IDEX (IEX) 10-Q 24 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 17, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-10235
Entity Registrant Name	IDEX CORP /DE/
Entity Central Index Key	0000832101
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3555336
Entity Address, Address Line One	1925 West Field Court,
Entity Address, Address Line Two	Suite 200,
Entity Address, City or Town	Lake Forest,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60045
City Area Code	847
Local Phone Number	498-7070
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	IEX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,391,873

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 569,219	$ 632,581
Receivables, less allowance for doubtful accounts of $5,894 at March 31, 2020 and $6,347 at December 31, 2019	327,835	298,186
Inventories	340,581	293,467
Other current assets	51,437	37,211
Total current assets	1,289,072	1,261,445
Property, plant and equipment - net	283,276	280,316
Goodwill	1,831,973	1,779,745
Intangible assets - net	426,205	388,031
Other noncurrent assets	113,151	104,375
Total assets	3,943,677	3,813,912
Current liabilities
Trade accounts payable	157,724	138,463
Accrued expenses	208,847	180,290
Short-term borrowings	319	388
Dividends payable	0	38,736
Total current liabilities	366,890	357,877
Long-term borrowings	999,020	848,864
Deferred income taxes	148,189	146,574
Other noncurrent liabilities	199,791	197,368
Total liabilities	1,713,890	1,550,683
Commitments and contingencies
Preferred stock:
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None	0	0
Common stock:
Authorized: 150,000,000 shares, $.01 per share par value, Issued: 89,935,175 shares at March 31, 2020 and 89,948,374 shares at December 31, 2019	899	899
Additional paid-in capital	766,916	760,453
Retained earnings	2,717,129	2,615,131
Treasury stock at cost: 14,587,137 shares at March 31, 2020 and 13,860,340 shares at December 31, 2019	(1,104,846)	(985,909)
Accumulated other comprehensive income (loss)	(150,311)	(127,345)
Total shareholders’ equity	2,229,787	2,263,229
Total liabilities and shareholders’ equity	$ 3,943,677	$ 3,813,912

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 5,894	$ 6,347
Preferred stock, authorized (in shares)	5,000,000,000,000	5,000,000
Preferred stock , par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	89,902,247	89,948,374
Treasury stock, shares (in shares)	14,587,137	13,860,340

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 594,462	$ 622,231
Cost of sales	322,506	338,397
Gross profit	271,956	283,834
Selling, general and administrative expenses	132,015	136,052
Operating income	139,941	147,782
Other (income) expense - net	1,565	(140)
Interest expense	10,877	10,921
Income before income taxes	127,499	137,001
Provision for income taxes	25,501	26,733
Net income	$ 101,998	$ 110,268
Basic earnings per common share (in dollars per share)	$ 1.35	$ 1.46
Diluted earnings per common share (in dollars per share)	$ 1.33	$ 1.44
Share data:
Basic weighted average common shares outstanding (in shares)	75,740	75,442
Diluted weighted average common shares outstanding (in shares)	76,452	76,284

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 101,998	$ 110,268
Other comprehensive income (loss):
Reclassification adjustments for derivatives, net of tax	1,194	1,227
Pension and other postretirement adjustments, net of tax	2,296	1,262
Cumulative translation adjustment	(26,456)	(3,281)
Other comprehensive income (loss)	(22,966)	(792)
Comprehensive income	$ 79,032	$ 109,476

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-In Capital	Retained Earnings	Cumulative Translation Adjustment	Retirement Benefits Adjustment	Cumulative Unrealized Gain (Loss) on Derivatives	Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for adoption of ASU | Accounting Standards Update 2016-02	$ 28		$ 28
Balance at Dec. 31, 2018	1,994,640	$ 739,240	2,342,079	$ (94,420)	$ (22,740)	$ (12,065)	$ (957,454)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	110,268		110,268
Cumulative translation adjustment	(3,281)			(3,281)
Net change in retirement obligations (net of tax)	1,262				1,262
Net change on derivatives designated as cash flow hedges (net of tax)	1,227					1,227
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	8,870						8,870
Repurchase of shares of common stock	(51,706)						(51,706)
Shares surrendered for tax withholding	(11,479)						(11,479)
Share-based compensation	5,403	5,403
Balance at Mar. 31, 2019	2,055,232	744,643	2,452,375	(97,701)	(21,478)	(10,838)	(1,011,769)
Balance at Dec. 31, 2019	2,263,229	761,352	2,615,131	(94,353)	(25,809)	(7,183)	(985,909)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	101,998		101,998
Cumulative translation adjustment	(26,456)			(26,456)
Net change in retirement obligations (net of tax)	2,296				2,296
Net change on derivatives designated as cash flow hedges (net of tax)	1,194					1,194
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	2,089						2,089
Repurchase of shares of common stock	(108,907)						(108,907)
Shares surrendered for tax withholding	(12,119)						(12,119)
Share-based compensation	6,463	6,463
Balance at Mar. 31, 2020	$ 2,229,787	$ 767,815	$ 2,717,129	$ (120,809)	$ (23,513)	$ (5,989)	$ (1,104,846)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Pension and other postretirement adjustments, tax	$ 578	$ 438
Amortization of forward starting swaps, tax	$ 351	$ 361
Issuance of common stock from performance share units and exercise of stock options (in shares)	131,757	264,090
Issuance of common stock from exercise of stock options and deferred compensation plans, tax amount	$ 3,061	$ 3,415
Purchase of common stock (in shares)	866,823	369,810

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 101,998	$ 110,268
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,453	9,660
Amortization of intangible assets	9,544	8,999
Amortization of debt issuance expenses	343	335
Share-based compensation expense	6,730	7,560
Deferred income taxes	2,012	3,027
Non-cash interest expense associated with forward starting swaps	1,545	1,588
Changes in (net of the effect from acquisitions):
Receivables	(24,190)	(21,402)
Inventories	(23,717)	(18,548)
Other current assets	(14,267)	(7,119)
Trade accounts payable	14,146	17,488
Accrued expenses	2,060	(24,606)
Other - net	(1,897)	1,413
Net cash flows provided by operating activities	84,760	88,663
Cash flows from investing activities
Purchases of property, plant and equipment	(12,762)	(12,875)
Acquisition of businesses, net of cash acquired	(120,839)	0
Proceeds from disposal of fixed assets	41	629
Other - net	(160)	(195)
Net cash flows used in investing activities	(133,720)	(12,441)
Cash flows from financing activities
Borrowings under revolving credit facilities	150,000	0
Dividends paid	(38,736)	(33,446)
Proceeds from stock option exercises	2,089	8,870
Repurchases of common stock	(108,907)	(50,797)
Shares surrendered for tax withholding	(12,119)	(11,479)
Other - net	(129)	(129)
Net cash flows used in financing activities	(7,802)	(86,981)
Effect of exchange rate changes on cash and cash equivalents	(6,600)	482
Net increase (decrease) in cash	(63,362)	(10,277)
Cash and cash equivalents at beginning of year	632,581	466,407
Cash and cash equivalents at end of period	569,219	456,130
Cash paid for:
Interest	276	323
Income taxes	$ 10,492	$ 13,911

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX,” “we,” “our,” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the entire year. The Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued a subsequent amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the prior “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. ASU 2018-19 affects loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope of this amendment that represent the contractual right to receive cash. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. The Company adopted this standard on January 1, 2020 using the prospective transition approach. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2020
Business Combinations and Dispositions [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures All of the Company’s acquisitions of businesses have been accounted for under ASC 805, Business Combinations . Accordingly, the accounts of the acquired companies, after adjustments to reflect the fair values assigned to assets and liabilities, have been included in the Company’s condensed consolidated financial statements from their respective dates of acquisition. The Company incurred acquisition-related transaction costs of $1.1 million and $0.3 million in the three months ended March 31, 2020 and 2019 , respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. 2020 Acquisition On February 28, 2020, the Company acquired the stock of Flow Management Devices, LLC (“Flow MD”), a privately held provider of flow measurement systems that ensure custody transfer accuracy in the oil and gas industry. Flow MD engineers and manufactures small volume provers. Headquartered in Phoenix, AZ, with operations in Houston, TX and Pittsburgh, PA, Flow MD operates in our Energy group within the Fluid & Metering Technologies segment. Flow MD was acquired for cash consideration of $120.8 million . The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $63.4 million and $49.5 million, respectively. The goodwill is deductible for tax purposes. The Company made an initial allocation of the purchase price for the Flow MD acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information about these assets and liabilities, including intangible asset appraisals, inventory valuation and accrued expenses, and continues to learn more about the newly acquired business, we will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will continue to make required adjustments to the purchase price allocation prior to the completion of the measurement period. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: (In thousands) Total Current assets, net of cash acquired $ 35,494 Property, plant and equipment 4,587 Goodwill 63,374 Intangible assets 49,500 Other noncurrent assets 1,291 Total assets acquired 154,246 Current liabilities (34,059 ) Deferred income taxes 981 Other noncurrent liabilities (329 ) Net assets acquired $ 120,839 Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business. The acquired intangible assets and weighted average amortization periods are as follows: (In thousands, except weighted average life) Total Weighted Average Life Trade names $ 6,000 15 Customer relationships 28,000 10 Unpatented technology 15,500 20 Acquired intangible assets $ 49,500 2019 Acquisition On July 18, 2019, the Company acquired the stock of Velcora Holding AB (“Velcora”) and its operating subsidiaries, Roplan and Steridose. Roplan is a global manufacturer of custom mechanical and shaft seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment. Steridose develops engineered hygienic mixers and valves for the global biopharmaceutical industry. Both companies are headquartered in Sweden, with operations in China, the United Kingdom and the United States and operate in our Health & Science Technologies segment. Velcora was acquired for cash consideration of $ 87.2 million and the assumption of $51.1 million of debt. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $86.4 million and $48.2 million, respectively. The goodwill is not deductible for tax purposes. The Company made an initial allocation of the purchase price for the Velcora acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information about these assets and liabilities and continues to learn more about these businesses, we will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will make required adjustments to the purchase price allocation prior to the completion of the measurement period. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: (In thousands) Total Current assets, net of cash acquired $ 20,414 Property, plant and equipment 1,656 Goodwill 86,447 Intangible assets 48,183 Other noncurrent assets 788 Total assets acquired 157,488 Current liabilities (7,630 ) Long-term borrowings (51,130 ) Deferred income taxes (11,094 ) Other noncurrent liabilities (454 ) Net assets acquired $ 87,180 Acquired intangible assets consist of trade names, customer relationships and unpatented technology. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of these businesses. The acquired intangible assets and weighted average amortization periods are as follows: (In thousands, except weighted average life) Total Weighted Average Life Trade names $ 7,089 15 Customer relationships 34,677 12 Unpatented technology 6,417 9 Acquired intangible assets $ 48,183

