IDEX (IEX) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,601,661
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000832101
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 457	$ 430.2
Receivables, less allowance for credit losses of $7.0 and $8.0, respectively	455.2	442.8
Inventories	482.5	470.9
Other current assets	93.2	55.4
Total current assets	1,487.9	1,399.3
Property, plant and equipment, net of accumulated depreciation of $538.8 and $516.7, respectively	421.6	382.1
Goodwill	2,714.4	2,638.1
Intangible assets - net	957.3	947.8
Other noncurrent assets	138.7	144.6
Total assets	5,719.9	5,511.9
Current liabilities
Trade accounts payable	189.7	208.9
Accrued expenses	247.9	289.1
Short-term borrowings	0.5	0
Dividends payable	48.5	45.6
Total current liabilities	486.6	543.6
Long-term borrowings	1,471.5	1,468.7
Deferred income taxes	286.1	264.2
Other noncurrent liabilities	196.8	195.8
Total liabilities	2,441	2,472.3
Commitments and contingencies
Preferred stock:
Authorized: 5,000,000 shares, $.01 per share par value; Issued: None	0	0
Common stock:
Authorized: 150,000,000 shares, $.01 per share par value, Issued: 90,073,221 shares at June 30, 2023 and 90,064,988 shares at December 31, 2022	0.9	0.9
Additional paid-in capital	834.2	817.2
Retained earnings	3,713.4	3,531.7
Treasury stock at cost: 14,367,209 shares at June 30, 2023 and 14,451,032 shares at December 31, 2022	(1,182)	(1,184.3)
Accumulated other comprehensive loss	(87.8)	(126.2)
Total shareholders’ equity	3,278.7	3,039.3
Noncontrolling interest	0.2	0.3
Total equity	3,278.9	3,039.6
Total liabilities and equity	$ 5,719.9	$ 5,511.9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 7	$ 8
Accumulated depreciation	$ 538.8	$ 516.7
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock , par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	90,073,221	90,064,988
Treasury stock, shares (in shares)	14,367,209	14,451,032

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 846.2	$ 796.1	$ 1,691.6	$ 1,547.2
Cost of sales	468.2	439.2	931.1	847.8
Gross profit	378	356.9	760.5	699.4
Selling, general and administrative expenses	174.3	167.5	364	321.8
Restructuring expenses and asset impairments	3.6	2.8	4.1	3.4
Operating income	200.1	186.6	392.4	374.2
Other expense (income) - net	8.3	0	7.7	(2.3)
Interest expense	13.3	9.5	26.4	19
Income before income taxes	178.5	177.1	358.3	357.5
Provision for income taxes	40	39	80	79.5
Net income	138.5	138.1	278.3	278
Net loss attributable to noncontrolling interest	0.1	0.1	0.1	0.2
Net income attributable to IDEX	$ 138.6	$ 138.2	$ 278.4	$ 278.2
Earnings per common share:
Basic earnings per common share attributable to IDEX (in dollars per share)	$ 1.83	$ 1.82	$ 3.68	$ 3.66
Diluted earnings per common share attributable to IDEX (in dollars per share)	$ 1.82	$ 1.81	$ 3.66	$ 3.65
Share data:
Basic weighted average common shares outstanding (in shares)	75.6	75.8	75.6	76
Diluted weighted average common shares outstanding (in shares)	75.9	76.1	75.9	76.2

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 138.5	$ 138.1	$ 278.3	$ 278
Other comprehensive income (loss):
Pension and other postretirement adjustments, net of tax	(0.9)	0.6	(0.5)	1.2
Cumulative translation adjustment	2.3	(81.9)	38.9	(101.4)
Other comprehensive income (loss)	1.4	(81.3)	38.4	(100.2)
Comprehensive income	139.9	56.8	316.7	177.8
Comprehensive loss attributable to noncontrolling interest	0.1	0.1	0.1	0.2
Comprehensive income attributable to IDEX	$ 140	$ 56.9	$ 316.8	$ 178

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Total Shareholders’ Equity	Common Stock and Additional Paid-In Capital	Retained Earnings	Cumulative Translation Adjustment	Retirement Benefits Adjustment	Treasury Stock	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 2,803.1	$ 2,803.1	$ 796.5	$ 3,126.5	$ (62.2)	$ (7.4)	$ (1,050.3)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	139.9	140		140				(0.1)
Cumulative translation adjustment	(19.5)	(19.5)			(19.5)
Net change in retirement obligations (net of tax)	0.6	0.6				0.6
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	1.4	1.4					1.4
Repurchase of shares of common stock	(28.3)	(28.3)					(28.3)
Shares surrendered for tax withholding	(4.9)	(4.9)					(4.9)
Share-based compensation	6.6	6.6	6.6
Ending balance at Mar. 31, 2022	2,898.9	2,899	803.1	3,266.5	(81.7)	(6.8)	(1,082.1)	(0.1)
Beginning balance at Dec. 31, 2021	2,803.1	2,803.1	796.5	3,126.5	(62.2)	(7.4)	(1,050.3)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	278
Net change in retirement obligations (net of tax)	1.2
Repurchase of shares of common stock	(115.8)
Ending balance at Jun. 30, 2022	2,788	2,788.2	810	3,313.8	(163.6)	(6.2)	(1,165.8)	(0.2)
Beginning balance at Mar. 31, 2022	2,898.9	2,899	803.1	3,266.5	(81.7)	(6.8)	(1,082.1)	(0.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	138.1	138.2		138.2				(0.1)
Cumulative translation adjustment	(81.9)	(81.9)			(81.9)
Net change in retirement obligations (net of tax)	0.6	0.6				0.6
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	3.8	3.8					3.8
Repurchase of shares of common stock	(87.5)	(87.5)					(87.5)
Share-based compensation	6.9	6.9	6.9
Cash dividends declared	(90.9)	(90.9)		(90.9)
Ending balance at Jun. 30, 2022	2,788	2,788.2	810	3,313.8	(163.6)	(6.2)	(1,165.8)	(0.2)
Beginning balance at Dec. 31, 2022	3,039.6	3,039.3	818.1	3,531.7	(137.1)	10.9	(1,184.3)	0.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	139.8	139.8		139.8
Cumulative translation adjustment	36.6	36.6			36.6
Net change in retirement obligations (net of tax)	0.4	0.4				0.4
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	4.7	4.7					4.7
Shares surrendered for tax withholding	(4.4)	(4.4)					(4.4)
Share-based compensation	12.8	12.8	12.8
Ending balance at Mar. 31, 2023	3,229.5	3,229.2	830.9	3,671.5	(100.5)	11.3	(1,184)	0.3
Beginning balance at Dec. 31, 2022	3,039.6	3,039.3	818.1	3,531.7	(137.1)	10.9	(1,184.3)	0.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	278.3
Net change in retirement obligations (net of tax)	(0.5)
Repurchase of shares of common stock	(1.1)
Ending balance at Jun. 30, 2023	3,278.9	3,278.7	835.1	3,713.4	(98.2)	10.4	(1,182)	0.2
Beginning balance at Mar. 31, 2023	3,229.5	3,229.2	830.9	3,671.5	(100.5)	11.3	(1,184)	0.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	138.5	138.6		138.6				(0.1)
Cumulative translation adjustment	2.3	2.3			2.3
Net change in retirement obligations (net of tax)	(0.9)	(0.9)				(0.9)
Issuance of shares of common stock from issuance of unvested shares, performance share units and exercise of stock options (net of tax)	3.3	3.3					3.3
Repurchase of shares of common stock	(1.1)	(1.1)					(1.1)
Shares surrendered for tax withholding	(0.2)	(0.2)					(0.2)
Share-based compensation	4.2	4.2	4.2
Cash dividends declared	(96.7)	(96.7)		(96.7)
Ending balance at Jun. 30, 2023	$ 3,278.9	$ 3,278.7	$ 835.1	$ 3,713.4	$ (98.2)	$ 10.4	$ (1,182)	$ 0.2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Pension and other postretirement adjustments, tax	$ (0.4)	$ 0.2	$ 0.5	$ 0.2
Issuance of common stock from performance share units and exercise of stock options (in shares)	26,763	84,666	42,408	73,755
Issuance of common stock from exercise of stock options and deferred compensation plans, tax amount	$ 0.3	$ 1.8	$ 0.4	$ 1.7
Repurchase of common stock (in shares)	5,400		474,690	147,500
Cash dividends declared, per common share outstanding (in dollars per share)	$ 1.28		$ 1.20

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 278.3	$ 278
Adjustments to reconcile net income to net cash provided by operating activities:
Gains on sales of assets	(0.2)	(2.6)
Asset impairments	0.5	0.2
Credit loss on note receivable from collaborative partner	7.7	0
Depreciation	27.2	24.7
Amortization of intangible assets	46.8	32.2
Amortization of debt issuance expenses	0.8	0.8
Share-based compensation expense	17	13.5
Deferred income taxes	0	(0.2)
Changes in (net of the effect from acquisitions and foreign exchange):
Receivables	(5.8)	(68.7)
Inventories	(2)	(84.5)
Other current assets	(18.6)	(17.8)
Trade accounts payable	(17.9)	36.2
Deferred revenue	4.2	1.3
Accrued expenses	(52.5)	(22.5)
Other - net	3.6	1.4
Net cash flows provided by operating activities	289.1	192
Cash flows from investing activities
Purchases of property, plant and equipment	(48.2)	(31.7)
Acquisition of businesses, net of cash acquired	(110.3)	(234.9)
Proceeds from disposal of fixed assets	1.3	6.6
Purchases of marketable securities	(19.1)	0
Other - net	(0.3)	(0.1)
Net cash flows used in investing activities	(176.6)	(260.1)
Cash flows from financing activities
Proceeds from issuance of 5.13% Senior Notes	100	0
Payment of 3.20% Senior Notes	(100)	0
Dividends paid	(93.9)	(86.9)
Proceeds from stock option exercises	8	5.2
Repurchases of common stock	(1)	(110.4)
Shares surrendered for tax withholding	(4.6)	(4.9)
Other - net	(0.5)	(0.1)
Net cash flows used in financing activities	(92)	(197.1)
Effect of exchange rate changes on cash and cash equivalents	6.3	(32.4)
Net increase (decrease) in cash and cash equivalents	26.8	(297.6)
Cash and cash equivalents at beginning of year	430.2	855.4
Cash and cash equivalents at end of period	457	557.8
Cash paid for:
Interest	25.1	18.5
Income taxes	$ 102.9	$ 86.9

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - Senior Notes	Jun. 30, 2023	Jun. 13, 2023
5.13% Senior Notes, due June 2028
Stated interest rate	5.13%	5.13%
3.20% Senior Notes, due June 2023
Stated interest rate	3.20%	3.20%

