0001193125-19-281864 | 10-Q | XBRL Viewer

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Revenues - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Revenue, remaining performance obligation	$ 196.6		$ 187.2
Product warranty description	The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary among the Company’s operations, but the majority do not exceed one year.
Revenue Recognised Contract Liabilities	$ 123.6	$ 95.0
Other Noncurrent Liabilities [Member]
Customer advanced payments	$ 8.7		8.9
ASC 606 [Member] \| Total Assets [Member]
Cumulative effect of adoption of ASC 606			7.9
ASC 606 [Member] \| Total Liabilities [Member]
Cumulative effect of adoption of ASC 606			3.7
ASC 606 [Member] \| Retained Earnings [Member]
Cumulative effect of adoption of ASC 606			$ 4.2

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 1,276,633	$ 1,192,962	$ 3,853,736	$ 3,574,544
Cost of sales	823,262	782,994	2,512,722	2,351,042
Selling, general and administrative	152,315	144,702	461,289	429,982
Total operating expenses	975,577	927,696	2,974,011	2,781,024
Operating income	301,056	265,266	879,725	793,520
Interest expense	(21,308)	(19,391)	(65,436)	(61,861)
Other expense, net	(5,517)	(945)	(12,521)	(2,684)
Income before income taxes	274,231	244,930	801,768	728,975
Provision for income taxes	53,482	53,717	161,248	162,562
Net income	$ 220,749	$ 191,213	$ 640,520	$ 566,413
Basic earnings per share	$ 0.97	$ 0.83	$ 2.82	$ 2.45
Diluted earnings per share	$ 0.96	$ 0.82	$ 2.79	$ 2.43
Weighted average common shares outstanding:
Basic shares	228,041	231,502	227,493	231,227
Diluted shares	229,560	233,250	229,191	233,171
Dividends declared and paid per share	$ 0.14	$ 0.14	$ 0.42	$ 0.42

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Foreign Currency Items and Other [Member]	Defined Benefit Pension Plans [Member]	Unrealized Holding Gain (Loss) on Available-for-Sale securities [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Treasury Stock [Member]
Balance at the beginning of the year at Dec. 31, 2017		$ 2,631	$ 660,894	$ 5,002,419	$ (251,909)	$ (177,371)	$ 104		$ (1,209,135)
Shares issued		9
Issuance of common stock under employee stock plans			16,900						6,678
Share-based compensation expense			20,100
Net income	$ 566,413			566,413
Cash dividends paid				(97,027)
Other				2,265
Translation adjustments					(48,303)
Change in long-term intercompany notes					(11,009)
Net investment hedge instruments gain (loss), net of tax of ($9,736) and ($1,649) for the quarter ended September 30, 2019 and 2018 and ($11,086) and ($8,274) for the nine months ended September 30, 2019 and 2018, respectively					25,689
Amortization of net actuarial loss (gain) and other, net of tax of ($873) and ($719) for the quarter ended September 30, 2019 and 2018, and ($2,620) and ($2,157) for the nine months ended September 30, 2019 and 2018, respectively						6,699
Decrease during the year, net of tax							$ (104)
Purchase of treasury stock									(4,034)
Balance at the end of the year at Sep. 30, 2018	4,511,909	2,640	697,894	5,474,070	(285,532)	(170,672)		$ (456,204)	(1,206,491)
Balance at the beginning of the year at Jun. 30, 2018		2,637	680,863	5,315,232	(281,175)	(172,905)			(1,206,556)
Shares issued		3
Issuance of common stock under employee stock plans			9,886						93
Share-based compensation expense			7,145
Net income	191,213			191,213
Cash dividends paid				(32,374)
Other				(1)
Translation adjustments					(7,771)
Change in long-term intercompany notes					(1,707)
Net investment hedge instruments gain (loss), net of tax of ($9,736) and ($1,649) for the quarter ended September 30, 2019 and 2018 and ($11,086) and ($8,274) for the nine months ended September 30, 2019 and 2018, respectively					5,121
Amortization of net actuarial loss (gain) and other, net of tax of ($873) and ($719) for the quarter ended September 30, 2019 and 2018, and ($2,620) and ($2,157) for the nine months ended September 30, 2019 and 2018, respectively						2,233
Purchase of treasury stock									(28)
Balance at the end of the year at Sep. 30, 2018	4,511,909	2,640	697,894	5,474,070	(285,532)	(170,672)		(456,204)	(1,206,491)
Balance at the beginning of the year at Dec. 31, 2018	4,241,922	2,640	706,743	5,653,811	(302,138)	(248,950)			(1,570,184)
Shares issued		17
Issuance of common stock under employee stock plans			56,933						7,062
Share-based compensation expense			29,004
Net income	640,520			640,520
Cash dividends paid				(95,498)
Other				3
Translation adjustments					(38,368)
Change in long-term intercompany notes					(12,312)
Net investment hedge instruments gain (loss), net of tax of ($9,736) and ($1,649) for the quarter ended September 30, 2019 and 2018 and ($11,086) and ($8,274) for the nine months ended September 30, 2019 and 2018, respectively					34,424
Amortization of net actuarial loss (gain) and other, net of tax of ($873) and ($719) for the quarter ended September 30, 2019 and 2018, and ($2,620) and ($2,157) for the nine months ended September 30, 2019 and 2018, respectively						8,871
Purchase of treasury stock									(6,613)
Balance at the end of the year at Sep. 30, 2019	4,865,965	2,657	792,680	6,198,836	(318,394)	(240,079)		(558,473)	(1,569,735)
Balance at the beginning of the year at Jun. 30, 2019		2,654	759,775	6,009,968	(292,790)	(243,036)			(1,569,790)
Shares issued		3
Issuance of common stock under employee stock plans			19,347						346
Share-based compensation expense			13,558
Net income	220,749			220,749
Cash dividends paid				(31,883)
Other				2
Translation adjustments					(44,543)
Change in long-term intercompany notes					(11,292)
Net investment hedge instruments gain (loss), net of tax of ($9,736) and ($1,649) for the quarter ended September 30, 2019 and 2018 and ($11,086) and ($8,274) for the nine months ended September 30, 2019 and 2018, respectively					30,231
Amortization of net actuarial loss (gain) and other, net of tax of ($873) and ($719) for the quarter ended September 30, 2019 and 2018, and ($2,620) and ($2,157) for the nine months ended September 30, 2019 and 2018, respectively						2,957
Purchase of treasury stock									(291)
Balance at the end of the year at Sep. 30, 2019	$ 4,865,965	$ 2,657	$ 792,680	$ 6,198,836	$ (318,394)	$ (240,079)		$ (558,473)	$ (1,569,735)

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired		$ 122,149	$ 376,248
2019 Consolidated Acquisition [Member]
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired		122,100
Total other intangible assets acquired		63,700
Finite-lived intangible assets acquired		53,700
Future amortization expense, year one		3,000
Future amortization expense, year two		3,000
Future amortization expense, year three		3,000
Future amortization expense, year four		3,000
Future amortization expense, year five		3,000
2019 Consolidated Acquisition [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Indefinite-lived intangible trade names acquired		10,000
2019 Consolidated Acquisition [Member] \| Customer Relationship [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 43,700
Amortization period for finite-lived intangible asset		18 years
2019 Consolidated Acquisition [Member] \| Purchased Technology [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 10,000
Amortization period for finite-lived intangible asset		18 years
Gatan from Roper Technologies Inc [Member] \| Subsequent Event [Member]
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired	$ 925,000
Business combination, annual sales	$ 180,000

Basis of Presentation

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

1.	Basis of Presentation

The accompanying consolidated financial statements are unaudited. AMETEK, Inc. (the “Company”) believes that all adjustments (which primarily consist of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company at September 30, 2019, the consolidated results of its operations for the three and nine months ended September 30, 2019 and 2018 and its cash flows for the nine months ended September 30, 2019 and 2018 have been included. Quarterly results of operations are not necessarily indicative of results for the full year. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes presented in the Company’s Annual Report on Form

10-K

for the year ended December 31, 2018 as filed with the U.S. Securities and Exchange Commission.

As discussed below in Note 2, effective January 1, 2019, the Company adopted the requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No.

2016-02

(Topic 842),

Leases

(“ASU

2016-02”)

using the effective date transition method. Amounts and disclosures set forth in this Form

10-Q

reflect this change.

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) $ in Thousands	Sep. 30, 2019 USD ($)
Leases [Abstract]
Right of use assets, net	$ 174,438
Lease liabilities included in Accrued liabilities and other	40,822
Lease liabilities included in Other long-term liabilities	139,595
Total lease liabilities	$ 180,417

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

The Company determines if an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset. The Company has lease agreements which include lease and

non-lease

components, which the Company has elected to account for as a single lease component for all classes of underlying assets. Lease expense for variable lease components are recognized when the obligation is probable.

