IDEX Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>IDEX Corp. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

IDEX CORP /DE/ (IEX) filed a Annual Report (10-K) with the SEC on February 22, 2024. IDEX Corp. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's standard industrial classification is Pumps & Pumping Equipment. IDEX Corp. is incorporated in Delaware. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking IDEX CORP /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of IDEX Corp.'s financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a public company, IDEX Corp. is required to submit this annual report to the SEC, ensuring transparency and providing detailed information on its business, risk factors, and financial statements, which is essential for regulatory compliance and market confidence.

Risk Assessment

Risk Level: medium — IDEX CORP /DE/ shows moderate risk based on this filing. The filing is a standard annual report (10-K) which typically contains a broad range of information, including financial statements and risk factors, necessitating a thorough review to identify specific material risks.

Analyst Insight

Review the detailed financial statements and risk factor disclosures within the 10-K to identify any significant changes or emerging concerns that could impact IDEX Corp.'s stock performance.

Key Numbers

• 2023 — Fiscal Year End (1231)
• 2024-02-22 — Filing Date (20240222)
• 152 — Public Document Count (152)
• 3561 — SIC Code (PUMPS & PUMPING EQUIPMENT)

Key Players & Entities

• IDEX CORP /DE/ (company) — Filer name
• 0000832101 (company) — Central Index Key
• 3561 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 20231231 (date) — Conformed Period of Report
• 20240222 (date) — Filed as of Date
• 8474987070 (company) — Business Phone
• 001-10235 (company) — SEC File Number

FAQ

Industry Context

IDEX Corp. operates in the Pumps & Pumping Equipment industry, a sector that involves the manufacturing and distribution of fluid handling solutions.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, necessitating regular filings such as this 10-K with the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Review the 'Risk Factors' section for any new or evolving risks that could impact the company.
3. Examine management's discussion and analysis (MD&A) for insights into operational performance and strategic outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, following previous filings which would include prior annual reports and quarterly updates.

Key Financial Figures

• $215.26 — d on the June 30, 2023 closing price of $215.26) held by non-affiliates of IDEX Corpora
• $84.6 million — mpact of unallocated corporate costs of $84.6 million and $85.7 million for the years ended D
• $85.7 million — ed corporate costs of $84.6 million and $85.7 million for the years ended December 31, 2023 a

Filing Documents

• iex-20231231.htm (10-K) — 3182KB
• iex-ex1030.htm (EX-10.30) — 8KB
• iex-202312x31xex21.htm (EX-21) — 73KB
• iex-20231231xex23.htm (EX-23) — 3KB
• iex-20231231xex311.htm (EX-31.1) — 8KB
• iex-20231231xex312.htm (EX-31.2) — 8KB
• iex-20231231xex321.htm (EX-32.1) — 4KB
• iex-20231231xex322.htm (EX-32.2) — 4KB
• ex97idexcorporationpolic.htm (EX-97) — 10KB
• ex97idexcorporationpolic001.jpg (GRAPHIC) — 241KB
• ex97idexcorporationpolic002.jpg (GRAPHIC) — 300KB
• ex97idexcorporationpolic003.jpg (GRAPHIC) — 185KB
• iex-20231231_g1.jpg (GRAPHIC) — 114KB
• iex-20231231_g2.jpg (GRAPHIC) — 97KB
• iex-20231231_g3.jpg (GRAPHIC) — 102KB
• iex-20231231_g4.jpg (GRAPHIC) — 93KB
• iex-20231231_g5.jpg (GRAPHIC) — 102KB
• iex-ex1030001.jpg (GRAPHIC) — 215KB
• iex-ex1030002.jpg (GRAPHIC) — 256KB
• iex-ex1030003.jpg (GRAPHIC) — 54KB
• 0000832101-24-000009.txt (&nbsp;) — 20592KB
• iex-20231231.xsd (EX-101.SCH) — 94KB
• iex-20231231_cal.xml (EX-101.CAL) — 158KB
• iex-20231231_def.xml (EX-101.DEF) — 607KB
• iex-20231231_lab.xml (EX-101.LAB) — 1267KB
• iex-20231231_pre.xml (EX-101.PRE) — 963KB
• iex-20231231_htm.xml (XML) — 3466KB

Item 1. Business

PART I. Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 22 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

[Reserved]

