(State or other jurisdiction | (Commission File Number) | (IRS Employer | ||||||||||||
of incorporation) | Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Emerging growth company | ||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
IDEX CORPORATION | ||||||||
By: | /s/ WILLIAM K. GROGAN | |||||||
William K. Grogan | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
February 4, 2021 |
Exhibit Number | Description | |||||||
“I want to thank the entire IDEX team for their perseverance and performance throughout the pandemic in 2020. With our focus on workplace safety, business continuity, liquidity and playing offense opportunistically, we were able to deliver for our shareholders, customers and employees in 2020. I am honored to be the leader of this outstanding global organization. | |||||
Full year organic orders and sales were down 4 and 9 percent, respectively. Adjusted EPS of $5.19 was only down 11 percent from the adjusted prior year due to our proactive restructuring actions and tight control of discretionary costs. Record free cash flow of $518 million in 2020, which was 9% higher than prior year, is a testament to the financial durability of our business. | |||||
Our business continued to advance in the fourth quarter, with most end markets improving and all three segments experiencing positive organic order growth. Fourth quarter organic orders increased 7 percent, while organic sales were only down 1 percent. Record fourth quarter orders of $679 million increased year-end backlog by $64 million. Adjusted EPS of $1.37 was 3 percent higher compared to the adjusted prior year period while free cash flow of $149 million was 9 percent higher than the prior year period. | |||||
Last month we announced a definitive agreement to acquire Abel Pumps L.P., which will be an excellent complement to our existing pump platform within the Fluid & Metering Technologies (FMT) segment. The M&A opportunity funnel continues to improve and we are fully committed to putting our strong balance sheet to work through focused resource deployment and process optimization. We continue to invest in our best targeted organic growth opportunities. We increased capital investment in 2020, maintaining our commitment to the company’s long-term health, while managing implications of the pandemic. | |||||
Based on our strong orders in the fourth quarter and sustained sequential improvement, we expect our end markets will continue to improve in 2021. We are projecting 6 to 8 percent organic sales growth for the full year 2021, with a 2 to 4 percent organic sales increase in the first quarter. Full year 2021 EPS is projected to be $5.65 to $5.95, with first quarter EPS of $1.38 to $1.42.” | |||||
Eric D. Ashleman | |||||
Chief Executive Officer and President |
For the Quarter Ended December 31, 2020 | For the Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | IDEX | FMT | HST | FSDP | IDEX | ||||||||||||||||||||||||||||||||||||||||
Change in net sales | 1 | % | 4 | % | (1 | %) | 2 | % | (6 | %) | (2 | %) | (10 | %) | (6 | %) | |||||||||||||||||||||||||||||||
- Net impact from acquisitions | 3 | % | — | % | — | % | 1 | % | 6 | % | 2 | % | — | % | 3 | % | |||||||||||||||||||||||||||||||
- Impact from FX | 2 | % | 2 | % | 2 | % | 2 | % | — | % | — | % | 1 | % | — | % | |||||||||||||||||||||||||||||||
Change in organic net sales | (4 | %) | 2 | % | (3 | %) | (1 | %) | (12 | %) | (4 | %) | (11 | %) | (9 | %) |
For the Quarter Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Gross profit | $ | 269,168 | $ | 266,885 | $ | 1,027,424 | $ | 1,125,034 | |||||||||||||||
+ Fair value inventory step-up charge | — | — | 4,107 | 3,340 | |||||||||||||||||||
