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Share Name | Share Symbol | Market | Type |
---|---|---|---|
IDEX Corporation | NYSE:IEX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.49 | -0.22% | 220.89 | 223.695 | 219.61 | 221.99 | 135,129 | 17:24:21 |
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended June 30, 2016
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
36-3555336
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
1925 West Field Court, Lake Forest, Illinois
|
|
60045
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
þ
|
|
Accelerated filer
¨
|
|
Non-accelerated filer
¨
|
|
Smaller reporting company
¨
|
|
|
|
|
(Do not check if a smaller reporting company)
|
|
|
||
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
|
||
|
||
|
||
|
||
|
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Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
Item 1.
|
||
Item 2.
|
||
Item 6.
|
||
|
June 30, 2016
|
|
December 31, 2015
|
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
361,488
|
|
|
$
|
328,018
|
|
Receivables, less allowance for doubtful accounts of $8,231 at June 30, 2016 and $7,812 at December 31, 2015
|
296,481
|
|
|
260,000
|
|
||
Inventories — net
|
257,659
|
|
|
239,124
|
|
||
Other current assets
|
53,656
|
|
|
35,542
|
|
||
Total current assets
|
969,284
|
|
|
862,684
|
|
||
Property, plant and equipment — net
|
250,904
|
|
|
240,945
|
|
||
Goodwill
|
1,516,303
|
|
|
1,396,529
|
|
||
Intangible assets — net
|
354,335
|
|
|
287,837
|
|
||
Other noncurrent assets
|
18,530
|
|
|
17,448
|
|
||
Total assets
|
$
|
3,109,356
|
|
|
$
|
2,805,443
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Trade accounts payable
|
$
|
129,164
|
|
|
$
|
128,911
|
|
Accrued expenses
|
141,408
|
|
|
153,672
|
|
||
Notes payable and current portion of long-term borrowings
|
1,233
|
|
|
1,087
|
|
||
Dividends payable
|
25,908
|
|
|
25,927
|
|
||
Total current liabilities
|
297,713
|
|
|
309,597
|
|
||
Long-term borrowings
|
1,054,325
|
|
|
839,707
|
|
||
Deferred income taxes
|
152,875
|
|
|
110,483
|
|
||
Other noncurrent liabilities
|
107,513
|
|
|
102,365
|
|
||
Total liabilities
|
1,612,426
|
|
|
1,362,152
|
|
||
Commitments and contingencies
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
||||
Preferred stock:
|
|
|
|
||||
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None
|
—
|
|
|
—
|
|
||
Common stock:
|
|
|
|
||||
Authorized: 150,000,000 shares, $.01 per share par value
|
|
|
|
||||
Issued: 90,232,839 shares at June 30, 2016 and 90,151,131 shares at December 31, 2015
|
902
|
|
|
902
|
|
||
Additional paid-in capital
|
689,945
|
|
|
679,623
|
|
||
Retained earnings
|
1,759,157
|
|
|
1,666,680
|
|
||
Treasury stock at cost: 14,031,568 shares at June 30, 2016 and 13,616,592 shares at December 31, 2015
|
(799,202
|
)
|
|
(757,416
|
)
|
||
Accumulated other comprehensive income (loss)
|
(153,872
|
)
|
|
(146,498
|
)
|
||
Total shareholders’ equity
|
1,496,930
|
|
|
1,443,291
|
|
||
Total liabilities and shareholders’ equity
|
$
|
3,109,356
|
|
|
$
|
2,805,443
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
549,696
|
|
|
$
|
514,881
|
|
|
$
|
1,052,268
|
|
|
$
|
1,017,079
|
|
Cost of sales
|
305,638
|
|
|
283,266
|
|
|
584,875
|
|
|
559,423
|
|
||||
Gross profit
|
244,058
|
|
|
231,615
|
|
|
467,393
|
|
|
457,656
|
|
||||
Selling, general and administrative expenses
|
131,082
|
|
|
121,706
|
|
|
251,860
|
|
|
245,990
|
|
||||
Operating income
|
112,976
|
|
|
109,909
|
|
|
215,533
|
|
|
211,666
|
|
||||
Other (income) expense — net
|
(1,874
|
)
|
|
827
|
|
|
(2,618
|
)
|
|
(896
|
)
|
||||
Interest expense
|
11,205
|
|
|
10,584
|
|
|
21,694
|
|
|
21,181
|
|
||||
Income before income taxes
|
103,645
|
|
|
98,498
|
|
|
196,457
|
|
|
191,381
|
|
||||
Provision for income taxes
|
27,886
|
|
|
28,913
|
|
|
52,568
|
|
|
55,842
|
|
||||
Net income
|
$
|
75,759
|
|
|
$
|
69,585
|
|
|
$
|
143,889
|
|
|
$
|
135,539
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
1.00
|
|
|
$
|
0.89
|
|
|
$
|
1.89
|
|
|
$
|
1.74
|
|
Diluted earnings per common share
|
$
|
0.99
|
|
|
$
|
0.89
|
|
|
$
|
1.87
|
|
|
$
|
1.72
|
|
|
|
|
|
|
|
|
|
||||||||
Share data:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average common shares outstanding
|
75,690
|
|
|
77,466
|
|
|
75,719
|
|
|
77,731
|
|
||||
Diluted weighted average common shares outstanding
|
76,674
|
|
|
78,297
|
|
|
76,687
|
|
|
78,576
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
75,759
|
|
|
$
|
69,585
|
|
|
$
|
143,889
|
|
|
$
|
135,539
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustments for derivatives, net of tax
|
1,093
|
|
|
1,126
|
|
|
2,190
|
|
|
2,256
|
|
||||
Pension and other postretirement adjustments, net of tax
|
591
|
|
|
820
|
|
|
1,262
|
|
|
1,600
|
|
||||
Cumulative translation adjustment
|
(27,043
|
)
|
|
23,743
|
|
|
(10,826
|
)
|
|
(32,894
|
)
|
||||
Other comprehensive income (loss)
|
(25,359
|
)
|
|
25,689
|
|
|
(7,374
|
)
|
|
(29,038
|
)
|
||||
Comprehensive income