Item 6. [Reserved] 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 35

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 37 Management's Report on Internal Control Over Financial Reporting 37 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 38 Consolidated Statements of Income 41 Consolidated Statements of Comprehensive Income 42 Consolidated Balance Sheets 43 Consolidated Statements of Equity 44 Consolidated Statements of Cash Flows 45

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 46 Note 1. Significant Accounting Policies 46 Note 2. Acquisitions and Divestitures 51 Note 3. Collaborative Investments 60 Note 4. Balance Sheet Components 61 Note 5. Revenue 62 Note 6. Goodwill and Intangible Assets 64 Note 7. Borrowings 66 Note 8. Fair Value Measurements 68 Note 9. Leases 68 Note 10. Commitments and Contingencies 71 Note 11. Share Repurchases 71 Note 12. Income Taxes 71 Note 13. Business Segments and Geographic Information 74 Note 14. Restructuring Expenses and Asset Impairments 77 Note 15. Share-Based Compensation 78 Note 16. Other Comprehensive Income (Loss) 83 Note 17. Retirement Benefits 84

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 91

Controls and Procedures

Item 9A. Controls and Procedures 91

Other Information

Item 9B. Other Information 91

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91

Item 10. Directors, Executive Officers and Corporate Governance

PART III. Item 10. Directors, Executive Officers and Corporate Governance 92

Executive Compensation

Item 11. Executive Compensation 92

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 92

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 92

Item 15. Exhibits and Financial Statement Schedules

PART IV. Item 15. Exhibits and Financial Statement Schedules 93

Form 10-K Summary

Item 16. Form 10-K Summary 93

Signatures

Signatures 97 Cautionary Statement Under the Private Securities Litigation Reform Act This report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may relate to, among other things, the Company's full year 2024 focus and the assumptions underlying these expectations, plant and equipment capacity for future growth, the duration of supply chain challenges, anticipated future acquisition behavior and capital deployment, expectations regarding customer destocking efforts and future order stabilization and lead time, expectations regarding market sector contraction, recovery, stabilization or growth, availability of cash and financing alternatives and the anticipated benefits of the Company's recent acquisitions, and are indicated by words or phrases such as "anticipates," "estimates," "plans," "guidance," "expects," "projects," "forecasts," "should," "could," "will," "management believes," "the Company believes," "the Company intends" and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this report. The risks and uncertainties include, but are not limited to, the following: levels of industrial activity and economic conditions in the U.S. and other countries around the world, including uncertainties in the financial markets and adverse developments affecting the financial services industry; pricing pressures, including inflation and rising interest rates, and other competitive factors and levels of capital spending in certain industries, all of which could have a material impact on order rates and the Company's results; the impact of catastrophic weather events, natural disasters and public health threats; economic and political consequences resulting from terrorist attacks and wars, which could have an adverse impact on the Company's busin

Business

Item 1. Business. Overview IDEX Corporation ("IDEX" or the "Company") is an applied solutions provider serving niche markets worldwide. IDEX is a high-performing global enterprise committed to making trusted solutions that improve lives and are mission critical components in everyday life. Substantially all of the Company's business activities are carried out through over 50 wholly-owned subsidiaries with shared values of Trust, Team and Excellence. IDEX's diverse family of businesses is innovative and inquisitive in its quest to solve customers' most challenging applied technology problems. These businesses operate with a high degree of autonomy, yet are all united by employing The IDEX Difference, a philosophy of great teams who embrace the 80/20 principle while remaining hyper-focused on serving customers. IDEX was incorporated in Delaware on September 24, 1987. End Markets and Products The following table summarizes the percentage of total IDEX sales generated by each end market: The Company has three reportable segments: Fluid & Metering Technologies ("FMT"), Health & Science Technologies ("HST") and Fire & Safety/Diversified Products ("FSDP"). The segments are structured around how to best serve customer needs, with each segment consisting of businesses that have product and end market similarities as well as common distribution methods and production processes. This structure enables management efficiency, aligns IDEX's operations with its focus on organic growth, strategic acquisitions and capital allocation priorities and provides transparency about the Company's performance to external stakeholders. 1 Table of Contents IDEX believes that each of its reporting units is a leader in its products and services. The Company also believes that its strong financial performance has been attributable to its ability to design and engineer specialized quality products coupled with its ability to successfully identify, acquire and integrate strategic ac

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View this 10-K filing on SEC EDGAR