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Business Segments	Business Segments IDEX has three reportable business segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. The Fluid & Metering Technologies (“FMT”) segment designs, produces and distributes positive displacement pumps, small volume provers, flow meters, injectors and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agriculture and energy industries. The Health & Science Technologies (“HST”) segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems used in beverage, food processing, pharmaceutical and cosmetics, pneumatic components and sealing solutions, including very high precision, low-flow rate pumping solutions required in analytical instrumentation, clinical diagnostics and drug discovery, high performance molded and extruded sealing components, custom mechanical and shaft seals for a variety of end markets including food and beverage, marine, chemical, wastewater and water treatment, engineered hygienic mixers and valves for the global biopharmaceutical industry, biocompatible medical devices and implantables, air compressors used in medical, dental and industrial applications, optical components and coatings for applications in the fields of scientific research, defense, biotechnology, aerospace, telecommunications and electronics manufacturing, laboratory and commercial equipment used in the production of micro and nano scale materials, precision photonic solutions used in life sciences, research and defense markets and precision gear and peristaltic pump technologies that meet exacting original equipment manufacturer specifications. The Fire & Safety/Diversified Products (“FSDP”) segment designs, produces and develops firefighting pumps, valves and controls, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world. Information on the Company’s business segments is presented below based on the nature of products and services offered. The Company evaluates performance based on several factors, of which sales, operating income and operating margin are the primary financial measures. Intersegment sales are accounted for at fair value as if the sales were to third parties. Three Months Ended March 31, 2020 2019 Net sales Fluid & Metering Technologies External customers $ 226,712 $ 242,336 Intersegment sales 149 186 Total segment sales 226,861 242,522 Health & Science Technologies External customers 223,456 224,688 Intersegment sales 603 602 Total segment sales 224,059 225,290 Fire & Safety/Diversified Products External customers 144,294 155,207 Intersegment sales 30 952 Total segment sales 144,324 156,159 Intersegment elimination (782 ) (1,740 ) Total net sales $ 594,462 $ 622,231 Operating income Fluid & Metering Technologies $ 66,771 $ 71,866 Health & Science Technologies 52,643 54,154 Fire & Safety/Diversified Products 38,037 40,328 Corporate office (17,510 ) (18,566 ) Total operating income 139,941 147,782 Interest expense 10,877 10,921 Other (income) expense - net 1,565 (140 ) Income before income taxes $ 127,499 $ 137,001 March 31, December 31, Assets Fluid & Metering Technologies $ 1,349,083 $ 1,150,712 Health & Science Technologies 1,488,273 1,507,108 Fire & Safety/Diversified Products 797,271 825,398 Corporate office 309,050 330,694 Total assets $ 3,943,677 $ 3,813,912

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue IDEX is an applied solutions company specializing in the manufacture of fluid and metering technologies, health and science technologies and fire, safety and other diversified products built to customers’ specifications. The Company’s products include industrial pumps, provers, compressors, flow meters, injectors, valves and related controls for use in a wide variety of process applications; precision fluidics solutions, including pumps, valves, degassing equipment, corrective tubing, fittings and complex manifolds, optical filters and specialty medical equipment and devices for use in life science applications; precision-engineered equipment for dispensing, metering and mixing paints; and engineered products for industrial and commercial markets, including fire and rescue, transportation equipment, oil and gas, electronics and communications. Revenue is recognized when control of products or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those products or providing those services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. We determine the appropriate revenue recognition for our contracts with customers by analyzing the type, terms and conditions of each contract or arrangement with a customer. Disaggregation of Revenue We have a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. We disaggregate our revenue from contracts with customers by reporting unit and geographical region for each of our segments as we believe it best depicts how the amount, nature, timing and uncertainty of our revenue and cash flows are affected by economic factors. Revenue was attributed to geographical region based on the location of the customer. The following tables present our revenue disaggregated by reporting unit and geographical region. Revenue by reporting unit for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 2019 Energy $ 38,514 $ 39,398 Valves 26,207 29,382 Water 58,336 61,132 Pumps 81,830 88,260 Agriculture 21,974 24,350 Intersegment elimination (149 ) (186 ) Fluid & Metering Technologies 226,712 242,336 Scientific Fluidics & Optics 106,142 107,308 Sealing Solutions 55,330 50,506 Gast 27,346 33,909 Micropump 7,715 8,755 Material Processing Technologies 27,526 24,812 Intersegment elimination (603 ) (602 ) Health & Science Technologies 223,456 224,688 Fire & Safety 94,068 99,448 BAND-IT 25,233 27,912 Dispensing 25,023 28,799 Intersegment elimination (30 ) (952 ) Fire & Safety/Diversified Products 144,294 155,207 Total net sales $ 594,462 $ 622,231 Revenue by geographical region for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 FMT HST FSDP IDEX U.S. $ 127,778 $ 95,996 $ 74,931 $ 298,705 North America, excluding U.S. 13,676 5,968 6,269 25,913 Europe 44,665 67,087 40,070 151,822 Asia 26,785 51,339 16,579 94,703 Other (1) 13,957 3,669 6,475 24,101 Intersegment elimination (149 ) (603 ) (30 ) (782 ) Total net sales $ 226,712 $ 223,456 $ 144,294 $ 594,462 Three Months Ended March 31, 2019 FMT HST FSDP IDEX U.S. $ 138,149 $ 99,051 $ 74,677 $ 311,877 North America, excluding U.S. 13,057 4,892 5,980 23,929 Europe 43,624 69,372 43,062 156,058 Asia 31,917 48,059 23,560 103,536 Other (1) 15,775 3,916 8,880 28,571 Intersegment elimination (186 ) (602 ) (952 ) (1,740 ) Total net sales $ 242,336 $ 224,688 $ 155,207 $ 622,231 (1) Other includes: South America, Middle East, Australia and Africa. Contract Balances The timing of revenue recognition, billings and cash collections can result in customer receivables, advance payments or billings in excess of revenue recognized. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables on our Condensed Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to invoice in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Customer receivables are recorded at face amount less an allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for expected losses as a result of customers’ inability to make required payments. Management evaluates the aging of customer receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of customer receivables that may not be collected in the future and records the appropriate provision. The composition of Customer receivables was as follows: March 31, 2020 December 31, 2019 Billed receivables $ 319,077 $ 286,196 Unbilled receivables 10,054 11,922 Total customer receivables $ 329,131 $ 298,118 Advance payments, deposits and billings in excess of revenue recognized are included in Deferred revenue which is classified as current or noncurrent based on the timing of when we expect to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on our Condensed Consolidated Balance Sheets. Advance payments or deposits represent contract liabilities and are recorded when customers remit contractual cash payments in advance of us satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. We generally receive advance payments from customers related to maintenance services which we recognize ratably over the service term. We also receive deposits from customers on certain orders which we recognize as revenue at a point in time. Billings in excess of revenue recognized represent contract liabilities and primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and revenue cannot yet be recognized as the Company has not completed the corresponding performance obligation. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied. The composition of Deferred revenue was as follows: March 31, 2020 December 31, 2019 Deferred revenue - current $ 43,563 $ 17,633 Deferred revenue - noncurrent 1,850 2,129 Total deferred revenue $ 45,413 $ 19,762 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. A contract’s transaction price is allocated to each performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For our contracts that require complex design, manufacturing and installation activities, certain performance obligations may not be separately identifiable from other performance obligations in the contract and, therefore, not distinct. As a result, the entire contract is accounted for as a single performance obligation. For our contracts that include distinct products or services that are substantially the same and have the same pattern of transfer to the customer over time, they are recognized as a series of distinct products or services. Certain of our contracts have multiple performance obligations for which we allocate the transaction price to each performance obligation using an estimate of the standalone selling price of each distinct product or service in the contract. For product sales, each product sold to a customer generally represents a distinct performance obligation. In such cases, the observable standalone sales are used to determine the standalone selling price. In certain cases, we may be required to estimate standalone selling price using the expected cost plus margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct product or service. Our performance obligations are satisfied at a point in time or over time as work progresses. Performance obligations are supported by contracts with customers that provide a framework for the nature of the distinct product or service or bundle of products and services. We define service revenue as revenue from activities that are not associated with the design, development or manufacture of a product or the delivery of a software license. Revenue from products and services transferred to customers at a point in time approximated 96% of total revenues in both the three months ended March 31, 2020 and 2019 . Revenue recognized at a point in time relates to the majority of our product sales. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms. Revenue from products and services transferred to customers over time approximated 4% of total revenues in both the three months ended March 31, 2020 and 2019 . Revenue earned by certain business units within the Water, Energy, Material Processing Technologies (“MPT”) and Dispensing reporting units is recognized over time because control transfers continuously to our customers. When accounting for over-time contracts, we use an input measure to determine the extent of progress towards completion of the performance obligation. For certain business units within the Water, Energy and MPT reporting units, revenue is recognized over time as work is performed based on the relationship between actual costs incurred to date for each contract and the total estimated costs for such contract at completion of the performance obligation (i.e. the cost-to-cost method). We believe this measure of progress best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Incurred cost represents work performed, which corresponds with the transfer of control to the customer. Contract costs include labor, material and overhead. Contract estimates are based on various assumptions to project the outcome of future events. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; the performance of subcontractors; and the availability and timing of funding from the customer. Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. For certain business units within the Energy and Dispensing reporting units, revenue is recognized ratably over the contract term. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our estimates regularly. Due to uncertainties inherent in the estimation process, it is reasonably possible that completion costs, including those arising from contract penalty provisions and final contract settlements, will be revised. Such revisions to costs and income are recognized in the period in which the revisions are determined as a cumulative catch-up adjustment. The impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize provisions for estimated losses on uncompleted contracts in the period in which such losses are determined. The Company records allowances for discounts and product returns at the time of sale as a reduction of revenue as such allowances can be reliably estimated based on historical experience and known trends. The Company also offers product warranties (primarily assurance-type) and accrues its estimated exposure for warranty claims at the time of sale based upon the length of the warranty period, warranty costs incurred and any other related information known to the Company.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of shares of common stock (basic) plus common stock equivalents outstanding (diluted) during the period. Common stock equivalents consist of stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method, restricted stock and performance share units. ASC 260, Earnings Per Share, concludes that all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends participate in undistributed earnings with common shareholders. If awards are considered participating securities, the Company is required to apply the two-class method of computing basic and diluted earnings per share. The Company has determined that its outstanding shares of restricted stock are participating securities. Accordingly, EPS was computed using the two-class method prescribed by ASC 260. Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: Three Months Ended March 31, 2020 2019 Basic weighted average common shares outstanding 75,740 75,442 Dilutive effect of stock options, restricted stock and performance share units 712 842 Diluted weighted average common shares outstanding 76,452 76,284 Options to purchase approximately 0.6 million shares of common stock for both the three months ended March 31, 2020 and 2019 were not included in the computation of diluted EPS because the effect of their inclusion would have been antidilutive.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories The components of inventories as of March 31, 2020 and December 31, 2019 were: March 31, December 31, Raw materials and component parts $ 204,491 $ 182,382 Work in process 42,021 28,761 Finished goods 94,069 82,324 Total inventories $ 340,581 $ 293,467 Inventories are stated at the lower of cost or net realizable value. Cost, which includes material, labor and factory overhead, is determined on a first in, first out basis.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the three months ended March 31, 2020 , by reportable business segment, were as follows: FMT HST FSDP IDEX Goodwill $ 599,646 $ 981,592 $ 399,138 $ 1,980,376 Accumulated goodwill impairment losses (20,721 ) (149,820 ) (30,090 ) (200,631 ) Balance at December 31, 2019 578,925 831,772 369,048 1,779,745 Foreign currency translation (1,643 ) (8,856 ) (2,278 ) (12,777 ) Acquisitions 63,374 — — 63,374 Acquisition adjustments — 1,631 — 1,631 Balance at March 31, 2020 $ 640,656 $ 824,547 $ 366,770 $ 1,831,973 ASC 350, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. In the first three months of 2020 , there were no events or circumstances that would have required an interim impairment test. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of our annual impairment test at October 31, 2019 , all reporting units had fair values in excess of their carrying values. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at March 31, 2020 and December 31, 2019 : At March 31, 2020 At December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Patents $ 6,735 $ (5,428 ) $ 1,307 11 $ 6,678 $ (5,276 ) $ 1,402 Trade names 127,840 (66,305 ) 61,535 16 123,062 (64,938 ) 58,124 Customer relationships 302,284 (101,098 ) 201,186 13 275,575 (96,252 ) 179,323 Unpatented technology 116,387 (45,215 ) 71,172 13 101,721 (43,561 ) 58,160 Other 700 (595 ) 105 10 700 (578 ) 122 Total amortized intangible assets 553,946 (218,641 ) 335,305 507,736 (210,605 ) 297,131 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 $ 644,846 $ (218,641 ) $ 426,205 $ 598,636 $ (210,605 ) $ 388,031 The Banjo trade name and the Akron Brass trade name are indefinite-lived intangible assets which are tested for impairment on an annual basis in accordance with ASC 350 or more frequently if events or changes in circumstances indicate that the assets might be impaired. In the first three months of 2020 , there were no events or circumstances that would have required an interim impairment test on these indefinite-lived intangible assets. The Company uses the relief-from-royalty method, a form of the income approach, to determine the fair value of these trade names. The relief-from-royalty method is dependent on a number of significant management assumptions, including estimates of revenues, royalty rates and discount rates. In the first three months of 2020 , the outbreak of the novel coronavirus (“COVID-19”) resulted in government lockdown mandates globally as well as deteriorating business conditions that have forced us to both reduce hours and temporarily close some facilities. These events required that an interim impairment test be performed on the definite-lived intangible assets at one of the Company’s businesses. The impairment test did not result in an impairment charge. Amortization of intangible assets was $9.5 million and $9.0 million for the three months ended March 31, 2020 and 2019 , respectively. Based on the intangible asset balances as of March 31, 2020 , amortization expense is expected to approximate $31.5 million for the remaining nine months of 2020 , $40.8 million in 2021 , $38.9 million in 2022 , $36.1 million in 2023 and $34.4 million in 2024 .