|
$
|
50,400
|
|
|
$
|
95,274
|
|
|
$
|
136,515
|
|
|
$
|
106,501
|
|
|
|
|
|
|
Accumulated Other Comprehensive
Income (Loss)
|
|
|
|
|
||||||||||||||||||
|
Common
Stock and
Additional
Paid-In Capital
|
|
Retained
Earnings
|
|
Cumulative
Translation
Adjustment
|
|
Retirement
Benefits
Adjustment
|
|
Cumulative
Unrealized Gain (Loss) on
Derivatives
|
|
Treasury
Stock
|
|
Total
Shareholders’
Equity
|
||||||||||||||
Balance, December 31, 2015
|
$
|
680,525
|
|
|
$
|
1,666,680
|
|
|
$
|
(92,979
|
)
|
|
$
|
(30,901
|
)
|
|
$
|
(22,618
|
)
|
|
$
|
(757,416
|
)
|
|
$
|
1,443,291
|
|
Net income
|
—
|
|
|
143,889
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
143,889
|
|
|||||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
(10,826
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,826
|
)
|
|||||||
Net change in retirement obligations (net of tax of $643)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,262
|
|
|
—
|
|
|
—
|
|
|
1,262
|
|
|||||||
Net change on derivatives designated as cash flow hedges (net of tax of $1,253)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,190
|
|
|
—
|
|
|
2,190
|
|
|||||||
Issuance of 311,017 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,934
|
|
|
16,934
|
|
|||||||
Repurchase of 725,993 shares of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53,890
|
)
|
|
(53,890
|
)
|
|||||||
Unvested shares surrendered for tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,830
|
)
|
|
(4,830
|
)
|
|||||||
Share-based compensation
|
10,322
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,322
|
|
|||||||
Cash dividends declared - $0.68 per common share outstanding
|
—
|
|
|
(51,412
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,412
|
)
|
|||||||
Balance, June 30, 2016
|
$
|
690,847
|
|
|
$
|
1,759,157
|
|
|
$
|
(103,805
|
)
|
|
$
|
(29,639
|
)
|
|
$
|
(20,428
|
)
|
|
$
|
(799,202
|
)
|
|
$
|
1,496,930
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
143,889
|
|
|
$
|
135,539
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
||||
Depreciation and amortization
|
18,986
|
|
|
17,460
|
|
||
Amortization of intangible assets
|
23,146
|
|
|
20,137
|
|
||
Amortization of debt issuance costs
|
758
|
|
|
860
|
|
||
Share-based compensation expense
|
11,603
|
|
|
11,802
|
|
||
Deferred income taxes
|
3,669
|
|
|
524
|
|
||
Excess tax benefit from share-based compensation
|
—
|
|
|
(4,083
|
)
|
||
Non-cash interest expense associated with forward starting swaps
|
3,443
|
|
|
3,539
|
|
||
Changes in (net of effect from acquisitions):
|
|
|
|
||||
Receivables
|
(22,625
|
)
|
|
(15,274
|
)
|
||
Inventories
|
11,386
|
|
|
(10,473
|
)
|
||
Other current assets
|
(17,233
|
)
|
|
(630
|
)
|
||
Trade accounts payable
|
(3,367
|
)
|
|
4,158
|
|
||
Accrued expenses
|
(12,675
|
)
|
|
(15,886
|
)
|
||
Other — net
|
(2,137
|
)
|
|
755
|
|
||
Net cash flows provided by operating activities
|
158,843
|
|
|
148,428
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Additions of property, plant and equipment
|
(17,052
|
)
|
|
(23,826
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(221,556
|
)
|
|
(173,333
|
)
|
||
Other — net
|
27
|
|
|
(105
|
)
|
||
Net cash flows used in investing activities
|
(238,581
|
)
|
|
(197,264
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Borrowings under revolving facilities
|
280,391
|
|
|
350,342
|
|
||
Proceeds from 3.20% Senior Notes
|
100,000
|
|
|
—
|
|
||
Proceeds from 3.37% Senior Notes
|
100,000
|
|
|
—
|
|
||
Payments under revolving facilities
|
(266,203
|
)
|
|
(240,586
|
)
|
||
Payment of 2.58% Senior Euro Notes
|
—
|
|
|
(88,420
|
)
|
||
Debt issuance costs
|
(92
|
)
|
|
(1,323
|
)
|
||
Dividends paid
|
(51,430
|
)
|
|
(46,910
|
)
|
||
Proceeds from stock option exercises
|
16,934
|
|
|
13,459
|
|
||
Excess tax benefit from share-based compensation
|
—
|
|
|
4,083
|
|
||
Purchase of common stock
|
(55,971
|
)
|
|
(113,592
|
)
|
||
Shares surrendered for tax withholding
|
(4,830
|
)
|
|
(3,202
|
)
|
||
Net cash flows provided by (used in) financing activities
|
118,799
|
|
|
(126,149
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(5,591
|
)
|
|
(22,657
|
)
|
||
Net increase (decrease) in cash
|
33,470
|
|
|
(197,642
|
)
|
||
Cash and cash equivalents at beginning of year
|
328,018
|
|
|
509,137
|
|
||
Cash and cash equivalents at end of period
|
$
|
361,488
|
|
|
$
|
311,495
|
|
|
|
|
|
||||
Supplemental cash flow information
|
|
|
|
||||
Cash paid for:
|
|
|
|
||||
Interest
|
$
|
17,019
|
|
|
$
|
17,296
|
|
Income taxes — net
|
49,142
|
|
|
36,338
|
|
•
|
The Company recorded a tax benefit of
$1.6 million
and
$4.2 million
within Provision for income taxes for the
three and six
months ended
June 30, 2016
, respectively, related to the excess tax benefit on stock options, restricted stock and performance share units. Prior to adoption this amount would have been recorded as a reduction of additional paid-in capital. This change could create volatility in the Company’s effective tax rate.
