We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-0.21 | -0.10% | 220.42 | 222.41 | 219.23 | 222.41 | 405,391 | 21:23:11 |
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended September 30, 2017
|
¨
|
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)
|
||
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.
¨
|
|
|
||
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
|
||
|
||
|
||
|
||
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
Item 1.
|
||
Item 2.
|
||
Item 6.
|
Exhibits
.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
303,291
|
|
|
$
|
235,964
|
|
Receivables, less allowance for doubtful accounts of $8,268 at September 30, 2017 and $8,078 at December 31, 2016
|
307,505
|
|
|
272,813
|
|
||
Inventories
|
266,705
|
|
|
252,859
|
|
||
Other current assets
|
77,977
|
|
|
61,085
|
|
||
Total current assets
|
955,478
|
|
|
822,721
|
|
||
Property, plant and equipment — net
|
250,889
|
|
|
247,816
|
|
||
Goodwill
|
1,679,768
|
|
|
1,632,592
|
|
||
Intangible assets — net
|
414,853
|
|
|
435,504
|
|
||
Other noncurrent assets
|
16,773
|
|
|
16,311
|
|
||
Total assets
|
$
|
3,317,761
|
|
|
$
|
3,154,944
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Trade accounts payable
|
$
|
137,917
|
|
|
$
|
128,933
|
|
Accrued expenses
|
170,223
|
|
|
152,852
|
|
||
Short-term borrowings
|
347
|
|
|
1,046
|
|
||
Dividends payable
|
28,364
|
|
|
26,327
|
|
||
Total current liabilities
|
336,851
|
|
|
309,158
|
|
||
Long-term borrowings
|
874,853
|
|
|
1,014,235
|
|
||
Deferred income taxes
|
172,808
|
|
|
166,427
|
|
||
Other noncurrent liabilities
|
122,937
|
|
|
121,230
|
|
||
Total liabilities
|
1,507,449
|
|
|
1,611,050
|
|
||
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: 90,171,307 shares at September 30, 2017 and 90,200,951 shares at December 31, 2016
|
902
|
|
|
902
|
|
||
Additional paid-in capital
|
712,091
|
|
|
697,213
|
|
||
Retained earnings
|
1,992,638
|
|
|
1,834,739
|
|
||
Treasury stock at cost: 13,512,162 shares at September 30, 2017 and 13,760,266 shares at December 31, 2016
|
(797,857
|
)
|
|
(787,307
|
)
|
||
Accumulated other comprehensive income (loss)
|
(97,462
|
)
|
|
(201,653
|
)
|
||
Total shareholders’ equity
|
1,810,312
|
|
|
1,543,894
|
|
||
Total liabilities and shareholders’ equity
|
$
|
3,317,761
|
|
|
$
|
3,154,944
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales
|
$
|
574,490
|
|
|
$
|
530,356
|
|
|
$
|
1,701,408
|
|
|
$
|
1,582,624
|
|
Cost of sales
|
316,560
|
|
|
299,467
|
|
|
935,612
|
|
|
884,342
|
|
||||
Gross profit
|
257,930
|
|
|
230,889
|
|
|
765,796
|
|
|
698,282
|
|
||||
Selling, general and administrative expenses
|
131,426
|
|
|
119,114
|
|
|
393,691
|
|
|
369,339
|
|
||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
4,797
|
|
|
—
|
|
||||
Loss (gain) on sale of businesses - net
|
—
|
|
|
2,067
|
|
|
—
|
|
|
2,067
|
|
||||
Operating income
|
126,504
|
|
|
109,708
|
|
|
367,308
|
|
|
326,876
|
|
||||
Other (income) expense - net
|
1,653
|
|
|
(1,513
|
)
|
|
1,717
|
|
|
(2,496
|
)
|
||||
Interest expense
|
11,064
|
|
|
11,913
|
|
|
33,920
|
|
|
33,607
|
|
||||
Income before income taxes
|
113,787
|
|
|
99,308
|
|
|
331,671
|
|
|
295,765
|
|
||||
Provision for income taxes
|
30,019
|
|
|
29,435
|
|
|
88,160
|
|
|
82,003
|
|
||||
Net income
|
$
|
83,768
|
|
|
$
|
69,873
|
|
|
$
|
243,511
|
|
|
$
|
213,762
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
1.09
|
|
|
$
|
0.92
|
|
|
$
|
3.19
|
|
|
$
|
2.81
|
|
Diluted earnings per common share
|
$
|
1.08
|
|
|
$
|
0.91
|
|
|
$
|
3.15
|
|
|
$
|
2.78
|
|
|
|
|
|
|
|
|
|
||||||||
Share data:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average common shares outstanding
|
76,309
|
|
|
75,819
|
|
|
76,215
|
|
|
75,753
|
|
||||
Diluted weighted average common shares outstanding
|
77,523
|
|
|
76,880
|
|
|
77,246
|
|
|
76,742
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
$
|
83,768
|
|
|
$
|
69,873
|
|
|
$
|
243,511
|
|
|
$
|
213,762
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustments for derivatives, net of tax
|
1,054
|
|
|
1,082
|
|
|
3,159
|
|
|
3,272
|
|
||||
Pension and other postretirement adjustments, net of tax
|
1,468
|
|
|
594
|
|
|
3,872
|
|
|
1,856
|
|
||||
Cumulative translation adjustment
|
28,796
|
|
|
353
|
|
|
97,160
|
|
|
(10,473
|
)
|
||||
Reclassification of foreign currency translation to earnings upon sale of subsidiaries
|
—
|
|
|
4,258
|
|
|
—
|
|
|
4,258
|
|
||||
Other comprehensive income (loss)
|
31,318
|
|
|
6,287
|
|
|
104,191
|
|
|
(1,087
|
)
|
||||
Comprehensive income
|
$
|
115,086
|
|
|
$
|
76,160
|
|
|
$
|
347,702
|
|
|
$
|
212,675
|
|
|
|
|
|
|
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, 2016
|
$
|
698,115
|
|
|
$
|
1,834,739
|
|
|
$
|
(155,544
|
)
|
|
$
|
(27,852
|
)
|
|
$
|
(18,257
|
)
|
|
$
|
(787,307
|
)
|
|
$
|
1,543,894
|
|
Net income
|
—
|
|
|
243,511
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243,511
|
|
|||||||
Cumulative translation adjustment
|
—
|
|
|
—
|
|
|
97,160
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97,160
|
|
|||||||
Net change in retirement obligations (net of tax of $1,753)
|
—
|
|
|
—
|
|
|
—
|
|
|
3,872
|
|
|
—
|
|
|
—
|
|
|
3,872
|
|
|||||||
Net change on derivatives designated as cash flow hedges (net of tax of $1,845)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,159
|
|
|
—
|
|
|
3,159
|
|
|||||||
Issuance of 470,104 shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax of $5,579)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,980