Operating leases are included in ROU assets, accrued liabilities and other, and other long-term liabilities on our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease payments are recognized as lease expense on a straight-line basis over the lease term. The Company has no material finance leases. The Company primarily leases buildings (real estate) and automobiles which are classified as operating leases. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As an implicit interest rate is not readily determinable in our leases, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The lease term for all of the Company’s leases includes the

non-cancellable

period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Options for lease renewals have

been excluded from the lease term (and lease liability) for the majority of the Company’s leases as the reasonably certain threshold is not met. In a small number of the Company’s leases, the options for renewals have been included in the lease term as the reasonably certain threshold is met due to the Company having significant economic incentive for extending the lease.

Lease payments included in the measurement of the lease liability are comprised of fixed payments, variable payments that depend on an index or rate and amounts probable to be payable under the exercise of the Company option to purchase the underlying asset if reasonably certain.

Variable lease payments not dependent on a rate or index associated with the Company’s leases are recognized when the events, activities, or circumstances in the lease agreement on which those payments are assessed are probable. Variable lease payments are presented as operating expense in the Company’s income statement in the same line item as expense arising from fixed lease payments.

The Company has commitments under operating leases for certain facilities, vehicles and equipment used in its operations. Our leases have initial lease terms ranging from one month to 14 years. Certain lease agreements contain provisions for future rent increases.

The components of lease expense were as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
	(In thousands)		(In thousands)
Operating lease cost	$	10,500	$	29,209
Variable lease cost		543		3,073

Total lease cost	$	11,043	$	32,282

Supplemental balance sheet information related to leases was as follows:


	September 30, 2019
	(In thousands)
Right of use assets, net	$	174,438

Lease liabilities included in Accrued liabilities and other		40,822
Lease liabilities included in Other long-term liabilities		139,595

Total lease liabilities	$	180,417

Supplemental cash flow information and other information related to leases was as follows:


	Nine Months Ended
	September 30, 2019
	(In thousands)
Cash used in operations for operating leases	$	32,521
Right-of-use assets obtained in exchange for new operating liabilities	$	12,952
Weighted-average remaining lease terms - operating leases (years)		5.93
Weighted-average discount rate - operating leases		3.81	%

Maturities of lease liabilities as of September 30, 2019 were as follows:


Lease Liability Maturity Analysis	Operating Leases
Lease Liability Maturity Analysis	(In thousands)
Remaining 2019	$	12,293
2020		45,232
2021		37,712
2022		30,214
2023		24,335
Thereafter		52,890

Total lease payments		202,676
Less: imputed interest		22,259

	$	180,417

The Company does not have any leases that have not yet commenced which are significant.

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined benefit plans:
Service cost	$ 1,678	$ 1,766	$ 5,093	$ 5,373
Interest cost	6,677	6,311	20,179	19,214
Expected return on plan assets	(13,061)	(14,734)	(39,272)	(44,581)
Amortization of net actuarial loss and other	3,902	2,952	11,838	8,856
Pension expense (income)	(804)	(3,705)	(2,162)	(11,138)
Other plans:
Defined contribution plans	7,614	6,877	24,876	22,220
Foreign plans and other	3,816	1,505	6,921	4,688
Total other plans	11,430	8,382	31,797	26,908
Total net pension expense	$ 10,626	$ 4,677	$ 29,635	$ 15,770

Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Business Acquisition [Line Items]

Goodwill

$ 3,668,445

$ 3,612,033

Total cash paid

122,149

$ 376,248

2019 Consolidated Acquisition [Member]

Business Acquisition [Line Items]

Property, plant and equipment

1,000

Goodwill

47,000

Other intangible assets

63,700

Net working capital and other

^[1]

10,400

Total cash paid

$ 122,100

[1]	Includes $7.4 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Number of Weighted Average Shares

The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands)
Weighted average shares:
Basic shares		228,041		231,502		227,493		231,227
Equity-based compensation plans		1,519		1,748		1,698		1,944

Diluted shares		229,560		233,250		229,191		233,171

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Recorded Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,432,451)	$ (2,378,809)
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,612,882)	$ (2,368,676)

Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) Site	Dec. 31, 2018 USD ($)
Site Contingency [Line Items]
Number of non-owned sites Company is named Potentially Responsible Party \| Site	13
Number of non-owned sites the Company is identified as a de minimis party \| Site	12
Total environmental reserves	$ 28.5	$ 27.8
Increase (decrease) in environmental reserves	5.3
Total expenses related to environmental matters	4.3
Foreign currency translation	0.3
HCC Industries [Member]
Site Contingency [Line Items]
Reserves related to an owned site acquired	9.1	$ 9.6
Receivables related to HCC for probable recoveries from third-party funds	12.4
Amount for which the Company is indemnified by HCC's former owners	$ 19.0

Revenues (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of outstanding contract asset and (liability) accounts

The outstanding contract asset and liability accounts were as follows:


	2019			2018
	(In thousands)
Contract assets - January 1	$	58,266		$	32,658
Contract assets – September 30		78,010			60,037

Change in contract assets – increase		19,744			27,379

Contract liabilities – January 1		146,162			117,058
Contract liabilities – September 30		152,897			145,247

Change in contract liabilities – increase		(6,735	)		(28,189	)

Net change	$	13,009		$	(810	)

Schedule of revenue from external customers by geographic areas

Information about the Company’s operations in different geographic areas is shown below. Net sales were attributed to geographic areas based on the location of the customer.


	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	421,629	$	252,343	$	673,972	$	1,250,564	$	764,001	$	2,014,565

International (1):
United Kingdom		19,538		34,319		53,857		47,885		100,657		148,542
European Union countries		99,180		98,357		197,537		302,800		308,138		610,938
Asia		190,419		46,347		236,766		569,553		142,035		711,588
Other foreign countries		84,786		29,715		114,501		271,908		96,195		368,103

Total international		393,923		208,738		602,661		1,192,146		647,025		1,839,171

Consolidated net sales	$	815,552	$	461,081	$	1,276,633	$	2,442,710	$	1,411,026	$	3,853,736

(1)	Includes U.S. export sales of $317.6 million and $965.1 million for the three months ended and the nine months ended, respectively.

Information about the Company’s operations in different geographic areas is shown below. Net sales were attributed to geographic areas based on the location of the customer.


	Three Months Ended						Nine Months Ended
	September 30, 2018						September 30, 2018
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	358,335	$	237,831	$	596,166	$	1,044,971	$	710,630	$	1,755,601

International (1):
United Kingdom		17,646		33,364		51,010		46,974		101,913		148,887
European Union countries		93,248		97,595		190,843		281,328		303,994		585,322
Asia		193,986		51,136		245,122		576,640		157,634		734,274
Other foreign countries		78,826		30,995		109,821		253,012		97,448		350,460

Total international		383,706		213,090		596,796		1,157,954		660,989		1,818,943

Consolidated net sales	$	742,041	$	450,921	$	1,192,962	$	2,202,925	$	1,371,619	$	3,574,544

(1)	Includes U.S. export sales of $308.4 million and $944.0 million for the three months ended and the nine months ended, respectively.

Schedule of revenue from external customers by products and services

The Company’s major products and services in the reportable segments were as follows:


	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	586,430	$	—	$	586,430	$	1,747,708	$	—	$	1,747,708
Aerospace and Power		229,122		123,228		352,350		695,002		362,498		1,057,500
Automation and engineered solutions		—		337,853		337,853		—		1,048,528		1,048,528

Consolidated net sales	$	815,552	$	461,081	$	1,276,633	$	2,442,710	$	1,411,026	$	3,853,736


	Three Months Ended						Nine Months Ended
	September 30, 2018						September 30, 2018
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	514,513	$	—	$	514,513	$	1,530,004	$	—	$	1,530,004
Aerospace and Power		227,528		112,578		340,106		672,921		334,638		1,007,559
Automation and engineered solutions		—		338,343		338,343		—		1,036,981		1,036,981

Consolidated net sales	$	742,041	$	450,921	$	1,192,962	$	2,202,925	$	1,371,619	$	3,574,544

Schedule of disaggregation of revenue

The Company’s timing of revenue recognition was as follows:


	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	652,950	$	416,280	$	1,069,230	$	1,984,938	$	1,286,060	$	3,270,998
Products and services transferred over time		162,602		44,801		207,403		457,772		124,966		582,738

Consolidated net sales	$	815,552	$	461,081	$	1,276,633	$	2,442,710	$	1,411,026	$	3,853,736


	Three Months Ended						Nine Months Ended
	September 30, 2018						September 30, 2018
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	620,221	$	414,666	$	1,034,887	$	1,848,828	$	1,281,378	$	3,130,206
Products and services transferred over time		121,820		36,255		158,075		354,097		90,241		444,338

Consolidated net sales	$	742,041	$	450,921	$	1,192,962	$	2,202,925	$	1,371,619	$	3,574,544

Schedule of product warranty liability

Changes in the accrued product warranty obligation were as follows:


	Nine Months Ended
	September 30,
	2019			2018
	(In thousands)
Balance at the beginning of the period	$	23,482		$	22,872
Accruals for warranties issued during the period		14,342			8,166
Settlements made during the period		(13,335	)		(9,477	)
Warranty accruals related to acquired businesses and other during the period		617			1,261

