Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-10235 | ||
Entity Registrant Name | IDEX CORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3555336 | ||
Entity Address, Address Line One | 3100 Sanders Road | ||
Entity Address, Address Line Two | Suite 301, | ||
Entity Address, City or Town | Northbrook, | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60062 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 11,866,931,226 | ||
Entity Common Stock, Shares Outstanding | 75,889,737 | ||
Documents Incorporated by Reference | Portions of the proxy statement with respect to the IDEX Corporation 2021 annual meeting of stockholders (the “2021 Proxy Statement”) are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000832101 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 1,025,851 | $ 632,581 |
Receivables - net | 293,146 | 298,186 |
Inventories | 289,910 | 293,467 |
Other current assets | 48,324 | 37,211 |
Total current assets | 1,657,231 | 1,261,445 |
Property, plant and equipment - net | 298,273 | 280,316 |
Goodwill | 1,895,574 | 1,779,745 |
Intangible assets - net | 415,563 | 388,031 |
Other noncurrent assets | 147,757 | 104,375 |
Total assets | 4,414,398 | 3,813,912 |
Current liabilities | ||
Trade accounts payable | 151,993 | 138,463 |
Accrued expenses | 208,828 | 180,290 |
Short-term borrowings | 88 | 388 |
Dividends payable | 38,149 | 38,736 |
Total current liabilities | 399,058 | 357,877 |
Long-term borrowings | 1,044,354 | 848,864 |
Deferred income taxes | 163,863 | 146,574 |
Other noncurrent liabilities | 266,797 | 197,368 |
Total liabilities | 1,874,072 | 1,550,683 |
Commitments and contingencies (Note 11) | ||
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: 90,071,763 shares at December 31, 2020 and 89,948,374 shares at December 31, 2019 | 901 | 899 |
Additional paid-in capital | 775,153 | 760,453 |
Retained earnings | 2,841,546 | 2,615,131 |
Treasury stock at cost: 14,111,221 shares at December 31, 2020 and 13,860,340 shares at December 31, 2019 | (1,063,872) | (985,909) |
Accumulated other comprehensive income (loss) | (13,525) | (127,345) |
Total shareholders’ equity | 2,540,203 | 2,263,229 |
Noncontrolling Interest | 123 | 0 |
Total equity | 2,540,326 | 2,263,229 |
Total liabilities and equity | $ 4,414,398 | $ 3,813,912 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 90,071,763 | 89,948,374 |
Treasury stock, shares (in shares) | 14,111,221 | 13,860,340 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 2,351,646 | $ 2,494,573 | $ 2,483,666 |
Cost of sales | 1,324,222 | 1,369,539 | 1,365,771 |
Gross profit | 1,027,424 | 1,125,034 | 1,117,895 |
Selling, general and administrative expenses | 494,935 | 524,987 | 536,724 |
Restructuring expenses and asset impairments | 11,776 | 21,044 | 12,083 |
Operating income | 520,713 | 579,003 | 569,088 |
Other (income) expense - net | 5,627 | 1,759 | (3,985) |
Interest expense | 44,746 | 44,341 | 44,134 |
Income before income taxes | 470,340 | 532,903 | 528,939 |
Provision for income taxes | 92,562 | 107,382 | 118,366 |
Net income | $ 377,778 | $ 425,521 | $ 410,573 |
Earnings per common share: | |||
Basic earnings per common share (in dollar per share) | $ 4.98 | $ 5.62 | $ 5.36 |
Diluted earnings per common share (in dollar per share) | $ 4.94 | $ 5.56 | $ 5.29 |
Share data: | |||
Basic weighted average common shares outstanding (in shares) | 75,741 | 75,594 | 76,412 |
Diluted weighted average common shares outstanding (in shares) | 76,400 | 76,454 | 77,563 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 377,778 | $ 425,521 | $ 410,573 |
Other comprehensive income (loss): | |||
Reclassification adjustments for derivatives, net of tax | 4,652 | 4,882 | 5,006 |
Pension and other postretirement adjustments, net of tax | 1,385 | (3,069) | 9,825 |
Cumulative translation adjustment | 107,783 | 67 | (48,114) |
Other comprehensive income (loss) | 113,820 | 1,880 | (33,283) |
Comprehensive income | $ 491,598 | $ 427,401 | $ 377,290 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Total Shareholders’ Equity | Total Shareholders’ EquityCumulative Effect, Period of Adoption, Adjustment | Common Stock and Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Cumulative Translation Adjustment | Retirement Benefits Adjustments | Retirement Benefits AdjustmentsCumulative Effect, Period of Adoption, Adjustment | Cumulative Unrealized Gain (Loss) on Derivatives | Cumulative Unrealized Gain (Loss) on DerivativesCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Noncontrolling Interest |
Beginning balance at Dec. 31, 2017 | $ 1,886,542 | $ 1,886,542 | $ 717,808 | $ 2,057,915 | $ (46,306) | $ (29,154) | $ (14,047) | $ (799,674) | $ 0 | |||||
Beginning balance (Accounting Standards Update 2016-16) at Dec. 31, 2017 | $ (645) | $ (645) | $ (645) | |||||||||||
Beginning balance (Accounting Standards Update 2018-02) at Dec. 31, 2017 | 0 | 0 | 6,435 | $ (3,411) | $ (3,024) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 410,573 | 410,573 | 410,573 | |||||||||||
Cumulative translation adjustment | (48,114) | (48,114) | (48,114) | |||||||||||
Net change in retirement obligations, net of tax | 9,825 | 9,825 | 9,825 | |||||||||||
Net change on derivatives designated as cash flow hedges, net of tax | 5,006 | 5,006 | 5,006 | |||||||||||
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options | 27,701 | 27,701 | 27,701 | |||||||||||
Repurchase of common stock | (173,926) | (173,926) | (173,926) | |||||||||||
Share-based compensation | 21,432 | 21,432 | 21,432 | |||||||||||
Shares surrendered for tax withholding | (11,555) | (11,555) | (11,555) | |||||||||||
Cash dividends declared | (132,199) | (132,199) | (132,199) | |||||||||||
Ending balance at Dec. 31, 2018 | $ 1,994,640 | $ 28 | 1,994,640 | $ 28 | 739,240 | 2,342,079 | $ 28 | (94,420) | (22,740) | (12,065) | (957,454) | 0 | ||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | $ 425,521 | 425,521 | 425,521 | |||||||||||
Cumulative translation adjustment | 67 | 67 | 67 | |||||||||||
Net change in retirement obligations, net of tax | (3,069) | (3,069) | (3,069) | |||||||||||
Net change on derivatives designated as cash flow hedges, net of tax | 4,882 | 4,882 | 4,882 | |||||||||||
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options | 38,809 | 38,809 | 38,809 | |||||||||||
Repurchase of common stock | (54,668) | (54,668) | (54,668) | |||||||||||
Share-based compensation | 22,112 | 22,112 | 22,112 | |||||||||||
Shares surrendered for tax withholding | (12,596) | (12,596) | (12,596) | |||||||||||
Cash dividends declared | (152,497) | (152,497) | (152,497) | |||||||||||
Ending balance at Dec. 31, 2019 | 2,263,229 | 2,263,229 | 761,352 | 2,615,131 | (94,353) | (25,809) | (7,183) | (985,909) | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 377,778 | 377,778 | 377,778 | |||||||||||
Cumulative translation adjustment | 107,783 | 107,783 | 107,783 | |||||||||||
Net change in retirement obligations, net of tax | 1,385 | 1,385 | 1,385 | |||||||||||
Net change on derivatives designated as cash flow hedges, net of tax | 4,652 | 4,652 | 4,652 | |||||||||||
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options | 44,587 | 44,587 | 44,587 | |||||||||||
Repurchase of common stock | (110,342) | (110,342) | (110,342) | |||||||||||
Share-based compensation | 14,702 | 14,702 | 14,702 | |||||||||||
Shares surrendered for tax withholding | (12,208) | (12,208) | (12,208) | |||||||||||
Cash dividends declared | (151,363) | (151,363) | (151,363) | |||||||||||
Contributions received from joint venture partner | 123 | 0 | 123 | |||||||||||
Ending balance at Dec. 31, 2020 | $ 2,540,326 | $ 2,540,203 | $ 776,054 | $ 2,841,546 | $ 13,430 | $ (24,424) | $ (2,531) | $ (1,063,872) | $ 123 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax benefit (expense) on change in retirement obligations, tax | $ 53 | $ 1,553 | $ 3,076 |
Tax benefit from change on derivatives designated as cash flow hedges, tax | $ 1,369 | $ 1,445 | $ 1,469 |
Issuance of common stock from issuance of unvested shares, exercise of stock options and deferred compensation plans (in shares) | 688,563 | 696,133 | 583,385 |
Repurchase of common stock (in shares) | 876,423 | 388,953 | 1,273,961 |
Deferred compensation plan, tax | $ 4,967 | $ 5,493 | $ 4,267 |
Cash dividends declared, per common share outstanding (in dollars per share) | $ 2 | $ 2 | $ 1.72 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income | $ 377,778 | $ 425,521 | $ 410,573 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Gain) loss on sale of fixed assets - net | (868) | 156 | 946 |
Asset impairments | 3,087 | 10,155 | 0 |
Depreciation and amortization | 41,651 | 39,543 | 39,049 |
Amortization of intangible assets | 41,844 | 37,333 | 38,495 |
Amortization of debt issuance expenses | 1,716 | 1,355 | 1,332 |
Share-based compensation expense | 19,375 | 27,669 | 24,754 |
Deferred income taxes | 8,238 | 6,625 | (4,345) |
Non-cash interest expense associated with forward starting swaps | 6,021 | 6,327 | 6,475 |
Changes in (net of the effect from acquisitions): | |||
Receivables | 20,873 | 22,338 | (23,419) |
Inventories | 36,523 | (3,322) | (23,031) |
Other current assets | (10,276) | (2,361) | 25,162 |
Trade accounts payable | 2,702 | (9,115) | (1,220) |
Deferred revenue | 38,967 | 8,680 | (3,247) |
Accrued expenses | (15,326) | (46,664) | 7,125 |
Other - net | (3,032) | 3,822 | (19,304) |
Net cash flows provided by operating activities | 569,273 | 528,062 | 479,345 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment | (51,545) | (50,912) | (56,089) |
Purchase of intellectual property | 0 | 0 | (4,000) |
Acquisition of businesses, net of cash acquired | (123,133) | (87,180) | (20,205) |
Proceeds from disposal of fixed assets | 2,287 | 962 | 363 |
Contributions received from joint venture partner | 120 | 0 | 0 |
Other - net | (306) | 115 | (1,500) |
Net cash flows used in investing activities | (172,577) | (137,015) | (81,431) |
Cash flows from financing activities | |||
Borrowings under revolving credit facilities | 150,000 | 0 | |
Proceeds from issuance of 3.0% Senior Notes | 499,100 | 0 | 0 |
Payment of 4.5% Senior Notes | (300,000) | 0 | 0 |
Payments under revolving credit facilities | (150,000) | 0 | (11,284) |
Payments under other long-term borrowings | (396) | (50,057) | 0 |
Payment of make-whole redemption premium | (6,756) | 0 | 0 |
Debt issuance costs | (4,749) | 0 | 0 |
Dividends paid | (151,838) | (147,208) | (127,478) |
Proceeds from stock option exercises | 44,587 | 38,809 | 27,639 |
Repurchases of common stock | (110,342) | (54,668) | (173,926) |
Shares surrendered for tax withholding | (12,208) | (12,596) | (11,555) |
Settlement of foreign exchange contracts | 0 | 0 | 6,593 |
Other - net | 0 | (1,865) | 0 |
Net cash flows used in financing activities | (42,602) | (227,585) | (290,011) |
Effect of exchange rate changes on cash and cash equivalents | 39,176 | 2,712 | (17,446) |
Net increase in cash | 393,270 | 166,174 | 90,457 |
Cash and cash equivalents at beginning of year | 632,581 | 466,407 | 375,950 |
Cash and cash equivalents at end of year | 1,025,851 | 632,581 | 466,407 |
Cash paid for: | |||
Interest | 35,152 | 36,683 | 36,327 |
Income taxes - net | 87,193 | 109,032 | 90,733 |
Significant non-cash activities: | |||
Contingent consideration for acquisition | 0 | 0 | 3,375 |
Debt acquired with acquisition of business | 0 | 51,130 | 0 |
Capital expenditures for construction of new leased facility | $ 0 | $ 0 | $ 11,616 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Dec. 31, 2020 | Apr. 29, 2020 | Dec. 31, 2019 | Dec. 06, 2010 |
3.00% Senior Notes, due May 2030 | ||||
Stated interest rate | 3.00% | |||
4.5% Senior Notes, due December 2020 | ||||
Stated interest rate | 4.50% | 4.50% | ||
Senior Notes | 3.00% Senior Notes, due May 2030 | ||||
Stated interest rate | 3.00% | 3.00% | ||
Senior Notes | 4.5% Senior Notes, due December 2020 | ||||
Stated interest rate | 4.50% |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Business 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. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. 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. These activities are grouped into three reportable segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. Principles of Consolidation The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are revenue recognition, sales returns and allowances, allowance for doubtful accounts, inventory valuation, recoverability of long-lived assets, valuation of goodwill and intangible assets, income taxes, product warranties, contingencies and litigation, insurance-related items, defined benefit retirement plans and purchase accounting related to acquisitions. Revenue Recognition 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. 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. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time 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. Certain units recognize revenue over time because control transfers continuously to our customers. 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) or 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. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize provisions for estimated losses on incomplete 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. Shipping and Handling Costs Shipping and handling costs are included in Cost of sales and are recognized as a period expense during the period in which they are incurred. Advertising Costs Advertising costs of $9.9 million, $15.7 million and $17.0 million for 2020, 2019 and 2018, respectively, are expensed as incurred within Selling, general and administrative expenses. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of 3 months or less to be cash and cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable 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 the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. Inventories The Company states inventories 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. We make adjustments to reduce the cost of inventory to its net realizable value, if required, for estimated excess, obsolete or impaired balances. Factors influencing these adjustments include changes in market demand, product life cycle and engineering changes. Impairment of Long-Lived Assets A long-lived asset is reviewed for impairment if an event occurs or circumstances change that would more likely than not reduce the fair value of a long-lived asset below its carrying value, as measured by comparing its net book value to the projected undiscounted future cash flows generated by its use. A long-lived asset impairment exists when the carrying value of the asset exceeds its fair value. The amount and timing of the impairment charge for this asset requires the estimation of future cash flows to determine the fair value of the asset. An impaired asset is recorded at its estimated fair value based on a discounted cash flow analysis. In the fourth quarter of 2020, the Company consolidated certain facilities within the Fluid & Metering Technologies (“FMT”) segment, which resulted in an impairment charge of $2.5 million, consisting of $1.6 million related to property, plant and equipment which was not relocated to the new location and $0.9 million related to a building right-of-use asset that was exited early. The Company also relocated its corporate office, which resulted in an impairment charge of $0.6 million, consisting of $0.2 million related to property, plant and equipment which was not relocated to the new location and $0.4 million related to a building right-of-use asset that was exited early. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the Health & Science Technologies (“HST”) segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible and intangible assets of the business, which resulted in an impairment charge of $9.7 million, consisting of $6.1 million related to a customer relationships intangible asset, $1.0 million related to an unpatented technology intangible asset, $2.0 million related to property, plant and equipment and $0.6 million related to a building right-of-use asset. In the fourth quarter of 2019, the Company completed the consolidation of one of its facilities in the HST segment into the Optics Center of Excellence in Rochester, New York, which also resulted in an impairment charge of $0.4 million related to a building right-of-use asset. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. In 2018, the Company concluded that there were no long-lived assets with a fair value that was less than the carrying value. See Note 15 for further discussion on restructuring activities. Goodwill and Indefinite-Lived Intangible Assets The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually as of October 31, or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company evaluates the recoverability of these assets based on the estimated fair value of each of the 13 reporting units and the indefinite-lived intangible assets. See Note 6 for further discussion on goodwill and intangible assets. Borrowing Expenses Expenses incurred in securing and issuing debt are capitalized and included as a reduction of Long-term borrowings. These amounts are amortized over the life of the related borrowing and the related amortization is included in Interest expense. 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 year. 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. Accounting Standards Codification (“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: 2020 2019 2018 (In thousands) Basic weighted average common shares outstanding 75,741 75,594 76,412 Dilutive effect of stock options, restricted stock and performance share units 659 860 1,151 Diluted weighted average common shares outstanding 76,400 76,454 77,563 Options to purchase approximately 0.3 million shares of common stock in each of 2020, 2019 and 2018, respectively, were not included in the computation of diluted EPS because the effect of their inclusion would have been antidilutive. Share-Based Compensation The Company accounts for share-based payments in accordance with ASC 718, Compensation-Stock Compensation . Accordingly, the Company expenses the fair value of awards made under its share-based compensation plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. See Note 16 for further discussion on share-based compensation. Depreciation and Amortization Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: Land improvements 8 to 12 years Buildings and improvements 8 to 30 years Machinery, equipment and other 3 to 12 years Office and transportation equipment 2 to 10 years Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: Patents 5 to 15 years Trade names 5 to 20 years Customer relationships 9 to 20 years Unpatented technology and other 3 to 20 years Research and Development Expenditures Costs associated with engineering activities, including research and development, are expensed in the period incurred and are included in Cost of sales. Total engineering expenses, which include research and development as well as application and support engineering, were $82.3 million, $92.4 million and $84.9 million in 2020, 2019 and 2018, respectively. Research and development expenses, which include costs associated with developing new products and major improvements to existing products, were $48.2 million, $56.4 million and $48.0 million in 2020, 2019 and 2018, respectively. Foreign Currency Translation and Transaction The functional currency of substantially all operations outside the United States is the respective local currency. Accordingly, those foreign currency balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Statement of Operations amounts have been translated using the average monthly exchange rates for the year. Translation adjustments from year to year have been reported in Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. The foreign currency transaction losses (gains) for the periods ending December 31, 2020, 2019 and 2018 were $3.0 million, $3.3 million and $(2.4) million, respectively, and are reported within Other (income) expense - net on the Consolidated Statements of Operations. See Note 8 for further discussion. Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax bases of existing assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and the manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. Refer to Note 13 for further discussion on income taxes. Concentration of Credit Risk The Company is not dependent on a single customer as its largest customer accounted for less than 2% of net sales for all years presented. Recently Adopted Accounting Standards In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows an entity to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings in the statement of equity. The Company early adopted this standard on a retrospective basis on January 1, 2018. The adoption resulted in an increase of $6.4 million to Retained earnings and a corresponding change of $6.4 million to Accumulated other comprehensive income (loss) at January 1, 2018. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business , which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset or a group of similar assets, the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in the FASB guidance for revenue recognition. The Company adopted this standard on January 1, 2018 and accounted for the purchase of the intellectual property assets from Phantom Controls utilizing this guidance. See Note 6 for further information. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies the two-step goodwill impairment test by eliminating the second step of the test. Under this guidance, an entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying value over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This guidance does not amend the optional qualitative assessment of goodwill impairment. The Company adopted this standard on January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements. See Note 6 for further information. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends ASC 740, Income Taxes . This ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of the transfer. An entity will continue to recognize the income tax consequences of an intercompany transfer of inventory when the inventory is sold to a third party. The Company adopted this standard on a modified retrospective basis on January 1, 2018. The adoption resulted in a decrease of $7.3 million to Other current assets, a decrease of $6.7 million to Deferred income taxes and a decrease of $0.6 million to Retained earnings at January 1, 2018. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force). This ASU addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued 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 consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This standard introduced a new lessee model that requires most leases to be recorded on the balance sheet and eliminates the required use of bright line tests for determining lease classification from U.S. GAAP. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 , Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements, which clarified ASU 2016-02 and had the same effective date as the original standard. ASU 2018-11 included an option to use the effective date of ASU 2016-02 as the date of initial application of transition as well as an option not to restate comparative periods in transition. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which also clarified ASU 2016-02 and was effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted this standard on January 1, 2019 using the optional transition method provided by the FASB in ASU 2018-11. As we did not restate comparative periods, the adoption had no impact on our previously reported results. We elected to use the practical expedient that allowed us not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases and the practical expedient that allows us to treat the lease and non-lease components as a single lease component for all asset classes. We also elected to account for short-term leases (i.e. leases with a term of one year or less) in accordance with ASC 842-20-25-2 (i.e. expensed over the term and not recorded on the balance sheet). The adoption of this standard impacted our consolidated balance sheet due to the recognition of right of use assets and lease liabilities. Upon adoption, we recognized right of use assets and lease liabilities of approximately $68 million that reflected the present value of future lease payments. The adoption of this standard did not have a material impact on our consolidated results of operations or cash flows. See Note 10 for further information. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a new five-step model for recognizing revenue from contracts with customers. Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The FASB has also issued the following standards which clarify ASU 2014-09 and have the same effective date as the original standard: ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ; ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ; ASU 2016-12 , Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ; and ASU 2016-20 , Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. In 2016, we established an implementation team and analyzed the impact of the standard by surveying business units and performing extensive contract reviews to identify potential differences that may result from applying the requirements of the new standard. The contract reviews generally supported the recognition of revenue at a point in time, which was consistent with the revenue recognition model used by most of our business units. As a result, revenue recognition was unchanged under the new standard. For our business units that previously recognized revenue under a percentage of completion model, revenue recognition was also unchanged as the contract reviews supported the recognition of revenue over time. The Company implemented the appropriate changes to its processes, systems and controls to comply with the new guidance. The Company adopted this standard on January 1, 2018 using the modified retrospective approach applied to contracts that were not completed as of January 1, 2018. The adoption of this standard did not have an impact on our consolidated financial statements, except to provide additional disclosures. The Company elected the following practical expedients: significant financing component, sales tax presentation, contract costs, shipping and handling activities and disclosures. See Note 5 for further details on revenue. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , which eliminates the need to analyze whether the following apply in a given period (1) exception to the incremental approach for intraperiod tax allocation (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU is also designed to improve the application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, and interim periods therein. The adoption of this standard will not have a material impact on our consolidated financial statements. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 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 consolidated financial statements from their respective dates of acquisition. The results of operations of the acquired companies have been included in the Company’s consolidated results since the date of each acquisition. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on the Company’s consolidated results of operations individually or in the aggregate. 2020 Acquisitions On November 23, 2020, the Company acquired Qualtek Manufacturing, Inc. (“Qualtek”), a manufacturer of high quality specialty metal components and parts by providing vertically integrated tool and die, metal stamping and metal finishing services. Headquartered in Colorado Springs, CO, Qualtek operates in our BAND-IT platform within the Fire & Safety/Diversified Products segment. Qualtek was acquired for cash consideration of $1.9 million. The entire purchase price was funded with cash on hand. Goodwill recognized as part of this transaction was $1.1 million. The goodwill recorded for the acquisition reflects the strategic fit, revenue and earnings growth potential of this business. The goodwill is deductible for tax purposes. The Company made an allocation of the purchase price for the Qualtek acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. If the Company obtains additional information about these assets, and learns 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 make appropriate adjustments to the purchase price allocation prior to the completion of the measurement period, if required. 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 platform within the Fluid & Metering Technologies segment. Flow MD was acquired for cash consideration of $121.2 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $60.4 million and $53.0 million, respectively. The goodwill is deductible for tax purposes. The Company made a preliminary 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. If the Company obtains additional information about these assets and liabilities, and learns 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 make required adjustments to the purchase price allocation prior to the completion of the measurement period, if necessary. 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 $ 32,858 Property, plant and equipment 4,166 Goodwill 60,431 Intangible assets 53,000 Other noncurrent assets 1,344 Total assets acquired 151,799 Current liabilities (32,291) Deferred income taxes 2,054 Other noncurrent liabilities (329) Net assets acquired $ 121,233 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 31,500 10 Unpatented technology 15,500 20 Acquired intangible assets $ 53,000 The Company incurred $4.3 million of acquisition-related transaction costs in 2020. 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. The Company also incurred a $0.1 million fair value inventory step-up charge associated with the completed 2020 acquisition of Qualtek and a $4.1 million fair value inventory step-up charge associated with the completed 2020 acquisition of Flow MD in the year ended December 31, 2020. These charges were recorded in Cost of sales. 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 but also have operations in China, the United Kingdom and the United States. Roplan and Steridose 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 $86.6 million and $48.2 million, respectively. The goodwill is not deductible for tax purposes. The Company finalized the 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. The final 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 $ 20,248 Property, plant and equipment 1,656 Goodwill 86,613 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 acquisitions 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 On September 3, 2019, the Company settled the debt assumed in the Velcora acquisition and incurred a loss on early retirement of $0.7 million which was recorded in Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2019. The Company incurred $1.7 million of acquisition-related transaction costs in 2019. 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. The Company also incurred a $3.3 million fair value inventory step-up charge associated with the completed 2019 acquisition in the year ended December 31, 2019. This charge was recorded in Cost of sales. 2018 Acquisition On July 23, 2018, the Company acquired Finger Lakes Instrumentation (“FLI”), a technology leader in the design, development and production of low-noise cooled CCD and high speed, high-sensitivity Scientific CMOS cameras for the astronomy and life science markets. Headquartered in Lima, NY, FLI operates in our Health & Science Technologies segment. FLI was acquired for an aggregate purchase price of $23.6 million, consisting of $20.2 million in cash and contingent consideration valued at $3.4 million as of the opening balance sheet date. The contingent consideration was based on the achievement of financial objectives during the 24-month period following the close of the transaction. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $12.4 million and $7.9 million, respectively. 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 goodwill is deductible for tax purposes. In the third quarter of 2019, the Company finalized its allocation of the purchase price for the FLI acquisition 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. In March 2020, the Company and the seller reached an agreement to settle the contingent consideration associated with the acquisition of FLI for $3.0 million, which was paid in April 2020. The Company incurred $3.0 million of acquisition-related transaction costs in 2018. 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. Divestitures The Company periodically reviews its operations for businesses which may no longer be aligned with its strategic objectives and focuses on core business and customers. Any resulting gain or loss recognized due to divestitures is recorded within Loss (gain) on sale of businesses - net within Selling, general and administrative expenses. |