|
|
|
18,980
|
|
|||||||
Repurchase of 222,000 shares of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,627
|
)
|
|
(23,627
|
)
|
|||||||
Unvested shares surrendered for tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,903
|
)
|
|
(5,903
|
)
|
|||||||
Share-based compensation
|
14,878
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,878
|
|
|||||||
Cash dividends declared - $1.11 per common share outstanding
|
—
|
|
|
(85,612
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85,612
|
)
|
|||||||
Balance, September 30, 2017
|
$
|
712,993
|
|
|
$
|
1,992,638
|
|
|
$
|
(58,384
|
)
|
|
$
|
(23,980
|
)
|
|
$
|
(15,098
|
)
|
|
$
|
(797,857
|
)
|
|
$
|
1,810,312
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
243,511
|
|
|
$
|
213,762
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Loss (gain) on sale of businesses - net
|
—
|
|
|
2,067
|
|
||
Depreciation and amortization
|
28,425
|
|
|
28,360
|
|
||
Amortization of intangible assets
|
35,381
|
|
|
35,964
|
|
||
Amortization of debt issuance costs
|
989
|
|
|
1,150
|
|
||
Share-based compensation expense
|
18,143
|
|
|
15,325
|
|
||
Deferred income taxes
|
1,888
|
|
|
4,880
|
|
||
Non-cash interest expense associated with forward starting swaps
|
5,004
|
|
|
5,144
|
|
||
Changes in (net of effect from acquisitions and divestitures):
|
|
|
|
||||
Receivables
|
(28,407
|
)
|
|
(2,178
|
)
|
||
Inventories
|
(4,869
|
)
|
|
22,250
|
|
||
Other current assets
|
(15,113
|
)
|
|
(18,276
|
)
|
||
Trade accounts payable
|
3,681
|
|
|
(16,696
|
)
|
||
Accrued expenses
|
9,912
|
|
|
(2,982
|
)
|
||
Other - net
|
(1,965
|
)
|
|
(4,446
|
)
|
||
Net cash flows provided by operating activities
|
296,580
|
|
|
284,324
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Additions of property, plant and equipment
|
(28,054
|
)
|
|
(28,642
|
)
|
||
Acquisition of businesses, net of cash acquired
|
—
|
|
|
(510,001
|
)
|
||
Proceeds from sale of businesses, net of cash sold
|
—
|
|
|
32,529
|
|
||
Proceeds from disposal of fixed assets
|
5,159
|
|
|
—
|
|
||
Other - net
|
(337
|
)
|
|
(73
|
)
|
||
Net cash flows used in investing activities
|
(23,232
|
)
|
|
(506,187
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Borrowings under revolving facilities
|
33,000
|
|
|
460,524
|
|
||
Proceeds from 3.20% Senior Notes
|
—
|
|
|
100,000
|
|
||
Proceeds from 3.37% Senior Notes
|
—
|
|
|
100,000
|
|
||
Payments under revolving facilities
|
(181,692
|
)
|
|
(402,172
|
)
|
||
Debt issuance costs
|
—
|
|
|
(246
|
)
|
||
Dividends paid
|
(82,869
|
)
|
|
(77,367
|
)
|
||
Proceeds from stock option exercises
|
18,980
|
|
|
23,154
|
|
||
Purchase of common stock
|
(22,650
|
)
|
|
(57,272
|
)
|
||
Unvested shares surrendered for tax withholding
|
(5,903
|
)
|
|
(4,899
|
)
|
||
Settlement of foreign exchange contracts
|
4,406
|
|
|
—
|
|
||
Net cash flows (used in) provided by financing activities
|
(236,728
|
)
|
|
141,722
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
30,707
|
|
|
(8,480
|
)
|
||
Net increase (decrease) in cash
|
67,327
|
|
|
(88,621
|
)
|
||
Cash and cash equivalents at beginning of year
|
235,964
|
|
|
328,018
|
|
||
Cash and cash equivalents at end of period
|
$
|
303,291
|
|
|
$
|
239,397
|
|
|
|
|
|
||||
Supplemental cash flow information
|
|
|
|
||||
Cash paid for:
|
|
|
|
||||
Interest
|
$
|
19,406
|
|
|
$
|
18,261
|
|
Income taxes - net
|
78,629
|
|
|
77,250
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
(1)
|
|
2017
|
|
2016
(1)
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Fluid & Metering Technologies
|
|
|
|
|
|
|
|
||||||||
External customers
|
$
|
220,897
|
|
|
$
|
208,164
|
|
|
$
|
658,675
|
|
|
$
|
641,508
|
|
Intersegment sales
|
56
|
|
|
171
|
|
|
230
|
|
|
480
|
|
||||
Total group sales
|
220,953
|
|
|
208,335
|
|
|
658,905
|
|
|
641,988
|
|
||||
Health & Science Technologies
|
|
|
|
|
|
|
|
||||||||
External customers
|
207,018
|
|
|
183,453
|
|
|
610,890
|
|
|
556,157
|
|
||||
Intersegment sales
|
109
|
|
|
111
|
|
|
325
|
|
|
318
|
|
||||
Total group sales
|
207,127
|
|
|
183,564
|
|
|
611,215
|
|
|
556,475
|
|
||||
Fire & Safety/Diversified Products
|
|
|
|
|
|
|
|
||||||||
External customers
|
146,575
|
|
|
138,739
|
|
|
431,843
|
|
|
384,959
|
|
||||
Intersegment sales
|
24
|
|
|
28
|
|
|
186
|
|
|
37
|
|
||||
Total group sales
|
146,599
|
|
|
138,767
|
|
|
432,029
|
|
|
384,996
|
|
||||
Intersegment elimination
|
(189
|
)
|
|
(310
|
)
|
|
(741
|
)
|
|
(835
|
)
|
||||
Total net sales
|
$
|
574,490
|
|
|
$
|
530,356
|
|
|
$
|
1,701,408
|
|
|
$
|
1,582,624
|
|
Operating income
|
|
|
|
|
|
|
|
||||||||
Fluid & Metering Technologies
|
$
|
61,988
|
|
|
$
|
55,907
|
|
|
$
|
179,830
|
|
|
$
|
161,782
|
|
Health & Science Technologies
|
46,073
|
|
|
37,195
|
|
|
134,605
|
|
|
118,985
|
|
||||
Fire & Safety/Diversified Products
|
36,199
|
|
|
32,492
|
|
|
106,022
|
|
|
92,566
|
|
||||
Corporate office expense and other
(2)
|
(17,756
|
)
|
|
(15,886
|
)
|
|
(53,149
|
)
|
|
(46,457
|
)
|
||||
Total operating income
|
126,504
|
|
|
109,708
|
|
|
367,308
|
|
|
326,876
|
|
||||
Interest expense
|
11,064
|
|
|
11,913
|
|
|
33,920
|
|
|
33,607
|
|
||||
Other (income) expense - net
|
1,653
|
|
|
(1,513
|
)
|
|
1,717
|
|
|
(2,496
|
)
|
||||
Income before income taxes
|
$
|
113,787
|
|
|
$
|
99,308
|
|
|
$
|
331,671
|
|
|
$
|
295,765
|
|
(1)
Certain amounts in the prior year income statement have been reclassified to conform to the current presentation due to the early adoption of ASU 2017-07.