Balance at the end of the period	$	25,106		$	22,822

Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Cash Paid For Amounts Included In Measurement Of Lease Liabilities [Abstract]
Cash used in operations for operating leases	$ 32,521
Right-of-use assets obtained in exchange for new operating liabilities	$ 12,952
Weighted-average remaining lease terms—operating leases (years)	5 years 11 months 4 days
Weighted-average discount rate—operating leases	3.81%

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 3,612,033
Goodwill acquired	47,000
Purchase price allocation adjustments and other	34,600
Foreign currency translation adjustments	(25,200)
Goodwill, ending balance	3,668,445
Electronic Instruments Group [Member]
Goodwill [Line Items]
Goodwill, beginning balance	2,452,000
Goodwill acquired	0
Purchase price allocation adjustments and other	34,900
Foreign currency translation adjustments	(11,500)
Goodwill, ending balance	2,475,400
Electromechanical Group [Member]
Goodwill [Line Items]
Goodwill, beginning balance	1,160,000
Goodwill acquired	47,000
Purchase price allocation adjustments and other	(300)
Foreign currency translation adjustments	(13,700)
Goodwill, ending balance	$ 1,193,000

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Contingency [Line Items]
Gross unrecognized tax benefits	$ 104.8		$ 104.8		$ 119.3
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 63.1		$ 63.1
Effective tax rate	19.50%	21.90%	20.10%	22.30%
Unrecognized tax benefits, resulting from lapse of applicable statute of limitations				$ 21.9

Inventories, net - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods and parts	$ 101,242	$ 107,289
Work in process	122,532	117,899
Raw materials and purchased parts	399,901	399,556
Total inventories, net	$ 623,675	$ 624,744

Share-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning balance, Outstanding, Shares \| shares	5,629
Granted, Shares \| shares	826
Exercised, Shares \| shares	(1,389)
Forfeited, Shares \| shares	(188)
Ending balance, Outstanding, Shares \| shares	4,878
Ending balance, Exercisable, Shares \| shares	2,781
Beginning balance, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 53.46
Granted, Weighted Average Exercise Price \| $ / shares	85.43
Exercised, Weighted Average Exercise Price \| $ / shares	42.95
Forfeited, Weighted Average Exercise Price \| $ / shares	66.81
Ending balance, Outstanding, Weighted Average Exercise Price \| $ / shares	61.35
Ending balance, Exercisable, Weighted Average Exercise Price \| $ / shares	$ 53.75
Ending balance, Outstanding, Weighted Average Remaining Contractual Life (Years)	5 years 1 month 6 days
Ending balance, Exercisable, Weighted Average Remaining Contractual Life (Years)	3 years 4 months 24 days
Ending balance, Outstanding, Aggregate Intrinsic Value \| $	$ 148.7
Ending balance, Exercisable, Aggregate Intrinsic Value \| $	$ 105.9

Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

11.	Income Taxes

At September 30, 2019, the Company had gross unrecognized tax benefits of $104.8 million, of which $63.1 million, if recognized, would impact the effective tax rate.

The following is a reconciliation of the liability for uncertain tax positions (in millions):


Balance at December 31, 2018	$	119.3
Additions for tax positions		13.3
Reductions for tax positions		(27.8	)

Balance at September 30, 2019	$	104.8

The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. The amounts recognized in income tax expense for interest and penalties during the three and nine months ended September 30, 2019 and 2018 were not significant.

The effective tax rate for the three months ended September 30, 2019 was 19.5%, compared with 21.9% for the three months ended September 30, 2018. The effective tax rate for the nine months ended September 30, 2019 was 20.1%, compared with 22.3% for the nine months ended September 30, 2018. Both comparative quarters effective tax rates include the impact of the 2017 U.S. Tax Cuts and Jobs Act (the “Act”) including the reduction of the U.S. corporate income tax rate and the current impact of the global intangible

low-taxed

income (“GILTI”) and the foreign-derived intangible income (“FDII”) provisions. The lower rates for 2019 reflects higher year over year tax benefits related to share-based payment transactions as well as the release of uncertain tax position liabilities primarily relating to statute expirations for U.S. Federal and State jurisdictions totaling $21.9 million.

Leases- Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 10,500	$ 29,209
Variable lease cost	543	3,073
Total lease cost	$ 11,043	$ 32,282

Hedging Activities

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Activities

6.	Hedging Activities

The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of September 30, 2019, these net investment hedges included

British-pound-and

Euro-denominated long-term debt. These borrowings were designed to create net investment hedges in each of the designated foreign subsidiaries. The Company designated the British-pound- and Euro-denominated loans referred to above as hedging instruments to offset translation gains or losses on the net investment due to changes in the British pound and Euro exchange rates. These net investment hedges are evidenced by management’s contemporaneous documentation supporting the hedge designation. Any gain or loss on the hedging instruments (the debt) following hedge designation is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the hedged investment based on changes in the spot rate, which is used to measure hedge effectiveness.

At September 30, 2019, the Company had $375.2 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At September 30, 2019, the Company had $627.1 million in Euro-denominated loans, which were designated as a hedge against the net investment in Euro functional currency foreign subsidiaries. As a result of the British-pound- and Euro-denominated loans designated and 100% effective as net investment hedges, $45.5 million of

pre-tax

currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income for the nine months ended September 30, 2019.

Retirement and Pension Plans

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Retirement Plans and Other Postretirement Benefits

14.	Retirement and Pension Plans

The components of net periodic pension benefit expense (income) were as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	(In thousands)
Defined benefit plans:
Service cost	$	1,678		$	1,766		$	5,093		$	5,373
Interest cost		6,677			6,311			20,179			19,214
Expected return on plan assets		(13,061	)		(14,734	)		(39,272	)		(44,581	)
Amortization of net actuarial loss and other		3,902			2,952			11,838			8,856

Pension expense (income)		(804	)		(3,705	)		(2,162	)		(11,138	)

Other plans:
Defined contribution plans		7,614			6,877			24,876			22,220
Foreign plans and other		3,816			1,505			6,921			4,688

Total other plans		11,430			8,382			31,797			26,908

Total net pension expense	$	10,626		$	4,677		$	29,635		$	15,770

Net periodic benefit cost, other than the service cost component, is included in “Other expense, net” in the consolidated statement of income.

For the nine months ended September 30, 2019 and 2018, contributions to the Company’s defined benefit pension plans were $2.5 million and $2.2 million, respectively. The Company’s current estimate of 2019 contributions to its worldwide defined benefit pension plans is in line with the range disclosed in the Company’s Annual Report on Form

10-K

for the year ended December 31, 2018.

Inventories, net

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories, net

7.	Inventories, net


	September 30,		December 31,
	2019		2018
	(In thousands)
Finished goods and parts	$	101,242	$	107,289
Work in process		122,532		117,899
Raw materials and purchased parts		399,901		399,556

Total inventories, net	$	623,675	$	624,744

Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Parenthetical) (Detail) $ in Millions	Sep. 30, 2019 USD ($)
2019 Consolidated Acquisition [Member]
Business Acquisition [Line Items]
Accounts receivable included in purchase price	$ 7.4

Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 1,276,633	$ 1,192,962	$ 3,853,736	$ 3,574,544
Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,069,230	1,034,887	3,270,998	3,130,206
Products and Services Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	207,403	158,075	582,738	444,338
Electronic Instruments Group [Member]
Disaggregation of Revenue [Line Items]
Net sales	815,552	742,041	2,442,710	2,202,925
Electronic Instruments Group [Member] \| Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	652,950	620,221	1,984,938	1,848,828
Electronic Instruments Group [Member] \| Products and Services Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	162,602	121,820	457,772	354,097
Electromechanical Group [Member]
Disaggregation of Revenue [Line Items]
Net sales	461,081	450,921	1,411,026	1,371,619
Electromechanical Group [Member] \| Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	416,280	414,666	1,286,060	1,281,378
Electromechanical Group [Member] \| Products and Services Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 44,801	$ 36,255	$ 124,966	$ 90,241

Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Contract with Customer, Asset and Liability [Abstract]
Contract assets	$ 78,010	$ 60,037	$ 58,266	$ 32,658
Change in contract assets – increase	19,744	27,379
Contract liabilities	152,897	145,247	$ 146,162	$ 117,058
Change in contract liabilities – increase	(6,735)	(28,189)
Net Change	$ 13,009	$ (810)

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic shares	228,041	231,502	227,493	231,227
Equity-based compensation plans	1,519	1,748	1,698	1,944
Diluted shares	229,560	233,250	229,191	233,171

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2019	Oct. 29, 2019
Cover [Abstract]
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001037868
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-12981
Entity Registrant Name	AMETEK INC/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1682544
Entity Address, Address Line One	1100 Cassatt Road
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19312-1177
City Area Code	610
Local Phone Number	647-2121
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	AME
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		228,592,872

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Total Share-Based Compensation Expense