|
•
|
The Company elected not to change our policy on accounting for forfeitures and continued to estimate the total number of awards for which the requisite service period will not be rendered.
|
•
|
The Company no longer reclassifies the excess tax benefit from operating activities to financing activities in the statement of cash flows.
|
•
|
The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of our diluted earnings per share for the three and six months ended
June 30, 2016
. This increased our diluted weighted average common shares outstanding by
178 thousand
and
175 thousand
shares for the
three and six months ended
June 30, 2016
, respectively.
|
|
|
Total
|
||
Current assets, net of cash acquired
|
|
$
|
44,887
|
|
Property, plant and equipment
|
|
12,452
|
|
|
Goodwill
|
|
123,855
|
|
|
Intangible assets
|
|
90,400
|
|
|
Total assets acquired
|
|
271,594
|
|
|
Current liabilities
|
|
(6,757
|
)
|
|
Deferred income taxes
|
|
(36,836
|
)
|
|
Other noncurrent liabilities
|
|
(6,445
|
)
|
|
Net assets acquired
|
|
$
|
221,556
|
|
|
Total
|
|
Weighted Average Life
|
||
Trade names
|
$
|
4,200
|
|
|
15
|
Customer relationships
|
44,800
|
|
|
14
|
|
Unpatented technology
|
12,600
|
|
|
9
|
|
Amortized intangible assets
|
61,600
|
|
|
|
|
Indefinite lived - Akron Brass trade name
|
28,800
|
|
|
|
|
Total acquired intangible assets
|
$
|
90,400
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Fluid & Metering Technologies
|
|
|
|
|
|
|
|
||||||||
External customers
|
$
|
221,635
|
|
|
$
|
214,983
|
|
|
$
|
433,344
|
|
|
$
|
432,915
|
|
Intersegment sales
|
175
|
|
|
310
|
|
|
309
|
|
|
626
|
|
||||
Total group sales
|
221,810
|
|
|
215,293
|
|
|
433,653
|
|
|
433,541
|
|
||||
Health & Science Technologies
|
|
|
|
|
|
|
|
||||||||
External customers
|
186,453
|
|
|
188,046
|
|
|
372,704
|
|
|
365,796
|
|
||||
Intersegment sales
|
115
|
|
|
359
|
|
|
207
|
|
|
1,729
|
|
||||
Total group sales
|
186,568
|
|
|
188,405
|
|
|
372,911
|
|
|
367,525
|
|
||||
Fire & Safety/Diversified Products
|
|
|
|
|
|
|
|
||||||||
External customers
|
141,608
|
|
|
111,852
|
|
|
246,220
|
|
|
218,368
|
|
||||
Intersegment sales
|
3
|
|
|
89
|
|
|
9
|
|
|
195
|
|
||||
Total group sales
|
141,611
|
|
|
111,941
|
|
|
246,229
|
|
|
218,563
|
|
||||
Intersegment elimination
|
(293
|
)
|
|
(758
|
)
|
|
(525
|
)
|
|
(2,550
|
)
|
||||
Total net sales
|
$
|
549,696
|
|
|
$
|
514,881
|
|
|
$
|
1,052,268
|
|
|
$
|
1,017,079
|
|
Operating income
|
|
|
|
|
|
|
|
||||||||
Fluid & Metering Technologies
|
$
|
53,865
|
|
|
$
|
51,857
|
|
|
$
|
105,266
|
|
|
$
|
107,755
|
|
Health & Science Technologies
|
41,125
|
|
|
42,060
|
|
|
81,824
|
|
|
79,517
|
|
||||
Fire & Safety/Diversified Products
|
34,116
|
|
|
31,482
|
|
|
59,520
|
|
|
58,644
|
|
||||
Corporate office and other
|
(16,130
|
)
|
|
(15,490
|
)
|
|
(31,077
|
)
|
|
(34,250
|
)
|
||||
Total operating income
|
112,976
|
|
|
109,909
|
|
|
215,533
|
|
|
211,666
|
|
||||
Interest expense
|
11,205
|
|
|
10,584
|
|
|
21,694
|
|
|
21,181
|
|
||||
Other (income) expense - net
|
(1,874
|
)
|
|
827
|
|
|
(2,618
|
)
|
|
(896
|
)
|
||||
Income before income taxes
|
$
|
103,645
|
|
|
$
|
98,498
|
|
|
$
|
196,457
|
|
|
$
|
191,381
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Assets
|
|
|
|
||||
Fluid & Metering Technologies
|
$
|
1,118,917
|
|
|
$
|
1,125,266
|
|
Health & Science Technologies
|
1,110,302
|
|
|
1,108,302
|
|
||
Fire & Safety/Diversified Products
|
753,491
|
|
|
448,867
|
|
||
Corporate office
|
126,646
|
|
|
123,008
|
|
||
Total assets
|
$
|
3,109,356
|
|
|
$
|
2,805,443
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Basic weighted average common shares outstanding
|
75,690
|
|
|
77,466
|
|
|
75,719
|
|
|
77,731
|
|
Dilutive effect of stock options, restricted stock, performance share units and DCUs
|
984
|
|
|
831
|
|
|
968
|
|
|
845
|
|
Diluted weighted average common shares outstanding
|
76,674
|
|
|
78,297
|
|
|
76,687
|
|
|
78,576
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Raw materials and component parts
|
$
|
163,302
|
|
|
$
|
141,671
|
|
Work in process
|
34,321
|
|
|
32,387
|
|
||
Finished goods
|
60,036
|
|
|
65,066
|
|
||
Total
|
$
|
257,659
|
|
|
$
|
239,124
|
|
|
Fluid &
Metering
Technologies
|
|