Adjusted gross profit | $ | 269,168 | $ | 266,885 | $ | 1,031,531 | $ | 1,128,374 | |||||||||||||||
Net sales | $ | 614,822 | $ | 605,997 | $ | 2,351,646 | $ | 2,494,573 | |||||||||||||||
Gross margin | 43.8 | % | 44.0 | % | 43.7 | % | 45.1 | % | |||||||||||||||
Adjusted gross margin | 43.8 | % | 44.0 | % | 43.9 | % | 45.2 | % |
For the Quarter Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 58,900 | $ | 55,794 | $ | 40,214 | $ | (15,943) | $138,965 | $ | 61,763 | $ | 49,113 | $ | 39,349 | $ | (16,052) | $134,173 | |||||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | 3,147 | 580 | 634 | 657 | 5,018 | 1,949 | 2,723 | 441 | 1,849 | 6,962 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 62,047 | $ | 56,374 | $ | 40,848 | $ | (15,286) | $ | 143,983 | $ | 63,712 | $ | 51,836 | $ | 39,790 | $ | (14,203) | $ | 141,135 | |||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 229,584 | $ | 235,857 | $ | 150,555 | $ | (1,174) | $ | 614,822 | $ | 227,456 | $ | 227,293 | $ | 152,025 | $ | (777) | $ | 605,997 | |||||||||||||||||||||||||||||||||||||||
Reported operating margin | 25.7 | % | 23.7 | % | 26.7 | % | n/m | 22.6 | % | 27.2 | % | 21.6 | % | 25.9 | % | n/m | 22.1 | % | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | 27.0 | % | 23.9 | % | 27.1 | % | n/m | 23.4 | % | 28.0 | % | 22.8 | % | 26.2 | % | n/m | 23.3 | % |
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 235,011 | $ | 206,356 | $ | 144,191 | $ | (64,845) | $520,713 | $ | 285,256 | $ | 200,200 | $ | 165,258 | $ | (71,711) | $579,003 | |||||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | 5,580 | 2,742 | 2,524 | 930 | 11,776 | 2,879 | 14,249 | 1,364 | 2,552 | 21,044 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Fair value inventory step-up charge | 4,107 | — | — | — | 4,107 | — | 3,340 | — | — | 3,340 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 244,698 | $ | 209,098 | $ | 146,715 | $ | (63,915) | $ | 536,596 | $ | 288,135 | $ | 217,789 | $ | 166,622 | $ | (69,159) | $ | 603,387 | |||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 896,304 | $ | 895,962 | $ | 562,851 | $ | (3,471) | $ | 2,351,646 | $ | 957,028 | $ | 914,446 | $ | 626,770 | $ | (3,671) | $ | 2,494,573 | |||||||||||||||||||||||||||||||||||||||
Reported operating margin | 26.2 | % | 23.0 | % | 25.6 | % | n/m | 22.1 | % | 29.8 | % | 21.9 | % | 26.4 | % | n/m | 23.2 | % | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | 27.3 | % | 23.3 | % | 26.1 | % | n/m | 22.8 | % | 30.1 | % | 23.8 | % | 26.6 | % | n/m | 24.2 | % |
For the Quarter Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Reported net income | $ | 101,068 | $ | 96,850 | $ | 377,778 | $ | 425,521 | |||||||||||||||
+ Restructuring expenses and asset impairments | 5,018 | 6,962 | 11,776 | 21,044 | |||||||||||||||||||
+ Tax impact on restructuring expenses and asset impairments | (1,182) | (1,630) | (2,722) | (4,966) | |||||||||||||||||||
+ Fair value inventory step-up charge | — | — | 4,107 | 3,340 | |||||||||||||||||||
+ Tax impact on fair value inventory step-up charge | — | — | (932) | (735) | |||||||||||||||||||
+ Loss on early debt redemption | — | — | 8,421 | — | |||||||||||||||||||
+ Tax impact on loss on early debt redemption | — | — | (1,912) | — | |||||||||||||||||||
Adjusted net income | $ | 104,904 | $ | 102,182 | $ | 396,516 | $ | 444,204 |
For the Quarter Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Reported EPS | $ | 1.32 | $ | 1.26 | $ | 4.94 | $ | 5.56 | |||||||||||||||
+ Restructuring expenses and asset impairments | 0.06 | 0.09 | 0.15 | 0.28 | |||||||||||||||||||
+ Tax impact on restructuring expenses and asset impairments | (0.01) | (0.02) | (0.03) | (0.07) | |||||||||||||||||||
+ Fair value inventory step-up charge | — | — | 0.05 | 0.04 | |||||||||||||||||||