Joint Venture
Joint Venture | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture | Joint VentureOn May 12, 2020, a subsidiary of IDEX entered into a joint venture agreement with a third party to form a limited liability company (the “Joint Venture”) that will manufacture and sell high performance elastomer seals for the oil and gas industry to customers within the Kingdom of Saudi Arabia as well as export these high performance elastomer seals outside of the Kingdom of Saudi Arabia. The Joint Venture will be headquartered in Damman, Saudi Arabia and will operate in our Sealing Solutions platform within the Health & Science Technologies segment. In the fourth quarter of 2020, the Company contributed $147 thousand and owns 55% of the share capital while the third party partner contributed $120 thousand and owns 45% of the share capital. As of December 31, 2020, the Joint Venture had not yet begun its operations. Since we control the entity, we have consolidated the Joint Venture and recorded a noncontrolling interest in our consolidated financial statements. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2020 | |
Additional Financial Information Disclosure [Abstract] | |
Balance Sheet Components | Balance Sheet Components December 31, 2020 2019 (In thousands) RECEIVABLES Customers $ 288,288 $ 298,118 Other 10,949 6,415 Total 299,237 304,533 Less allowance for doubtful accounts 6,091 6,347 Total receivables - net $ 293,146 $ 298,186 INVENTORIES Raw materials and components parts $ 173,248 $ 182,382 Work in process 29,436 28,761 Finished goods 87,226 82,324 Total inventories $ 289,910 $ 293,467 PROPERTY, PLANT AND EQUIPMENT Land and improvements $ 33,705 $ 32,240 Buildings and improvements 192,428 187,301 Machinery, equipment and other 430,423 397,498 Office and transportation equipment 95,549 95,759 Construction in progress 28,704 24,546 Total 780,809 737,344 Less accumulated depreciation and amortization 482,536 457,028 Total property, plant and equipment - net $ 298,273 $ 280,316 ACCRUED EXPENSES Payroll and related items $ 75,238 $ 77,556 Management incentive compensation 15,763 14,408 Income taxes payable 13,453 9,905 Insurance 11,115 8,240 Warranty 7,394 5,581 Deferred revenue 28,374 17,633 Lease liability 16,721 15,235 Restructuring 3,868 6,110 Liability for uncertain tax positions — 890 Accrued interest 3,592 1,735 Contingent consideration for acquisition — 3,375 Other 33,310 19,622 Total accrued expenses $ 208,828 $ 180,290 OTHER NONCURRENT LIABILITIES Pension and retiree medical obligations $ 99,417 $ 87,478 Transition tax payable 14,208 11,292 Liability for uncertain tax positions 1,071 3,008 Deferred revenue 30,354 2,129 Lease liability 94,250 69,928 Other 27,497 23,533 Total other noncurrent liabilities $ 266,797 $ 197,368 The valuation and qualifying account activity for the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 (In thousands) ALLOWANCE FOR DOUBTFUL ACCOUNTS (1) Beginning balance January 1 $ 6,347 $ 6,709 $ 7,764 Charged to costs and expenses, net of recoveries 34 1,181 290 Utilization (525) (1,443) (1,396) Currency translation and other 235 (100) 51 Ending balance December 31 $ 6,091 $ 6,347 $ 6,709 (1) Includes provision for doubtful accounts. |
Revenue
Revenue | 12 Months Ended |
Dec. 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 years ended December 31, 2020, 2019 and 2018 was as follows: For the Year Ended December 31, 2020 2019 2018 (In thousands) Energy $ 199,980 $ 164,825 $ 163,996 Valves 107,833 118,333 113,136 Water 236,080 250,589 251,020 Pumps 265,281 331,098 324,222 Agriculture 87,130 92,183 99,178 Intersegment elimination (830) (505) (277) Fluid & Metering Technologies 895,474 956,523 951,275 Scientific Fluidics & Optics 415,827 434,623 417,859 Sealing Solutions 207,623 200,495 200,316 Gast 122,875 133,471 126,787 Micropump 29,637 32,216 36,827 Material Processing Technologies 120,000 113,641 114,630 Intersegment elimination (2,609) (1,823) (449) Health & Science Technologies 893,353 912,623 895,970 Fire & Safety 376,320 403,949 396,926 BAND-IT 88,065 106,624 105,785 Dispensing 98,466 116,197 134,317 Intersegment elimination (32) (1,343) (607) Fire & Safety/Diversified Products 562,819 625,427 636,421 Total net sales $ 2,351,646 $ 2,494,573 $ 2,483,666 Revenue by geographical region for the years ended December 31, 2020, 2019 and 2018 was as follows: For the Year Ended December 31, 2020 FMT HST FSDP IDEX (In thousands) U.S. $ 505,757 $ 387,652 $ 269,899 $ 1,163,308 North America, excluding U.S. 52,822 21,319 23,202 97,343 Europe 174,945 249,793 149,180 573,918 Asia 109,089 221,139 94,223 424,451 Other (1) 53,691 16,059 26,347 96,097 Intersegment elimination (830) (2,609) (32) (3,471) Total net sales $ 895,474 $ 893,353 $ 562,819 $ 2,351,646 For the Year Ended December 31, 2019 FMT HST FSDP IDEX (In thousands) U.S. $ 541,994 $ 411,680 $ 303,579 $ 1,257,253 North America, excluding U.S. 58,256 21,735 26,328 106,319 Europe 170,698 263,523 159,184 593,405 Asia 125,031 201,765 103,379 430,175 Other (1) 61,049 15,743 34,300 111,092 Intersegment elimination (505) (1,823) (1,343) (3,671) Total net sales $ 956,523 $ 912,623 $ 625,427 $ 2,494,573 For the Year Ended December 31, 2018 FMT HST FSDP IDEX (In thousands) U.S. $ 540,697 $ 392,140 $ 297,717 $ 1,230,554 North America, excluding U.S. 57,917 18,770 28,779 105,466 Europe 172,630 278,634 164,307 615,571 Asia 119,822 189,342 111,169 420,333 Other (1) 60,486 17,533 35,056 113,075 Intersegment elimination (277) (449) (607) (1,333) Total net sales $ 951,275 $ 895,970 $ 636,421 $ 2,483,666 (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 - net on our 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: December 31, 2020 December 31, 2019 (In thousands) Billed receivables $ 273,536 $ 286,196 Unbilled receivables 14,752 11,922 Total customer receivables $ 288,288 $ 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 Consolidated Balance Sheets. Advance payments and 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 on which we will recognize as revenue at a point in time in the future. 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: December 31, 2020 December 31, 2019 (In thousands) Deferred revenue - current $ 28,374 $ 17,633 Deferred revenue - noncurrent 30,354 2,129 Total deferred revenue $ 58,728 $ 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 95% of total revenues in each of the years ended December 31, 2020, 2019 and 2018. 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 5% of total revenues in each of the years ended December 31, 2020, 2019 and 2018. 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 incomplete 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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 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 2020 and 2019, by reportable business segment, were as follows: FMT HST FSDP Total (In thousands) Goodwill $ 601,762 $ 895,177 $ 401,647 $ 1,898,586 Accumulated goodwill impairment losses (20,721) (149,820) (30,090) (200,631) Balance at January 1, 2019 581,041 745,357 371,557 1,697,955 Foreign currency translation (2,116) 476 (2,509) (4,149) Acquisitions — 85,939 — 85,939 Balance at December 31, 2019 578,925 831,772 369,048 1,779,745 Foreign currency translation 10,365 29,058 13,125 52,548 Acquisitions 60,431 — 1,052 61,483 Acquisition adjustments — 1,798 — 1,798 Balance at December 31, 2020 $ 649,721 $ 862,628 $ 383,225 $ 1,895,574 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 2020 and 2019, there were no events or circumstances that would have required an interim impairment test. Goodwill represents the purchase price in excess of the net amount assigned to assets acquired and liabilities assumed. Goodwill and other acquired intangible assets with indefinite lives were tested for impairment as of October 31, 2020, the Company’s annual impairment test date. In assessing the fair value of the reporting units, the Company considers both the market approach and the income approach. Under the market approach, the fair value of the reporting unit is determined by the respective trailing 12 month EBITDA and the forward looking 2021 EBITDA (50% each), based on multiples of comparable public companies. The market approach is dependent on a number of significant management assumptions including forecasted EBITDA and selected market multiples. Under the income approach, the fair value of the reporting unit is determined based on the present value of estimated future cash flows. The income approach is dependent on a number of significant management assumptions including estimates of operating results, capital expenditures, net working capital requirements, long-term growth rates and discount rates. Weighting was equally attributed to both the market and the income approaches (50% each) in arriving at the fair value of the reporting units. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2020 and 2019: At December 31, 2020 At December 31, 2019 Gross Accumulated Net Weighted Gross Accumulated Net (In thousands) (In thousands) Amortized intangible assets: Patents $ 3,030 $ (1,740) $ 1,290 10 $ 6,678 $ (5,276) $ 1,402 Trade names 130,793 (72,685) 58,108 16 123,062 (64,938) 58,124 Customer relationships 318,350 (120,294) 198,056 13 275,575 (96,252) 179,323 Unpatented technology 122,287 (55,131) 67,156 13 101,721 (43,561) 58,160 Other 700 (647) 53 10 700 (578) 122 Total amortized intangible assets 575,160 (250,497) 324,663 507,736 (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 $ 666,060 $ (250,497) $ 415,563 $ 598,636 $ (210,605) $ 388,031 On June 22, 2018, the Company acquired the intellectual property assets of Phantom Controls (“Phantom”) for cash consideration of $4.0 million. The operational capabilities and innovative pump operation of Phantom’s technology complements our existing water-flow expertise of Hale, Akron Brass and Class 1 to improve fire ground safety and reduce operational complexity during mission critical response. This acquisition of intellectual property assets did not meet the definition of a business under ASU 2017-01 and thus the Company recorded the entire purchase price to the Unpatented technology class of intangible assets on the Consolidated Balance Sheets. 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. 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 2020, the COVID-19 outbreak resulted in government lockdown mandates globally that forced us to both reduce hours and temporarily close some facilities at the beginning of the pandemic. 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. In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on certain of its definite-lived intangible assets, which resulted in an impairment charge of $7.1 million, consisting of $6.1 million related to customer relationships and $1.0 million related to unpatented technology. This charge was recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. See Note 15 for further discussion. Amortization of intangible assets was $41.8 million, $37.3 million and $38.5 million in 2020, 2019 and 2018, respectively. Based on the intangible asset balances as of December 31, 2020, amortization expense is expected to approximate $42.9 million in 2021, $42.0 million in 2022, $38.6 million in 2023, $36.8 million in 2024 and $35.1 million in 2025. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Borrowings at December 31, 2020 and 2019 consisted of the following: 2020 2019 (In thousands) Revolving Facility $ — $ — 4.50% Senior Notes, due December 2020 — 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 3.00% Senior Notes, due May 2030 500,000 — Other borrowings 215 622 Total borrowings 1,050,215 850,622 Less current portion 88 388 Less deferred debt issuance costs 4,824 983 Less unaccreted debt discount 949 387 Long-term borrowings $ 1,044,354 $ 848,864 On April 29, 2020, the Company completed a public offering of $500.0 million in aggregate principal amount of 3.0% Senior Notes due 2030 (the “3.0% Senior Notes”). The net proceeds from the offering were approximately $494.4 million, after deducting the issuance discount of $0.9 million, the underwriting commission of $3.3 million and offering expenses of $1.4 million. The net proceeds were used to redeem and repay the $300.0 million aggregate principal amount outstanding of its 4.5% Senior Notes due December 15, 2020 and the related accrued interest and a make-whole redemption premium, with the balance used for general corporate purposes. The 3.0% Senior Notes bear interest at a rate of 3.0% per annum, which is payable semi-annually in arrears on May 1 and November 1 of each year. The 3.0% Senior Notes mature on May 1, 2030. The Company may redeem all or a portion of the 3.0% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture (“Indenture”) governing the 3.0% Senior Notes. The Indenture and 3.0% Notes contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of the Company’s assets. The terms of the 3.0% Senior Notes also require the Company to make an offer to repurchase the 3.0% Senior Notes upon a change of control triggering event (as defined in the Indenture) at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any. The Indenture also provides for customary events of default, which include nonpayment, breach of covenants in the Indenture and certain events of bankruptcy and insolvency. Generally, if an event of default occurs, the Trustee or holders of at least 25% of the then outstanding 3.0% Senior Notes may declare the principal amount of all of the 3.0% Senior Notes to be due and payable immediately. On April 27, 2020, the Company provided notice of its election to redeem early, on May 27, 2020, the $300.0 million aggregate principal amount outstanding of its 4.5% Senior Notes at a redemption price of $300.0 million plus a make-whole redemption premium of $6.8 million and accrued and unpaid interest of $6.1 million using proceeds from the Company’s 3.0% Senior Notes. In addition, the Company recognized the remaining $1.4 million of the pre-tax amount included in Accumulated other comprehensive income (loss) in shareholders’ equity related to the interest rate exchange agreement associated with the 4.5% Senior Notes and wrote off the remaining $0.1 million of deferred issuance costs and $0.1 million of the debt issuance discount associated with the 4.5% Senior Notes for a total loss on early debt redemption of $8.4 million which was recorded within Other (income) expense - net in the Consolidated Statements of Operations. 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 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 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 December 31, 2020, the applicable margin was 1.00%, resulting in a weighted average interest rate of 1.24% for the year ended December 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. There are two key financial covenants that the Company is required to maintain in connection with the Credit Agreement and the Notes, a minimum interest coverage ratio of 3.0 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”), both of which are tested quarterly and 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 December 31, 2020, the Company was in compliance with each financial covenant under Credit Agreement and the Notes. There are no financial covenants relating to the 3.0% Senior Notes or 4.2% Senior Notes; however, both are subject to cross-default provisions. 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 December 31, 2020, there was no balance outstanding under the Revolving Facility and $7.2 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility at December 31, 2020 of approximately $792.8 million. 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 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 December 9, 2011, the Company completed a public offering of $350.0 million 4.2% senior notes due December 15, 2021 (“4.2% Senior Notes”). The net proceeds from the offering of $346.2 million, after deducting a $0.9 million issuance discount, a $2.3 million underwriting commission and $0.6 million of offering expenses, were used to repay $306.0 million of outstanding bank indebtedness, with the balance used for general corporate purposes. The 4.2% Senior Notes bear interest at a rate of 4.2% per annum, which is payable semi-annually in arrears on each June 15th and December 15th. The Company may redeem all or a portion of the 4.2% Senior Notes at any time prior to maturity at the redemption prices set forth in the Note Indenture governing the 4.2% Senior Notes. The Company may issue additional debt from time to time pursuant to the Indenture. The Indenture and 4.2% Senior Notes contain covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all of the Company’s assets. The terms of the 4.2% Senior Notes also require the Company to make an offer to repurchase the 4.2% Senior Notes upon a change of control triggering event (as defined in the Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest, if any. As of December 31, 2020, the $350.0 million 4.2% Senior Notes are due in December 2021 but have not been classified as short-term borrowings on the 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 4.2% Senior Notes remain classified as long-term borrowings in the Consolidated Balance Sheets as of December 31, 2020. Total borrowings at December 31, 2020 have scheduled maturities as follows: (In thousands) 2021 $ 350,088 2022 — 2023 100,000 2024 — 2025 100,127 Thereafter 500,000 Total borrowings $ 1,050,215 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 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 17 for the amount of loss reclassified into net income for interest rate contracts for the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, the Company did not have any interest rate contracts outstanding. On April 15, 2010, the Company entered into a forward starting interest rate contract with a notional amount of $300.0 million and a settlement date in December 2010. This contract was entered into in anticipation of the issuance of the 4.5% Senior Notes and was designed to lock in the market interest rate as of April 15, 2010. In December 2010, the Company settled and paid this interest rate contract for $31.0 million. The $31.0 million was being amortized into interest expense over the 10 year term of the 4.5% Senior Notes, which results in an effective interest rate of 5.8%. In conjunction with the early redemption of the 4.5% Senior Notes on May 27, 2020, the Company accelerated the recognition of the remaining $1.4 million of the pre-tax amount included in Accumulated other comprehensive income (loss) in shareholders’ equity related to the 4.5% Senior Notes and recorded such as Other (income) expense - net during the year ended December 31, 2020 in the Consolidated Statements of Operations. On July 12, 2011, the Company entered into a forward starting interest rate contract with a notional amount of $350.0 million and a settlement date of September 30, 2011. This contract was entered into in anticipation of the issuance of the 4.2% Senior Notes and was designed to lock in the market interest rate as of July 12, 2011. On September 29, 2011, the Company settled this interest rate contract for $34.7 million with a payment made on October 3, 2011. Simultaneously, the Company entered into a separate interest rate contract with a notional amount of $350.0 million and a settlement date of February 28, 2012. The contract was entered into in anticipation of the expected issuance of the 4.2% Senior Notes and was designed to maintain the market rate as of July 12, 2011. In December 2011, the Company settled and paid the September interest rate contract for $4.0 million, resulting in a total settlement of $38.7 million. Of the $38.7 million, $0.8 million was recognized as other expense in 2011 and the balance of $37.9 million is being amortized into interest expense over the 10 year term of the 4.2% Senior Notes, which results in an effective interest rate of 5.3%. The amount of expense reclassified into interest expense for interest rate contracts for the years ended December 31, 2020, 2019 and 2018 is $6.0 million, $6.3 million and $6.5 million, respectively. The remaining $2.5 million included in Accumulated other comprehensive income (loss) in shareholders’ equity at December 31, 2020 will be recognized in net income over the next 12 months as the underlying hedged transaction is realized. At March 31, 2018, the Company had outstanding foreign currency exchange contracts with a combined notional value of €180 million that were not designated as hedges for accounting purposes and, as a result, the change in the fair value of these foreign currency exchange contracts and the corresponding foreign currency gain or loss on the revaluation of the intercompany loans were both recorded through earnings within Other (income) expense - net in the Consolidated Statements of Operations each period as incurred. In April 2018, the Company settled its outstanding foreign currency exchange contracts in conjunction with its repayment of the underlying intercompany loans and did not extend these foreign currency exchange contracts. Along with the repayment of the intercompany loans, the Company was required to make a capital contribution to one of its subsidiaries, which resulted in a $2.2 million stamp duty in Switzerland which was recorded within Selling, general and administrative expenses in the Consolidated Statements of Operations. As a result of the foreign currency exchange contracts being settled in April 2018, the Company received $6.6 million of proceeds. During the year ended December 31, 2018, the Company recorded a gain of $0.9 million within Other (income) expense - net in the Consolidated Statements of Operations related to these foreign currency exchange contracts. During the year ended December 31, 2018, the Company recorded a foreign currency transaction loss of $0.9 million within Other (income) expense - net in the Consolidated Statements of Operations related to these intercompany loans. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 December 31, 2020 and 2019: Basis of Fair Value Measurements Balance at December 31, 2020 Level 1 Level 2 Level 3 (In thousands) Available for sale securities $ 13,554 $ 13,554 $ — $ — Basis of Fair Value Measurements Balance at December 31, 2019 Level 1 Level 2 Level 3 (In thousands) 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 in 2020 or 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 FLI as of the acquisition date. The $3.4 million represented management’s best estimate of the liability based on a range of FLI’s two-year operating results from August 1, 2018 to July 31, 2020. In March 2020, the Company and the seller reached an agreement to settle the contingent consideration for $3.0 million, which was paid in April 2020. The carrying values of our cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates their fair values because of the short term nature of these instruments. At December 31, 2020, the fair value of the outstanding indebtedness under our 3.0% Senior Notes, 3.2% Senior Notes, 3.37% 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 $1,127.6 million compared to the carrying value of $1,049.3 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 | 12 Months Ended |