Health &
Science
Technologies
|
|
Fire & Safety/
Diversified
Products
|
|
Total
|
||||||||
Balance at December 31, 2015
|
$
|
584,770
|
|
|
$
|
590,605
|
|
|
$
|
221,154
|
|
|
$
|
1,396,529
|
|
Foreign currency translation and other
|
1,534
|
|
|
(4,344
|
)
|
|
352
|
|
|
(2,458
|
)
|
||||
Acquisitions
|
—
|
|
|
—
|
|
|
123,855
|
|
|
123,855
|
|
||||
Acquisition adjustments
|
(1,623
|
)
|
|
—
|
|
|
—
|
|
|
(1,623
|
)
|
||||
Balance at June 30, 2016
|
$
|
584,681
|
|
|
$
|
586,261
|
|
|
$
|
345,361
|
|
|
$
|
1,516,303
|
|
|
At June 30, 2016
|
|
|
|
At December 31, 2015
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Weighted
Average
Life
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Amortized intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Patents
|
$
|
10,298
|
|
|
$
|
(6,633
|
)
|
|
$
|
3,665
|
|
|
11
|
|
$
|
10,202
|
|
|
$
|
(6,175
|
)
|
|
$
|
4,027
|
|
Trade names
|
114,307
|
|
|
(42,155
|
)
|
|
72,152
|
|
|
16
|
|
110,658
|
|
|
(38,696
|
)
|
|
71,962
|
|
||||||
Customer relationships
|
301,507
|
|
|
(157,907
|
)
|
|
143,600
|
|
|
11
|
|
257,071
|
|
|
(144,134
|
)
|
|
112,937
|
|
||||||
Non-compete agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
794
|
|
|
(775
|
)
|
|
19
|
|
||||||
Unpatented technology
|
91,129
|
|
|
(47,751
|
)
|
|
43,378
|
|
|
10
|
|
78,562
|
|
|
(42,745
|
)
|
|
35,817
|
|
||||||
Other
|
6,539
|
|
|
(5,899
|
)
|
|
640
|
|
|
10
|
|
6,554
|
|
|
(5,579
|
)
|
|
975
|
|
||||||
Total amortized intangible assets
|
523,780
|
|
|
(260,345
|
)
|
|
263,435
|
|
|
|
|
463,841
|
|
|
(238,104
|
)
|
|
225,737
|
|
||||||
Indefinite lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Banjo trade name
|
62,100
|
|
|
—
|
|
|
62,100
|
|
|
|
|
62,100
|
|
|
—
|
|
|
62,100
|
|
||||||
Akron Brass trade name
|
28,800
|
|
|
—
|
|
|
28,800
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total intangible assets
|
$
|
614,680
|
|
|
$
|
(260,345
|
)
|
|
$
|
354,335
|
|
|
|
|
$
|
525,941
|
|
|
$
|
(238,104
|
)
|
|
$
|
287,837
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Payroll and related items
|
$
|
56,468
|
|
|
$
|
67,209
|
|
Management incentive compensation
|
10,731
|
|
|
12,599
|
|
||
Income taxes payable
|
13,101
|
|
|
3,836
|
|
||
Insurance
|
9,265
|
|
|
9,505
|
|
||
Warranty
|
6,036
|
|
|
7,936
|
|
||
Deferred revenue
|
11,820
|
|
|
9,885
|
|
||
Restructuring
|
2,379
|
|
|
6,636
|
|
||
Liability for uncertain tax positions
|
4,113
|
|
|
3,498
|
|
||
Accrued interest
|
1,824
|
|
|
1,230
|
|
||
Contingent consideration for acquisition
|
—
|
|
|
4,705
|
|
||
Other
|
25,671
|
|
|
26,633
|
|
||
Total accrued expenses
|
$
|
141,408
|
|
|
$
|
153,672
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Pension and retiree medical obligations
|
$
|
86,182
|
|
|
$
|
76,190
|
|
Liability for uncertain tax positions
|
3,518
|
|
|
4,252
|
|
||
Deferred revenue
|
2,041
|
|
|
3,763
|
|
||
Other
|
15,772
|
|
|
18,160
|
|
||
Total other noncurrent liabilities
|
$
|
107,513
|
|
|
$
|
102,365
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Revolving Facility
|
$
|
210,000
|
|
|
$
|
195,000
|
|
4.5% Senior Notes, due December 2020
|
300,000
|
|
|
300,000
|
|
||
4.2% Senior Notes, due December 2021
|
350,000
|
|
|
350,000
|
|
||
3.2% Senior Notes, due June 2023
|
100,000
|
|
|
—
|
|
||
3.37% Senior Notes, due June 2025
|
100,000
|
|
|
—
|
|
||
Other borrowings
|
1,654
|
|
|
2,436
|
|
||
Total borrowings
|
1,061,654
|
|
|
847,436
|
|
||
Less current portion
|
1,233
|
|
|
1,087
|
|
||
Less deferred debt issuance costs
|
4,778
|
|
|
5,203
|
|
||
Less unaccreted debt discount
|
1,318
|
|
|
1,439
|
|
||
Total long-term borrowings
|
$
|
1,054,325
|
|
|
$
|
839,707
|
|
•
|
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
|
•
|
Level 2: Inputs, other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
|
•
|
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
|
|
Basis of Fair Value Measurements
|
||||||||||||||
|
Balance at
June 30, 2016 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Money market investment
|
$
|
24,793
|
|
|
$
|
24,793
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Available for sale securities
|
5,358
|
|
|
5,358
|
|
|
—
|
|
|
—
|
|
|
Basis of Fair Value Measurements
|
||||||||||||||
|
Balance at