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses The components of accrued expenses as of March 31, 2020 and December 31, 2019 were: March 31, December 31, Payroll and related items $ 60,959 $ 77,556 Management incentive compensation 4,469 14,408 Income taxes payable 26,977 9,905 Insurance 10,979 8,240 Warranty 7,152 5,581 Deferred revenue 43,563 17,633 Lease liability 16,117 15,235 Restructuring 2,962 6,110 Liability for uncertain tax positions — 890 Accrued interest 10,448 1,735 Contingent consideration for acquisition 3,000 3,375 Other 22,221 19,622 Total accrued expenses $ 208,847 $ 180,290

Other Noncurrent Liabilities

Other Noncurrent Liabilities	3 Months Ended
	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Other Noncurrent Liabilities	Other Noncurrent Liabilities The components of other noncurrent liabilities as of March 31, 2020 and December 31, 2019 were: March 31, December 31, Pension and retiree medical obligations $ 82,543 $ 87,478 Transition tax payable 11,292 11,292 Liability for uncertain tax positions 3,629 3,008 Deferred revenue 1,850 2,129 Lease liability 80,802 69,928 Other 19,675 23,533 Total other noncurrent liabilities $ 199,791 $ 197,368

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Borrowings	Borrowings Borrowings at March 31, 2020 and December 31, 2019 consisted of the following: March 31, December 31, Revolving Facility $ 150,000 $ — 4.50% Senior Notes, due December 2020 300,000 300,000 4.20% Senior Notes, due December 2021 350,000 350,000 3.20% Senior Notes, due June 2023 100,000 100,000 3.37% Senior Notes, due June 2025 100,000 100,000 Other borrowings 483 622 Total borrowings 1,000,483 850,622 Less current portion 319 388 Less deferred debt issuance costs 830 983 Less unaccreted debt discount 314 387 Total long-term borrowings $ 999,020 $ 848,864 On June 13, 2016, the Company completed a private placement of a $100 million aggregate principal amount of 3.20% Senior Notes due June 13, 2023 and a $100 million aggregate principal amount of 3.37% Senior Notes due June 13, 2025 (collectively, the “Notes”) pursuant to a Note Purchase Agreement dated June 13, 2016 (the “Purchase Agreement”). Each series of Notes bears interest at the stated amount per annum, which is payable semi-annually in arrears on each June 13 th and December 13 th . The Notes are unsecured obligations of the Company and rank pari passu in right of payment with all of the Company’s other unsecured, unsubordinated debt. The Company may at any time prepay all, or any portion of the Notes, provided that such portion is greater than 5% of the aggregate principal amount of the Notes then outstanding. In the event of a prepayment, the Company will pay an amount equal to par plus accrued interest plus a make-whole amount. In addition, the Company may repurchase the Notes by making an offer to all holders of the Notes, subject to certain conditions. The Purchase Agreement contains certain covenants that restrict the Company’s ability to, among other things, transfer or sell assets, incur indebtedness, create liens, transact with affiliates and engage in certain mergers or consolidations or other change of control transactions. In addition, the Company must comply with a leverage ratio and interest coverage ratio, as further described below, and the Purchase Agreement also limits the outstanding principal amount of priority debt that may be incurred by the Company to 15% of consolidated assets. The Purchase Agreement provides for customary events of default. In the case of an event of default arising from specified events of bankruptcy or insolvency, all of the outstanding Notes will become due and payable immediately without further action or notice. In the case of a payment event of default, any holder of the Notes affected thereby may declare all of the Notes held by it due and payable immediately. In the case of any other event of default, a majority of the holders of the Notes may declare all of the Notes to be due and payable immediately. On May 31, 2019, the Company entered into a credit agreement (the “Credit Agreement”) along with certain of its subsidiaries, as borrowers (the “Borrowers”), Bank of America, N.A., as administrative agent, swing line lender and an issuer of letters of credit, with other agents party thereto. The Credit Agreement replaced the Company’s prior five-year, $700 million credit agreement, dated as of June 23, 2015, which was due to expire in June 2020. Terms and fees of the Credit Agreement are essentially the same as the prior credit agreement except for certain fees and interest rate pricing that are more favorable to the Company. The Credit Agreement consists of a revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of $800 million with a final maturity date of May 31, 2024 . The maturity date may be extended under certain conditions for an additional one -year term. Up to $75 million of the Revolving Facility is available for the issuance of letters of credit. Additionally, up to $50 million of the Revolving Facility is available to the Company for swing line loans, available on a same-day basis. Proceeds of the Revolving Facility are available for use by the Borrowers for acquisitions, working capital and other general corporate purposes, including refinancing existing debt of the Company and its subsidiaries. The Company may request increases in the lending commitments under the Credit Agreement, but the aggregate lending commitments pursuant to such increases may not exceed $400 million . The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain foreign subsidiaries of the Company as borrowers under the Credit Agreement. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries under the Credit Agreement. Borrowings under the Credit Agreement bear interest, at either an alternate base rate or adjusted LIBOR plus, in each case, an applicable margin. Such applicable margin is based on the lower of the Company’s senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio and can range from 0.00% to 1.275% . Based on the Company’s leverage ratio at March 31, 2020, the applicable margin was 0.90% resulting in a weighted average interest rate of 1.82% at March 31, 2020. Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of LIBOR loans, on the last day of the applicable interest period selected, or every three months from the effective date of such interest period for interest periods exceeding three months. The Credit Agreement requires payment to the lenders of a facility fee based upon the amount of the lenders’ commitments under the credit facility from time to time, determined based on the lower of the Company’s senior, unsecured long-term debt rating or the Company’s applicable leverage ratio. Voluntary prepayments of any loans and voluntary reductions of the unutilized portion of the commitments under the Credit Agreement are permissible without penalty, subject to break funding payments and minimum notice and minimum reduction amount requirements. The Credit Agreement contains customary affirmative and negative covenants for senior unsecured credit agreements, including an interest coverage ratio test and a leverage ratio test, in each case tested quarterly and, in the case of the leverage ratio, with an option to increase the ratio for 12 months in connection with certain acquisitions. The negative covenants include restrictions on the Company’s ability to grant liens, enter into transactions resulting in fundamental changes (such as mergers or sales of all or substantially all of the assets of the Company), make certain subsidiary dividends or distributions, engage in materially different lines of businesses and allow subsidiaries to incur certain additional debt. The Credit Agreement also contains customary events of default (subject to grace periods, as appropriate). At March 31, 2020 , there was $150.0 million balance outstanding under the Revolving Facility and $7.8 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility at March 31, 2020 of approximately $642.2 million . As of March 31, 2020 , $300.0 million 4.5% Senior Notes are due in December 2020 but have not been classified as short-term borrowings on the Condensed Consolidated Balance Sheets as the Company has the ability and intent to either refinance or repay the Notes using the available borrowing capacity of the Revolving Facility. As a result, the 4.5% Senior Notes remain classified as long-term borrowings on the Condensed Consolidated Balance Sheets as of March 31, 2020 . There are two key financial covenants that the Company is required to maintain in connection with the Revolving Facility and the Notes: a minimum interest coverage ratio of 3.00 to 1 and a maximum leverage ratio of 3.50 to 1 , which is the ratio of the Company’s consolidated total debt to its consolidated earnings before interest, income taxes, depreciation and amortization (“EBITDA”). In the case of the leverage ratio under the Revolving Facility, there is an option to increase the ratio to 4.00 for 12 months in connection with certain acquisitions. At March 31, 2020 , the Company was in compliance with both of these financial covenants. There are no financial covenants relating to the 4.5% Senior Notes or 4.2% Senior Notes; however, both are subject to cross-default provisions.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company enters into cash flow hedges from time to time to reduce the exposure to variability in certain expected future cash flows. The types of cash flow hedges the Company enters into include foreign currency exchange contracts designed to minimize the earnings impact on certain intercompany loans as well as interest rate exchange agreements designed to reduce the impact of interest rate changes on future interest expense that effectively convert a portion of floating-rate debt to fixed-rate debt. The effective portion of gains or losses on interest rate exchange agreements is reported in accumulated other comprehensive income (loss) in shareholders’ equity and reclassified into net income in the same period or periods in which the hedged transaction affects net income. The remaining gain or loss in excess of the cumulative change in the present value of future cash flows or the hedged item, if any, is recognized in net income during the period of change. See Note 15 for the amount of loss reclassified into net income for interest rate contracts for the three months ended March 31, 2020 and 2019 . As of March 31, 2020 , the Company did not have any interest rate contracts outstanding. In 2010 and 2011, the Company entered into two separate forward starting interest rate exchange agreements in anticipation of the issuance of the 4.2% Senior Notes and the 4.5% Senior Notes. The Company cash settled these two interest rate contracts in 2010 and 2011 for a total of $68.9 million , which is being amortized into interest expense over the 10 year terms of the respective debt instruments. Approximately $5.3 million of the pre-tax amount included in Accumulated other comprehensive income (loss) in shareholders’ equity at March 31, 2020 will be recognized in net income over the next 12 months as the underlying hedged transactions are realized. Fair values relating to derivative financial instruments reflect the estimated amounts that the Company would receive or pay to sell or buy the contracts based on quoted market prices of comparable contracts at each balance sheet date.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). The standard utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: • 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. The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheets at March 31, 2020 and December 31, 2019 : Basis of Fair Value Measurements Balance at March 31, 2020 Level 1 Level 2 Level 3 Available for sale securities $ 9,250 $ 9,250 $ — $ — Contingent consideration 3,000 — — 3,000 Basis of Fair Value Measurements Balance at December 31, 2019 Level 1 Level 2 Level 3 Available for sale securities $ 10,462 $ 10,462 $ — $ — Contingent consideration 3,375 — — 3,375 There were no transfers of assets or liabilities between Level 1 and Level 2 during the three months ended March 31, 2020 or the year ended December 31, 2019 . As of December 31, 2019, the Company utilized a Monte Carlo simulation to determine the fair value of the contingent consideration associated with the acquisition of Finger Lakes Instrumentation as of the acquisition date. In March 2020, the Company and the seller reached an agreement to settle the contingency for $3.0 million , which was paid in April 2020. As of March 31, 2020 , $3.0 million of contingent consideration was included in Accrued expenses on the Condensed Consolidated Balance Sheets. The carrying values of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair values because of the short term nature of these instruments. At March 31, 2020 , the fair value of the outstanding indebtedness under our Revolving Facility, 3.2% Senior Notes, 3.37% Senior Notes, 4.5% Senior Notes, 4.2% Senior Notes and other borrowings based on quoted market prices and current market rates for debt with similar credit risk and maturity was approximately $1,000.1 million compared to the carrying value of $1,000.2 million . At December 31, 2019 , the fair value of the outstanding indebtedness under our 3.2% Senior Notes, 3.37% Senior Notes, 4.5% Senior Notes, 4.2% Senior Notes and other borrowings based on quoted market prices and current market rates for debt with similar credit risk and maturity was approximately $876.0 million compared to the carrying value of $850.2 million . These fair value measurements are classified as Level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market, including interest rates on recent financing transactions to entities with a credit rating similar to ours.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Lessee Disclosure [Abstract]
Leases	Leases The Company leases certain office facilities, warehouses, manufacturing plants, equipment (which includes both office and plant equipment) and vehicles under operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew. The exercise of lease renewal options is at the Company’s sole discretion. There are currently no renewal periods included in any of the leases’ respective lease terms as they are not reasonably certain of being exercised. The Company does not have any material purchase options. Certain of our lease agreements have rental payments that are adjusted periodically for inflation or that are based on usage. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to leases as of March 31, 2020 and December 31, 2019 was as follows: Balance Sheet Caption March 31, 2020 December 31, 2019 Operating leases: Building right-of-use assets - net Other noncurrent assets $ 88,156 $ 75,381 Equipment right-of-use assets - net Other noncurrent assets 5,872 6,993 Total right-of-use assets - net $ 94,028 $ 82,374 Operating leases: Current lease liabilities Accrued expenses $ 16,117 $ 15,235 Noncurrent lease liabilities Other noncurrent liabilities 80,802 69,928 Total lease liabilities $ 96,919 $ 85,163 The components of lease cost for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating lease cost (1) $ 6,328 $ 5,375 Variable lease cost 641 593 Total lease expense $ 6,969 $ 5,968 (1) Includes short-term leases. Supplemental cash flow information related to leases for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,038 $ 5,539 Right-of-use assets obtained in exchange for new operating lease liabilities 17,024 1,809 Other supplemental information related to leases as of March 31, 2020 and December 31, 2019 was as follows: Lease Term and Discount Rate March 31, 2020 December 31, 2019 Weighted-average remaining lease term (years): Operating leases - building and equipment 9.84 9.61 Operating leases - vehicles 1.92 1.92 Weighted-average discount rate: Operating leases - building and equipment 3.75 % 4.08 % Operating leases - vehicles 2.93 % 2.99 % The Company uses its incremental borrowing rate to determine the present value of the lease payments. Total lease liabilities at March 31, 2020 have scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases (1) 2020 (excluding the three months ended March 31, 2020) $ 14,121 2021 16,206 2022 13,201 2023 10,812 2024 8,773 Thereafter 54,945 Total lease payments 118,058 Less: Imputed interest (21,139 ) Present value of lease liabilities $ 96,919 (1) Excludes $6.4 million of legally binding minimum lease payments for leases signed but not yet commenced. Total lease liabilities at December 31, 2019 had scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases 2020 $ 18,449 2021 15,070 2022 10,647 2023 8,894 2024 7,037 Thereafter 44,284 Total lease payments 104,381 Less: Imputed interest (19,218 ) Present value of lease liabilities $ 85,163

