IDEX CORP DE
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net income | $381.4 | $487.3 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
| Gain on sale of business | (4.0) | (93.8) |
| Credit loss on note receivable from collaborative partner | — | 7.7 |
| Depreciation | 49.9 | 41.9 |
| Amortization of intangible assets | 75.0 | 70.6 |
| Share-based compensation expense | 20.9 | 18.9 |
| Deferred income taxes | 0.4 | (1.8) |
| Changes in (net of the effect from acquisitions/divestitures and foreign currency translation): | ||
| Receivables – net | (14.5) | 11.6 |
| Inventories – net | (21.6) | 24.5 |
| Other current assets | (4.6) | 0.3 |
| Trade accounts payable | 15.3 | (30.2) |
| Deferred revenue | (4.3) | 5.6 |
| Accrued expenses | (0.5) | (34.0) |
| Other – net | 2.1 | 7.1 |
| Net cash flows provided by operating activities | 495.5 | 515.7 |
| Cash flows from investing activities | ||
| Capital expenditures | (49.6) | (68.3) |
| Acquisition of businesses, net of cash acquired | (984.5) | (110.3) |
| Proceeds from sale of business, net of cash remitted | 45.1 | 110.3 |
| Purchases of marketable securities | — | (24.6) |
| Proceeds from sale of marketable securities | 4.5 | — |
| Other – net | (7.3) | 2.9 |
| Net cash flows used in investing activities | (991.8) | (90.0) |
| Cash flows from financing activities | ||
| Borrowings under revolving credit facilities | 279.3 | — |
| Proceeds from issuance of long-term borrowings | 496.7 | 100.0 |
| Payment of long-term borrowings | (25.0) | (250.0) |
| Debt issuance costs | (1.2) | — |
| Cash dividends paid to shareholders | (153.0) | (142.3) |
| Proceeds from share issuances, net of shares withheld for taxes | 10.5 | 7.7 |
| Repurchases of common stock | — | (1.1) |
| Other – net | (0.6) | (1.0) |
| Net cash flows provided by (used in) financing activities | 606.7 | (286.7) |
| Effect of exchange rate changes on cash and cash equivalents | 6.6 | (6.5) |
| Net increase in cash and cash equivalents and restricted cash | 117.0 | 132.5 |
| Cash and cash equivalents at beginning of year(1) | 534.3 | 430.2 |
| Cash and cash equivalents and restricted cash at end of period(1) | $651.3 | $562.7 |
| Supplemental cash flow information | ||
| Cash paid for: | ||
| Interest | $25.5 | $30.5 |
| Income taxes – net | 120.2 | 147.1 |
(1)Includes $18.1 million of restricted cash at September 30, 2024. The restricted cash has been included in Other current assets in the Condensed Consolidated Balance Sheets. There wasno restricted cash as of September 30, 2023, December 31, 2023 or December 31, 2022.
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