December 31, 2015 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Money market investment
|
$
|
21,931
|
|
|
$
|
21,931
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Available for sale securities
|
4,794
|
|
|
4,794
|
|
|
—
|
|
|
—
|
|
||||
Contingent consideration
|
(4,705
|
)
|
|
—
|
|
|
—
|
|
|
(4,705
|
)
|
|
|
Restructuring
|
||
Balance at January 1, 2016
|
|
$
|
6,636
|
|
Payments, utilization and other
|
|
(4,257
|
)
|
|
Balance at June 30, 2016
|
|
$
|
2,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended
June 30, 2016 |
|
Three Months Ended
June 30, 2015 |
||||||||||||||||||||
|
Pre-tax
|
|
Tax
|
|
Net of tax
|
|
Pre-tax
|
|
Tax
|
|
Net of tax
|
||||||||||||
Cumulative translation adjustment
|
$
|
(27,043
|
)
|
|
$
|
—
|
|
|
$
|
(27,043
|
)
|
|
$
|
23,743
|
|
|
$
|
—
|
|
|
$
|
23,743
|
|
Pension and other postretirement adjustments
|
912
|
|
|
(321
|
)
|
|
591
|
|
|
1,215
|
|
|
(395
|
)
|
|
820
|
|
||||||
Reclassification adjustments for derivatives
|
1,719
|
|
|
(626
|
)
|
|
1,093
|
|
|
1,767
|
|
|
(641
|
)
|
|
1,126
|
|
||||||
Total other comprehensive income (loss)
|
$
|
(24,412
|
)
|
|
$
|
(947
|
)
|
|
$
|
(25,359
|
)
|
|
$
|
26,725
|
|
|
$
|
(1,036
|
)
|
|
$
|
25,689
|
|
|
Six Months Ended
June 30, 2016 |
|
Six Months Ended
June 30, 2015 |
||||||||||||||||||||
|
Pre-tax
|
|
Tax
|
|
Net of tax
|
|
Pre-tax
|
|
Tax
|
|
Net of tax
|
||||||||||||
Cumulative translation adjustment
|
$
|
(10,826
|
)
|
|
$
|
—
|
|
|
$
|
(10,826
|
)
|
|
$
|
(32,894
|
)
|
|
$
|
—
|
|
|
$
|
(32,894
|
)
|
Pension and other postretirement adjustments
|
1,905
|
|
|
(643
|
)
|
|
1,262
|
|
|
2,390
|
|
|
(790
|
)
|
|
1,600
|
|
||||||
Reclassification adjustments for derivatives
|
3,443
|
|
|
(1,253
|
)
|
|
2,190
|
|
|
3,539
|
|
|
(1,283
|
)
|
|
2,256
|
|
||||||
Total other comprehensive income (loss)
|
$
|
(5,478
|
)
|
|
$
|
(1,896
|
)
|
|
$
|
(7,374
|
)
|
|
$
|
(26,965
|
)
|
|
$
|
(2,073
|
)
|
|
$
|
(29,038
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Pension and other postretirement plans
|
|
|
|
|
|
|
|
|
||||||||
Amortization of service cost
|
$
|
912
|
|
|
$
|
1,215
|
|
|
$
|
1,905
|
|
|
$
|
2,390
|
|
|
Total before tax
|
912
|
|
|
1,215
|
|
|
1,905
|
|
|
2,390
|
|
|
||||
Provision for income taxes
|
(321
|
)
|
|
(395
|
)
|
|
(643
|
)
|
|
(790
|
)
|
|
||||
Total net of tax
|
$
|
591
|
|
|
$
|
820
|
|
|
$
|
1,262
|
|
|
$
|
1,600
|
|
|
Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustments
|
$
|
1,719
|
|
|
$
|
1,767
|
|
|
$
|
3,443
|
|
|
$
|
3,539
|
|
|
Total before tax
|
1,719
|
|
|
1,767
|
|
|
3,443
|
|
|
3,539
|
|
|
||||
Provision for income taxes
|
(626
|
)
|
|
(641
|
)
|
|
(1,253
|
)
|
|
(1,283
|
)
|
|
||||
Total net of tax
|
$
|
1,093
|
|
|
$
|
1,126
|
|
|
$
|
2,190
|
|
|
$
|
2,256
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Weighted average fair value of option grants
|
$20.60
|
|
$19.49
|
|
$18.41
|
|
$20.39
|
Dividend yield
|
1.63%
|
|
1.65%
|
|
1.70%
|
|
1.42%
|
Volatility
|
29.62%
|
|
29.87%
|
|
29.71%
|
|
29.94%
|
Risk-free forward interest rate
|
0.60% - 2.56%
|
|
0.26% - 3.11%
|
|
0.53% - 2.50%
|
|
0.23% - 2.75%
|
Expected life (in years)
|
5.91
|
|
5.90
|
|
5.91
|
|
5.90
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of goods sold
|
$
|
143
|
|
|
$
|
124
|
|
|
$
|
262
|
|
|
$
|
350
|
|
Selling, general and administrative expenses
|
1,511
|
|
|
1,494
|
|
|
3,806
|
|
|
3,690
|
|
||||
Total expense before income taxes
|
1,654
|
|
|
1,618
|
|
|
4,068
|
|
|
4,040
|
|
||||
Income tax benefit
|
(526
|
)
|
|
(502
|
)
|
|
(1,286
|
)
|
|
(1,269
|
)
|
||||
Total expense after income taxes
|
$
|
1,128
|
|
|
$
|
1,116
|
|
|
$
|
2,782
|
|
|
$
|
2,771
|
|
Stock Options
|
Shares
|
|
Weighted
Average
Price
|
|
Weighted-Average
Remaining
Contractual Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding at January 1, 2016
|
2,266,433
|
|
|
$
|
54.05
|
|
|
6.58
|
|
$
|
51,918,028
|
|
Granted
|
549,815
|
|
|
74.80
|
|
|
|
|
|
|||
Exercised
|
(393,142
|
)
|
|
43.03
|
|
|
|
|
|
|||
Forfeited
|
(64,874
|
)
|
|
71.49
|
|
|
|
|
|
|||
Outstanding at June 30, 2016
|
2,358,232
|
|
|
$
|
60.25
|
|
|
7.12
|
|
$
|
51,540,880
|
|
Vested and expected to vest as of June 30, 2016
|
2,204,293
|
|
|
$
|
59.23
|
|
|
6.98
|
|
$
|
50,424,569
|
|
Exercisable at June 30, 2016
