases of common stock | | | — | | | | | | — | | | | | | 0.1 | | | | | | (24.2) | | | | | | — | | | | | | — | | | | | | (24.2) | | | | | | — | | | | | | (24.2) | | |

| Net income (loss) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 505.0 | | | | | | 505.0 | | | | | | (0.4) | | | | | | 504.6 | | |

| Other comprehensive loss, net of tax | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (85.1) | | | | | | — | | | | | | (85.1) | | | | | | — | | | | | | (85.1) | | |

| Net issuance of shares of treasury stock (net of tax of $2.7) | | | — | | | | | | — | | | | | | (0.1) | | | | | | 16.7 | | | | | | — | | | | | | — | | | | | | 16.7 | | | | | | — | | | | | | 16.7 | | |

| Balance, December 31, 2024 | | | 90.1 | | | | | | $ | 865.7 | | | | | 14.2 | | | | | | $ | (1,170.3) | | | | | $ | (130.9) | | | | | $ | 4,230.2 | | | | | $ | 3,794.7 | | | | | $ | (0.6) | | | | | $ | 3,794.1 | |

| Net income | | | $ | 504.6 | | | | | $ | 595.6 | | | | | $ | 586.7 | |

| Debt issuance costs | | | (1.7) | | | | | | — | | | | | | — | | |

(1) Includes $18.1 million of restricted cash at December 31, 2024.

The restricted cash has been included in Other current assets in the Consolidated Balance Sheets.

There was no restricted cash as of December 31, 2023, December 31, 2022 or December 31, 2021.

(In millions, except per share amounts)

*Consolidation and Basis of Presentation*

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

is recognized over time as work is performed.

Debt issuance costs related to senior notes and term loans are included as a reduction of the carrying amount of the related borrowing.

Debt issuance costs related to securing the Company’s Revolving Facility are included in Other noncurrent assets in the Consolidated Balance Sheets.

Under the 2024 Incentive Award Plan, dividend rights for restricted stock are subject to the same vesting requirements as the underlying restricted stock awards.

Consequently, any restricted stock awarded under the 2024 Incentive Award Plan will not be considered participating securities.

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

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

Property and equipment are stated at historical cost, net of accumulated depreciation.

Depreciation is recorded using the straight-line method over each asset’s estimated useful life.

The Company adopted this standard on a retrospective basis during the year ended December 31, 2024.

See [Note 13](#i3655bb0ec9a24425975d48d9875b2090_136), “Business Segments and Geographic Information,” for further detail.

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses*, which requires public entities to disclose, within the footnotes to the financial statements, disaggregated information about certain income statement expense captions, including disclosure of amounts for purchases of inventory, employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption.

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

The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statement disclosures.

*2024 Acquisitions*

*Mott Corporation*

On September 5, 2024, the Company acquired Mott Corporation and its subsidiaries (“Mott”) in a stock acquisition.

Mott is a leading microfiltration business specializing in the design, customization and manufacturing of sintered porous metal components and engineered solutions used in fluidic applications.

Headquartered in Farmington, Connecticut, Mott operates in the Scientific Fluidics & Optics reporting unit within the Company’s HST segment.

The purchase price was funded using a combination of cash on hand of $211.9 million, borrowings under the Company’s Revolving Facility of $279.3 million and net proceeds of $495.0 million from the issuance of the Company’s 4.950% Senior Notes (defined in [Note 7](#i3655bb0ec9a24425975d48d9875b2090_115), “Borrowings”).

| Goodwill | | | 483.6 | | |

| | | | | | |

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

| February 22, 2024 | | | | | |

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

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

| Reclassification adjustments for derivatives, net of tax | | | — | | | | | | — | | | | | | 2.5 | | |

| | | | | | | | | | Cumulative Translation Adjustment | | | | | | Retirement Benefits Adjustments | | | | | | Cumulative Unrealized Gain (Loss) on Derivatives | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance, December 31, 2020 | | | $ | 776.1 | | | | | $ | 2,841.5 | | | | | $ | 13.4 | | | | | $ | (24.4) | | | | | $ | (2.5) | | | | | $ | (1,063.9) | | | | | $ | 2,540.2 | | | | | $ | 0.1 | | | | | $ | 2,540.3 | |

