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Retirement Benefits
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Benefits Retirement BenefitsThe Company sponsors several qualified and nonqualified defined benefit and defined contribution pension plans as well as other post-retirement plans for its employees. The Company uses a measurement date of December 31 for its defined benefit
pension plans and post-retirement medical plans. The Company employs the measurement date provisions of ASC 715, Compensation-Retirement Benefits, which require the measurement date of plan assets and liabilities to coincide with the sponsor’s year end.

Effective September 30, 2019, the IDEX Corporation Retirement Plan (“Plan”), a U.S. defined benefit plan, was amended to freeze the accrual of retirement benefits for all participants. This action impacted fewer than 60 participants, as the Plan had been closed to new entrants as of December 31, 2004 and frozen as of December 31, 2005 for all but certain older, longer service participants. Subsequent to the freeze, termination of the Plan was approved in November 2019. In addition, the Company recorded a settlement charge of $0.7 million in Other expense - net in the Consolidated Statements of Income for the year ended December 31, 2019.

Participants were notified in February 2020 and the Plan was terminated in May 2020. As a result of the termination, the settlement threshold was reached in early 2020 and the Company recorded a settlement charge of $0.9 million in Other expense - net in the Consolidated Statements of Income for the year ended December 31, 2020. The settlement also triggered the remeasurement of net periodic benefit cost resulting in a reduction of $1.0 million to Other expense - net in the Consolidated Statements of Income for the year ended December 31, 2020 as a result of significant decreases in discount rates and strong asset performance in 2020.

During the year ended December 31, 2021, the Company settled its remaining obligations under the U.S. pension plan through a combination of lump-sum payments to eligible participants who elected them, and through the purchase of annuities from Legal and General, an A rated third-party insurer. The Company recognized a net loss of $9.7 million, which was recorded within Other expense - net. The net loss consisted of $10.7 million related to previously deferred pension related costs, partially offset by $1.0 million related to an increase in plan assets remaining after the settlement. As of December 31, 2021, the Plan had surplus plan assets of approximately $10.2 million, representing cash equivalents held in a trust. These plan assets are included in Other current assets on the Company’s Consolidated Balance Sheets and will be used to fund the Company’s other retirement benefit plans over the next twelve months.
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, 2021 and a statement of the funded status at December 31 for both years.

 Pension BenefitsOther Benefits
 2021202020212020
 U.S.Non-U.S.U.S.Non-U.S.  
 (In millions)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1$94.0 $115.7 $95.9 $102.0 $24.2 $23.3 
Service cost0.1 2.0 0.1 2.2 0.7 0.6 
Interest cost0.3 0.7 1.3 1.1 0.4 0.6 
Plan amendments— (0.5)0.2 — — (2.9)
Benefits paid(3.3)(3.0)(4.0)(2.6)(0.7)(0.7)
Actuarial loss (gain)(1.9)(5.3)6.5 7.3 (0.8)3.2 
Currency translation— (6.0)— 8.9 — 0.1 
Settlements(78.6)— (6.0)(3.8)— — 
Curtailments— — — — (0.2)— 
Other— 0.7 — 0.6 — — 
Obligation at December 31$10.6 $104.3 $94.0 $115.7 $23.6 $24.2 
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1$100.0 $42.2 $93.4 $39.3 $— $— 
Actual return on plan assets(0.5)4.2 16.2 3.6 — — 
Employer contributions0.4 2.9 0.4 2.4 0.7 0.7 
Benefits paid(3.3)(3.0)(4.0)(2.6)(0.7)(0.7)
Currency translation— (0.9)— 2.7 — — 
Settlements(78.6)— (6.0)(3.8)— — 
Acquisition/Divestiture— — — — — — 
Other(1.0)0.7 — 0.6 — — 
Fair value of plan assets at December 31$17.0 $46.1 $100.0 $42.2 $— $— 
Funded status at December 31$6.4 $(58.2)$6.0 $(73.5)$(23.6)$(24.2)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets$10.2 $— $— $— $— $— 
Other noncurrent assets— 0.1 10.7 — — — 
Current liabilities(0.8)(1.5)(0.5)(1.5)(1.2)(1.0)
Other noncurrent liabilities(3.0)(56.8)(4.2)(72.0)(22.4)(23.2)
Net asset (liability) at December 31$6.4 $(58.2)$6.0 $(73.5)$(23.6)$(24.2)

The pension benefits actuarial gain in 2021 was primarily driven by the increase in the discount rates from 2020 to 2021. The U.S. actuarial gain was partially offset by an updated projection scale assumption. The non-U.S. actuarial gain was primarily driven by the increase in the discount rates, asset gains and the updated mortality assumptions in Switzerland.