|
|||||||||||||||
(2)
Corporate office expense for the three and nine months ended September 30, 2016 includes benefits of zero and $4.7 million, respectively, from the reversal of the contingent consideration related to a 2015 acquisition as well as a $2.1 million loss on sale of businesses - net.
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Assets
|
|
|
|
||||
Fluid & Metering Technologies
|
$
|
1,112,788
|
|
|
$
|
1,065,670
|
|
Health & Science Technologies
|
1,281,823
|
|
|
1,266,036
|
|
||
Fire & Safety/Diversified Products
|
740,026
|
|
|
705,735
|
|
||
Corporate office
|
183,124
|
|
|
117,503
|
|
||
Total assets
|
$
|
3,317,761
|
|
|
$
|
3,154,944
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Basic weighted average common shares outstanding
|
76,309
|
|
|
75,819
|
|
|
76,215
|
|
|
75,753
|
|
Dilutive effect of stock options, restricted stock, and performance share units
|
1,214
|
|
|
1,061
|
|
|
1,031
|
|
|
989
|
|
Diluted weighted average common shares outstanding
|
77,523
|
|
|
76,880
|
|
|
77,246
|
|
|
76,742
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Raw materials and component parts
|
$
|
170,677
|
|
|
$
|
154,278
|
|
Work in process
|
38,136
|
|
|
34,832
|
|
||
Finished goods
|
57,892
|
|
|
63,749
|
|
||
Total
|
$
|
266,705
|
|
|
$
|
252,859
|
|
|
Fluid &
Metering
Technologies
|
|
Health &
Science
Technologies
|
|
Fire & Safety/
Diversified
Products
|
|
Total
|
||||||||
Balance at December 31, 2016
|
$
|
573,437
|
|
|
$
|
699,299
|
|
|
$
|
359,856
|
|
|
$
|
1,632,592
|
|
Foreign currency translation
|
14,295
|
|
|
19,117
|
|
|
16,185
|
|
|
49,597
|
|
||||
Acquisition adjustments
|
—
|
|
|
(2,421
|
)
|
|
—
|
|
|
(2,421
|
)
|
||||
Balance at September 30, 2017
|
$
|
587,732
|
|
|
$
|
715,995
|
|
|
$
|
376,041
|
|
|
$
|
1,679,768
|
|
|
At September 30, 2017
|
|
|
|
At December 31, 2016
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Weighted
Average
Life
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Amortized intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Patents
|
$
|
9,675
|
|
|
$
|
(7,008
|
)
|
|
$
|
2,667
|
|
|
11
|
|
$
|
9,856
|
|
|
$
|
(6,635
|
)
|
|
$
|
3,221
|
|
Trade names
|
117,585
|
|
|
(49,474
|
)
|
|
68,111
|
|
|
16
|
|
113,428
|
|
|
(42,653
|
)
|
|
70,775
|
|
||||||
Customer relationships
|
309,693
|
|
|
(115,313
|
)
|
|
194,380
|
|
|
13
|
|
369,087
|
|
|
(161,065
|
)
|
|
208,022
|
|
||||||
Unpatented technology
|
88,065
|
|
|
(29,559
|
)
|
|
58,506
|
|
|
13
|
|
106,747
|
|
|
(44,516
|
)
|
|
62,231
|
|
||||||
Other
|
839
|
|
|
(550
|
)
|
|
289
|
|
|
10
|
|
6,527
|
|
|
(6,172
|
)
|
|
355
|
|
||||||
Total amortized intangible assets
|
525,857
|
|
|
(201,904
|
)
|
|
323,953
|
|
|
|
|
605,645
|
|
|
(261,041
|
)
|
|
344,604
|
|
||||||
Indefinite lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Banjo trade name
|
62,100
|
|
|
—
|
|
|
62,100
|
|
|
|
|
62,100
|
|
|
—
|
|
|
62,100
|
|
||||||
Akron Brass trade name
|
28,800
|
|
|
—
|
|
|
28,800
|
|
|
|
|
28,800
|
|
|
—
|
|
|
28,800
|
|
||||||
Total intangible assets
|
$
|
616,757
|
|
|
$
|
(201,904
|
)
|
|
$
|
414,853
|
|
|
|
|
$
|
696,545
|
|
|
$
|
(261,041
|
)
|
|
$
|
435,504
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Payroll and related items
|
$
|
68,296
|
|
|
$
|
67,600
|
|
Management incentive compensation
|
20,547
|
|
|
16,339
|
|
||
Income taxes payable
|
12,332
|
|
|
8,808
|
|
||
Insurance
|
9,450
|
|
|
9,416
|
|
||
Warranty
|
6,138
|
|
|
5,628
|
|
||
Deferred revenue
|
13,055
|
|
|
12,607
|
|
||
Restructuring
|
662
|
|
|
3,893
|
|
||
Liability for uncertain tax positions
|
1,350
|
|
|
1,366
|
|
||
Accrued interest
|
10,184
|
|
|
1,663
|
|
||
Other
|
28,209
|
|
|
25,532
|
|
||
Total accrued expenses
|
$
|
170,223
|
|
|
$
|
152,852
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Pension and retiree medical obligations
|
$
|
100,356
|
|
|
$
|
93,604
|
|
Liability for uncertain tax positions
|
1,507
|
|
|
2,623
|
|
||
Deferred revenue
|
2,205
|
|
|
2,442
|
|
||
Other
|
18,869
|
|
|
22,561
|
|
||
Total other noncurrent liabilities
|
$
|
122,937
|
|
|
$
|
121,230
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
Revolving Facility
|
$
|
29,415
|
|
|
$
|
169,579
|
|
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
|
|
|
100,000
|
|
||
3.37% Senior Notes, due June 2025
|
100,000
|
|
|
100,000
|
|
||
Other borrowings
|
388
|
|
|
1,294
|
|
||
Total borrowings
|
879,803
|
|
|
1,020,873
|
|
||
Less current portion
|
347
|
|
|
1,046
|
|
||
Less deferred debt issuance costs
|
3,602
|
|
|