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the entire year. The Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in this report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. The Company adopted this standard on a prospective basis for the annual and interim periods beginning January 1, 2023. The adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Acquisitions	Acquisitions All of the Company’s acquisitions of businesses have been accounted for under Accounting Standards Codification (“ASC”) 805, Business Combinations . Accordingly, the assets and liabilities of the acquired companies, after adjustments to reflect the fair values assigned to the assets and liabilities, have been included in the Company’s Condensed Consolidated Financial Statements from their respective dates of acquisition. The results of operations of Nexsight, LLC and its businesses Envirosight, WinCan, MyTana and Pipeline Renewal Technologies (“Nexsight”) (acquired February 28, 2022), KZ CO. (“KZValve”) (acquired May 2, 2022), Muon B.V. and its subsidiaries (“Muon Group”) (acquired November 18, 2022) and Iridian Spectral Technologies ("Iridian") (acquired May 19, 2023) have been included in the Company’s Condensed Consolidated Financial Statements since the respective dates of acquisition. Supplemental pro forma information has not been provided as the acquisitions did not have a material impact on the Company’s Condensed Consolidated Financial Statements individually or in the aggregate. 2023 Acquisitions Iridian On May 19, 2023, the Company acquired Iridian in a stock acquisition. Iridian is a global leader in designing and manufacturing thin-film, multi-layer optical filters serving the laser communications, telecommunications and life sciences markets and expands the Company’s array of optical technology offerings. Headquartered in Ottawa, Ontario, Canada, Iridian operates in the Company’s Scientific Fluidics & Optics reporting unit within the Health & Science Technologies (“HST”) segment. Iridian was acquired for cash consideration of $110.3 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $53.6 million and $45.6 million, respectively. The goodwill is not deductible for tax purposes. The Company made a preliminary allocation of the purchase price for the Iridian acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information, primarily related to the valuations of these assets and liabilities, and continues to integrate the newly acquired business, the Company will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will continue to make required adjustments to the purchase price allocation prior to the completion of the measurement period. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: Total Current assets, net of cash acquired $ 10.6 Property, plant and equipment 19.9 Goodwill 53.6 Intangible assets 45.6 Other noncurrent assets 5.4 Total assets acquired 135.1 Current liabilities (1.2) Deferred income taxes (18.7) Other noncurrent liabilities (4.9) Net assets acquired $ 110.3 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: Total Weighted Average Life Trade names $ 5.2 15 Customer relationships 29.3 12 Unpatented technology 11.1 11 Acquired intangible assets $ 45.6 The Company incurred $2.5 million and $3.6 million of acquisition-related costs during the three and six months ended June 30, 2023, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. 2022 Acquisitions Nexsight On February 28, 2022, the Company acquired Nexsight in a partial stock and asset acquisition. Nexsight complements and creates synergies with the Company’s existing iPEK and ADS business units that design and create sewer crawlers, inspection and monitoring systems and software applications that allow teams to identify, anticipate and correct wastewater system issues remotely. Headquartered in Randolph, New Jersey, Nexsight operates in the Company’s Water reporting unit within the Fluid & Metering Technologies (“FMT”) segment. Nexsight was acquired for cash consideration of $112.5 million. The entire purchase price was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $54.7 million and $49.8 million, respectively. The goodwill is partially deductible for tax purposes. The Company finalized the allocation of the purchase price for the Nexsight 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: Total Current assets, net of cash acquired $ 16.6 Property, plant and equipment 2.0 Goodwill 54.7 Intangible assets 49.8 Other noncurrent assets 4.3 Total assets acquired 127.4 Current liabilities (9.2) Deferred income taxes (1.9) Other noncurrent liabilities (3.8) Net assets acquired $ 112.5 Acquired intangible assets consist of trade names, customer relationships and software. 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: Total Weighted Average Life Trade names $ 13.5 15 Customer relationships 31.5 10 Software 4.8 5 Acquired intangible assets $ 49.8 KZValve On May 2, 2022, the Company acquired KZValve in an asset acquisition. KZValve is a leading manufacturer of electric valves and controllers used primarily in agricultural applications. KZValve augments and expands IDEX’s agricultural portfolio, complementing Banjo’s current fluid management solutions for these applications. Headquartered in Greenwood, Nebraska, KZValve operates in the Company’s Agriculture reporting unit within the FMT segment. KZValve was acquired for cash consideration of $120.1 million. The entire purchase was funded with cash on hand. Goodwill and intangible assets recognized as part of this transaction were $56.4 million and $52.0 million, respectively. The goodwill is deductible for tax purposes. The Company finalized the allocation of the purchase price for the KZValve 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: Total Current assets, net of cash acquired $ 9.7 Property, plant and equipment 1.8 Goodwill 56.4 Intangible assets 52.0 Deferred income taxes 0.2 Other noncurrent assets 1.0 Total assets acquired 121.1 Current liabilities (1.0) Net assets acquired $ 120.1 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: Total Weighted Average Life Trade names $ 7.5 15 Customer relationships 36.0 13 Unpatented technology 8.5 10 Acquired intangible assets $ 52.0 Muon Group On November 18, 2022, the Company acquired the stock of Muon Group. Muon Group manufactures highly precise flowpaths in a variety of materials that enable the movement of various liquids and gases in critical applications for medical, semiconductor, food processing, digital printing and filtration technologies. Muon Group maintains operations in Hapert, the Netherlands; Eerbeek, the Netherlands; Wijchen, the Netherlands; Dorset, United Kingdom and Pune, India and operates in the Company’s Scientific Fluidics & Optics reporting unit within the HST segment. Muon Group was acquired for cash consideration of $713.0 million. The purchase price was funded with $342.6 million of cash on hand, $170.4 million of proceeds from the Company's Revolving Credit Facility and $200.0 million of proceeds from the Company's Term Facility. Goodwill and intangible assets recognized as part of this transaction were $393.0 million and $319.1 million, respectively. The goodwill is not deductible for tax purposes. The Company made a preliminary allocation of the purchase price for the Muon Group acquisition as of the acquisition date based on its understanding of the fair value of the acquired assets and assumed liabilities. These nonrecurring fair value measurements are classified as Level 3 in the fair value hierarchy. As the Company continues to obtain additional information, primarily related to the valuations of these assets and liabilities, and continues to integrate the newly acquired business, the Company will refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Company will continue to make required adjustments to the purchase price allocation prior to the completion of the measurement period. The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: Total Current assets, net of cash acquired $ 52.8 Property, plant and equipment 59.1 Goodwill 393.0 Intangible assets 319.1 Other noncurrent assets 9.6 Total assets acquired 833.6 Current liabilities (25.8) Deferred income taxes (83.9) Other noncurrent liabilities (10.9) Net assets acquired $ 713.0 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: Total Weighted Average Life Trade names $ 38.3 15 Customer relationships 212.4 13 Unpatented technology 68.4 11 Acquired intangible assets $ 319.1 The Company incurred $1.7 million and $2.6 million of acquisition-related costs during the three and six months ended June 30, 2022, respectively. These costs were recorded in Selling, general and administrative expenses and were related to completed transactions, pending transactions and potential transactions, including transactions that ultimately were not completed. The Company also recorded $0.1 million and $0.3 million of fair value inventory step-up charges associated with the completed 2022 acquisitions of Nexsight and KZValve, respectively, in Cost of sales during the three and six months ended June 30, 2022.

Collaborative Investments

Collaborative Investments	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Collaborative Investments	Collaborative InvestmentsDuring 2021 and 2022, a subsidiary of IDEX funded a total of $7.2 million in promissory notes as an investment in a start-up company that provides communication technology to improve individual performance and team coordination for firefighters’ responses, which aligns with our FSDP segment’s strategic plan. On a quarterly basis, the Company evaluates whether an allowance for credit losses is required for these promissory notes and measures the allowance using the current expected credit loss model. While the Company continues to retain certain convertible equity rights as well as a secured interest in the intellectual property of the start-up company, during the second quarter of 2023, IDEX concluded it would pause additional funding for the start-up. As a result of the Company’s analysis of the recoverability of its investment during the second quarter, IDEX determined that its investment may no longer be recoverable. As a result, IDEX recorded a credit loss of $7.7 million in Other expense (income) - net in the Condensed Consolidated Statements of Income and a reserve in Other noncurrent assets on the Condensed Consolidated Balance Sheets for the full amount of the principal and accrued interest outstanding at June 30, 2023.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segments	Business Segments IDEX has three reportable business segments: Fluid & Metering Technologies (“FMT”), Health & Science Technologies (“HST”) and Fire & Safety/Diversified Products (“FSDP”). The FMT segment designs, produces and distributes positive displacement pumps, valves, 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. FMT application-specific pump and metering solutions serve a diverse range of end markets, including industrial infrastructure (fossil fuels, refined and alternative fuels and water and wastewater), energy, chemical processing, agriculture, food and beverage, semiconductor, pulp and paper, automotive/transportation, plastics and resins, electronics and electrical, construction and mining, pharmaceutical and biopharmaceutical, machinery and numerous other specialty niche markets. The HST segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems, micro-precision components, pneumatic components and sealing solutions, high performance molded and extruded sealing components, custom mechanical and shaft seals, engineered hygienic mixers and valves, biocompatible medical devices and implantables, air compressors and blowers, optical components and coatings, laboratory and commercial equipment, precision photonic solutions and precision gear and peristaltic pump technologies. HST serves a variety of end markets, including food and beverage, life sciences, analytical instruments, pharmaceutical and biopharmaceutical, industrial, semiconductor, digital printing, automotive/transportation, medical/dental, energy, cosmetics, marine, chemical, wastewater and water treatment, research and aerospace/defense markets. The FSDP 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 in the automotive, energy and industrial markets and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses in the paint and industrial markets around the world. Information on the Company’s business segments is presented below based on the nature of the products and services offered. The Company uses Adjusted EBITDA as its principal measure of segment performance. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net sales Fluid & Metering Technologies External customers $ 324.1 $ 299.5 $ 645.2 $ 571.4 Intersegment sales 1.0 0.4 1.7 0.5 Total segment sales 325.1 299.9 646.9 571.9 Health & Science Technologies External customers 338.4 325.4 688.7 640.0 Intersegment sales 1.1 0.6 1.8 1.2 Total segment sales 339.5 326.0 690.5 641.2 Fire & Safety/Diversified Products External customers 183.7 171.2 357.7 335.8 Intersegment sales 1.1 — 1.5 0.1 Total segment sales 184.8 171.2 359.2 335.9 Intersegment eliminations (3.2) (1.0) (5.0) (1.8) Net sales $ 846.2 $ 796.1 $ 1,691.6 $ 1,547.2 ADJUSTED EBITDA Fluid & Metering Technologies $ 114.1 $ 95.0 $ 220.3 $ 183.4 Health & Science Technologies 93.7 103.6 194.4 203.4 Fire & Safety/Diversified Products 54.5 45.1 104.2 89.5 Segment Adjusted EBITDA 262.3 243.7 518.9 476.3 Corporate and other (21.6) (24.5) (48.4) (42.4) Adjusted EBITDA 240.7 219.2 470.5 433.9 - Interest expense 13.3 9.5 26.4 19.0 - Depreciation 14.4 12.5 27.2 24.7 - Amortization 23.2 16.9 46.8 32.2 - Fair value inventory step-up charges — 0.4 — 0.4 - Restructuring expenses and asset impairments 3.6 2.8 4.1 2.8 + Gains on sales of assets — — — (2.7) - Credit loss on note receivable from collaborative partner (1) 7.7 — 7.7 — Income before income taxes $ 178.5 $ 177.1 $ 358.3 $ 357.5 (1) Represents a reserve on an investment with a collaborative partner that may no longer be recoverable. See Note 3 for further detail. June 30, 2023 December 31, 2022 ASSETS Fluid & Metering Technologies $ 1,698.3 $ 1,676.9 Health & Science Technologies 3,075.4 2,931.1 Fire & Safety/Diversified Products 793.0 771.8 Corporate and other 153.2 132.1 Total assets $ 5,719.9 $ 5,511.9

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates its revenue from contracts with customers by reporting unit and geographical region for each segment as the Company believes it best depicts how the amount, nature, timing and uncertainty of its 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 revenue disaggregated by reporting unit and geographical region. Revenue by reporting unit for the three and six months ended June 30, 2023 and 2022 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pumps $ 109.2 $ 104.5 $ 214.3 $ 201.9 Water 87.3 81.6 181.4 146.0 Energy 55.7 44.7 106.4 93.0 Agriculture 40.1 38.1 78.7 70.4 Valves 32.8 31.0 66.1 60.6 Intersegment elimination (1.0) (0.4) (1.7) (0.5) Fluid & Metering Technologies 324.1 299.5 645.2 571.4 Scientific Fluidics & Optics 169.0 149.2 347.6 290.4 Performance Pneumatic Technologies 66.0 65.1 135.4 127.1 Sealing Solutions 62.4 68.0 127.1 138.2 Material Processing Technologies 33.0 34.8 60.7 68.5 Micropump 9.1 8.9 19.7 17.0 Intersegment elimination (1.1) (0.6) (1.8) (1.2) Health & Science Technologies 338.4 325.4 688.7 640.0 Fire & Safety 109.8 99.8 216.0 195.5 Dispensing 44.7 43.8 80.9 85.4 BAND-IT 30.3 27.6 62.3 55.0 Intersegment elimination (1.1) — (1.5) (0.1) Fire & Safety/Diversified Products 183.7 171.2 357.7 335.8 Net sales $ 846.2 $ 796.1 $ 1,691.6 $ 1,547.2 Revenue by geographical region for the three and six months ended June 30, 2023 and 2022 was as follows: Three Months Ended June 30, 2023 FMT HST FSDP IDEX U.S. $ 180.7 $ 148.5 $ 96.7 $ 425.9 North America, excluding U.S. 17.9 8.2 8.1 34.2 Europe 51.5 111.2 42.4 205.1 Asia 48.8 65.2 28.0 142.0 Other (1) 26.2 6.4 9.6 42.2 Intersegment elimination (1.0) (1.1) (1.1) (3.2) Net sales $ 324.1 $ 338.4 $ 183.7 $ 846.2 Three Months Ended June 30, 2022 FMT HST FSDP IDEX U.S. $ 170.5 $ 157.7 $ 85.0 $ 413.2 North America, excluding U.S. 16.6 9.5 8.5 34.6 Europe 51.8 92.5 42.0 186.3 Asia 41.2 60.8 26.6 128.6 Other (1) 19.8 5.5 9.1 34.4 Intersegment elimination (0.4) (0.6) — (1.0) Net sales $ 299.5 $ 325.4 $ 171.2 $ 796.1 Six Months Ended June 30, 2023 FMT HST FSDP IDEX U.S. $ 357.5 $ 298.1 $ 186.1 $ 841.7 North America, excluding U.S. 37.3 13.4 16.6 67.3 Europe 110.7 232.1 87.1 429.9 Asia 93.9 131.8 51.4 277.1 Other (1) 47.5 15.1 18.0 80.6 Intersegment elimination (1.7) (1.8) (1.5) (5.0) Net sales $ 645.2 $ 688.7 $ 357.7 $ 1,691.6 Six Months Ended June 30, 2022 FMT HST FSDP IDEX U.S. $ 320.5 $ 309.7 $ 161.5 $ 791.7 North America, excluding U.S. 33.9 17.0 19.4 70.3 Europe 100.5 183.8 87.0 371.3 Asia 77.7 119.6 50.0 247.3 Other (1) 39.3 11.1 18.0 68.4 Intersegment elimination (0.5) (1.2) (0.1) (1.8) Net sales $ 571.4 $ 640.0 $ 335.8 $ 1,547.2 (1) Other includes: South America, Middle East, Australia and Africa. Performance Obligations The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time approximated 95% of total revenues in all periods presented. Revenue from products and services transferred to customers over time approximated 5% of total revenues in all periods presented. Contract Balances The timing of revenue recognition, billings and cash collections can result in customer receivables, advance payments or billings in excess of revenue recognized. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables on the Condensed Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost- to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to invoice in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. The composition of customer receivables was as follows: June 30, 2023 December 31, 2022 Billed receivables $ 437.6 $ 421.3 Unbilled receivables 9.5 10.0 Total customer receivables $ 447.1 $ 431.3 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 the Company expects to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Advance payments and deposits represent contract liabilities and are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. The Company generally receives advance payments from customers related to maintenance services which are recognized ratably over the service term. The Company also receives deposits from customers on certain orders which the Company recognizes as revenue at a point in time. Billings in excess of revenue recognized represent contract liabilities and primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and revenue cannot yet be recognized as the Company has not completed the corresponding performance obligation. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied. The composition of deferred revenue was as follows: June 30, 2023 December 31, 2022 Deferred revenue - current $ 51.3 $ 44.7 Deferred revenue - noncurrent 12.6 15.0 Total deferred revenue $ 63.9 $ 59.7