Dec. 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 December 31, 2020 and 2019 was as follows: Balance Sheet Caption December 31, 2020 December 31, 2019 (In thousands) Operating leases: Building right-of-use assets - net Other noncurrent assets $ 100,775 $ 75,381 Equipment right-of-use assets - net Other noncurrent assets 5,811 6,993 Total right-of-use assets - net $ 106,586 $ 82,374 Operating leases: Current lease liabilities Accrued expenses $ 16,721 $ 15,235 Noncurrent lease liabilities Other noncurrent liabilities 94,250 69,928 Total lease liabilities $ 110,971 $ 85,163 In the fourth quarter of 2020, the Company consolidated certain facilities within the FMT segment, which resulted in an impairment charge of $0.9 million related to a building right-of-use asset that was exited early. The Company also relocated its corporate office, which resulted in an impairment charge of $0.4 million related to a building right-of-use asset that was exited early. In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on its long-lived assets, which resulted in an impairment charge of $0.6 million related to its building right-of-use asset. In the fourth quarter of 2019, the Company completed the consolidation of one of its facilities in the HST segment into the Optics Center of Excellence in Rochester, New York, which also resulted in an impairment charge of $0.4 million related to its building right-of-use asset. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. See Note 15 for further discussion. As part of the adoption of the new lease standard in 2019, the Company derecognized its liability for the construction of a new leased facility that was recorded in Other noncurrent liabilities on the Consolidated Balance Sheets and recorded it as a right of use asset in Other noncurrent assets on the Consolidated Balance Sheets with a corresponding lease liability in Accrued expenses and Other noncurrent liabilities on the Consolidated Balance Sheets. The components of lease cost for the years ended December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 (In thousands) Operating lease cost (1) $ 29,451 $ 23,080 Variable lease cost 1,939 2,265 Total lease expense $ 31,390 $ 25,345 (1) Includes short-term leases, which are immaterial. Rental expense totaled $21.8 million in 2018. Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 was as follows: December 31, 2020 December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities $ 28,673 $ 22,888 Right-of-use assets obtained in exchange for new operating lease liabilities 40,432 25,878 Other supplemental information related to leases as of December 31, 2020 and 2019 was as follows: Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term (years): Operating leases - building and equipment 9.43 9.61 Operating leases - vehicles 2.01 1.92 Weighted-average discount rate: Operating leases - building and equipment 3.51 % 4.08 % Operating leases - vehicles 2.05 % 2.99 % The Company uses its incremental borrowing rate to determine the present value of the lease payments. Total lease liabilities at December 31, 2020 have scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases (In thousands) 2021 $ 19,717 2022 17,014 2023 13,662 2024 11,681 2025 11,141 Thereafter 57,570 Total lease payments 130,785 Less: Imputed interest (19,814) Present value of lease liabilities $ 110,971 Total lease liabilities at December 31, 2019 had scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases (In thousands) 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 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Warranty costs are provided for at the time of sale. The warranty provision is based on historical costs and adjusted for specific known claims. A rollforward of the warranty reserve is as follows: 2020 2019 2018 (In thousands) Beginning balance at January 1 $ 5,581 $ 5,303 $ 6,281 Provision for warranties 3,001 3,438 2,334 Claim settlements (2,676) (3,115) (2,981) Other adjustments, including acquisitions, divestitures and currency translation 1,488 (45) (331) Ending balance at December 31 $ 7,394 $ 5,581 $ 5,303 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. |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 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 2020, the Company repurchased a total of 876 thousand shares at a cost of $110.3 million, compared to 389 thousand shares repurchased at a cost of $54.7 million in 2019. As of December 31, 2020, the amount of share repurchase authorization remaining was $712.0 million. At December 31, 2020 and 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 December 31, 2020 and 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Pretax income for 2020, 2019 and 2018 was taxed in the following jurisdictions: 2020 2019 2018 (In thousands) U.S. $ 296,355 $ 377,166 $ 357,585 Foreign 173,985 155,737 171,354 Total $ 470,340 $ 532,903 $ 528,939 The provision (benefit) for income taxes for 2020, 2019 and 2018 was as follows: 2020 2019 2018 (In thousands) Current U.S. $ 29,548 $ 49,819 $ 67,793 State and local 4,603 9,074 8,056 Foreign 50,173 41,864 46,862 Total current 84,324 100,757 122,711 Deferred U.S. 10,066 10,158 (5,471) State and local 1,522 (115) (17) Foreign (3,350) (3,418) 1,143 Total deferred 8,238 6,625 (4,345) Total provision for income taxes $ 92,562 $ 107,382 $ 118,366 Deferred tax assets (liabilities) at December 31, 2020 and 2019 were: 2020 2019 (In thousands) Employee and retiree benefit plans $ 26,872 $ 28,097 Capital loss and other carryforwards 16,316 16,035 Operating lease assets 24,705 20,036 Operating lease liabilities (23,945) (19,530) Depreciation and amortization (188,993) (175,904) Inventories 8,780 7,699 Allowances and accruals 7,343 7,765 Interest rate exchange agreement 745 2,113 Other (16,946) (14,998) Total gross deferred tax (liabilities) (145,123) (128,687) Valuation allowance (16,316) (16,035) Total deferred tax (liabilities), net of valuation allowances $ (161,439) $ (144,722) The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019 were: 2020 2019 (In thousands) Noncurrent deferred tax asset - Other noncurrent assets $ 2,424 $ 1,852 Noncurrent deferred tax liabilities - Deferred income taxes (163,863) (146,574) Net deferred tax liabilities $ (161,439) $ (144,722) The Company had prepaid income taxes, recorded within Other current assets on the Consolidated Balance Sheets, of $20.9 million and $13.4 million as of December 31, 2020 and 2019, respectively. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for 2020, 2019 and 2018 are as follows: 2020 2019 2018 (In thousands) Pretax income $ 470,340 $ 532,903 $ 528,939 Provision for income taxes: Computed amount at statutory rate $ 98,771 $ 111,910 $ 111,077 State and local income tax (net of federal tax benefit) 5,954 8,163 8,280 Taxes on non-U.S. earnings-net of foreign tax credits 7,048 5,003 5,725 Global Intangible Low-Taxed Income (2,731) 2,324 2,725 Foreign-Derived Intangible Income Deduction (4,928) (5,811) (5,410) Effect of flow-through entities 1,308 1,316 1,215 U.S. business tax credits (3,163) (3,193) (3,056) Share-based payments (9,743) (11,011) (9,348) Valuation allowance 70 (117) — Impact of Tax Act — (334) 10,298 Other (24) (868) (3,140) Total provision for income taxes $ 92,562 $ 107,382 $ 118,366 On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was enacted into law as a response to the COVID-19 pandemic. The CARES Act includes various provisions including, but not limited to, changes to Federal net operating losses, expanding the applicability of the interest limitation rules under Internal Revenue Code Section 163(j) and amending the 2017 Tax Cuts and Jobs Act to provide for a 15-year recovery period for qualified improvement property. In addition to the CARES Act, on December 27, 2020, the Consolidated Appropriations Act was enacted into law which enhances and expands certain provisions of the CARES Act. The Company has determined that neither of these enacted laws have a material impact for the year ending December 31, 2020. The Company has $28.6 million and $26.5 million of permanently reinvested earnings of non-U.S. subsidiaries as of December 31, 2020 and 2019, respectively. No deferred U.S. income taxes have been provided on the $28.6 million of permanently reinvested earnings, as these earnings are considered to be reinvested for an indefinite period of time. It should also be noted that the aforementioned earnings will not incur U.S. taxes when ultimately repatriated other than potentially U.S. state and local taxes and/or U.S. federal income taxes on foreign exchange gains or losses crystalized on the distribution of such earnings. Such distributions could also be subject to additional foreign withholding and foreign income taxes. The amount of unrecognized deferred income tax liabilities on currently permanently reinvested earnings is estimated to be $4.3 million and $5.4 million as of December 31, 2020 and 2019, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company repatriated $27.0 million, $99.0 million and $135.0 million of foreign earnings, respectively. These actual distributions resulted in no incremental income tax expense for the years ended December 31, 2020, 2019 and 2018. These repatriations represent distributions of previously taxed income as well as distributions from liquidating subsidiaries. A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2020, 2019 and 2018 is as follows: 2020 2019 2018 (In thousands) Beginning balance January 1 $ 3,680 $ 4,070 $ 2,722 Gross increases for tax positions of prior years — — 2,308 Gross decreases for tax positions of prior years — — (229) Settlements (2,608) (140) (160) Lapse of statute of limitations — (250) (571) Ending balance December 31 $ 1,072 $ 3,680 $ 4,070 The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2020, there was no accrued interest related to uncertain tax positions. As of December 31, 2019 and 2018, the Company had approximately $0.2 million and $0.1 million, respectively, of accrued interest related to uncertain tax positions. The Company had no accrued penalties related to uncertain tax positions during any of these years. The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized is $1.1 million, $3.7 million and $4.1 million as of December 31, 2020, 2019 and 2018, respectively. The tax years 2015-2019 remain open to examination by major taxing 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 are not expected to change within the next 12 months. The Company had net operating loss and general business credit carryforwards related to prior acquisitions for U.S. federal purposes at December 31, 2020 and 2019 of $0.1 million and $0.4 million, respectively. The U.S. federal business credit carryforwards are available for use against the Company’s consolidated U.S. federal taxable income and expire between 2025 and 2028. For non-U.S. purposes, the Company had net operating loss carryforwards at December 31, 2020 and 2019 of $7.4 million and $16.5 million, respectively, the majority of which relate to acquisitions. The entire balance of the non-U.S. net operating losses is available to be carried forward indefinitely. At December 31, 2020 and 2019, the Company had U.S. state net operating loss carryforwards of approximately $14.7 million and $17.4 million, respectively. If unutilized, the U.S. state net operating loss will expire between 2033 and 2039. At December 31, 2020 and 2019, the Company recorded a valuation allowance against the deferred tax asset attributable to the U.S. state net operating loss of $0.6 million and $0.6 million, respectively. The Company had a capital loss carryover for U.S. federal purposes at December 31, 2020 and 2019 of approximately $45.9 million and $45.6 million, respectively. U.S. federal capital loss carryovers can be carried back three years and forward five years, thus, if unutilized, the U.S. federal capital loss carryover will expire between 2021 and 2025. At December 31, 2020 and 2019, the Company recorded a valuation allowance against the deferred tax asset attributable to the U.S. federal capital loss carryover of $9.6 million and $9.6 million, respectively. At December 31, 2020 and 2019, the Company had U.S. state capital loss carryovers of $45.9 million and $62.1 million, respectively. If unutilized, the U.S. state capital loss carryovers will expire between 2021 and 2040. At December 31, 2020 and 2019, the Company recorded a valuation allowance against the deferred tax assets attributable to the U.S. state capital loss carryovers of $0.9 million and $0.8 million, respectively. At December 31, 2020 and 2019, the Company had a foreign capital loss carryforward of approximately $14.3 million and $13.8 million, respectively. The foreign capital loss can be carried forward indefinitely. At both December 31, 2020 and 2019, the Company has a full valuation allowance against the deferred tax asset attributable to the foreign capital loss. The Company had a foreign tax credit carryover for U.S. federal purposes at December 31, 2020 and 2019 of approximately $3.3 million and $3.3 million, respectively. U.S. federal foreign tax credit carryovers can be carried back one year and forward ten years, thus, if unutilized, the U.S. federal foreign tax credit carryover will expire between 2029 and 2030. At December 31, 2020, the Company recorded a full valuation allowance against the deferred tax asset attributable to the U.S. federal foreign tax credit carryover. |
Business Segments and Geographi
Business Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments and Geographic Information | Business Segments and Geographic InformationIDEX has three reportable business segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. The Fluid & Metering Technologies 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 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 segment designs, produces and distributes 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. 2020 2019 2018 (In thousands) NET SALES Fluid & Metering Technologies External customers $ 895,474 $ 956,523 $ 951,275 Intersegment sales 830 505 277 Total segment sales 896,304 957,028 951,552 Health & Science Technologies External customers 893,353 912,623 895,970 Intersegment sales 2,609 1,823 449 Total segment sales 895,962 914,446 896,419 Fire & Safety/Diversified Products External customers 562,819 625,427 636,421 Intersegment sales 32 1,343 607 Total segment sales 562,851 626,770 637,028 Intersegment eliminations (3,471) (3,671) (1,333) Total net sales $ 2,351,646 $ 2,494,573 $ 2,483,666 OPERATING INCOME (LOSS) (1) Fluid & Metering Technologies $ 235,011 $ 285,256 $ 275,060 Health & Science Technologies 206,356 200,200 205,679 Fire & Safety/Diversified Products 144,191 165,258 168,601 Corporate office and other (64,845) (71,711) (80,252) Total operating income 520,713 579,003 569,088 Interest expense 44,746 44,341 44,134 Other (income) expense - net 5,627 1,759 (3,985) Income before taxes $ 470,340 $ 532,903 $ 528,939 2020 2019 2018 (In thousands) ASSETS Fluid & Metering Technologies $ 1,387,067 $ 1,150,712 $ 1,107,777 Health & Science Technologies 1,576,093 1,507,108 1,329,368 Fire & Safety/Diversified Products 891,864 825,398 806,075 Corporate office and other 559,374 330,694 230,637 Total assets $ 4,414,398 $ 3,813,912 $ 3,473,857 DEPRECIATION AND AMORTIZATION (2) Fluid & Metering Technologies $ 25,939 $ 22,152 $ 22,370 Health & Science Technologies 41,778 39,721 39,939 Fire & Safety/Diversified Products 15,216 14,333 14,493 Corporate office and other 562 670 742 Total depreciation and amortization $ 83,495 $ 76,876 $ 77,544 CAPITAL EXPENDITURES Fluid & Metering Technologies $ 11,924 $ 17,285 $ 19,541 Health & Science Technologies 27,626 22,001 26,039 Fire & Safety/Diversified Products 8,913 9,811 10,318 Corporate office and other 3,082 1,815 191 Total capital expenditures $ 51,545 $ 50,912 $ 56,089 (1) Segment operating income (loss) excludes net unallocated corporate operating expenses. (2) Excludes amortization of debt issuance expenses. Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2020, 2019 and 2018 is shown below. 2020 2019 2018 (In thousands) LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT U.S. $ 169,159 $ 165,721 $ 171,111 North America, excluding U.S. 5,028 3,829 3,398 Europe 99,989 88,104 85,100 Asia 23,950 22,505 21,355 Other 147 157 256 Total long-lived assets - net $ 298,273 $ 280,316 $ 281,220 |
Restructuring Expenses and Asse
Restructuring Expenses and Asset Impairments | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Restructuring Expenses and Asset Impairments | Restructuring Expenses and Asset Impairments During 2020, 2019 and 2018, the Company incurred restructuring costs to facilitate long-term, sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and asset impairments. Restructuring costs include severance benefits, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Consolidated Statements of Operations. Severance costs primarily consist of severance benefits through payroll continuation, COBRA subsidies, outplacement services, conditional separation costs and employer tax liabilities, while exit costs primarily consist of lease exit and contract termination costs. 2020 Initiative During 2020, the Company recorded pre-tax restructuring expenses and asset impairments totaling $11.8 million related to the 2020 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas, facility rationalization, contract termination costs and asset impairments. Severance payments will be substantially paid by the end of 2021 using cash from operations. In the fourth quarter of 2020, the Company consolidated certain facilities within the FMT segment, which resulted in an impairment charge of $2.5 million, consisting of $1.6 million related to property, plant and equipment which was not relocated to the new location and $0.9 million related to a building right-of-use asset that was exited early. The Company also relocated its corporate office, which resulted in an impairment charge of $0.6 million, consisting of $0.2 million related to property, plant and equipment which was not relocated to the new location and $0.4 million related to a building right-of-use asset that was exited early. Pre-tax restructuring expenses and asset impairments by segment for the 2020 initiative were as follows: Severance Exit Costs Asset Impairments Total (In thousands) Fluid & Metering Technologies $ 2,939 $ 165 $ 2,476 $ 5,580 Health & Science Technologies 2,742 — — 2,742 Fire & Safety/Diversified Products 2,524 — — 2,524 Corporate/Other 319 — 611 930 Total restructuring costs $ 8,524 $ 165 $ 3,087 $ 11,776 2019 Initiative During 2019, the Company recorded pre-tax restructuring expenses and asset impairments totaling $21.0 million related to the 2019 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas, facility rationalization, contract termination costs and asset impairments. Severance payments were substantially paid by the end of 2020 using cash from operations. In the second quarter of 2019, the Company began to evaluate strategic alternatives for one of its businesses in the HST segment. Prior to making a final decision on the options that were presented for this business, the business was informed in the third quarter of 2019 of the loss of its largest customer. As a result, the Company accelerated its restructuring activities for this business and a decision was made to wind down the business over time. This event required an interim impairment test be performed on the long-lived tangible and intangible assets of the business, which resulted in an impairment charge of $9.7 million, consisting of $6.1 million related to a customer relationships intangible asset, $1.0 million related to an unpatented technology intangible asset, $2.0 million related to property, plant and equipment and $0.6 million related to a building right-of-use asset. In the fourth quarter of 2019, the Company also consolidated one of its facilities into the Optics Center of Excellence in Rochester, New York, which resulted in an impairment charge of $0.4 million related to a building right-of-use asset. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. Pre-tax restructuring expenses and asset impairments by segment for the 2019 initiative were as follows: Severance Costs Exit Costs Asset Impairments Total (In thousands) Fluid & Metering Technologies $ 2,879 $ — $ — $ 2,879 Health & Science Technologies 3,000 1,094 10,155 14,249 Fire & Safety/Diversified Products 1,364 — — 1,364 Corporate/Other 2,552 — — 2,552 Total restructuring costs $ 9,795 $ 1,094 $ 10,155 $ 21,044 2018 Initiative During 2018, the Company recorded pre-tax restructuring expenses and asset impairments totaling $12.1 million related to the 2018 restructuring initiative. These expenses consisted of employee severance related to employee reductions across various functional areas as well as facility rationalization and contract termination costs. Severance payments were fully paid by the end of 2019 using cash from operations. Pre-tax restructuring expenses and asset impairments by segment for the 2018 initiative were as follows: Severance Costs Exit Costs Total (In thousands) Fluid & Metering Technologies $ 2,305 $ 153 $ 2,458 Health & Science Technologies 5,454 450 5,904 Fire & Safety/Diversified Products 2,184 — 2,184 Corporate/Other 1,537 — 1,537 Total restructuring costs $ 11,480 $ 603 $ 12,083 Restructuring accruals of $3.9 million and $6.1 million at December 31, 2020 and 2019, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows: Restructuring (In thousands) Balance at January 1, 2019 $ 6,170 Restructuring expenses 21,044 Payments, utilization and other (21,104) Balance at December 31, 2019 6,110 Restructuring expenses (1) 8,837 Payments, utilization and other (11,079) Balance at December 31, 2020 $ 3,868 (1) Excludes $2.9 million of asset impairments related to property, plant and equipment and right-of-use assets. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based CompensationThe Company maintains two share-based compensation plans for executives, non-employee directors and certain key employees that authorize the granting of stock options, restricted stock, performance share units and other types of awards consistent with the purpose of the plans. The number of shares authorized for issuance under the Company’s plans as of December 31, 2020 totaled 15.6 million, of which 3.0 million shares were available for future issuance. 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. The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Board of Directors based on their recommendation from the Compensation Committee. Stock Options Stock options granted under the Company’s plans are generally non-qualified and are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The fair value of each option grant is estimated on the date of the grant using the Binomial lattice option pricing model. The majority of the options issued to employees vest ratably over four years, with vesting beginning one year from the date of grant, and generally expire 10 years from the date of grant. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model. Weighted average option fair values and assumptions for the periods specified are as follows: Years Ended December 31, 2020 2019 2018 Weighted average fair value of grants $34.22 $35.15 $38.13 Dividend yield 1.15% 1.18% 1.07% Volatility 22.04% 24.77% 28.46% Risk-free interest rate 1.39% - 1.66% 2.53% - 3.04% 2.03% - 3.17% Expected life (in years) 5.80 5.87 5.83 The assumptions are as follows: • The Company estimated volatility using its historical share price performance over the contractual term of the option. • The Company uses historical data to estimate the expected life of the option. The expected life assumption for the years ended December 31, 2020, 2019 and 2018 is an output of the Binomial lattice option pricing model, which incorporates vesting provisions, rate of voluntary exercise and rate of post-vesting termination over the contractual life of the option to define expected employee behavior. • The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option. For the years ended December 31, 2020, 2019 and 2018, we present the range of risk-free one-year forward rates, derived from the U.S. treasury yield curve, utilized in the Binomial lattice option pricing model. • The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the contractual life of the option. A summary of the Company’s stock option activity as of December 31, 2020, and changes during the year ended December 31, 2020 is presented as follows: Stock Options Shares Weighted Weighted-Average Aggregate Outstanding at January 1, 2020 1,386,539 $ 103.58 6.95 $ 94,764,140 Granted 353,130 172.93 Exercised (511,960) 87.09 Forfeited/Expired (263,983) 147.68 Outstanding at December 31, 2020 963,726 $ 125.70 6.94 $ 70,829,529 Vested and expected to vest at December 31, 2020 919,724 $ 124.01 6.86 $ 69,151,533 Exercisable at December 31, 2020 424,926 $ 92.26 5.24 $ 45,447,769 The intrinsic value for stock options outstanding and exercisable is defined as the difference between the market value of the Company’s common stock as of the end of the period and the grant price. The total intrinsic value of options exercised in 2020, 2019 and 2018 was $41.3 million, $49.5 million and $38.0 million, respectively. In 2020, 2019 and 2018, cash received from options exercised was $44.6 million, $38.8 million and $27.6 million, respectively, while the actual tax benefit realized for the tax deductions from stock options exercised totaled $8.7 million, $10.4 million and $8.0 million, respectively. Total compensation cost for stock options is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2020 2019 2018 (In thousands) Cost of goods sold $ 501 $ 445 $ 470 Selling, general and administrative expenses 7,567 8,705 8,313 Total expense before income taxes 8,068 9,150 8,783 Income tax benefit (907) (1,209) (1,616) Total expense after income taxes $ 7,161 $ 7,941 $ 7,167 As of December 31, 2020, there was $9.1 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.3 years. 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. 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. A summary of the Company’s restricted stock activity as of December 31, 2020, and changes during the year ending December 31, 2020 is as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2020 130,248 $ 124.61 Granted 39,065 168.42 Vested (39,683) 95.25 Forfeited (18,330) 142.03 Unvested at December 31, 2020 111,300 $ 147.13 Total compensation cost for restricted stock is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2020 2019 2018 (In thousands) Cost of goods sold $ 318 $ 261 $ 367 Selling, general and administrative expenses 3,857 4,527 4,201 Total expense before income taxes 4,175 4,788 4,568 Income tax benefit (876) (920) (825) Total expense after income taxes $ 3,299 $ 3,868 $ 3,743 As of December 31, 2020, there was $5.8 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.0 year. 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. Dividend equivalents are paid on certain cash-settled restricted stock awards. A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2020, and changes during the year ending December 31, 2020 is as follows: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2020 74,560 $ 172.08 Granted 20,780 173.30 Vested (25,405) 173.26 Forfeited (5,995) 199.20 Unvested at December 31, 2020 63,940 $ 199.20 Total compensation cost for cash-settled restricted stock is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2020 2019 2018 (In thousands) Cost of goods sold $ 882 $ 1,230 $ 809 Selling, general and administrative expenses 3,677 4,118 2,391 Total expense before income taxes 4,559 5,348 3,200 Income tax benefit (427) (509) (337) Total expense after income taxes $ 4,132 $ 4,839 $ 2,863 At December 31, 2020 and 2019, the Company has accrued $5.4 million and $5.5 million, respectively, for cash-settled restricted stock in Accrued expenses in the Consolidated Balance Sheets and has accrued $2.9 million and $2.8 million, respectively, for cash-settled restricted stock in Other non-current liabilities in the Consolidated Balance Sheets. Performance Share Units Beginning in 2013, the Company granted performance share units to selected key employees that may be earned based on IDEX total shareholder return over the three-year period following the date of grant. Performance share units are expected to be made annually and are paid out at the end of a three th percentile of the peer group. Performance share units earn dividend equivalents for the award period, which will be paid to participants with the award payout at the end of the period based on the actual number of performance share units that are earned. Payments made at the end of the award period will be in the form of stock for performance share units and will be in cash for dividend equivalents. The Company’s performance share units are considered market condition awards, have been assessed at fair value on the date of grant using a Monte Carlo simulation model and are expensed ratably over the three-year term of the awards. The Company granted 42,690, 56,860 and 52,375 performance share units in 2020, 2019 and 2018, respectively. Weighted average performance share unit fair values and assumptions for the period specified are as follows: Years Ended December 31, 2020 2019 2018 Weighted average fair value of grants $224.14 $207.26 $216.59 Dividend yield —% —% —% Volatility 19.50% 19.11% 17.42% Risk-free interest rate 1.30% 2.49% 2.40% Expected life (in years) 2.94 2.83 2.85 The assumptions are as follows: • The Company estimated volatility using its historical share price performance over the remaining performance period as of the grant date. • The Company uses a Monte Carlo simulation model that uses an expected life commensurate with the performance period. As a result, the expected life of the performance share units was assumed to be the period from the grant date to the end of the performance period. • The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term commensurate with the remaining performance period. • Total Shareholder Return is determined assuming that dividends are reinvested in the issuing entity over the performance period, which is mathematically equivalent to utilizing a 0% dividend yield. A summary of the Company’s performance share unit activity as of December 31, 2020, and changes during the year ending December 31, 2020, is as follows: Performance Share Units Shares Weighted-Average Unvested at January 1, 2020 100,575 $ 178.97 Granted 42,690 224.14 Vested (24,395) 220.14 Forfeited (60,175) 213.89 Unvested at December 31, 2020 58,695 $ 218.16 Based on the Company’s relative total shareholder return rank during the three year period ended December 31, 2020, the Company achieved a 201% payout factor and issued 48,223 common shares in February 2021 for awards that vested in 2020. Total compensation cost for performance share units is as follows: Years Ended December 31, 2020 2019 2018 (In thousands) Cost of goods sold $ — $ — $ — Selling, general and administrative expenses 2,573 8,383 8,203 Total expense before income taxes 2,573 8,383 8,203 Income tax benefit (217) (641) (1,586) Total expense after income taxes $ 2,356 $ 7,742 $ 6,617 As of December 31, 2020, there was $4.8 million of total unrecognized compensation cost related to performance shares that is expected to be recognized over a weighted-average period of 0.9 years. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The components of Other comprehensive income (loss) are as follows: For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax (In thousands) Cumulative translation adjustment $ 107,783 $ — $ 107,783 $ 67 $ — $ 67 Pension and other postretirement adjustments Net gain (loss) arising during the year (1,438) 53 (1,385) (7,432) 2,497 (4,935) Amortization/recognition of settlement loss 2,876 (106) 2,770 2,810 (944) 1,866 Pension and other postretirement adjustments 1,438 (53) 1,385 (4,622) 1,553 (3,069) Reclassification adjustments for derivatives 6,021 (1,369) 4,652 6,327 (1,445) 4,882 Total other comprehensive income (loss) $ 115,242 $ (1,422) $ 113,820 $ 1,772 $ 108 $ 1,880 For the Year Ended December 31, 2018 Pre-tax Tax Net of tax (In thousands) Cumulative translation adjustment $ (48,114) $ — $ (48,114) Pension and other postretirement adjustments Net gain (loss) arising during the year 9,963 (2,375) 7,588 Amortization/recognition of settlement loss 2,938 (701) 2,237 Pension and other postretirement adjustments 12,901 (3,076) 9,825 Reclassification adjustments for derivatives 6,475 (1,469) 5,006 Total other comprehensive income (loss) $ (28,738) $ (4,545) $ (33,283) Amounts reclassified from accumulated other comprehensive income (loss) to net income are summarized as follows: For the Year Ended December 31, 2020 2019 2018 Income Statement Caption (In thousands) Pension and other postretirement plans: Amortization of service cost $ 2,909 $ 2,858 $ 3,246 Other (income) expense - net Recognition of settlement loss (33) (48) (308) Other (income) expense - net Total before tax 2,876 2,810 2,938 Provision for income taxes (106) (944) (701) Total net of tax $ 2,770 $ 1,866 $ 2,237 Derivatives: Reclassification adjustments $ 6,021 $ 6,327 $ 6,475 Interest expense, Other (income) expense - net Total before tax 6,021 6,327 6,475 Provision for income taxes (1,369) (1,445) (1,469) Total net of tax $ 4,652 $ 4,882 $ 5,006 The Company recognizes the service cost component in both Selling, general and administrative expenses and Cost of sales in the Consolidated Statements of Operations depending on the functional area of the underlying employees included in the plans. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits The Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other post-retirement plans for its employees. The Company uses a measurement date of December 31 for its defined benefit pension plans and post-retirement medical plans. The Company employs the measurement date provisions of ASC 715, Compensation-Retirement Benefits , which require the measurement date of plan assets and liabilities to coincide with the sponsor’s year end. 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. In addition, the Company recorded a settlement charge of $0.7 million in Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2019. Participants were notified in February 2020 and the Plan was terminated in May 2020. As a result of the termination, the settlement threshold was reached in early 2020 and the Company recorded a settlement charge of $0.9 million in Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2020. The settlement also triggered the remeasurement of net periodic benefit cost resulting in a reduction of $1.0 million to Other (income) expense - net in the Consolidated Statements of Operations for the year ended December 31, 2020 as a result of significant decreases in discount rates and strong asset performance in 2020. As of December 31, 2020, the Plan’s funded status is 113%, with assets valued at $93.4 million and liabilities of $82.6 million. The disclosures for the year ended December 31, 2020 were prepared on a liquidation basis of accounting. The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2020 and a statement of the funded status at December 31 for both years. Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Non-U.S. U.S. Non-U.S. (In thousands) CHANGE IN BENEFIT OBLIGATION Obligation at January 1 $ 95,947 $ 102,016 $ 85,175 $ 89,789 $ 23,257 $ 22,593 Service cost 134 2,215 653 1,844 616 561 Interest cost 1,274 1,056 2,796 1,440 624 849 Plan amendments 183 (1) — (156) (2,905) — Benefits paid (4,023) (2,640) (3,520) (1,507) (722) (676) Actuarial loss (gain) 6,504 7,279 16,931 9,903 3,241 (161) Currency translation — 8,941 — 66 62 91 Settlements (6,064) (3,802) (4,826) — — — Curtailments — — (1,538) — — — Acquisition/Divestiture — — — — — — Other — 624 276 637 — — Obligation at December 31 $ 93,955 $ 115,688 $ 95,947 $ 102,016 $ 24,173 $ 23,257 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 $ 93,413 $ 39,304 $ 83,580 $ 33,532 $ — $ — Actual return on plan assets 16,225 3,620 17,446 3,406 — — Employer contributions 421 2,389 733 2,320 722 676 Benefits paid (4,023) (2,640) (3,520) (1,507) (722) (676) Currency translation — 2,669 — 916 — — Settlements (6,064) (3,802) (4,826) — — — Acquisition/Divestiture — — — — — — Other — 624 — 637 — — Fair value of plan assets at December 31 $ 99,972 $ 42,164 $ 93,413 $ 39,304 $ — $ — Funded status at December 31 $ 6,017 $ (73,524) $ (2,534) $ (62,712) $ (24,173) $ (23,257) COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS Other noncurrent assets $ 10,754 $ 3 $ 1,921 $ 14 $ — $ — Current liabilities (510) (1,520) (564) (1,270) (990) (1,127) Other noncurrent liabilities (4,227) (72,007) (3,891) (61,456) (23,183) (22,130) Net asset (liability) at December 31 $ 6,017 $ (73,524) $ (2,534) $ (62,712) $ (24,173) $ (23,257) The pension benefits actuarial loss in 2020 was primarily driven by the decrease in the discount rates from 2019 to 2020. The U.S. actuarial loss was partially offset due to an updated mortality base table and projection scale assumption for one of the plans. The Non-U.S. actuarial loss was partially offset due to updated mortality assumptions in the UK and Switzerland. The other benefits actuarial loss in 2020 was primarily driven by the decrease in the discount rates from 2019 to 2020 and updated claims and contributions experience, partially offset by gains from benefit payments. The accumulated benefit obligation (“ABO”) for all defined benefit pension plans was $204.4 million and $193.3 million at December 31, 2020 and 2019, respectively. The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2020 and 2019 were as follows: U.S. Plans Non-U.S. Plans Other Benefits 2020 2019 2020 2019 2020 2019 Discount rate 2.14 % 3.06 % 0.95 % 1.33 % 2.20 % 3.09 % Rate of compensation increase — % — % 2.32 % 2.29 % — % 4.00 % Cash balance interest credit rate 4.00 % 4.00 % 1.00 % 1.00 % — % — % — % The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2020 and 2019 were as follows: Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Prior service cost (credit) $ 202 $ (92) $ 46 $ (100) $ (2,914) $ (46) Net loss (gain) 13,414 24,536 21,432 19,304 (2,266) (6,009) Total $ 13,616 $ 24,444 $ 21,478 $ 19,204 $ (5,180) $ (6,055) The components of, and the weighted average assumptions used to determine, the net periodic (benefit) cost for the plans in 2020, 2019 and 2018 are as follows: Pension Benefits 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. (In thousands) Service cost $ 134 $ 2,215 $ 653 $ 1,844 $ 886 $ 2,105 Interest cost 1,274 1,056 2,796 1,440 2,634 1,389 Expected return on plan assets (3,750) (1,170) (3,319) (1,047) (3,943) (1,120) Settlement loss recognized 910 (385) 713 — (1) (307) Special termination benefit recognized — — 276 — — — Net amortization 1,163 1,730 1,614 1,117 2,712 1,271 Net periodic (benefit) cost $ (269) $ 3,446 $ 2,733 $ 3,354 $ 2,288 $ 3,338 Other Benefits 2020 2019 2018 (In thousands) Service cost $ 616 $ 561 $ 668 Interest cost 624 849 810 Net amortization (542) (635) (737) Net periodic benefit cost $ 698 $ 775 $ 741 U.S. Plans Non-U.S. Plans 2020 2019 2018 2020 2019 2018 Discount rate Various* 4.11%/2.99%** 3.46 % 1.33 % 2.07 % 1.82 % Expected return on plan assets 4.00 % 4.00 % 5.50 % 3.00 % 3.12 % 3.09 % Rate of compensation increase — % 4.00 % 4.00 % 2.29 % 2.13 % 2.37 % *For the IDEX Corporation Retirement Plan, a discount rate of 3.07% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through March 31, 2020, a discount rate of 2.97% was used to determine the net periodic (benefit) cost for the period April 1, 2020 through June 30, 2020, a discount rate of 2.41% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through September 30, 2020 and a discount rate of 2.36% was used to determine the net periodic (benefit) cost for the period October 1, 2020 through December 31, 2020 as a result of the quarterly remeasurements that occurred in conjunction with the termination of the Plan. For the Pulsafeeder, Inc. Pension Plan for Hourly Employees at Rochester, New York, a discount rate of 3.21% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through June 30, 2020 and a discount rate of 2.62% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through December 31, 2020 as a result of the remeasurement that occurred in conjunction with the ratification of the collective bargaining agreement. **A discount rate of 4.11% was used to determine the net periodic benefit cost for the period January 1, 2019 through August 31, 2019 and a discount rate of 2.99% was used to determine the net periodic benefit cost for the period September 1, 2019 through December 31, 2019 as a result of the remeasurement that occurred in conjunction with the decision to freeze the Plan. Other Benefits 2020 2019 2018 Discount rate 3.09 % 4.11 % 3.50 % Expected return on plan assets — % — % — % Rate of compensation increase 4.00 % 4.00 % 4.00 % The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2020 is as follows: Pension Benefits Other U.S. Non-U.S. (In thousands) Net gain (loss) in current year $ 5,971 $ (4,829) $ (3,241) Prior service cost (182) 2 2,905 Amortization of prior service cost (credit) 27 (22) (37) Amortization of net loss (gain) 2,046 1,367 (504) Exchange rate effect on amounts in other comprehensive income — (1,758) 2 Total $ 7,862 $ (5,240) $ (875) The discount rates for our plans are derived by matching the plan’s cash flows to a yield curve that provides the equivalent yields on zero-coupon bonds for each maturity. The discount rate selected is the rate that produces the same present value of cash flows. In selecting the expected rate of return on plan assets, the Company considers the historical returns and expected returns on plan assets. The expected returns are evaluated using asset return class, variance and correlation assumptions based on the plan’s target asset allocation and current market conditions. Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active participants. Costs of defined contribution plans were $12.5 million, $12.4 million and $12.2 million for 2020, 2019 and 2018, respectively. The Company, through its subsidiaries, participates in certain multi-employer pension plans covering approximately 305 participants under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company as contributions to these plans totaled $1.1 million, $1.1 million, and $1.1 million for 2020, 2019 and 2018, respectively. For measurement purposes, a 5.64% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for 2020. The rate was assumed to decrease gradually each year to a rate of 4.50% for 2038, and remain at that level thereafter. Plan Assets The Company’s pension plan weighted average asset allocations at December 31, 2020 and 2019, by asset category, were as follows: U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Equity securities 7 % 10 % 17 % 17 % Fixed income securities 65 % 90 % 24 % 24 % Cash/Commingled Funds/Other (1) 28 % — % 59 % 59 % Total 100 % 100 % 100 % 100 % The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2020 and 2019 is summarized as follows: Basis of Fair Value Measurement Outstanding Level 1 Level 2 Level 3 As of December 31, 2020 (In thousands) Equity U.S. Large Cap $ 3,710 $ 3,710 $ — $ — U.S. Small / Mid Cap 444 — 444 — International 10,427 4,412 6,015 — Fixed Income U.S. Intermediate 14,263 — 14,263 — U.S. Long Term 51,891 — 51,891 — U.S. High Yield 296 — 296 — International 8,448 257 8,191 — Other Commingled Funds (1) 20,665 — — 20,665 Cash and Equivalents 28,469 27,826 643 — Other 3,523 — 3,523 — $ 142,136 $ 36,205 $ 85,266 $ 20,665 (1) Other commingled funds represent pooled institutional investments in non-U.S. plans. Basis of Fair Value Measurement Outstanding Level 1 Level 2 Level 3 As of December 31, 2019 (In thousands) Equity U.S. Large Cap $ 4,734 $ 4,734 $ — $ — U.S. Small / Mid Cap 455 — 455 — International 10,845 5,258 5,587 — Fixed Income U.S. Intermediate 640 — 640 — U.S. Long Term 83,628 — 83,628 — U.S. High Yield 1,346 — 1,346 — International 7,516 296 7,220 — Other Commingled Funds (1) 19,438 — — 19,438 Cash and Equivalents 1,094 517 577 — Other 3,021 — 3,021 — $ 132,717 $ 10,805 $ 102,474 $ 19,438 (1) Other commingled funds represent pooled institutional investments in non-U.S. plans. Equities that are valued using quoted prices are valued at the published market prices. Equities in a common collective trust or a registered investment company that are valued using significant other observable inputs are valued at the net asset value (“NAV”) provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities. Fixed income securities that are valued using significant other observable inputs are valued at prices obtained from independent financial service industry-recognized vendors. Investment Policies and Strategies The investment objective of the U.S. plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn the highest possible total rate of return consistent with the plan’s tolerance for risk. The general asset allocation guidelines for plan assets are that “equities” will constitute 10% and “fixed income” obligations, including cash, will constitute 90% of the market value of total fund assets. The investment objective of the UK plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn a target return of UK Gilts plus approximately 2.5% per year. The general asset allocation guidelines for plan assets are that “equities” will constitute from 50% to 60% of the market value of total fund assets with a target of 60%, and “fixed income” obligations, including cash, will constitute from 40% to 50% with a target of 40%. The term “equities” includes common stock, while the term “fixed income” includes obligations with contractual payments and a specific maturity date. The Company, through the use of a professional independent advisor, will monitor the asset allocation daily and maintain an asset allocation that closely replicates the designated targets. Diversification of assets is employed to ensure that adverse performance of one security or security class does not have an undue detrimental impact on the portfolio as a whole. Diversification is interpreted to include diversification by type, characteristic and number of investments as well as by investment style of designated investment fund managers. No restrictions are placed on the selection of individual investments by the investment fund managers. The total fund performance and the performance of the investment fund managers is reviewed on a regular basis using an appointed professional independent advisor. As of December 31, 2020, there were no shares of the Company’s stock held in plan assets. Cash Flows The Company expects to contribute approximately $3.4 million to its defined benefit plans and $1.0 million to its other postretirement benefit plans in 2021. The Company also expects to contribute approximately $13.1 million to its defined contribution plan and $10.1 million to its 401(k) savings plan in 2021. Estimated Future Benefit Payments The future estimated benefit payments for the next five years and the five years thereafter are as follows: 2021 — $88.5 million; 2022 — $5.9 million; 2023 — $5.9 million; 2024 — $6.1 million; 2025 — $6.3 million; 2026 to 2030 — $32.3 million. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for the years ended December 31, 2020 and 2019 are as follows: 2020 Quarters (1) 2019 Quarters (1) First Second Third Fourth First Second Third Fourth (In thousands, except per share amounts) Net sales $ 594,462 $ 561,249 $ 581,113 $ 614,822 $ 622,231 $ 642,099 $ 624,246 $ 605,997 Gross profit 271,956 234,800 251,500 269,168 283,834 292,337 281,978 266,885 Operating income 139,941 110,594 131,213 138,965 147,782 155,283 141,765 134,173 Net income (2) 101,998 70,864 103,848 101,068 110,268 113,209 105,194 96,850 Basic EPS $ 1.35 $ 0.94 $ 1.38 $ 1.33 $ 1.46 $ 1.50 $ 1.39 $ 1.28 Diluted EPS $ 1.33 $ 0.93 $ 1.37 $ 1.32 $ 1.44 $ 1.48 $ 1.37 $ 1.26 Basic weighted average shares outstanding 75,740 75,171 75,352 75,817 75,442 75,460 75,698 75,779 Diluted weighted average shares outstanding 76,452 75,937 75,960 76,367 76,284 76,387 76,577 76,570 (1) Quarterly data includes the acquisition of Flow MD (February 2020) and Velcora (July 2019) from the date of acquisition. See Note 2 for further discussion. (2) Decline in second quarter net sales and net income is primarily attributed to impacts of COVID-19. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn January 8, 2021, the Company entered into a definitive agreement to acquire Abel Pumps, L.P. and certain of its affiliates (“ABEL”) for cash consideration of $103.5 million. ABEL is based in Büchen, Germany, with sales and service locations in Madrid, Spain and Pittsburgh, Pennsylvania. ABEL designs and manufactures highly engineered reciprocating positive displacement pumps for a variety of end markets, including mining, marine, power, water, wastewater and other general industries. ABEL will be part of our Pumps platform within the Fluid and Metering Technologies segment. The Company expects to close the transaction by the end of the first quarter 2021 subject to regulatory approval and customary closing conditions. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Business | Business 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. IDEX’s products are sold in niche markets across a wide range of industries throughout the world. 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. These activities are grouped into three reportable segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the Company and its subsidiaries. All intercompany transactions and accounts have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The principal areas of estimation reflected in the financial statements are revenue recognition, sales returns and allowances, allowance for doubtful accounts, inventory valuation, recoverability of long-lived assets, valuation of goodwill and intangible assets, income taxes, product warranties, contingencies and litigation, insurance-related items, defined benefit retirement plans and purchase accounting related to acquisitions. |
Revenue Recognition | Revenue Recognition 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. 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. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time 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. Certain units recognize revenue over time because control transfers continuously to our customers. 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) or 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. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize provisions for estimated losses on incomplete 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. Shipping and Handling Costs Shipping and handling costs are included in Cost of sales and are recognized as a period expense during the period in which they are incurred. |
Advertising Costs | Advertising Costs Advertising costs of $9.9 million, $15.7 million and $17.0 million for 2020, 2019 and 2018, respectively, are expensed as incurred within Selling, general and administrative expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of 3 months or less to be cash and cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable 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 the accounts receivable balances, the financial condition of its customers, historical trends and the time outstanding of specific balances to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. |
Inventories | Inventories The Company states inventories 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. We make adjustments to reduce the cost of inventory to its net realizable value, if required, for estimated excess, obsolete or impaired balances. Factors influencing these adjustments include changes in market demand, product life cycle and engineering changes. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets A long-lived asset is reviewed for impairment if an event occurs or circumstances change that would more likely than not reduce the fair value of a long-lived asset below its carrying value, as measured by comparing its net book value to the projected undiscounted future cash flows generated by its use. A long-lived asset impairment exists when the carrying value of the asset exceeds its fair value. The amount and timing of the impairment charge for this asset requires the estimation of future cash flows to determine the fair value of the asset. An impaired asset is recorded at its estimated fair value based on a discounted cash flow analysis. In the fourth quarter of 2020, the Company consolidated certain facilities within the Fluid & Metering Technologies (“FMT”) segment, which resulted in an impairment charge of $2.5 million, consisting of $1.6 million related to property, plant and equipment which was not relocated to the new location and $0.9 million related to a building right-of-use asset that was exited early. The Company also relocated its corporate office, which resulted in an impairment charge of $0.6 million, consisting of $0.2 million related to property, plant and equipment which was not relocated to the new location and $0.4 million related to a building right-of-use asset that was exited early. These charges were recorded as Restructuring expenses and asset impairments in the Consolidated Statements of Operations. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets The Company reviews the carrying value of goodwill and indefinite-lived intangible assets annually as of October 31, or if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The Company evaluates the recoverability of these assets based on the estimated fair value of each of the 13 reporting units and the indefinite-lived intangible assets. See Note 6 for further discussion on goodwill and intangible assets. |
Borrowing Expenses | Borrowing Expenses Expenses incurred in securing and issuing debt are capitalized and included as a reduction of Long-term borrowings. These amounts are amortized over the life of the related borrowing and the related amortization is included in Interest expense. |
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 year. 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. Accounting Standards Codification (“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. |
Share-Based Compensation | Share-Based Compensation The Company accounts for share-based payments in accordance with ASC 718, Compensation-Stock Compensation . Accordingly, the Company expenses the fair value of awards made under its share-based compensation plans. That cost is recognized in the consolidated financial statements over the requisite service period of the grants. See Note 16 for further discussion on share-based compensation. |
Depreciation and Amortization | Depreciation and Amortization Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: Land improvements 8 to 12 years Buildings and improvements 8 to 30 years Machinery, equipment and other 3 to 12 years Office and transportation equipment 2 to 10 years Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: Patents 5 to 15 years Trade names 5 to 20 years Customer relationships 9 to 20 years Unpatented technology and other 3 to 20 years |
Research and Development Expenditures | Research and Development Expenditures Costs associated with engineering activities, including research and development, are expensed in the period incurred and are included in Cost of sales. |
Foreign Currency Translation and Transaction | Foreign Currency Translation and Transaction The functional currency of substantially all operations outside the United States is the respective local currency. Accordingly, those foreign currency balance sheet accounts have been translated using the exchange rates in effect as of the balance sheet date. Statement of Operations amounts have been translated using the average monthly exchange rates for the year. Translation adjustments from year to year have been reported in Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. The foreign currency transaction losses (gains) for the periods ending December 31, 2020, 2019 and 2018 were $3.0 million, $3.3 million and $(2.4) million, respectively, and are reported within Other (income) expense - net on the Consolidated Statements of Operations. See Note 8 for further discussion. |
Income Taxes | Income Taxes Income tax expense includes U.S., state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax bases of existing assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and the manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized. |
Concentration of Credit Risk | Concentration of Credit Risk The Company is not dependent on a single customer as its largest customer accounted for less than 2% of net sales for all years presented. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows an entity to reclassify the stranded tax effects in accumulated other comprehensive income (loss) to retained earnings in the statement of equity. The Company early adopted this standard on a retrospective basis on January 1, 2018. The adoption resulted in an increase of $6.4 million to Retained earnings and a corresponding change of $6.4 million to Accumulated other comprehensive income (loss) at January 1, 2018. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business , which clarifies the definition of a business and assists entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Under this guidance, when substantially all of the fair value of gross assets acquired is concentrated in a single asset or a group of similar assets, the assets acquired would not represent a business. In addition, in order to be considered a business, an acquisition would have to include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The amended guidance also narrows the definition of outputs by more closely aligning it with how outputs are described in the FASB guidance for revenue recognition. The Company adopted this standard on January 1, 2018 and accounted for the purchase of the intellectual property assets from Phantom Controls utilizing this guidance. See Note 6 for further information. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies the two-step goodwill impairment test by eliminating the second step of the test. Under this guidance, an entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying value over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This guidance does not amend the optional qualitative assessment of goodwill impairment. The Company adopted this standard on January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements. See Note 6 for further information. In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends ASC 740, Income Taxes . This ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of the transfer. An entity will continue to recognize the income tax consequences of an intercompany transfer of inventory when the inventory is sold to a third party. The Company adopted this standard on a modified retrospective basis on January 1, 2018. The adoption resulted in a decrease of $7.3 million to Other current assets, a decrease of $6.7 million to Deferred income taxes and a decrease of $0.6 million to Retained earnings at January 1, 2018. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the FASB Emerging Issues Task Force). This ASU addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The Company adopted this standard on January 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued 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 consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This standard introduced a new lessee model that requires most leases to be recorded on the balance sheet and eliminates the required use of bright line tests for determining lease classification from U.S. GAAP. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 , Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements, which clarified ASU 2016-02 and had the same effective date as the original standard. ASU 2018-11 included an option to use the effective date of ASU 2016-02 as the date of initial application of transition as well as an option not to restate comparative periods in transition. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements, which also clarified ASU 2016-02 and was effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted this standard on January 1, 2019 using the optional transition method provided by the FASB in ASU 2018-11. As we did not restate comparative periods, the adoption had no impact on our previously reported results. We elected to use the practical expedient that allowed us not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases and the practical expedient that allows us to treat the lease and non-lease components as a single lease component for all asset classes. We also elected to account for short-term leases (i.e. leases with a term of one year or less) in accordance with ASC 842-20-25-2 (i.e. expensed over the term and not recorded on the balance sheet). The adoption of this standard impacted our consolidated balance sheet due to the recognition of right of use assets and lease liabilities. Upon adoption, we recognized right of use assets and lease liabilities of approximately $68 million that reflected the present value of future lease payments. The adoption of this standard did not have a material impact on our consolidated results of operations or cash flows. See Note 10 for further information. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a new five-step model for recognizing revenue from contracts with customers. Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The FASB has also issued the following standards which clarify ASU 2014-09 and have the same effective date as the original standard: ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ; ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ; ASU 2016-12 , Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ; and ASU 2016-20 , Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. In 2016, we established an implementation team and analyzed the impact of the standard by surveying business units and performing extensive contract reviews to identify potential differences that may result from applying the requirements of the new standard. The contract reviews generally supported the recognition of revenue at a point in time, which was consistent with the revenue recognition model used by most of our business units. As a result, revenue recognition was unchanged under the new standard. For our business units that previously recognized revenue under a percentage of completion model, revenue recognition was also unchanged as the contract reviews supported the recognition of revenue over time. The Company implemented the appropriate changes to its processes, systems and controls to comply with the new guidance. The Company adopted this standard on January 1, 2018 using the modified retrospective approach applied to contracts that were not completed as of January 1, 2018. The adoption of this standard did not have an impact on our consolidated financial statements, except to provide additional disclosures. The Company elected the following practical expedients: significant financing component, sales tax presentation, contract costs, shipping and handling activities and disclosures. See Note 5 for further details on revenue. Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes , which eliminates the need to analyze whether the following apply in a given period (1) exception to the incremental approach for intraperiod tax allocation (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU is also designed to improve the application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, and interim periods therein. The adoption of this standard will not have a material impact on our consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [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: 2020 2019 2018 (In thousands) Basic weighted average common shares outstanding 75,741 75,594 76,412 Dilutive effect of stock options, restricted stock and performance share units 659 860 1,151 Diluted weighted average common shares outstanding 76,400 76,454 77,563 |