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the year ended December 31, 2019, the Company recorded accruals for restructuring costs incurred to facilitate long-term, sustainable growth through cost reduction actions, consisting of employee reductions and facility rationalization. Restructuring accruals of $3.0 million and $6.1 million at March 31, 2020 and December 31, 2019 , respectively, are reflected in Accrued expenses on our Condensed Consolidated Balance Sheets. Severance benefits are expected to be paid by the end of the year using cash from operations. The changes in the restructuring accrual for the three months ended March 31, 2020 are as follows: Restructuring Balance at January 1, 2020 $ 6,110 Restructuring expenses — Payments, utilization and other (3,148 ) Balance at March 31, 2020 $ 2,962

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) The components of Other comprehensive income (loss) are as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ (26,456 ) $ — $ (26,456 ) $ (3,281 ) $ — $ (3,281 ) Pension and other postretirement adjustments 2,874 (578 ) 2,296 1,700 (438 ) 1,262 Reclassification adjustments for derivatives 1,545 (351 ) 1,194 1,588 (361 ) 1,227 Total other comprehensive income (loss) $ (22,037 ) $ (929 ) $ (22,966 ) $ 7 $ (799 ) $ (792 ) The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss) to net income during the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 Income Statement Caption Pension and other postretirement plans: Amortization of net (gain) loss $ 2,874 $ 1,700 Other (income) expense - net Total before tax 2,874 1,700 Provision for income taxes (578 ) (438 ) Total net of tax $ 2,296 $ 1,262 Derivatives: Reclassification adjustments $ 1,545 $ 1,588 Interest expense Total before tax 1,545 1,588 Provision for income taxes (351 ) (361 ) Total net of tax $ 1,194 $ 1,227

Common and Preferred Stock

Common and Preferred Stock	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Common and Preferred Stock	Common and Preferred Stock On March 17, 2020 , the Company’s Board of Directors approved an increase of $500.0 million in the authorized level of repurchases of common stock. This approval is in addition to the prior repurchase authorizations of the Board of Directors of $300.0 million on December 1, 2015 and $400.0 million on November 6, 2014 . These authorizations have no expiration date. Repurchases under the program will be funded with future cash flow generation or borrowings available under the Revolving Facility. During the three months ended March 31, 2020 , the Company repurchased a total of 867 thousand shares at a cost of $108.9 million . During the three months ended March 31, 2019 , the Company repurchased a total of 370 thousand shares at a cost of $51.7 million , of which $0.9 million was settled in April 2019. As of March 31, 2020 , the amount of share repurchase authorizations remaining was $713.4 million . At March 31, 2020 and December 31, 2019 , the Company had 150 million shares of authorized common stock, with a par value of $.01 per share, and five million shares of authorized preferred stock, with a par value of $.01 per share. No preferred stock was outstanding at March 31, 2020 or December 31, 2019 .

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Board of Directors based on the recommendation from the Compensation Committee. Stock Options Stock options generally vest ratably over four years . Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model. Three Months Ended March 31, 2020 2019 Weighted average fair value of grants $34.34 $35.17 Dividend yield 1.15% 1.18% Volatility 22.01% 24.79% Risk-free interest rate 1.43% - 1.68% 2.53% - 3.05% Expected life (in years) 5.80 5.87 Total compensation cost for stock options is as follows: Three Months Ended March 31, 2020 2019 Cost of goods sold $ 185 $ 192 Selling, general and administrative expenses 3,145 2,540 Total expense before income taxes 3,330 2,732 Income tax benefit (367 ) (368 ) Total expense after income taxes $ 2,963 $ 2,364 A summary of the Company’s stock option activity as of March 31, 2020 and changes during the three months ended March 31, 2020 are presented in the following table: Stock Options Shares Weighted Average Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2020 1,386,539 $ 103.58 6.95 $ 94,764,140 Granted 341,285 173.31 Exercised (27,978 ) 74.68 Forfeited (22,665 ) 131.64 Outstanding at March 31, 2020 1,677,181 $ 117.88 7.36 $ 48,014,239 Vested and expected to vest as of March 31, 2020 1,214,651 $ 80.14 4.78 $ 36,239,484 Exercisable at March 31, 2020 562,925 $ 80.05 5.38 $ 32,686,084 Restricted Stock Restricted stock awards generally cliff vest after three years for employees and non-employee directors. Unvested restricted stock carries dividend and voting rights and the sale of the shares is restricted prior to the date of vesting. A summary of the Company’s restricted stock activity as of March 31, 2020 and changes during the three months ended March 31, 2020 are presented as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2020 130,248 $ 124.61 Granted 26,670 173.25 Vested (37,761 ) 94.52 Forfeited (6,990 ) 128.12 Unvested at March 31, 2020 112,167 $ 146.01 Dividends are paid on restricted stock awards and their fair value is equal to the market price of the Company’s stock at the date of the grant. Total compensation cost for restricted stock awards is as follows: Three Months Ended March 31, 2020 2019 Cost of goods sold $ 109 $ 138 Selling, general and administrative expenses 982 1,288 Total expense before income taxes 1,091 1,426 Income tax benefit (229 ) (275 ) Total expense after income taxes $ 862 $ 1,151 Cash-Settled Restricted Stock The Company also maintains a cash-settled share based compensation plan for certain employees. Cash-settled restricted stock awards generally cliff vest after three years . Cash-settled restricted stock awards are recorded at fair value on a quarterly basis using the market price of the Company’s stock on the last day of the quarter. A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2020 and changes during the three months ended March 31, 2020 are presented in the following table: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2020 74,560 $ 172.08 Granted 20,365 173.35 Vested (24,240 ) 173.35 Forfeited (805 ) 138.11 Unvested at March 31, 2020 69,880 $ 138.11 Dividend equivalents are paid on certain cash-settled restricted stock awards. Total compensation cost for cash-settled restricted stock is as follows: Three Months Ended March 31, 2020 2019 Cost of goods sold $ 71 $ 500 Selling, general and administrative expenses 189 1,530 Total expense before income taxes 260 2,030 Income tax benefit (16 ) (187 ) Total expense after income taxes $ 244 $ 1,843 Performance Share Units Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. Three Months Ended March 31, 2020 2019 Weighted average fair value of grants $224.14 $203.06 Dividend yield —% —% Volatility 19.5% 19.08% Risk-free interest rate 1.30% 2.53% Expected life (in years) 2.94 2.84 A summary of the Company’s performance share unit activity as of March 31, 2020 and changes during the three months ended March 31, 2020 are presented in the following table: Performance Share Units Shares Weighted-Average Unvested at January 1, 2020 100,575 $ 178.97 Granted 42,690 224.14 Vested — — Forfeited (4,185 ) 211.73 Unvested at March 31, 2020 139,080 $ 215.46 On December 31, 2019 , 54,545 performance share units vested. Based on the Company’s relative total shareholder return rank during the three year period ended December 31, 2019 , the Company achieved a 250% payout factor and issued 136,370 common shares in February 2020 . Total compensation cost for performance share units is as follows: Three Months Ended March 31, 2020 2019 Cost of goods sold $ — $ — Selling, general and administrative expenses 2,049 1,372 Total expense before income taxes 2,049 1,372 Income tax benefit (49 ) (48 ) Total expense after income taxes $ 2,000 $ 1,324 The Company’s policy is to recognize compensation cost on a straight-line basis, assuming forfeitures, over the requisite service period for the entire award. Classification of stock compensation cost within the Condensed Consolidated Statements of Operations is consistent with classification of cash compensation for the same employees. As of March 31, 2020 , there was $19.3 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.5 years, $7.7 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.2 years, $4.2 million of total unrecognized compensation cost related to cash-settled restricted shares that is expected to be recognized over a weighted-average period of 1.2 years and $14.1 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.1 years.

Retirement Benefits

Retirement Benefits	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans and other postretirement plans for its employees. The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans. Pension Benefits Three Months Ended March 31, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 34 $ 540 $ 208 $ 464 Interest cost 461 263 764 365 Expected return on plan assets (899 ) (291 ) (801 ) (264 ) Net amortization and settlement effect 744 426 487 284 Net periodic benefit cost $ 340 $ 938 $ 658 $ 849 Other Postretirement Benefits Three Months Ended March 31, 2020 2019 Service cost $ 155 $ 140 Interest cost 156 212 Net amortization (136 ) (159 ) Net periodic benefit cost $ 175 $ 193 The Company previously disclosed in its financial statements for the year ended December 31, 2019 , that it expected to contribute approximately $3.0 million to its defined benefit plans and $1.1 million to its other postretirement benefit plans in 2020 . During the first three months of 2020 , the Company contributed a total of $0.1 million to fund these plans. Effective September 30, 2019, the IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was amended to freeze the accrual of retirement benefits for all participants. This action impacted fewer than 60 participants, as the Plan had been closed to new entrants as of December 31, 2004 and frozen as of December 31, 2005 for all but certain older, longer service participants. Subsequent to the freeze, termination of the Plan was approved in November 2019. Participants were notified in February 2020 and the Plan will be terminated in May 2020. As a result, settlements have been triggered in the first quarter of 2020 and the Company recorded a charge of $0.3 million to Other (income) expense - net in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2020. In addition, the Plan’s funded status at March 31, 2020 is 105% , with assets valued at $89.1 million and liabilities of $84.6 million .