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common ShareDiluted earnings per common share (“EPS”) attributable to IDEX is computed by dividing Net income attributable to IDEX by the weighted average number of shares of common stock (basic) plus common stock equivalents (diluted) outstanding during the period. Common stock equivalents consist of restricted stock, performance share units and stock options, which have been included in the calculation of weighted average shares outstanding using the treasury stock method. ASC 260, Earnings Per Share, concludes that all outstanding unvested share-based payment awards that contain rights to non-forfeitable 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, Diluted EPS attributable to IDEX was computed using the two-class method prescribed by ASC 260. Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic weighted average common shares outstanding 75.6 75.8 75.6 76.0 Dilutive effect of stock options, restricted stock and performance share units 0.3 0.3 0.3 0.2 Diluted weighted average common shares outstanding 75.9 76.1 75.9 76.2 Options to purchase approximately 0.2 million and 0.5 million shares of common stock for the three months ended June 30, 2023 and 2022, respectively, and 0.2 million and 0.5 million shares of common stock for the six months ended June 30, 2023 and 2022, respectively, were not included in the computation of Diluted EPS attributable to IDEX because the effect of their inclusion would have been antidilutive.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2023
Additional Financial Information Disclosure [Abstract]
Balance Sheet Components	Balance Sheet Components June 30, 2023 December 31, 2022 INVENTORIES Raw materials and component parts $ 313.3 $ 301.2 Work in process 50.5 54.3 Finished goods 118.7 115.4 Total inventories $ 482.5 $ 470.9 ACCRUED EXPENSES Payroll and related items $ 83.7 $ 102.7 Management incentive compensation 8.9 26.4 Income taxes payable 19.2 30.2 Insurance 10.7 11.2 Warranty 8.2 8.1 Deferred revenue 51.3 44.7 Lease liability 21.6 21.6 Restructuring 1.8 1.4 Accrued interest 5.7 5.5 Pension and retiree medical obligations 3.3 3.3 Other 33.5 34.0 Total accrued expenses $ 247.9 $ 289.1 OTHER NONCURRENT LIABILITIES Pension and retiree medical obligations $ 55.0 $ 55.1 Transition tax payable 5.0 9.1 Deferred revenue 12.6 15.0 Lease liability 101.6 96.6 Other 22.6 20.0 Total other noncurrent liabilities $ 196.8 $ 195.8

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the six months ended June 30, 2023, by reportable business segment, were as follows: FMT HST FSDP IDEX Goodwill $ 800.9 $ 1,644.8 $ 393.0 $ 2,838.7 Accumulated goodwill impairment losses (20.7) (149.8) (30.1) (200.6) Balance at January 1, 2023 780.2 1,495.0 362.9 2,638.1 Foreign currency translation 3.4 16.2 3.1 22.7 Acquisitions — 53.6 — 53.6 Acquisition adjustments (1.8) 1.8 — — Balance at June 30, 2023 $ 781.8 $ 1,566.6 $ 366.0 $ 2,714.4 ASC 350, Goodwill and Other Intangible Assets, requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. In the first six months of 2023, there were no events or circumstances that would have required an interim impairment test. Annually, on October 31, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. Based on the results of the Company’s annual impairment test at October 31, 2022, all reporting units had fair values in excess of their carrying values. The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at June 30, 2023 and December 31, 2022: At June 30, 2023 At December 31, 2022 Gross Accumulated Net Weighted Gross Accumulated Net Amortized intangible assets: Patents $ 2.9 $ (2.0) $ 0.9 12 $ 2.9 $ (1.8) $ 1.1 Trade names 194.5 (79.7) 114.8 15 186.5 (71.4) 115.1 Customer relationships 805.6 (212.4) 593.2 13 772.2 (184.9) 587.3 Unpatented technology 214.3 (60.4) 153.9 12 207.1 (57.8) 149.3 Software 4.9 (1.3) 3.6 5 4.8 (0.7) 4.1 Total amortized intangible assets 1,222.2 (355.8) 866.4 1,173.5 (316.6) 856.9 Indefinite-lived intangible assets: Banjo trade name 62.1 — 62.1 62.1 — 62.1 Akron Brass trade name 28.8 — 28.8 28.8 — 28.8 Total intangible assets $ 1,313.1 $ (355.8) $ 957.3 $ 1,264.4 $ (316.6) $ 947.8 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. Based on the results of the Company’s annual impairment test at October 31, 2022, these indefinite-lived intangible assets had fair values in excess of their carrying values. In the first six months of 2023, there were no events or circumstances that would have required an interim impairment test on these indefinite-lived intangible assets. Amortization of intangible assets was $23.2 million and $46.8 million for the three and six months ended June 30, 2023, respectively. Amortization of intangible assets wa s $16.9 million and $32.2 million for the three and six months ended June 30, 2022, respectively. Based on the intangible asset balances as of June 30, 2023, expected amortization expense for the remaining six months of 2023 and for the years 2024 through 2027 is as follows: Maturity of Intangible Assets Estimated Amortization 2023 (excluding the six months ended June 30, 2023) $ 47.7 2024 91.6 2025 90.2 2026 88.5 2027 84.5

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings Borrowings at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 3.20% Senior Notes, due June 2023 $ — $ 100.0 3.37% Senior Notes, due June 2025 100.0 100.0 5.13% Senior Notes, due June 2028 100.0 — 3.00% Senior Notes, due May 2030 500.0 500.0 2.625% Senior Notes, due June 2031 500.0 500.0 $800.0 million Revolving Credit Facility, due November 2027 (1) 79.5 77.7 $200.0 million Term Facility, due November 2027 (2) 200.0 200.0 Other borrowings 1.0 0.1 Total borrowings 1,480.5 1,477.8 Less current portion 0.5 — Less deferred debt issuance costs 7.4 7.9 Less unaccreted debt discount 1.1 1.2 Long-term borrowings $ 1,471.5 $ 1,468.7 (1) At June 30, 2023, there was $79.5 million outstanding under the Revolving Credit Facility with an interest rate of 4.32% and $7.4 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Credit Facility of approximately $713.1 million. (2) The $200.0 million outstanding under the Term Facility bears an interest rate of 6.30%. At June 30, 2023, the Company was in compliance with covenants contained in the credit agreement associated with the Revolving Credit Facility as well as other long-term debt agreements. Issuance of 5.13% Senior Notes in 2023 On June 13, 2023, the Company completed a private placement of $100 million aggregate principal amount of 5.13% Senior Notes due June 13, 2028 (the “5.13% Senior Notes”) pursuant to a Note Purchase and Master Note Agreement, dated as of June 13, 2023 (the “Purchase Agreement”), among the Company, NYL Investors LLC (“New York Life”) and certain affiliates of New York Life identified as Purchasers of the 5.13% Senior Notes therein. The 5.13% Senior 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 used the proceeds from the 5.13% Senior Notes issuance to repay the 3.20% Senior Notes due June 13, 2023. The Company may at any time prepay all, or any portion of the 5.13% Senior Notes, provided that such portion is not less than 5% of the aggregate principal amount of all notes then outstanding under the Purchase Agreement. In the event of a prepayment, the Company will pay an amount equal to par plus accrued interest plus a make-whole amount. The Company also has the ability to make certain other offers to repurchase any notes outstanding under the Purchase Agreement. The Purchase Agreement contains certain covenants that restrict the Company’s and its subsidiaries’ ability to, among other things, transfer or sell assets, create liens, incur indebtedness, transact with affiliates and engage in certain mergers or consolidations. In addition, the Company must comply with a leverage ratio, interest coverage ratio and priority debt ratio as set forth in the Purchase Agreement. 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 notes then outstanding under the Purchase Agreement will become due and payable immediately without further action or notice. In the case of payment events of default, any holder of such notes affected thereby may declare all of the notes outstanding under the Purchase Agreement held by it due and payable immediately. In the case of any other event of default, a majority of the holders of the notes then outstanding under the

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022: Basis of Fair Value Measurements Balance at June 30, 2023 Level 1 Level 2 Level 3 Trading securities - mutual funds held in nonqualified SERP (1) $ 9.4 $ 9.4 $ — $ — Available-for-sale securities - equities (2) 19.1 19.1 — — Basis of Fair Value Measurements Balance at December 31, 2022 Level 1 Level 2 Level 3 Trading securities - mutual funds held in nonqualified SERP (1) $ 7.5 $ 7.5 $ — $ — (1) The Supplemental Executive Retirement Plan (“SERP”) investment assets are offset by a SERP liability which represents the Company’s obligation to distribute SERP funds to participants. (2) At June 30, 2023, the securities are included in Other current assets on the Company’s Condensed Consolidated Balance Sheets and are available for overnight cash settlement, if necessary, to fund current operations. There were no transfers of assets or liabilities between Level 1 and Level 2 during the three and six months ended June 30, 2023 or the year ended December 31, 2022. The carrying values of the Company’s cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. At June 30, 2023 and December 31, 2022, the fair value of the outstanding indebtedness described in Note 9 based on quoted market prices and current market rates for debt with similar credit risk and maturity was approximately $1,333.3 million and $1,328.7 million, respectively, compared to the carrying value of $1,479.4 million and $1,476.6 million, respectively. 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 the Company’s rating.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
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 and certain plant equipment under financing 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. The Company does not include renewal periods in any of the leases’ terms until the renewal is executed as they are generally not reasonably certain of being exercised. The Company does not have any material purchase options. Certain of the Company’s lease agreements have rental payments that are adjusted periodically for inflation or that are based on usage. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to leases as of June 30, 2023 and December 31, 2022 was as follows: Balance Sheet Caption June 30, 2023 December 31, 2022 Right-of-Use (“ROU”) Assets: Building ROU assets - net - operating Other noncurrent assets $ 111.5 $ 104.4 Equipment ROU assets - net - operating Other noncurrent assets 5.0 5.6 Equipment ROU assets - net - financing Property, plant and equipment 2.0 6.1 Total ROU assets - net $ 118.5 $ 116.1 Lease Liabilities: Current lease liabilities Accrued expenses $ 21.6 $ 21.6 Noncurrent lease liabilities Other noncurrent liabilities 101.6 96.6 Total lease liabilities $ 123.2 $ 118.2 The components of lease cost for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease cost (1) $ 7.5 $ 9.0 $ 15.7 $ 16.4 Variable lease cost 0.6 0.8 1.3 1.2 Total lease cost $ 8.1 $ 9.8 $ 17.0 $ 17.6 (1) Includes short-term leases, which are immaterial. Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows: Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 15.7 $ 16.9 Right-of-use assets obtained in exchange for new lease liabilities 17.1 9.3 Other supplemental information related to leases as of June 30, 2023 and December 31, 2022 was as follows: Lease Term and Discount Rate June 30, 2023 December 31, 2022 Weighted-average remaining lease term (years): Operating leases - building and equipment 7.28 7.43 Operating leases - vehicles 2.13 2.14 Financing leases - equipment 4.10 2.05 Weighted-average discount rate: Operating leases - building and equipment 3.66 % 3.41 % Operating leases - vehicles 2.46 % 1.70 % Financing leases - equipment 4.96 % 4.48 % The Company uses its incremental borrowing rate to determine the present value of the lease payments. Total lease liabilities at June 30, 2023 have scheduled maturities as follows: Maturity of Lease Liabilities 2023 (excluding the six months ended June 30, 2023) $ 12.8 2024 19.6 2025 22.3 2026 19.4 2027 15.7 Thereafter 52.1 Total lease payments 141.9 Less: Imputed interest (18.7) Present value of lease liabilities $ 123.2

Restructuring Expenses and Asse

Restructuring Expenses and Asset Impairments	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Expenses and Asset Impairments	Restructuring Expenses and Asset Impairments From time to time, the Company incurs expenses to facilitate long-term sustainable growth through cost reduction actions, consisting of employee reductions, facility rationalization and contract termination costs. These costs include severance costs, exit costs and asset impairments and are included in Restructuring expenses and asset impairments in the Condensed Consolidated Statements of Income. 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. 2023 Initiative During the three and six months ended June 30, 2023, the Company incurred severance costs related to employee reductions as well as asset impairment charges. Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2023 were as follows: Three Months Ended June 30, 2023 Severance Costs Exit Costs Asset Impairments Total Fluid & Metering Technologies $ 0.1 $ — $ 0.5 $ 0.6 Health & Science Technologies 2.7 — — 2.7 Fire & Safety/Diversified Products 0.3 — — 0.3 Corporate/Other — — — — Restructuring expenses and asset impairments $ 3.1 $ — $ 0.5 $ 3.6 Six Months Ended June 30, 2023 Severance Costs Exit Costs Asset Impairments Total Fluid & Metering Technologies $ 0.2 $ — $ 0.5 $ 0.7 Health & Science Technologies 3.0 — — 3.0 Fire & Safety/Diversified Products 0.4 — — 0.4 Corporate/Other — — — — Restructuring expenses and asset impairments $ 3.6 $ — $ 0.5 $ 4.1 2022 Initiative During the three and six months ended June 30, 2022, the Company primarily incurred severance costs related to employee reductions. Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2022 were as follows: Three Months Ended June 30, 2022 Severance Costs Exit Costs Asset Impairments Total Fluid & Metering Technologies $ 1.2 $ 0.3 $ 0.2 $ 1.7 Health & Science Technologies 0.1 — — 0.1 Fire & Safety/Diversified Products 1.0 — — 1.0 Corporate/Other — — — — Restructuring expenses and asset impairments $ 2.3 $ 0.3 $ 0.2 $ 2.8 Six Months Ended June 30, 2022 Severance Costs Exit Costs Asset Impairments Total Fluid & Metering Technologies $ 1.5 $ 0.3 $ 0.2 $ 2.0 Health & Science Technologies 0.2 — — 0.2 Fire & Safety/Diversified Products 1.0 — — 1.0 Corporate/Other 0.2 — — 0.2 Restructuring expenses and asset impairments $ 2.9 $ 0.3 $ 0.2 $ 3.4 Restructuring accruals reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets are as follows: Restructuring Initiatives Balance at January 1, 2023 $ 1.4 Restructuring expenses 3.6 Payments, utilization and other (3.2) Balance at June 30, 2023 $ 1.8