+ Tax impact on fair value inventory step-up charge | — | — | (0.01) | (0.01) | |||||||||||||||||||
+ Loss on early debt redemption | — | — | 0.11 | — | |||||||||||||||||||
+ Tax impact on loss on early debt redemption | — | — | (0.02) | — | |||||||||||||||||||
Adjusted EPS | $ | 1.37 | $ | 1.33 | $ | 5.19 | $ | 5.80 | |||||||||||||||
Diluted weighted average common shares outstanding | 76,367 | 76,570 | 76,400 | 76,454 |
For the Quarter Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 58,900 | $ | 55,794 | $ | 40,214 | $ | (15,943) | $ | 138,965 | $ | 61,763 | $ | 49,113 | $ | 39,349 | $ | (16,052) | $ | 134,173 | |||||||||||||||||||||||||||||||||||||||
- Other (income) expense - net | (819) | 64 | 251 | (1,190) | (1,694) | (137) | 805 | 498 | (108) | 1,058 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Depreciation and amortization | 6,569 | 10,972 | 3,807 | 173 | 21,521 | 5,499 | 10,283 | 3,588 | 160 | 19,530 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 66,288 | 66,702 | 43,770 | (14,580) | 162,180 | 67,399 | 58,591 | 42,439 | (15,784) | 152,645 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Interest expense | 10,788 | 11,079 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 28,803 | 25,186 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 21,521 | 19,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported net income | $ | 101,068 | $ | 96,850 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 229,584 | $ | 235,857 | $ | 150,555 | $ | (1,174) | $ | 614,822 | $ | 227,456 | $ | 227,293 | $ | 152,025 | $ | (777) | $ | 605,997 | |||||||||||||||||||||||||||||||||||||||
Reported operating margin | 25.7 | % | 23.7 | % | 26.7 | % | n/m | 22.6 | % | 27.2 | % | 21.6 | % | 25.9 | % | n/m | 22.1 | % | |||||||||||||||||||||||||||||||||||||||||
EBITDA margin | 28.9 | % | 28.3 | % | 29.1 | % | n/m | 26.4 | % | 29.6 | % | 25.8 | % | 27.9 | % | n/m | 25.2 | % |
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reported operating income (loss) | $ | 235,011 | $ | 206,356 | $ | 144,191 | $ | (64,845) | $ | 520,713 | $ | 285,256 | $ | 200,200 | $ | 165,258 | $ | (71,711) | $ | 579,003 | |||||||||||||||||||||||||||||||||||||||
- Other (income) expense - net | (854) | (27) | 399 | 6,109 | 5,627 | 475 | 2,441 | 771 | (1,928) | 1,759 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Depreciation and amortization | 25,939 | 41,778 | 15,216 | 562 | 83,495 | 22,152 | 39,721 | 14,333 | 670 | 76,876 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA | 261,804 | 248,161 | 159,008 | (70,392) | 598,581 | 306,933 | 237,480 | 178,820 | (69,113) | 654,120 | |||||||||||||||||||||||||||||||||||||||||||||||||
- Interest expense | 44,746 | 44,341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Provision for income taxes | 92,562 | 107,382 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Depreciation and amortization | 83,495 | 76,876 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reported net income | $377,778 | $425,521 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales (eliminations) | $ | 896,304 | $ | 895,962 | $ | 562,851 | $ | (3,471) | $ | 2,351,646 | $ | 957,028 | $ | 914,446 | $ | 626,770 | $ | (3,671) | $ | 2,494,573 | |||||||||||||||||||||||||||||||||||||||
Reported operating margin | 26.2 | % | 23.0 | % | 25.6 | % | n/m | 22.1 | % | 29.8 | % | 21.9 | % | 26.4 | % | n/m | 23.2 | % | |||||||||||||||||||||||||||||||||||||||||
EBITDA margin | 29.2 | % | 27.7 | % | 28.3 | % | n/m | 25.5 | % | 32.1 | % | 26.0 | % | 28.5 | % | n/m | 26.2 | % |