Total share-based compensation expense was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands)
Stock option expense	$	3,214	$	2,924	$	9,594	$	8,467
Restricted stock expense		3,995		3,738		11,112		10,586
PRSU expense		6,349		483		8,298		1,047

Total pre-tax expense	$	13,558	$	7,145	$	29,004	$	20,100

Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted

The fair value of each stock option grant is estimated on the grant date using a

Black-Scholes-Merton

option pricing model. The following weighted average assumptions were used in the

Black-Scholes-Merton

model to estimate the fair values of stock options granted during the periods indicated:


	Nine Months Ended			Year Ended
	September 30, 2019			December 31, 2018
Expected volatility		19.1	%		17.3	%
Expected term (years)		5.0			5.0
Risk-free interest rate		2.25	%		2.81	%
Expected dividend yield		0.66	%		0.76	%
Black-Scholes-Merton fair value per stock option granted	$	16.85		$	14.12

Summary of Stock Option Activity and Related Information

The following is a summary of the Company’s stock option activity and related information:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)					(Years)		(In millions)
Outstanding at December 31, 2018		5,629		$	53.46
Granted		826			85.43
Exercised		(1,389	)		42.95
Forfeited		(188	)		66.81

Outstanding at September 30, 2019		4,878		$	61.35		5.1	$	148.7

Exercisable at September 30, 2019		2,781		$	53.75		3.4	$	105.9

Summary of Nonvested Restricted Stock Activity and Related Information

The following is a summary of the Company’s nonvested restricted stock activity and related information:


	Shares			Weighted Average Grant Date Fair Value
	(In thousands)
Nonvested restricted stock outstanding at December 31, 2018		891		$	58.98
Granted		202			85.28
Vested		(285	)		57.67
Forfeited		(74	)		64.08

Nonvested restricted stock outstanding at September 30, 2019		734		$	66.22

Share-Based Compensation

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

13.	Share-Based Compensation

Under the terms of the Company’s stockholder-approved share-based plans, performance restricted stock units (“PRSUs”), incentive and

non-qualified

stock options and restricted stock have been, and may be, issued to the Company’s officers, management-level employees and members of its Board of Directors. Stock options granted prior to 2018 generally vest at a rate of

one-fourth

on each of the first four anniversaries of the grant date and have a maximum contractual term of seven years. Beginning in 2018, stock options granted generally vest at a rate of

one-third

on each of the first three anniversaries of the grant date and have a maximum contractual term of ten years. Restricted stock granted to employees prior to 2018 generally vests

four years

after the grant date (cliff vesting) and is subject to accelerated vesting due to certain events, including doubling of the grant price of the Company’s common stock as of the close of business during any five consecutive trading days. Beginning in 2018, restricted stock granted to employees generally vests

one-third

on each of the first three anniversaries of the grant date

Restricted stock granted to non-employee directors generally vests

two years

In March 2019, the Company granted PRSUs to officers and certain key management-level employees an aggregate target award of approximately 102,000 shares of its common stock. The

PRSUs vest over a period up to three years from the grant date based on continuous service, with the number of shares

earned

(

0% to 200% of the target award) depending upon the extent to which the Company achieves certain financial and market performance targets measured over the period from January 1, 2019 through December 31, 2021. Half of the PRSUs were valued in a manner similar to restricted stock as the financial targets are based on the Company’s operating results, which represents a performance condition. The grant date fair value of these PRSUs are recognized as compensation expense over the vesting period based on the probable number of awards to vest at each reporting date. The other half of the PRSUs were valued using a Monte Carlo model as the performance target is related to the Company’s total shareholder return compared to a group of peer companies, which represents a market condition. The Company recognizes the grant date fair value of these awards as compensation expense ratably over the vesting period.

Total share-based compensation expense was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands)
Stock option expense	$	3,214	$	2,924	$	9,594	$	8,467
Restricted stock expense		3,995		3,738		11,112		10,586
PRSU expense		6,349		483		8,298		1,047

Total pre-tax expense	$	13,558	$	7,145	$	29,004	$	20,100

Pre-tax

share-based compensation expense is included in the consolidated statement of income in either Cost of sales or Selling, general and administrative expenses, depending on where the recipient’s cash compensation is reported.

The fair value of each stock option grant is estimated on the grant date using a

Black-Scholes-Merton

option pricing model. The following weighted average assumptions were used in the

Black-Scholes-Merton

model to estimate the fair values of stock options granted during the periods indicated:


	Nine Months Ended			Year Ended
	September 30, 2019			December 31, 2018
Expected volatility		19.1	%		17.3	%
Expected term (years)		5.0			5.0
Risk-free interest rate		2.25	%		2.81	%
Expected dividend yield		0.66	%		0.76	%
Black-Scholes-Merton fair value per stock option granted	$	16.85		$	14.12

Expected volatility is based on the historical volatility of the Company’s stock over the stock options’ expected term. The Company used historical exercise data to estimate the stock options’ expected term, which represents the period of time that the stock options granted are expected to be outstanding. Management anticipates that the future stock option holding periods will be similar to the historical stock option holding periods. The risk-free interest rate for periods within the expected term of the stock option is based on the U.S. Treasury yield curve at the time of grant. The expected dividend yield is calculated by dividing the Company’s annual dividend, based on the most recent quarterly dividend rate, by the Company’s closing common stock price on the grant date. Compensation expense recognized for all share-based awards is net of estimated forfeitures. The Company’s estimated forfeiture rates are based on its historical experience.

The following is a summary of the Company’s stock option activity and related information:


	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
	(In thousands)					(Years)		(In millions)
Outstanding at December 31, 2018		5,629		$	53.46
Granted		826			85.43
Exercised		(1,389	)		42.95
Forfeited		(188	)		66.81

Outstanding at September 30, 2019		4,878		$	61.35		5.1	$	148.7

Exercisable at September 30, 2019		2,781		$	53.75		3.4	$	105.9

The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2019 was $59.7 million. The total fair value of stock options vested during the nine months ended September 30, 2019 was $11.7 million. As of September 30, 2019, there was approximately $22.3 million of expected future

pre-tax

compensation expense related to the 2.1 million nonvested stock options outstanding, which is expected to be recognized over a weighted average period of approximately

two years

The fair value of restricted shares under the Company’s restricted stock arrangement is determined by the product of the number of shares granted and the Company’s closing common stock price on the grant date. Upon the grant of restricted stock, the fair value of the restricted shares (unearned compensation) at the grant date is charged as a reduction of capital in excess of par value in the Company’s consolidated balance sheet and is amortized to expense on a straight-line basis over the vesting period, which is the same as the calculated derived service period as determined on the grant date.

The following is a summary of the Company’s nonvested restricted stock activity and related information:


	Shares			Weighted Average Grant Date Fair Value
	(In thousands)
Nonvested restricted stock outstanding at December 31, 2018		891		$	58.98
Granted		202			85.28
Vested		(285	)		57.67
Forfeited		(74	)		64.08

Nonvested restricted stock outstanding at September 30, 2019		734		$	66.22

The total fair value of restricted stock vested during the nine months ended September 30, 2019 was $16.5 million. As of September 30, 2019, there was approximately $29.4 million of expected future

pre-tax

compensation expense related to the 0.7 million nonvested restricted shares outstanding, which is expected to be recognized over a weighted average period of approximately

two years

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 198,102	$ 189,089	$ 633,135	$ 539,385

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net income	$ 640,520	$ 566,413
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	169,935	145,907
Deferred income taxes	13,397	(5,574)
Share-based compensation expense	29,004	20,100
Gain on sale of facilities	(4,529)
Net change in assets and liabilities, net of acquisitions	(82,604)	(89,877)
Pension contributions	(2,505)	(2,194)
Other, net	8,996	(5,420)
Total operating activities	772,214	629,355
Investing activities:
Additions to property, plant and equipment	(61,525)	(47,488)
Purchases of businesses, net of cash acquired	(122,149)	(376,248)
Proceeds from sale of facilities	8,263	717
Other, net	2,059	(1,234)
Total investing activities	(173,352)	(424,253)
Financing activities:
Net change in short-term borrowings	(258,211)	921
Proceeds from long-term borrowings	100,000
Repayments of long-term borrowings		(240,000)
Repurchases of common stock	(6,613)	(4,034)
Cash dividends paid	(95,498)	(97,027)
Proceeds from stock option exercises	59,645	28,661
Other, net	(7,249)	(5,749)
Total financing activities	(207,926)	(317,228)
Effect of exchange rate changes on cash and cash equivalents	(9,535)	(15,453)
Increase (decrease) in cash and cash equivalents	381,401	(127,579)
Cash and cash equivalents:
Beginning of period	353,975	646,300
End of period	$ 735,376	$ 518,721

Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 1,276,633	$ 1,192,962	$ 3,853,736	$ 3,574,544
Process And Analytical Instrumentation [Member]
Disaggregation of Revenue [Line Items]
Net sales	586,430	514,513	1,747,708	1,530,004
Aerospace and Power [Member]
Disaggregation of Revenue [Line Items]
Net sales	352,350	340,106	1,057,500	1,007,559
Automation and engineered solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	337,853	338,343	1,048,528	1,036,981
Electronic Instruments Group [Member]
Disaggregation of Revenue [Line Items]
Net sales	815,552	742,041	2,442,710	2,202,925
Electronic Instruments Group [Member] \| Process And Analytical Instrumentation [Member]
Disaggregation of Revenue [Line Items]
Net sales	586,430	514,513	1,747,708	1,530,004
Electronic Instruments Group [Member] \| Aerospace and Power [Member]
Disaggregation of Revenue [Line Items]
Net sales	229,122	227,528	695,002	672,921
Electromechanical Group [Member]
Disaggregation of Revenue [Line Items]
Net sales	461,081	450,921	1,411,026	1,371,619
Electromechanical Group [Member] \| Aerospace and Power [Member]
Disaggregation of Revenue [Line Items]
Net sales	123,228	112,578	362,498	334,638
Electromechanical Group [Member] \| Automation and engineered solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 337,853	$ 338,343	$ 1,048,528	$ 1,036,981

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Assets Measured on Recurring Basis

The following table provides the Company’s assets that are measured at fair value on a recurring basis, consistent with the fair value hierarchy, at September 30, 2019 and December 31, 2018:


	September 30, 2019		December 31, 2018
	Fair Value		Fair Value
	(In thousands)
Fixed-income investments	$	8,108	$	7,655

Fair Value Disclosures of Financial Instrument Liabilities

The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at September 30, 2019 and December 31, 2018:


	September 30, 2019						December 31, 2018
	Recorded Amount			Fair Value			Recorded Amount			Fair Value
	(In thousands)
Long-term debt, net (including current portion)	$	(2,432,451	)	$	(2,612,882	)	$	(2,378,809	)	$	(2,368,676	)

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets, net	$ 174,438
Operating lease liability	$ 180,417
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets, net		$ 192,400
Operating lease liability		$ 198,600

Goodwill

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

10.

Goodwill

The changes in the carrying amounts of goodwill by segment were as follows:


	EIG			EMG			Total
	(In millions)
Balance at December 31, 2018	$	2,452.0		$	1,160.0		$	3,612.0
Goodwill acquired		—			47.0			47.0
Purchase price allocation adjustments and other		34.9			(0.3	)		34.6
Foreign currency translation adjustments		(11.5	)		(13.7	)		(25.2	)

Balance at September 30, 2019	$	2,475.4		$	1,193.0		$	3,668.4

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories


	September 30,		December 31,
	2019		2018
	(In thousands)
Finished goods and parts	$	101,242	$	107,289
Work in process		122,532		117,899
Raw materials and purchased parts		399,901		399,556

Total inventories, net	$	623,675	$	624,744

Acquisitions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisitions

9.	Acquisitions

The Company spent $122.1 million in cash, net of cash acquired, to acquire Pacific Design Technologies, Inc. (“PDT”) in September 2019. PDT designs and manufactures a complete range of custom-engineered, liquid cooling systems and components used in a broad set of current and next-generation commercial aerospace, defense and space platforms. PDT was privately held and is headquartered in Goleta, California. PDT is part of EMG.

The following table represents the preliminary allocation of the purchase price for the net assets of the PDT acquisition based on the estimated fair values at acquisition (in millions):


Property, plant and equipment	$	1.0
Goodwill		47.0
Other intangible assets		63.7
Net working capital and other (1)		10.4

Total cash paid	$	122.1

(1)	Includes $7.4 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

The amount allocated to goodwill is reflective of the benefits the Company expects to realize from the 2019 acquisition as follows: PDT’s products and solutions enhance the Company’s position and broaden the Company’s differentiated product offerings in the aerospace and defense sectors.

At September 30, 2019, the purchase price allocated to other intangible assets of $63.7 million consists of $10.0 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $53.7 million of other intangible assets consists of $43.7 million of customer relationships, which are being amortized over a period of 18 years, and $10.0 million of purchased technology, which is being amortized over a period of 18 years. Amortization expense for each of the next five years for the 2019 acquisition is expected to approximate $3 million per year.

The Company is in the process of finalizing the measurement of certain tangible and intangible assets and liabilities for its 2019 acquisition including inventory, property, plant and equipment, goodwill, trade names, customer relationships and purchased technology and the accounting for income taxes.

The Company finalized the measurement of its goodwill and other intangible assets related to its fourth quarter of 2018 acquisitions, which had no material impact to the consolidated statement of income. The

Company is in the process of finalizing the accounting for income taxes for its fourth quarter of 2018 acquisitions of Telular and Spectro Scientific.

The 2019 acquisition had an immaterial impact on reported net sales, net income and diluted earnings per share for the three and nine months ended September 30, 2019. Had the acquisition been made at the beginning of 2019 or 2018, unaudited pro forma net sales, net income and diluted earnings per share for the three and nine months ended September 30, 2019 and 2018, respectively, would not have been materially different than the amounts reported.

Acquisition subsequent to September 30, 2019

In October 2019, the Company acquired Gatan from Roper Technologies, Inc. for approximately $925 million in cash. Gatan has annual sales of approximately $180 million. Gatan is a leading manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes. Gatan will join EIG.

Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Contingencies

15.	Contingencies

Asbestos Litigation

The Company (including its subsidiaries) has been named as a defendant in a number of asbestos-related lawsuits. Certain of these lawsuits relate to a business which was acquired by the Company and do not involve products which were manufactured or sold by the Company. In connection with these lawsuits, the seller of such business has agreed to indemnify the Company against these claims (the “Indemnified Claims”). The Indemnified Claims have been tendered to, and are being defended by, such seller. The seller has met its obligations, in all respects, and the Company does not have any reason to believe such party would fail to fulfill its obligations in the future. To date, no judgments have been rendered against the Company as a result of any asbestos-related lawsuit. The Company believes that it has good and valid defenses to each of these claims and intends to defend them vigorously.

Environmental Matters

Certain historic processes in the manufacture of products have resulted in environmentally hazardous waste

by-products

as defined by federal and state laws and regulations. At September 30, 2019, the Company is named a Potentially Responsible Party (“PRP”) at 13

non-AMETEK-owned

former waste disposal or treatment sites (the

“non-owned”

sites). The Company is identified as a “de minimis” party in 12 of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. In eight of these sites, the Company has reached a tentative agreement on the cost of the de minimis settlement to satisfy its obligation and is awaiting executed agreements. The tentatively

agreed-to

settlement amounts are fully reserved. In the other four sites, the Company is continuing to investigate the accuracy of the alleged volume attributed to the Company as estimated by the parties primarily responsible for remedial activity at the sites to establish an appropriate settlement amount. At the remaining site where the Company is a

non-de

minimis PRP, the Company is participating in the investigation and/or related required remediation as part of a PRP Group and reserves have been established to satisfy the Company’s expected obligations. The Company historically has resolved these issues within established reserve levels and reasonably expects this result will continue. In addition to these

non-owned

sites, the Company has an ongoing practice of providing reserves for probable remediation activities at certain of its current or previously owned manufacturing locations (the “owned” sites). For claims and proceedings against the Company with respect to other environmental matters, reserves are established once the Company has determined that a loss is probable and estimable. This estimate is refined as the Company moves through the various stages of investigation, risk assessment, feasibility study and corrective action processes. In certain instances, the Company has developed a range of estimates for such costs and has recorded a liability based on the best estimate. It is reasonably possible that the actual cost of remediation of the individual sites could vary from the current estimates and the amounts accrued in the consolidated financial statements; however, the amounts of such variances are not expected to result in a material change to the consolidated financial statements. In estimating the Company’s liability for remediation, the Company also considers the likely proportionate share of the anticipated remediation expense and the ability of the other PRPs to fulfill their obligations.

Total environmental reserves at September 30, 2019 and December 31, 2018 were $28.5 million and $27.8 million, respectively, for both

non-owned

and owned sites. For the nine months ended September 30, 2019, the Company recorded $5.3 million in reserves. Additionally, the Company spent $4.3 million on environmental matters and the reserve decreased $0.3 million due to foreign currency translation for the nine months ended September 30, 2019. The Company’s reserves for environmental liabilities at September 30, 2019 and December 31, 2018 included reserves of $9.1 million and $9.6 million, respectively, for an owned site acquired in connection with the 2005 acquisition of HCC Industries (“HCC”). The Company is the designated performing party for the performance of remedial activities for one of several operating units making up a Superfund site in the San Gabriel Valley of California. The Company has obtained indemnifications and other financial assurances from the former owners of HCC related to the costs of the required remedial activities. At September 30, 2019, the Company had $12.4 million in receivables related to HCC for probable recoveries from third-party escrow funds and other committed third-party funds to support the required remediation. Also, the Company is indemnified by HCC’s former owners for approximately $19 million of additional costs.