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) The components of Other comprehensive income (loss) are as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ 2.3 $ — $ 2.3 $ (81.9) $ — $ (81.9) Pension and other postretirement adjustments (1.3) 0.4 (0.9) 1.1 (0.5) 0.6 Total other comprehensive income (loss) $ 1.0 $ 0.4 $ 1.4 $ (80.8) $ (0.5) $ (81.3) Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ 38.9 $ — $ 38.9 $ (101.4) $ — $ (101.4) Pension and other postretirement adjustments (0.7) 0.2 (0.5) 1.9 (0.7) 1.2 Total other comprehensive income (loss) $ 38.2 $ 0.2 $ 38.4 $ (99.5) $ (0.7) $ (100.2) The amounts reclassified from Accumulated other comprehensive loss to Net income during the three and six months ended June 30, 2023 and 2022 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income Statement Caption Pension and other postretirement plans: Amortization of actuarial (gains) losses and prior service costs $ (1.3) $ 1.1 $ (0.7) $ 1.9 Other expense (income) - net Total before tax (1.3) 1.1 (0.7) 1.9 Provision for income taxes 0.4 (0.5) 0.2 (0.7) Total net of tax $ (0.9) $ 0.6 $ (0.5) $ 1.2

Share Repurchases

Share Repurchases	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Share Repurchases	Share RepurchasesOn 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 authorization of the Board of Directors of $300.0 million on December 1, 2015. These authorizations have no expiration date. Repurchases under the program will be funded with future cash flow generation or borrowings available under the Revolving Credit Facility. During the six months ended June 30, 2023, the Company repurchased a total of 5,400 shares at a cost of $1.1 million, of which $0.1 million was settled in July 2023. During the six months ended June 30, 2022, the Company repurchased a total of 622,190 shares at a cost of $115.8 million, of which $5.4 million was settled in July 2022. As of June 30, 2023, the amount of share repurchase authorization remaining was $562.8 million.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Board of Directors based on the recommendation from the Compensation Committee. The Company’s policy is to recognize compensation cost on a straight-line basis, assuming forfeitures, over the requisite service period for the entire award. Classification of stock compensation cost within the Condensed Consolidated Statements of Income is consistent with the classification of cash compensation for the same employees. 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 was estimated on the date of the grant using the Black Scholes valuation model. Stock options generally 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 service period for certain retiree eligible participants is accelerated. Weighted average stock option fair values and assumptions for the periods presented are disclosed below. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average fair value of grants $57.13 $46.33 $60.70 $41.74 Dividend yield 1.13% 1.14% 1.07% 1.14% Volatility 27.20% 25.39% 27.19% 25.15% Risk-free interest rate 3.81% 2.98% 4.12% 1.85% Expected life (in years) 4.50 4.90 4.50 4.90 Total compensation cost for stock options is recorded in the Condensed Consolidated Statements of Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 0.1 $ — $ 0.4 $ 0.3 Selling, general and administrative expenses (1) 1.4 2.8 7.1 5.9 Total expense before income taxes 1.5 2.8 7.5 6.2 Income tax benefit (0.2) (0.2) (0.6) (0.5) Total expense after income taxes $ 1.3 $ 2.6 $ 6.9 $ 5.7 (1) The three months ended June 30, 2023 include $1.5 million of lower expense compared with the same period in 2022 while the six months ended June 30, 2023 include $1.1 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants. A summary of the Company’s stock option activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table: Stock Options Shares Weighted Weighted-Average Aggregate (Dollars in millions except weighted average price) Outstanding at January 1, 2023 1,015,572 $ 161.45 6.94 $ 67.9 Granted 213,865 225.52 Exercised (59,643) 134.89 Forfeited (22,370) 198.67 Outstanding at June 30, 2023 1,147,424 $ 174.05 7.09 $ 49.5 Vested and expected to vest as of June 30, 2023 1,103,113 $ 172.66 7.01 $ 49.0 Exercisable at June 30, 2023 617,095 $ 148.13 5.69 $ 41.5 As of June 30, 2023, there was $12.3 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.5 years. Restricted Stock Restricted stock awards generally cliff vest after three years for employees and non-employee directors. The service period for certain retiree eligible participants is accelerated. 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 June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table: Restricted Stock Shares Weighted-Average Unvested at January 1, 2023 104,382 $ 179.45 Granted 35,845 219.69 Vested (20,802) 170.41 Forfeited (9,150) 202.31 Unvested at June 30, 2023 110,275 $ 192.34 Total compensation cost for restricted stock is recorded in the Condensed Consolidated Statements of Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 0.1 $ — $ 0.3 $ 0.2 Selling, general and administrative expenses 1.6 1.6 3.0 3.2 Total expense before income taxes 1.7 1.6 3.3 3.4 Income tax benefit (0.4) (0.2) (0.7) (0.6) Total expense after income taxes $ 1.3 $ 1.4 $ 2.6 $ 2.8 As of June 30, 2023, there was $7.9 million of total unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.1 years. 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. The service period for certain retiree eligible participants is accelerated. 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 June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2023 57,356 $ 228.33 Granted 19,970 225.53 Vested (15,481) 229.12 Forfeited (1,985) 215.26 Unvested at June 30, 2023 59,860 $ 215.26 Total compensation cost for cash-settled restricted stock is recorded in the Condensed Consolidated Statements of Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 0.1 $ 0.1 $ 0.2 $ — Selling, general and administrative expenses 0.5 (0.5) 1.5 — Total expense before income taxes 0.6 (0.4) 1.7 — Income tax benefit (0.1) — (0.1) — Total expense after income taxes $ 0.5 $ (0.4) $ 1.6 $ — As of June 30, 2023, there was $5.7 million of total unrecognized compensation cost related to cash-settled restricted shares that is expected to be recognized over a weighted-average period of 1.2 years. Performance Share Units Weighted average performance share unit fair values and assumptions for the periods specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. Six Months Ended June 30, 2023 2022 Weighted average fair value of grants $308.18 $235.54 Dividend yield —% —% Volatility 27.00% 28.09% Risk-free interest rate 4.37% 1.73% Expected life (in years) 2.94 2.93 A summary of the Company’s performance share unit activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table: Performance Share Units Shares Weighted-Average Unvested at January 1, 2023 70,915 $ 236.66 Granted 28,030 308.18 Vested (18,105) 226.86 Forfeited (1,725) 261.13 Unvested at June 30, 2023 79,115 $ 264.89 On January 31, 2023, 18,105 performance share units vested. Based on the Company’s relative total shareholder return rank during the three year period ended January 31, 2023, the Company achieved a 173% payout factor and issued 31,334 common shares in February 2023 for awards that vested in 2023. Total compensation cost for performance share units is recorded in the Condensed Consolidated Statements of Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ — $ — $ — $ — Selling, general and administrative expenses (1) 0.8 2.5 6.0 3.8 Total expense before income taxes 0.8 2.5 6.0 3.8 Income tax benefit (0.1) — (0.2) (0.1) Total expense after income taxes $ 0.7 $ 2.5 $ 5.8 $ 3.7 (1) The three months ended June 30, 2023 include $1.8 million of lower expense compared with the same period in 2022 while the six months ended June 30, 2023 include $1.6 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants. As of June 30, 2023, there was $4.9 million of total unrecognized compensation cost related to performance share units that is expected to be recognized over a weighted-average period of 1.1 years.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Jun. 30, 2023
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 following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans. Pension Benefits Three Months Ended June 30, 2023 2022 U.S. Non-U.S. U.S. Non-U.S. Service cost $ — $ 0.3 $ 0.1 $ 0.4 Interest cost 0.1 0.7 — 0.3 Expected return on plan assets — (0.4) — (0.3) Net amortization — (0.1) — 0.2 Net periodic cost $ 0.1 $ 0.5 $ 0.1 $ 0.6 Pension Benefits Six Months Ended June 30, 2023 2022 U.S. Non-U.S. U.S. Non-U.S. Service cost $ — $ 0.6 $ 0.1 $ 0.9 Interest cost 0.2 1.4 0.1 0.5 Expected return on plan assets (0.1) (0.8) (0.1) (0.6) Net amortization 0.1 (0.3) 0.1 0.4 Net periodic cost $ 0.2 $ 0.9 $ 0.2 $ 1.2 Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Service cost $ 0.1 $ 0.1 $ 0.2 $ 0.3 Interest cost 0.2 0.2 0.4 0.3 Net amortization (0.3) (0.1) (0.5) (0.2) Net periodic cost $ — $ 0.2 $ 0.1 $ 0.4 The Company expects to contribute approximately $3.9 million to its defined benefit plans and $1.1 million to its other post-retirement benefit plans in 2023. During the first six months of 2023, the Company contributed a total of $2.6 million to fund these plans.

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal ProceedingsThe Company and certain of its subsidiaries are involved in pending and threatened legal, regulatory and other proceedings arising in the ordinary course of business. These proceedings may pertain to matters such as product liability or contract disputes, and may also involve governmental inquiries, inspections, audits or investigations relating to issues such as tax matters, intellectual property, environmental, health and safety issues, governmental regulations, employment and other matters. Although the results of such legal proceedings cannot be predicted with certainty, the Company believes that the ultimate disposition of these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s business, financial condition, results of operations or cash flows.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal, state and foreign income. The provision for income taxes increased to $40.0 million for the three months ended June 30, 2023 from $39.0 million during the same period in 2022. The effective tax rate of 22.4% for the three months ended June 30, 2023 was relatively consistent with 22.1% during the same period in 2022.The provision for income taxes increased to $80.0 million for the six months ended June 30, 2023 from $79.5 million during the same period in 2022. The effective tax rate of 22.3% for the six months ended June 30, 2023 was relatively consistent with 22.2% during the same period in 2022.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 138.6	$ 138.2	$ 278.4	$ 278.2

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The Condensed Consolidated Financial Statements of IDEX Corporation (“IDEX” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information and the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended. The statements are unaudited but include all adjustments, consisting only of recurring items, except as noted, that the Company considers necessary for a fair presentation of the information set forth herein. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the entire year.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue recognition guidance. The Company adopted this standard on a prospective basis for the annual and interim periods beginning January 1, 2023. The adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary allocation of the purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at the acquisition date, is as follows: Total Current assets, net of cash acquired $ 10.6 Property, plant and equipment 19.9 Goodwill 53.6 Intangible assets 45.6 Other noncurrent assets 5.4 Total assets acquired 135.1 Current liabilities (1.2) Deferred income taxes (18.7) Other noncurrent liabilities (4.9) Net assets acquired $ 110.3 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: Total Current assets, net of cash acquired $ 16.6 Property, plant and equipment 2.0 Goodwill 54.7 Intangible assets 49.8 Other noncurrent assets 4.3 Total assets acquired 127.4 Current liabilities (9.2) Deferred income taxes (1.9) Other noncurrent liabilities (3.8) Net assets acquired $ 112.5 Total Current assets, net of cash acquired $ 9.7 Property, plant and equipment 1.8 Goodwill 56.4 Intangible assets 52.0 Deferred income taxes 0.2 Other noncurrent assets 1.0 Total assets acquired 121.1 Current liabilities (1.0) Net assets acquired $ 120.1 Total Current assets, net of cash acquired $ 52.8 Property, plant and equipment 59.1 Goodwill 393.0 Intangible assets 319.1 Other noncurrent assets 9.6 Total assets acquired 833.6 Current liabilities (25.8) Deferred income taxes (83.9) Other noncurrent liabilities (10.9) Net assets acquired $ 713.0
Schedule of Finite-Lived Intangible Assets Acquired	The acquired intangible assets and weighted average amortization periods are as follows: Total Weighted Average Life Trade names $ 5.2 15 Customer relationships 29.3 12 Unpatented technology 11.1 11 Acquired intangible assets $ 45.6 The acquired intangible assets and weighted average amortization periods are as follows: Total Weighted Average Life Trade names $ 13.5 15 Customer relationships 31.5 10 Software 4.8 5 Acquired intangible assets $ 49.8 The acquired intangible assets and weighted average amortization periods are as follows: Total Weighted Average Life Trade names $ 7.5 15 Customer relationships 36.0 13 Unpatented technology 8.5 10 Acquired intangible assets $ 52.0 The acquired intangible assets and weighted average amortization periods are as follows: Total Weighted Average Life Trade names $ 38.3 15 Customer relationships 212.4 13 Unpatented technology 68.4 11 Acquired intangible assets $ 319.1

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
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 the products and services offered. The Company uses Adjusted EBITDA as its principal measure of segment performance. Intersegment sales are contracted with terms equivalent to those of an arm’s-length transaction. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net sales Fluid & Metering Technologies External customers $ 324.1 $ 299.5 $ 645.2 $ 571.4 Intersegment sales 1.0 0.4 1.7 0.5 Total segment sales 325.1 299.9 646.9 571.9 Health & Science Technologies External customers 338.4 325.4 688.7 640.0 Intersegment sales 1.1 0.6 1.8 1.2 Total segment sales 339.5 326.0 690.5 641.2 Fire & Safety/Diversified Products External customers 183.7 171.2 357.7 335.8 Intersegment sales 1.1 — 1.5 0.1 Total segment sales 184.8 171.2 359.2 335.9 Intersegment eliminations (3.2) (1.0) (5.0) (1.8) Net sales $ 846.2 $ 796.1 $ 1,691.6 $ 1,547.2 ADJUSTED EBITDA Fluid & Metering Technologies $ 114.1 $ 95.0 $ 220.3 $ 183.4 Health & Science Technologies 93.7 103.6 194.4 203.4 Fire & Safety/Diversified Products 54.5 45.1 104.2 89.5 Segment Adjusted EBITDA 262.3 243.7 518.9 476.3 Corporate and other (21.6) (24.5) (48.4) (42.4) Adjusted EBITDA 240.7 219.2 470.5 433.9 - Interest expense 13.3 9.5 26.4 19.0 - Depreciation 14.4 12.5 27.2 24.7 - Amortization 23.2 16.9 46.8 32.2 - Fair value inventory step-up charges — 0.4 — 0.4 - Restructuring expenses and asset impairments 3.6 2.8 4.1 2.8 + Gains on sales of assets — — — (2.7) - Credit loss on note receivable from collaborative partner (1) 7.7 — 7.7 — Income before income taxes $ 178.5 $ 177.1 $ 358.3 $ 357.5 (1) Represents a reserve on an investment with a collaborative partner that may no longer be recoverable. See Note 3 for further detail. June 30, 2023 December 31, 2022 ASSETS Fluid & Metering Technologies $ 1,698.3 $ 1,676.9 Health & Science Technologies 3,075.4 2,931.1 Fire & Safety/Diversified Products 793.0 771.8 Corporate and other 153.2 132.1 Total assets $ 5,719.9 $ 5,511.9