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings The Company and certain of its subsidiaries are involved in pending and threatened legal, regulatory and other proceedings arising in the ordinary course of business. These proceedings may pertain to matters such as product liability or contract disputes, and may also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters. Although the results of such legal proceedings cannot be predicted with certainty, the Company believes that the ultimate disposition of these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s business, financial condition, results of operations or cash flows.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal, state and foreign income. The provision for income taxes decreased to $25.5 million for the three months ended March 31, 2020 compared to $26.7 million during the same period in 2019 . The effective tax rate increased to 20.0% for the three months ended March 31, 2020 compared to 19.5% during the same period in 2019 primarily due to a decrease in the excess tax benefits related to share-based compensation. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the Company’s gross unrecognized tax benefits balance may change. However, these unrecognized tax benefits are long-term in nature and will not change within the next twelve months.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit losses (Topic 326): Measurement of Credit Losses on Financial Instruments and in November 2018 issued a subsequent amendment, ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 replaces the prior “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. ASU 2018-19 affects loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope of this amendment that represent the contractual right to receive cash. ASU 2016-13 and ASU 2018-19 should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. The Company adopted this standard on January 1, 2020 using the prospective transition approach. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations and Dispositions [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: (In thousands) Total Current assets, net of cash acquired $ 20,414 Property, plant and equipment 1,656 Goodwill 86,447 Intangible assets 48,183 Other noncurrent assets 788 Total assets acquired 157,488 Current liabilities (7,630 ) Long-term borrowings (51,130 ) Deferred income taxes (11,094 ) Other noncurrent liabilities (454 ) Net assets acquired $ 87,180 The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: (In thousands) Total Current assets, net of cash acquired $ 35,494 Property, plant and equipment 4,587 Goodwill 63,374 Intangible assets 49,500 Other noncurrent assets 1,291 Total assets acquired 154,246 Current liabilities (34,059 ) Deferred income taxes 981 Other noncurrent liabilities (329 ) Net assets acquired $ 120,839
Schedule of Finite-Lived Intangible Assets Acquired	The acquired intangible assets and weighted average amortization periods are as follows: (In thousands, except weighted average life) Total Weighted Average Life Trade names $ 7,089 15 Customer relationships 34,677 12 Unpatented technology 6,417 9 Acquired intangible assets $ 48,183 The acquired intangible assets and weighted average amortization periods are as follows: (In thousands, except weighted average life) Total Weighted Average Life Trade names $ 6,000 15 Customer relationships 28,000 10 Unpatented technology 15,500 20 Acquired intangible assets $ 49,500

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Information On Company's Business Segments	Information on the Company’s business segments is presented below based on the nature of products and services offered. The Company evaluates performance based on several factors, of which sales, operating income and operating margin are the primary financial measures. Intersegment sales are accounted for at fair value as if the sales were to third parties. Three Months Ended March 31, 2020 2019 Net sales Fluid & Metering Technologies External customers $ 226,712 $ 242,336 Intersegment sales 149 186 Total segment sales 226,861 242,522 Health & Science Technologies External customers 223,456 224,688 Intersegment sales 603 602 Total segment sales 224,059 225,290 Fire & Safety/Diversified Products External customers 144,294 155,207 Intersegment sales 30 952 Total segment sales 144,324 156,159 Intersegment elimination (782 ) (1,740 ) Total net sales $ 594,462 $ 622,231 Operating income Fluid & Metering Technologies $ 66,771 $ 71,866 Health & Science Technologies 52,643 54,154 Fire & Safety/Diversified Products 38,037 40,328 Corporate office (17,510 ) (18,566 ) Total operating income 139,941 147,782 Interest expense 10,877 10,921 Other (income) expense - net 1,565 (140 ) Income before income taxes $ 127,499 $ 137,001 March 31, December 31, Assets Fluid & Metering Technologies $ 1,349,083 $ 1,150,712 Health & Science Technologies 1,488,273 1,507,108 Fire & Safety/Diversified Products 797,271 825,398 Corporate office 309,050 330,694 Total assets $ 3,943,677 $ 3,813,912

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue by reporting unit for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 2019 Energy $ 38,514 $ 39,398 Valves 26,207 29,382 Water 58,336 61,132 Pumps 81,830 88,260 Agriculture 21,974 24,350 Intersegment elimination (149 ) (186 ) Fluid & Metering Technologies 226,712 242,336 Scientific Fluidics & Optics 106,142 107,308 Sealing Solutions 55,330 50,506 Gast 27,346 33,909 Micropump 7,715 8,755 Material Processing Technologies 27,526 24,812 Intersegment elimination (603 ) (602 ) Health & Science Technologies 223,456 224,688 Fire & Safety 94,068 99,448 BAND-IT 25,233 27,912 Dispensing 25,023 28,799 Intersegment elimination (30 ) (952 ) Fire & Safety/Diversified Products 144,294 155,207 Total net sales $ 594,462 $ 622,231
Schedule of External Net Sales Disaggregated by Geography	Revenue by geographical region for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 FMT HST FSDP IDEX U.S. $ 127,778 $ 95,996 $ 74,931 $ 298,705 North America, excluding U.S. 13,676 5,968 6,269 25,913 Europe 44,665 67,087 40,070 151,822 Asia 26,785 51,339 16,579 94,703 Other (1) 13,957 3,669 6,475 24,101 Intersegment elimination (149 ) (603 ) (30 ) (782 ) Total net sales $ 226,712 $ 223,456 $ 144,294 $ 594,462 Three Months Ended March 31, 2019 FMT HST FSDP IDEX U.S. $ 138,149 $ 99,051 $ 74,677 $ 311,877 North America, excluding U.S. 13,057 4,892 5,980 23,929 Europe 43,624 69,372 43,062 156,058 Asia 31,917 48,059 23,560 103,536 Other (1) 15,775 3,916 8,880 28,571 Intersegment elimination (186 ) (602 ) (952 ) (1,740 ) Total net sales $ 242,336 $ 224,688 $ 155,207 $ 622,231 (1) Other includes: South America, Middle East, Australia and Africa.
Schedule of Contract with Customer, Asset and Liability	The composition of Customer receivables was as follows: March 31, 2020 December 31, 2019 Billed receivables $ 319,077 $ 286,196 Unbilled receivables 10,054 11,922 Total customer receivables $ 329,131 $ 298,118
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The composition of Deferred revenue was as follows: March 31, 2020 December 31, 2019 Deferred revenue - current $ 43,563 $ 17,633 Deferred revenue - noncurrent 1,850 2,129 Total deferred revenue $ 45,413 $ 19,762

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares	Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: Three Months Ended March 31, 2020 2019 Basic weighted average common shares outstanding 75,740 75,442 Dilutive effect of stock options, restricted stock and performance share units 712 842 Diluted weighted average common shares outstanding 76,452 76,284

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Components of Inventories	The components of inventories as of March 31, 2020 and December 31, 2019 were: March 31, December 31, Raw materials and component parts $ 204,491 $ 182,382 Work in process 42,021 28,761 Finished goods 94,069 82,324 Total inventories $ 340,581 $ 293,467

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2020 , by reportable business segment, were as follows: FMT HST FSDP IDEX Goodwill $ 599,646 $ 981,592 $ 399,138 $ 1,980,376 Accumulated goodwill impairment losses (20,721 ) (149,820 ) (30,090 ) (200,631 ) Balance at December 31, 2019 578,925 831,772 369,048 1,779,745 Foreign currency translation (1,643 ) (8,856 ) (2,278 ) (12,777 ) Acquisitions 63,374 — — 63,374 Acquisition adjustments — 1,631 — 1,631 Balance at March 31, 2020 $ 640,656 $ 824,547 $ 366,770 $ 1,831,973
Schedule of Gross Carrying Value and Accumulated Amortization For Each Major Class of Intangible Asset	The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at March 31, 2020 and December 31, 2019 : At March 31, 2020 At December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life Gross Carrying Amount Accumulated Amortization Net Amortized intangible assets: Patents $ 6,735 $ (5,428 ) $ 1,307 11 $ 6,678 $ (5,276 ) $ 1,402 Trade names 127,840 (66,305 ) 61,535 16 123,062 (64,938 ) 58,124 Customer relationships 302,284 (101,098 ) 201,186 13 275,575 (96,252 ) 179,323 Unpatented technology 116,387 (45,215 ) 71,172 13 101,721 (43,561 ) 58,160 Other 700 (595 ) 105 10 700 (578 ) 122 Total amortized intangible assets 553,946 (218,641 ) 335,305 507,736 (210,605 ) 297,131 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 $ 644,846 $ (218,641 ) $ 426,205 $ 598,636 $ (210,605 ) $ 388,031

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Components of Accrued Expenses	The components of accrued expenses as of March 31, 2020 and December 31, 2019 were: March 31, December 31, Payroll and related items $ 60,959 $ 77,556 Management incentive compensation 4,469 14,408 Income taxes payable 26,977 9,905 Insurance 10,979 8,240 Warranty 7,152 5,581 Deferred revenue 43,563 17,633 Lease liability 16,117 15,235 Restructuring 2,962 6,110 Liability for uncertain tax positions — 890 Accrued interest 10,448 1,735 Contingent consideration for acquisition 3,000 3,375 Other 22,221 19,622 Total accrued expenses $ 208,847 $ 180,290

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Schedule of Other Noncurrent Liabilities	The components of other noncurrent liabilities as of March 31, 2020 and December 31, 2019 were: March 31, December 31, Pension and retiree medical obligations $ 82,543 $ 87,478 Transition tax payable 11,292 11,292 Liability for uncertain tax positions 3,629 3,008 Deferred revenue 1,850 2,129 Lease liability 80,802 69,928 Other 19,675 23,533 Total other noncurrent liabilities $ 199,791 $ 197,368

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Borrowings	Borrowings at March 31, 2020 and December 31, 2019 consisted of the following: March 31, December 31, Revolving Facility $ 150,000 $ — 4.50% Senior Notes, due December 2020 300,000 300,000 4.20% Senior Notes, due December 2021 350,000 350,000 3.20% Senior Notes, due June 2023 100,000 100,000 3.37% Senior Notes, due June 2025 100,000 100,000 Other borrowings 483 622 Total borrowings 1,000,483 850,622 Less current portion 319 388 Less deferred debt issuance costs 830 983 Less unaccreted debt discount 314 387 Total long-term borrowings $ 999,020 $ 848,864

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Company's Financial Assets and (Liabilities) at Fair Value on Recurring Basis	The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheets at March 31, 2020 and December 31, 2019 : Basis of Fair Value Measurements Balance at March 31, 2020 Level 1 Level 2 Level 3 Available for sale securities $ 9,250 $ 9,250 $ — $ — Contingent consideration 3,000 — — 3,000 Basis of Fair Value Measurements Balance at December 31, 2019 Level 1 Level 2 Level 3 Available for sale securities $ 10,462 $ 10,462 $ — $ — Contingent consideration 3,375 — — 3,375