4,399
|
|
||
Less unaccreted debt discount
|
1,001
|
|
|
1,193
|
|
||
Total long-term borrowings
|
$
|
874,853
|
|
|
$
|
1,014,235
|
|
|
|
Fair Value Assets (Liabilities)
|
|
|
||||||
|
|
September 30, 2017
|
|
December 31, 2016
|
|
Balance Sheet Caption
|
||||
|
|
(In thousands)
|
|
|
||||||
Foreign currency exchange contracts
|
|
$
|
10,351
|
|
|
$
|
—
|
|
|
Other current assets
|
•
|
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
September 30, 2017 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available for sale securities
|
$
|
6,268
|
|
|
$
|
6,268
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency exchange contracts
|
10,351
|
|
|
—
|
|
|
10,351
|
|
|
—
|
|
|
Basis of Fair Value Measurements
|
||||||||||||||
|
Balance at
December 31, 2016 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Available for sale securities
|
$
|
5,369
|
|
|
$
|
5,369
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Severance Costs
|
|
Exit Costs
|
|
Total
|
||||||
|
|
(In thousands)
|
||||||||||
Fluid & Metering Technologies
|
|
$
|
1,566
|
|
|
$
|
—
|
|
|
$
|
1,566
|
|
Health & Science Technologies
|
|
2,470
|
|
|
558
|
|
|
3,028
|
|
|||
Fire & Safety/Diversified Products
|
|
73
|
|
|
—
|
|
|
73
|
|
|||
Corporate/Other
|
|
130
|
|
|
—
|
|
|
130
|
|
|||
Total restructuring costs
|
|
$
|
4,239
|
|
|
$
|
558
|
|
|
$
|
4,797
|
|
|
|
Restructuring
|
||
|
|
(In thousands)
|
||
Balance at January 1, 2017
|
|
$
|
3,893
|
|
Restructuring expenses
|
|
4,797
|
|
|
Payments, utilization and other
|
|
(8,028
|
)
|
|
Balance at September 30, 2017
|
|
$
|
662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended
September 30, 2017 |
|
Three Months Ended
September 30, 2016 |
||||||||||||||||||||
|
Pre-tax
|
|
Tax
|
|
Net of tax
|
|
Pre-tax
|
|
Tax
|
|
Net of tax
|
||||||||||||
Cumulative translation adjustment
|
$
|
28,796
|
|
|
$
|
—
|
|
|
$
|
28,796
|
|
|
$
|
4,611
|
|
|
$
|
—
|
|
|
$
|
4,611
|
|
Pension and other postretirement adjustments
|
2,075
|
|
|
(607
|
)
|
|
1,468
|
|
|
915
|
|
|
(321
|
)
|
|
594
|
|
||||||
Reclassification adjustments for derivatives
|
1,681
|
|
|
(627
|
)
|
|
1,054
|
|
|
1,701
|
|
|
(619
|
)
|
|
1,082
|
|
||||||
Total other comprehensive income (loss)
|
$
|
32,552
|
|
|
$
|
(1,234
|
)
|
|
$
|
31,318
|
|
|
$
|
7,227
|
|
|
$
|
(940
|
)
|
|
$
|
6,287
|
|
|
Nine Months Ended
September 30, 2017 |
|
Nine Months Ended
September 30, 2016 |
||||||||||||||||||||
|
Pre-tax
|
|
Tax
|
|
Net of tax
|
|
Pre-tax
|
|
Tax
|
|
Net of tax
|
||||||||||||
Cumulative translation adjustment
|
$
|
97,160
|
|
|
$
|
—
|
|
|
$
|
97,160
|
|
|
$
|
(6,215
|
)
|
|
$
|
—
|
|
|
$
|
(6,215
|
)
|
Pension and other postretirement adjustments
|
5,625
|
|
|
(1,753
|
)
|
|
3,872
|
|
|
2,820
|
|
|
(964
|
)
|
|
1,856
|
|
||||||
Reclassification adjustments for derivatives
|
5,004
|
|
|
(1,845
|
)
|
|
3,159
|
|
|
5,144
|
|
|
(1,872
|
)
|
|
3,272
|
|
||||||
Total other comprehensive income (loss)
|
$
|
107,789
|
|
|
$
|
(3,598
|
)
|
|
$
|
104,191
|
|
|
$
|
1,749
|
|
|
$
|
(2,836
|
)
|
|
$
|
(1,087
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||
Pension and other postretirement plans
|
|
|
|
|
|
|
|
|
||||||||
Amortization of service cost
|
$
|
2,075
|
|
|
$
|
915
|
|
|
$
|
5,625
|
|
|
$
|
2,820
|
|
|
Total before tax
|
2,075
|
|
|
915
|
|
|
5,625
|
|
|
2,820
|
|
|
||||
Provision for income taxes
|
(607
|
)
|
|
(321
|
)
|
|
(1,753
|
)
|
|
(964
|
)
|
|
||||
Total net of tax
|
$
|
1,468
|
|
|
$
|
594
|
|
|
$
|
3,872
|
|
|
$
|
1,856
|
|
|
Derivatives
|
|
|
|
|
|
|
|
|
||||||||
Reclassification adjustments
|
$
|
1,681
|
|
|
$
|
1,701
|
|
|
$
|
5,004
|
|
|
$
|
5,144
|
|
|
Total before tax
|
1,681
|
|
|
1,701
|
|
|
5,004
|
|
|
5,144
|
|
|
||||
Provision for income taxes
|
(627
|
)
|
|
(619
|
)
|
|
(1,845
|
)
|
|
(1,872
|
)
|
|
||||
Total net of tax
|
$
|
1,054
|
|
|
$
|
1,082
|
|
|
$
|
3,159
|
|
|
$
|
3,272
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Weighted average fair value of option grants
|
$30.46
|
|
$21.88
|
|
$24.17
|
|
$18.47
|
Dividend yield
|
1.27%
|
|
1.53%
|
|
1.45%
|
|
1.69%
|
Volatility
|
29.35%
|
|
29.60%
|
|
29.41%
|
|
29.71%
|
Risk-free forward interest rate
|
1.24% - 2.80%
|
|
0.51% - 2.01%
|
|
0.83% - 3.04%
|
|
0.53% - 2.50%
|
Expected life (in years)
|
5.83
|
|
5.91
|
|
5.83
|
|
5.91
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of goods sold
|
$
|
67
|
|
|
$
|
92
|
|
|
$
|
341
|
|
|
$
|
354
|
|
Selling, general and administrative expenses
|
1,721
|
|
|
1,278
|
|
|
5,604
|
|
|
5,084
|
|
||||