The other benefits actuarial gain in 2021 was primarily driven by the increase in the discount rates from 2020 to 2021 and gains from updated participant data, partially offset by updated claims and contributions experience.

The accumulated benefit obligation (“ABO”) for all defined benefit pension plans was $110.7 million and $204.4 million at December 31, 2021 and 2020, respectively.
The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2021 and 2020 were as follows:
 U.S. PlansNon-U.S. PlansOther Benefits
 202120202021202020212020
Discount rate2.52 %2.14 %1.25 %0.95 %2.70 %2.20 %
Rate of compensation increase— %— %2.31 %2.32 %— %— %
Cash balance interest credit rate— %4.00 %1.00 %1.00 %— %— %

The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows:
 Pension BenefitsOther Benefits
 2021202020212020
 U.S.Non-U.S.U.S.Non-U.S.  
 (In millions)
Prior service cost (credit)$0.1 $(0.5)$0.2 $(0.1)$(0.5)$(2.9)
Net loss (gain)2.1 12.6 13.4 24.5 (3.0)(2.3)
Total$2.2 $12.1 $13.6 $24.4 $(3.5)$(5.2)

The components of the net periodic (benefit) cost for the plans in 2021, 2020 and 2019 are as follows:
 Pension Benefits
 202120202019
 U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
 (In millions)
Service cost$0.1 $2.0 $0.1 $2.2 $0.6 $1.8 
Interest cost0.3 0.7 1.3 1.1 2.8 1.5 
Expected return on plan assets(0.9)(1.0)(3.8)(1.2)(3.3)(1.0)
Settlement loss recognized10.5 — 0.9 (0.4)0.7 — 
Special termination benefit recognized— — — — 0.3 — 
Net amortization0.4 2.1 1.2 1.7 1.6 1.1 
Net periodic cost (benefit) $10.4 $3.8 $(0.3)$3.4 $2.7 $3.4 
 
 Other Benefits
 202120202019
 (In millions)
Service cost$0.7 $0.6 $0.6 
Interest cost0.4 0.6 0.8 
Curtailment gain recognized(2.0)— — 
Net amortization(0.6)(0.5)(0.6)
Net periodic (benefit) cost$(1.5)$0.7 $0.8 

The Company recognizes the service cost component in both Selling, general and administrative expenses and Cost of sales in the Consolidated Statements of Income depending on the functional area of the underlying employees included in the plans.
The assumptions used in determining the net periodic cost (benefit) were as follows:

 U.S. PlansNon-U.S. Plans
 202120202019202120202019
Discount rate2.14 %Various*
4.11%/2.99%**
0.95 %1.33 %2.07 %
Expected return on plan assets2.40 %4.00 %4.00 %2.41 %3.00 %3.12 %
Rate of compensation increase— %— %4.00 %2.32 %2.29 %2.13 %

*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
 202120202019
Discount rate2.20 %3.09 %4.11 %
Expected return on plan assets— %— %— %
Rate of compensation increase— %4.00 %4.00 %

The pretax change recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheet in 2021 is as follows:
 Pension BenefitsOther
Benefits
 U.S.Non-U.S.
 (In millions)
Net gain (loss) in current year$0.5 $8.5 $1.0 
Prior service cost— 0.5 — 
Amortization of prior service cost (credit)0.1 — (2.4)
Amortization of net loss (gain) 10.8 2.1 (0.3)
Exchange rate effect on amounts in other comprehensive income— 1.5 — 
Total$11.4 $12.6 $(1.7)

The discount rates for the Company’s plans are derived by matching the plan’s cash flows to a yield curve that provides the equivalent yields on zero-coupon bonds for each maturity. The discount rate selected is the rate that produces the same present value of cash flows.

In selecting the expected rate of return on plan assets, the Company considers the historical returns and expected returns on plan assets. The expected returns are evaluated using asset return class, variance and correlation assumptions based on the plan’s target asset allocation and current market conditions.
Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active participants.

Costs of defined contribution plans were $12.8 million, $12.5 million and $12.4 million for 2021, 2020 and 2019, respectively.

The Company, through its subsidiaries, participates in certain multi-employer pension plans covering approximately 212 participants under U.S. collective bargaining agreements. None of these plans are considered individually significant to the Company as contributions to these plans totaled $1.0 million, $1.1 million, and $1.1 million for 2021, 2020 and 2019, respectively.

For measurement purposes, a 5.45% weighted average annual rate of increase in the per capita cost of covered health care benefits was assumed for 2021. The rate was assumed to decrease gradually each year to a rate of 4.45% for 2040, and remain at that level thereafter.
 