|
1,211,400
|
|
|
$
|
47.70
|
|
|
5.52
|
|
$
|
41,674,285
|
|
Restricted Stock
|
Shares
|
|
Weighted-Average
Grant Date Fair Value |
|||
Unvested at January 1, 2016
|
272,755
|
|
|
$
|
65.90
|
|
Granted
|
60,120
|
|
|
75.01
|
|
|
Vested
|
(100,972
|
)
|
|
51.41
|
|
|
Forfeited
|
(13,420
|
)
|
|
73.83
|
|
|
Unvested at June 30, 2016
|
218,483
|
|
|
$
|
74.61
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of goods sold
|
$
|
133
|
|
|
$
|
94
|
|
|
$
|
261
|
|
|
$
|
255
|
|
Selling, general and administrative expenses
|
968
|
|
|
1,256
|
|
|
2,498
|
|
|
3,513
|
|
||||
Total expense before income taxes
|
1,101
|
|
|
1,350
|
|
|
2,759
|
|
|
3,768
|
|
||||
Income tax benefit
|
(324
|
)
|
|
(365
|
)
|
|
(837
|
)
|
|
(1,054
|
)
|
||||
Total expense after income taxes
|
$
|
777
|
|
|
$
|
985
|
|
|
$
|
1,922
|
|
|
$
|
2,714
|
|
Cash-Settled Restricted Stock
|
Shares
|
|
Weighted-Average
Fair Value |
|||
Unvested at January 1, 2016
|
110,860
|
|
|
$
|
76.61
|
|
Granted
|
39,450
|
|
|
82.10
|
|
|
Vested
|
(35,750
|
)
|
|
72.41
|
|
|
Forfeited
|
(7,340
|
)
|
|
82.10
|
|
|
Unvested at June 30, 2016
|
107,220
|
|
|
$
|
82.10
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of goods sold
|
$
|
131
|
|
|
$
|
226
|
|
|
$
|
320
|
|
|
$
|
544
|
|
Selling, general and administrative expenses
|
461
|
|
|
485
|
|
|
961
|
|
|
925
|
|
||||
Total expense before income taxes
|
592
|
|
|
711
|
|
|
1,281
|
|
|
1,469
|
|
||||
Income tax benefit
|
(86
|
)
|
|
(107
|
)
|
|
(184
|
)
|
|
(224
|
)
|
||||
Total expense after income taxes
|
$
|
506
|
|
|
$
|
604
|
|
|
$
|
1,097
|
|
|
$
|
1,245
|
|
|
|
Three and Six Months Ended June 30,
|
||
|
|
2016
|
|
2015
|
Weighted average fair value of performance share units
|
|
$111.42
|
|
$95.07
|
Dividend yield
|
|
—%
|
|
—%
|
Volatility
|
|
17.99%
|
|
19.14%
|
Risk-free forward interest rate
|
|
0.89%
|
|
1.01%
|
Expected life (in years)
|
|
2.86
|
|
2.86
|
Performance Share Units
|
Shares
|
|
Weighted-Average
Grant Date Fair Value |
|||
Unvested at January 1, 2016
|
146,275
|
|
|
$
|
94.80
|
|
Granted
|
85,130
|
|
|
111.42
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
(1,065
|
)
|
|
94.74
|
|
|
Unvested at June 30, 2016
|
230,340
|
|
|
$
|
100.95
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cost of goods sold
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Selling, general and administrative expenses
|
1,815
|
|
|
1,183
|
|
|
3,496
|
|
|
2,525
|
|
||||
Total expense before income taxes
|
1,815
|
|
|
1,183
|
|
|
3,496
|
|
|
2,525
|
|
||||
Income tax benefit
|
(633
|
)
|
|
(408
|
)
|
|
(1,168
|
)
|
|
(838
|
)
|
||||
Total expense after income taxes
|
$
|
1,182
|
|
|
$
|
775
|
|
|
$
|
2,328
|
|
|
$
|
1,687
|
|
|
|
|
|
|
|
|
|
||||||||
|
Pension Benefits
|
||||||||||||||
|
Three Months Ended June 30,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
||||||||
Service cost
|
$
|
294
|
|
|
$
|
304
|
|
|
$
|
376
|
|
|
$
|
376
|
|
Interest cost
|
747
|
|
|
355
|
|
|
937
|
|
|
433
|
|
||||
Expected return on plan assets
|
(1,175
|
)
|
|
(220
|
)
|
|
(1,248
|
)
|
|
(280
|
)
|
||||
Net amortization
|
827
|
|
|
243
|
|
|
855
|
|
|
470
|
|
||||
Net periodic benefit cost
|
$
|
693
|
|
|
$
|
682
|
|
|
$
|
920
|
|
|
$
|
999
|
|
|
Pension Benefits
|
||||||||||||||
|
Six Months Ended June 30,
|
||||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
||||||||
Service cost
|
$
|
588
|
|
|
$
|
603
|
|
|
$
|
751
|
|
|
$
|
757
|
|
Interest cost
|
1,494
|
|
|
705
|
|
|
1,875
|
|
|
868
|
|
||||
Expected return on plan assets
|
(2,350
|
)
|
|
(439
|
)
|
|
(2,496
|
)
|
|
(556
|
)
|
||||
Net amortization
|
1,654
|
|
|
481
|
|
|
1,679
|
|
|
929
|
|
||||
Net periodic benefit cost
|
$
|
1,386
|
|
|
$
|
1,350
|
|
|
$
|
1,809
|
|
|
$
|
1,998
|
|
|
Other Postretirement Benefits
|
||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
181
|
|
|
$
|
169
|
|
|
$
|
313
|
|
|
$
|
338
|
|
Interest cost
|
224
|
|
|
209
|
|
|
398
|
|
|
418
|
|
||||
Net amortization
|
(154
|
)
|
|
(111
|
)
|
|
(308
|
)
|
|
(219
|
)
|
||||
Net periodic benefit cost
|
$
|
251
|
|
|
$
|
267
|
|
|
$
|
403
|
|
|
$
|
537
|
|
•
|
Sales of
$550 million
increased
7%
; organic sales (which excludes acquisitions, divestitures and foreign currency translation) were down 1%.