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Lessee Disclosure [Abstract]
Supplemental Balance Sheet Disclosures	Supplemental balance sheet information related to leases as of March 31, 2020 and December 31, 2019 was as follows: Balance Sheet Caption March 31, 2020 December 31, 2019 Operating leases: Building right-of-use assets - net Other noncurrent assets $ 88,156 $ 75,381 Equipment right-of-use assets - net Other noncurrent assets 5,872 6,993 Total right-of-use assets - net $ 94,028 $ 82,374 Operating leases: Current lease liabilities Accrued expenses $ 16,117 $ 15,235 Noncurrent lease liabilities Other noncurrent liabilities 80,802 69,928 Total lease liabilities $ 96,919 $ 85,163
Schedule of Lease, Cost	The components of lease cost for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Operating lease cost (1) $ 6,328 $ 5,375 Variable lease cost 641 593 Total lease expense $ 6,969 $ 5,968 (1) Includes short-term leases.
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information related to leases for the three months ended March 31, 2020 and 2019 was as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,038 $ 5,539 Right-of-use assets obtained in exchange for new operating lease liabilities 17,024 1,809 Other supplemental information related to leases as of March 31, 2020 and December 31, 2019 was as follows: Lease Term and Discount Rate March 31, 2020 December 31, 2019 Weighted-average remaining lease term (years): Operating leases - building and equipment 9.84 9.61 Operating leases - vehicles 1.92 1.92 Weighted-average discount rate: Operating leases - building and equipment 3.75 % 4.08 % Operating leases - vehicles 2.93 % 2.99 %
Schedule of Operating Lease, Liability, Maturity	Total lease liabilities at March 31, 2020 have scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases (1) 2020 (excluding the three months ended March 31, 2020) $ 14,121 2021 16,206 2022 13,201 2023 10,812 2024 8,773 Thereafter 54,945 Total lease payments 118,058 Less: Imputed interest (21,139 ) Present value of lease liabilities $ 96,919 (1) Excludes $6.4 million of legally binding minimum lease payments for leases signed but not yet commenced.
Schedule of Future Minimum Rental Payments for Operating Leases	Total lease liabilities at December 31, 2019 had scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases 2020 $ 18,449 2021 15,070 2022 10,647 2023 8,894 2024 7,037 Thereafter 44,284 Total lease payments 104,381 Less: Imputed interest (19,218 ) Present value of lease liabilities $ 85,163

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve	The changes in the restructuring accrual for the three months ended March 31, 2020 are as follows: Restructuring Balance at January 1, 2020 $ 6,110 Restructuring expenses — Payments, utilization and other (3,148 ) Balance at March 31, 2020 $ 2,962

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of Other comprehensive income (loss) are as follows: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ (26,456 ) $ — $ (26,456 ) $ (3,281 ) $ — $ (3,281 ) Pension and other postretirement adjustments 2,874 (578 ) 2,296 1,700 (438 ) 1,262 Reclassification adjustments for derivatives 1,545 (351 ) 1,194 1,588 (361 ) 1,227 Total other comprehensive income (loss) $ (22,037 ) $ (929 ) $ (22,966 ) $ 7 $ (799 ) $ (792 )
Reclassification out of Accumulated Other Comprehensive Income	The following table summarizes the amounts reclassified from accumulated other comprehensive income (loss) to net income during the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 Income Statement Caption Pension and other postretirement plans: Amortization of net (gain) loss $ 2,874 $ 1,700 Other (income) expense - net Total before tax 2,874 1,700 Provision for income taxes (578 ) (438 ) Total net of tax $ 2,296 $ 1,262 Derivatives: Reclassification adjustments $ 1,545 $ 1,588 Interest expense Total before tax 1,545 1,588 Provision for income taxes (351 ) (361 ) Total net of tax $ 1,194 $ 1,227

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Weighted Average Option Fair Values and Assumptions	Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model. Three Months Ended March 31, 2020 2019 Weighted average fair value of grants $34.34 $35.17 Dividend yield 1.15% 1.18% Volatility 22.01% 24.79% Risk-free interest rate 1.43% - 1.68% 2.53% - 3.05% Expected life (in years) 5.80 5.87
Schedule of Compensation Cost for Stock Options	Total compensation cost for stock options is as follows: Three Months Ended March 31, 2020 2019 Cost of goods sold $ 185 $ 192 Selling, general and administrative expenses 3,145 2,540 Total expense before income taxes 3,330 2,732 Income tax benefit (367 ) (368 ) Total expense after income taxes $ 2,963 $ 2,364
Schedule of Stock Option Activity	A summary of the Company’s stock option activity as of March 31, 2020 and changes during the three months ended March 31, 2020 are presented in the following table: Stock Options Shares Weighted Average Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2020 1,386,539 $ 103.58 6.95 $ 94,764,140 Granted 341,285 173.31 Exercised (27,978 ) 74.68 Forfeited (22,665 ) 131.64 Outstanding at March 31, 2020 1,677,181 $ 117.88 7.36 $ 48,014,239 Vested and expected to vest as of March 31, 2020 1,214,651 $ 80.14 4.78 $ 36,239,484 Exercisable at March 31, 2020 562,925 $ 80.05 5.38 $ 32,686,084
Schedule of Restricted Stock Activity	A summary of the Company’s restricted stock activity as of March 31, 2020 and changes during the three months ended March 31, 2020 are presented as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2020 130,248 $ 124.61 Granted 26,670 173.25 Vested (37,761 ) 94.52 Forfeited (6,990 ) 128.12 Unvested at March 31, 2020 112,167 $ 146.01
Schedule of Compensation Cost for Restricted Stock	Total compensation cost for restricted stock awards is as follows: Three Months Ended March 31, 2020 2019 Cost of goods sold $ 109 $ 138 Selling, general and administrative expenses 982 1,288 Total expense before income taxes 1,091 1,426 Income tax benefit (229 ) (275 ) Total expense after income taxes $ 862 $ 1,151
Schedule of Unvested Cash-settled Restricted Stock Activity	Cash-settled restricted stock awards are recorded at fair value on a quarterly basis using the market price of the Company’s stock on the last day of the quarter. A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2020 and changes during the three months ended March 31, 2020 are presented in the following table: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2020 74,560 $ 172.08 Granted 20,365 173.35 Vested (24,240 ) 173.35 Forfeited (805 ) 138.11 Unvested at March 31, 2020 69,880 $ 138.11
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock	Total compensation cost for cash-settled restricted stock is as follows: Three Months Ended March 31, 2020 2019 Cost of goods sold $ 71 $ 500 Selling, general and administrative expenses 189 1,530 Total expense before income taxes 260 2,030 Income tax benefit (16 ) (187 ) Total expense after income taxes $ 244 $ 1,843
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions	Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. Three Months Ended March 31, 2020 2019 Weighted average fair value of grants $224.14 $203.06 Dividend yield —% —% Volatility 19.5% 19.08% Risk-free interest rate 1.30% 2.53% Expected life (in years) 2.94 2.84
Schedule of Performance Shares Units Activity	A summary of the Company’s performance share unit activity as of March 31, 2020 and changes during the three months ended March 31, 2020 are presented in the following table: Performance Share Units Shares Weighted-Average Unvested at January 1, 2020 100,575 $ 178.97 Granted 42,690 224.14 Vested — — Forfeited (4,185 ) 211.73 Unvested at March 31, 2020 139,080 $ 215.46
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Total compensation cost for performance share units is as follows: Three Months Ended March 31, 2020 2019 Cost of goods sold $ — $ — Selling, general and administrative expenses 2,049 1,372 Total expense before income taxes 2,049 1,372 Income tax benefit (49 ) (48 ) Total expense after income taxes $ 2,000 $ 1,324

Retirement Benefits (Tables)

Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans	The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans. Pension Benefits Three Months Ended March 31, 2020 2019 U.S. Non-U.S. U.S. Non-U.S. Service cost $ 34 $ 540 $ 208 $ 464 Interest cost 461 263 764 365 Expected return on plan assets (899 ) (291 ) (801 ) (264 ) Net amortization and settlement effect 744 426 487 284 Net periodic benefit cost $ 340 $ 938 $ 658 $ 849 Other Postretirement Benefits Three Months Ended March 31, 2020 2019 Service cost $ 155 $ 140 Interest cost 156 212 Net amortization (136 ) (159 ) Net periodic benefit cost $ 175 $ 193

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands	Feb. 28, 2020	Jul. 18, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 1,831,973		$ 1,779,745
Flow MD
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	$ 120,800
Goodwill	63,374
Intangible assets	49,500
Goodwill tax deductible amount	$ 63,400
Velcora Holding AB
Business Acquisition [Line Items]
Aggregate purchase price, cash paid		$ 87,200
Assumed debt		51,100
Goodwill		86,447
Intangible assets		$ 48,183
Selling, general and administrative expenses
Business Acquisition [Line Items]
Acquisition-related transaction costs			$ 1,100	$ 300

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Feb. 28, 2020	Dec. 31, 2019	Jul. 18, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,831,973		$ 1,779,745
Flow MD
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 35,494
Property, plant and equipment		4,587
Goodwill		63,374
Intangible assets		49,500
Other noncurrent assets		1,291
Total assets acquired		154,246
Current liabilities		(34,059)
Deferred income taxes		981
Other noncurrent liabilities		(329)
Net assets acquired		$ 120,839
Velcora Holding AB
Business Acquisition [Line Items]
Current assets, net of cash acquired				$ 20,414
Property, plant and equipment				1,656
Goodwill				86,447
Intangible assets				48,183
Other noncurrent assets				788
Total assets acquired				157,488
Current liabilities				(7,630)
Long-term borrowings				(51,130)
Deferred income taxes				(11,094)
Other noncurrent liabilities				(454)
Net assets acquired				$ 87,180

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Acquired Intangible Assets and Weighted Average Amortization Periods (Details) - USD ($) $ in Thousands	Feb. 28, 2020	Jul. 18, 2019
Flow MD
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 49,500
Flow MD | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 6,000
Acquired intangible assets, Weighted Average Life	15 years
Flow MD | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 28,000
Acquired intangible assets, Weighted Average Life	10 years
Flow MD | Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total	$ 15,500
Acquired intangible assets, Weighted Average Life	20 years
Velcora Holding AB
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 48,183
Velcora Holding AB | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 7,089
Acquired intangible assets, Weighted Average Life		15 years
Velcora Holding AB | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 34,677
Acquired intangible assets, Weighted Average Life		12 years
Velcora Holding AB | Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, Total		$ 6,417
Acquired intangible assets, Weighted Average Life		9 years

Business Segments - Narrative (

Business Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable business segments	3

Business Segments - Schedule of

Business Segments - Schedule of Information on Company's Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 594,462	$ 622,231
Operating income	139,941	147,782
Interest expense	10,877	10,921
Other (income) expense - net	1,565	(140)
Income before income taxes	127,499	137,001
Total assets	3,943,677		$ 3,813,912
Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	(782)	(1,740)
Corporate office
Segment Reporting Information [Line Items]
Operating income	(17,510)	(18,566)
Total assets	309,050		330,694
Fluid & Metering Technologies
Segment Reporting Information [Line Items]
Net sales	226,712	242,336
Operating income	66,771	71,866
Fluid & Metering Technologies | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	149	186
Fluid & Metering Technologies | Operating Segments
Segment Reporting Information [Line Items]
Net sales	226,861	242,522
Total assets	1,349,083		1,150,712
Health & Science Technologies
Segment Reporting Information [Line Items]
Net sales	223,456	224,688
Operating income	52,643	54,154
Health & Science Technologies | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	603	602
Health & Science Technologies | Operating Segments
Segment Reporting Information [Line Items]
Net sales	224,059	225,290
Total assets	1,488,273		1,507,108
Fire & Safety/Diversified Products
Segment Reporting Information [Line Items]
Net sales	144,294	155,207
Operating income	38,037	40,328
Fire & Safety/Diversified Products | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales	30	952
Fire & Safety/Diversified Products | Operating Segments
Segment Reporting Information [Line Items]
Net sales	144,324	$ 156,159
Total assets	$ 797,271		$ 825,398

