Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets

The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2020 and a statement of the funded status at December 31 for both years.

	Pension Benefits								Other Benefits
	2020				2019				2020		2019
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	95,947	$	102,016	$	85,175	$	89,789	$	23,257	$	22,593
Service cost	134		2,215		653		1,844		616		561
Interest cost	1,274		1,056		2,796		1,440		624		849
Plan amendments	183		(1)		—		(156)		(2,905)		—
Benefits paid	(4,023)		(2,640)		(3,520)		(1,507)		(722)		(676)
Actuarial loss (gain)	6,504		7,279		16,931		9,903		3,241		(161)
Currency translation	—		8,941		—		66		62		91
Settlements	(6,064)		(3,802)		(4,826)		—		—		—
Curtailments	—		—		(1,538)		—		—		—
Acquisition/Divestiture	—		—		—		—		—		—
Other	—		624		276		637		—		—
Obligation at December 31	$	93,955	$	115,688	$	95,947	$	102,016	$	24,173	$	23,257
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	93,413	$	39,304	$	83,580	$	33,532	$	—	$	—
Actual return on plan assets	16,225		3,620		17,446		3,406		—		—
Employer contributions	421		2,389		733		2,320		722		676
Benefits paid	(4,023)		(2,640)		(3,520)		(1,507)		(722)		(676)
Currency translation	—		2,669		—		916		—		—
Settlements	(6,064)		(3,802)		(4,826)		—		—		—
Acquisition/Divestiture	—		—		—		—		—		—
Other	—		624		—		637		—		—
Fair value of plan assets at December 31	$	99,972	$	42,164	$	93,413	$	39,304	$	—	$	—
Funded status at December 31	$	6,017	$	(73,524)	$	(2,534)	$	(62,712)	$	(24,173)	$	(23,257)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	$	10,754	$	3	$	1,921	$	14	$	—	$	—
Current liabilities	(510)		(1,520)		(564)		(1,270)		(990)		(1,127)
Other noncurrent liabilities	(4,227)		(72,007)		(3,891)		(61,456)		(23,183)		(22,130)
Net asset (liability) at December 31	$	6,017	$	(73,524)	$	(2,534)	$	(62,712)	$	(24,173)	$	(23,257)

Weighted Average Assumptions Used in Measurement of Benefit Obligation

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2020 and 2019 were as follows:

	U.S. Plans				Non-U.S. Plans				Other Benefits
	2020		2019		2020		2019		2020				2019
Discount rate	2.14	%	3.06	%	0.95	%	1.33	%	2.20	%			3.09	%
Rate of compensation increase	—	%	—	%	2.32	%	2.29	%	—	%			4.00	%
Cash balance interest credit rate	4.00	%	4.00	%	1.00	%	1.00	%	—	%	—	%	—	%

	U.S. Plans						Non-U.S. Plans
	2020		2019		2018		2020		2019		2018
Discount rate	Various*		4.11%/2.99%**		3.46	%	1.33	%	2.07	%	1.82	%
Expected return on plan assets	4.00	%	4.00	%	5.50	%	3.00	%	3.12	%	3.09	%
Rate of compensation increase	—	%	4.00	%	4.00	%	2.29	%	2.13	%	2.37	%

*For the IDEX Corporation Retirement Plan, a discount rate of 3.07% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through March 31, 2020, a discount rate of 2.97% was used to determine the net periodic (benefit) cost for the period April 1, 2020 through June 30, 2020, a discount rate of 2.41% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through September 30, 2020 and a discount rate of 2.36% was used to determine the net periodic (benefit) cost for the period October 1, 2020 through December 31, 2020 as a result of the quarterly remeasurements that occurred in conjunction with the termination of the Plan.

For the Pulsafeeder, Inc. Pension Plan for Hourly Employees at Rochester, New York, a discount rate of 3.21% was used to determine the net periodic (benefit) cost for the period January 1, 2020 through June 30, 2020 and a discount rate of 2.62% was used to determine the net periodic (benefit) cost for the period July 1, 2020 through December 31, 2020 as a result of the remeasurement that occurred in conjunction with the ratification of the collective bargaining agreement.