Total expense before income taxes
|
1,788
|
|
|
1,370
|
|
|
5,945
|
|
|
5,438
|
|
||||
Income tax benefit
|
(593
|
)
|
|
(441
|
)
|
|
(1,887
|
)
|
|
(1,727
|
)
|
||||
Total expense after income taxes
|
$
|
1,195
|
|
|
$
|
929
|
|
|
$
|
4,058
|
|
|
$
|
3,711
|
|
Stock Options
|
Shares
|
|
Weighted
Average
Price
|
|
Weighted-Average
Remaining
Contractual Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding at January 1, 2017
|
1,987,946
|
|
|
$
|
61.83
|
|
|
6.84
|
|
$
|
56,144,876
|
|
Granted
|
440,825
|
|
|
93.40
|
|
|
|
|
|
|||
Exercised
|
(360,986
|
)
|
|
52.58
|
|
|
|
|
|
|||
Forfeited
|
(47,046
|
)
|
|
78.67
|
|
|
|
|
|
|||
Outstanding at September 30, 2017
|
2,020,739
|
|
|
$
|
69.98
|
|
|
6.99
|
|
$
|
104,045,261
|
|
Vested and expected to vest as of September 30, 2017
|
1,897,772
|
|
|
$
|
69.00
|
|
|
6.88
|
|
$
|
99,579,316
|
|
Exercisable at September 30, 2017
|
968,929
|
|
|
$
|
55.72
|
|
|
5.35
|
|
$
|
63,709,269
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of goods sold
|
$
|
46
|
|
|
$
|
64
|
|
|
$
|
265
|
|
|
$
|
325
|
|
Selling, general and administrative expenses
|
1,163
|
|
|
751
|
|
|
3,722
|
|
|
3,249
|
|
||||
Total expense before income taxes
|
1,209
|
|
|
815
|
|
|
3,987
|
|
|
3,574
|
|
||||
Income tax benefit
|
(370
|
)
|
|
(216
|
)
|
|
(1,295
|
)
|
|
(1,053
|
)
|
||||
Total expense after income taxes
|
$
|
839
|
|
|
$
|
599
|
|
|
$
|
2,692
|
|
|
$
|
2,521
|
|
Cash-Settled Restricted Stock
|
Shares
|
|
Weighted-Average
Fair Value |
|||
Unvested at January 1, 2017
|
103,790
|
|
|
$
|
90.06
|
|
Granted
|
34,290
|
|
|
93.68
|
|
|
Vested
|
(27,050
|
)
|
|
92.44
|
|
|
Forfeited
|
(15,220
|
)
|
|
121.47
|
|
|
Unvested at September 30, 2017
|
95,810
|
|
|
$
|
121.47
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of goods sold
|
$
|
327
|
|
|
$
|
307
|
|
|
$
|
963
|
|
|
$
|
627
|
|
Selling, general and administrative expenses
|
696
|
|
|
881
|
|
|
2,203
|
|
|
1,842
|
|
||||
Total expense before income taxes
|
1,023
|
|
|
1,188
|
|
|
3,166
|
|
|
2,469
|
|
||||
Income tax benefit
|
(175
|
)
|
|
(170
|
)
|
|
(557
|
)
|
|
(354
|
)
|
||||
Total expense after income taxes
|
$
|
848
|
|
|
$
|
1,018
|
|
|
$
|
2,609
|
|
|
$
|
2,115
|
|
|
|
Nine months ended September 30,
|
||
|
|
2017
|
|
2016
|
Weighted average fair value of performance share units
|
|
$115.74
|
|
$111.42
|
Dividend yield
|
|
—%
|
|
—%
|
Volatility
|
|
17.36%
|
|
17.99%
|
Risk-free forward interest rate
|
|
1.45%
|
|
0.89%
|
Expected life (in years)
|
|
2.85
|
|
2.86
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of goods sold
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Selling, general and administrative expenses
|
1,725
|
|
|
348
|
|
|
5,045
|
|
|
3,844
|
|
||||
Total expense before income taxes
|
1,725
|
|
|
348
|
|
|
5,045
|
|
|
3,844
|
|
||||
Income tax benefit
|
(597
|
)
|
|
(98
|
)
|
|
(1,690
|
)
|
|
(1,266
|
)
|
||||
Total expense after income taxes
|
$
|
1,128
|
|
|
$
|
250
|
|
|
$
|
3,355
|
|
|
$
|
2,578
|
|
|
|
|
|
|
|
|
|
||||||||
|
Pension Benefits
|
||||||||||||||
|
Three Months Ended September 30,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
||||||||
Service cost
|
$
|
224
|
|
|
$
|
520
|
|
|
$
|
181
|
|
|
$
|
331
|
|
Interest cost
|
687
|
|
|
332
|
|
|
788
|
|
|
344
|
|
||||
Expected return on plan assets
|
(986
|
)
|
|
(277
|
)
|
|
(1,233
|
)
|
|
(203
|
)
|
||||
Net amortization
|
641
|
|
|
418
|
|
|
766
|
|
|
241
|
|
||||
Net periodic benefit cost
|
$
|
566
|
|
|
$
|
993
|
|
|
$
|
502
|
|
|
$
|
713
|
|
|
Pension Benefits
|
||||||||||||||
|
Nine Months Ended September 30,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
||||||||
Service cost
|
$
|
732
|
|
|
$
|
1,496
|
|
|
$
|
769
|
|
|
$
|
934
|
|
Interest cost
|
2,008
|
|
|
957
|
|
|
2,282
|
|
|
1,049
|
|
||||
Expected return on plan assets
|
(2,874
|
)
|
|
(811
|
)
|
|
(3,583
|
)
|
|
(642
|
)
|
||||
Net amortization
|
1,924
|
|
|
1,195
|
|
|
2,420
|
|
|
722
|
|
||||
Net periodic benefit cost
|
$
|
1,790
|
|
|
$
|
2,837
|
|
|
$
|
1,888
|
|
|
$
|
2,063
|
|
|
Other Postretirement Benefits
|
||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
$
|
152
|
|
|
$
|
181
|
|
|
$
|
456
|
|
|
$
|
494
|
|
Interest cost
|
203
|
|
|
224
|
|
|
611
|
|
|
622
|
|
||||
Net amortization
|
(198
|
)
|
|
(154
|
)
|
|
(595
|
)
|
|
(462
|
)
|
||||
Net periodic benefit cost
|
$
|
157
|
|
|
$
|
251
|
|
|
$
|
472
|
|
|
$
|
654
|
|
•
|
Sales of
$574 million
increased
8%
; organic sales (which excludes acquisitions, divestitures and foreign currency translation) were
up
7%
.