| Net income (loss) | | | — | | | | | | 449.4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 449.4 | | | | | | (0.1) | | | | | | 449.3 | | |

| Cumulative translation adjustment | | | — | | | | | | — | | | | | | (75.6) | | | | | | — | | | | | | — | | | | | | — | | | | | | (75.6) | | | | | | — | | | | | | (75.6) | | |

| Net change in retirement obligations (net of tax of $5.3) | | | — | | | | | | — | | | | | | — | | | | | | 17.0 | | | | | | — | | | | | | — | | | | | | 17.0 | | | | | | — | | | | | | 17.0 | | |

| Net change on derivatives designated as cash flow hedges (net of tax of $0.8) | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2.5 | | | | | | — | | | | | | 2.5 | | | | | | — | | | | | | 2.5 | | |

| Cumulative translation adjustment | | | — | | | | | | — | | | | | | (74.9) | | | | | | — | | | | | | — | | | | | | — | | | | | | (74.9) | | | | | | — | | | | | | (74.9) | | |

| Net change in retirement obligations (net of tax of $6.8) | | | — | | | | | | — | | | | | | — | | | | | | 18.3 | | | | | | — | | | | | | — | | | | | | 18.3 | | | | | | — | | | | | | 18.3 | | |

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

| Repurchase of 795,423 shares of common stock | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (148.1) | | | | | | (148.1) | | | | | | — | | | | | | (148.1) | | |

| Cumulative translation adjustment | | | — | | | | | | — | | | | | | 87.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | 87.8 | | | | | | — | | | | | | 87.8 | | |

| Net change in retirement obligations (net of tax of $(2.3)) | | | — | | | | | | — | | | | | | — | | | | | | (7.4) | | | | | | — | | | | | | — | | | | | | (7.4) | | | | | | — | | | | | | (7.4) | | |

| Repurchase of 124,600 shares of common stock | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24.2) | | | | | | (24.2) | | | | | | — | | | | | | (24.2) | | |

| Non-cash interest expense associated with forward starting swaps | | | — | | | | | | — | | | | | | 3.3 | | |

| Termination of the U.S. pension plan, net of curtailment | | | — | | | | | | — | | | | | | 8.6 | | |

| Payment of make-whole redemption premium | | | — | | | | | | — | | | | | | (6.7) | | |

*Principles of Consolidation*

Certain contracts have multiple performance obligations for which the Company allocates the transaction price to each performance obligation using an estimate of the standalone selling price of each distinct product or service and recognizes as revenue when, or as, the performance obligation is satisfied.

In such cases, the observable standalone sales are used to determine the standalone selling price.

Contract estimates are based on various assumptions to project the outcome of future events.

These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer.

Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred.

Billings in excess of revenue recognized represent contract liabilities and primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and revenue cannot yet be recognized as the Company has not completed the

corresponding performance obligation.

Expenses incurred in securing and issuing debt are capitalized and included as a reduction of Long-term borrowings - net.

| | | | (In millions) | | | | | | | | | | | | | | |

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, *Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers*, which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance.

The Company adopted this standard on a prospective basis for the annual period beginning January 1, 2023.

statements, primarily through enhanced disclosures about significant segment expenses.

The results of operations of divestitures have been included in the Company’s Consolidated Statements of Income through the respective dates of disposition.

The entire purchase price was funded with cash on hand.

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

| | | | Total | | |

| Goodwill | | | 52.7 | | |

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: 2023.][added: 2024.]

Management’s Report on Internal Control Over Financial Reporting appearing on page [removed: [37](#i1f79affde3f24a2f86121bcecc525cda_61)] [added: [36](#i3655bb0ec9a24425975d48d9875b2090_70)] of this report is incorporated into this Item 9A by reference.

During the year ended December 31, [removed: 2023,] [added: 2024,] 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.

Information under the headings “Election of Directors”; “Board Committees”; [removed: “Corporate Governance”;] and [removed: “Delinquent Section 16(a) Reports”] [added: “Corporate Governance”] in the [removed: 2024] [added: 2025] 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](#i1f79affde3f24a2f86121bcecc525cda_13),] [added: 1](#i3655bb0ec9a24425975d48d9875b2090_16),] of this report under the caption “Information about Our Executive Officers.”