**A discount rate of 4.11% was used to determine the net periodic benefit cost for the period January 1, 2019 through August 31, 2019 and a discount rate of 2.99% was used to determine the net periodic benefit cost for the period September 1, 2019 through December 31, 2019 as a result of the remeasurement that occurred in conjunction with the decision to freeze the Plan.

	Other Benefits
	2020		2019		2018
Discount rate	3.09	%	4.11	%	3.50	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%

Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2020 and 2019 were as follows:

	Pension Benefits								Other Benefits
	2020				2019				2020		2019
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
Prior service cost (credit)	$	202	$	(92)	$	46	$	(100)	$	(2,914)	$	(46)
Net loss (gain)	13,414		24,536		21,432		19,304		(2,266)		(6,009)
Total	$	13,616	$	24,444	$	21,478	$	19,204	$	(5,180)	$	(6,055)

The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2020 is as follows:

	Pension Benefits				Other Benefits
	U.S.		Non-U.S.
	(In thousands)
Net gain (loss) in current year	$	5,971	$	(4,829)	$	(3,241)
Prior service cost	(182)		2		2,905
Amortization of prior service cost (credit)	27		(22)		(37)
Amortization of net loss (gain)	2,046		1,367		(504)
Exchange rate effect on amounts in other comprehensive income	—		(1,758)		2
Total	$	7,862	$	(5,240)	$	(875)

Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans

The components of, and the weighted average assumptions used to determine, the net periodic (benefit) cost for the plans in 2020, 2019 and 2018 are as follows:

	Pension Benefits
	2020				2019				2018
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
	(In thousands)
Service cost	$	134	$	2,215	$	653	$	1,844	$	886	$	2,105
Interest cost	1,274		1,056		2,796		1,440		2,634		1,389
Expected return on plan assets	(3,750)		(1,170)		(3,319)		(1,047)		(3,943)		(1,120)
Settlement loss recognized	910		(385)		713		—		(1)		(307)
Special termination benefit recognized	—		—		276		—		—		—
Net amortization	1,163		1,730		1,614		1,117		2,712		1,271
Net periodic (benefit) cost	$	(269)	$	3,446	$	2,733	$	3,354	$	2,288	$	3,338

	Other Benefits
	2020		2019		2018
	(In thousands)
Service cost	$	616	$	561	$	668
Interest cost	624		849		810
Net amortization	(542)		(635)		(737)
Net periodic benefit cost	$	698	$	775	$	741

Summary of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value

The Company’s pension plan weighted average asset allocations at December 31, 2020 and 2019, by asset category, were as follows:

	U.S. Plans				Non-U.S. Plans
	2020		2019		2020		2019
Equity securities	7	%	10	%	17	%	17	%
Fixed income securities	65	%	90	%	24	%	24	%
Cash/Commingled Funds/Other (1)	28	%	—	%	59	%	59	%
Total	100	%	100	%	100	%	100	%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2020 and 2019 is summarized as follows:

	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2020	(In thousands)
Equity
U.S. Large Cap	$	3,710	$	3,710	$	—	$	—
U.S. Small / Mid Cap	444		—		444		—
International	10,427		4,412		6,015		—
Fixed Income
U.S. Intermediate	14,263		—		14,263		—
U.S. Long Term	51,891		—		51,891		—
U.S. High Yield	296		—		296		—
International	8,448		257		8,191		—
Other Commingled Funds (1)	20,665		—		—		20,665
Cash and Equivalents	28,469		27,826		643		—
Other	3,523		—		3,523		—
	$	142,136	$	36,205	$	85,266	$	20,665

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.

	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2019	(In thousands)
Equity
U.S. Large Cap	$	4,734	$	4,734	$	—	$	—
U.S. Small / Mid Cap	455		—		455		—
International	10,845		5,258		5,587		—
Fixed Income
U.S. Intermediate	640		—		640		—
U.S. Long Term	83,628		—		83,628		—
U.S. High Yield	1,346		—		1,346		—
International	7,516		296		7,220		—
Other Commingled Funds (1)	19,438		—		—		19,438
Cash and Equivalents	1,094		517		577		—
Other	3,021		—		3,021		—
	$	132,717	$	10,805	$	102,474	$	19,438

(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.