|
•
|
Operating income of
$127 million
increased
15%
. Excluding the $2 million net loss on divestitures from the prior year results, operating income
increased
13%
.
|
•
|
Net income
increased
20%
to
$84 million
. Excluding the $1 million net loss on divestitures, net of tax benefit from the prior year results, net income
increased
19%
.
|
•
|
EBITDA of
$146 million
was
25%
of sales and covered interest expense by more than 13 times.
|
•
|
Diluted EPS of
$1.08
increased
17 cent
s, or
19%
. Excluding the net loss on divestitures from the prior year results, EPS
increased
16 cent
s, or
17%
.
|
•
|
Sales of $
1.7 billion
increased
8%
; organic sales (which excludes acquisitions, divestitures and foreign currency translation) were
up
5%
.
|
•
|
Operating income of $
367 million
increased
12%
. Adjusted operating income of
$372 million
, adjusted for $5 million of restructuring charges in the first quarter of 2017 and the $2 million net loss on divestitures in the prior year, increased
13%
.
|
•
|
Net income
increased
14%
to $
244 million
. Adjusted net income of
$247 million
, adjusted for
$3 million
of restructuring charges, net of tax benefit, in the first quarter of 2017 and the
$1 million
net loss on divestitures, net of the tax benefit, in the prior year,
increased
15%
.
|
•
|
EBITDA of
$429 million
was
25%
of sales and covered interest expense by nearly
13
times. Adjusted EBITDA of
$434 million
was
26%
of sales and covered interest expense by nearly 13 times.
|
•
|
Diluted EPS of $
3.15
increased
37 cent
s, or
13%
. Adjusted EPS of
$3.19
increased
40 cent
s, or
14%
.
|
(In thousands)
|
Three Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
574,490
|
|
|
$
|
530,356
|
|
Operating income
|
126,504
|
|
|
109,708
|
|
||
Operating margin
|
22.0
|
%
|
|
20.7
|
%
|
(In thousands)
|
Three Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
220,953
|
|
|
$
|
208,335
|
|
Operating income
|
61,988
|
|
|
55,907
|
|
||
Operating margin
|
28.1
|
%
|
|
26.8
|
%
|
(In thousands)
|
Three Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
207,127
|
|
|
$
|
183,564
|
|
Operating income
|
46,073
|
|
|
37,195
|
|
||
Operating margin
|
22.2
|
%
|
|
20.3
|
%
|
(In thousands)
|
Three Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
146,599
|
|
|
$
|
138,767
|
|
Operating income
|
36,199
|
|
|
32,492
|
|
||
Operating margin
|
24.7
|
%
|
|
23.4
|
%
|
(In thousands)
|
Nine Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
1,701,408
|
|
|
$
|
1,582,624
|
|
Operating income
|
367,308
|
|
|
326,876
|
|
||
Operating margin
|
21.6
|
%
|
|
20.7
|
%
|
(In thousands)
|
Nine Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
658,905
|
|
|
$
|
641,988
|
|
Operating income
|
179,830
|
|
|
161,782
|
|
||
Operating margin
|
27.3
|
%
|
|
25.2
|
%
|
(In thousands)
|
Nine Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
611,215
|
|
|
$
|
556,475
|
|
Operating income
|
134,605
|
|
|
118,985
|
|
||
Operating margin
|
22.0
|
%
|
|
21.4
|
%
|
(In thousands)
|
Nine Months Ended
September 30, |
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
432,029
|
|
|
$
|
384,996
|
|
Operating income
|
106,022
|
|
|
92,566
|
|
||
Operating margin
|
24.5
|
%
|
|
24.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Reported-to-Adjusted EPS
|
|
|
|
|||||||||||||
(shares in thousands)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Reported EPS
|
|
$
|
1.08
|
|
|
$
|
0.91
|
|
|
$
|
3.15
|
|
|
$
|
2.78
|
|
+ Restructuring expenses
|
|
—
|
|
|
—
|
|
|
0.06
|
|
|
—
|
|
||||
+ Tax impact on restructuring expenses
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
|
—
|
|
||||
+ Loss (gain) on sale of businesses - net
|
|
—
|
|
|
0.03
|
|
|
—
|
|
|
0.03
|
|
||||
+ Tax impact on loss (gain) on sale of businesses - net
|
|
—
|
|
|
(0.02
|
)
|
|
—
|
|
|
(0.02
|
)
|
||||
Adjusted EPS
|
|
$
|
1.08
|
|
|
$
|
0.92
|
|
|
$
|
3.19
|
|
|
$
|
2.79
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares
|
|
77,523
|
|
|
76,880
|
|
|
77,246
|
|
|
76,742
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
||||||||||||||||||||
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate
|
|
IDEX
|
||||||||||
Reported operating income (loss)
|
|
$
|
55,907
|
|
|
$
|
37,195
|
|
|
$
|
32,492
|
|
|
$
|
(15,886
|
)
|
|
$
|
109,708
|
|
+ Loss (gain) on sale of businesses - net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,067
|
|
|
2,067
|
|
|||||
Adjusted operating income (loss)
|
|
$
|
55,907
|
|
|
$
|
37,195
|
|
|
$
|
32,492
|
|
|
$
|
(13,819
|
)
|
|
$
|
111,775
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (eliminations)
|
|
$
|
208,335
|
|
|
$
|
183,564
|
|
|
$
|
138,767
|
|
|
$
|
(310
|
)
|
|
$
|
530,356
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin
|
|
26.8
|
%
|
|
20.3
|
%
|
|
23.4
|
%
|
|
n/m
|
|
|
20.7
|
%
|
|||||
Adjusted operating margin
|
|
26.8
|
%
|
|
20.3
|
%
|
|
23.4
|
%
|
|
n/m
|
|
|
21.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
||||||||||||||||||||
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate
|
|
IDEX
|