For the Quarter Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA(1) | $ | 66,288 | $ | 66,702 | $ | 43,770 | $ | (14,580) | $ | 162,180 | $ | 67,399 | $ | 58,591 | $ | 42,439 | $ | (15,784) | $ | 152,645 | |||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | 3,147 | 580 | 634 | 657 | 5,018 | 1,949 | 2,723 | 441 | 1,849 | 6,962 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 69,435 | $ | 67,282 | $ | 44,404 | $ | (13,923) | $ | 167,198 | $ | 69,348 | $ | 61,314 | $ | 42,880 | $ | (13,935) | $ | 159,607 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 30.2 | % | 28.5 | % | 29.5 | % | n/m | 27.2 | % | 30.5 | % | 27.0 | % | 28.2 | % | n/m | 26.3 | % |
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FMT | HST | FSDP | Corporate | IDEX | FMT | HST | FSDP | Corporate | IDEX | ||||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA(1) | $ | 261,804 | $ | 248,161 | $ | 159,008 | $ | (70,392) | $ | 598,581 | $ | 306,933 | $ | 237,480 | $ | 178,820 | $ | (69,113) | $ | 654,120 | |||||||||||||||||||||||||||||||||||||||
+ Restructuring expenses and asset impairments | 5,580 | 2,742 | 2,524 | 930 | 11,776 | 2,879 | 14,249 | 1,364 | 2,552 | 21,044 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Fair value inventory step-up charge | 4,107 | — | — | — | 4,107 | — | 3,340 | — | — | 3,340 | |||||||||||||||||||||||||||||||||||||||||||||||||
+ Loss on early debt redemption | — | — | — | 8,421 | 8,421 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 271,491 | $ | 250,903 | $ | 161,532 | $ | (61,041) | $ | 622,885 | $ | 309,812 | $ | 255,069 | $ | 180,184 | $ | (66,561) | $ | 678,504 | |||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | 30.3 | % | 28.0 | % | 28.7 | % | n/m | 26.5 | % | 32.4 | % | 27.9 | % | 28.7 | % | n/m | 27.2 | % |
For the Quarter Ended | For the Year Ended December 31, | ||||||||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2020 | 2019 | |||||||||||||||||||||||||
Cash flow from operating activities | $ | 161,374 | $ | 151,160 | $ | 153,686 | $ | 569,273 | $ | 528,062 | |||||||||||||||||||
- Capital expenditures | 12,107 | 14,139 | 18,353 | 51,545 | 50,912 | ||||||||||||||||||||||||
Free cash flow | $ | 149,267 | $ | 137,021 | $ | 135,333 | $ | 517,728 | $ | 477,150 |
For the Quarter Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net sales | $ | 614,822 | $ | 605,997 | $ | 2,351,646 | $ | 2,494,573 | |||||||||||||||
Cost of sales | 345,654 | 339,112 | 1,324,222 | 1,369,539 | |||||||||||||||||||
Gross profit | 269,168 | 266,885 | 1,027,424 | 1,125,034 | |||||||||||||||||||
Selling, general and administrative expenses | 125,185 | 125,750 | 494,935 | 524,987 | |||||||||||||||||||
Restructuring expenses and asset impairments | 5,018 | 6,962 | 11,776 | 21,044 | |||||||||||||||||||
Operating income | 138,965 | 134,173 | 520,713 | 579,003 | |||||||||||||||||||
Other (income) expense - net | (1,694) | 1,058 | 5,627 | 1,759 | |||||||||||||||||||
Interest expense | 10,788 | 11,079 | 44,746 | 44,341 | |||||||||||||||||||
Income before income taxes | 129,871 | 122,036 | 470,340 | 532,903 | |||||||||||||||||||
Provision for income taxes | 28,803 | 25,186 | 92,562 | 107,382 | |||||||||||||||||||
Net income | $ | 101,068 | $ | 96,850 | $ | 377,778 | $ | 425,521 | |||||||||||||||
Earnings per Common Share: | |||||||||||||||||||||||
Basic earnings per common share | $ | 1.33 | $ | 1.28 | $ | 4.98 | $ | 5.62 | |||||||||||||||
Diluted earnings per common share | $ | 1.32 | $ | 1.26 | $ | 4.94 | $ | 5.56 | |||||||||||||||
Share Data: | |||||||||||||||||||||||
Basic weighted average common shares outstanding | 75,817 | 75,779 | 75,741 | 75,594 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 76,367 | 76,570 | 76,400 | 76,454 |
December 31, 2020 | December 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 1,025,851 | $ | 632,581 | |||||||
Receivables - net | 293,146 | 298,186 | |||||||||