Property and Equipment at Cost, Depreciation and Amortization Estimated Useful Lives | Property and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following estimated useful lives: Land improvements 8 to 12 years Buildings and improvements 8 to 30 years Machinery, equipment and other 3 to 12 years Office and transportation equipment 2 to 10 years |
Schedule of Identifiable Intangible Assets, Useful Lives | Certain identifiable intangible assets are amortized over their estimated useful lives using the straight-line method. The estimated useful lives used in the computation of amortization of identifiable intangible assets are as follows: Patents 5 to 15 years Trade names 5 to 20 years Customer relationships 9 to 20 years Unpatented technology and other 3 to 20 years |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations and Dispositions [Abstract] | |
Schedule of Allocation of Acquisition Costs To 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 $ 32,858 Property, plant and equipment 4,166 Goodwill 60,431 Intangible assets 53,000 Other noncurrent assets 1,344 Total assets acquired 151,799 Current liabilities (32,291) Deferred income taxes 2,054 Other noncurrent liabilities (329) Net assets acquired $ 121,233 The final 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 $ 20,248 Property, plant and equipment 1,656 Goodwill 86,613 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 and Weighted Average Amortization Periods | 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 31,500 10 Unpatented technology 15,500 20 Acquired intangible assets $ 53,000 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 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Additional Financial Information Disclosure [Abstract] | |
Balance Sheet Components | December 31, 2020 2019 (In thousands) RECEIVABLES Customers $ 288,288 $ 298,118 Other 10,949 6,415 Total 299,237 304,533 Less allowance for doubtful accounts 6,091 6,347 Total receivables - net $ 293,146 $ 298,186 INVENTORIES Raw materials and components parts $ 173,248 $ 182,382 Work in process 29,436 28,761 Finished goods 87,226 82,324 Total inventories $ 289,910 $ 293,467 PROPERTY, PLANT AND EQUIPMENT Land and improvements $ 33,705 $ 32,240 Buildings and improvements 192,428 187,301 Machinery, equipment and other 430,423 397,498 Office and transportation equipment 95,549 95,759 Construction in progress 28,704 24,546 Total 780,809 737,344 Less accumulated depreciation and amortization 482,536 457,028 Total property, plant and equipment - net $ 298,273 $ 280,316 ACCRUED EXPENSES Payroll and related items $ 75,238 $ 77,556 Management incentive compensation 15,763 14,408 Income taxes payable 13,453 9,905 Insurance 11,115 8,240 Warranty 7,394 5,581 Deferred revenue 28,374 17,633 Lease liability 16,721 15,235 Restructuring 3,868 6,110 Liability for uncertain tax positions — 890 Accrued interest 3,592 1,735 Contingent consideration for acquisition — 3,375 Other 33,310 19,622 Total accrued expenses $ 208,828 $ 180,290 OTHER NONCURRENT LIABILITIES Pension and retiree medical obligations $ 99,417 $ 87,478 Transition tax payable 14,208 11,292 Liability for uncertain tax positions 1,071 3,008 Deferred revenue 30,354 2,129 Lease liability 94,250 69,928 Other 27,497 23,533 Total other noncurrent liabilities $ 266,797 $ 197,368 |
Accounts Receivable, Allowance for Credit Loss | The valuation and qualifying account activity for the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 (In thousands) ALLOWANCE FOR DOUBTFUL ACCOUNTS (1) Beginning balance January 1 $ 6,347 $ 6,709 $ 7,764 Charged to costs and expenses, net of recoveries 34 1,181 290 Utilization (525) (1,443) (1,396) Currency translation and other 235 (100) 51 Ending balance December 31 $ 6,091 $ 6,347 $ 6,709 (1) Includes provision for doubtful accounts. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Revenue by reporting unit for the years ended December 31, 2020, 2019 and 2018 was as follows: For the Year Ended December 31, 2020 2019 2018 (In thousands) Energy $ 199,980 $ 164,825 $ 163,996 Valves 107,833 118,333 113,136 Water 236,080 250,589 251,020 Pumps 265,281 331,098 324,222 Agriculture 87,130 92,183 99,178 Intersegment elimination (830) (505) (277) Fluid & Metering Technologies 895,474 956,523 951,275 Scientific Fluidics & Optics 415,827 434,623 417,859 Sealing Solutions 207,623 200,495 200,316 Gast 122,875 133,471 126,787 Micropump 29,637 32,216 36,827 Material Processing Technologies 120,000 113,641 114,630 Intersegment elimination (2,609) (1,823) (449) Health & Science Technologies 893,353 912,623 895,970 Fire & Safety 376,320 403,949 396,926 BAND-IT 88,065 106,624 105,785 Dispensing 98,466 116,197 134,317 Intersegment elimination (32) (1,343) (607) Fire & Safety/Diversified Products 562,819 625,427 636,421 Total net sales $ 2,351,646 $ 2,494,573 $ 2,483,666 |
Schedule of External Net Sales Disaggregated by Geography | Revenue by geographical region for the years ended December 31, 2020, 2019 and 2018 was as follows: For the Year Ended December 31, 2020 FMT HST FSDP IDEX (In thousands) U.S. $ 505,757 $ 387,652 $ 269,899 $ 1,163,308 North America, excluding U.S. 52,822 21,319 23,202 97,343 Europe 174,945 249,793 149,180 573,918 Asia 109,089 221,139 94,223 424,451 Other (1) 53,691 16,059 26,347 96,097 Intersegment elimination (830) (2,609) (32) (3,471) Total net sales $ 895,474 $ 893,353 $ 562,819 $ 2,351,646 For the Year Ended December 31, 2019 FMT HST FSDP IDEX (In thousands) U.S. $ 541,994 $ 411,680 $ 303,579 $ 1,257,253 North America, excluding U.S. 58,256 21,735 26,328 106,319 Europe 170,698 263,523 159,184 593,405 Asia 125,031 201,765 103,379 430,175 Other (1) 61,049 15,743 34,300 111,092 Intersegment elimination (505) (1,823) (1,343) (3,671) Total net sales $ 956,523 $ 912,623 $ 625,427 $ 2,494,573 For the Year Ended December 31, 2018 FMT HST FSDP IDEX (In thousands) U.S. $ 540,697 $ 392,140 $ 297,717 $ 1,230,554 North America, excluding U.S. 57,917 18,770 28,779 105,466 Europe 172,630 278,634 164,307 615,571 Asia 119,822 189,342 111,169 420,333 Other (1) 60,486 17,533 35,056 113,075 Intersegment elimination (277) (449) (607) (1,333) Total net sales $ 951,275 $ 895,970 $ 636,421 $ 2,483,666 (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: December 31, 2020 December 31, 2019 (In thousands) Billed receivables $ 273,536 $ 286,196 Unbilled receivables 14,752 11,922 Total customer receivables $ 288,288 $ 298,118 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The composition of Deferred revenue was as follows: December 31, 2020 December 31, 2019 (In thousands) Deferred revenue - current $ 28,374 $ 17,633 Deferred revenue - noncurrent 30,354 2,129 Total deferred revenue $ 58,728 $ 19,762 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for 2020 and 2019, by reportable business segment, were as follows: FMT HST FSDP Total (In thousands) Goodwill $ 601,762 $ 895,177 $ 401,647 $ 1,898,586 Accumulated goodwill impairment losses (20,721) (149,820) (30,090) (200,631) Balance at January 1, 2019 581,041 745,357 371,557 1,697,955 Foreign currency translation (2,116) 476 (2,509) (4,149) Acquisitions — 85,939 — 85,939 Balance at December 31, 2019 578,925 831,772 369,048 1,779,745 Foreign currency translation 10,365 29,058 13,125 52,548 Acquisitions 60,431 — 1,052 61,483 Acquisition adjustments — 1,798 — 1,798 Balance at December 31, 2020 $ 649,721 $ 862,628 $ 383,225 $ 1,895,574 |
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 December 31, 2020 and 2019: At December 31, 2020 At December 31, 2019 Gross Accumulated Net Weighted Gross Accumulated Net (In thousands) (In thousands) Amortized intangible assets: Patents $ 3,030 $ (1,740) $ 1,290 10 $ 6,678 $ (5,276) $ 1,402 Trade names 130,793 (72,685) 58,108 16 123,062 (64,938) 58,124 Customer relationships 318,350 (120,294) 198,056 13 275,575 (96,252) 179,323 Unpatented technology 122,287 (55,131) 67,156 13 101,721 (43,561) 58,160 Other 700 (647) 53 10 700 (578) 122 Total amortized intangible assets 575,160 (250,497) 324,663 507,736 (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 $ 666,060 $ (250,497) $ 415,563 $ 598,636 $ (210,605) $ 388,031 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings at December 31, 2020 and 2019 consisted of the following: 2020 2019 (In thousands) Revolving Facility $ — $ — 4.50% Senior Notes, due December 2020 — 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 3.00% Senior Notes, due May 2030 500,000 — Other borrowings 215 622 Total borrowings 1,050,215 850,622 Less current portion 88 388 Less deferred debt issuance costs 4,824 983 Less unaccreted debt discount 949 387 Long-term borrowings $ 1,044,354 $ 848,864 |
Schedule of Maturities of Borrowings | Total borrowings at December 31, 2020 have scheduled maturities as follows: (In thousands) 2021 $ 350,088 2022 — 2023 100,000 2024 — 2025 100,127 Thereafter 500,000 Total borrowings $ 1,050,215 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Financial Assets (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 December 31, 2020 and 2019: Basis of Fair Value Measurements Balance at December 31, 2020 Level 1 Level 2 Level 3 (In thousands) Available for sale securities $ 13,554 $ 13,554 $ — $ — Basis of Fair Value Measurements Balance at December 31, 2019 Level 1 Level 2 Level 3 (In thousands) Available for sale securities $ 10,462 $ 10,462 $ — $ — Contingent consideration 3,375 — — 3,375 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Supplemental Balance Sheet Disclosures | Supplemental balance sheet information related to leases as of December 31, 2020 and 2019 was as follows: Balance Sheet Caption December 31, 2020 December 31, 2019 (In thousands) Operating leases: Building right-of-use assets - net Other noncurrent assets $ 100,775 $ 75,381 Equipment right-of-use assets - net Other noncurrent assets 5,811 6,993 Total right-of-use assets - net $ 106,586 $ 82,374 Operating leases: Current lease liabilities Accrued expenses $ 16,721 $ 15,235 Noncurrent lease liabilities Other noncurrent liabilities 94,250 69,928 Total lease liabilities $ 110,971 $ 85,163 |
Schedule of Lease, Cost | The components of lease cost for the years ended December 31, 2020 and 2019 were as follows: December 31, 2020 December 31, 2019 (In thousands) Operating lease cost (1) $ 29,451 $ 23,080 Variable lease cost 1,939 2,265 Total lease expense $ 31,390 $ 25,345 (1) Includes short-term leases, which are immaterial. |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 was as follows: December 31, 2020 December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities $ 28,673 $ 22,888 Right-of-use assets obtained in exchange for new operating lease liabilities 40,432 25,878 Other supplemental information related to leases as of December 31, 2020 and 2019 was as follows: Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term (years): Operating leases - building and equipment 9.43 9.61 Operating leases - vehicles 2.01 1.92 Weighted-average discount rate: Operating leases - building and equipment 3.51 % 4.08 % Operating leases - vehicles 2.05 % 2.99 % |
Schedule of Operating Lease, Liability, Maturity | Total lease liabilities at December 31, 2020 have scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases (In thousands) 2021 $ 19,717 2022 17,014 2023 13,662 2024 11,681 2025 11,141 Thereafter 57,570 Total lease payments 130,785 Less: Imputed interest (19,814) Present value of lease liabilities $ 110,971 Total lease liabilities at December 31, 2019 had scheduled maturities as follows: Maturity of Lease Liabilities Operating Leases (In thousands) 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Roll Forward of the Warranty Reserve | A rollforward of the warranty reserve is as follows: 2020 2019 2018 (In thousands) Beginning balance at January 1 $ 5,581 $ 5,303 $ 6,281 Provision for warranties 3,001 3,438 2,334 Claim settlements (2,676) (3,115) (2,981) Other adjustments, including acquisitions, divestitures and currency translation 1,488 (45) (331) Ending balance at December 31 $ 7,394 $ 5,581 $ 5,303 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Tax | Pretax income for 2020, 2019 and 2018 was taxed in the following jurisdictions: 2020 2019 2018 (In thousands) U.S. $ 296,355 $ 377,166 $ 357,585 Foreign 173,985 155,737 171,354 Total $ 470,340 $ 532,903 $ 528,939 |
Schedule of Components of Income Tax | The provision (benefit) for income taxes for 2020, 2019 and 2018 was as follows: 2020 2019 2018 (In thousands) Current U.S. $ 29,548 $ 49,819 $ 67,793 State and local 4,603 9,074 8,056 Foreign 50,173 41,864 46,862 Total current 84,324 100,757 122,711 Deferred U.S. 10,066 10,158 (5,471) State and local 1,522 (115) (17) Foreign (3,350) (3,418) 1,143 Total deferred 8,238 6,625 (4,345) Total provision for income taxes $ 92,562 $ 107,382 $ 118,366 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) at December 31, 2020 and 2019 were: 2020 2019 (In thousands) Employee and retiree benefit plans $ 26,872 $ 28,097 Capital loss and other carryforwards 16,316 16,035 Operating lease assets 24,705 20,036 Operating lease liabilities (23,945) (19,530) Depreciation and amortization (188,993) (175,904) Inventories 8,780 7,699 Allowances and accruals 7,343 7,765 Interest rate exchange agreement 745 2,113 Other (16,946) (14,998) Total gross deferred tax (liabilities) (145,123) (128,687) Valuation allowance (16,316) (16,035) Total deferred tax (liabilities), net of valuation allowances $ (161,439) $ (144,722) |
Schedule of Deferred Tax Assets (Liabilities) Recognized In Balance Sheets | The deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019 were: 2020 2019 (In thousands) Noncurrent deferred tax asset - Other noncurrent assets $ 2,424 $ 1,852 Noncurrent deferred tax liabilities - Deferred income taxes (163,863) (146,574) Net deferred tax liabilities $ (161,439) $ (144,722) |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to pretax income. The computed amount and the differences for 2020, 2019 and 2018 are as follows: 2020 2019 2018 (In thousands) Pretax income $ 470,340 $ 532,903 $ 528,939 Provision for income taxes: Computed amount at statutory rate $ 98,771 $ 111,910 $ 111,077 State and local income tax (net of federal tax benefit) 5,954 8,163 8,280 Taxes on non-U.S. earnings-net of foreign tax credits 7,048 5,003 5,725 Global Intangible Low-Taxed Income (2,731) 2,324 2,725 Foreign-Derived Intangible Income Deduction (4,928) (5,811) (5,410) Effect of flow-through entities 1,308 1,316 1,215 U.S. business tax credits (3,163) (3,193) (3,056) Share-based payments (9,743) (11,011) (9,348) Valuation allowance 70 (117) — Impact of Tax Act — (334) 10,298 Other (24) (868) (3,140) Total provision for income taxes $ 92,562 $ 107,382 $ 118,366 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2020, 2019 and 2018 is as follows: 2020 2019 2018 (In thousands) Beginning balance January 1 $ 3,680 $ 4,070 $ 2,722 Gross increases for tax positions of prior years — — 2,308 Gross decreases for tax positions of prior years — — (229) Settlements (2,608) (140) (160) Lapse of statute of limitations — (250) (571) Ending balance December 31 $ 1,072 $ 3,680 $ 4,070 |
Business Segments and Geograp_2
Business Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 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. 2020 2019 2018 (In thousands) NET SALES Fluid & Metering Technologies External customers $ 895,474 $ 956,523 $ 951,275 Intersegment sales 830 505 277 Total segment sales 896,304 957,028 951,552 Health & Science Technologies External customers 893,353 912,623 895,970 Intersegment sales 2,609 1,823 449 Total segment sales 895,962 914,446 896,419 Fire & Safety/Diversified Products External customers 562,819 625,427 636,421 Intersegment sales 32 1,343 607 Total segment sales 562,851 626,770 637,028 Intersegment eliminations (3,471) (3,671) (1,333) Total net sales $ 2,351,646 $ 2,494,573 $ 2,483,666 OPERATING INCOME (LOSS) (1) Fluid & Metering Technologies $ 235,011 $ 285,256 $ 275,060 Health & Science Technologies 206,356 200,200 205,679 Fire & Safety/Diversified Products 144,191 165,258 168,601 Corporate office and other (64,845) (71,711) (80,252) Total operating income 520,713 579,003 569,088 Interest expense 44,746 44,341 44,134 Other (income) expense - net 5,627 1,759 (3,985) Income before taxes $ 470,340 $ 532,903 $ 528,939 2020 2019 2018 (In thousands) ASSETS Fluid & Metering Technologies $ 1,387,067 $ 1,150,712 $ 1,107,777 Health & Science Technologies 1,576,093 1,507,108 1,329,368 Fire & Safety/Diversified Products 891,864 825,398 806,075 Corporate office and other 559,374 330,694 230,637 Total assets $ 4,414,398 $ 3,813,912 $ 3,473,857 DEPRECIATION AND AMORTIZATION (2) Fluid & Metering Technologies $ 25,939 $ 22,152 $ 22,370 Health & Science Technologies 41,778 39,721 39,939 Fire & Safety/Diversified Products 15,216 14,333 14,493 Corporate office and other 562 670 742 Total depreciation and amortization $ 83,495 $ 76,876 $ 77,544 CAPITAL EXPENDITURES Fluid & Metering Technologies $ 11,924 $ 17,285 $ 19,541 Health & Science Technologies 27,626 22,001 26,039 Fire & Safety/Diversified Products 8,913 9,811 10,318 Corporate office and other 3,082 1,815 191 Total capital expenditures $ 51,545 $ 50,912 $ 56,089 (1) Segment operating income (loss) excludes net unallocated corporate operating expenses. (2) Excludes amortization of debt issuance expenses. |
Schedule of Sales From External Customers and Long-Lived Assets | Information about the Company’s long-lived assets in different geographical regions for the years ended December 31, 2020, 2019 and 2018 is shown below. 2020 2019 2018 (In thousands) LONG-LIVED ASSETS — PROPERTY, PLANT AND EQUIPMENT U.S. $ 169,159 $ 165,721 $ 171,111 North America, excluding U.S. 5,028 3,829 3,398 Europe 99,989 88,104 85,100 Asia 23,950 22,505 21,355 Other 147 157 256 Total long-lived assets - net $ 298,273 $ 280,316 $ 281,220 |
Restructuring Expenses and As_2
Restructuring Expenses and Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring Costs and Asset Impairment Charges [Abstract] | |
Schedule of Pre-Tax Restructuring Expenses by Segment | Pre-tax restructuring expenses and asset impairments by segment for the 2020 initiative were as follows: Severance Exit Costs Asset Impairments Total (In thousands) Fluid & Metering Technologies $ 2,939 $ 165 $ 2,476 $ 5,580 Health & Science Technologies 2,742 — — 2,742 Fire & Safety/Diversified Products 2,524 — — 2,524 Corporate/Other 319 — 611 930 Total restructuring costs $ 8,524 $ 165 $ 3,087 $ 11,776 Pre-tax restructuring expenses and asset impairments by segment for the 2019 initiative were as follows: Severance Costs Exit Costs Asset Impairments Total (In thousands) Fluid & Metering Technologies $ 2,879 $ — $ — $ 2,879 Health & Science Technologies 3,000 1,094 10,155 14,249 Fire & Safety/Diversified Products 1,364 — — 1,364 Corporate/Other 2,552 — — 2,552 Total restructuring costs $ 9,795 $ 1,094 $ 10,155 $ 21,044 Pre-tax restructuring expenses and asset impairments by segment for the 2018 initiative were as follows: Severance Costs Exit Costs Total (In thousands) Fluid & Metering Technologies $ 2,305 $ 153 $ 2,458 Health & Science Technologies 5,454 450 5,904 Fire & Safety/Diversified Products 2,184 — 2,184 Corporate/Other 1,537 — 1,537 Total restructuring costs $ 11,480 $ 603 $ 12,083 |
Schedule of Restructuring Accruals Expenses | Restructuring accruals of $3.9 million and $6.1 million at December 31, 2020 and 2019, respectively, are reflected in Accrued expenses in our Consolidated Balance Sheets as follows: Restructuring (In thousands) Balance at January 1, 2019 $ 6,170 Restructuring expenses 21,044 Payments, utilization and other (21,104) Balance at December 31, 2019 6,110 Restructuring expenses (1) 8,837 Payments, utilization and other (11,079) Balance at December 31, 2020 $ 3,868 (1) Excludes $2.9 million of asset impairments related to property, plant and equipment and right-of-use assets. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 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 as follows: Years Ended December 31, 2020 2019 2018 Weighted average fair value of grants $34.22 $35.15 $38.13 Dividend yield 1.15% 1.18% 1.07% Volatility 22.04% 24.77% 28.46% Risk-free interest rate 1.39% - 1.66% 2.53% - 3.04% 2.03% - 3.17% Expected life (in years) 5.80 5.87 5.83 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of December 31, 2020, and changes during the year ended December 31, 2020 is presented as follows: Stock Options Shares Weighted Weighted-Average Aggregate Outstanding at January 1, 2020 1,386,539 $ 103.58 6.95 $ 94,764,140 Granted 353,130 172.93 Exercised (511,960) 87.09 Forfeited/Expired (263,983) 147.68 Outstanding at December 31, 2020 963,726 $ 125.70 6.94 $ 70,829,529 Vested and expected to vest at December 31, 2020 919,724 $ 124.01 6.86 $ 69,151,533 Exercisable at December 31, 2020 424,926 $ 92.26 5.24 $ 45,447,769 |
Schedule of Compensation Cost for Stock Options | Total compensation cost for stock options is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2020 2019 2018 (In thousands) Cost of goods sold $ 501 $ 445 $ 470 Selling, general and administrative expenses 7,567 8,705 8,313 Total expense before income taxes 8,068 9,150 8,783 Income tax benefit (907) (1,209) (1,616) Total expense after income taxes $ 7,161 $ 7,941 $ 7,167 |
Schedule of Restricted Stock Activity | A summary of the Company’s restricted stock activity as of December 31, 2020, and changes during the year ending December 31, 2020 is as follows: Restricted Stock Shares Weighted-Average Unvested at January 1, 2020 130,248 $ 124.61 Granted 39,065 168.42 Vested (39,683) 95.25 Forfeited (18,330) 142.03 Unvested at December 31, 2020 111,300 $ 147.13 |
Schedule of Compensation Cost for Restricted Stock | Total compensation cost for restricted stock is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2020 2019 2018 (In thousands) Cost of goods sold $ 318 $ 261 $ 367 Selling, general and administrative expenses 3,857 4,527 4,201 Total expense before income taxes 4,175 4,788 4,568 Income tax benefit (876) (920) (825) Total expense after income taxes $ 3,299 $ 3,868 $ 3,743 |
Schedule of Unvested Cash-settled Restricted Stock Activity | A summary of the Company’s unvested cash-settled restricted stock activity as of December 31, 2020, and changes during the year ending December 31, 2020 is as follows: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2020 74,560 $ 172.08 Granted 20,780 173.30 Vested (25,405) 173.26 Forfeited (5,995) 199.20 Unvested at December 31, 2020 63,940 $ 199.20 |
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock | Total compensation cost for cash-settled restricted stock is recorded in the Consolidated Statements of Operations as follows: Years Ended December 31, 2020 2019 2018 (In thousands) Cost of goods sold $ 882 $ 1,230 $ 809 Selling, general and administrative expenses 3,677 4,118 2,391 Total expense before income taxes 4,559 5,348 3,200 Income tax benefit (427) (509) (337) Total expense after income taxes $ 4,132 $ 4,839 $ 2,863 |
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 as follows: Years Ended December 31, 2020 2019 2018 Weighted average fair value of grants $224.14 $207.26 $216.59 Dividend yield —% —% —% Volatility 19.50% 19.11% 17.42% Risk-free interest rate 1.30% 2.49% 2.40% Expected life (in years) 2.94 2.83 2.85 |
Schedule of Performance Shares Units Activity | A summary of the Company’s performance share unit activity as of December 31, 2020, and changes during the year ending December 31, 2020, is as follows: Performance Share Units Shares Weighted-Average Unvested at January 1, 2020 100,575 $ 178.97 Granted 42,690 224.14 Vested (24,395) 220.14 Forfeited (60,175) 213.89 Unvested at December 31, 2020 58,695 $ 218.16 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total compensation cost for performance share units is as follows: Years Ended December 31, 2020 2019 2018 (In thousands) Cost of goods sold $ — $ — $ — Selling, general and administrative expenses 2,573 8,383 8,203 Total expense before income taxes 2,573 8,383 8,203 Income tax benefit (217) (641) (1,586) Total expense after income taxes $ 2,356 $ 7,742 $ 6,617 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of Other comprehensive income (loss) are as follows: For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax (In thousands) Cumulative translation adjustment $ 107,783 $ — $ 107,783 $ 67 $ — $ 67 Pension and other postretirement adjustments Net gain (loss) arising during the year (1,438) 53 (1,385) (7,432) 2,497 (4,935) Amortization/recognition of settlement loss 2,876 (106) 2,770 2,810 (944) 1,866 Pension and other postretirement adjustments 1,438 (53) 1,385 (4,622) 1,553 (3,069) Reclassification adjustments for derivatives 6,021 (1,369) 4,652 6,327 (1,445) 4,882 Total other comprehensive income (loss) $ 115,242 $ (1,422) $ 113,820 $ 1,772 $ 108 $ 1,880 For the Year Ended December 31, 2018 Pre-tax Tax Net of tax (In thousands) Cumulative translation adjustment $ (48,114) $ — $ (48,114) Pension and other postretirement adjustments Net gain (loss) arising during the year 9,963 (2,375) 7,588 Amortization/recognition of settlement loss 2,938 (701) 2,237 Pension and other postretirement adjustments 12,901 (3,076) 9,825 Reclassification adjustments for derivatives 6,475 (1,469) 5,006 Total other comprehensive income (loss) $ (28,738) $ (4,545) $ (33,283) |
Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from accumulated other comprehensive income (loss) to net income are summarized as follows: For the Year Ended December 31, 2020 2019 2018 Income Statement Caption (In thousands) Pension and other postretirement plans: Amortization of service cost $ 2,909 $ 2,858 $ 3,246 Other (income) expense - net Recognition of settlement loss (33) (48) (308) Other (income) expense - net Total before tax 2,876 2,810 2,938 Provision for income taxes (106) (944) (701) Total net of tax $ 2,770 $ 1,866 $ 2,237 Derivatives: Reclassification adjustments $ 6,021 $ 6,327 $ 6,475 Interest expense, Other (income) expense - net Total before tax 6,021 6,327 6,475 Provision for income taxes (1,369) (1,445) (1,469) Total net of tax $ 4,652 $ 4,882 $ 5,006 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets | The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2020 and a statement of the funded status at December 31 for both years. Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Non-U.S. U.S. Non-U.S. (In thousands) CHANGE IN BENEFIT OBLIGATION Obligation at January 1 $ 95,947 $ 102,016 $ 85,175 $ 89,789 $ 23,257 $ 22,593 Service cost 134 2,215 653 1,844 616 561 Interest cost 1,274 1,056 2,796 1,440 624 849 Plan amendments 183 (1) — (156) (2,905) — Benefits paid (4,023) (2,640) (3,520) (1,507) (722) (676) Actuarial loss (gain) 6,504 7,279 16,931 9,903 3,241 (161) Currency translation — 8,941 — 66 62 91 Settlements (6,064) (3,802) (4,826) — — — Curtailments — — (1,538) — — — Acquisition/Divestiture — — — — — — Other — 624 276 637 — — Obligation at December 31 $ 93,955 $ 115,688 $ 95,947 $ 102,016 $ 24,173 $ 23,257 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 $ 93,413 $ 39,304 $ 83,580 $ 33,532 $ — $ — Actual return on plan assets 16,225 3,620 17,446 3,406 — — Employer contributions 421 2,389 733 2,320 722 676 Benefits paid (4,023) (2,640) (3,520) (1,507) (722) (676) Currency translation — 2,669 — 916 — — Settlements (6,064) (3,802) (4,826) — — — Acquisition/Divestiture — — — — — — Other — 624 — 637 — — Fair value of plan assets at December 31 $ 99,972 $ 42,164 $ 93,413 $ 39,304 $ — $ — Funded status at December 31 $ 6,017 $ (73,524) $ (2,534) $ (62,712) $ (24,173) $ (23,257) COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS Other noncurrent assets $ 10,754 $ 3 $ 1,921 $ 14 $ — $ — Current liabilities (510) (1,520) (564) (1,270) (990) (1,127) Other noncurrent liabilities (4,227) (72,007) (3,891) (61,456) (23,183) (22,130) Net asset (liability) at December 31 $ 6,017 $ (73,524) $ (2,534) $ (62,712) $ (24,173) $ (23,257) |