The Company has insider trading policies and procedures that govern the purchase, sale and other dispositions of its securities by directors, officers, employees and contractors, as well as by the Company itself.

We believe these policies and procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations and applicable listing standards.

A copy of our Insider Trading Policy is filed with this Annual Report on Form 10-K as Exhibit 19.

Information under the heading “Executive Compensation” in the [removed: 2024] [added: 2025] Proxy Statement is incorporated into this Item 11 by reference.

Information under the heading “Security Ownership” in the [removed: 2024] [added: 2025] 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: 2023] [added: 2024] is as follows:

| Equity compensation plans approved by the Company’s stockholders | | | [removed: 1,156,393] [added: 1,247,052] | | | | | | $ | [removed: 178.86] [added: 191.96] | | | | | [removed: 1,719,148] [added: 9,719,183] | | |

Information under the headings, “Corporate Governance” and “Board Committees” in the [removed: 2024] [added: 2025] Proxy Statement is incorporated into this Item 13 by reference.

Information under the heading “Principal Accountant Fees and Services” in the [removed: 2024] [added: 2025] Proxy Statement is incorporated into this Item 14 by reference.

“Financial Statements and Supplementary [removed: Data.”](#i1f79affde3f24a2f86121bcecc525cda_58)][added: Data.”](#i3655bb0ec9a24425975d48d9875b2090_67)]

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

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

| [removed: 4.4] [added: 4.5] | | | | | | [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, 2016)](https://www.sec.gov/Archives/edgar/data/832101/000083210116000073/iex-20160613xex41.htm) | | |

| [removed: 4.5] [added: 4.6] | | | | | | [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) | | |

| [removed: 4.6] [added: 4.7] | | | | | | [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) | | |

| [removed: 10.1] [added: 10.2] | | | | | | [Revised and Restated IDEX Corporation Management Incentive Compensation Plan for Key Employees Effective January 1, 2022 (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of IDEX Corporation for the quarter ended June 30, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000034/iex-20230630xex101.htm) | | |

| [removed: 10.2] [added: 10.3] | | | | | | [IDEX Corporation Form of Director Indemnification Agreement (incorporated by reference to Exhibit 10.2 to the Annual Report of IDEX Corporation on Form 10-K for the fiscal year ended December 31, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex102.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex102.htm)] | | |

| [removed: 10.3] [added: 10.4] | | | | | | [IDEX Corporation Amended and Restated Stock Option Plan for Outside Directors, adopted by resolution of the Board of Directors dated as of November 20, 2003 (incorporated by reference to Exhibit 10.6 (a) to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, [removed: 2003)](http://www.sec.gov/Archives/edgar/data/832101/000095013704001504/c83337exv10w6xay.txt)] [added: 2003)](https://www.sec.gov/Archives/edgar/data/832101/000095013704001504/c83337exv10w6xay.txt)] | | |

| [removed: 10.4] [added: 10.5] | | | | | | [IDEX Corporation Incentive Award Plan (as amended and restated) (incorporated by reference to Appendix A of the Proxy Statement of IDEX Corporation on Schedule 14A, filed March 5, [removed: 2015)](http://www.sec.gov/Archives/edgar/data/832101/000119312515072666/d878233ddef14a.htm)] [added: 2015)](https://www.sec.gov/Archives/edgar/data/832101/000119312515072666/d878233ddef14a.htm)] | | |

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

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

| [removed: 10.7] [added: 10.8] | | | | | | [Letter Agreements between IDEX Corporation and Eric Ashleman, dated January 14, 2008 and February 12, 2014 (incorporated by reference to Exhibit No. 10.14 to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, [removed: 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1014.htm)] [added: 2014)](https://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-20141231xex1014.htm)] | | |

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

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

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

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

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

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

| [removed: 10.14] [added: 10.15] | | | | | | [Form of IDEX Corporation Restricted Stock Award Agreement effective February 2015 (incorporated by reference to Exhibit No. 10.23 to the Annual Report of IDEX Corporation on Form 10-K for the year ended December 31, [removed: 2014)](http://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-12312014xex1023.htm)] [added: 2014)](https://www.sec.gov/Archives/edgar/data/832101/000083210115000009/iex-12312014xex1023.htm)] | | |