Inventories | 289,910 | 293,467 | |||||||||
Other current assets | 48,324 | 37,211 | |||||||||
Total current assets | 1,657,231 | 1,261,445 | |||||||||
Property, plant and equipment - net | 298,273 | 280,316 | |||||||||
Goodwill and intangible assets | 2,311,137 | 2,167,776 | |||||||||
Other noncurrent assets | 147,757 | 104,375 | |||||||||
Total assets | $ | 4,414,398 | $ | 3,813,912 | |||||||
Liabilities and equity | |||||||||||
Current liabilities | |||||||||||
Trade accounts payable | $ | 151,993 | $ | 138,463 | |||||||
Accrued expenses | 208,828 | 180,290 | |||||||||
Short-term borrowings | 88 | 388 | |||||||||
Dividends payable | 38,149 | 38,736 | |||||||||
Total current liabilities | 399,058 | 357,877 | |||||||||
Long-term borrowings | 1,044,354 | 848,864 | |||||||||
Other noncurrent liabilities | 430,660 | 343,942 | |||||||||
Total liabilities | 1,874,072 | 1,550,683 | |||||||||
Shareholders' equity | 2,540,203 | 2,263,229 | |||||||||
Noncontrolling interest | 123 | — | |||||||||
Total equity | 2,540,326 | 2,263,229 | |||||||||
Total liabilities and equity | $ | 4,414,398 | $ | 3,813,912 |
For the Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 377,778 | $ | 425,521 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Gain) loss on sale of fixed assets - net | (868) | 156 | |||||||||
Asset impairments | 3,087 | 10,155 | |||||||||
Depreciation and amortization | 41,651 | 39,543 | |||||||||
Amortization of intangible assets | 41,844 | 37,333 | |||||||||
Amortization of debt issuance expenses | 1,716 | 1,355 | |||||||||
Share-based compensation expense | 19,375 | 27,669 | |||||||||
Deferred income taxes | 11,038 | 6,625 | |||||||||
Non-cash interest expense associated with forward starting swaps | 6,021 | 6,327 | |||||||||
Changes in (net of the effect from acquisitions): | |||||||||||
Receivables | 20,873 | 22,338 | |||||||||
Inventories | 36,523 | (3,322) | |||||||||
Other current assets | (10,276) | (2,361) | |||||||||
Trade accounts payable | 2,702 | (9,115) | |||||||||
Deferred revenue | 38,967 | 8,680 | |||||||||
Accrued expenses | (15,326) | (46,664) | |||||||||
Other - net | (5,832) | 3,822 | |||||||||
Net cash flows provided by operating activities | 569,273 | 528,062 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property, plant and equipment | (51,545) | (50,912) | |||||||||
Acquisition of businesses, net of cash acquired | (123,133) | (87,180) | |||||||||
Contributions received from joint venture partner | 120 | — | |||||||||
Proceeds from disposal of fixed assets | 2,287 | 962 | |||||||||
Other - net | (306) | 115 | |||||||||
Net cash flows used in investing activities | (172,577) | (137,015) | |||||||||
Cash flows from financing activities | |||||||||||
Borrowings under revolving credit facilities | 150,000 | — | |||||||||
Proceeds from issuance of 3.0% Senior Notes | 499,100 | — | |||||||||
Payment of 4.5% Senior Notes | (300,000) | — | |||||||||
Payments under revolving credit facilities | (150,000) | — | |||||||||
Payments under other long term borrowings | (396) | (50,057) | |||||||||
Payment of make-whole redemption premium | (6,756) | — | |||||||||
Debt issuance costs | (4,749) | — | |||||||||
Dividends paid | (151,838) | (147,208) | |||||||||
Proceeds from stock option exercises | 44,587 | 38,809 | |||||||||
Repurchases of common stock | (110,342) | (54,668) | |||||||||
Shares surrendered for tax withholding | (12,208) | (12,596) | |||||||||
Other - net | — | (1,865) | |||||||||
Net cash flows used in financing activities | (42,602) | (227,585) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 39,176 | 2,712 | |||||||||
Net increase in cash | 393,270 | 166,174 | |||||||||
Cash and cash equivalents at beginning of year | 632,581 | 466,407 | |||||||||