Weighted Average Assumptions Used in Measurement of Benefit Obligation | The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2020 and 2019 were as follows: U.S. Plans Non-U.S. Plans Other Benefits 2020 2019 2020 2019 2020 2019 Discount rate 2.14 % 3.06 % 0.95 % 1.33 % 2.20 % 3.09 % Rate of compensation increase — % — % 2.32 % 2.29 % — % 4.00 % Cash balance interest credit rate 4.00 % 4.00 % 1.00 % 1.00 % — % — % — % U.S. Plans Non-U.S. Plans 2020 2019 2018 2020 2019 2018 Discount rate Various* 4.11%/2.99%** 3.46 % 1.33 % 2.07 % 1.82 % Expected return on plan assets 4.00 % 4.00 % 5.50 % 3.00 % 3.12 % 3.09 % Rate of compensation increase — % 4.00 % 4.00 % 2.29 % 2.13 % 2.37 % *For the IDEX Corporation Retirement Plan, a discount rate of 3.07% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through March 31, 2020, a discount rate of 2.97% was used to determine the net periodic (benefit) cost for the period April 1, 2020 through June 30, 2020, a discount rate of 2.41% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through September 30, 2020 and a discount rate of 2.36% was used to determine the net periodic (benefit) cost for the period October 1, 2020 through December 31, 2020 as a result of the quarterly remeasurements that occurred in conjunction with the termination of the Plan. For the Pulsafeeder, Inc. Pension Plan for Hourly Employees at Rochester, New York, a discount rate of 3.21% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through June 30, 2020 and a discount rate of 2.62% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through December 31, 2020 as a result of the remeasurement that occurred in conjunction with the ratification of the collective bargaining agreement. **A discount rate of 4.11% was used to determine the net periodic benefit cost for the period January 1, 2019 through August 31, 2019 and a discount rate of 2.99% was used to determine the net periodic benefit cost for the period September 1, 2019 through December 31, 2019 as a result of the remeasurement that occurred in conjunction with the decision to freeze the Plan. Other Benefits 2020 2019 2018 Discount rate 3.09 % 4.11 % 3.50 % Expected return on plan assets — % — % — % Rate of compensation increase 4.00 % 4.00 % 4.00 % |
Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2020 and 2019 were as follows: Pension Benefits Other Benefits 2020 2019 2020 2019 U.S. Non-U.S. U.S. Non-U.S. (In thousands) Prior service cost (credit) $ 202 $ (92) $ 46 $ (100) $ (2,914) $ (46) Net loss (gain) 13,414 24,536 21,432 19,304 (2,266) (6,009) Total $ 13,616 $ 24,444 $ 21,478 $ 19,204 $ (5,180) $ (6,055) The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2020 is as follows: Pension Benefits Other U.S. Non-U.S. (In thousands) Net gain (loss) in current year $ 5,971 $ (4,829) $ (3,241) Prior service cost (182) 2 2,905 Amortization of prior service cost (credit) 27 (22) (37) Amortization of net loss (gain) 2,046 1,367 (504) Exchange rate effect on amounts in other comprehensive income — (1,758) 2 Total $ 7,862 $ (5,240) $ (875) |
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans | The components of, and the weighted average assumptions used to determine, the net periodic (benefit) cost for the plans in 2020, 2019 and 2018 are as follows: Pension Benefits 2020 2019 2018 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. (In thousands) Service cost $ 134 $ 2,215 $ 653 $ 1,844 $ 886 $ 2,105 Interest cost 1,274 1,056 2,796 1,440 2,634 1,389 Expected return on plan assets (3,750) (1,170) (3,319) (1,047) (3,943) (1,120) Settlement loss recognized 910 (385) 713 — (1) (307) Special termination benefit recognized — — 276 — — — Net amortization 1,163 1,730 1,614 1,117 2,712 1,271 Net periodic (benefit) cost $ (269) $ 3,446 $ 2,733 $ 3,354 $ 2,288 $ 3,338 Other Benefits 2020 2019 2018 (In thousands) Service cost $ 616 $ 561 $ 668 Interest cost 624 849 810 Net amortization (542) (635) (737) Net periodic benefit cost $ 698 $ 775 $ 741 |
Summary of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value | The Company’s pension plan weighted average asset allocations at December 31, 2020 and 2019, by asset category, were as follows: U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Equity securities 7 % 10 % 17 % 17 % Fixed income securities 65 % 90 % 24 % 24 % Cash/Commingled Funds/Other (1) 28 % — % 59 % 59 % Total 100 % 100 % 100 % 100 % The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2020 and 2019 is summarized as follows: Basis of Fair Value Measurement Outstanding Level 1 Level 2 Level 3 As of December 31, 2020 (In thousands) Equity U.S. Large Cap $ 3,710 $ 3,710 $ — $ — U.S. Small / Mid Cap 444 — 444 — International 10,427 4,412 6,015 — Fixed Income U.S. Intermediate 14,263 — 14,263 — U.S. Long Term 51,891 — 51,891 — U.S. High Yield 296 — 296 — International 8,448 257 8,191 — Other Commingled Funds (1) 20,665 — — 20,665 Cash and Equivalents 28,469 27,826 643 — Other 3,523 — 3,523 — $ 142,136 $ 36,205 $ 85,266 $ 20,665 (1) Other commingled funds represent pooled institutional investments in non-U.S. plans. Basis of Fair Value Measurement Outstanding Level 1 Level 2 Level 3 As of December 31, 2019 (In thousands) Equity U.S. Large Cap $ 4,734 $ 4,734 $ — $ — U.S. Small / Mid Cap 455 — 455 — International 10,845 5,258 5,587 — Fixed Income U.S. Intermediate 640 — 640 — U.S. Long Term 83,628 — 83,628 — U.S. High Yield 1,346 — 1,346 — International 7,516 296 7,220 — Other Commingled Funds (1) 19,438 — — 19,438 Cash and Equivalents 1,094 517 577 — Other 3,021 — 3,021 — $ 132,717 $ 10,805 $ 102,474 $ 19,438 (1) Other commingled funds represent pooled institutional investments in non-U.S. plans. |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Results of Operations | The unaudited quarterly results of operations for the years ended December 31, 2020 and 2019 are as follows: 2020 Quarters (1) 2019 Quarters (1) First Second Third Fourth First Second Third Fourth (In thousands, except per share amounts) Net sales $ 594,462 $ 561,249 $ 581,113 $ 614,822 $ 622,231 $ 642,099 $ 624,246 $ 605,997 Gross profit 271,956 234,800 251,500 269,168 283,834 292,337 281,978 266,885 Operating income 139,941 110,594 131,213 138,965 147,782 155,283 141,765 134,173 Net income (2) 101,998 70,864 103,848 101,068 110,268 113,209 105,194 96,850 Basic EPS $ 1.35 $ 0.94 $ 1.38 $ 1.33 $ 1.46 $ 1.50 $ 1.39 $ 1.28 Diluted EPS $ 1.33 $ 0.93 $ 1.37 $ 1.32 $ 1.44 $ 1.48 $ 1.37 $ 1.26 Basic weighted average shares outstanding 75,740 75,171 75,352 75,817 75,442 75,460 75,698 75,779 Diluted weighted average shares outstanding 76,452 75,937 75,960 76,367 76,284 76,387 76,577 76,570 (1) Quarterly data includes the acquisition of Flow MD (February 2020) and Velcora (July 2019) from the date of acquisition. See Note 2 for further discussion. (2) Decline in second quarter net sales and net income is primarily attributed to impacts of COVID-19. |
Significant Accounting Polici_4
Significant Accounting Policies - Business (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 3 |
Significant Accounting Polici_5
Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Advertising costs | $ 9.9 | $ 15.7 | $ 17 |
Significant Accounting Polici_6
Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of definite-lived assets | $ 7,100 | |||||||
Asset impairments | $ 3,087 | $ 10,155 | $ 0 | |||||
Property, plant and equipment | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Asset impairment charges | $ 2,900 | |||||||
FMT | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Asset impairments | $ 2,500 | |||||||
Operating lease, impairment | 900 | |||||||
FMT | Corporate Office | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Asset impairments | 600 | |||||||
FMT | Property, plant and equipment | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Asset impairments | 1,600 | |||||||
FMT | Property, plant and equipment | Corporate Office | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Asset impairments | 200 | |||||||
Operating lease, impairment | $ 400 | |||||||
HST | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Asset impairment charges | $ 9,700 | |||||||
Operating lease, impairment | $ 400 | $ 600 | ||||||
HST | Customer relationships | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of definite-lived assets | 6,100 | |||||||
HST | Unpatented technology | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Impairment of definite-lived assets | 1,000 | |||||||
HST | Property, plant and equipment | ||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||
Asset impairments | $ 2,000 |
Significant Accounting Polici_7
Significant Accounting Policies - Goodwill and Indefinite-Lived Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2020unit | |
Accounting Policies [Abstract] | |
Number of reporting units | 13 |
Significant Accounting Polici_8
Significant Accounting Policies - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||||||||||
Basic weighted average common shares outstanding (in shares) | 75,817 | 75,352 | 75,171 | 75,740 | 75,779 | 75,698 | 75,460 | 75,442 | 75,741 | 75,594 | 76,412 |
Dilutive effect of stock options, restricted stock and performance share units (in shares) | 659 | 860 | 1,151 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 76,367 | 75,960 | 75,937 | 76,452 | 76,570 | 76,577 | 76,387 | 76,284 | 76,400 | 76,454 | 77,563 |
Significant Accounting Polici_9
Significant Accounting Policies - Earnings per Common Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Option to purchase common stock shares not included in the computation of diluted EPS (in shares) | 0.3 | 0.3 | 0.3 |
Significant Accounting Polic_10
Significant Accounting Policies - Property and Equipment at Cost Depreciation and Amortization Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Land improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 8 years |
Land improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 12 years |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 8 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 30 years |
Machinery, equipment and other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Machinery, equipment and other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 12 years |
Office and transportation equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 2 years |
Office and transportation equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Significant Accounting Polic_11
Significant Accounting Policies - Intangible Asset Depreciation and Amortization Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Patents | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Patents | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
Patents | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 15 years |
Trade names | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 16 years |
Trade names | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
Trade names | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 20 years |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 13 years |
Customer relationships | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 9 years |
Customer relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 20 years |
Unpatented technology and other | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 13 years |
Unpatented technology and other | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 3 years |
Unpatented technology and other | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 20 years |
Significant Accounting Polic_12
Significant Accounting Policies - Research and Development Expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Engineering expense | $ 82.3 | $ 92.4 | $ 84.9 |
Research and development expense | $ 48.2 | $ 56.4 | $ 48 |
Significant Accounting Polic_13
Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Foreign currency transaction (gain) loss | $ 3 | $ 3.3 | $ (2.4) |
Significant Accounting Polic_14
Significant Accounting Policies - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Percentage of concentration risk (less than) | 2.00% |
Significant Accounting Polic_15
Significant Accounting Policies - Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity | $ 2,540,203 | $ 2,263,229 | ||
Other current assets | (48,324) | (37,211) | ||
Deferred income taxes | (163,863) | (146,574) | ||
Retained earnings | (2,841,546) | (2,615,131) | ||
Operating lease, right-of-use asset | 106,586 | 82,374 | ||
Present value of lease liabilities | $ 110,971 | $ 85,163 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other current assets | $ 7,300 | |||
Deferred income taxes | 6,700 | |||
Retained earnings | 600 | |||
Operating lease, right-of-use asset | $ 68,000 | |||
Present value of lease liabilities | 68,000 | |||
Finance lease, liability | 68,000 | |||
Finance lease, right-of-use asset | $ 68,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity | 6,400 | |||
Cumulative Effect, Period of Adoption, Adjustment | AOCI Attributable to Parent | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Stockholders' equity | $ 6,400 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Thousands | Nov. 23, 2020 | Feb. 28, 2020 | Sep. 03, 2019 | Jul. 18, 2019 | Jul. 23, 2018 | Apr. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 1,895,574 | $ 1,779,745 | $ 1,697,955 | |||||||
Acquisition-related transaction costs | 4,300 | |||||||||
Fair value inventory step-up charge associated with acquisition | 3,300 | |||||||||
Debt acquired with acquisition of business | 0 | 51,130 | 0 | |||||||
Contingent consideration | 3,375 | |||||||||
Selling, general and administrative expenses | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition-related transaction costs | $ 1,700 | $ 3,000 | ||||||||
Qualtek | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price, cash paid | $ 1,900 | |||||||||
Goodwill | 1,100 | |||||||||
Goodwill, expected tax deductible amount | $ 1,100 | |||||||||
Fair value inventory step-up charge associated with acquisition | 100 | |||||||||
Flow MD | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price, cash paid | $ 121,200 | |||||||||
Goodwill | 60,431 | |||||||||
Goodwill, expected tax deductible amount | 60,400 | |||||||||
Intangible assets | $ 53,000 | |||||||||
Fair value inventory step-up charge associated with acquisition | $ 4,100 | |||||||||
Velcora Holding AB | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price, cash paid | $ 87,200 | |||||||||
Goodwill | $ 86,613 | |||||||||
Intangible assets | 48,183 | |||||||||
Debt acquired with acquisition of business | $ 51,100 | |||||||||
Loss on extinguishment of debt | $ 700 | |||||||||
FLI | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Aggregate purchase price, cash paid | 20,200 | |||||||||
Goodwill | 12,400 | |||||||||
Goodwill, expected tax deductible amount | 12,400 | |||||||||
Intangible assets | 7,900 | |||||||||
Consideration transferred | 23,600 | |||||||||
Contingent consideration | $ 3,400 | $ 3,000 | ||||||||
Contingent consideration arrangements, period | 24 months | |||||||||
Contingent consideration paid | $ 3,000 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Feb. 28, 2020 | Dec. 31, 2019 | Jul. 18, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,895,574 | $ 1,779,745 | $ 1,697,955 | ||
Flow MD | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash acquired | $ 32,858 | ||||
Property, plant and equipment | 4,166 | ||||
Goodwill | 60,431 | ||||
Intangible assets | 53,000 | ||||
Other noncurrent assets | 1,344 | ||||
Total assets acquired | 151,799 | ||||
Current liabilities | (32,291) | ||||
Deferred income taxes | 2,054 | ||||
Other noncurrent liabilities | (329) | ||||
Net assets acquired | $ 121,233 | ||||
Velcora Holding AB | |||||
Business Acquisition [Line Items] | |||||
Current assets, net of cash acquired | $ 20,248 | ||||
Property, plant and equipment | 1,656 | ||||
Goodwill | 86,613 | ||||
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] | ||
Total | $ 53,000 | |
Flow MD | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 6,000 | |
Weighted Average Life | 15 years | |
Flow MD | Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 31,500 | |
Weighted Average Life | 10 years | |
Flow MD | Unpatented technology and other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 15,500 | |
Weighted Average Life | 20 years | |
Velcora Holding AB | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 48,183 | |
Velcora Holding AB | Trade names | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 7,089 | |
Weighted Average Life | 15 years | |
Velcora Holding AB | Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 34,677 | |
Weighted Average Life | 12 years | |
Velcora Holding AB | Unpatented technology and other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 6,417 | |
Weighted Average Life | 9 years |
Acquisitions and Divestitures_4
Acquisitions and Divestitures - Divestitures (Details) - USD ($) $ in Thousands | Dec. 28, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income tax benefit | $ 92,562 | $ 107,382 | $ 118,366 | |||||||||
Net sales | $ 614,822 | $ 581,113 | $ 561,249 | $ 594,462 | $ 605,997 | $ 624,246 | $ 642,099 | $ 622,231 | $ 2,351,646 | $ 2,494,573 | $ 2,483,666 | |
Avery Hardoll | Disposed of by Sale | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from sale of business | $ 500 | |||||||||||
Loss on sale of businesses | 400 | |||||||||||
Income tax benefit | 300 | |||||||||||
Net sales | $ 1,200 |
Joint Venture (Details)
Joint Venture (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Equity Method Investments and Joint Ventures [Abstract] | |
Contribution to joint venture | $ 147 |
Joint venture, ownership percentage | 55.00% |
Payments to acquire interest In joint venture by partner | $ 120 |
Ownership percentage of joint venture partner | 45.00% |
Balance Sheet Components - Comp
Balance Sheet Components - Components (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
RECEIVABLES | ||
Customers | $ 288,288 | $ 298,118 |
Other | 10,949 | 6,415 |
Total | 299,237 | 304,533 |
Less allowance for doubtful accounts | 6,091 | 6,347 |
Total receivables - net | 293,146 | 298,186 |
INVENTORIES | ||
Raw materials and components parts | 173,248 | 182,382 |
Work in process | 29,436 | 28,761 |
Finished goods | 87,226 | 82,324 |
Total inventories | 289,910 | 293,467 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land and improvements | 33,705 | 32,240 |
Buildings and improvements | 192,428 | 187,301 |
Machinery, equipment and other | 430,423 | 397,498 |
Office and transportation equipment | 95,549 | 95,759 |
Construction in progress | 28,704 | 24,546 |
Total | 780,809 | 737,344 |
Less accumulated depreciation and amortization | 482,536 | 457,028 |
Total property, plant and equipment - net | 298,273 | 280,316 |
ACCRUED EXPENSES | ||
Payroll and related items | 75,238 | 77,556 |
Management incentive compensation | 15,763 | 14,408 |
Income taxes payable | 13,453 | 9,905 |
Insurance | 11,115 | 8,240 |
Warranty | 7,394 | 5,581 |
Deferred revenue | 28,374 | 17,633 |
Lease liability | 16,721 | 15,235 |
Restructuring | 3,868 | 6,110 |
Liability for uncertain tax positions | 0 | 890 |
Accrued interest | 3,592 | 1,735 |
Contingent consideration for acquisition | 0 | 3,375 |
Other | 33,310 | 19,622 |
Total accrued expenses | 208,828 | 180,290 |
OTHER NONCURRENT LIABILITIES | ||
Pension and retiree medical obligations | 99,417 | 87,478 |
Transition tax payable | 14,208 | 11,292 |
Liability for uncertain tax positions | 1,071 | 3,008 |
Deferred revenue | 30,354 | 2,129 |
Lease liability | 94,250 | 69,928 |
Other | 27,497 | 23,533 |
Total other noncurrent liabilities | $ 266,797 | $ 197,368 |
Balance Sheet Components - Valu
Balance Sheet Components - Valuation And Qualifying Accounts (Details) - ALLOWANCE FOR DOUBTFUL ACCOUNTS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance January 1 | $ 6,347 | $ 6,709 | $ 7,764 |
Charged to costs and expenses, net of recoveries | 34 | 1,181 | 290 |
Utilization | (525) | (1,443) | (1,396) |
Currency translation and other | 235 | (100) | 51 |
Ending balance December 31 | $ 6,091 | $ 6,347 | $ 6,709 |
Revenue - Revenue by Reporting
Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 2,351,646 | $ 2,494,573 | $ 2,483,666 |
Intersegment elimination | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | (3,471) | (3,671) | (1,333) |
FMT | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 895,474 | 956,523 | 951,275 |
FMT | Intersegment elimination | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | (830) | (505) | (277) |
FMT | Energy | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 199,980 | 164,825 | 163,996 |
FMT | Valves | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 107,833 | 118,333 | 113,136 |
FMT | Water | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 236,080 | 250,589 | 251,020 |
FMT | Pumps | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 265,281 | 331,098 | 324,222 |
FMT | Agriculture | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 87,130 | 92,183 | 99,178 |
HST | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 893,353 | 912,623 | 895,970 |
HST | Intersegment elimination | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | (2,609) | (1,823) | (449) |
HST | Scientific Fluidics & Optics | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 415,827 | 434,623 | 417,859 |
HST | Sealing Solutions | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 207,623 | 200,495 | 200,316 |
HST | Gast | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 122,875 | 133,471 | 126,787 |
HST | Micropump | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 29,637 | 32,216 | 36,827 |
HST | Material Processing Technologies | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 120,000 | 113,641 | 114,630 |
FSDP | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 562,819 | 625,427 | 636,421 |
FSDP | Intersegment elimination | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | (32) | (1,343) | (607) |
FSDP | Fire & Safety | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 376,320 | 403,949 | 396,926 |
FSDP | BAND-IT | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 88,065 | 106,624 | 105,785 |
FSDP | Dispensing | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 98,466 | $ 116,197 | $ 134,317 |
Revenue - Revenue by Geography
Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 2,351,646 | $ 2,494,573 | $ 2,483,666 |
Intersegment elimination | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | (3,471) | (3,671) | (1,333) |
U.S. Plans | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 1,163,308 | 1,257,253 | 1,230,554 |
North America, excluding U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 97,343 | 106,319 | 105,466 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 573,918 | 593,405 | 615,571 |
Asia | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 424,451 | 430,175 | 420,333 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 96,097 | 111,092 | 113,075 |
FMT | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 895,474 | 956,523 | 951,275 |
FMT | Intersegment elimination | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | (830) | (505) | (277) |
FMT | U.S. Plans | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 505,757 | 541,994 | 540,697 |
FMT | North America, excluding U.S. | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 52,822 | 58,256 | 57,917 |
FMT | Europe | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 174,945 | 170,698 | 172,630 |
FMT | Asia | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 109,089 | 125,031 | 119,822 |
FMT | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 53,691 | 61,049 | 60,486 |
HST | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 893,353 | 912,623 | 895,970 |
HST | Intersegment elimination | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | (2,609) | (1,823) | (449) |
HST | U.S. Plans | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 387,652 | 411,680 | 392,140 |
HST | North America, excluding U.S. | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 21,319 | 21,735 | 18,770 |
HST | Europe | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 249,793 | 263,523 | 278,634 |
HST | Asia | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 221,139 | 201,765 | 189,342 |
HST | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 16,059 | 15,743 | 17,533 |
FSDP | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 562,819 | 625,427 | 636,421 |
FSDP | Intersegment elimination | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | (32) | (1,343) | (607) |
FSDP | U.S. Plans | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 269,899 | 303,579 | 297,717 |
FSDP | North America, excluding U.S. | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 23,202 | 26,328 | 28,779 |
FSDP | Europe | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 149,180 | 159,184 | 164,307 |
FSDP | Asia | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | 94,223 | 103,379 | 111,169 |
FSDP | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total net sales | $ 26,347 | $ 34,300 | $ 35,056 |
Revenue - Receivables (Details)
Revenue - Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total customer receivables | $ 288,288 | $ 298,118 |
Unbilled receivables | 14,752 | 11,922 |
Billed receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total customer receivables | $ 273,536 | $ 286,196 |
Revenue - Deferred Revenue (Det
Revenue - Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue - current | $ 28,374 | $ 17,633 |
Deferred revenue | 30,354 | 2,129 |
Total deferred revenue | $ 58,728 | $ 19,762 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from products and services transferred to customers | 2.00% | ||
Revenue from Contract with Customer | Product Concentration Risk | Transferred at Point in Time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from products and services transferred to customers | 95.00% | 95.00% | 95.00% |
Revenue from Contract with Customer | Product Concentration Risk | Transferred over Time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from products and services transferred to customers | 5.00% | 5.00% | 5.00% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | $ 1,898,586 | ||
Accumulated goodwill impairment losses | (200,631) | ||
Goodwill | |||
Beginning Balance | $ 1,779,745 | $ 1,697,955 | |
Foreign currency translation | 52,548 | (4,149) | |
Acquisitions | 61,483 | 85,939 | |
Acquisition adjustments | 1,798 | ||
Ending Balance | 1,895,574 | 1,779,745 | |
FMT | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | 601,762 | ||
Accumulated goodwill impairment losses | (20,721) | ||
Goodwill | |||
Beginning Balance | 578,925 | 581,041 | |
Foreign currency translation | 10,365 | (2,116) | |
Acquisitions | 60,431 | 0 | |
Acquisition adjustments | 0 | ||
Ending Balance | 649,721 | 578,925 | |
HST | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | 895,177 | ||
Accumulated goodwill impairment losses | (149,820) | ||
Goodwill | |||
Beginning Balance | 831,772 | 745,357 | |
Foreign currency translation | 29,058 | 476 | |
Acquisitions | 0 | 85,939 | |
Acquisition adjustments | 1,798 | ||
Ending Balance | 862,628 | 831,772 | |
FSDP | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | 401,647 | ||
Accumulated goodwill impairment losses | $ (30,090) | ||
Goodwill | |||
Beginning Balance | 369,048 | 371,557 | |
Foreign currency translation | 13,125 | (2,509) | |
Acquisitions | 1,052 | 0 | |
Acquisition adjustments | 0 | ||
Ending Balance | $ 383,225 | $ 369,048 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Gross Carrying Value and Accumulated Amortization for Each Major Class of Intangible Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 575,160 | $ 507,736 |
Intangible assets - Gross Carrying Amount | 666,060 | 598,636 |
Accumulated Amortization | (250,497) | (210,605) |
Amortized intangible assets - Net | 324,663 | 297,131 |
Intangible assets - Net | 415,563 | 388,031 |
Banjo trade name | ||
Goodwill And Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | 62,100 | 62,100 |
Akron Brass trade name | ||
Goodwill And Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | 28,800 | 28,800 |
Patents | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | 3,030 | 6,678 |
Accumulated Amortization | (1,740) | (5,276) |
Amortized intangible assets - Net | $ 1,290 | 1,402 |