Revenue - Revenue by Reporting

Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 594,462	$ 622,231
Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(782)	(1,740)
Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Total net sales	226,712	242,336
Fluid & Metering Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	226,712	242,336
Fluid & Metering Technologies | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(149)	(186)
Fluid & Metering Technologies | Energy | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	38,514	39,398
Fluid & Metering Technologies | Valves | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	26,207	29,382
Fluid & Metering Technologies | Water | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	58,336	61,132
Fluid & Metering Technologies | Pumps | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	81,830	88,260
Fluid & Metering Technologies | Agriculture | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	21,974	24,350
Health & Science Technologies
Disaggregation of Revenue [Line Items]
Total net sales	223,456	224,688
Health & Science Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	223,456	224,688
Health & Science Technologies | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(603)	(602)
Health & Science Technologies | Scientific Fluidics & Optics | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	106,142	107,308
Health & Science Technologies | Sealing Solutions | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	55,330	50,506
Health & Science Technologies | Gast | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	27,346	33,909
Health & Science Technologies | Micropump | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	7,715	8,755
Health & Science Technologies | Material Processing Technologies | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	27,526	24,812
Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Total net sales	144,294	155,207
Fire & Safety/Diversified Products | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	144,294	155,207
Fire & Safety/Diversified Products | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(30)	(952)
Fire & Safety/Diversified Products | Fire & Safety | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	94,068	99,448
Fire & Safety/Diversified Products | BAND-IT | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	25,233	27,912
Fire & Safety/Diversified Products | Dispensing | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 25,023	$ 28,799

Revenue - Revenue by Geography

Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total net sales	$ 594,462	$ 622,231
Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(782)	(1,740)
U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	298,705	311,877
North America, excluding U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	25,913	23,929
Europe | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	151,822	156,058
Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	94,703	103,536
Other | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	24,101	28,571
FMT
Disaggregation of Revenue [Line Items]
Total net sales	226,712	242,336
FMT | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	226,712	242,336
FMT | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(149)	(186)
FMT | U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	127,778	138,149
FMT | North America, excluding U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	13,676	13,057
FMT | Europe | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	44,665	43,624
FMT | Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	26,785	31,917
FMT | Other | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	13,957	15,775
HST
Disaggregation of Revenue [Line Items]
Total net sales	223,456	224,688
HST | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	223,456	224,688
HST | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(603)	(602)
HST | U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	95,996	99,051
HST | North America, excluding U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	5,968	4,892
HST | Europe | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	67,087	69,372
HST | Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	51,339	48,059
HST | Other | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	3,669	3,916
FSDP
Disaggregation of Revenue [Line Items]
Total net sales	144,294	155,207
FSDP | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	144,294	155,207
FSDP | Intersegment elimination
Disaggregation of Revenue [Line Items]
Total net sales	(30)	(952)
FSDP | U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	74,931	74,677
FSDP | North America, excluding U.S. | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	6,269	5,980
FSDP | Europe | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	40,070	43,062
FSDP | Asia | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	16,579	23,560
FSDP | Other | Operating Segments
Disaggregation of Revenue [Line Items]
Total net sales	$ 6,475	$ 8,880

Revenue - Receivables (Details)

Revenue - Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 329,131	$ 298,118
Unbilled receivables	10,054	11,922
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 319,077	$ 286,196

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 43,563	$ 17,633
Deferred revenue - noncurrent	1,850	2,129
Total deferred revenue	$ 45,413	$ 19,762

Revenue - Additional Informatio

Revenue - Additional Information (Details) - Revenue from Contract with Customer - Product Concentration Risk	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	96.00%	96.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	4.00%	4.00%

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	75,740	75,442
Dilutive effect of stock options, restricted stock and performance share units (in shares)	712	842
Diluted weighted average common shares outstanding (in shares)	76,452	76,284

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Option to purchase common stock shares not included in the computation of diluted EPS (in shares)	0.6	0.6

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and component parts	$ 204,491	$ 182,382
Work in process	42,021	28,761
Finished goods	94,069	82,324
Total inventories	$ 340,581	$ 293,467

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		$ 1,980,376
Accumulated goodwill impairment losses		(200,631)
Goodwill [Roll Forward]
Balance at December 31, 2019	$ 1,779,745
Foreign currency translation	(12,777)
Acquisitions	63,374
Acquisition adjustments	1,631
Balance at March 31, 2020	1,831,973
FMT
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		599,646
Accumulated goodwill impairment losses		(20,721)
Goodwill [Roll Forward]
Balance at December 31, 2019	578,925
Foreign currency translation	(1,643)
Acquisitions	63,374
Acquisition adjustments	0
Balance at March 31, 2020	640,656
HST
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		981,592
Accumulated goodwill impairment losses		(149,820)
Goodwill [Roll Forward]
Balance at December 31, 2019	831,772
Foreign currency translation	(8,856)
Acquisitions	0
Acquisition adjustments	1,631
Balance at March 31, 2020	824,547
FSDP
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		399,138
Accumulated goodwill impairment losses		$ (30,090)
Goodwill [Roll Forward]
Balance at December 31, 2019	369,048
Foreign currency translation	(2,278)
Acquisitions	0
Acquisition adjustments	0
Balance at March 31, 2020	$ 366,770

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 9,544	$ 8,999
Intangible assets, amortization expense
Remaining of 2020	31,500
2021	40,800
2022	38,900
2023	36,100
2024	$ 34,400

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 553,946	$ 507,736
Intangible assets - Gross Carrying Amount	644,846	598,636
Amortized intangible assets - Accumulated Amortization	(218,641)	(210,605)
Amortized intangible assets - Net	335,305	297,131
Intangible assets - Net	426,205	388,031
Banjo trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets - Net	62,100	62,100
Akron Brass trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets - Net	28,800	28,800
Patents
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	6,735	6,678
Amortized intangible assets - Accumulated Amortization	(5,428)	(5,276)
Amortized intangible assets - Net	$ 1,307	1,402
Amortized intangible assets - Weighted Average Life	11 years
Trade names
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 127,840	123,062
Amortized intangible assets - Accumulated Amortization	(66,305)	(64,938)
Amortized intangible assets - Net	$ 61,535	58,124
Amortized intangible assets - Weighted Average Life	16 years
Customer relationships
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 302,284	275,575
Amortized intangible assets - Accumulated Amortization	(101,098)	(96,252)
Amortized intangible assets - Net	$ 201,186	179,323
Amortized intangible assets - Weighted Average Life	13 years
Unpatented technology
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 116,387	101,721
Amortized intangible assets - Accumulated Amortization	(45,215)	(43,561)
Amortized intangible assets - Net	$ 71,172	58,160
Amortized intangible assets - Weighted Average Life	13 years
Other
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - Gross Carrying Amount	$ 700	700
Amortized intangible assets - Accumulated Amortization	(595)	(578)
Amortized intangible assets - Net	$ 105	$ 122
Amortized intangible assets - Weighted Average Life	10 years

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Payroll and related items	$ 60,959	$ 77,556
Management incentive compensation	4,469	14,408
Income taxes payable	26,977	9,905
Insurance	10,979	8,240
Warranty	7,152	5,581
Deferred revenue	43,563	17,633
Lease liability	16,117	15,235
Restructuring	2,962	6,110
Liability for uncertain tax positions	0	890
Accrued interest	10,448	1,735
Contingent consideration for acquisition	3,000	3,375
Other	22,221	19,622
Total accrued expenses	$ 208,847	$ 180,290

Other Noncurrent Liabilities (D

Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Pension and retiree medical obligations	$ 82,543	$ 87,478
Transition tax payable	11,292	11,292
Liability for uncertain tax positions	3,629	3,008
Deferred revenue	1,850	2,129
Lease liability	80,802	69,928
Other	19,675	23,533
Total other noncurrent liabilities	$ 199,791	$ 197,368

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jun. 13, 2016
Debt Instrument [Line Items]
Document Period End Date	Mar. 31, 2020
Total borrowings	$ 1,000,483	$ 850,622
Other borrowings	483	622
Less current portion	319	388
Less deferred debt issuance costs	830	983
Less unaccreted debt discount	314	387
Total long-term borrowings	$ 999,020	$ 848,864
4.50% Senior Notes, due December 2020
Debt Instrument [Line Items]
Stated interest rate	4.50%	4.50%
4.20% Senior Notes, due December 2021
Debt Instrument [Line Items]
Stated interest rate	4.20%	4.20%
3.20% Senior Notes, due June 2023
Debt Instrument [Line Items]
Stated interest rate	3.20%	3.20%
3.37% Senior Notes, due June 2025
Debt Instrument [Line Items]
Stated interest rate	3.37%	3.37%
Senior Notes | 4.50% Senior Notes, due December 2020
Debt Instrument [Line Items]
Total borrowings	$ 300,000	$ 300,000
Senior Notes | 4.20% Senior Notes, due December 2021
Debt Instrument [Line Items]
Total borrowings	350,000	350,000
Senior Notes | 3.20% Senior Notes, due June 2023
Debt Instrument [Line Items]
Stated interest rate			3.20%
Total borrowings	100,000	100,000
Senior Notes | 3.37% Senior Notes, due June 2025
Debt Instrument [Line Items]
Stated interest rate			3.37%
Total borrowings	100,000	100,000
Revolving Facility
Debt Instrument [Line Items]
Total borrowings	$ 150,000	$ 0

Borrowings - Narrative (Details

Borrowings - Narrative (Details)	May 31, 2019USD ($)	Jun. 23, 2015USD ($)	Mar. 31, 2020USD ($)covenant	Dec. 31, 2019	Jun. 13, 2016USD ($)
Line of Credit Facility [Line Items]
Document Period End Date			Mar. 31, 2020
Number of financial covenants | covenant			2
For 12 Months in Connection with Certain Acquisitions
Line of Credit Facility [Line Items]
Leverage ratio			4
Minimum
Line of Credit Facility [Line Items]
Required percent for prepayment amount of aggregate principal amount					5.00%
Interest coverage ratio			3
Maximum
Line of Credit Facility [Line Items]
Leverage ratio			3.50
Revolving Facility
Line of Credit Facility [Line Items]
Debt instrument, term		5 years
Borrowing capacity	$ 800,000,000	$ 700,000,000
Extension period	1 year
Aggregate lending commitments	$ 400,000,000
Debt Instrument, Applicable Margin			0.90%
Debt, Weighted Average Interest Rate			1.82%
Current borrowings under revolving facility			$ 150,000,000
Outstanding letters of credit			7,800,000
Amount available to borrow			$ 642,200,000
Revolving Facility | Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Applicable Leverage Ratio			0.00%
Revolving Facility | Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Applicable Leverage Ratio			1.275%
3.20% Senior Notes, due June 2023
Line of Credit Facility [Line Items]
Stated interest rate			3.20%	3.20%
3.37% Senior Notes, due June 2025
Line of Credit Facility [Line Items]
Stated interest rate			3.37%	3.37%
4.50% Senior Notes, due December 2020
Line of Credit Facility [Line Items]
Face amount of debt			$ 300,000,000
Stated interest rate			4.50%	4.50%
4.20% Senior Notes, due December 2021
Line of Credit Facility [Line Items]
Stated interest rate			4.20%	4.20%
Senior Notes | Maximum
Line of Credit Facility [Line Items]
Limitation of outstanding principal of higher preference debt as percent of consolidated assets			15.00%
Senior Notes | 3.20% Senior Notes, due June 2023
Line of Credit Facility [Line Items]
Face amount of debt					$ 100,000,000
Stated interest rate					3.20%
Senior Notes | 3.37% Senior Notes, due June 2025
Line of Credit Facility [Line Items]
Face amount of debt					$ 100,000,000
Stated interest rate					3.37%
Letters Of Credit | Revolving Facility
Line of Credit Facility [Line Items]
Borrowing capacity	75,000,000
Swing line Loans | Revolving Facility
Line of Credit Facility [Line Items]
Borrowing capacity	$ 50,000,000