Cash and cash equivalents at end of period | $ | 1,025,851 | $ | 632,581 |
For the Quarter Ended December 31, (a) | For the Year Ended December 31, (a) | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Fluid & Metering Technologies | ||||||||||||||||||||||||||
Net sales | $ | 229,584 | $ | 227,456 | $ | 896,304 | $ | 957,028 | ||||||||||||||||||
Operating income (b) | 58,900 | 61,763 | 235,011 | 285,256 | ||||||||||||||||||||||
Operating margin | 25.7 | % | 27.2 | % | 26.2 | % | 29.8 | % | ||||||||||||||||||
EBITDA(c) | $ | 66,288 | $ | 67,399 | $ | 261,804 | $ | 306,933 | ||||||||||||||||||
EBITDA margin(c) | 28.9 | % | 29.6 | % | 29.2 | % | 32.1 | % | ||||||||||||||||||
Depreciation and amortization | $ | 6,569 | $ | 5,499 | $ | 25,939 | $ | 22,152 | ||||||||||||||||||
Capital expenditures | 3,150 | 7,078 | 11,924 | 17,285 | ||||||||||||||||||||||
Health & Science Technologies | ||||||||||||||||||||||||||
Net sales | $ | 235,857 | $ | 227,293 | $ | 895,962 | $ | 914,446 | ||||||||||||||||||
Operating income (b) | 55,794 | 49,113 | 206,356 | 200,200 | ||||||||||||||||||||||
Operating margin | 23.7 | % | 21.6 | % | 23.0 | % | 21.9 | % | ||||||||||||||||||
EBITDA(c) | $ | 66,702 | $ | 58,591 | $ | 248,161 | $ | 237,480 | ||||||||||||||||||
EBITDA margin(c) | 28.3 | % | 25.8 | % | 27.7 | % | 26.0 | % | ||||||||||||||||||
Depreciation and amortization | $ | 10,972 | $ | 10,283 | $ | 41,778 | $ | 39,721 | ||||||||||||||||||
Capital expenditures | 6,784 | 5,800 | 27,626 | 22,001 | ||||||||||||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||||||||||||
Net sales | $ | 150,555 | $ | 152,025 | $ | 562,851 | $ | 626,770 | ||||||||||||||||||
Operating income (b) | 40,214 | 39,349 | 144,191 | 165,258 | ||||||||||||||||||||||
Operating margin | 26.7 | % | 25.9 | % | 25.6 | % | 26.4 | % | ||||||||||||||||||
EBITDA(c) | $ | 43,770 | $ | 42,439 | $ | 159,008 | $ | 178,820 | ||||||||||||||||||
EBITDA margin(c) | 29.1 | % | 27.9 | % | 28.3 | % | 28.5 | % | ||||||||||||||||||
Depreciation and amortization | $ | 3,807 | $ | 3,588 | $ | 15,216 | $ | 14,333 | ||||||||||||||||||
Capital expenditures | 2,379 | 1,067 | 8,913 | 9,811 | ||||||||||||||||||||||
Corporate Office and Eliminations | ||||||||||||||||||||||||||
Intersegment sales eliminations | $ | (1,174) | $ | (777) | $ | (3,471) | $ | (3,671) | ||||||||||||||||||
Operating income (b) | (15,943) | (16,052) | (64,845) | (71,711) | ||||||||||||||||||||||
EBITDA(c) | (14,580) | (15,784) | (70,392) | (69,113) | ||||||||||||||||||||||
Depreciation and amortization (d) | 173 | 160 | 562 | 670 | ||||||||||||||||||||||
Capital expenditures | (206) | 194 | 3,082 | 1,815 | ||||||||||||||||||||||
Company | ||||||||||||||||||||||||||
Net sales | $ | 614,822 | $ | 605,997 | $ | 2,351,646 | $ | 2,494,573 | ||||||||||||||||||
Operating income | 138,965 | 134,173 | 520,713 | 579,003 | ||||||||||||||||||||||
Operating margin | 22.6 | % | 22.1 | % | 22.1 | % | 23.2 | % | ||||||||||||||||||
EBITDA(c) | $ | 162,180 | $ | 152,645 | $ | 598,581 | $ | 654,120 | ||||||||||||||||||
EBITDA margin(c) | 26.4 | % | 25.2 | % | 25.5 | % | 26.2 | % | ||||||||||||||||||
Depreciation and amortization (d) | $ | 21,521 | $ | 19,530 | $ | 83,495 | $ | 76,876 | ||||||||||||||||||
Capital expenditures | 12,107 | 14,139 | 51,545 | 50,912 |
For the Quarter Ended December 31, (a) | For the Year Ended December 31, (a) | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Fluid & Metering Technologies | ||||||||||||||||||||||||||
Net sales | $ | 229,584 | $ | 227,456 | $ | 896,304 | $ | 957,028 | ||||||||||||||||||
Adjusted operating income (b)(c) | 62,047 | 63,712 | 244,698 | 288,135 | ||||||||||||||||||||||