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenue by reporting unit for the three and six months ended June 30, 2023 and 2022 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Pumps $ 109.2 $ 104.5 $ 214.3 $ 201.9 Water 87.3 81.6 181.4 146.0 Energy 55.7 44.7 106.4 93.0 Agriculture 40.1 38.1 78.7 70.4 Valves 32.8 31.0 66.1 60.6 Intersegment elimination (1.0) (0.4) (1.7) (0.5) Fluid & Metering Technologies 324.1 299.5 645.2 571.4 Scientific Fluidics & Optics 169.0 149.2 347.6 290.4 Performance Pneumatic Technologies 66.0 65.1 135.4 127.1 Sealing Solutions 62.4 68.0 127.1 138.2 Material Processing Technologies 33.0 34.8 60.7 68.5 Micropump 9.1 8.9 19.7 17.0 Intersegment elimination (1.1) (0.6) (1.8) (1.2) Health & Science Technologies 338.4 325.4 688.7 640.0 Fire & Safety 109.8 99.8 216.0 195.5 Dispensing 44.7 43.8 80.9 85.4 BAND-IT 30.3 27.6 62.3 55.0 Intersegment elimination (1.1) — (1.5) (0.1) Fire & Safety/Diversified Products 183.7 171.2 357.7 335.8 Net sales $ 846.2 $ 796.1 $ 1,691.6 $ 1,547.2
Schedule of External Net Sales Disaggregated by Geography	Revenue by geographical region for the three and six months ended June 30, 2023 and 2022 was as follows: Three Months Ended June 30, 2023 FMT HST FSDP IDEX U.S. $ 180.7 $ 148.5 $ 96.7 $ 425.9 North America, excluding U.S. 17.9 8.2 8.1 34.2 Europe 51.5 111.2 42.4 205.1 Asia 48.8 65.2 28.0 142.0 Other (1) 26.2 6.4 9.6 42.2 Intersegment elimination (1.0) (1.1) (1.1) (3.2) Net sales $ 324.1 $ 338.4 $ 183.7 $ 846.2 Three Months Ended June 30, 2022 FMT HST FSDP IDEX U.S. $ 170.5 $ 157.7 $ 85.0 $ 413.2 North America, excluding U.S. 16.6 9.5 8.5 34.6 Europe 51.8 92.5 42.0 186.3 Asia 41.2 60.8 26.6 128.6 Other (1) 19.8 5.5 9.1 34.4 Intersegment elimination (0.4) (0.6) — (1.0) Net sales $ 299.5 $ 325.4 $ 171.2 $ 796.1 Six Months Ended June 30, 2023 FMT HST FSDP IDEX U.S. $ 357.5 $ 298.1 $ 186.1 $ 841.7 North America, excluding U.S. 37.3 13.4 16.6 67.3 Europe 110.7 232.1 87.1 429.9 Asia 93.9 131.8 51.4 277.1 Other (1) 47.5 15.1 18.0 80.6 Intersegment elimination (1.7) (1.8) (1.5) (5.0) Net sales $ 645.2 $ 688.7 $ 357.7 $ 1,691.6 Six Months Ended June 30, 2022 FMT HST FSDP IDEX U.S. $ 320.5 $ 309.7 $ 161.5 $ 791.7 North America, excluding U.S. 33.9 17.0 19.4 70.3 Europe 100.5 183.8 87.0 371.3 Asia 77.7 119.6 50.0 247.3 Other (1) 39.3 11.1 18.0 68.4 Intersegment elimination (0.5) (1.2) (0.1) (1.8) Net sales $ 571.4 $ 640.0 $ 335.8 $ 1,547.2
Schedule of Contract with Customer, Asset and Liability	The composition of customer receivables was as follows: June 30, 2023 December 31, 2022 Billed receivables $ 437.6 $ 421.3 Unbilled receivables 9.5 10.0 Total customer receivables $ 447.1 $ 431.3
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The composition of deferred revenue was as follows: June 30, 2023 December 31, 2022 Deferred revenue - current $ 51.3 $ 44.7 Deferred revenue - noncurrent 12.6 15.0 Total deferred revenue $ 63.9 $ 59.7

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares	Basic weighted average shares outstanding reconciles to diluted weighted average shares outstanding as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic weighted average common shares outstanding 75.6 75.8 75.6 76.0 Dilutive effect of stock options, restricted stock and performance share units 0.3 0.3 0.3 0.2 Diluted weighted average common shares outstanding 75.9 76.1 75.9 76.2

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2023
Additional Financial Information Disclosure [Abstract]
Balance Sheet Components	June 30, 2023 December 31, 2022 INVENTORIES Raw materials and component parts $ 313.3 $ 301.2 Work in process 50.5 54.3 Finished goods 118.7 115.4 Total inventories $ 482.5 $ 470.9 ACCRUED EXPENSES Payroll and related items $ 83.7 $ 102.7 Management incentive compensation 8.9 26.4 Income taxes payable 19.2 30.2 Insurance 10.7 11.2 Warranty 8.2 8.1 Deferred revenue 51.3 44.7 Lease liability 21.6 21.6 Restructuring 1.8 1.4 Accrued interest 5.7 5.5 Pension and retiree medical obligations 3.3 3.3 Other 33.5 34.0 Total accrued expenses $ 247.9 $ 289.1 OTHER NONCURRENT LIABILITIES Pension and retiree medical obligations $ 55.0 $ 55.1 Transition tax payable 5.0 9.1 Deferred revenue 12.6 15.0 Lease liability 101.6 96.6 Other 22.6 20.0 Total other noncurrent liabilities $ 196.8 $ 195.8

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for the six months ended June 30, 2023, by reportable business segment, were as follows: FMT HST FSDP IDEX Goodwill $ 800.9 $ 1,644.8 $ 393.0 $ 2,838.7 Accumulated goodwill impairment losses (20.7) (149.8) (30.1) (200.6) Balance at January 1, 2023 780.2 1,495.0 362.9 2,638.1 Foreign currency translation 3.4 16.2 3.1 22.7 Acquisitions — 53.6 — 53.6 Acquisition adjustments (1.8) 1.8 — — Balance at June 30, 2023 $ 781.8 $ 1,566.6 $ 366.0 $ 2,714.4
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 June 30, 2023 and December 31, 2022: At June 30, 2023 At December 31, 2022 Gross Accumulated Net Weighted Gross Accumulated Net Amortized intangible assets: Patents $ 2.9 $ (2.0) $ 0.9 12 $ 2.9 $ (1.8) $ 1.1 Trade names 194.5 (79.7) 114.8 15 186.5 (71.4) 115.1 Customer relationships 805.6 (212.4) 593.2 13 772.2 (184.9) 587.3 Unpatented technology 214.3 (60.4) 153.9 12 207.1 (57.8) 149.3 Software 4.9 (1.3) 3.6 5 4.8 (0.7) 4.1 Total amortized intangible assets 1,222.2 (355.8) 866.4 1,173.5 (316.6) 856.9 Indefinite-lived intangible assets: Banjo trade name 62.1 — 62.1 62.1 — 62.1 Akron Brass trade name 28.8 — 28.8 28.8 — 28.8 Total intangible assets $ 1,313.1 $ (355.8) $ 957.3 $ 1,264.4 $ (316.6) $ 947.8
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible asset balances as of June 30, 2023, expected amortization expense for the remaining six months of 2023 and for the years 2024 through 2027 is as follows: Maturity of Intangible Assets Estimated Amortization 2023 (excluding the six months ended June 30, 2023) $ 47.7 2024 91.6 2025 90.2 2026 88.5 2027 84.5

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Borrowings	Borrowings at June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 3.20% Senior Notes, due June 2023 $ — $ 100.0 3.37% Senior Notes, due June 2025 100.0 100.0 5.13% Senior Notes, due June 2028 100.0 — 3.00% Senior Notes, due May 2030 500.0 500.0 2.625% Senior Notes, due June 2031 500.0 500.0 $800.0 million Revolving Credit Facility, due November 2027 (1) 79.5 77.7 $200.0 million Term Facility, due November 2027 (2) 200.0 200.0 Other borrowings 1.0 0.1 Total borrowings 1,480.5 1,477.8 Less current portion 0.5 — Less deferred debt issuance costs 7.4 7.9 Less unaccreted debt discount 1.1 1.2 Long-term borrowings $ 1,471.5 $ 1,468.7 (1) At June 30, 2023, there was $79.5 million outstanding under the Revolving Credit Facility with an interest rate of 4.32% and $7.4 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Credit Facility of approximately $713.1 million. (2) The $200.0 million outstanding under the Term Facility bears an interest rate of 6.30%.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Company's Financial Assets and (Liabilities) at Fair Value on Recurring Basis	The following table summarizes the basis used to measure the Company’s financial assets (liabilities) at fair value on a recurring basis in the balance sheets at June 30, 2023 and December 31, 2022: Basis of Fair Value Measurements Balance at June 30, 2023 Level 1 Level 2 Level 3 Trading securities - mutual funds held in nonqualified SERP (1) $ 9.4 $ 9.4 $ — $ — Available-for-sale securities - equities (2) 19.1 19.1 — — Basis of Fair Value Measurements Balance at December 31, 2022 Level 1 Level 2 Level 3 Trading securities - mutual funds held in nonqualified SERP (1) $ 7.5 $ 7.5 $ — $ — (1) The Supplemental Executive Retirement Plan (“SERP”) investment assets are offset by a SERP liability which represents the Company’s obligation to distribute SERP funds to participants. (2) At June 30, 2023, the securities are included in Other current assets on the Company’s Condensed Consolidated Balance Sheets and are available for overnight cash settlement, if necessary, to fund current operations.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Lessee Disclosure [Abstract]
Schedule of Lease, Cost	Supplemental balance sheet information related to leases as of June 30, 2023 and December 31, 2022 was as follows: Balance Sheet Caption June 30, 2023 December 31, 2022 Right-of-Use (“ROU”) Assets: Building ROU assets - net - operating Other noncurrent assets $ 111.5 $ 104.4 Equipment ROU assets - net - operating Other noncurrent assets 5.0 5.6 Equipment ROU assets - net - financing Property, plant and equipment 2.0 6.1 Total ROU assets - net $ 118.5 $ 116.1 Lease Liabilities: Current lease liabilities Accrued expenses $ 21.6 $ 21.6 Noncurrent lease liabilities Other noncurrent liabilities 101.6 96.6 Total lease liabilities $ 123.2 $ 118.2 The components of lease cost for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease cost (1) $ 7.5 $ 9.0 $ 15.7 $ 16.4 Variable lease cost 0.6 0.8 1.3 1.2 Total lease cost $ 8.1 $ 9.8 $ 17.0 $ 17.6 (1) Includes short-term leases, which are immaterial.
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information related to leases for the six months ended June 30, 2023 and 2022 was as follows: Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 15.7 $ 16.9 Right-of-use assets obtained in exchange for new lease liabilities 17.1 9.3 Other supplemental information related to leases as of June 30, 2023 and December 31, 2022 was as follows: Lease Term and Discount Rate June 30, 2023 December 31, 2022 Weighted-average remaining lease term (years): Operating leases - building and equipment 7.28 7.43 Operating leases - vehicles 2.13 2.14 Financing leases - equipment 4.10 2.05 Weighted-average discount rate: Operating leases - building and equipment 3.66 % 3.41 % Operating leases - vehicles 2.46 % 1.70 % Financing leases - equipment 4.96 % 4.48 %
Schedule of Operating Lease, Liability, Maturity	Total lease liabilities at June 30, 2023 have scheduled maturities as follows: Maturity of Lease Liabilities 2023 (excluding the six months ended June 30, 2023) $ 12.8 2024 19.6 2025 22.3 2026 19.4 2027 15.7 Thereafter 52.1 Total lease payments 141.9 Less: Imputed interest (18.7) Present value of lease liabilities $ 123.2

Restructuring Expenses and As_2

Restructuring Expenses and Asset Impairments (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs	Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2023 were as follows: Three Months Ended June 30, 2023 Severance Costs Exit Costs Asset Impairments Total Fluid & Metering Technologies $ 0.1 $ — $ 0.5 $ 0.6 Health & Science Technologies 2.7 — — 2.7 Fire & Safety/Diversified Products 0.3 — — 0.3 Corporate/Other — — — — Restructuring expenses and asset impairments $ 3.1 $ — $ 0.5 $ 3.6 Six Months Ended June 30, 2023 Severance Costs Exit Costs Asset Impairments Total Fluid & Metering Technologies $ 0.2 $ — $ 0.5 $ 0.7 Health & Science Technologies 3.0 — — 3.0 Fire & Safety/Diversified Products 0.4 — — 0.4 Corporate/Other — — — — Restructuring expenses and asset impairments $ 3.6 $ — $ 0.5 $ 4.1 Pre-tax restructuring expenses and asset impairments by segment for the three and six months ended June 30, 2022 were as follows: Three Months Ended June 30, 2022 Severance Costs Exit Costs Asset Impairments Total Fluid & Metering Technologies $ 1.2 $ 0.3 $ 0.2 $ 1.7 Health & Science Technologies 0.1 — — 0.1 Fire & Safety/Diversified Products 1.0 — — 1.0 Corporate/Other — — — — Restructuring expenses and asset impairments $ 2.3 $ 0.3 $ 0.2 $ 2.8 Six Months Ended June 30, 2022 Severance Costs Exit Costs Asset Impairments Total Fluid & Metering Technologies $ 1.5 $ 0.3 $ 0.2 $ 2.0 Health & Science Technologies 0.2 — — 0.2 Fire & Safety/Diversified Products 1.0 — — 1.0 Corporate/Other 0.2 — — 0.2 Restructuring expenses and asset impairments $ 2.9 $ 0.3 $ 0.2 $ 3.4
Schedule of Restructuring Reserve	Restructuring accruals reflected in Accrued expenses in the Company’s Condensed Consolidated Balance Sheets are as follows: Restructuring Initiatives Balance at January 1, 2023 $ 1.4 Restructuring expenses 3.6 Payments, utilization and other (3.2) Balance at June 30, 2023 $ 1.8

