IDEX CORP DE
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net income | $504.6 | $595.6 | $586.7 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||
| Gain on sale of businesses – net | (4.0) | (84.7) | (34.8) |
| Asset impairments | 0.1 | 0.8 | 17.4 |
| Credit loss on note receivable from collaborative partner | — | 7.7 | — |
| Depreciation | 68.5 | 57.2 | 50.7 |
| Amortization of intangible assets | 107.1 | 94.9 | 69.0 |
| Share-based compensation expense | 25.8 | 21.8 | 21.6 |
| Deferred income taxes | (19.4) | (14.7) | (18.5) |
| Changes in (net of the effect from acquisitions/divestitures and foreign currency translation): | |||
| Receivables – net | (16.9) | 20.5 | (71.7) |
| Inventories – net | 17.6 | 66.2 | (72.4) |
| Other current assets | (0.1) | (6.5) | (0.5) |
| Trade accounts payable | 8.9 | (25.3) | 17.6 |
| Deferred revenue | (17.9) | 12.7 | (25.0) |
| Accrued expenses | (8.6) | (34.8) | 16.6 |
| Other – net | 2.4 | 5.3 | 0.7 |
| Net cash flows provided by operating activities | 668.1 | 716.7 | 557.4 |
| Cash flows from investing activities | |||
| Capital expenditures | (65.1) | (89.9) | (68.0) |
| Acquisition of businesses, net of cash acquired | (984.5) | (311.8) | (945.6) |
| Proceeds from sale of businesses, net of cash remitted | 45.1 | 118.6 | 49.4 |
| Purchase of marketable securities | — | (29.0) | — |
| Proceeds from sale of marketable securities | 4.5 | 24.8 | 39.7 |
| Other – net | (6.5) | 3.5 | 7.3 |
| Net cash flows used in investing activities | (1,006.5) | (283.8) | (917.2) |
| Cash flows from financing activities | |||
| Borrowings under revolving credit facilities | 279.3 | — | 210.4 |
| Payments under revolving credit facilities | (69.1) | — | (135.0) |
| Proceeds from issuance of long-term borrowings | 496.7 | 100.0 | 200.0 |
| Payment of long-term borrowings | (50.0) | (250.0) | — |
| Debt issuance costs | (1.7) | — | — |
| Cash dividends paid to shareholders | (205.3) | (190.7) | (177.4) |
| Proceeds from share issuances, net of shares withheld for taxes | 16.7 | 21.5 | 14.1 |
| Repurchases of common stock | — | (24.2) | (148.1) |
| Other – net | (0.7) | (1.3) | (1.8) |
| Net cash flows provided by (used in) financing activities | 465.9 | (344.7) | (37.8) |
| Effect of exchange rate changes on cash and cash equivalents | (22.9) | 15.9 | (27.6) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 104.6 | 104.1 | (425.2) |
| Cash and cash equivalents at beginning of year(1) | 534.3 | 430.2 | 855.4 |
| Cash and cash equivalents and restricted cash at end of year(1) | $638.9 | $534.3 | $430.2 |
| Supplemental cash flow information | |||
| Cash paid for: | |||
| Interest | $47.4 | $50.8 | $37.1 |
| Income taxes - net | 171.4 | 199.5 | 175.6 |
(1)Includes $18.1 million of restricted cash at December 31, 2024. The restricted cash has been included in Other current assets in the Consolidated Balance Sheets. There wasno restricted cash as of December 31, 2023, December 31, 2022 or December 31, 2021.
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