Adjusted operating margin(c) | 27.0 | % | 28.0 | % | 27.3 | % | 30.1 | % | ||||||||||||||||||
Adjusted EBITDA(c) | $ | 69,435 | $ | 69,348 | $ | 271,491 | $ | 309,812 | ||||||||||||||||||
Adjusted EBITDA margin(c) | 30.2 | % | 30.5 | % | 30.3 | % | 32.4 | % | ||||||||||||||||||
Depreciation and amortization | $ | 6,569 | $ | 5,499 | $ | 25,939 | $ | 22,152 | ||||||||||||||||||
Capital expenditures | 3,150 | 7,078 | 11,924 | 17,285 | ||||||||||||||||||||||
Health & Science Technologies | ||||||||||||||||||||||||||
Net sales | $ | 235,857 | $ | 227,293 | $ | 895,962 | $ | 914,446 | ||||||||||||||||||
Adjusted operating income (b)(c) | 56,374 | 51,836 | 209,098 | 217,789 | ||||||||||||||||||||||
Adjusted operating margin(c) | 23.9 | % | 22.8 | % | 23.3 | % | 23.8 | % | ||||||||||||||||||
Adjusted EBITDA(c) | $ | 67,282 | $ | 61,314 | $ | 250,903 | $ | 255,069 | ||||||||||||||||||
Adjusted EBITDA margin(c) | 28.5 | % | 27.0 | % | 28.0 | % | 27.9 | % | ||||||||||||||||||
Depreciation and amortization | $ | 10,972 | $ | 10,283 | $ | 41,778 | $ | 39,721 | ||||||||||||||||||
Capital expenditures | 6,784 | 5,800 | 27,626 | 22,001 | ||||||||||||||||||||||
Fire & Safety/Diversified Products | ||||||||||||||||||||||||||
Net sales | $ | 150,555 | $ | 152,025 | $ | 562,851 | $ | 626,770 | ||||||||||||||||||
Adjusted operating income (b)(c) | 40,848 | 39,790 | 146,715 | 166,622 | ||||||||||||||||||||||
Adjusted operating margin(c) | 27.1 | % | 26.2 | % | 26.1 | % | 26.6 | % | ||||||||||||||||||
Adjusted EBITDA(c) | $ | 44,404 | $ | 42,880 | $ | 161,532 | $ | 180,184 | ||||||||||||||||||
Adjusted EBITDA margin(c) | 29.5 | % | 28.2 | % | 28.7 | % | 28.7 | % | ||||||||||||||||||
Depreciation and amortization | $ | 3,807 | $ | 3,588 | $ | 15,216 | $ | 14,333 | ||||||||||||||||||
Capital expenditures | 2,379 | 1,067 | 8,913 | 9,811 | ||||||||||||||||||||||
Corporate Office and Eliminations | ||||||||||||||||||||||||||
Intersegment sales eliminations | $ | (1,174) | $ | (777) | $ | (3,471) | $ | (3,671) | ||||||||||||||||||
Adjusted operating income (b)(c) | (15,286) | (14,203) | (63,915) | (69,159) | ||||||||||||||||||||||
Adjusted EBITDA(c) | (13,923) | (13,935) | (61,041) | (66,561) | ||||||||||||||||||||||
Depreciation and amortization(d) | 173 | 160 | 562 | 670 | ||||||||||||||||||||||
Capital expenditures | (206) | 194 | 3,082 | 1,815 | ||||||||||||||||||||||
Company | ||||||||||||||||||||||||||
Net sales | $ | 614,822 | $ | 605,997 | $ | 2,351,646 | $ | 2,494,573 | ||||||||||||||||||
Adjusted operating income(c) | 143,983 | 141,135 | 536,596 | 603,387 | ||||||||||||||||||||||
Adjusted operating margin(c) | 23.4 | % | 23.3 | % | 22.8 | % | 24.2 | % | ||||||||||||||||||
Adjusted EBITDA(c) | $ | 167,198 | $ | 159,607 | $ | 622,885 | $ | 678,504 | ||||||||||||||||||
Adjusted EBITDA margin(c) | 27.2 | % | 26.3 | % | 26.5 | % | 27.2 | % | ||||||||||||||||||
Depreciation and amortization (d) | $ | 21,521 | $ | 19,530 | $ | 83,495 | $ | 76,876 | ||||||||||||||||||
Capital expenditures | 12,107 | 14,139 | 51,545 | 50,912 | ||||||||||||||||||||||
(a) | Three and twelve month data includes the results of the Flow MD acquisition (February 2020) in the Fluid & Metering Technologies segment and the Velcora acquisition (July 2019) in the Health & Science Technologies segment. | |||||||||||||||||||||||||
(b) | Segment operating income excludes unallocated corporate operating expenses which are included in Corporate Office and Eliminations. | |||||||||||||||||||||||||
(c) | These are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, see the reconciliation tables above. | |||||||||||||||||||||||||
(d) | Depreciation and amortization excludes amortization of debt issuance costs. |
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