The Company has agreements with other former owners of certain of its acquired businesses, as well as new owners of previously owned businesses. Under certain of the agreements, the former or new owners retained, or assumed and agreed to indemnify the Company against, certain environmental and other liabilities under certain circumstances. The Company and some of these other parties also carry insurance coverage for some environmental matters. To date, these parties have met their obligations in all material respects.

The Company believes it has established reserves for the environmental matters described above, which are sufficient to perform all known responsibilities under existing claims and consent orders. The Company has no reason to believe that other third parties would fail to perform their obligations in the future. In the opinion of management, based on presently available information and the Company’s historical experience related to such matters, an adequate provision for probable costs has been made and the ultimate cost resulting from these actions is not expected to materially affect the consolidated results of operations, financial position or cash flows of the Company.

The Company has been remediating groundwater contamination for several contaminants, including trichloroethylene (“TCE”), at a formerly owned site in El Cajon, California. Several lawsuits have been filed against the Company alleging damages resulting from the groundwater contamination, including property damages and personal injury, and seeking compensatory and punitive damages. The Company believes that it has good and valid defenses to each of these claims and intends to defend them vigorously. The Company believes it has established reserves for these lawsuits that are sufficient to satisfy its expected exposure. The Company does not expect the outcome of these matters, either individually or in the aggregate, to materially affect the consolidated results of operations, financial position or cash flows of the Company.

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 735,376	$ 353,975
Receivables, net	761,961	732,839
Inventories, net	623,675	624,744
Other current assets	151,172	124,586
Total current assets	2,272,184	1,836,144
Property, plant and equipment, net	537,157	554,130
Right of use assets, net	174,438
Goodwill	3,668,445	3,612,033
Other intangibles, net	2,310,152	2,403,771
Investments and other assets	257,333	256,210
Total assets	9,219,709	8,662,288
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	199,533	358,876
Accounts payable	381,945	399,571
Customer advanced payments	144,181	137,229
Income taxes payable	41,904	48,597
Accrued liabilities and other	342,956	314,431
Total current liabilities	1,110,519	1,258,704
Long-term debt, net	2,229,252	2,273,837
Deferred income taxes	549,178	528,336
Other long-term liabilities	464,795	359,489
Total liabilities	4,353,744	4,420,366
Stockholders' equity:
Common stock	2,657	2,640
Capital in excess of par value	792,680	706,743
Retained earnings	6,198,836	5,653,811
Accumulated other comprehensive loss	(558,473)	(551,088)
Treasury stock	(1,569,735)	(1,570,184)
Total stockholders' equity	4,865,965	4,241,922
Total liabilities and stockholders' equity	$ 9,219,709	$ 8,662,288

Debt - Additional Information (Detail) - Senior Notes [Member] € in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 21, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 EUR (€)
Debt Instrument [Line Items]
Aggregate principal amount of senior notes		$ 575.0			€ 75
proceeds from funding	$ 100.0	$ 475.0	€ 75	$ 85.1
rate of interest		3.93%			3.93%

Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

12.

Debt

In December 2018, the Company completed a private placement agreement to sell $575 million and 75 million Euros in senior notes to a group of institutional investors (the “2018 Private Placement”). There were two funding dates under the 2018 Private Placement. The first funding occurred in December 2018 for $475 million and 75 million Euros ($85.1 million). The second funding occurred in January 2019 for $100 million. The 2018 Private Placement senior notes carry a weighted average interest rate of 3.93% and are subject to certain customary covenants, including financial covenants that, among other things, require the Company to maintain certain

debt-to-EBITDA

(earnings before interest, income taxes, depreciation and amortization) and interest coverage ratios. The proceeds from the 2018 Private Placement were used to pay down domestic borrowings under the Company’s revolving credit facility.

Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option expense	$ 3,214	$ 2,924	$ 9,594	$ 8,467
Restricted stock expense	3,995	3,738	11,112	10,586
PRSU expense	6,349	483	8,298	1,047
Total pre-tax expense	$ 13,558	$ 7,145	$ 29,004	$ 20,100

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Allocation of Aggregate Purchase Price of Acquired Net Assets

The following table represents the preliminary allocation of the purchase price for the net assets of the PDT acquisition based on the estimated fair values at acquisition (in millions):


Property, plant and equipment	$	1.0
Goodwill		47.0
Other intangible assets		63.7
Net working capital and other (1)		10.4

Total cash paid	$	122.1

(1)	Includes $7.4 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2019

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

2.	Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No.

2016-02

Leases (ASC 842). In July 2018, the FASB issued ASU No.

2018-10,

“Codification Improvements to Topic 842, Leases” (ASU

2018-10),

which provides narrow amendments to clarify how to apply certain aspects of the new lease standard, and ASU No.

2018-11,

“Leases (Topic 842)—Targeted Improvements” (ASU

2018-11),

which addressed implementation issues related to the new lease standard. These and certain other lease-related ASUs have generally been codified in ASC 842. ASC 842 supersedes the lease accounting requirements in Accounting Standards Codification Topic 840, Leases (ASC 840). ASC 842 establishes a

right-of-use

model that requires a lessee to record a

right-of-use

(“ROU”) asset and a lease liability on the balance sheet for all leases. Under ASC 842, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The standard also requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. The Company adopted ASC 842 on January 1, 2019 using the effective date transition method. Prior period results continue to be presented under ASC 840 based on the accounting standards originally in effect for such periods.

The Company has elected certain practical expedients permitted under the transition guidance within ASC 842 to leases that commenced before January 1, 2019, including the package of practical expedients. The election of the package of practical expedients resulted in the Company not reassessing prior conclusions under ASC 840 related to lease identification, lease classification and initial direct costs for expired and existing leases prior to January 1, 2019. The Company did not elect the practical expedient to not record short-term leases on its consolidated balance sheet. The adoption of ASU

2016-02

did not have a significant impact on the Company’s consolidated results of operations or cash flows. Upon adoption, the Company recognized a ROU asset and lease liability of $192.4 million and $198.6 million, respectively. See Note 8.

In February 2018, the FASB issued ASU No.

2018-02,

Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

(“ASU

2018-02”).

ASU

2018-02

addresses a specific consequence of the Tax Act by allowing an election to reclassify from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Act’s reduction of the U.S federal corporate income tax rate. ASU

2018-02

is effective for all entities for annual reporting periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal income tax rate in the Tax Act is recognized. The Company adopted ASU

2018-02

on January 1, 2019, and upon adoption, the Company did not elect to reclassify the stranded income tax effects of the Tax Act from accumulated other comprehensive income to retained earnings.

In August 2018, the FASB issued ASU No.

2018-13,

Fair Value Measurement

(“ASU

2018-13”),

which changes the fair value measurement disclosure requirements of ASC Topic 820,

Fair Value Measurement

(“ASC 820”), by eliminating, modifying and adding to those requirements. ASU

2018-13

also modifies the disclosure objective paragraphs of ASC 820 to

eliminate (1) “at a minimum” from the phrase “an entity shall disclose at a minimum” and (2) other similar “open ended” disclosure requirements to promote the appropriate exercise of discretion by entities. ASU

2018-13

is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. The Company has not determined the impact ASU

2018-13

may have on the Company’s consolidated financial statement disclosures.

In August 2018, the FASB issued ASU No.

2018-14,

Compensation – Retirement Benefits – Defined Benefit Plans – General

(“ASU

2018-14”),

which changes the disclosure requirements of ASC Topic 715,

Compensation – Retirement Benefits

, by eliminating, modifying and adding to certain of those requirements. ASU

2018-14

is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted and the amendments in this ASU should be applied on a retrospective basis to all periods presented. The Company has not determined the impact ASU

2018-14

may have on the Company’s consolidated financial statement disclosures.

In August 2018, the FASB issued ASU No.

2018-15,

Intangibles – Goodwill and Other –Internal-Use Software

(“ASU

2018-15”),

that requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customer in a software licensing arrangement under the

internal-use

software guidance in ASC Topic 350,

Intangibles – Goodwill and Other

. ASU

2018-15

requires a customer to disclose the nature of its hosting arrangements that are service contracts and provide disclosures as if the deferred implementation costs were a separate, major depreciable asset class. ASU

2018-15

is effective for interim and annual periods beginning after December 15, 2019. Early adoption is permitted. The Company has not determined the impact ASU

2018-15

may have on the Company’s consolidated results of operations, financial position, cash flows and financial statement disclosures.

Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

4.	Earnings Per Share

The calculation of basic earnings per share is based on the weighted average number of common shares considered outstanding during the periods. The calculation of diluted earnings per share reflects the effect of all potentially dilutive securities (principally outstanding stock options and restricted stock grants). Securities that are anti-dilutive have been excluded and are not significant. The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands)
Weighted average shares:
Basic shares		228,041		231,502		227,493		231,227
Equity-based compensation plans		1,519		1,748		1,698		1,944

Diluted shares		229,560		233,250		229,191		233,171

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 59.7
Total fair value of stock options vested		11.7
Expected future pre-tax compensation expense, nonvested stock options		$ 22.3
Weighted average period to recognize expected future pre-tax compensation expense (in years)		2 years
Nonvested restricted stock outstanding		700,000
Stock Options Granted Prior Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term of stock options		7 years
Beginning in 2018 Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term of stock options		10 years
Restricted Stock Granted Prior Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period		4 years
Non Employee Directors Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period		2 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of stock options vested		$ 16.5
Expected future pre-tax compensation expense, nonvested stock options		$ 29.4
Nonvested stock options outstanding		734,000	891,000
Weighted average period to recognize expected future pre-tax compensation expense (in years)		2 years
Vesting period		Restricted stock granted to employees prior to 2018 generally vests four years after the grant date (cliff vesting) and is subject to accelerated vesting due to certain events, including doubling of the grant price of the Company’s common stock as of the close of business during any five consecutive trading days.
Awards granted, shares		202,000
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		Restricted stock granted to non-employee directors generally vests two years after the grant date (cliff vesting) and is subject to accelerated vesting due to certain events, including doubling of the grant price of the Company’s common stock as of the close of business during any five consecutive trading days.
Performance Restricted Stock Units [Member] \| Officers And Key Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted, shares	102,000
Non vested Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding		2,100,000
Maximum [Member] \| Performance Restricted Stock Units [Member] \| Officers And Key Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	200.00%
Minimum [Member] \| Performance Restricted Stock Units [Member] \| Officers And Key Management Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	0.00%

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract [Member] - Designated as Hedging Instrument [Member] $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasuresment gains (losses)	$ 45.5
British-Pound-Denominated Loans [Member]
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	375.2
Euro Loan [Member]
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 627.1

Goodwill (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amounts of Goodwill by Segment

The changes in the carrying amounts of goodwill by segment were as follows:


	EIG			EMG			Total
	(In millions)
Balance at December 31, 2018	$	2,452.0		$	1,160.0		$	3,612.0
Goodwill acquired		—			47.0			47.0
Purchase price allocation adjustments and other		34.9			(0.3	)		34.6
Foreign currency translation adjustments		(11.5	)		(13.7	)		(25.2	)

Balance at September 30, 2019	$	2,475.4		$	1,193.0		$	3,668.4

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Income Tax Disclosure [Abstract]
Balance at the beginning of the year	$ 119.3
Additions for tax positions	13.3
Reductions for tax positions	(27.8)
Balance at the end of the year	$ 104.8

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
	(In thousands)		(In thousands)
Operating lease cost	$	10,500	$	29,209
Variable lease cost		543		3,073

Total lease cost	$	11,043	$	32,282

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	September 30, 2019
	(In thousands)
Right of use assets, net	$	174,438

Lease liabilities included in Accrued liabilities and other		40,822
Lease liabilities included in Other long-term liabilities		139,595

Total lease liabilities	$	180,417

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information and other information related to leases was as follows:


	Nine Months Ended
	September 30, 2019
	(In thousands)
Cash used in operations for operating leases	$	32,521
Right-of-use assets obtained in exchange for new operating liabilities	$	12,952
Weighted-average remaining lease terms - operating leases (years)		5.93
Weighted-average discount rate - operating leases		3.81	%

Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2019 were as follows:


Lease Liability Maturity Analysis	Operating Leases
Lease Liability Maturity Analysis	(In thousands)
Remaining 2019	$	12,293
2020		45,232
2021		37,712
2022		30,214
2023		24,335
Thereafter		52,890

Total lease payments		202,676
Less: imputed interest		22,259

	$	180,417

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Preferred stock, par value	$ 0.01		$ 0.01
Common stock, par value	$ 0.01		$ 0.01
Tax benefit (expense) from investment hedge instruments	$ 9,736	$ 1,649	$ 11,086	$ 8,274
Tax related to amortization of net actuarial loss (gain)	$ 873	$ 719	$ 2,620	$ 2,157

Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Balance at the beginning of the period	$ 23,482	$ 22,872
Accruals for warranties issued during the period	14,342	8,166
Settlements made during the period	(13,335)	(9,477)
Warranty accruals related to acquired businesses and other during the period	617	1,261
Balance at the end of the period	$ 25,106	$ 22,822

Retirement and Pension Plans (Tables)

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Components of Net Periodic Pension Benefit Expense (Income)

The components of net periodic pension benefit expense (income) were as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	(In thousands)
Defined benefit plans:
Service cost	$	1,678		$	1,766		$	5,093		$	5,373
Interest cost		6,677			6,311			20,179			19,214
Expected return on plan assets		(13,061	)		(14,734	)		(39,272	)		(44,581	)
Amortization of net actuarial loss and other		3,902			2,952			11,838			8,856

Pension expense (income)		(804	)		(3,705	)		(2,162	)		(11,138	)

Other plans:
Defined contribution plans		7,614			6,877			24,876			22,220
Foreign plans and other		3,816			1,505			6,921			4,688

Total other plans		11,430			8,382			31,797			26,908

Total net pension expense	$	10,626		$	4,677		$	29,635		$	15,770

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed-income investments	$ 8,108	$ 7,655

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension plan contributions	$ 2.5	$ 2.2

Revenues - Information about Operations in Different Geographic Areas (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Segment Reporting Information [Line Items]

Net sales

$ 1,276,633

$ 1,192,962

$ 3,853,736

$ 3,574,544

United States [Member]

Segment Reporting Information [Line Items]

Net sales

673,972

596,166

2,014,565

1,755,601

United Kingdom [Member]

Segment Reporting Information [Line Items]

Net sales

53,857

^[1]

51,010

^[2]

148,542

^[1]

148,887

^[2]

European Union countries [Member]

Segment Reporting Information [Line Items]

Net sales

197,537

^[1]

190,843

^[2]

610,938

^[1]

585,322

^[2]

Asia [Member]

Segment Reporting Information [Line Items]

Net sales

236,766

^[1]

245,122

^[2]

711,588

^[1]

734,274

^[2]

Other foreign countries [Member]

Segment Reporting Information [Line Items]

Net sales

114,501

^[1]

109,821

^[2]

368,103

^[1]

350,460

^[2]

International [Member]

Segment Reporting Information [Line Items]

Net sales

602,661

^[1]

596,796

^[2]

1,839,171

^[1]

1,818,943

^[2]

Electronic Instruments Group [Member]

Segment Reporting Information [Line Items]

Net sales

815,552

742,041

2,442,710

2,202,925

Electronic Instruments Group [Member] | United States [Member]

Segment Reporting Information [Line Items]

Net sales

421,629

358,335

1,250,564

1,044,971

Electronic Instruments Group [Member] | United Kingdom [Member]

Segment Reporting Information [Line Items]

Net sales

19,538

^[1]

17,646

^[2]

47,885

^[1]

46,974

^[2]

Electronic Instruments Group [Member] | European Union countries [Member]

Segment Reporting Information [Line Items]

Net sales

99,180

^[1]

93,248

^[2]

302,800

^[1]

281,328

^[2]

Electronic Instruments Group [Member] | Asia [Member]

Segment Reporting Information [Line Items]

Net sales

190,419

^[1]

193,986

^[2]

569,553

^[1]

576,640

^[2]

Electronic Instruments Group [Member] | Other foreign countries [Member]

Segment Reporting Information [Line Items]

Net sales

84,786

^[1]

78,826

^[2]

271,908

^[1]

253,012

^[2]

Electronic Instruments Group [Member] | International [Member]

Segment Reporting Information [Line Items]

Net sales

393,923

^[1]

383,706

^[2]

1,192,146

^[1]

1,157,954

^[2]

Electromechanical Group [Member]

Segment Reporting Information [Line Items]

Net sales

461,081

450,921

1,411,026

1,371,619

Electromechanical Group [Member] | United States [Member]

Segment Reporting Information [Line Items]

Net sales

252,343

237,831

764,001

710,630

Electromechanical Group [Member] | United Kingdom [Member]

Segment Reporting Information [Line Items]

Net sales

34,319

^[1]

33,364

^[2]

100,657

^[1]

101,913

^[2]

Electromechanical Group [Member] | European Union countries [Member]

Segment Reporting Information [Line Items]

Net sales

98,357

^[1]

97,595

^[2]

308,138

^[1]

303,994

^[2]

Electromechanical Group [Member] | Asia [Member]

Segment Reporting Information [Line Items]

Net sales

46,347

^[1]

51,136

^[2]

142,035

^[1]

157,634

^[2]

Electromechanical Group [Member] | Other foreign countries [Member]

Segment Reporting Information [Line Items]

Net sales

29,715

^[1]

30,995

^[2]

96,195

^[1]

97,448

^[2]

Electromechanical Group [Member] | International [Member]

Segment Reporting Information [Line Items]

Net sales

$ 208,738

^[1]

$ 213,090

^[2]

$ 647,025

^[1]

$ 660,989

^[2]

[1]	Includes U.S. export sales of $317.6 million and $965.1 million for the three months ended and the nine months ended, respectively.
[2]	Includes U.S. export sales of $308.4 million and $944.0 million for the three months ended and the nine months ended, respectively.