|
•
|
Operating income of
$113 million
increased
3%
.
|
•
|
Net income
increased
9%
to
$76 million
or 14% of sales.
|
•
|
EBITDA of
$137 million
was
25%
of sales and covered interest expense by more than 12 times.
|
•
|
Diluted EPS of
$0.99
increased
10 cent
s, or
11%
.
|
•
|
Sales of $
1.1 billion
increased
3%
; organic sales (which excludes acquisitions, divestitures and foreign currency translation) were down 2%.
|
•
|
Operating income of $
216 million
increased
2%
.
|
•
|
Net income
increased
6%
to $
144 million
or 14% of sales.
|
•
|
EBITDA of
$260 million
was
25%
of sales and covered interest expense by nearly 12 times.
|
•
|
Diluted EPS of $
1.87
increased
15 cent
s, or
9%
.
|
(In thousands)
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
549,696
|
|
|
$
|
514,881
|
|
Operating income
|
112,976
|
|
|
109,909
|
|
||
Operating margin
|
20.6
|
%
|
|
21.3
|
%
|
(In thousands)
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
221,810
|
|
|
$
|
215,293
|
|
Operating income
|
53,865
|
|
|
51,857
|
|
||
Operating margin
|
24.3
|
%
|
|
24.1
|
%
|
(In thousands)
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
186,568
|
|
|
$
|
188,405
|
|
Operating income
|
41,125
|
|
|
42,060
|
|
||
Operating margin
|
22.0
|
%
|
|
22.3
|
%
|
(In thousands)
|
Three Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
141,611
|
|
|
$
|
111,941
|
|
Operating income
|
34,116
|
|
|
31,482
|
|
||
Operating margin
|
24.1
|
%
|
|
28.1
|
%
|
(In thousands)
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
1,052,268
|
|
|
$
|
1,017,079
|
|
Operating income
|
215,533
|
|
|
211,666
|
|
||
Operating margin
|
20.5
|
%
|
|
20.8
|
%
|
(In thousands)
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
433,653
|
|
|
$
|
433,541
|
|
Operating income
|
105,266
|
|
|
107,755
|
|
||
Operating margin
|
24.3
|
%
|
|
24.9
|
%
|
(In thousands)
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
372,911
|
|
|
$
|
367,525
|
|
Operating income
|
81,824
|
|
|
79,517
|
|
||
Operating margin
|
21.9
|
%
|
|
21.6
|
%
|
(In thousands)
|
Six Months Ended
June 30, |
||||||
|
2016
|
|
2015
|
||||
Net sales
|
$
|
246,229
|
|
|
$
|
218,563
|
|
Operating income
|
59,520
|
|
|
58,644
|
|
||
Operating margin
|
24.2
|
%
|
|
26.8
|
%
|
|
|
|
|
|
Reconciliation of EBITDA to Net Income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands)
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate Office
|
|
Total IDEX
|
||||||||||
Operating income (loss)
|
|
$
|
53,865
|
|
|
$
|
41,125
|
|
|
$
|
34,116
|
|
|
$
|
(16,130
|
)
|
|
$
|
112,976
|
|
- Other (income) expense - net
|
|
(47
|
)
|
|
(757
|
)
|
|
(754
|
)
|
|
(316
|
)
|
|
(1,874
|
)
|
|||||
+ Depreciation & amortization
|
|
7,587
|
|
|
11,020
|
|
|
3,250
|
|
|
318
|
|
|
22,175
|
|
|||||
EBITDA
|
|
61,499
|
|
|
52,902
|
|
|
38,120
|
|
|
(15,496
|
)
|
|
137,025
|
|
|||||
- Interest expense
|
|
|
|
|
|
|
|
|
|
11,205
|
|
|||||||||
- Provision for income taxes
|
|
|
|
|
|
|
|
|
|
27,886
|
|
|||||||||
- Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
22,175
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
75,759
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (intersegment eliminations)
|
|
$
|
221,810
|
|
|
$
|
186,568
|
|
|
$
|
141,611
|
|
|
$
|
(293
|
)
|
|
$
|
549,696
|
|
Operating margin
|
|
24.3
|
%
|
|
22.0
|
%
|
|
24.1
|
%
|
|
n/m
|
|
|
20.6
|
%
|
|||||
EBITDA margin
|
|
27.7
|
%
|
|
28.4
|
%
|
|
26.9
|
%
|
|
n/m
|
|
|
24.9
|
%
|
Reconciliation of EBITDA to Net Income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands)
|
|
Three Months Ended June 30, 2015
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate Office
|
|
Total IDEX
|
||||||||||
Operating income (loss)
|
|
$
|
51,857
|
|
|
$
|
42,060
|
|
|
$
|
31,482
|
|
|
$
|
(15,490
|
)
|
|
$
|
109,909
|
|
- Other (income) expense - net
|
|
(10
|
)
|
|
661
|
|
|
18
|
|
|
158
|
|
|
827
|
|
|||||
+ Depreciation & amortization
|
|
6,649
|
|
|
10,487
|
|
|
1,529
|
|
|
422
|
|
|
19,087
|
|
|||||
EBITDA
|
|
58,516
|
|
|
51,886
|
|
|
32,993
|
|
|
(15,226
|
)
|
|
128,169
|
|
|||||
- Interest expense
|
|
|
|
|
|
|
|
|
|
10,584
|
|
|||||||||
- Provision for income taxes
|
|
|
|
|
|
|
|
|
|
28,913
|
|
|||||||||
- Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
19,087
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
69,585
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (intersegment eliminations)
|
|
$
|
215,293
|
|
|
$
|
188,405
|
|
|
$
|
111,941
|
|
|
$
|
(758