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Other Comprehensive Income	The components of Other comprehensive income (loss) are as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ 2.3 $ — $ 2.3 $ (81.9) $ — $ (81.9) Pension and other postretirement adjustments (1.3) 0.4 (0.9) 1.1 (0.5) 0.6 Total other comprehensive income (loss) $ 1.0 $ 0.4 $ 1.4 $ (80.8) $ (0.5) $ (81.3) Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Cumulative translation adjustment $ 38.9 $ — $ 38.9 $ (101.4) $ — $ (101.4) Pension and other postretirement adjustments (0.7) 0.2 (0.5) 1.9 (0.7) 1.2 Total other comprehensive income (loss) $ 38.2 $ 0.2 $ 38.4 $ (99.5) $ (0.7) $ (100.2)
Reclassification out of Accumulated Other Comprehensive Income	The amounts reclassified from Accumulated other comprehensive loss to Net income during the three and six months ended June 30, 2023 and 2022 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income Statement Caption Pension and other postretirement plans: Amortization of actuarial (gains) losses and prior service costs $ (1.3) $ 1.1 $ (0.7) $ 1.9 Other expense (income) - net Total before tax (1.3) 1.1 (0.7) 1.9 Provision for income taxes 0.4 (0.5) 0.2 (0.7) Total net of tax $ (0.9) $ 0.6 $ (0.5) $ 1.2

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Weighted Average Option Fair Values and Assumptions	Weighted average stock option fair values and assumptions for the periods presented are disclosed below. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Weighted average fair value of grants $57.13 $46.33 $60.70 $41.74 Dividend yield 1.13% 1.14% 1.07% 1.14% Volatility 27.20% 25.39% 27.19% 25.15% Risk-free interest rate 3.81% 2.98% 4.12% 1.85% Expected life (in years) 4.50 4.90 4.50 4.90
Schedule of Compensation Cost for Stock Options	Total compensation cost for stock options is recorded in the Condensed Consolidated Statements of Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 0.1 $ — $ 0.4 $ 0.3 Selling, general and administrative expenses (1) 1.4 2.8 7.1 5.9 Total expense before income taxes 1.5 2.8 7.5 6.2 Income tax benefit (0.2) (0.2) (0.6) (0.5) Total expense after income taxes $ 1.3 $ 2.6 $ 6.9 $ 5.7 (1) The three months ended June 30, 2023 include $1.5 million of lower expense compared with the same period in 2022 while the six months ended June 30, 2023 include $1.1 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants.
Schedule of Stock Option Activity	A summary of the Company’s stock option activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table: Stock Options Shares Weighted Weighted-Average Aggregate (Dollars in millions except weighted average price) Outstanding at January 1, 2023 1,015,572 $ 161.45 6.94 $ 67.9 Granted 213,865 225.52 Exercised (59,643) 134.89 Forfeited (22,370) 198.67 Outstanding at June 30, 2023 1,147,424 $ 174.05 7.09 $ 49.5 Vested and expected to vest as of June 30, 2023 1,103,113 $ 172.66 7.01 $ 49.0 Exercisable at June 30, 2023 617,095 $ 148.13 5.69 $ 41.5
Schedule of Restricted Stock Activity	A summary of the Company’s restricted stock activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table: Restricted Stock Shares Weighted-Average Unvested at January 1, 2023 104,382 $ 179.45 Granted 35,845 219.69 Vested (20,802) 170.41 Forfeited (9,150) 202.31 Unvested at June 30, 2023 110,275 $ 192.34
Schedule of Compensation Cost for Restricted Stock	Total compensation cost for restricted stock is recorded in the Condensed Consolidated Statements of Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 0.1 $ — $ 0.3 $ 0.2 Selling, general and administrative expenses 1.6 1.6 3.0 3.2 Total expense before income taxes 1.7 1.6 3.3 3.4 Income tax benefit (0.4) (0.2) (0.7) (0.6) Total expense after income taxes $ 1.3 $ 1.4 $ 2.6 $ 2.8
Schedule of Unvested Cash-settled Restricted Stock Activity	A summary of the Company’s unvested cash-settled restricted stock activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table: Cash-Settled Restricted Stock Shares Weighted-Average Unvested at January 1, 2023 57,356 $ 228.33 Granted 19,970 225.53 Vested (15,481) 229.12 Forfeited (1,985) 215.26 Unvested at June 30, 2023 59,860 $ 215.26
Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock	Total compensation cost for cash-settled restricted stock is recorded in the Condensed Consolidated Statements of Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ 0.1 $ 0.1 $ 0.2 $ — Selling, general and administrative expenses 0.5 (0.5) 1.5 — Total expense before income taxes 0.6 (0.4) 1.7 — Income tax benefit (0.1) — (0.1) — Total expense after income taxes $ 0.5 $ (0.4) $ 1.6 $ —
Schedule of Weighted Average Performance Share Units Fair Values and Assumptions	Weighted average performance share unit fair values and assumptions for the periods specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model. Six Months Ended June 30, 2023 2022 Weighted average fair value of grants $308.18 $235.54 Dividend yield —% —% Volatility 27.00% 28.09% Risk-free interest rate 4.37% 1.73% Expected life (in years) 2.94 2.93
Schedule of Performance Shares Units Activity	A summary of the Company’s performance share unit activity as of June 30, 2023 and changes during the six months ended June 30, 2023 are presented in the following table: Performance Share Units Shares Weighted-Average Unvested at January 1, 2023 70,915 $ 236.66 Granted 28,030 308.18 Vested (18,105) 226.86 Forfeited (1,725) 261.13 Unvested at June 30, 2023 79,115 $ 264.89
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Total compensation cost for performance share units is recorded in the Condensed Consolidated Statements of Income as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of goods sold $ — $ — $ — $ — Selling, general and administrative expenses (1) 0.8 2.5 6.0 3.8 Total expense before income taxes 0.8 2.5 6.0 3.8 Income tax benefit (0.1) — (0.2) (0.1) Total expense after income taxes $ 0.7 $ 2.5 $ 5.8 $ 3.7 (1) The three months ended June 30, 2023 include $1.8 million of lower expense compared with the same period in 2022 while the six months ended June 30, 2023 include $1.6 million of higher expense compared with the same period in 2022 as it relates to the timing of accelerated stock compensation costs for retiree eligible participants.

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans	The following tables provide the components of net periodic benefit cost for its major defined benefit plans and its other postretirement plans. Pension Benefits Three Months Ended June 30, 2023 2022 U.S. Non-U.S. U.S. Non-U.S. Service cost $ — $ 0.3 $ 0.1 $ 0.4 Interest cost 0.1 0.7 — 0.3 Expected return on plan assets — (0.4) — (0.3) Net amortization — (0.1) — 0.2 Net periodic cost $ 0.1 $ 0.5 $ 0.1 $ 0.6 Pension Benefits Six Months Ended June 30, 2023 2022 U.S. Non-U.S. U.S. Non-U.S. Service cost $ — $ 0.6 $ 0.1 $ 0.9 Interest cost 0.2 1.4 0.1 0.5 Expected return on plan assets (0.1) (0.8) (0.1) (0.6) Net amortization 0.1 (0.3) 0.1 0.4 Net periodic cost $ 0.2 $ 0.9 $ 0.2 $ 1.2 Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Service cost $ 0.1 $ 0.1 $ 0.2 $ 0.3 Interest cost 0.2 0.2 0.4 0.3 Net amortization (0.3) (0.1) (0.5) (0.2) Net periodic cost $ — $ 0.2 $ 0.1 $ 0.4

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions				3 Months Ended		6 Months Ended
	May 19, 2023	Nov. 18, 2022	May 02, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Apr. 25, 2023	Dec. 31, 2022	Feb. 28, 2022
Business Acquisition [Line Items]
Goodwill				$ 2,714.4		$ 2,714.4			$ 2,638.1
Iridian Spectral Technologies
Business Acquisition [Line Items]
Aggregate purchase price, cash paid	$ 110.3
Goodwill								$ 53.6
Intangible assets								45.6
Cash consideration								$ 110.3
Nexsight
Business Acquisition [Line Items]
Goodwill										$ 54.7
Intangible assets										49.8
Cash consideration										$ 112.5
KZValve
Business Acquisition [Line Items]
Aggregate purchase price, cash paid			$ 120.1
Goodwill			56.4
Intangible assets			52
Cash consideration			$ 120.1
Muon Group
Business Acquisition [Line Items]
Aggregate purchase price, cash paid		$ 713
Goodwill		393
Intangible assets		319.1
Cash consideration		713
Muon Group | Cash On Hand
Business Acquisition [Line Items]
Aggregate purchase price, cash paid		342.6
Muon Group | Line of Credit | Secured Debt
Business Acquisition [Line Items]
Proceeds from issuance of debt		200
Muon Group | Line of Credit | Revolving Facility
Business Acquisition [Line Items]
Proceeds from issuance of debt		$ 170.4
Selling, general and administrative expenses | Iridian Spectral Technologies
Business Acquisition [Line Items]
Acquisition-related transaction costs				$ 2.5		$ 3.6
Selling, general and administrative expenses | Muon Group
Business Acquisition [Line Items]
Acquisition-related transaction costs					$ 1.7		$ 2.6
Cost of goods sold | Nexsight
Business Acquisition [Line Items]
Inventory adjustment					$ 0.1
Cost of goods sold | KZValve
Business Acquisition [Line Items]
Inventory adjustment							$ 0.3

Acquisitions - Allocation of Ac

Acquisitions - Allocation of Acquisition Costs to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2023	Apr. 25, 2023	Dec. 31, 2022	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022
Business Acquisition [Line Items]
Goodwill	$ 2,714.4		$ 2,638.1
Iridian Spectral Technologies
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 10.6
Property, plant and equipment		19.9
Goodwill		53.6
Intangible assets		45.6
Other noncurrent assets		5.4
Total assets acquired		135.1
Current liabilities		(1.2)
Deferred income taxes		(18.7)
Other noncurrent liabilities		(4.9)
Net assets acquired		$ 110.3
Nexsight
Business Acquisition [Line Items]
Current assets, net of cash acquired						$ 16.6
Property, plant and equipment						2
Goodwill						54.7
Intangible assets						49.8
Other noncurrent assets						4.3
Total assets acquired						127.4
Current liabilities						(9.2)
Deferred income taxes						(1.9)
Other noncurrent liabilities						(3.8)
Net assets acquired						$ 112.5
KZValve
Business Acquisition [Line Items]
Current assets, net of cash acquired					$ 9.7
Property, plant and equipment					1.8
Goodwill					56.4
Intangible assets					52
Deferred income taxes					0.2
Other noncurrent assets					1
Total assets acquired					121.1
Current liabilities					(1)
Net assets acquired					$ 120.1
Muon Group
Business Acquisition [Line Items]
Current assets, net of cash acquired				$ 52.8
Property, plant and equipment				59.1
Goodwill				393
Intangible assets				319.1
Other noncurrent assets				9.6
Total assets acquired				833.6
Current liabilities				(25.8)
Deferred income taxes				(83.9)
Other noncurrent liabilities				(10.9)
Net assets acquired				$ 713

Acquisitions - Acquired Intangi

Acquisitions - Acquired Intangible Assets and Weighted Average Amortization Periods (Details) - USD ($) $ in Millions	Apr. 25, 2023	Nov. 18, 2022	May 02, 2022	Feb. 28, 2022
Iridian Spectral Technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 45.6
Iridian Spectral Technologies | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 5.2
Weighted Average Life	15 years
Iridian Spectral Technologies | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 29.3
Weighted Average Life	12 years
Iridian Spectral Technologies | Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total	$ 11.1
Weighted Average Life	11 years
Nexsight
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total				$ 49.8
Nexsight | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total				$ 13.5
Weighted Average Life				15 years
Nexsight | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total				$ 31.5
Weighted Average Life				10 years
Nexsight | Software
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total				$ 4.8
Weighted Average Life				5 years
KZValve
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total			$ 52
KZValve | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total			$ 7.5
Weighted Average Life			15 years
KZValve | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total			$ 36
Weighted Average Life			13 years
KZValve | Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total			$ 8.5
Weighted Average Life			10 years
Muon Group
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total		$ 319.1
Muon Group | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total		$ 38.3
Weighted Average Life		15 years
Muon Group | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total		$ 212.4
Weighted Average Life		13 years
Muon Group | Unpatented technology
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets, total		$ 68.4
Weighted Average Life		11 years

Collaborative Investments (Deta

Collaborative Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Net Investment Income [Line Items]
Credit loss on note receivable from collaborative partner	$ 7.7	$ 0	$ 7.7	$ 0
Convertible Promissory Note
Net Investment Income [Line Items]
Payments to acquire notes receivable					$ 7.2	$ 7.2
Credit loss on note receivable from collaborative partner			$ 7.7

Business Segments - Narrative (

Business Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable business segments	3

