Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and a statement of the funded status at December 31 for both years.


	Pension Benefits								Other Benefits
	2022				2021				2022		2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In millions)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	10.6	$	104.3	$	94.0	$	115.7	$	23.6	$	24.2
Service cost	0.1		1.8		0.1		2.0		0.7		0.7
Interest cost	0.2		1.0		0.3		0.7		0.5		0.4
Plan amendments	—		—		—		(0.5)		—		—
Benefits paid	(0.6)		(0.8)		(3.3)		(3.0)		(1.0)		(0.7)
Actuarial gain	(2.0)		(27.8)		(1.9)		(5.3)		(7.3)		(0.8)
Currency translation	—		(6.1)		—		(6.0)		(0.1)		—
Settlements	—		(0.1)		(78.6)		—		—		—
Curtailments	—		—		—		—		—		(0.2)
Acquisition/Divestiture	—		2.7		—		—		—		—
Other	—		0.7		—		0.7		—		—
Obligation at December 31	$	8.3	$	75.7	$	10.6	$	104.3	$	16.4	$	23.6
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	17.0	$	46.1	$	100.0	$	42.2	$	—	$	—
Actual return on plan assets	(2.0)		(10.5)		(0.5)		4.2		—		—
Employer contributions	0.4		2.8		0.4		2.9		1.0		0.7
Benefits paid	(0.6)		(0.8)		(3.3)		(3.0)		(1.0)		(0.7)
Currency translation	—		(2.5)		—		(0.9)		—		—
Settlements	—		(0.1)		(78.6)		—		—		—
Acquisition/Divestiture	—		2.0		—		—		—		—
Other	(10.1)		0.8		(1.0)		0.7		—		—
Fair value of plan assets at December 31	$	4.7	$	37.8	$	17.0	$	46.1	$	—	$	—
Funded status at December 31	$	(3.6)	$	(37.9)	$	6.4	$	(58.2)	$	(16.4)	$	(23.6)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other current assets	$	—	$	—	$	10.2	$	—	$	—	$	—
Other noncurrent assets	—		0.5		—		0.1		—		—
Current liabilities	(0.7)		(1.5)		(0.8)		(1.5)		(1.1)		(1.2)
Other noncurrent liabilities	(2.9)		(36.9)		(3.0)		(56.8)		(15.3)		(22.4)
Net asset (liability) at December 31	$	(3.6)	$	(37.9)	$	6.4	$	(58.2)	$	(16.4)	$	(23.6)

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, 2022 and 2021 were as follows:


	U.S. Plans				Non-U.S. Plans				Other Benefits
	2022		2021		2022		2021		2022		2021
Discount rate	5.17	%	2.52	%	3.75	%	1.25	%	5.21	%	2.70	%
Rate of compensation increase	—	%	—	%	2.44	%	2.31	%	—	%	—	%
Cash balance interest credit rate	—	%	—	%	2.42	%	1.00	%	—	%	—	%

The assumptions used in determining the net periodic cost (benefit) were as follows:


	U.S. Plans						Non-U.S. Plans
	2022		2021		2020		2022		2021		2020
Discount rate	2.52	%	2.14	%	Various*		1.25	%	0.95	%	1.33	%
Expected return on plan assets	2.63	%	2.40	%	4.00	%	2.87	%	2.41	%	3.00	%
Rate of compensation increase	—	%	—	%	—	%	2.31	%	2.32	%	2.29	%

*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.