|
)
|
|
$
|
514,881
|
|
Operating margin
|
|
24.1
|
%
|
|
22.3
|
%
|
|
28.1
|
%
|
|
n/m
|
|
|
21.3
|
%
|
|||||
EBITDA margin
|
|
27.2
|
%
|
|
27.5
|
%
|
|
29.5
|
%
|
|
n/m
|
|
|
24.9
|
%
|
|
|
|
|
|
Reconciliation of EBITDA to Net Income
|
|
|
||||||||||||||||||
(in thousands)
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate Office
|
|
Total IDEX
|
||||||||||
Operating income (loss)
|
|
$
|
105,266
|
|
|
$
|
81,824
|
|
|
$
|
59,520
|
|
|
$
|
(31,077
|
)
|
|
$
|
215,533
|
|
- Other (income) expense - net
|
|
(214
|
)
|
|
(1,130
|
)
|
|
(844
|
)
|
|
(430
|
)
|
|
(2,618
|
)
|
|||||
+ Depreciation and amortization
|
|
14,843
|
|
|
21,881
|
|
|
4,732
|
|
|
676
|
|
|
42,132
|
|
|||||
EBITDA
|
|
120,323
|
|
|
104,835
|
|
|
65,096
|
|
|
(29,971
|
)
|
|
260,283
|
|
|||||
- Interest expense
|
|
|
|
|
|
|
|
|
|
21,694
|
|
|||||||||
- Provision for income taxes
|
|
|
|
|
|
|
|
|
|
52,568
|
|
|||||||||
- Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
42,132
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
143,889
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (intersegment eliminations)
|
|
$
|
433,653
|
|
|
$
|
372,911
|
|
|
$
|
246,229
|
|
|
$
|
(525
|
)
|
|
$
|
1,052,268
|
|
Operating margin
|
|
24.3
|
%
|
|
21.9
|
%
|
|
24.2
|
%
|
|
n/m
|
|
|
20.5
|
%
|
|||||
EBITDA margin
|
|
27.7
|
%
|
|
28.1
|
%
|
|
26.4
|
%
|
|
n/m
|
|
|
24.7
|
%
|
Reconciliation of EBITDA to Net Income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands)
|
|
Six Month Ended June 30, 2015
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate Office
|
|
Total IDEX
|
||||||||||
Operating income (loss)
|
|
$
|
107,755
|
|
|
$
|
79,517
|
|
|
$
|
58,644
|
|
|
$
|
(34,250
|
)
|
|
$
|
211,666
|
|
- Other (income) expense - net
|
|
(812
|
)
|
|
530
|
|
|
(844
|
)
|
|
230
|
|
|
(896
|
)
|
|||||
+ Depreciation and amortization
|
|
13,010
|
|
|
20,695
|
|
|
3,061
|
|
|
831
|
|
|
37,597
|
|
|||||
EBITDA
|
|
121,577
|
|
|
99,682
|
|
|
62,549
|
|
|
(33,649
|
)
|
|
250,159
|
|
|||||
- Interest expense
|
|
|
|
|
|
|
|
|
|
21,181
|
|
|||||||||
- Provision for income taxes
|
|
|
|
|
|
|
|
|
|
55,842
|
|
|||||||||
- Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
37,597
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
135,539
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (intersegment eliminations)
|
|
$
|
433,541
|
|
|
$
|
367,525
|
|
|
$
|
218,563
|
|
|
$
|
(2,550
|
)
|
|
$
|
1,017,079
|
|
Operating margin
|
|
24.9
|
%
|
|
21.6
|
%
|
|
26.8
|
%
|
|
n/m
|
|
|
20.8
|
%
|
|||||
EBITDA margin
|
|
28.0
|
%
|
|
27.1
|
%
|
|
28.6
|
%
|
|
n/m
|
|
|
24.6
|
%
|
Reconciliation of Net Sales to Organic Sales
|
|
Three Months Ended June 30, 2016
|
||||||||||
(in thousands)
|
|
FMT
|
|
HST
|
|
FSDP
|
|
IDEX
|
||||
|
|
|
|
|
|
|
|
|
||||
Change in net sales
|
|
3
|
%
|
|
(1
|
)%
|
|
27
|
%
|
|
7
|
%
|
- Net impact from acquisitions/divestitures
|
|
2
|
%
|
|
2
|
%
|
|
28
|
%
|
|
8
|
%
|
- Impact from foreign currency
|
|
—
|
%
|
|
(1
|
)%
|
|
—
|
%
|
|
—
|
%
|
Organic sales
|
|
1
|
%
|
|
(2
|
)%
|
|
(1
|
)%
|
|
(1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 1.
|
Legal Proceedings.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Period
|
Total Number of
Shares Purchased
|
|
Average Price
Paid per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
(1)
|
|
Maximum Dollar
Value that May Yet
be Purchased
Under the Plans
or Programs
(1)
|
||||||
April 1, 2016 to April 30, 2016
|
75,000
|
|
|
$
|
82.69
|
|
|
75,000
|
|
|
$
|
582,969,098
|
|
May 1, 2016 to May 31, 2016
|
—
|
|
|
—
|
|
|
—
|
|
|
582,969,098
|
|
||
June 1, 2016 to June 30, 2016
|
22,500
|
|
|
84.38
|
|
|
22,500
|
|
|
581,070,594
|
|
||
Total
|
97,500
|
|
|
$
|
83.08
|
|
|
97,500
|
|
|
$
|
581,070,594
|
|
(1)
|
On
December 1, 2015
, the Company announced that its Board of Directors had increased the authorized level for repurchases of its common stock by
$300.0 million
. This followed the prior Board of Directors repurchase authorization of $400.0 million, announced by the Company on November 6, 2014. These authorizations have no expiration date.
|
Item 6.
|
Exhibits.
|
|
IDEX Corporation
|
|
|
|
|
|
By:
|
/s/ HEATH A. MITTS
|
|
|
Heath A. Mitts
|
|
|
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
By:
|
/s/ MICHAEL J. YATES
|
|
|
Michael J. Yates
|
|
|
Vice President and Chief Accounting Officer
(Principal Accounting Officer)
|
1 Year IDEX Chart |
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