Business Segments - Schedule of

Business Segments - Schedule of Information on Company's Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 846.2	$ 796.1	$ 1,691.6	$ 1,547.2
ADJUSTED EBITDA	240.7	219.2	470.5	433.9
Interest expense	13.3	9.5	26.4	19
Depreciation	14.4	12.5	27.2	24.7
Amortization	23.2	16.9	46.8	32.2
Fair value inventory step-up charges	0	0.4	0	0.4
Restructuring expenses and asset impairments	3.6	2.8	4.1	2.8
Gains on sales of asset	0	0	0	(2.7)
Credit loss on note receivable from collaborative partner	7.7	0	7.7	0
Income before income taxes	178.5	177.1	358.3	357.5
Total assets	5,719.9		5,719.9		$ 5,511.9
Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	(3.2)	(1)	(5)	(1.8)
Operating segments
Segment Reporting Information [Line Items]
ADJUSTED EBITDA	262.3	243.7	518.9	476.3
Corporate and other
Segment Reporting Information [Line Items]
ADJUSTED EBITDA	(21.6)	(24.5)	(48.4)	(42.4)
Total assets	153.2		153.2		132.1
Fluid & Metering Technologies
Segment Reporting Information [Line Items]
Net sales	324.1	299.5	645.2	571.4
ADJUSTED EBITDA	114.1	95	220.3	183.4
Income before income taxes	178.5	177.1	358.3	357.5
Total assets	1,698.3		1,698.3		1,676.9
Fluid & Metering Technologies | Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	1	0.4	1.7	0.5
Fluid & Metering Technologies | Operating segments
Segment Reporting Information [Line Items]
Net sales	325.1	299.9	646.9	571.9
Health & Science Technologies
Segment Reporting Information [Line Items]
Net sales	338.4	325.4	688.7	640
ADJUSTED EBITDA	93.7	103.6	194.4	203.4
Total assets	3,075.4		3,075.4		2,931.1
Health & Science Technologies | Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	1.1	0.6	1.8	1.2
Health & Science Technologies | Operating segments
Segment Reporting Information [Line Items]
Net sales	339.5	326	690.5	641.2
Fire & Safety/Diversified Products
Segment Reporting Information [Line Items]
Net sales	183.7	171.2	357.7	335.8
ADJUSTED EBITDA	54.5	45.1	104.2	89.5
Total assets	793		793		$ 771.8
Fire & Safety/Diversified Products | Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	1.1	0	1.5	0.1
Fire & Safety/Diversified Products | Operating segments
Segment Reporting Information [Line Items]
Net sales	$ 184.8	$ 171.2	$ 359.2	$ 335.9

Revenue - Revenue by Reporting

Revenue - Revenue by Reporting Unit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 846.2	$ 796.1	$ 1,691.6	$ 1,547.2
Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	324.1	299.5	645.2	571.4
Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	338.4	325.4	688.7	640
Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	183.7	171.2	357.7	335.8
Operating segments | Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	324.1	299.5	645.2	571.4
Operating segments | Fluid & Metering Technologies | Pumps
Disaggregation of Revenue [Line Items]
Net sales	109.2	104.5	214.3	201.9
Operating segments | Fluid & Metering Technologies | Water
Disaggregation of Revenue [Line Items]
Net sales	87.3	81.6	181.4	146
Operating segments | Fluid & Metering Technologies | Energy
Disaggregation of Revenue [Line Items]
Net sales	55.7	44.7	106.4	93
Operating segments | Fluid & Metering Technologies | Agriculture
Disaggregation of Revenue [Line Items]
Net sales	40.1	38.1	78.7	70.4
Operating segments | Fluid & Metering Technologies | Valves
Disaggregation of Revenue [Line Items]
Net sales	32.8	31	66.1	60.6
Operating segments | Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	338.4	325.4	688.7	640
Operating segments | Health & Science Technologies | Scientific Fluidics & Optics
Disaggregation of Revenue [Line Items]
Net sales	169	149.2	347.6	290.4
Operating segments | Health & Science Technologies | Performance Pneumatic Technologies
Disaggregation of Revenue [Line Items]
Net sales	66	65.1	135.4	127.1
Operating segments | Health & Science Technologies | Sealing Solutions
Disaggregation of Revenue [Line Items]
Net sales	62.4	68	127.1	138.2
Operating segments | Health & Science Technologies | Material Processing Technologies
Disaggregation of Revenue [Line Items]
Net sales	33	34.8	60.7	68.5
Operating segments | Health & Science Technologies | Micropump
Disaggregation of Revenue [Line Items]
Net sales	9.1	8.9	19.7	17
Operating segments | Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	183.7	171.2	357.7	335.8
Operating segments | Fire & Safety/Diversified Products | Fire & Safety
Disaggregation of Revenue [Line Items]
Net sales	109.8	99.8	216	195.5
Operating segments | Fire & Safety/Diversified Products | Dispensing
Disaggregation of Revenue [Line Items]
Net sales	44.7	43.8	80.9	85.4
Operating segments | Fire & Safety/Diversified Products | BAND-IT
Disaggregation of Revenue [Line Items]
Net sales	30.3	27.6	62.3	55
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(3.2)	(1)	(5)	(1.8)
Intersegment eliminations | Fluid & Metering Technologies
Disaggregation of Revenue [Line Items]
Net sales	(1)	(0.4)	(1.7)	(0.5)
Intersegment eliminations | Health & Science Technologies
Disaggregation of Revenue [Line Items]
Net sales	(1.1)	(0.6)	(1.8)	(1.2)
Intersegment eliminations | Fire & Safety/Diversified Products
Disaggregation of Revenue [Line Items]
Net sales	$ (1.1)	$ 0	$ (1.5)	$ (0.1)

Revenue - Revenue by Geography

Revenue - Revenue by Geography (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 846.2	$ 796.1	$ 1,691.6	$ 1,547.2
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(3.2)	(1)	(5)	(1.8)
U.S. | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	425.9	413.2	841.7	791.7
North America, excluding U.S. | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	34.2	34.6	67.3	70.3
Europe | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	205.1	186.3	429.9	371.3
Asia | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	142	128.6	277.1	247.3
Other | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	42.2	34.4	80.6	68.4
FMT
Disaggregation of Revenue [Line Items]
Net sales	324.1	299.5	645.2	571.4
FMT | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	324.1	299.5	645.2	571.4
FMT | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(1)	(0.4)	(1.7)	(0.5)
FMT | U.S. | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	180.7	170.5	357.5	320.5
FMT | North America, excluding U.S. | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	17.9	16.6	37.3	33.9
FMT | Europe | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	51.5	51.8	110.7	100.5
FMT | Asia | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	48.8	41.2	93.9	77.7
FMT | Other | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	26.2	19.8	47.5	39.3
HST
Disaggregation of Revenue [Line Items]
Net sales	338.4	325.4	688.7	640
HST | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	338.4	325.4	688.7	640
HST | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(1.1)	(0.6)	(1.8)	(1.2)
HST | U.S. | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	148.5	157.7	298.1	309.7
HST | North America, excluding U.S. | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	8.2	9.5	13.4	17
HST | Europe | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	111.2	92.5	232.1	183.8
HST | Asia | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	65.2	60.8	131.8	119.6
HST | Other | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	6.4	5.5	15.1	11.1
FSDP
Disaggregation of Revenue [Line Items]
Net sales	183.7	171.2	357.7	335.8
FSDP | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	183.7	171.2	357.7	335.8
FSDP | Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(1.1)	0	(1.5)	(0.1)
FSDP | U.S. | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	96.7	85	186.1	161.5
FSDP | North America, excluding U.S. | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	8.1	8.5	16.6	19.4
FSDP | Europe | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	42.4	42	87.1	87
FSDP | Asia | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	28	26.6	51.4	50
FSDP | Other | Operating segments
Disaggregation of Revenue [Line Items]
Net sales	$ 9.6	$ 9.1	$ 18	$ 18

Revenue - Additional Informatio

Revenue - Additional Information (Details) - Revenue from Contract with Customer - Product Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	95%	95%	95%	95%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue from products and services transferred to customers	5%	5%	5%	5%

Revenue - Receivables (Details)

Revenue - Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 447.1	$ 431.3
Unbilled receivables	9.5	10
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total customer receivables	$ 437.6	$ 421.3

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 51.3	$ 44.7
Deferred revenue	12.6	15
Total deferred revenue	$ 63.9	$ 59.7

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Basic Weighted Average Shares Reconciles to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	75.6	75.8	75.6	76
Dilutive effect of stock options, restricted stock and performance share units (in shares)	0.3	0.3	0.3	0.2
Diluted weighted average common shares outstanding (in shares)	75.9	76.1	75.9	76.2

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Options to purchase common stock shares not included in the computation of diluted EPS (in shares)	0.2	0.5	0.2	0.5

Balance Sheet Components (Detai

Balance Sheet Components (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
INVENTORIES
Raw materials and component parts	$ 313.3	$ 301.2
Work in process	50.5	54.3
Finished goods	118.7	115.4
Total inventories	482.5	470.9
ACCRUED EXPENSES
Payroll and related items	83.7	102.7
Management incentive compensation	8.9	26.4
Income taxes payable	19.2	30.2
Insurance	10.7	11.2
Warranty	8.2	8.1
Deferred revenue	51.3	44.7
Lease liability	21.6	21.6
Restructuring	1.8	1.4
Accrued interest	5.7	5.5
Pension and retiree medical obligations	3.3	3.3
Other	33.5	34
Total accrued expenses	247.9	289.1
OTHER NONCURRENT LIABILITIES
Pension and retiree medical obligations	55	55.1
Transition tax payable	5	9.1
Deferred revenue	12.6	15
Lease liability	101.6	96.6
Other	22.6	20
Total other noncurrent liabilities	$ 196.8	$ 195.8

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		$ 2,838.7
Accumulated goodwill impairment losses		(200.6)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,638.1
Foreign currency translation	22.7
Acquisitions	53.6
Acquisition adjustments	0
Goodwill, ending balance	2,714.4
FMT
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		800.9
Accumulated goodwill impairment losses		(20.7)
Goodwill [Roll Forward]
Goodwill, beginning balance	780.2
Foreign currency translation	3.4
Acquisitions	0
Acquisition adjustments	(1.8)
Goodwill, ending balance	781.8
HST
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		1,644.8
Accumulated goodwill impairment losses		(149.8)
Goodwill [Roll Forward]
Goodwill, beginning balance	1,495
Foreign currency translation	16.2
Acquisitions	53.6
Acquisition adjustments	1.8
Goodwill, ending balance	1,566.6
FSDP
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill		393
Accumulated goodwill impairment losses		$ (30.1)
Goodwill [Roll Forward]
Goodwill, beginning balance	362.9
Foreign currency translation	3.1
Acquisitions	0
Acquisition adjustments	0
Goodwill, ending balance	$ 366

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 Millions	Jun. 30, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	$ 1,222.2	$ 1,173.5
Amortized intangible assets - accumulated amortization	(355.8)	(316.6)
Amortized intangible assets - net	866.4	856.9
Intangible assets - gross carrying amount	1,313.1	1,264.4
Intangible assets - net	957.3	947.8
Banjo trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets - net	62.1	62.1
Akron Brass trade name
Goodwill And Intangible Assets [Line Items]
Indefinite lived intangible assets - net	28.8	28.8
Patents
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	2.9	2.9
Amortized intangible assets - accumulated amortization	(2)	(1.8)
Amortized intangible assets - net	0.9	$ 1.1
Amortized intangible assets - weighted average life		12 years
Trade names
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	194.5	$ 186.5
Amortized intangible assets - accumulated amortization	(79.7)	(71.4)
Amortized intangible assets - net	114.8	$ 115.1
Amortized intangible assets - weighted average life		15 years
Customer relationships
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	805.6	$ 772.2
Amortized intangible assets - accumulated amortization	(212.4)	(184.9)
Amortized intangible assets - net	593.2	$ 587.3
Amortized intangible assets - weighted average life		13 years
Unpatented technology
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	214.3	$ 207.1
Amortized intangible assets - accumulated amortization	(60.4)	(57.8)
Amortized intangible assets - net	153.9	$ 149.3
Amortized intangible assets - weighted average life		12 years
Software
Goodwill And Intangible Assets [Line Items]
Amortized intangible assets - gross carrying amount	4.9	$ 4.8
Amortized intangible assets - accumulated amortization	(1.3)	(0.7)
Amortized intangible assets - net	$ 3.6	$ 4.1
Amortized intangible assets - weighted average life		5 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 23.2	$ 16.9	$ 46.8	$ 32.2

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Millions	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 47.7
2024	91.6
2025	90.2
2026	88.5
2027	$ 84.5

Borrowings - Schedule of Debt (

Borrowings - Schedule of Debt (Details) - USD ($)	Jun. 30, 2023	Jun. 13, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total borrowings	$ 1,480,500,000		$ 1,477,800,000
Other borrowings	1,000,000		100,000
Less current portion	500,000		0
Less deferred debt issuance costs	7,400,000		7,900,000
Less unaccreted debt discount	1,100,000		1,200,000
Long-term borrowings	1,471,500,000		1,468,700,000
Revolving Facility
Debt Instrument [Line Items]
Borrowing capacity	800
Letters of credit outstanding	7,400,000
Amount available to borrow	$ 713,100,000
Senior Notes | 3.20% Senior Notes, due June 2023
Debt Instrument [Line Items]
Stated interest rate	3.20%	3.20%
Total borrowings	$ 0		100,000,000
Senior Notes | 3.37% Senior Notes, due June 2025
Debt Instrument [Line Items]
Stated interest rate	3.37%
Total borrowings	$ 100,000,000		100,000,000
Senior Notes | 5.13% Senior Notes, due June 2028
Debt Instrument [Line Items]
Stated interest rate	5.13%	5.13%
Total borrowings	$ 100,000,000		0
Senior Notes | 3.00% Senior Notes, due May 2030
Debt Instrument [Line Items]
Stated interest rate	3%
Total borrowings	$ 500,000,000		500,000,000
Senior Notes | 2.625% Senior Notes, due June 2031
Debt Instrument [Line Items]
Stated interest rate	2.625%
Total borrowings	$ 500,000,000		500,000,000
Line of Credit | Revolving Facility
Debt Instrument [Line Items]
Stated interest rate	4.32%
Debt outstanding	$ 79,500,000		77,700,000
Line of Credit | Secured Debt
Debt Instrument [Line Items]
Stated interest rate	6.30%
Borrowing capacity	$ 200
Debt outstanding	$ 200,000,000		$ 200,000,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - Senior Notes - USD ($)	Jun. 30, 2023	Jun. 13, 2023
5.13% Senior Notes, due June 2028
Line of Credit Facility [Line Items]
Interest rate on senior notes	5.13%	5.13%
Face amount of debt		$ 100,000,000
5.13% Senior Notes, due June 2028 | Minimum
Line of Credit Facility [Line Items]
Required percent of shares outstanding for prepayment		5%
3.20% Senior Notes, due June 2023
Line of Credit Facility [Line Items]
Interest rate on senior notes	3.20%	3.20%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Company Financial Assets and Liabilities at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 9.4	$ 7.5
Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	19.1
Level 1 | Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	9.4	7.5
Level 1 | Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	19.1
Level 2 | Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0	0
Level 2 | Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0
Level 3 | Mutual Funds Held in Nonqualified SERP
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	0	$ 0
Level 3 | Equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,333.3	$ 1,328.7
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,479.4	$ 1,476.6

