10-K 0000832101-26-000003 (2026-02-19) vs 10-K 0000832101-25-000010 (2025-02-20)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 5,263 |
7.1% |
| MD&A | Item 7 | 4,967 |
35.1% |
| Legal Proceedings | Item 3 | 299 |
0.8% |
| Accounting Policies | Item 8, Note 1 – Significant Accounting Policies | 3,210 |
10.7% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Accounting Policies 143 words changed in this paragraph; it is 50% similar to last year's version.
ASC 260, Earnings Per Share (“ASC 260”), concludes that all outstanding 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 both participating and non-participating securities. Dividend rights for restricted stock granted prior to the adoption of awards issued under the IDEX Corporation 2024 Incentive Award Plan (the “2024 Incentive Award Plan”) are subject to the same vesting requirements as the underlying restricted stock awards, and therefore these awards are considered non-participating securities. Dividend rights for restricted stock awards issued prior to the adoption of the 2024 Incentive Award Plan are non-forfeitable and are not subject to the same vesting requirements as the underlying restricted stock awards. As such, these awards have been determined to be participating securities. Accordingly, Diluted EPS attributable to IDEX was computed using the two-class method prescribed by ASC 260. Under the 2024 Incentive Award Plan, dividend rights for restricted stock are subject to the same vesting requirements as the underlying restricted stock awards. Consequently, any restricted stock awarded under the 2024 Incentive Award Plan will not be considered participating securities. method.
Source: Item 8, Note 1 – Significant Accounting Policies, 10-K 0000832101-26-000003 vs Item 8, Note 1 – Significant Accounting Policies, 10-K 0000832101-25-000010
MD&A 130 words changed in this paragraph; it is 44% similar to last year's version.
On September 17, 2025, the Company’s Board of Directors authorized the repurchase of an additional $635.0 million of the Company’s common shares. This approval is in addition to the prior repurchase authorization of the Company’s Board of Directors of $500.0 million on March 17, 2020. In 2025, the Company repurchased 1.4 million shares at a cost of $252.4 million (including estimated excise taxes of $2.4 million, which will be paid in 2026), of which $2.2 million was settled in January 2026. There were no share repurchases in 2024. The Company repurchased 124,600 shares at a cost of $24.2 million in 2023. As of December 31, 2024, 2025, the amount of share repurchase authorization remaining was $539.7 million. During February 2025, the Company repurchased a total of 256,159 shares at a cost of $50.0 million. $924.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases. For additional information regarding the Company’s share repurchase program, refer to Note 11, “Share Repurchases,” in the Notes to Consolidated Financial Statements. Statements and Item 5 “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”
Source: Item 7, 10-K 0000832101-26-000003 vs Item 7, 10-K 0000832101-25-000010
Risk Factors 125 words changed in this paragraph; it is 33% similar to last year's version.
The Company’s total assets includes substantial intangible assets, primarily goodwill and identifiable intangible assets, which primarily result from acquisitions. At December 31, 2024, 2025, goodwill and intangible assets totaled $3,251.7 $3,414.5 million and $1,284.8 million, respectively. Annually, or when certain events occur that require a more current valuation, the Company assesses whether there has been an impairment in the value of goodwill and identifiable intangible assets. If future operating performance at one or more of the Company’s reporting units were to fall significantly below forecasted levels, the Company could be required to reflect, under current applicable accounting rules, a non-cash charge to operating income for an impairment. Any determination requiring the write-off of a significant portion of goodwill or identifiable intangible assets would adversely impact the Company’s results of operations and net worth. See Note 6, “Goodwill and Intangible Assets” in Part II, Item 8, “Financial Statements and Supplementary Data” for further discussion on goodwill and intangible assets.
Source: Item 1A, 10-K 0000832101-26-000003 vs Item 1A, 10-K 0000832101-25-000010
Legal Proceedings 5 words changed in this paragraph; it is 99% similar to last year's version.
In addition, the Company and eight seven of its subsidiaries are presently named as defendants in a number of lawsuits claiming various asbestos-related personal injuries, allegedly as a result of exposure to products manufactured with components that contained asbestos. These components were acquired from third party third-party suppliers and were not manufactured by the Company or any of the defendant subsidiaries. To date, the majority of the Company’s settlements and legal costs, except for costs of coordination, administration, insurance investigation and a portion of defense costs, have been covered in full by insurance, subject to applicable deductibles. However, the Company cannot predict whether and to what extent insurance will be available to continue to cover these settlements and legal costs, or how insurers may respond to claims that are tendered to them. Asbestos-related claims have been filed in jurisdictions throughout the United States and the United Kingdom. Most of the claims resolved to date have been dismissed without payment. The balance of the claims have been settled for various immaterial amounts. Only one case has been tried, resulting in a verdict for the Company’s business unit. No provision has been made in the financial statements of the Company, other than for insurance deductibles in the ordinary course, and the Company does not currently believe the asbestos-related claims will have a material adverse effect on the Company’s business, financial position, results of operations or cash flows.