Derivative Instruments (Details

Derivative Instruments (Details) $ in Thousands	3 Months Ended		24 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2011USD ($)instrument
Derivative [Line Items]
Amortization of interest expense	$ 343	$ 335
Amount to be recognized from hedged transactions within 12 months, approximate	$ 5,300
4.20% Senior Notes, due December 2021
Derivative [Line Items]
Interest rate on senior notes			4.20%
4.50% Senior Notes, due December 2020
Derivative [Line Items]
Interest rate on senior notes			4.50%
Interest Rate Contract
Derivative [Line Items]
Number of instruments held | instrument			2
Interest Rate Exchange Agreement Expiring 2010 and 2011
Derivative [Line Items]
Amortization of interest expense			$ 68,900
Term of amortized interest expense, years			10 years

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 9,250	$ 10,462
Contingent consideration		3,375
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	9,250	10,462
Contingent consideration	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	0	0
Contingent consideration	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	0	0
Contingent consideration	$ 3,000	$ 3,375

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jul. 23, 2018
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,000,100	$ 876,000
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,000,200	$ 850,200
3.20% Senior Notes, due June 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.20%	3.20%
3.37% Senior Notes, due June 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	3.37%	3.37%
4.50% Senior Notes, due December 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.50%	4.50%
4.20% Senior Notes, due December 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate	4.20%	4.20%
Finger Lakes Instrumentation (FLI)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration			$ 3,000
Finger Lakes Instrumentation (FLI) | Other Noncurrent Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration	$ 3,000

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)option	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Options for renewal | option	1
Assets and Liabilities, Lessee [Abstract]
Total right-of-use assets - net	$ 94,028		$ 82,374
Current lease liabilities	16,117		15,235
Noncurrent lease liabilities	80,802		69,928
Total lease liabilities	96,919		85,163
Lease, Cost [Abstract]
Operating lease cost	6,328	$ 5,375
Variable lease cost	641	593
Total lease expense	6,969	5,968
Cash paid for amounts included in the measurement of operating lease liabilities	6,038	5,539
Right-of-use assets obtained in exchange for new operating lease liabilities	17,024	$ 1,809
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020 (excluding the three months ended March 31, 2020)	14,121
2021	16,206
2022	13,201
2023	10,812
2024	8,773
Thereafter	54,945
Total lease payments	118,058
Less: Imputed interest	(21,139)		(19,218)
Legally binding minimum lease payments for leases signed but not yet commenced	6,400
Maturity of Lease Liabilities
2020			18,449
2021			15,070
2022			10,647
2023			8,894
2024			7,037
Thereafter			44,284
Total lease payments			104,381
Building
Assets and Liabilities, Lessee [Abstract]
Total right-of-use assets - net	88,156		75,381
Equipment
Assets and Liabilities, Lessee [Abstract]
Total right-of-use assets - net	$ 5,872		$ 6,993
Building and Equipment
Lease, Cost [Abstract]
Weighted-average remaining lease term (years): Operating leases	9 years 10 months 2 days		9 years 7 months 9 days
Weighted-average discount rate: Operating leases	3.75%		4.08%
Vehicles
Lease, Cost [Abstract]
Weighted-average remaining lease term (years): Operating leases	1 year 11 months 1 day		1 year 11 months 1 day
Weighted-average discount rate: Operating leases	2.93%		2.99%

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring reserve	$ 2,962	$ 6,110

Restructuring - Restructuring A

Restructuring - Restructuring Accruals (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Restructuring Reserve [Roll Forward]
Balance at January 1, 2020	$ 6,110
Restructuring expenses	0
Payments, utilization and other	(3,148)
Balance at March 31, 2020	$ 2,962

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	$ (22,966)	$ (792)
Cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(26,456)	(3,281)
Total other comprehensive income (loss), Tax	0	0
Other comprehensive income (loss)	(26,456)	(3,281)
Pension and other postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	2,874	1,700
Total other comprehensive income (loss), Tax	(578)	(438)
Other comprehensive income (loss)	2,296	1,262
Reclassification adjustments for derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	1,545	1,588
Total other comprehensive income (loss), Tax	(351)	(361)
Other comprehensive income (loss)	1,194	1,227
AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), Pre-tax	(22,037)	7
Total other comprehensive income (loss), Tax	(929)	(799)
Other comprehensive income (loss)	$ (22,966)	$ (792)

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net (gain) loss	$ 1,565	$ (140)
Reclassification adjustments	10,877	10,921
Income before income taxes	(127,499)	(137,001)
Provision for income taxes	25,501	26,733
Net income	(101,998)	(110,268)
Reclassification out of Accumulated Other Comprehensive Income | Net Prior Service Attributable to Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net (gain) loss	2,874	1,700
Reclassification out of Accumulated Other Comprehensive Income | Retirement Benefits Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	2,874	1,700
Provision for income taxes	(578)	(438)
Net income	2,296	1,262
Reclassification out of Accumulated Other Comprehensive Income | Cumulative Unrealized Gain (Loss) on Derivatives
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification adjustments	1,545	1,588
Income before income taxes	1,545	1,588
Provision for income taxes	(351)	(361)
Net income	$ 1,194	$ 1,227

Common and Preferred Stock (Det

Common and Preferred Stock (Details) - USD ($)	Mar. 17, 2020	Dec. 01, 2015	Oct. 31, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Nov. 06, 2014
Equity [Abstract]
Increase in share repurchase authorized amount	$ 500,000,000	$ 300,000,000
Stock repurchase program, authorized amount							$ 400,000,000
Purchase of common stock (in shares)				866,823	369,810
Repurchase of shares of common stock				$ 108,907,000	$ 51,706,000
Purchase of common stock			$ 900,000	108,907,000	$ 50,797,000
Remaining authorized repurchase amount				$ 713,400,000
Common stock, authorized (in shares)				150,000,000		150,000,000
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Preferred stock, authorized (in shares)				5,000,000,000,000		5,000,000
Preferred stock, par value (in dollars per share)				$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)				0		0

Share Based Compensation - Narr

Share Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2019	Mar. 31, 2020	Dec. 31, 2019
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Total unrecognized compensation cost		$ 19.3
Weighted-average period of total unrecognized compensation cost, in years		1 year 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		26,670
Total unrecognized compensation cost		$ 7.7
Weighted-average period of total unrecognized compensation cost, in years		1 year 2 months 12 days
Restricted Stock | Employees and Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Granted (in shares)		20,365
Total unrecognized compensation cost		$ 4.2
Weighted-average period of total unrecognized compensation cost, in years		1 year 2 months 12 days
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Granted (in shares)		42,690	54,545
Payout percent			250.00%
Stock issued during period (in shares)	136,370
Total unrecognized compensation cost		$ 14.1
Weighted-average period of total unrecognized compensation cost, in years		1 year 1 month 6 days

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 34.34	$ 35.17
Dividend yield	1.15%	1.18%
Volatility	22.01%	24.79%
Risk-free interest rate, minimum	1.43%	2.53%
Risk-free interest rate, maximum	1.68%	3.05%
Expected life (in years)	5 years 9 months 18 days	5 years 10 months 13 days

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 6,730	$ 7,560
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	3,330	2,732
Income tax benefit	(367)	(368)
Total expense after income taxes	2,963	2,364
Stock Option | Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	185	192
Stock Option | Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 3,145	$ 2,540

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Shares
Beginning balance (in shares)	1,386,539
Granted (in shares)	341,285
Exercised (in shares)	(27,978)
Forfeited/Expired (in shares)	(22,665)
Ending balance (in shares)	1,677,181	1,386,539
Vested and expected to vest (in shares)	1,214,651
Exercisable (in shares)	562,925
Weighted Average Price
Beginning Balance, Weighted Average Price (in dollars per share)	$ 103.58
Granted, Weighted Average Price (in dollars per share)	173.31
Exercised, Weighted Average Price (in dollars per share)	74.68
Forfeited, Weighted Average Price (in dollars per share)	131.64
Ending Balance, Weighted Average Price (in dollars per share)	$ 117.88	$ 103.58
Weighted-Average Remaining Contractual Term
Stock options outstanding, Weighted-Average Remaining Contractual Term	7 years 4 months 9 days	6 years 11 months 12 days
Aggregate Intrinsic Value
Stock options outstanding, Aggregate intrinsic value	$ 48,014,239	$ 94,764,140
Vested and expected to vest , Weighted Average Price (in dollars per share)	$ 80.14
Exercisable, Weighted Average Price (in dollars per share)	$ 80.05
Weighted-Average Remaining Contractual Term, Vested and expected to vest	4 years 9 months 10 days
Weighted-Average Remaining Contractual Term, Exercisable	5 years 4 months 17 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 36,239,484
Aggregate Intrinsic Value, Exercisable	$ 32,686,084

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Shares
Unvested, Beginning balance (in shares) | shares	130,248
Granted (in shares) | shares	26,670
Vested (in shares) | shares	(37,761)
Forfeited (in shares) | shares	(6,990)
Unvested, Ending balance (in shares) | shares	112,167
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share) | $ / shares	$ 124.61
Granted (in dollars per share) | $ / shares	173.25
Vested (in dollars per share) | $ / shares	94.52
Forfeited (in dollars per share) | $ / shares	128.12
Unvested, Ending balance (in dollars per share) | $ / shares	$ 146.01

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 1,091	$ 1,426
Income tax benefit	(229)	(275)
Total expense after income taxes	862	1,151
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	109	138
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 982	$ 1,288

Share-Based Compensation - Cash

Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Shares
Unvested, Beginning balance (in shares) | shares	74,560
Granted (in shares) | shares	20,365
Vested (in shares) | shares	(24,240)
Forfeited (in shares) | shares	(805)
Unvested, Ending balance (in shares) | shares	69,880
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share) | $ / shares	$ 172.08
Granted (in dollars per share) | $ / shares	173.35
Vested (in dollars per share) | $ / shares	173.35
Forfeited (in dollars per share) | $ / shares	138.11
Unvested, Ending balance (in dollars per share) | $ / shares	$ 138.11

Share-Based Compensation - Sc_4

Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 260	$ 2,030
Income tax benefit	(16)	(187)
Total expense after income taxes	244	1,843
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	71	500
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 189	$ 1,530

Share-Based Compensation - Sc_5

Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 224.14	$ 203.06
Dividend yield	0.00%	0.00%
Volatility	19.50%	19.08%
Risk-free interest rate	1.30%	2.53%
Expected life (in years)	2 years 11 months 8 days	2 years 10 months 2 days

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Shares
Unvested, Beginning balance (in shares)	100,575
Granted (in shares)	42,690	54,545
Vested (in shares)	0
Forfeited (in shares)	(4,185)
Unvested, Ending balance (in shares)	139,080	100,575
Weighted-Average Grant Date Fair Value
Unvested, Beginning balance (in dollars per share)	$ 178.97
Granted (in dollars per share)	224.14
Vested (in dollars per share)	0
Forfeited (in dollars per share)	211.73
Unvested, Ending balance (in dollars per share)	$ 215.46	$ 178.97

Share-Based Compensation - Sc_6

Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 2,049	$ 1,372
Income tax benefit	(49)	(48)
Total expense after income taxes	2,000	1,324
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0	0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 2,049	$ 1,372

Retirement Benefits - Component

Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 155	$ 140
Interest cost	156	212
Net amortization	136	159
Net periodic benefit cost	175	193
U.S. | Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	34	208
Interest cost	461	764
Expected return on plan assets	(899)	(801)
Net amortization and settlement effect	744	487
Net periodic benefit cost	340	658
Non-U.S. | Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	540	464
Interest cost	263	365
Expected return on plan assets	(291)	(264)
Net amortization and settlement effect	426	284
Net periodic benefit cost	$ 938	$ 849

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019employee
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0.1
Participants affected due to plan freeze | employee			60
Funded percentage	105.00%
Defined benefit plan, assets	$ 89.1
Defined benefit plan, liability	$ 84.6
Other (Income) Expense Net
Defined Benefit Plan Disclosure [Line Items]
Settlement loss recognized		$ 0.3
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year		3
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year		$ 1.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 25,501	$ 26,733
Effective tax rate	20.00%	19.50%