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

| [removed: 10.16] [added: 10.17] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210117000027/iex-2017x0331xex102.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210117000027/iex-2017x0331xex102.htm)] | | |

| [removed: 10.17] [added: 10.18] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1026.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1026.htm)] | | |

| [removed: 10.18] [added: 10.19] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1027.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1027.htm)] | | |

| [removed: 10.19] [added: 10.20] | | | | | | [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, [removed: 2017](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1028.htm))] [added: 2017](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1028.htm))] | | |

| [removed: 10.20] [added: 10.21] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-2017x1231xex1029.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-2017x1231xex1029.htm)] | | |

| [removed: 10.21] [added: 10.22] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1030.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1030.htm)] | | |

| [removed: 10.22] [added: 10.23] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1031.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1031.htm)] | | |

| [removed: 10.23] [added: 10.24] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1032.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1032.htm)] | | |

| [removed: 10.24] [added: 10.25] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1033.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1033.htm)] | | |

| [removed: 10.25] [added: 10.26] | | | | | | [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, [removed: 2017)](http://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1034.htm)] [added: 2017)](https://www.sec.gov/Archives/edgar/data/832101/000083210118000019/iex-20171231xex1034.htm)] | | |

| [removed: 10.26] [added: 10.27] | | | | | | [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: 10.27] [added: 10.28] | | | | | | [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: 10.28] [added: 10.29] | | | | | | [Letter Agreement between IDEX Corporation and Melissa S. Flores, dated as of January 7, 2021 (incorporated by reference to Exhibit No. 10.1 to the Quarterly Report on Form 10-Q of IDEX Corporation for the quarter ended March 31, 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210122000016/iex-20220331xex101.htm) | | |

| [removed: 10.29] [added: 10.30] | | | | | | [Letter Agreement between IDEX Corporation and Lisa M. Anderson, dated as of February 16, 2022 (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, 2022)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000013/a1031letteragreementbetw.htm) | | |

| [removed: 10.30*,] [added: 10.31] | | | | | | [Letter Agreement between IDEX Corporation and Abhishek Khandelwal, dated as of October 19, [removed: 2023](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-ex1030.htm)] [added: 2023 (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, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-ex1030.htm)] | | |

| 21* | | | | | | [Subsidiaries of [removed: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-202312x31xex21.htm)] [added: IDEX](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-202412x31xex21.htm)] | | |

| 23* | | | | | | [Consent of Deloitte & Touche [removed: LLP](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex23.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex23.htm)] | | |

| 31.1* | | | | | | [Certification of Chief Executive Officer Pursuant to Rule 13a-14 (a) or Rule 15d-14 [removed: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex311.htm)] [added: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex311.htm)] | | |

| 31.2* | | | | | | [Certification of Chief Financial Officer Pursuant to Rule 13a-14 (a) or Rule 15d-14 [removed: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex312.htm)] [added: (a)](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex312.htm)] | | |

| 32.1* | | | | | | [Certification pursuant to Section 1350 of Chapter 63 of Title 18 of the United States [removed: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210124000009/iex-20231231xex321.htm)] [added: Code](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex321.htm)] | | |

| 4.4 | | | | | | [Fifth Supplemental Indenture between IDEX Corporation and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as Trustee, dated as of August 21, 2024, (as to 4.950% Senior Notes due 2029) (incorporated by reference to Exhibit No. 4.2 to the Current Report of IDEX Corporation on Form 8-K filed August 21, 2024).](https://www.sec.gov/Archives/edgar/data/832101/000119312524204531/d852169dex42.htm) | | |

| 10.1 | | | | | | [IDEX Corporation 2024 Incentive Award Plan (incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-8, filed with the Commission on May 7, 2024)](https://www.sec.gov/Archives/edgar/data/832101/000119312524133175/d829830dex43.htm) | | |

| 19* | | | | | | [IDEX Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/832101/000083210125000010/iex-20241231xex19.htm) | | |

| | | | | | | | | |

| Exhibit Number | | | | | | Description | | |

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

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

| 10.33 | | | | | | [Termination and Release Agreement between Fast & Fluid Management B.V. and M.A. Uleman, dated as of 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 September 30, 2023)](https://www.sec.gov/Archives/edgar/data/832101/000083210123000048/ex101-ulemanterminationa.htm) | | |

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