||||||||||
Reported operating income (loss)
|
|
$
|
179,830
|
|
|
$
|
134,605
|
|
|
$
|
106,022
|
|
|
$
|
(53,149
|
)
|
|
$
|
367,308
|
|
+ Restructuring expenses
|
|
1,566
|
|
|
3,028
|
|
|
73
|
|
|
130
|
|
|
4,797
|
|
|||||
+ Loss (gain) on sale of businesses - net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted operating income (loss)
|
|
$
|
181,396
|
|
|
$
|
137,633
|
|
|
$
|
106,095
|
|
|
$
|
(53,019
|
)
|
|
$
|
372,105
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (eliminations)
|
|
$
|
658,905
|
|
|
$
|
611,215
|
|
|
$
|
432,029
|
|
|
$
|
(741
|
)
|
|
$
|
1,701,408
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin
|
|
27.3
|
%
|
|
22.0
|
%
|
|
24.5
|
%
|
|
n/m
|
|
|
21.6
|
%
|
|||||
Adjusted operating margin
|
|
27.5
|
%
|
|
22.5
|
%
|
|
24.6
|
%
|
|
n/m
|
|
|
21.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
||||||||||||||||||||
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate
|
|
IDEX
|
||||||||||
Reported operating income (loss)
|
|
$
|
161,782
|
|
|
$
|
118,985
|
|
|
$
|
92,566
|
|
|
$
|
(46,457
|
)
|
|
$
|
326,876
|
|
+ Restructuring expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
+ Loss (gain) on sale of businesses - net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,067
|
|
|
2,067
|
|
|||||
Adjusted operating income (loss)
|
|
$
|
161,782
|
|
|
$
|
118,985
|
|
|
$
|
92,566
|
|
|
$
|
(44,390
|
)
|
|
$
|
328,943
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (eliminations)
|
|
$
|
641,988
|
|
|
$
|
556,475
|
|
|
$
|
384,996
|
|
|
$
|
(835
|
)
|
|
$
|
1,582,624
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating margin
|
|
25.2
|
%
|
|
21.4
|
%
|
|
24.0
|
%
|
|
n/m
|
|
|
20.7
|
%
|
|||||
Adjusted operating margin
|
|
25.2
|
%
|
|
21.4
|
%
|
|
24.0
|
%
|
|
n/m
|
|
|
20.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reconciliation of EBITDA to Net Income
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands)
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate Office
|
|
Total IDEX
|
||||||||||
Operating income (loss)
|
|
$
|
61,988
|
|
|
$
|
46,073
|
|
|
$
|
36,199
|
|
|
$
|
(17,756
|
)
|
|
$
|
126,504
|
|
- Other (income) expense - net
|
|
230
|
|
|
(970
|
)
|
|
1,044
|
|
|
1,349
|
|
|
1,653
|
|
|||||
+ Depreciation & amortization
|
|
6,192
|
|
|
11,189
|
|
|
3,709
|
|
|
190
|
|
|
21,280
|
|
|||||
EBITDA
|
|
67,950
|
|
|
58,232
|
|
|
38,864
|
|
|
(18,915
|
)
|
|
146,131
|
|
|||||
- Interest expense
|
|
|
|
|
|
|
|
|
|
11,064
|
|
|||||||||
- Provision for income taxes
|
|
|
|
|
|
|
|
|
|
30,019
|
|
|||||||||
- Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
21,280
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
83,768
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (eliminations)
|
|
$
|
220,953
|
|
|
$
|
207,127
|
|
|
$
|
146,599
|
|
|
$
|
(189
|
)
|
|
$
|
574,490
|
|
Operating margin
|
|
28.1
|
%
|
|
22.2
|
%
|
|
24.7
|
%
|
|
n/m
|
|
|
22.0
|
%
|
|||||
EBITDA margin
|
|
30.8
|
%
|
|
28.1
|
%
|
|
26.5
|
%
|
|
n/m
|
|
|
25.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate Office
|
|
Total IDEX
|
||||||||||
Operating income (loss)
|
|
$
|
55,907
|
|
|
$
|
37,195
|
|
|
$
|
32,492
|
|
|
$
|
(15,886
|
)
|
|
$
|
109,708
|
|
- Other (income) expense - net
|
|
171
|
|
|
(384
|
)
|
|
(195
|
)
|
|
(1,105
|
)
|
|
(1,513
|
)
|
|||||
+ Depreciation & amortization
|
|
7,168
|
|
|
11,163
|
|
|
3,584
|
|
|
277
|
|
|
22,192
|
|
|||||
EBITDA
|
|
62,904
|
|
|
48,742
|
|
|
36,271
|
|
|
(14,504
|
)
|
|
133,413
|
|
|||||
- Interest expense
|
|
|
|
|
|
|
|
|
|
11,913
|
|
|||||||||
- Provision for income taxes
|
|
|
|
|
|
|
|
|
|
29,435
|
|
|||||||||
- Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
22,192
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
69,873
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (eliminations)
|
|
$
|
208,335
|
|
|
$
|
183,564
|
|
|
$
|
138,767
|
|
|
$
|
(310
|
)
|
|
$
|
530,356
|
|
Operating margin
|
|
26.8
|
%
|
|
20.3
|
%
|
|
23.4
|
%
|
|
n/m
|
|
|
20.7
|
%
|
|||||
EBITDA margin
|
|
30.2
|
%
|
|
26.6
|
%
|
|
26.1
|
%
|
|
n/m
|
|
|
25.2
|
%
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate
|
|
IDEX
|
||||||||||
Operating income (loss)
|
|
$
|
179,830
|
|
|
$
|
134,605
|
|
|
$
|
106,022
|
|
|
$
|
(53,149
|
)
|
|
$
|
367,308
|
|
- Other (income) expense - net
|
|
707
|
|
|
97
|
|
|
1,663
|
|
|
(750
|
)
|
|
1,717
|
|
|||||
+ Depreciation and amortization
|
|
17,823
|
|
|
34,447
|
|
|
10,938
|
|
|
598
|
|
|
63,806
|
|
|||||
EBITDA
|
|
196,946
|
|
|
168,955
|
|
|
115,297
|
|
|
(51,801
|
)
|
|
429,397
|
|
|||||
- Interest expense
|
|
|
|
|
|
|
|
|
|
33,920
|
|
|||||||||
- Provision for income taxes
|
|
|
|
|
|
|
|
|
|
88,160
|
|
|||||||||
- Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
63,806
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
243,511
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (eliminations)
|
|
$
|
658,905
|
|
|
$
|
611,215
|
|
|
$
|
432,029
|
|
|
$
|
(741
|
)
|
|
$
|
1,701,408
|
|
Operating margin
|
|
27.3
|
%
|
|
22.0
|
%
|
|
24.5
|
%
|
|
n/m
|
|