Plan Assets

The Company’s pension plan weighted average asset allocations at December 31, 2021 and 2020, by asset category, were as follows:
U.S. PlansNon-U.S. Plans
2021202020212020
Equity securities4 %7 %18 %17 %
Fixed income securities33 %65 %22 %24 %
Cash/Commingled Funds/Other (1)63 %28 %60 %59 %
Total100 %100 %100 %100 %

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2021 and 2020 is summarized as follows:
 Basis of Fair Value Measurement
 Outstanding
Balances		Level 1Level 2Level 3
As of December 31, 2021(In millions)
Equity
U.S. Large Cap$0.3 $0.3 $— $— 
U.S. Small / Mid Cap4.6 — 4.6 — 
International4.2 1.0 3.2 — 
Fixed Income
U.S. Intermediate1.9 — 1.9 — 
U.S. Long Term5.4 — 5.4 — 
U.S. High Yield0.7 — 0.7 — 
International7.5 0.3 7.2 — 
Other Commingled Funds(1)
23.7 — — 23.7 
Cash and Equivalents12.1 11.0 1.1 — 
Other2.7 — 2.7 — 
$63.1 $12.6 $26.8 $23.7 
 
(1)Other commingled funds represent pooled institutional investments in non-U.S. plans.
 Basis of Fair Value Measurement
 Outstanding
Balances		Level 1Level 2Level 3
As of December 31, 2020(In millions)
Equity
U.S. Large Cap$3.7 $3.7 $— $— 
U.S. Small / Mid Cap0.4 — 0.4 — 
International10.4 4.4 6.0 — 
Fixed Income
U.S. Intermediate14.3 — 14.3 — 
U.S. Long Term51.9 — 51.9 — 
U.S. High Yield0.3 — 0.3 — 
International8.4 0.3 8.1 — 
Other Commingled Funds(1)
20.7 — — 20.7 
Cash and Equivalents28.5 27.8 0.7 — 
Other3.5 — 3.5 — 
$142.1 $36.2 $85.2 $20.7 

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

Equities that are valued using quoted prices are valued at the published market prices. Equities in a common collective trust or a registered investment company that are valued using significant other observable inputs are valued at the net asset value (“NAV”) provided by the fund administrator. The NAV is based on the value of the underlying assets owned by the fund minus its liabilities. Fixed income securities that are valued using significant other observable inputs are valued at prices obtained from independent financial service industry-recognized vendors.

Investment Policies and Strategies

The investment objective of the U.S. plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn the highest possible total rate of return consistent with the plan’s tolerance for risk. The general asset allocation guidelines for plan assets are that “equities” will constitute 10% and “fixed income” obligations, including cash, will constitute 90% of the market value of total fund assets. 

The investment objective of the UK plan, consistent with prudent standards for preservation of capital and maintenance of liquidity, is to earn a target return of UK Gilts plus approximately 3.1% per year. The general asset allocation guidelines for plan assets are that “equities” will constitute from 60% to 65% of the market value of total fund assets with a target of 62%, and “fixed income” obligations, including cash, will constitute from 35% to 40% with a target of 38%. The UK plan also has a framework in place such that if the funding position (which is monitored daily) improves to a certain level, the asset allocation will switch out of equities into fixed income assets in order to lower the level of risk of the investments.

The term “equities” includes common stock, while the term “fixed income” includes obligations with contractual payments and a specific maturity date. The Company, through the use of a professional independent advisor, will monitor the asset allocation daily and maintain an asset allocation that closely replicates the designated targets. Diversification of assets is employed to ensure that adverse performance of one security or security class does not have an undue detrimental impact on the portfolio as a whole. Diversification is interpreted to include diversification by type, characteristic and number of investments as well as by investment style of designated investment fund managers. No restrictions are placed on the selection of individual investments by the investment fund managers. The total fund performance and the performance of the investment fund managers is reviewed on a regular basis using an appointed professional independent advisor. As of December 31, 2021, there were no shares of the Company’s stock held in plan assets.

Cash Flows

The Company expects to contribute approximately $4.0 million to its defined benefit plans and $1.2 million to its other postretirement benefit plans in 2022. The Company also expects to contribute approximately $15.1 million to its defined contribution plan and $10.2 million to its 401(k) savings plan in 2022 using both the $10.2 million of surplus plan assets described above and cash on hand.
Estimated Future Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows: 2022 — $6.4 million; 2023 — $6.0 million; 2024 — $6.0 million; 2025 — $6.3 million; 2026 — $6.3 million; 2027 to 2031 — $31.8 million.