	Other Benefits
	2022		2021		2020
Discount rate	2.70	%	2.20	%	3.09	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	—	%	—	%	4.00	%

Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheets as of December 31, 2022 and 2021 were as follows:


	Pension Benefits								Other Benefits
	2022				2021				2022		2021
	U.S.		Non-U.S.		U.S.		Non-U.S.
	(In millions)
Prior service cost (credit)	$	0.1	$	(0.5)	$	0.1	$	(0.5)	$	(0.4)	$	(0.5)
Net loss (gain)	1.9		(5.5)		2.1		12.6		(9.9)		(3.0)
Total	$	2.0	$	(6.0)	$	2.2	$	12.1	$	(10.3)	$	(3.5)

The pretax change recognized in Accumulated other comprehensive loss on the Consolidated Balance Sheet in 2022 is as follows:


	Pension Benefits				Other Benefits
	U.S.		Non-U.S.
	(In millions)
Net gain (loss) in current year	$	(0.1)	$	16.0	$	7.3
Prior service cost	—		—		—
Amortization of prior service cost (credit)	0.3		(0.1)		(0.1)
Amortization of net loss (gain)	—		0.8		(0.3)
Exchange rate effect on amounts in other comprehensive income	—		1.4		(0.1)
Total	$	0.2	$	18.1	$	6.8

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

The components of the net periodic cost (benefit) for the plans in 2022, 2021 and 2020 are as follows:


	Pension Benefits
	2022				2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
	(In millions)
Service cost	$	0.1	$	1.8	$	0.1	$	2.0	$	0.1	$	2.2
Interest cost	0.2		1.0		0.3		0.7		1.3		1.1
Expected return on plan assets	(0.2)		(1.3)		(0.9)		(1.0)		(3.8)		(1.2)
Settlement loss recognized	—		—		10.5		—		0.9		(0.4)
Net amortization	0.3		0.6		0.4		2.1		1.2		1.7
Net periodic cost (benefit)	$	0.4	$	2.1	$	10.4	$	3.8	$	(0.3)	$	3.4


	Other Benefits
	2022		2021		2020
	(In millions)
Service cost	$	0.7	$	0.7	$	0.6
Interest cost	0.5		0.4		0.6
Curtailment gain recognized	—		(2.0)		—
Net amortization	(0.5)		(0.6)		(0.5)
Net periodic cost (benefit)	$	0.7	$	(1.5)	$	0.7

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, 2022 and 2021, by asset category, were as follows:


	U.S. Plans				Non-U.S. Plans
	2022		2021		2022		2021
Equity securities	9	%	4	%	13	%	18	%
Fixed income securities	84	%	33	%	19	%	22	%
Cash/Commingled Funds/Other (1)	7	%	63	%	68	%	60	%
Total	100	%	100	%	100	%	100	%

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2022 and 2021 is summarized as follows:


	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2022	(In millions)
Equity
U.S. Large Cap	$	0.2	$	0.2	$	—	$	—
U.S. Small / Mid Cap	2.5		—		2.5		—
International	2.5		0.8		1.7		—
Fixed Income
U.S. Intermediate	1.6		—		1.6		—
U.S. Long Term	3.8		—		3.8		—
U.S. High Yield	0.4		—		0.4		—
International	5.4		0.2		5.2		—
Other Commingled Funds(1)	23.7		—		—		23.7
Cash and Equivalents	1.0		0.4		0.6		—
Other	1.4		—		1.4		—
	$	42.5	$	1.6	$	17.2	$	23.7

(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, 2021	(In millions)
Equity
U.S. Large Cap	$	0.3	$	0.3	$	—	$	—
U.S. Small / Mid Cap	4.6		—		4.6		—
International	4.2		1.0		3.2		—
Fixed Income
U.S. Intermediate	1.9		—		1.9		—
U.S. Long Term	5.4		—		5.4		—
U.S. High Yield	0.7		—		0.7		—
International	7.5		0.3		7.2		—
Other Commingled Funds(1)	23.7		—		—		23.7
Cash and Equivalents	12.1		11.0		1.1		—
Other	2.7		—		2.7		—
	$	63.1	$	12.6	$	26.8	$	23.7

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

Schedule of Expected Benefit Payments

The future estimated benefit payments for the next five years and the five years thereafter are as follows:


Estimated Future Benefits
	(In millions)
2023	$	6.2
2024	6.0
2025	6.0
2026	6.2
2027	6.2
2028 to 2032	30.7
Total Estimated Future Benefit Payments	$	61.3