Amortized intangible assets - Weighted Average Life | 10 years | |
Trade names | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 130,793 | 123,062 |
Accumulated Amortization | (72,685) | (64,938) |
Amortized intangible assets - Net | $ 58,108 | 58,124 |
Amortized intangible assets - Weighted Average Life | 16 years | |
Customer relationships | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 318,350 | 275,575 |
Accumulated Amortization | (120,294) | (96,252) |
Amortized intangible assets - Net | $ 198,056 | 179,323 |
Amortized intangible assets - Weighted Average Life | 13 years | |
Unpatented technology and other | ||
Goodwill And Intangible Assets [Line Items] | ||
Amortized intangible assets - Gross Carrying Amount | $ 122,287 | 101,721 |
Accumulated Amortization | (55,131) | (43,561) |
Amortized intangible assets - Net | $ 67,156 | 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 |
Accumulated Amortization | (647) | (578) |
Amortized intangible assets - Net | $ 53 | $ 122 |
Amortized intangible assets - Weighted Average Life | 10 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | Jun. 22, 2018 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Purchase of intellectual property | $ 4,000 | $ 0 | $ 0 | $ 4,000 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of definite-lived assets | $ 7,100 | ||||
Amortization of intangible assets | 41,844 | $ 37,333 | $ 38,495 | ||
Expected amortization expense, year one | 42,900 | ||||
Expected amortization expense, year two | 42,000 | ||||
Expected amortization expense, year three | 38,600 | ||||
Expected amortization expense, year four | 36,800 | ||||
Expected amortization expense, year five | $ 35,100 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Apr. 29, 2020 | Dec. 31, 2019 | Jun. 13, 2016 | Dec. 09, 2011 | Dec. 06, 2010 |
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 1,050,215 | $ 850,622 | ||||
Less current portion | 88 | 388 | ||||
Less deferred debt issuance costs | 4,824 | 983 | ||||
Less unaccreted debt discount | 949 | 387 | ||||
Long-term borrowings | 1,044,354 | 848,864 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 0 | $ 0 | ||||
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% | 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% | ||||
3.00% Senior Notes, due May 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 3.00% | |||||
Senior Notes | 4.50% Senior Notes, due December 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 4.50% | |||||
Total borrowings | $ 0 | $ 300,000 | ||||
Senior Notes | 4.20% Senior Notes, due December 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 4.20% | |||||
Total borrowings | $ 350,000 | 350,000 | ||||
Senior Notes | 3.20% Senior Notes, due June 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 3.20% | 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% | 3.37% | ||||
Total borrowings | $ 100,000 | 100,000 | ||||
Senior Notes | 3.00% Senior Notes, due May 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 3.00% | 3.00% | ||||
Total borrowings | $ 500,000 | 0 | ||||
Less unaccreted debt discount | $ 900 | |||||
Other Borrowings | ||||||
Debt Instrument [Line Items] | ||||||
Total borrowings | $ 215 | $ 622 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) | May 27, 2020USD ($) | Apr. 29, 2020USD ($) | Jun. 23, 2015USD ($) | Dec. 09, 2011USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 31, 2019USD ($) | Jun. 13, 2016USD ($) | Dec. 06, 2010 |
Line of Credit Facility [Line Items] | ||||||||||
Less unaccreted debt discount | $ 949,000 | $ 387,000 | ||||||||
Interest | 35,152,000 | 36,683,000 | $ 36,327,000 | |||||||
Amount to be recognized from hedged transactions within 12 months, approximate | (2,500,000) | |||||||||
Credit facility, term | 5 years | |||||||||
Balance outstanding | 1,050,215,000 | 850,622,000 | ||||||||
Short-term borrowings | $ 88,000 | $ 388,000 | ||||||||
For 12 Months in Connection with Certain Acquisitions | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Leverage ratio | 4 | |||||||||
Line of Credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Current borrowing capacity | $ 700,000,000 | |||||||||
Revolving facility, extension term | 1 year | |||||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Current borrowing capacity | $ 800,000,000 | |||||||||
Aggregate lending commitments | $ 400,000,000 | |||||||||
Applicable margin | 1.00% | |||||||||
Weighted average interest rate | 1.24% | |||||||||
Minimum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Required percent for prepayment amount of aggregate principal amount | 5.00% | |||||||||
Minimum | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Applicable leverage ratio | 0.00% | |||||||||
Maximum | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Applicable leverage ratio | 1.275% | |||||||||
3.00% Senior Notes, due May 2030 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 3.00% | |||||||||
4.50% Senior Notes, due December 2020 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 4.50% | 4.50% | ||||||||
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% | ||||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Balance outstanding | $ 0 | $ 0 | ||||||||
Outstanding letters of credit | 7,200,000 | |||||||||
Revolving facility, amount available to borrow | $ 792,800,000 | |||||||||
Revolving Credit Facility | Minimum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest coverage ratio | 3 | |||||||||
Revolving Credit Facility | Maximum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Leverage ratio | 3.50 | |||||||||
4.20% Senior Notes, due December 2021 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 4.20% | 4.20% | 4.20% | |||||||
Principal amount of private placement | $ 350,000,000 | |||||||||
Net proceeds from debt offering | 346,200,000 | |||||||||
Debt offering initial discount | 900,000 | |||||||||
Debt offering underwriting commission | 2,300,000 | |||||||||
Estimated offering expenses | 600,000 | |||||||||
Outstanding repayment of indebtedness | $ 306,000,000 | |||||||||
Contingent percentage of principal amount plus accrued and unpaid interest | 101.00% | |||||||||
Short-term borrowings | $ 350,000,000 | |||||||||
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 | 3.00% Senior Notes, due May 2030 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument face amount | $ 500,000,000 | |||||||||
Stated interest rate | 3.00% | 3.00% | ||||||||
Proceeds from debt | $ 494,400,000 | |||||||||
Less unaccreted debt discount | 900,000 | |||||||||
Underwriting commission | 3,300,000 | |||||||||
Offering expenses | $ 1,400,000 | |||||||||
Redemption price, percentage | 101.00% | |||||||||
Balance outstanding | $ 500,000,000 | $ 0 | ||||||||
Senior Notes | 3.00% Senior Notes, due May 2030 | Minimum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Percent of outstanding amount owned for decision making | 25.00% | |||||||||
Senior Notes | 4.50% Senior Notes, due December 2020 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 4.50% | |||||||||
Extinguishment of debt | $ 300,000,000 | $ 300,000,000 | ||||||||
Redemption premium | 6,800,000 | |||||||||
Interest | 6,100,000 | |||||||||
Amount to be recognized from hedged transactions within 12 months, approximate | 1,400,000 | |||||||||
Write off of deferred debt issuance cost | 100,000 | |||||||||
Write off of deferred debt remaining discount | 100,000 | |||||||||
Gain (loss) on extinguishment of debt | $ 8,400,000 | |||||||||
Balance outstanding | $ 0 | 300,000,000 | ||||||||
Senior Notes | 3.20% Senior Notes, due June 2023 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument face amount | $ 100,000,000 | |||||||||
Stated interest rate | 3.20% | 3.20% | ||||||||
Balance outstanding | $ 100,000,000 | 100,000,000 | ||||||||
Senior Notes | 3.37% Senior Notes, due June 2025 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument face amount | $ 100,000,000 | |||||||||
Stated interest rate | 3.37% | 3.37% | ||||||||
Balance outstanding | $ 100,000,000 | 100,000,000 | ||||||||
Senior Notes | 4.20% Senior Notes, due December 2021 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Stated interest rate | 4.20% | |||||||||
Balance outstanding | $ 350,000,000 | $ 350,000,000 | ||||||||
Letters of Credit | Line of Credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Current borrowing capacity | $ 75,000,000 | |||||||||
Swing line Loans | Line of Credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Current borrowing capacity | $ 50,000,000 |
Borrowings - Schedule of Maturi
Borrowings - Schedule of Maturities of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 350,088 | |
2022 | 0 | |
2023 | 100,000 | |
2024 | 0 | |
2025 | 100,127 | |
Thereafter | 500,000 | |
Total borrowings | $ 1,050,215 | $ 850,622 |
Derivative Instruments (Details
Derivative Instruments (Details) $ in Thousands | May 27, 2020USD ($) | Oct. 03, 2011USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 09, 2011 | Sep. 29, 2011USD ($) | Jul. 12, 2011USD ($) | Dec. 06, 2010 | Apr. 15, 2010USD ($) |
Derivative [Line Items] | ||||||||||||||
Amortization of interest expense | $ 1,716 | $ 1,355 | $ 1,332 | |||||||||||
Amount to be recognized from hedged transactions within 12 months, approximate | 2,500 | |||||||||||||
Additional interest rate contract settlement | $ 4,000 | |||||||||||||
Non-cash interest expense associated with forward starting swaps | $ 6,021 | $ 6,327 | 6,475 | |||||||||||
Other (Income) Expense Net | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Foreign currency transaction loss | 900 | |||||||||||||
Switzerland | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Stamp duty expense | $ 2,200 | |||||||||||||
4.50% Senior Notes, due December 2020 | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Interest rate on senior notes | 4.50% | 4.50% | ||||||||||||
4.50% Senior Notes, due December 2020 | Senior Notes | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Interest rate on senior notes | 4.50% | |||||||||||||
Amount to be recognized from hedged transactions within 12 months, approximate | $ (1,400) | |||||||||||||
4.20% Senior Notes, due December 2021 | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Interest rate on senior notes | 4.20% | 4.20% | 4.20% | |||||||||||
4.20% Senior Notes, due December 2021 | Senior Notes | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Interest rate on senior notes | 4.20% | |||||||||||||
Interest Rate Exchange Agreement Expiring 2010 | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Notional amount | $ 300,000 | |||||||||||||
Interest rate contract settlement amount | $ 31,000 | |||||||||||||
Amortization of interest expense | $ 31,000 | |||||||||||||
Term of amortized interest expense, years | 10 years | 10 years | ||||||||||||
Interest rate | 5.80% | |||||||||||||
Interest Rate Exchange Agreement Expiring 2011 | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Notional amount | $ 350,000 | |||||||||||||
Interest rate contract settlement amount | $ 34,700 | |||||||||||||
Interest Rate Exchange Agreement Settlement on February 28, 2012 | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Notional amount | $ 350,000 | |||||||||||||
Interest Rate Exchange Agreements Expiring 2011 and 2012 | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Amortization of interest expense | $ 37,900 | |||||||||||||
Interest rate | 5.30% | |||||||||||||
Settlement amount interest rate contract | 38,700 | |||||||||||||
Interest rate settlement recognized as other expense | $ 800 | |||||||||||||
Foreign currency exchange contracts | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Notional amount | € | € 180,000,000 | |||||||||||||
Cash received from settlement of contracts | $ 6,600 | |||||||||||||
Foreign currency exchange contracts | Other (Income) Expense Net | ||||||||||||||
Derivative [Line Items] | ||||||||||||||
Gain on derivatives | $ 900 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 13,554 | $ 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 | 13,554 | 10,462 |
Contingent consideration | 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 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 0 | 0 |
Contingent consideration | $ 3,375 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jul. 23, 2018 | Dec. 09, 2011 | Dec. 06, 2010 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Transfers of assets between Level 1 and Level 2 | $ 0 | $ 0 | ||||
Transfers of assets between Level 2 and Level 1 | 0 | 0 | ||||
Transfers of liabilities between Level 1 and Level 2 | 0 | 0 | ||||
Transfers of liabilities between Level 2 and Level 1 | 0 | 0 | ||||
Contingent consideration | 3,375,000 | |||||
FLI | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Contingent consideration | $ 3,000,000 | $ 3,400,000 | ||||
Estimate of Fair Value Measurement | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Carrying value of our revolving facility and senior debt | 1,127,600,000 | 876,000,000 | ||||
Reported Value Measurement | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Carrying value of our revolving facility and senior debt | $ 1,049,300,000 | $ 850,200,000 | ||||
3.00% Senior Notes, due May 2030 | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Stated interest rate | 3.00% | |||||
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% | 4.20% |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020option | |
Lessee, Lease, Description [Line Items] | ||||
Options for renewal | option | 1 | |||
Rent expense | $ 21.8 | |||
HST | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, impairment | $ 0.4 | $ 0.6 |
Leases - Balance Sheet Composit
Leases - Balance Sheet Composition (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating leases: | ||
Operating lease, right-of-use asset | $ 106,586 | $ 82,374 |
Operating leases: | ||
Current lease liabilities | 16,721 | 15,235 |
Noncurrent lease liabilities | 94,250 | 69,928 |
Total lease liabilities | $ 110,971 | $ 85,163 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Building | ||
Operating leases: | ||
Operating lease, right-of-use asset | $ 100,775 | $ 75,381 |
Equipment | ||
Operating leases: | ||
Operating lease, right-of-use asset | $ 5,811 | $ 6,993 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 29,451 | $ 23,080 |
Variable lease cost | 1,939 | 2,265 |
Total lease expense | $ 31,390 | $ 25,345 |
Leases - Supplemental Informati
Leases - Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 28,673 | $ 22,888 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 40,432 | $ 25,878 |
Building and Equipment | ||
Weighted-average remaining lease term (years): | ||
Operating leases - building and equipment | 9 years 5 months 4 days | 9 years 7 months 9 days |
Weighted-average discount rate: | ||
Operating leases - vehicles | 3.51% | 4.08% |
Vehicles | ||
Weighted-average remaining lease term (years): | ||
Operating leases - building and equipment | 2 years 3 days | 1 year 11 months 1 day |
Weighted-average discount rate: | ||
Operating leases - vehicles | 2.05% | 2.99% |
Leases - Lease Liability Future
Leases - Lease Liability Future Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 19,717 | $ 18,449 |
2022 | 17,014 | 15,070 |
2023 | 13,662 | 10,647 |
2024 | 11,681 | 8,894 |
2025 | 11,141 | 7,037 |
Thereafter | 57,570 | 44,284 |
Total lease payments | 130,785 | 104,381 |
Less: Imputed interest | (19,814) | (19,218) |
Present value of lease liabilities | $ 110,971 | $ 85,163 |
Leases - Future Minimum Operati
Leases - Future Minimum Operating Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 19,717 | $ 18,449 |
2021 | 17,014 | 15,070 |
2022 | 13,662 | 10,647 |
2023 | 11,681 | 8,894 |
2024 | 11,141 | 7,037 |
Thereafter | 57,570 | 44,284 |
Total lease payments | 130,785 | 104,381 |
Less: Imputed interest | (19,814) | (19,218) |
Present value of lease liabilities | $ 110,971 | $ 85,163 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Beginning balance at January 1 | $ 5,581 | $ 5,303 | $ 6,281 |
Provision for warranties | 3,001 | 3,438 | 2,334 |
Claim settlements | (2,676) | (3,115) | (2,981) |
Other adjustments, including acquisitions, divestitures and currency translation | 1,488 | (45) | (331) |
Ending balance at December 31 | $ 7,394 | $ 5,581 | $ 5,303 |
Common and Preferred Stock (Det
Common and Preferred Stock (Details) - USD ($) | Mar. 17, 2020 | Dec. 01, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 06, 2014 |
Equity [Abstract] | ||||||
Increase in share repurchase authorized amount | $ 500,000,000 | $ 300,000,000 | ||||
Authorized to be repurchased | $ 400,000,000 | |||||
Purchase of common stock (in shares) | 876,423 | 388,953 | 1,273,961 | |||
Repurchase of common stock | $ 110,342,000 | $ 54,668,000 | $ 173,926,000 | |||
Remaining authorized repurchase amount | $ 712,000,000 | |||||
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 |
Income Taxes - Schedule Of Inco
Income Taxes - Schedule Of Income Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 296,355 | $ 377,166 | $ 357,585 |
Foreign | 173,985 | 155,737 | 171,354 |
Income before income taxes | $ 470,340 | $ 532,903 | $ 528,939 |
Income Taxes - Provision Benefi
Income Taxes - Provision Benefit for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
U.S. | $ 29,548 | $ 49,819 | $ 67,793 |
State and local | 4,603 | 9,074 | 8,056 |
Foreign | 50,173 | 41,864 | 46,862 |
Total current | 84,324 | 100,757 | 122,711 |
Deferred | |||
U.S. | 10,066 | 10,158 | (5,471) |
State and local | 1,522 | (115) | (17) |
Foreign | (3,350) | (3,418) | 1,143 |
Total deferred | 8,238 | 6,625 | (4,345) |
Total provision for income taxes | $ 92,562 | $ 107,382 | $ 118,366 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Employee and retiree benefit plans | $ 26,872 | $ 28,097 |
Capital loss and other carryforwards | 16,316 | 16,035 |
Operating lease assets | 24,705 | 20,036 |
Operating lease liabilities | (23,945) | (19,530) |
Depreciation and amortization | (188,993) | (175,904) |
Inventories | 8,780 | 7,699 |
Allowances and accruals | 7,343 | 7,765 |
Interest rate exchange agreement | 745 | 2,113 |
Other | (16,946) | (14,998) |
Total gross deferred tax (liabilities) | (145,123) | (128,687) |
Valuation allowance | (16,316) | (16,035) |
Total deferred tax (liabilities), net of valuation allowances | $ (161,439) | $ (144,722) |
Income Taxes - Deferred Tax A_2
Income Taxes - Deferred Tax Assets and Liabilities Recognized in Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Noncurrent deferred tax asset - Other noncurrent assets | $ 2,424 | $ 1,852 |
Noncurrent deferred tax liabilities - Deferred income taxes | (163,863) | (146,574) |
Total deferred tax (liabilities), net of valuation allowances | $ (161,439) | $ (144,722) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||
Permanently reinvested earnings of non-U.S. subsidiaries | $ 28,600,000 | $ 26,500,000 | |
Unrecognized deferred income tax liabilities on currently permanently reinvested earnings | 4,300,000 | 5,400,000 | |
Foreign earnings repatriated | 27,000,000 | 99,000,000 | $ 135,000,000 |
Incremental income tax expense (benefit) | 0 | 0 | 0 |
Accrued interest related to uncertain tax positions | 0 | 200,000 | 100,000 |
Accrued penalties related to uncertain tax positions | 0 | 0 | 0 |
Unrecognized tax benefits that would affect our effective tax rate | 1,100,000 | 3,700,000 | $ 4,100,000 |
Operating loss carryforwards and tax credit carryforwards | 100,000 | 400,000 | |
Net operating loss carryforwards for non-U.S. | 7,400,000 | 16,500,000 | |
Operating loss carryforwards, valuation allowance | 600,000 | 600,000 | |
Capital loss and other carryforwards | 16,316,000 | 16,035,000 | |
Foreign tax credit carryover for U.S. federal purposes | 3,300,000 | 3,300,000 | |
Federal | |||
Income Tax Disclosure [Line Items] | |||
Capital loss and other carryforwards | 45,900,000 | 45,600,000 | |
Capital loss carryforwards, valuation allowance | 9,600,000 | 9,600,000 | |
State and Local | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 14,700,000 | 17,400,000 | |
Capital loss and other carryforwards | 45,900,000 | 62,100,000 | |
Capital loss carryforwards, valuation allowance | 900,000 | 800,000 | |
Foreign | |||
Income Tax Disclosure [Line Items] | |||
Capital loss and other carryforwards | 14,300,000 | 13,800,000 | |
Other current assets | |||
Income Tax Disclosure [Line Items] | |||
Prepaid taxes | $ 20,900,000 | $ 13,400,000 |
Income Taxes - Computed Amount
Income Taxes - Computed Amount and Differences in Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Pretax income | $ 470,340 | $ 532,903 | $ 528,939 |
Computed amount at statutory rate | 98,771 | 111,910 | 111,077 |
State and local income tax (net of federal tax benefit) | 5,954 | 8,163 | 8,280 |
Taxes on non-U.S. earnings-net of foreign tax credits | 7,048 | 5,003 | 5,725 |
Global Intangible Low-Taxed Income | (2,731) | 2,324 | 2,725 |
Foreign-Derived Intangible Income Deduction | (4,928) | (5,811) | (5,410) |
Effect of flow-through entities | 1,308 | 1,316 | 1,215 |
U.S. business tax credits | (3,163) | (3,193) | (3,056) |
Share-based payments | (9,743) | (11,011) | (9,348) |
Valuation allowance | 70 | (117) | 0 |
Impact of Tax Act | 0 | (334) | 10,298 |
Other | (24) | (868) | (3,140) |
Total provision for income taxes | $ 92,562 | $ 107,382 | $ 118,366 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance January 1 | $ 3,680 | $ 4,070 | $ 2,722 |
Gross increases for tax positions of prior years | 0 | 0 | 2,308 |
Gross decreases for tax positions of prior years | 0 | 0 | (229) |
Settlements | (2,608) | (140) | (160) |
Lapse of statute of limitations | 0 | (250) | (571) |
Ending balance December 31 | $ 1,072 | $ 3,680 | $ 4,070 |
Business Segments and Geograp_3
Business Segments and Geographic Information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 3 |
Business Segments and Geograp_4
Business Segments and Geographic Information - Schedule of Information on Company's Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 614,822 | $ 581,113 | $ 561,249 | $ 594,462 | $ 605,997 | $ 624,246 | $ 642,099 | $ 622,231 | $ 2,351,646 | $ 2,494,573 | $ 2,483,666 |
Total operating income | 138,965 | $ 131,213 | $ 110,594 | $ 139,941 | 134,173 | $ 141,765 | $ 155,283 | $ 147,782 | 520,713 | 579,003 | 569,088 |
Interest expense | 44,746 | 44,341 | 44,134 | ||||||||
Other (income) expense - net | 5,627 | 1,759 | (3,985) | ||||||||
Income before taxes | 470,340 | 532,903 | 528,939 | ||||||||
Total assets | 4,414,398 | 3,813,912 | 4,414,398 | 3,813,912 | 3,473,857 | ||||||
Depreciation and Amortization | 83,495 | 76,876 | 77,544 | ||||||||
Total capital expenditures | 51,545 | 50,912 | 56,089 | ||||||||
Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | (3,471) | (3,671) | (1,333) | ||||||||
Corporate office and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating income | (64,845) | (71,711) | (80,252) | ||||||||
Total assets | 559,374 | 330,694 | 559,374 | 330,694 | 230,637 | ||||||
Depreciation and Amortization | 562 | 670 | 742 | ||||||||
Total capital expenditures | 3,082 | 1,815 | 191 | ||||||||
FMT | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 895,474 | 956,523 | 951,275 | ||||||||
Total operating income | 235,011 | 285,256 | 275,060 | ||||||||
Total assets | 1,387,067 | 1,150,712 | 1,387,067 | 1,150,712 | 1,107,777 | ||||||
Depreciation and Amortization | 25,939 | 22,152 | 22,370 | ||||||||
Total capital expenditures | 11,924 | 17,285 | 19,541 | ||||||||
FMT | Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 830 | 505 | 277 | ||||||||
FMT | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 896,304 | 957,028 | 951,552 | ||||||||
HST | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 893,353 | 912,623 | 895,970 | ||||||||
Total operating income | 206,356 | 200,200 | 205,679 | ||||||||
Total assets | 1,576,093 | 1,507,108 | 1,576,093 | 1,507,108 | 1,329,368 | ||||||
Depreciation and Amortization | 41,778 | 39,721 | 39,939 | ||||||||
Total capital expenditures | 27,626 | 22,001 | 26,039 | ||||||||
HST | Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 2,609 | 1,823 | 449 | ||||||||
HST | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 895,962 | 914,446 | 896,419 | ||||||||
FSDP | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 562,819 | 625,427 | 636,421 | ||||||||
Total operating income | 144,191 | 165,258 | 168,601 | ||||||||
Total assets | $ 891,864 | $ 825,398 | 891,864 | 825,398 | 806,075 | ||||||
Depreciation and Amortization | 15,216 | 14,333 | 14,493 | ||||||||
Total capital expenditures | 8,913 | 9,811 | 10,318 | ||||||||
FSDP | Intersegment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 32 | 1,343 | 607 | ||||||||
FSDP | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 562,851 | $ 626,770 | $ 637,028 |
Business Segments and Geograp_5
Business Segments and Geographic Information - Schedule of Sales from External Customers and Long Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | $ 298,273 | $ 280,316 | $ 281,220 |
U.S. Plans | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | 169,159 | 165,721 | 171,111 |
North America, excluding U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | 5,028 | 3,829 | 3,398 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | 99,989 | 88,104 | 85,100 |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | 23,950 | 22,505 | 21,355 |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets - net | $ 147 | $ 157 | $ 256 |
Restructuring Expenses and As_3
Restructuring Expenses and Asset Impairments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring expenses and asset impairments | $ 11,776 | $ 21,044 | $ 12,083 | |||||
Asset impairments | 3,087 | 10,155 | 0 | |||||
Impairment of definite-lived assets | $ 7,100 | |||||||
Restructuring accrual | $ 3,868 | $ 6,110 | 3,868 | $ 6,110 | $ 6,170 | |||
Property, plant and equipment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairment charges | $ 2,900 | |||||||
FMT | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairments | 2,500 | |||||||
Operating lease, impairment | 900 | |||||||
FMT | Corporate Office | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairments | 600 | |||||||
FMT | Property, plant and equipment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairments | 1,600 | |||||||
FMT | Property, plant and equipment | Corporate Office | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairments | 200 | |||||||
Operating lease, impairment | $ 400 | |||||||
HST | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Operating lease, impairment | $ 400 | $ 600 | ||||||
Asset impairment charges | $ 9,700 | |||||||
HST | Customer relationships | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Impairment of definite-lived assets | 6,100 | |||||||
HST | Unpatented technology | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Impairment of definite-lived assets | 1,000 | |||||||
HST | Property, plant and equipment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset impairments | $ 2,000 |
Restructuring Expenses and As_4
Restructuring Expenses and Asset Impairments - Schedule of Pre-Tax Restructuring Expenses by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 11,776 | $ 21,044 | $ 12,083 |
Severance Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 8,524 | 9,795 | 11,480 |
Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 165 | 1,094 | 603 |
Asset Impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 3,087 | 10,155 | |
Operating Segments | FMT | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 5,580 | 2,879 | 2,458 |
Operating Segments | HST | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,742 | 14,249 | 5,904 |
Operating Segments | FSDP | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,524 | 1,364 | 2,184 |
Operating Segments | Severance Costs | FMT | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,939 | 2,879 | 2,305 |
Operating Segments | Severance Costs | HST | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,742 | 3,000 | 5,454 |
Operating Segments | Severance Costs | FSDP | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,524 | 1,364 | 2,184 |
Operating Segments | Exit Costs | FMT | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 165 | 0 | 153 |
Operating Segments | Exit Costs | HST | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 0 | 1,094 | 450 |
Operating Segments | Exit Costs | FSDP | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 0 | 0 | 0 |
Operating Segments | Asset Impairment | FMT | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 2,476 | 0 | |
Operating Segments | Asset Impairment | HST | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 0 | 10,155 | |
Operating Segments | Asset Impairment | FSDP | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 0 | 0 | |
Corporate office and other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 930 | 2,552 | 1,537 |
Corporate office and other | Severance Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 319 | 2,552 | 1,537 |
Corporate office and other | Exit Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 0 | 0 | $ 0 |
Corporate office and other | Asset Impairment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 611 | $ 0 |
Restructuring Expenses and As_5
Restructuring Expenses and Asset Impairments - Schedule of Restructuring Accruals Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 6,110 | $ 6,170 |
Restructuring expenses | 8,837 | |
Payments, utilization and other | (11,079) | (21,104) |
Ending balance | 3,868 | $ 6,110 |
Property, plant and equipment | ||
Restructuring Cost and Reserve [Line Items] | ||
Asset impairment charges | $ 2,900 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)share-based_compensation_planshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Feb. 28, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans (in shares) | share-based_compensation_plan | 2 | |||
Number of shares authorized (in shares) | shares | 15,600,000 | |||
Number of shares available for future issuance (in shares) | shares | 3,000,000 | |||
Proceeds from stock option exercises | $ 44,587 | $ 38,809 | $ 27,639 | |
Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercisable life | 10 years | |||
Total intrinsic value of options exercised | $ 41,300 | 49,500 | 38,000 | |
Proceeds from stock option exercises | 44,600 | 38,800 | 27,600 | |
Tax benefit realized for the tax deductions from stock options exercised | 8,700 | 10,400 | $ 8,000 | |
Total unrecognized compensation cost | $ 9,100 | |||
Weighted-average period of total unrecognized compensation cost, in years | 1 year 3 months 18 days | |||
Stock Option | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Total unrecognized compensation cost | $ 5,800 | |||
Weighted-average period of total unrecognized compensation cost, in years | 1 year | |||
Unvested shares, granted (in shares) | shares | 39,065 | |||
Cash-settled Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Share based compensation, accrued expenses | $ 5,400 | 5,500 | ||
Share based compensation, other noncurrent liabilities | $ 2,900 | $ 2,800 | ||
Unvested shares, granted (in shares) | shares | 20,780 | |||
Performance Shares Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 4,800 | |||
Weighted-average period of total unrecognized compensation cost, in years | 10 months 24 days | |||
Award requisite service period | 3 years | |||
Unvested shares, granted (in shares) | shares | 42,690 | 56,860 | 52,375 | |
Payout factor, percent | 201.00% | |||
Performance Shares Units | Forecast | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued (in shares) | shares | 48,223 | |||
Performance Shares Units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target award | 0.00% | |||
Performance Shares Units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target award | 250.00% | |||
Target payout | 100.00% |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of grants (in dollars per share) | $ 34.22 | $ 35.15 | $ 38.13 |
Dividend yield | 1.15% | 1.18% | 1.07% |
Volatility | 22.04% | 24.77% | 28.46% |
Risk-free interest rate, minimum | 1.39% | 2.53% | 2.03% |
Risk-free interest rate, maximum | 1.66% | 3.04% | 3.17% |
Expected life (in years) | 5 years 9 months 18 days | 5 years 10 months 13 days | 5 years 9 months 29 days |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | ||
Outstanding at January 1, 2019 (in shares) | 1,386,539 | |
Granted (in shares) | 353,130 | |
Exercised (in shares) | (511,960) | |
Forfeited (in shares) | (263,983) | |
Outstanding at December 31, 2019 (in shares) | 963,726 | 1,386,539 |
Vested and expected to vest at December 31, 2019 (in shares) | 919,724 | |
Exercisable at December 31, 2019 (in shares) | 424,926 | |
Weighted Average Price | ||
Outstanding at January 1, 2019 (in dollars per share) | $ 103.58 | |
Granted (in dollars per share) | 172.93 | |
Exercised (in dollars per share) | 87.09 | |
Forfeited (in dollars per share) | 147.68 | |
Outstanding at December 31, 2019 (in dollars per share) | 125.70 | $ 103.58 |
Vested and expected to vest at December 31, 2019 (in dollars per share) | 124.01 | |
Exercisable at December 31, 2019 (in dollars per share) | $ 92.26 | |
Weighted-Average Remaining Contractual Term | ||
Weighted-Average Remaining Contractual Term | 6 years 11 months 8 days | 6 years 11 months 12 days |
Vested and expected to vest at December 31, 2019 | 6 years 10 months 9 days | |
Exercisable at December 31, 2019 | 5 years 2 months 26 days | |
Aggregate Intrinsic Value | ||
Outstanding, intrinsic value | $ 70,829,529 | $ 94,764,140 |
Vested and expected to vest at December 31, 2019 | 69,151,533 | |
Exercisable at December 31, 2019 | $ 45,447,769 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 19,375 | $ 27,669 | $ 24,754 |
Stock Option | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 8,068 | 9,150 | 8,783 |
Income tax benefit | (907) | (1,209) | (1,616) |
Total expense after income taxes | 7,161 | 7,941 | 7,167 |
Stock Option | Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 501 | 445 | 470 |
Stock Option | Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 7,567 | $ 8,705 | $ 8,313 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Shares | |
Unvested at January 1, 2019 (in shares) | shares | 130,248 |
Granted (in shares) | shares | 39,065 |
Vested (in shares) | shares | (39,683) |
Forfeited (in shares) | shares | (18,330) |
Unvested at December 31, 2019 (in shares) | shares | 111,300 |
Weighted-Average Grant Date Fair Value | |
Unvested at January 1, 2019 (in dollars per share) | $ / shares | $ 124.61 |
Granted (in dollars per share) | $ / shares | 168.42 |
Vested (in dollars per share) | $ / shares | 95.25 |
Forfeited (in dollars per share) | $ / shares | 142.03 |
Unvested at December 31, 2019 (in dollars per share) | $ / shares | $ 147.13 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 4,175 | $ 4,788 | $ 4,568 |
Income tax benefit | (876) | (920) | (825) |
Total expense after income taxes | 3,299 | 3,868 | 3,743 |
Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 318 | 261 | 367 |
Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 3,857 | $ 4,527 | $ 4,201 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Shares | |
Unvested at January 1, 2019 (in shares) | shares | 74,560 |
Granted (in shares) | shares | 20,780 |
Vested (in shares) | shares | (25,405) |
Forfeited (in shares) | shares | (5,995) |
Unvested at December 31, 2019 (in shares) | shares | 63,940 |
Weighted-Average Grant Date Fair Value | |
Unvested at January 1, 2019 (in dollars per share) | $ / shares | $ 172.08 |
Granted (in dollars per share) | $ / shares | 173.30 |
Vested (in dollars per share) | $ / shares | 173.26 |
Forfeited (in dollars per share) | $ / shares | 199.20 |
Unvested at December 31, 2019 (in dollars per share) | $ / shares | $ 199.20 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 4,559 | $ 5,348 | $ 3,200 |
Income tax benefit | (427) | (509) | (337) |
Total expense after income taxes | 4,132 | 4,839 | 2,863 |
Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 882 | 1,230 | 809 |
Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 3,677 | $ 4,118 | $ 2,391 |
Share-Based Compensation - Sc_5
Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of grants (in dollars per share) | $ 224.14 | $ 207.26 | $ 216.59 |
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 19.50% | 19.11% | 17.42% |
Risk-free interest rate | 1.30% | 2.49% | 2.40% |
Expected life (in years) | 2 years 11 months 8 days | 2 years 9 months 29 days | 2 years 10 months 6 days |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Unvested at January 1, 2019 (in shares) | 100,575 | ||
Granted (in shares) | 42,690 | 56,860 | 52,375 |
Vested (in shares) | (24,395) | ||
Forfeited (in shares) | (60,175) | ||
Unvested at December 31, 2019 (in shares) | 58,695 | 100,575 | |
Weighted-Average Grant Date Fair Value | |||
Unvested at January 1, 2019 (in dollars per share) | $ 178.97 | ||
Granted (in dollars per share) | 224.14 | ||
Vested (in dollars per share) | 220.14 | ||
Forfeited (in dollars per share) | 213.89 | ||
Unvested at December 31, 2019 (in dollars per share) | $ 218.16 | $ 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 2,573 | $ 8,383 | $ 8,203 |
Income tax benefit | (217) | (641) | (1,586) |
Total expense after income taxes | 2,356 | 7,742 | 6,617 |
Cost of goods sold | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | 0 | 0 | 0 |
Selling, general and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total expense before income taxes | $ 2,573 | $ 8,383 | $ 8,203 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pre-tax | |||
Other comprehensive income (loss), pre-tax | $ 115,242 | $ 1,772 | $ (28,738) |
Tax | |||
Total other comprehensive income (loss), tax | (1,422) | 108 | (4,545) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Total other comprehensive income (loss), net of tax | 113,820 | 1,880 | (33,283) |
Cumulative translation adjustment | |||
Pre-tax | |||
Other comprehensive income (loss) before reclassifications, before tax | (48,114) | ||
Other comprehensive income (loss), pre-tax | 107,783 | 67 | |
Tax | |||
Total other comprehensive income (loss), tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Total other comprehensive income (loss), net of tax | 107,783 | 67 | |
Net gain (loss) arising during the year | |||
Pre-tax | |||
Other comprehensive income (loss) before reclassifications, before tax | (1,438) | (7,432) | 9,963 |
Tax | |||
Other comprehensive income (loss) before reclassifications, tax | 53 | 2,497 | (2,375) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Other comprehensive income (loss) before reclassifications, net of tax | (1,385) | (4,935) | 7,588 |
Amortization/recognition of settlement loss | |||
Pre-tax | |||
Reclassifications from AOCI before tax | 2,876 | 2,810 | 2,938 |
Tax | |||
Reclassification from AOCI, tax | (106) | (944) | (701) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Reclassification from AOCI, net of tax | 2,770 | 1,866 | 2,237 |
Pension and other postretirement adjustments | |||
Pre-tax | |||
Other comprehensive income (loss), pre-tax | 1,438 | (4,622) | 12,901 |
Tax | |||
Total other comprehensive income (loss), tax | (53) | 1,553 | (3,076) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Total other comprehensive income (loss), net of tax | 1,385 | (3,069) | 9,825 |
Reclassification adjustments for derivatives | |||
Pre-tax | |||
Other comprehensive income (loss), pre-tax | 6,021 | 6,327 | 6,475 |
Tax | |||
Total other comprehensive income (loss), tax | (1,369) | (1,445) | (1,469) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Total other comprehensive income (loss), net of tax | $ 4,652 | $ 4,882 | $ 5,006 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other (income) expense - net | $ 5,627 | $ 1,759 | $ (3,985) | ||||||||
Interest expense | 44,746 | 44,341 | 44,134 | ||||||||
Total before tax | (470,340) | (532,903) | (528,939) | ||||||||
Provision for income taxes | 92,562 | 107,382 | 118,366 | ||||||||
Total net of tax | $ (101,068) | $ (103,848) | $ (70,864) | $ (101,998) | $ (96,850) | $ (105,194) | $ (113,209) | $ (110,268) | (377,778) | (425,521) | (410,573) |
Reclassification out of Accumulated Other Comprehensive Income | Retirement Benefits Adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before tax | 2,876 | 2,810 | 2,938 | ||||||||
Provision for income taxes | (106) | (944) | (701) | ||||||||
Total net of tax | 2,770 | 1,866 | 2,237 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization/recognition of settlement loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other (income) expense - net | 2,909 | 2,858 | 3,246 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Recognition of settlement loss | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other (income) expense - net | (33) | (48) | (308) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Cumulative Unrealized Gain (Loss) on Derivatives | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | 6,021 | 6,327 | 6,475 | ||||||||
Total before tax | 6,021 | 6,327 | 6,475 | ||||||||
Provision for income taxes | (1,369) | (1,445) | (1,469) | ||||||||
Total net of tax | $ 4,652 | $ 4,882 | $ 5,006 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)employeeshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2020employee | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, funded percentage | 113.00% | |||||
Other noncurrent assets | $ 93,400 | |||||
Liability, defined benefit plan | 82,600 | |||||
Accumulated benefit obligation for all defined benefit pension plans | $ 193,300 | $ 204,400 | $ 193,300 | |||
Percentage of excess gains and losses over benefit obligation or market value of assets amortized | 10.00% | |||||
Costs of defined contribution plans | $ 12,500 | 12,400 | $ 12,200 | |||
Number of participants covering under multi employer pension plan | employee | 305 | |||||
Costs of bargaining unit-sponsored multi-employer plans and defined contribution plans | $ 1,100 | 1,100 | 1,100 | |||
Weighted average annual rate of increase in the per capita cost of covered health care benefits assumed | 5.64% | |||||
Assumed decrease of weighted average health care cost trend rate | 4.50% | |||||
Year that reaches assumed decrease of weighted average health care cost trend rate | 2038 | |||||
Stock held in plan assets (in shares) | shares | 0 | |||||
Estimated Future Benefit Payments | ||||||
2021 | $ 88,500 | |||||
2022 | 5,900 | |||||
2023 | 5,900 | |||||
2024 | 6,100 | |||||
2025 | 6,300 | |||||
2026 to 2030 | 32,300 | |||||
Other (Income) Expense Net | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement loss recognized | $ 900 | 700 | ||||
Net periodic benefit cost | 1,000 | |||||
Defined Contribution Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined contribution plan, expected contribution for next fiscal year | 13,100 | |||||
401k | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined contribution plan, expected contribution for next fiscal year | $ 10,100 | |||||
U.S. | Equity Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 10.00% | |||||
U.S. | Fixed Income Securities | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 90.00% | |||||
UK | Equity Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 60.00% | |||||
UK | Equity Securities | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 50.00% | |||||
UK | Equity Securities | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 60.00% | |||||
UK | Fixed Income Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 40.00% | |||||
UK | Fixed Income Securities | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 40.00% | |||||
UK | Fixed Income Securities | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 50.00% | |||||
Pension Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Participants affected due to plan freeze | employee | 60 | |||||
Defined benefit plan, expected contribution for next fiscal year | $ 3,400 | |||||
Pension Benefits | U.S. | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement loss recognized | 910 | 713 | (1) | |||
Net periodic benefit cost | 269 | (2,733) | (2,288) | |||
Other noncurrent assets | 1,921 | 10,754 | 1,921 | |||
Pension Benefits | Non-U.S. | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlement loss recognized | (385) | 0 | (307) | |||
Net periodic benefit cost | (3,446) | (3,354) | (3,338) | |||
Other noncurrent assets | 14 | $ 3 | 14 | |||
Pension Benefits | UK | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Target allocation of fund assets in equities | 2.50% | |||||
Other Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit cost | $ (698) | (775) | $ (741) | |||
Other noncurrent assets | $ 0 | 0 | $ 0 | |||
Defined benefit plan, expected contribution for next fiscal year | $ 1,000 |
Retirement Benefits - Reconcili
Retirement Benefits - Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | $ 132,717 | ||
Fair value of plan assets at December 31 | 142,136 | $ 132,717 | |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | |||
Other noncurrent assets | 93,400 | ||
Other noncurrent liabilities | (99,417) | (87,478) | |
Pension Benefits | |||
CHANGE IN BENEFIT OBLIGATION | |||
Other | 0 | ||
Pension Benefits | U.S. | |||
CHANGE IN BENEFIT OBLIGATION | |||
Obligation at January 1 | 95,947 | 85,175 | |
Service cost | 134 | 653 | $ 886 |
Interest cost | 1,274 | 2,796 | 2,634 |
Plan amendments | 183 | 0 | |
Benefits paid | (4,023) | (3,520) | |
Actuarial loss (gain) | 6,504 | 16,931 | |
Currency translation | 0 | 0 | |
Settlements | (6,064) | (4,826) | |
Curtailments | 0 | (1,538) | |
Acquisition/Divestiture | 0 | 0 | |
Other | 276 | ||
Obligation at December 31 | 93,955 | 95,947 | 85,175 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 93,413 | 83,580 | |
Actual return on plan assets | 16,225 | 17,446 | |
Employer contributions | 421 | 733 | |
Benefits paid | (4,023) | (3,520) | |
Currency translation | 0 | 0 | |
Settlements | (6,064) | (4,826) | |
Acquisition/Divestiture | 0 | 0 | |
Other | 0 | 0 | |
Fair value of plan assets at December 31 | 99,972 | 93,413 | 83,580 |
Funded status at December 31 | 6,017 | (2,534) | |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | |||
Other noncurrent assets | 10,754 | 1,921 | |
Current liabilities | (510) | (564) | |
Other noncurrent liabilities | (4,227) | (3,891) | |
Net asset (liability) at December 31 | 6,017 | (2,534) | |
Pension Benefits | Non-U.S. | |||
CHANGE IN BENEFIT OBLIGATION | |||
Obligation at January 1 | 102,016 | 89,789 | |
Service cost | 2,215 | 1,844 | 2,105 |
Interest cost | 1,056 | 1,440 | 1,389 |
Plan amendments | (1) | (156) | |
Benefits paid | (2,640) | (1,507) | |
Actuarial loss (gain) | 7,279 | 9,903 | |
Currency translation | 8,941 | 66 | |
Settlements | (3,802) | 0 | |
Curtailments | 0 | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 624 | 637 | |
Obligation at December 31 | 115,688 | 102,016 | 89,789 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 39,304 | 33,532 | |
Actual return on plan assets | 3,620 | 3,406 | |
Employer contributions | 2,389 | 2,320 | |
Benefits paid | (2,640) | (1,507) | |
Currency translation | 2,669 | 916 | |
Settlements | (3,802) | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 624 | 637 | |
Fair value of plan assets at December 31 | 42,164 | 39,304 | 33,532 |
Funded status at December 31 | (73,524) | (62,712) | |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | |||
Other noncurrent assets | 3 | 14 | |
Current liabilities | (1,520) | (1,270) | |
Other noncurrent liabilities | (72,007) | (61,456) | |
Net asset (liability) at December 31 | (73,524) | (62,712) | |
Other Benefits | |||
CHANGE IN BENEFIT OBLIGATION | |||
Obligation at January 1 | 23,257 | 22,593 | |
Service cost | 616 | 561 | 668 |
Interest cost | 624 | 849 | 810 |
Plan amendments | (2,905) | 0 | |
Benefits paid | (722) | (676) | |
Actuarial loss (gain) | 3,241 | (161) | |
Currency translation | 62 | 91 | |
Settlements | 0 | 0 | |
Curtailments | 0 | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 0 | 0 | |
Obligation at December 31 | 24,173 | 23,257 | 22,593 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 722 | 676 | |
Benefits paid | (722) | (676) | |
Currency translation | 0 | 0 | |
Settlements | 0 | 0 | |
Acquisition/Divestiture | 0 | 0 | |
Other | 0 | 0 | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Funded status at December 31 | (24,173) | (23,257) | |
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS | |||
Other noncurrent assets | 0 | 0 | |
Current liabilities | (990) | (1,127) | |
Other noncurrent liabilities | (23,183) | (22,130) | |
Net asset (liability) at December 31 | $ (24,173) | $ (23,257) |
Retirement Benefits - Weighted
Retirement Benefits - Weighted Average Assumptions Used in the Measurement of Benefit Obligation (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits | U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.14% | 3.06% |
Rate of compensation increase | 0.00% | 0.00% |
Cash balance interest credit rate | 4.00% | 4.00% |
Pension Benefits | Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 0.95% | 1.33% |
Rate of compensation increase | 2.32% | 2.29% |
Cash balance interest credit rate | 1.00% | 1.00% |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.20% | 3.09% |
Rate of compensation increase | 0.00% | 4.00% |
Cash balance interest credit rate | 0.00% | 0.00% |
Retirement Benefits - Amounts i
Retirement Benefits - Amounts in Accumulated Other Comprehensive Income Loss Expected to be Recognized as Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits | U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost (credit) | $ 202 | $ 46 |
Net loss (gain) | 13,414 | 21,432 |
Total | 13,616 | 21,478 |
Pension Benefits | Non-U.S. | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost (credit) | (92) | (100) |
Net loss (gain) | 24,536 | 19,304 |
Total | 24,444 | 19,204 |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Prior service cost (credit) | (2,914) | (46) |
Net loss (gain) | (2,266) | (6,009) |
Total | $ (5,180) | $ (6,055) |
Retirement Benefits - Component
Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 134 | $ 653 | $ 886 |
Interest cost | 1,274 | 2,796 | 2,634 |
Expected return on plan assets | (3,750) | (3,319) | (3,943) |
Settlement loss recognized | 910 | 713 | (1) |
Special termination benefit recognized | 0 | 276 | 0 |
Net amortization | 1,163 | 1,614 | 2,712 |
Net periodic (benefit) cost | (269) | 2,733 | 2,288 |
Pension Benefits | Non-U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 2,215 | 1,844 | 2,105 |
Interest cost | 1,056 | 1,440 | 1,389 |
Expected return on plan assets | (1,170) | (1,047) | (1,120) |
Settlement loss recognized | (385) | 0 | (307) |
Special termination benefit recognized | 0 | 0 | 0 |
Net amortization | 1,730 | 1,117 | 1,271 |
Net periodic (benefit) cost | 3,446 | 3,354 | 3,338 |
Other Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 616 | 561 | 668 |
Interest cost | 624 | 849 | 810 |
Net amortization | (542) | (635) | (737) |
Net periodic (benefit) cost | $ 698 | $ 775 | $ 741 |
Retirement Benefits - Weighte_2
Retirement Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost of Plans (Details) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2020 | Aug. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Benefits | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Discount rate | 3.09% | 4.11% | 3.50% | |||||||||
Expected return on plan assets | 0.00% | 0.00% | 0.00% | |||||||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | |||||||||
Pension Benefits | U.S. Plans | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Discount rate | 2.99% | 4.11% | 3.46% | |||||||||
Expected return on plan assets | 4.00% | 4.00% | 5.50% | |||||||||
Rate of compensation increase | 0.00% | 4.00% | 4.00% | |||||||||
Pension Benefits | U.S. Plans | IDEX Corporation Retirement Plan | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Discount rate | 2.36% | 2.41% | 2.97% | 3.07% | ||||||||
Pension Benefits | U.S. Plans | Pulsafeeder, Inc. Pension Plan | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Discount rate | 2.62% | 3.21% | ||||||||||
Pension Benefits | Non-U.S. Plans | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||
Discount rate | 1.33% | 2.07% | 1.82% | |||||||||
Expected return on plan assets | 3.00% | 3.12% | 3.09% | |||||||||
Rate of compensation increase | 2.29% | 2.13% | 2.37% |
Retirement Benefits - Pretax Am
Retirement Benefits - Pretax Amounts Recognized in Accumulated Other Comprehensive Income Loss (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Pension Benefits | U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net gain (loss) in current year | $ 5,971 |
Prior service cost | (182) |
Amortization of prior service cost (credit) | 27 |
Amortization of net loss (gain) | 2,046 |
Exchange rate effect on amounts in other comprehensive income | 0 |
Total | 7,862 |
Pension Benefits | Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Net gain (loss) in current year | (4,829) |
Prior service cost | 2 |
Amortization of prior service cost (credit) | (22) |
Amortization of net loss (gain) | 1,367 |
Exchange rate effect on amounts in other comprehensive income | (1,758) |
Total | (5,240) |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Net gain (loss) in current year | (3,241) |
Prior service cost | 2,905 |
Amortization of prior service cost (credit) | (37) |
Amortization of net loss (gain) | (504) |
Exchange rate effect on amounts in other comprehensive income | 2 |
Total | $ (875) |
Retirement Benefits - Pension P
Retirement Benefits - Pension Plan Weighted Average Asset Allocations (Details) - Pension Benefits | Dec. 31, 2020 | Dec. 31, 2019 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 100.00% | 100.00% |
U.S. Plans | Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 7.00% | 10.00% |
U.S. Plans | Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 65.00% | 90.00% |
U.S. Plans | Cash/Commingled Funds/Other | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 28.00% | 0.00% |
Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 100.00% | 100.00% |
Non-U.S. Plans | Equity Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 17.00% | 17.00% |
Non-U.S. Plans | Fixed Income Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 24.00% | 24.00% |
Non-U.S. Plans | Cash/Commingled Funds/Other | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan securities | 59.00% | 59.00% |
Retirement Benefits - Summary o
Retirement Benefits - Summary of Basis Used to Measure Defined Benefit Plans Assets at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 142,136 | $ 132,717 |
U.S. Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 3,710 | 4,734 |
U.S. Small / Mid Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 444 | 455 |
International, Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 10,427 | 10,845 |
U.S. Intermediate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 14,263 | 640 |
U.S. Long Term | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 51,891 | 83,628 |
U.S. High Yield | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 296 | 1,346 |
International, Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 8,448 | 7,516 |
Other Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 20,665 | 19,438 |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 28,469 | 1,094 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 3,523 | 3,021 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 36,205 | 10,805 |
Level 1 | U.S. Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 3,710 | 4,734 |
Level 1 | U.S. Small / Mid Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | International, Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 4,412 | 5,258 |
Level 1 | U.S. Intermediate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | U.S. Long Term | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | U.S. High Yield | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | International, Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 257 | 296 |
Level 1 | Other Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 1 | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 27,826 | 517 |
Level 1 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 85,266 | 102,474 |
Level 2 | U.S. Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | U.S. Small / Mid Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 444 | 455 |
Level 2 | International, Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 6,015 | 5,587 |
Level 2 | U.S. Intermediate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 14,263 | 640 |
Level 2 | U.S. Long Term | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 51,891 | 83,628 |
Level 2 | U.S. High Yield | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 296 | 1,346 |
Level 2 | International, Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 8,191 | 7,220 |
Level 2 | Other Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 2 | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 643 | 577 |
Level 2 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 3,523 | 3,021 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 20,665 | 19,438 |
Level 3 | U.S. Large Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Small / Mid Cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | International, Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Intermediate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. Long Term | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | U.S. High Yield | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | International, Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Other Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 20,665 | 19,438 |
Level 3 | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | 0 | 0 |
Level 3 | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, fair value of plan assets | $ 0 | $ 0 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 614,822 | $ 581,113 | $ 561,249 | $ 594,462 | $ 605,997 | $ 624,246 | $ 642,099 | $ 622,231 | $ 2,351,646 | $ 2,494,573 | $ 2,483,666 |
Gross profit | 269,168 | 251,500 | 234,800 | 271,956 | 266,885 | 281,978 | 292,337 | 283,834 | 1,027,424 | 1,125,034 | 1,117,895 |
Operating income | 138,965 | 131,213 | 110,594 | 139,941 | 134,173 | 141,765 | 155,283 | 147,782 | 520,713 | 579,003 | 569,088 |
Net income | $ 101,068 | $ 103,848 | $ 70,864 | $ 101,998 | $ 96,850 | $ 105,194 | $ 113,209 | $ 110,268 | $ 377,778 | $ 425,521 | $ 410,573 |
Basic EPS (in dollar per share) | $ 1.33 | $ 1.38 | $ 0.94 | $ 1.35 | $ 1.28 | $ 1.39 | $ 1.50 | $ 1.46 | $ 4.98 | $ 5.62 | $ 5.36 |
Diluted EPS (in dollar per share) | $ 1.32 | $ 1.37 | $ 0.93 | $ 1.33 | $ 1.26 | $ 1.37 | $ 1.48 | $ 1.44 | $ 4.94 | $ 5.56 | $ 5.29 |
Basic weighted average shares outstanding (in shares) | 75,817 | 75,352 | 75,171 | 75,740 | 75,779 | 75,698 | 75,460 | 75,442 | 75,741 | 75,594 | 76,412 |
Diluted weighted average shares outstanding (in shares) | 76,367 | 75,960 | 75,937 | 76,452 | 76,570 | 76,577 | 76,387 | 76,284 | 76,400 | 76,454 | 77,563 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jan. 08, 2021USD ($) |
Subsequent Event | ABEL | |
Subsequent Event [Line Items] | |
Business combination, cash consideration paid | $ 103.5 |