Source: Item 3, 10-K 0000832101-26-000003 vs Item 3, 10-K 0000832101-25-000010
Every change, by type
Sentences and paragraphs of IEX's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-20.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
In addition, the increasing use and development of AI has increased demand for AI-related projects, including data center power solutions and semiconductor applications. The growth and development of this rapidly-evolving industry is difficult to predict. Changes in demand can affect the timing and amounts of customer investments in our products, which could materially affect the Company and its financial condition and results of operations.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
The Company’s total assets includes substantial intangible assets, primarily goodwill and identifiable intangible assets, which primarily result from acquisitions. At December 31, 2025, goodwill and intangible assets totaled $3,414.5 million and
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Severe weather conditions, conditions or natural disasters, including any that may be caused or exacerbated by global climate change, may cause physical damage to our properties, closure of one or more of our manufacturing or distribution facilities, lack of an adequate work force in a market, temporary disruption in the supply of inventory, disruption in the transport of products and utilities and utilities, delays in the delivery of products to our customers. customers or decreased demand for our products from customers who may be affected by such weather conditions or natural disasters.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Company’s largest end markets include industrial, life sciences, energy, water, fire suppression, water, semiconductor, automotive and aviation, chemical, paint dispensing and food and pharmaceutical, life sciences, automotive, analytical instruments, paint dispensing, chemical, agriculture and rescue tools. beverage.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
In 2024, 50% 2025, 51% of the Company’s sales were derived from domestic operations customers within the U.S. and 50% 49% were derived from international operations. customers outside of the U.S.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The availability of and prices for raw materials, parts and components may be subject to curtailment or change due to, among other things, suppliers’ allocations to other purchasers, interruptions in production by suppliers, including due to geopolitical or civil unrest, unfavorable economic or industry conditions, increased or new tariffs and other trade barriers, labor disruptions, supply chain disruptions, catastrophic weather events, events and natural disasters, including any that may be caused or exacerbated by global climate change, public health concerns, changes in exchange rates and prevailing price levels.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
We are in the initial stages of our phased approach in reviewing AI solutions and capabilities and incorporating artificial intelligence (“AI”) AI into our business activities and our product and service offerings.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Company faces various risks related to the occurrence of catastrophic weather events or significant natural disasters, including earthquakes, wildfires, droughts, fires, power-outages or other catastrophic events, in areas in which we have manufacturing facilities or facilities, from which we obtain products. products or in which our customers operate and conduct business.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The physical risks of climate change are highly uncertain and differ in the geographic regions in which the Company operates. and, in particular, its suppliers and customers operate.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
New climate change laws and regulations could require the Company or its suppliers to change its their respective manufacturing processes or obtain substitute materials that may cost more or be less available for its manufacturing operations.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
In addition to changes in regulations or industry standards, a failure by the Company to innovate and adapt products to new markets, changing customer preferences for higher-efficiency products, or increasing scrutiny related to sustainability activities and greenhouse gas emissions could limit sales growth and negatively impact the Company and its financial condition, results of operations and cash flow.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
These physical risks, including wildfires, rising sea levels, floods and other extreme weather events, events or natural disasters, may impact the availability and cost of materials, sources and supply of energy, product demand and manufacturing and could increase insurance and other operating costs.
Read it in 10-K 2026-02-19 at sec.gov ↗
Quiet changesRisk Factors
For an enterprise as diverse and complex as the Company, a wide range of factors present risks to the Company and could materially and adversely affect future developments and performance.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
•Record reported Net sales of $3,457.5 million increased 6% overall and increased 1% organically*
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
•Returned capital to shareholders in the form of $248 million of share repurchases and $213 million of dividends
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
During 2025, the Company delivered organic sales growth and margin expansion as positive price across all segments more than offset lower volumes in the FMT and FSDP segments. Improved operational results included productivity improvements together with platform optimization savings resulting from restructuring and other cost containment actions taken during 2025. Results were tempered by higher interest expense, the absence of certain tax benefits recognized in 2024 as well as higher amortization on acquisition related intangibles assets. The Company generated strong cash flow and continued to deploy capital, including nearly $250 million of share repurchases during the year.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Looking ahead, the Company plans to continue strengthening its position in targeted advantaged markets by further integrating its capabilities and advancing its 8020 operating framework. These initiatives are designed to support sustained organic growth while enabling disciplined bolt‑on acquisitions. At the same time, the Company remains committed to a balanced capital deployment strategy that includes returning capital to shareholders.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Within the HST segment, the Company anticipates continued growth supported by robust demand across data center, semiconductor, space and defense, and food and beverage and pharmaceutical end markets. By contrast, the industrial and automotive businesses have yet to experience a meaningful recovery in demand. In the FMT segment, the Company expects continued momentum in the Water businesses. However, core industrial markets continue to track flat, and the Company is monitoring softer demand trends across chemical, energy and agricultural applications. For the FSDP segment, near‑term headwinds are expected to persist due to ongoing weakness in Fire & Safety markets outside the United States and subdued
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
capital spending in Dispensing. BAND‑IT is generally performing in line with the Company’s other industrial businesses, trending flat to start the year.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Net sales increased compared to the prior year as a result of contributions from the acquisition of Mott Corporation and its subsidiaries (“Mott”) as well as from organic sales and favorable impacts from foreign currency. Organic sales increased 1% primarily driven by positive price across all segments. Lower volumes in our FMT and FSDP segments were only partly mitigated by higher volumes in our HST segment.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Gross profit and Gross margin were positively impacted by price/cost and operational productivity improvements, and were negatively impacted by volume deleverage and unfavorable mix. Operational productivity improvements include platform optimization savings resulting from restructuring actions and other cost containment actions taken in 2025, which largely offset increases in other employee-related costs. Gross profit was also positively impacted by acquisitions, net of divestitures.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
management layers in select areas. For additional information regarding restructuring expenses and asset impairments, refer to Note 14, “Restructuring Expenses and Asset Impairments,” in the Notes to Consolidated Financial Statements.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Other expense (income) – net in both periods primarily reflects the impact of foreign currency transactions.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
The One Big Beautiful Bill Act (“OBBBA”) was signed into law on July 4, 2025. Key income tax related provisions of the OBBBA impacting the Company include the repeal of mandatory capitalization of research and development expenditures under Internal Revenue Code Section 174, extension of bonus depreciation, and revisions to international tax regimes. The Company has reflected the tax impacts of the OBBBA legislation and estimates an immaterial impact on the Company’s Consolidated Financial Statements. The Company will continue to evaluate the impacts of the OBBBA as more guidance becomes available.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
•Organic sales reflected positive price and favorable volumes driven by higher volumes in the Company’s data center, semiconductor consumables and space and defense businesses as well as 8020-driven commercial initiatives, partially offset by lower volumes in the Company’s semiconductor OEM, industrial and automotive businesses.
Read it in 10-K 2026-02-19 at sec.gov ↗
RemovedMD&A
•Completed acquisition of Mott Corporation and its subsidiaries (“Mott”) on September 5, 2024 for cash consideration of $986.2 million, net of cash acquired, using a combination of $211.9 million of cash on hand and $774.3 million of debt
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•Completed a public offering of $500 million principal amount of 4.950% Senior Notes, due September 2029, as part of the funding for the acquisition of Mott
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
During 2024, the Company delivered solid execution amid uncertain macro conditions and continued to deploy capital focused on growth initiatives, including completing the acquisition of Mott, which is the Company’s largest acquisition to date. Net sales reflects the benefit of acquisitions, net of divestitures, and growth in our FSDP segment, which together mostly offset the impact of lower volumes from continued market softness in our HST segment; FMT segment net sales were flat organically. Despite market choppiness, our businesses achieved strong productivity through both net price capture and operational excellence and delivered reported and adjusted diluted earnings per share of $6.64 and $7.89, respectively. We delivered operating cash flow of $668.1 million, which was 132% of net income, and achieved free cash flow conversion of 101% of adjusted net income.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Moving into 2025, the majority of our end markets are stable. Our businesses are well-positioned to capitalize on secular growth trends that we expect will emerge following this current period of near-term uncertainty surrounding U.S. trade and economic policy and overall high levels of geopolitical tension.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Within HST, we expect growth driven by demand for new disease therapies and nutrition, global communication satellite network expansion, and energy consumption tied to datacenters. We expect modest growth from key end markets in life science fluidics and optical filters while semiconductor will remain delayed until the second half of the year. Separately, our FMT segment expects its largest area of growth to come from its water businesses while core industrial markets are expected to remain stable. Contributions from these spaces are expected to be tempered by pressured demand in energy and agriculture markets, which are experiencing the most exposure to market cyclicality. Finally, we expect FSDP segment growth will continue to be driven by our fire and safety businesses as North America original equipment manufacturers continue to recover and our integrated systems offerings have increased our content per firetruck.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Net sales were relatively flat compared to the prior year, reflecting a 2% increase in acquisitions, net of divestitures, offset by a 2% decrease in organic net sales. The decrease in organic net sales was driven by lower volumes as a result of unfavorable market conditions, primarily in the Health & Science Technologies segment, partially offset by price capture across all segments.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Gross profit and Gross margin were positively impacted by strong price/cost and were negatively impacted by higher employee-related costs and unfavorable mix. Additionally, Gross profit was positively impacted by the net accretive impact of acquisitions and divestitures, which was more than offset by lower volumes.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Other (income) expense – net was $2.6 million of income in 2024 compared to $5.2 million of expense in 2023. The change was primarily due to the absence of a $7.7 million credit loss reserve on an investment with a collaborative partner (see Note 3, “Collaborative Investments,” in the Notes to Consolidated Financial Statements for further detail) in 2023 that did not reoccur in 2024.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•Organic net sales were positively impacted by price capture and targeted growth initiatives, which were offset by lower volumes, driven primarily by softness in agriculture and energy markets. Strength in municipal water markets was muted by softness in the semiconductor capital construction market within our water business.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•Organic net sales were negatively impacted by cyclical market softness in the life sciences and semiconductor markets. This decrease was partially offset by price capture across the segment and targeted growth initiatives within the aerospace/defense market.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•Excluding the net accretive impact of acquisitions and divestitures, Adjusted EBITDA margin decreased primarily due to higher employee-related costs and unfavorable mix, partially offset by price/cost, lower discretionary spending and favorable operational productivity, net of lower volume leverage.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•Organic net sales were positively impacted by strong targeted growth initiatives, continued recovery in fire original equipment manufacturer markets and price capture. These increases were partially offset by unfavorable mix due to the
Read it in 10-K 2025-02-20 at sec.gov ↗
RewordedMD&A
Reconciliations of Reported-to-Adjusted Net Income Attributable to IDEX and Diluted EPS Attributable to IDEX (in millions, except per share amounts) Reported net income attributable to IDEX $ 483.2 $ 505.0 $ 596.1 Fair value inventory step-up charges 0.6 9.6 1.6 Tax impact on fair value inventory step-up charges (0.1) (2.0) (0.4) Restructuring expenses and asset impairments impairments(1) 20.4 9.3 10.9 Tax impact on restructuring expenses and asset impairments (5.1) (2.2) (2.5) Gain on sale of businesses - net — (4.0) (84.7) Tax impact on gain on sale of businesses - net — 22.7 Credit loss — Loss on note receivable from collaborative partner(4) sale of assets 1.1 — 7.7 Tax impact on credit loss on note receivable from collaborative partner sale of assets(2) 0.5 — (1.6) Acquisition-related intangible asset amortization 130.7 107.1 94.9 Tax impact on acquisition-related intangible asset amortization (31.8) (24.3) (21.1) Adjusted net income attributable to IDEX $ 599.5 $ 598.5 $ 623.6 Reported diluted EPS attributable to IDEX $ 6.41 $ 6.64 $ 7.85 Fair value inventory step-up charges 0.01 0.13 0.02 Tax impact on fair value inventory step-up charges — (0.02) — Restructuring expenses and asset impairments impairments(1) 0.27 0.12 0.15 Tax impact on restructuring expenses and asset impairments (0.03) (0.07) (0.03) Gain on sale of businesses - net — (0.05) (1.12) Tax impact on gain on sale of businesses - net — 0.30 Credit loss — Loss on note receivable from collaborative partner(4) sale of assets 0.02 — 0.10 Tax impact on credit loss on note receivable from collaborative partner sale of assets(2) 0.01 — (0.02) Acquisition-related intangible asset amortization 1.72 1.41 1.25 Tax impact on acquisition-related intangible asset amortization (0.42) (0.31) (0.28) Adjusted diluted EPS attributable to IDEX $ 7.95 $ 7.89 $ 8.22 Diluted weighted average shares outstanding 75.3 75.9 75.9
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Reconciliations of Net Income to Adjusted EBITDA (in millions) For the Years Ended December 31, 2025 2024 2023 Reported net income $ 482.5 $ 504.6 $ 595.6 Provision for income taxes 150.1 134.7 164.7 Interest expense – net 64.4 44.5 51.7 Gain on sale of businesses - net — (4.0) (84.7) Depreciation 75.8 68.5 57.2 Amortization 130.7 107.1 94.9 Fair value inventory step-up charges 0.6 9.6 1.6 Restructuring expenses and asset impairments 20.7 9.3 10.9 Credit loss Loss on note receivable from collaborative partner(4) sale of assets 1.1 — 7.7 Adjusted EBITDA $ 925.9 $ 874.3 $ 899.6 Adjusted EBITDA Components HST $ 397.8 $ 346.8 FMT $ 406.8 406.3 $ 416.1 HST 346.8 359.5 FSDP 213.5 214.2 208.6 Corporate and other (92.2) (93.0) (84.6) Total Adjusted EBITDA $ 925.9 $ 874.3 $ 899.6 Net sales $ 3,457.5 $ 3,268.8 $ 3,273.9 Net income margin 14.0 % 15.4 % 18.2 % Adjusted EBITDA margin 26.8 % 26.7 % 27.5 %
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Year Ended December 31, Components of Change (In millions) 2025 2024 2023 Change Organic Acq/Div Acq/Div(1) Foreign Currency Total Domestic sales $ 354.9 693.3 $ 371.9 (5 693.1 — International sales 389.4 346.9 12 530.7 540.1 (2 Net sales $ 744.3 1,224.0 $ 718.8 4 4% 1,233.2 (1 —% —% 4% (2 1% (1 Adjusted EBITDA 214.2 208.6 3 3% 406.8 406.3 — —% —% 3% (1 1% — Adjusted EBITDA margin 28.8 33.2 % 29.0 32.9 % (20) 30 bps (20) 20 bps 10 bps — bps — 30 bps (20) bps
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Net impact from acquisitions/divestitures(1) 10% (2 — 4% 6 (1 6 —% 2 2% 9 —% 5 Impact from foreign currency(2) 1% 1 1 1% — — —% — —% — —% — Impact from the exit of a COVID-19 testing application(3) — — —% — —% (1 —% (1 Change in organic net sales 4% — (1 1% (7 — 4% (2 5% (10 6% (1
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Year Ended December 31, Components of Change (In millions) 2025 2024 2023 Change Organic Acq/Div Foreign Currency Total Domestic sales $ 371.8 $ 354.9 $ 371.9 (5 5 International sales 373.5 389.4 346.9 12 (4 Net sales $ 745.3 $ 744.3 $ 718.8 4 4% — (1 —% 1% —% 4% Adjusted EBITDA 213.5 214.2 208.6 3 3% — (1 —% 1% —% 3% Adjusted EBITDA margin 28.7 % 28.8 % 29.0 % (20) (10) bps (20) (10) bps — bps — bps (20) (10) bps
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Year Ended December 31, (In millions) 2025 2024 2023 Cash flows provided by operating activities $ 680.4 $ 668.1 $ 716.7 Less: capital expenditures 63.6 65.1 89.9 Free cash flow $ 616.8 $ 603.0 $ 626.8 Reported net income attributable to IDEX $ 483.2 $ 505.0 $ 596.1 Adjusted net income attributable to IDEX IDEX* 599.5 598.5 623.6 Operating cash flow as a percent of net income 141 % 132 % 120 % Free cash flow conversion 101 103 % 101 %
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Interest expense - net decreased increased primarily due to higher interest earned on cash balances in 2024, partially offset by incremental interest expense in 2024, including the impact of higher debt outstanding to finance in connection with financing the acquisition of Mott.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, the amount of share repurchase authorization remaining was $539.7 million. $924.7 million, excluding fees, commissions, excise taxes and other expenses related to such common stock repurchases.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Selling, general and administrative expenses increased primarily due to the $31.1 $51.0 million impact from acquisitions, including amortization, net of divestitures, as well as higher employee-related costs and increased discretionary spending and transaction expenses. including amortization.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
For additional information regarding the Company’s share repurchase program, refer to Note 11, “Share Repurchases,” in the Notes to Consolidated Financial Statements. Statements and Item 5 “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Acquisitions, divestitures and foreign Foreign currency translation translation, slightly offset by the impact of acquisitions, increased Operating working capital by $38.0 $20.2 million during 2024. 2025.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The Company follows the guidance prescribed in Accounting Standards Codification (“ASC”) 350, Goodwill and Other Intangible Assets, to test goodwill and indefinite-lived intangible assets for impairment.
Read it in 10-K 2026-02-19 at sec.gov ↗