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2023 option
Leases [Abstract]
Options for renewal	1

Leases - Balance Sheet Composit

Leases - Balance Sheet Composition (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Right-of-Use (“ROU”) Assets:
Total ROU assets - net	$ 118.5	$ 116.1
Lease Liabilities:
Operating lease, liability, current, statement of financial position [Extensible List]	Accrued expenses	Accrued expenses
Current lease liabilities	$ 21.6	$ 21.6
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Noncurrent lease liabilities	$ 101.6	$ 96.6
Total lease liabilities	123.2	118.2
Building
Right-of-Use (“ROU”) Assets:
Operating lease, right-of-use asset	111.5	104.4
Equipment
Right-of-Use (“ROU”) Assets:
Operating lease, right-of-use asset	5	5.6
Finance lease, right-of-use asset	$ 2	$ 6.1

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee Disclosure [Abstract]
Fixed lease cost	$ 7.5	$ 9	$ 15.7	$ 16.4
Variable lease cost	0.6	0.8	1.3	1.2
Total lease cost	$ 8.1	$ 9.8	$ 17	$ 17.6

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of lease liabilities	$ 15.7	$ 16.9
Right-of-use assets obtained in exchange for new lease liabilities	$ 17.1	$ 9.3
Building and Equipment
Weighted-average remaining lease term (years):
Weighted-average remaining lease term (years): operating leases	7 years 3 months 10 days		7 years 5 months 4 days
Weighted-average discount rate:
Weighted-average discount rate: operating leases	3.66%		3.41%
Vehicles
Weighted-average remaining lease term (years):
Weighted-average remaining lease term (years): operating leases	2 years 1 month 17 days		2 years 1 month 20 days
Weighted-average discount rate:
Weighted-average discount rate: operating leases	2.46%		1.70%
Equipment
Weighted-average remaining lease term (years):
Weighted-average remaining lease term (years): financing leases	4 years 1 month 6 days		2 years 18 days
Weighted-average discount rate:
Weighted-average discount rate: financing leases	4.96%		4.48%

Leases - Lease Liability Future

Leases - Lease Liability Future Payments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 12.8
2024	19.6
2025	22.3
2026	19.4
2027	15.7
Thereafter	52.1
Total lease payments	141.9
Less: Imputed interest	(18.7)
Present value of lease liabilities	$ 123.2	$ 118.2

Restructuring Expenses and As_3

Restructuring Expenses and Asset Impairments - Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Asset Impairments	$ 0.5	$ 0.2	$ 0.5	$ 0.2
Total	3.6	2.8	4.1	3.4
Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	3.1	2.3	3.6	2.9
Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	0.3	0	0.3
Operating segments | Fluid & Metering Technologies
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0.5	0.2	0.5	0.2
Total	0.6	1.7	0.7	2
Operating segments | Fluid & Metering Technologies | Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.1	1.2	0.2	1.5
Operating segments | Fluid & Metering Technologies | Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	0.3	0	0.3
Operating segments | Health & Science Technologies
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0	0	0	0
Total	2.7	0.1	3	0.2
Operating segments | Health & Science Technologies | Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	2.7	0.1	3	0.2
Operating segments | Health & Science Technologies | Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	0	0	0
Operating segments | Fire & Safety/Diversified Products
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0	0	0	0
Total	0.3	1	0.4	1
Operating segments | Fire & Safety/Diversified Products | Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.3	1	0.4	1
Operating segments | Fire & Safety/Diversified Products | Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	0	0	0
Corporate/Other
Restructuring Cost and Reserve [Line Items]
Asset Impairments	0	0	0	0
Total	0	0	0	0.2
Corporate/Other | Severance Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	0	0	0.2
Corporate/Other | Exit Costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0	$ 0	$ 0	$ 0

Restructuring Expenses and As_4

Restructuring Expenses and Asset Impairments - Restructuring Accruals (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 1.4
Restructuring expenses	3.6
Payments, utilization and other	(3.2)
Restructuring reserve, ending balance	$ 1.8

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	$ 1	$ (80.8)	$ 38.2	$ (99.5)
Tax	0.4	(0.5)	0.2	(0.7)
Other comprehensive income (loss)	1.4	(81.3)	38.4	(100.2)
Cumulative translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	2.3	(81.9)	38.9	(101.4)
Tax	0	0	0	0
Other comprehensive income (loss)	2.3	(81.9)	38.9	(101.4)
Pension and other postretirement adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Pre-tax	(1.3)	1.1	(0.7)	1.9
Tax	0.4	(0.5)	0.2	(0.7)
Other comprehensive income (loss)	$ (0.9)	$ 0.6	$ (0.5)	$ 1.2

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial (gains) losses and prior service costs	$ 8.3	$ 0	$ 7.7	$ (2.3)
Total before tax	(178.5)	(177.1)	(358.3)	(357.5)
Provision for income taxes	40	39	80	79.5
Total net of tax	(138.6)	(138.2)	(278.4)	(278.2)
Reclassification out of Accumulated Other Comprehensive Income | Net Prior Service Attributable to Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial (gains) losses and prior service costs	(1.3)	1.1	(0.7)	1.9
Reclassification out of Accumulated Other Comprehensive Income | Retirement Benefits Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	(1.3)	1.1	(0.7)	1.9
Provision for income taxes	0.4	(0.5)	0.2	(0.7)
Total net of tax	$ (0.9)	$ 0.6	$ (0.5)	$ 1.2

Share Repurchases (Details)

Share Repurchases (Details) - USD ($)			1 Months Ended		3 Months Ended			6 Months Ended
	Mar. 17, 2020	Dec. 01, 2015	Jul. 27, 2023	Jul. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in share repurchase authorized amount	$ 500,000,000	$ 300,000,000
Purchase of common stock (in shares)					5,400	474,690	147,500	5,400	622,190
Repurchase of shares of common stock					$ 1,100,000	$ 87,500,000	$ 28,300,000	$ 1,100,000	$ 115,800,000
Purchase of common stock				$ 5,400,000				1,000,000	$ 110,400,000
Remaining authorized repurchase amount					$ 562,800,000			$ 562,800,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock			$ 100,000

Share Based Compensation - Narr

Share Based Compensation - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended
	Jan. 31, 2023	Feb. 28, 2023	Jun. 30, 2023
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option exercisable life			10 years
Total unrecognized compensation cost			$ 12.3
Weighted-average period of total unrecognized compensation cost, in years			1 year 6 months
Stock Option | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost			$ 7.9
Weighted-average period of total unrecognized compensation cost, in years			1 year 1 month 6 days
Granted (in shares)			35,845
Restricted Stock | Employees and Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Total unrecognized compensation cost			$ 5.7
Weighted-average period of total unrecognized compensation cost, in years			1 year 2 months 12 days
Granted (in shares)			19,970
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Total unrecognized compensation cost			$ 4.9
Weighted-average period of total unrecognized compensation cost, in years			1 year 1 month 6 days
Granted (in shares)	18,105		28,030
Payout percent		173%
Stock issued during period (in shares)		31,334

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Weighted Average Option Fair Values and Assumptions (Details) - Stock Option - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 57.13	$ 46.33	$ 60.70	$ 41.74
Dividend yield	1.13%	1.14%	1.07%	1.14%
Volatility	27.20%	25.39%	27.19%	25.15%
Risk-free interest rate	3.81%	2.98%	4.12%	1.85%
Expected life (in years)	4 years 6 months	4 years 10 months 24 days	4 years 6 months	4 years 10 months 24 days

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Compensation Cost for Stock Options (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense			$ 17	$ 13.5
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1.5	$ 2.8	7.5	6.2
Income tax benefit	(0.2)	(0.2)	(0.6)	(0.5)
Total expense after income taxes	1.3	2.6	6.9	5.7
Stock Option | Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	0.1	0	0.4	0.3
Stock Option | Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1.4	$ 2.8	7.1	$ 5.9
Stock Option | Selling, general and administrative expenses | Accelerated Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, increase (decrease) in noncash expense	$ (1.5)		$ 1.1

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options Activity (Details) - Stock Option - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Shares
Beginning balance (in shares)	1,015,572
Granted (in shares)	213,865
Exercised (in shares)	(59,643)
Forfeited (in shares)	(22,370)
Ending balance (in shares)	1,147,424	1,015,572
Vested and expected to vest (in shares)	1,103,113
Exercisable (in shares)	617,095
Weighted Average Price
Beginning balance (in dollars per share)	$ 161.45
Granted (in dollars per share)	225.52
Exercised (in dollars per share)	134.89
Forfeited (in dollars per share)	198.67
Ending balance (in dollars per share)	174.05	$ 161.45
Vested and expected to vest (in dollars per share)	172.66
Exercisable (in dollars per share)	$ 148.13
Weighted-Average Remaining Contractual Term
Stock options outstanding, weighted-average remaining contractual term	7 years 1 month 2 days	6 years 11 months 8 days
Weighted-average remaining contractual term, vested and expected to vest	7 years 3 days
Weighted-average remaining contractual term, exercisable	5 years 8 months 8 days
Aggregate Intrinsic Value
Stock options outstanding, aggregate intrinsic value	$ 49.5	$ 67.9
Aggregate intrinsic value, vested and expected to vest	49
Aggregate intrinsic value, exercisable	$ 41.5

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) | shares	104,382
Granted (in shares) | shares	35,845
Vested (in shares) | shares	(20,802)
Forfeited (in shares) | shares	(9,150)
Unvested, ending balance (in shares) | shares	110,275
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 179.45
Granted (in dollars per share) | $ / shares	219.69
Vested (in dollars per share) | $ / shares	170.41
Forfeited (in dollars per share) | $ / shares	202.31
Unvested, ending balance (in dollars per share) | $ / shares	$ 192.34

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Compensation Cost for Restricted Stock Units (Details) - Restricted Stock - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	$ 1.7	$ 1.6	$ 3.3	$ 3.4
Income tax benefit	(0.4)	(0.2)	(0.7)	(0.6)
Total expense after income taxes	1.3	1.4	2.6	2.8
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	0.1	0	0.3	0.2
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total (benefit) expense before income taxes	$ 1.6	$ 1.6	$ 3	$ 3.2

Share-Based Compensation - Cash

Share-Based Compensation - Cash-settled Restricted Stock Activity (Details) - Cash-settled Restricted Stock	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Shares
Unvested, beginning balance (in shares) | shares	57,356
Granted (in shares) | shares	19,970
Vested (in shares) | shares	(15,481)
Forfeited (in shares) | shares	(1,985)
Unvested, ending balance (in shares) | shares	59,860
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 228.33
Granted (in dollars per share) | $ / shares	225.53
Vested (in dollars per share) | $ / shares	229.12
Forfeited (in dollars per share) | $ / shares	215.26
Unvested, ending balance (in dollars per share) | $ / shares	$ 215.26

Share-Based Compensation - Sc_4

Share-Based Compensation - Schedule of Compensation Cost for Cash-settled Restricted Stock (Details) - Cash-settled Restricted Stock - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 0.6	$ (0.4)	$ 1.7	$ 0
Income tax benefit	(0.1)	0	(0.1)	0
Total expense after income taxes	0.5	(0.4)	1.6	0
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.1	0.1	0.2	0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 0.5	$ (0.5)	$ 1.5	$ 0

Share-Based Compensation - Sc_5

Share-Based Compensation - Schedule of Weighted Average Performance Share Units Fair Values and Assumptions (Details) - Performance Shares Units - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of grants (in dollars per share)	$ 308.18	$ 235.54
Dividend yield	0%	0%
Volatility	27%	28.09%
Risk-free interest rate	4.37%	1.73%
Expected life (in years)	2 years 11 months 8 days	2 years 11 months 4 days

Share-Based Compensation - Perf

Share-Based Compensation - Performance Share Unit Activity (Details) - Performance Shares Units - $ / shares		6 Months Ended
	Jan. 31, 2023	Jun. 30, 2023
Shares
Unvested, beginning balance (in shares)		70,915
Granted (in shares)	18,105	28,030
Vested (in shares)		(18,105)
Forfeited (in shares)		(1,725)
Unvested, ending balance (in shares)		79,115
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)		$ 236.66
Granted (in dollars per share)		308.18
Vested (in dollars per share)		226.86
Forfeited (in dollars per share)		261.13
Unvested, ending balance (in dollars per share)		$ 264.89

Share-Based Compensation - Sc_6

Share-Based Compensation - Schedule of Compensation Cost for Performance Share Units (Details) - Performance Shares Units - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	$ 0.8	$ 2.5	$ 6	$ 3.8
Income tax benefit	(0.1)	0	(0.2)	(0.1)
Total expense after income taxes	0.7	2.5	5.8	3.7
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0	0	0	0
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total expense before income taxes	0.8	$ 2.5	6	$ 3.8
Selling, general and administrative expenses | Accelerated Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, increase (decrease) in noncash expense	$ (1.8)		$ 1.6

Retirement Benefits - Component

Retirement Benefits - Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.1	$ 0.1	$ 0.2	$ 0.3
Interest cost	0.2	0.2	0.4	0.3
Net amortization	(0.3)	(0.1)	(0.5)	(0.2)
Net periodic cost	0	0.2	0.1	0.4
U.S. | Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0	0.1	0	0.1
Interest cost	0.1	0	0.2	0.1
Expected return on plan assets	0	0	(0.1)	(0.1)
Net amortization	0	0	0.1	0.1
Net periodic cost	0.1	0.1	0.2	0.2
Non-U.S. | Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	0.3	0.4	0.6	0.9
Interest cost	0.7	0.3	1.4	0.5
Expected return on plan assets	(0.4)	(0.3)	(0.8)	(0.6)
Net amortization	(0.1)	0.2	(0.3)	0.4
Net periodic cost	$ 0.5	$ 0.6	$ 0.9	$ 1.2

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 2.6
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year	3.9
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected contribution for next fiscal year	$ 1.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 40	$ 39	$ 80	$ 79.5
Effective tax rate	22.40%	22.10%	22.30%	22.20%