|
21.6
|
%
|
|||||
EBITDA margin
|
|
29.9
|
%
|
|
27.6
|
%
|
|
26.7
|
%
|
|
n/m
|
|
|
25.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate
|
|
IDEX
|
||||||||||
Operating income (loss)
|
|
$
|
161,782
|
|
|
$
|
118,985
|
|
|
$
|
92,566
|
|
|
$
|
(46,457
|
)
|
|
$
|
326,876
|
|
- Other (income) expense - net
|
|
566
|
|
|
(1,548
|
)
|
|
(485
|
)
|
|
(1,029
|
)
|
|
(2,496
|
)
|
|||||
+ Depreciation and amortization
|
|
22,011
|
|
|
33,044
|
|
|
8,316
|
|
|
953
|
|
|
64,324
|
|
|||||
EBITDA
|
|
183,227
|
|
|
153,577
|
|
|
101,367
|
|
|
(44,475
|
)
|
|
393,696
|
|
|||||
- Interest expense
|
|
|
|
|
|
|
|
|
|
33,607
|
|
|||||||||
- Provision for income taxes
|
|
|
|
|
|
|
|
|
|
82,003
|
|
|||||||||
- Depreciation and amortization
|
|
|
|
|
|
|
|
|
|
64,324
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
$
|
213,762
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net sales (eliminations)
|
|
$
|
641,988
|
|
|
$
|
556,475
|
|
|
$
|
384,996
|
|
|
$
|
(835
|
)
|
|
$
|
1,582,624
|
|
Operating margin
|
|
25.2
|
%
|
|
21.4
|
%
|
|
24.0
|
%
|
|
n/m
|
|
|
20.7
|
%
|
|||||
EBITDA margin
|
|
28.5
|
%
|
|
27.6
|
%
|
|
26.3
|
%
|
|
n/m
|
|
|
24.9
|
%
|
|
||||||||||||||||||||
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate
|
|
IDEX
|
||||||||||
EBITDA
|
|
$
|
62,904
|
|
|
$
|
48,742
|
|
|
$
|
36,271
|
|
|
$
|
(14,504
|
)
|
|
$
|
133,413
|
|
+ Restructuring expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
+ Loss (gain) on sale of businesses - net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,067
|
|
|
2,067
|
|
|||||
Adjusted EBITDA
|
|
$
|
62,904
|
|
|
$
|
48,742
|
|
|
$
|
36,271
|
|
|
$
|
(12,437
|
)
|
|
$
|
135,480
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin
|
|
30.2
|
%
|
|
26.6
|
%
|
|
26.1
|
%
|
|
n/m
|
|
|
25.5
|
%
|
|
||||||||||||||||||||
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate
|
|
IDEX
|
||||||||||
EBITDA
|
|
$
|
196,946
|
|
|
$
|
168,955
|
|
|
$
|
115,297
|
|
|
$
|
(51,801
|
)
|
|
$
|
429,397
|
|
+ Restructuring expenses
|
|
1,566
|
|
|
3,028
|
|
|
73
|
|
|
130
|
|
|
4,797
|
|
|||||
+ Loss (gain) on sale of businesses - net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted EBITDA
|
|
$
|
198,512
|
|
|
$
|
171,983
|
|
|
$
|
115,370
|
|
|
$
|
(51,671
|
)
|
|
$
|
434,194
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin
|
|
30.1
|
%
|
|
28.1
|
%
|
|
26.7
|
%
|
|
n/m
|
|
|
25.5
|
%
|
|
||||||||||||||||||||
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
Corporate
|
|
IDEX
|
||||||||||
EBITDA
|
|
$
|
183,227
|
|
|
$
|
153,577
|
|
|
$
|
101,367
|
|
|
$
|
(44,475
|
)
|
|
$
|
393,696
|
|
+ Restructuring expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
+ Loss (gain) on sale of businesses - net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,067
|
|
|
2,067
|
|
|||||
Adjusted EBITDA
|
|
$
|
183,227
|
|
|
$
|
153,577
|
|
|
$
|
101,367
|
|
|
$
|
(42,408
|
)
|
|
$
|
395,763
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA margin
|
|
28.5
|
%
|
|
27.6
|
%
|
|
26.3
|
%
|
|
n/m
|
|
|
25.0
|
%
|
Reconciliation of Net Sales to Net Organic Sales
|
|
Three Months Ended September 30, 2017
|
||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
IDEX
|
||||
|
|
|
|
|
|
|
|
|
||||
Change in net sales
|
|
6
|
%
|
|
13
|
%
|
|
6
|
%
|
|
8
|
%
|
- Net impact from acquisitions/divestitures
|
|
(2
|
)%
|
|
3
|
%
|
|
—
|
%
|
|
—
|
%
|
- Impact from foreign currency
|
|
1
|
%
|
|
—
|
%
|
|
2
|
%
|
|
1
|
%
|
Change in net organic sales
|
|
7
|
%
|
|
10
|
%
|
|
4
|
%
|
|
7
|
%
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||
|
|
FMT
|
|
HST
|
|
FSDP
|
|
IDEX
|
||||
|
|
|
|
|
|
|
|
|
||||
Change in net sales
|
|
3
|
%
|
|
10
|
%
|
|
12
|
%
|
|
8
|
%
|
- Impact from acquisitions/divestitures
|
|
(2
|
)%
|
|
4
|
%
|
|
12
|
%
|
|
4
|
%
|
- Impact from foreign currency
|
|
—
|
%
|
|
(1
|
)%
|
|
(1
|
)%
|
|
(1
|
)%
|
Change in net organic sales
|
|
5
|
%
|
|
7
|
%
|
|
1
|
%
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliations of Free Cash Flow
|
||||||||||||||||
(in thousands)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cash flow from operating activities
|
|
$
|
124,000
|
|
|
$
|
125,480
|
|
|
$
|
296,580
|
|
|
$
|
284,324
|
|
- Capital expenditures
|
|
8,515
|
|
|
11,590
|
|
|
28,054
|
|
|
28,642
|
|
||||
Free cash flow
|
|
$
|
115,485
|
|
|
$
|
113,890
|
|
|
$
|
268,526
|
|
|
$
|
255,682
|
|
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)
|
||||||
July 1, 2017 to July 31, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
570,211,110
|
|
August 1, 2017 to August 31, 2017
|
36,000
|
|
|
114.75
|
|
|
36,000
|
|
|
566,080,109
|
|
||
September 1, 2017 to September 30, 2017
|
80,000
|
|
|
121.22
|
|
|
80,000
|
|
|
556,382,861
|
|
||
Total
|
116,000
|
|
|
$
|
119.21
|
|
|
116,000
|
|
|
$
|
556,382,861
|
|
(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/ WILLIAM K. GROGAN
|
|
|
William K. Grogan
|
|
|
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 |
1 Month IDEX Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions