IDEX CORP DE
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
IEX$236.90+0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $595.6 | $586.7 | $449.3 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||
| Gain on sale of businesses - net | (84.7) | (34.8) | — |
| Asset impairments | 0.8 | 17.4 | 0.8 |
| Credit loss on note receivable from collaborative partner | 7.7 | — | — |
| Depreciation | 57.2 | 50.7 | 46.6 |
| Amortization of intangible assets | 94.9 | 69.0 | 56.4 |
| Share-based compensation expense | 21.8 | 21.6 | 20.4 |
| Deferred income taxes | (14.7) | (18.5) | (6.1) |
| Non-cash interest expense associated with forward starting swaps | — | — | 3.3 |
| Termination of the U.S. pension plan, net of curtailment | — | — | 8.6 |
| Changes in (net of the effect from acquisitions/divestitures and foreign currency translation): | |||
| Receivables - net | 20.5 | (71.7) | (49.4) |
| Inventories - net | 66.2 | (72.4) | (46.1) |
| Other current assets | (6.5) | (0.5) | 9.0 |
| Trade accounts payable | (25.3) | 17.6 | 22.9 |
| Deferred revenue | 12.7 | (25.0) | 19.8 |
| Accrued expenses | (34.8) | 16.6 | 25.8 |
| Other - net | 5.3 | 0.7 | 4.0 |
| Net cash flows provided by operating activities | 716.7 | 557.4 | 565.3 |
| Cash flows from investing activities | |||
| Capital expenditures | (89.9) | (68.0) | (72.7) |
| Acquisition of businesses, net of cash acquired | (311.8) | (945.6) | (577.4) |
| Proceeds from sale of businesses, net of cash remitted | 118.6 | 49.4 | — |
| Purchases of marketable securities | (29.0) | — | (45.2) |
| Proceeds from sale of marketable securities | 24.8 | 39.7 | — |
| Other - net | 3.5 | 7.3 | (2.8) |
| Net cash flows used in investing activities | (283.8) | (917.2) | (698.1) |
| Cash flows from financing activities | |||
| Borrowings under revolving credit facilities | — | 210.4 | — |
| Payments under revolving credit facilities | — | (135.0) | — |
| Proceeds from issuance of long-term borrowings | 100.0 | 200.0 | 499.4 |
| Payment of long-term borrowings | (250.0) | — | (350.1) |
| Payment of make-whole redemption premium | — | — | (6.7) |
| Cash dividends paid to shareholders | (190.7) | (177.4) | (161.1) |
| Proceeds from share issuances, net of shares withheld for taxes | 21.5 | 14.1 | 13.6 |
| Repurchases of common stock | (24.2) | (148.1) | — |
| Other | (1.3) | (1.8) | (4.6) |
| Net cash flows used in financing activities | (344.7) | (37.8) | (9.5) |
| Effect of exchange rate changes on cash and cash equivalents | 15.9 | (27.6) | (28.2) |
| Net increase (decrease) in cash and cash equivalents | 104.1 | (425.2) | (170.5) |
| Cash and cash equivalents at beginning of year | 430.2 | 855.4 | 1,025.9 |
| Cash and cash equivalents at end of year | $534.3 | $430.2 | $855.4 |
| Supplemental cash flow information | |||
| Cash paid for: | |||
| Interest | $50.8 | $37.1 | $36.0 |
| Income taxes - net | 199.5 | 175.6 | 118.2 |
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