A Dark Vector Cognition product

Cover and table of contents

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Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form 10-Q

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedSeptember 30, 2021

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto

Commission file number 1-10235

IDEX CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware36-3555336
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
3100 Sanders Road,Suite 301,Northbrook,Illinois60062
(Address of principal executive offices)(Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $.01 per shareIEXNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

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

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☑Accelerated filer ☐Non-accelerated filer ☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

Number of shares of common stock of IDEX Corporation outstanding as of October 22, 2021: 76,031,495.

TABLE OF CONTENTS

Part I. Financial Information
Item 1.Financial Statements1
Condensed Consolidated Balance Sheets1
Condensed Consolidated Statements of Operations2
Condensed Consolidated Statements of Comprehensive Income3
Condensed Consolidated Statements of Equity4
Condensed Consolidated Statements of Cash Flows6
Notes to Condensed Consolidated Financial Statements7
Note 1. Basis of Presentation and Significant Accounting Policies7
Note 2. Acquisitions and Divestitures7
Note 3. Collaborative Investments11
Note 4. Business Segments11
Note 5. Revenue13
Note 6. Earnings Per Common Share17
Note 7. Inventories18
Note 8. Goodwill and Intangible Assets18
Note 9. Accrued Expenses20
Note 10. Other Noncurrent Liabilities20
Note 11. Borrowings21
Note 12. Derivative Instruments22
Note 13. Fair Value Measurements23
Note 14. Leases24
Note 15. Restructuring Expenses and Asset Impairments26
Note 16. Other Comprehensive Income (Loss)28
Note 17. Common and Preferred Stock29
Note 18. Share-Based Compensation29
Note 19. Retirement Benefits33
Note 20. Legal Proceedings34
Note 21. Income Taxes34
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations35
Cautionary Statement Under the Private Securities Litigation Reform Act35
Overview35
Results of Operations37
Liquidity and Capital Resources41
Non-GAAP Disclosures42
Critical Accounting Policies49
Item 3.Quantitative and Qualitative Disclosures About Market Risk49
Item 4.Controls and Procedures50
Part II. Other Information
Item 1.Legal Proceedings51
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds51
Item 6.Exhibits52
Signatures53

PART I. FINANCIAL INFORMATION

Next: Item 1. Financial Statements