IDEX CORP /DE/IEX
IDEX CORP /DE/ Debt Disclosure
Borrowings
Borrowings at December 31, 2025 and 2024 consisted of the following:
| December 31, 2025 | December 31, 2024 | ||||||||||
3.37% Senior Notes, due June 2025 (the “3.37% Senior Notes”) | $ | — | $ | 100.0 | |||||||
5.13% Senior Notes, due June 2028 (the “5.13% Senior Notes”) | 100.0 | 100.0 | |||||||||
4.950% Senior Notes, due September 2029 (the “4.950% Senior Notes”) | 500.0 | 500.0 | |||||||||
3.00% Senior Notes, due May 2030 (the “3.00% Senior Notes”) | 500.0 | 500.0 | |||||||||
2.625% Senior Notes, due June 2031 (the “2.625% Senior Notes”) | 500.0 | 500.0 | |||||||||
$800.0 million Revolving Facility, due November 2027 (the “Revolving Facility”) | 228.8 | 269.8 | |||||||||
| Other borrowings | 1.0 | 1.5 | |||||||||
| Total borrowings | 1,829.8 | 1,971.3 | |||||||||
| Less: current portion | 0.7 | 100.7 | |||||||||
| Less: unamortized debt issuance costs and discount on debt | 9.0 | 11.1 | |||||||||
| Long-term borrowings | $ | 1,820.1 | $ | 1,859.5 | |||||||
Revolving Facility and Term Facility
On November 1, 2022, the Company entered into an amended and restated credit agreement (as amended and restated, the “Credit Agreement”) along with certain of its subsidiaries, as borrowers (the “Borrowers”), Bank of America, N.A., as administrative agent, swing line lender and an issuer of letters of credit, and other agents party thereto. The Credit Agreement consists of a revolving credit facility in an aggregate principal amount of $800 million and a term credit facility available to the Company in an aggregate principal amount of $200 million (the “Term Facility”), both of which have a final maturity date of November 1, 2027. The maturity date of the Revolving Facility may be extended under certain conditions for an additional one-year term. Up to $100 million of the Revolving Facility is available for the issuance of letters of credit. Additionally, up to $50 million of the Revolving Facility is available to the Company for swing line loans, available on a same-day basis.
Proceeds of the Revolving Facility are available for use by the Borrowers for working capital and other general corporate purposes, including refinancing existing debt of the Company and its subsidiaries and financing of acquisitions. The Company may request increases in the lending commitments under the Credit Agreement, but the aggregate lending commitments pursuant to such increases may not exceed $400 million. The Company has the right, subject to certain conditions set forth in the Credit Agreement, to designate certain foreign subsidiaries of the Company as borrowers under the Credit Agreement. In connection with any such designation, the Company is required to guarantee the obligations of any such subsidiaries under the Credit Agreement. During 2025, the Company drew down an aggregate amount of $252.0 million under the Revolving Facility. A portion of these funds as well as cash on hand were used to repay the 3.37% Senior Notes upon their maturity in June 2025. Additionally, these funds were used to finance the Company’s acquisition of Micro-LAM and to finance share repurchases. The Company repaid $322.9 million under the Revolving Facility during 2025.
Borrowings under the Credit Agreement bear interest, at either an alternate base rate or Term SOFR (or appropriate alternative currency reference rates) plus, in each case, an applicable margin. Such applicable margin is based on the better of the Company’s senior, unsecured, long-term debt rating or the Company’s applicable leverage ratio and can range from 0.00% to 1.275%. Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of Term SOFR loans, on the last day of the applicable interest period selected, or every three months from the effective date of such interest period for interest periods exceeding three months. The weighted-average interest rate for borrowings outstanding under the Revolving Facility was 3.55% and 4.46% for the years ended December 31, 2025 and 2024, respectively. The weighted-average interest rate for borrowings outstanding under the Term Facility was 6.54% for the year ended December 31, 2024. There were no borrowings outstanding under the Term Facility during the year ended December 31, 2025.
The Credit Agreement requires payment to the lenders of a facility fee based upon the amount of the lenders’ commitments under the credit facility from time to time, equal to the applicable interest rate times the actual daily amount of the Revolving Facility. Voluntary prepayments of any loans and voluntary reductions of the unutilized portion of the commitments under the credit facility are permissible without penalty, subject to break funding payments and minimum notice and minimum reduction amount requirements.
The Credit Agreement gives the Company the option to enter into a future environmental, social and governance amendment by which pricing may be adjusted pursuant to the Company’s performance measured against certain key performance indicators agreed by the Company and BofA Securities, Inc., as sustainability coordinator.
At December 31, 2025, there was $228.8 million outstanding under the Revolving Facility and $2.6 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility of approximately $568.6 million. Subsequent to December 31, 2025, the Company had net borrowings on the Revolving Facility of $58.2 million.
Senior Notes
At December 31, 2025, the Company has $1.6 billion in senior notes outstanding at various interest rates detailed in the table above (the “Senior Notes”). Interest is payable semi-annually in arrears during the second and fourth quarters of the year for all the Senior Notes except for the 4.950% Senior Notes, which is payable semi-annually in arrears during the first and third quarters of the year. The Senior Notes are unsecured obligations of the Company and rank pari passu in right of payment with all of the Company’s other unsecured, unsubordinated debt. Subject to the terms of the respective indenture, the Company may redeem all or a portion of the Senior Notes at any time prior to maturity at the redemption prices set forth in each indenture governing the respective Senior Notes. The terms of the Senior Notes also require the Company to make an offer to repurchase the respective notes upon a change of control event at a defined price (both of which are defined within each indenture governing the respective Senior Notes).
Covenants
There are two key financial covenants that the Company is required to maintain in connection with the Credit Agreement and the Senior Notes, excluding the 4.950% Senior Notes, the 3.00% Senior Notes and the 2.625% Senior Notes which have no financial covenants. Those two covenants include a minimum interest coverage ratio of 3.0 to 1 and a maximum leverage ratio of 3.50 to 1, which is the ratio of the Company’s consolidated total debt to its consolidated EBITDA, as defined within the Credit Agreement, both of which are tested quarterly and in the case of the leverage ratio, there is an option to increase the ratio to 4.00 for 12 months in connection with certain acquisitions. While there are no financial covenants relating to the 4.950% Senior Notes, the 3.00% Senior Notes and the 2.625% Senior Notes, they are subject to cross-acceleration provisions.
Total borrowings at December 31, 2025 have scheduled maturities as follows:
| Maturity of Borrowings | |||||
| 2026 | $ | 0.7 | |||
| 2027 | 229.1 | ||||
| 2028 | 100.0 | ||||
| 2029 | 500.0 | ||||
| 2030 | 500.0 | ||||
| Thereafter | 500.0 | ||||
| Total borrowings | $ | 1,829.8 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 19, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.