Leases - Maturities of lease liabilities (Detail) $ in Thousands	Sep. 30, 2019 USD ($)
Leases [Abstract]
Remaining 2019	$ 12,293
2020	45,232
2021	37,712
2022	30,214
2023	24,335
Thereafter	52,890
Total lease payments	202,676
Less: imputed interest	22,259
Operating Leases	$ 180,417

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	19.10%	17.30%
Expected term (years)	5 years	5 years
Risk-free interest rate	2.25%	2.81%
Expected dividend yield	0.66%	0.76%
Black-Scholes-Merton fair value per stock option granted	$ 16.85	$ 14.12

Revenues

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue

Revenues

The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective method. The cumulative adjustment made to the January 1, 2018 consolidated balance sheet for the adoption of ASC 606 was to increase Retained earnings by $4.2 million, increase Total assets by $7.9 million and increase Total liabilities by $3.7 million.

The outstanding contract asset and liability accounts were as follows:


	2019			2018
	(In thousands)
Contract assets - January 1	$	58,266		$	32,658
Contract assets – September 30		78,010			60,037

Change in contract assets – increase		19,744			27,379

Contract liabilities – January 1		146,162			117,058
Contract liabilities – September 30		152,897			145,247

Change in contract liabilities – increase		(6,735	)		(28,189	)

Net change	$	13,009		$	(810	)

The net change for the nine months ended September 30, 2019 was primarily driven by the recognition of revenue as performance obligations were satisfied prior to billing and exceeded receipt of advance payments from customers. For the nine months ended September 30, 2019 and 2018, the Company recognized revenue

of $123.6 million and $95.0 million, respectively, that was previously included in the beginning balance of contract liabilities.

Contract assets are reported as a component of Other current assets in the consolidated balance sheet. At September 30, 2019 and December 31, 2018, $8.7 million and $8.9 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets.

Applying the practical expedient available under ASC 606, the remaining performance obligations exceeding one year as of September 30, 2019 and December 31, 2018 were $196.6 million and $187.2 million, respectively. Remaining performance obligations represent the transaction price of firm, noncancelable orders, with expected delivery dates to customers greater than one year from the balance sheet date, for which the performance obligation is unsatisfied or partially unsatisfied. These performance obligations will be substantially satisfied within two to three years.

Geographic Areas

Information about the Company’s operations in different geographic areas is shown below. Net sales were attributed to geographic areas based on the location of the customer.


	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	421,629	$	252,343	$	673,972	$	1,250,564	$	764,001	$	2,014,565

International (1):
United Kingdom		19,538		34,319		53,857		47,885		100,657		148,542
European Union countries		99,180		98,357		197,537		302,800		308,138		610,938
Asia		190,419		46,347		236,766		569,553		142,035		711,588
Other foreign countries		84,786		29,715		114,501		271,908		96,195		368,103

Total international		393,923		208,738		602,661		1,192,146		647,025		1,839,171

Consolidated net sales	$	815,552	$	461,081	$	1,276,633	$	2,442,710	$	1,411,026	$	3,853,736

(1)	Includes U.S. export sales of $317.6 million and $965.1 million for the three months ended and the nine months ended, respectively.

Information about the Company’s operations in different geographic areas is shown below. Net sales were attributed to geographic areas based on the location of the customer.


	Three Months Ended						Nine Months Ended
	September 30, 2018						September 30, 2018
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	358,335	$	237,831	$	596,166	$	1,044,971	$	710,630	$	1,755,601

International (1):
United Kingdom		17,646		33,364		51,010		46,974		101,913		148,887
European Union countries		93,248		97,595		190,843		281,328		303,994		585,322
Asia		193,986		51,136		245,122		576,640		157,634		734,274
Other foreign countries		78,826		30,995		109,821		253,012		97,448		350,460

Total international		383,706		213,090		596,796		1,157,954		660,989		1,818,943

Consolidated net sales	$	742,041	$	450,921	$	1,192,962	$	2,202,925	$	1,371,619	$	3,574,544

(1)	Includes U.S. export sales of $308.4 million and $944.0 million for the three months ended and the nine months ended, respectively.

Major Products and Services

The Company’s major products and services in the reportable segments were as follows:


	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	586,430	$	—	$	586,430	$	1,747,708	$	—	$	1,747,708
Aerospace and Power		229,122		123,228		352,350		695,002		362,498		1,057,500
Automation and engineered solutions		—		337,853		337,853		—		1,048,528		1,048,528

Consolidated net sales	$	815,552	$	461,081	$	1,276,633	$	2,442,710	$	1,411,026	$	3,853,736


	Three Months Ended						Nine Months Ended
	September 30, 2018						September 30, 2018
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	514,513	$	—	$	514,513	$	1,530,004	$	—	$	1,530,004
Aerospace and Power		227,528		112,578		340,106		672,921		334,638		1,007,559
Automation and engineered solutions		—		338,343		338,343		—		1,036,981		1,036,981

Consolidated net sales	$	742,041	$	450,921	$	1,192,962	$	2,202,925	$	1,371,619	$	3,574,544

Timing of Revenue Recognition

The Company’s timing of revenue recognition was as follows:


	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	652,950	$	416,280	$	1,069,230	$	1,984,938	$	1,286,060	$	3,270,998
Products and services transferred over time		162,602		44,801		207,403		457,772		124,966		582,738

Consolidated net sales	$	815,552	$	461,081	$	1,276,633	$	2,442,710	$	1,411,026	$	3,853,736


	Three Months Ended						Nine Months Ended
	September 30, 2018						September 30, 2018
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	620,221	$	414,666	$	1,034,887	$	1,848,828	$	1,281,378	$	3,130,206
Products and services transferred over time		121,820		36,255		158,075		354,097		90,241		444,338

Consolidated net sales	$	742,041	$	450,921	$	1,192,962	$	2,202,925	$	1,371,619	$	3,574,544

Product Warranties

The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary among the Company’s operations, but the majority do not exceed one year. The Company calculates its warranty expense provision based on its historical warranty experience and adjustments are made periodically to reflect actual warranty expenses. Product warranty obligations are reported as a component of Accrued liabilities in the consolidated balance sheet.

Changes in the accrued product warranty obligation were as follows:


	Nine Months Ended
	September 30,
	2019			2018
	(In thousands)
Balance at the beginning of the period	$	23,482		$	22,872
Accruals for warranties issued during the period		14,342			8,166
Settlements made during the period		(13,335	)		(9,477	)
Warranty accruals related to acquired businesses and other during the period		617			1,261

Balance at the end of the period	$	25,106		$	22,822

Revenues - Information about Operations in Different Geographic Areas (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 1,276,633	$ 1,192,962	$ 3,853,736	$ 3,574,544
Non-US [Member]
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 317,600	$ 308,400	$ 965,100	$ 944,000

Share-Based Compensation - Summary of Nonvested Stock Option Activity and Related Information (Detail) - Restricted Shares [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Beginning balance, Nonvested, Shares \| shares	891
Nonvested stock options Granted, Shares \| shares	202
Nonvested stock options Vested, Shares \| shares	(285)
Nonvested stock options Forfeited, Shares \| shares	(74)
Ending balance, Nonvested, Shares \| shares	734
Beginning balance, Nonvested, Weighted Average Grant Date Fair Value \| $ / shares	$ 58.98
Granted, Weighted Average Grant Date Fair Value \| $ / shares	85.28
Vested, Weighted Average Grant Date Fair Value \| $ / shares	57.67
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	64.08
Ending balance, Nonvested, Weighted Average Grant Date Fair Value \| $ / shares	$ 66.22

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Reconciliation of Liability for Uncertain Tax Positions

The following is a reconciliation of the liability for uncertain tax positions (in millions):


Balance at December 31, 2018	$	119.3
Additions for tax positions		13.3
Reductions for tax positions		(27.8	)

Balance at September 30, 2019	$	104.8

Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

5.	Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides the Company’s assets that are measured at fair value on a recurring basis, consistent with the fair value hierarchy, at September 30, 2019 and December 31, 2018:


	September 30, 2019		December 31, 2018
	Fair Value		Fair Value
	(In thousands)
Fixed-income investments	$	8,108	$	7,655

The fair value of fixed-income investments, which are valued as level 1 investments, was based on quoted market prices.

The fixed-income investments are shown as a component of investments and other assets on the consolidated balance sheet.

For the nine months ended September 30, 2019 and 2018, gains and losses on the investments noted above were not significant. No transfers between level 1 and level 2 investments occurred during the nine months ended September 30, 2019 and 2018.

Financial Instruments

Cash, cash equivalents and fixed-income investments are recorded at fair value at September 30, 2019 and December 31, 2018 in the accompanying consolidated balance sheet.


	September 30, 2019						December 31, 2018
	Recorded Amount			Fair Value			Recorded Amount			Fair Value
	(In thousands)
Long-term debt, net (including current portion)	$	(2,432,451	)	$	(2,612,882	)	$	(2,378,809	)	$	(2,368,676	)

The fair value of net

short-term

borrowings approximates the carrying value. Net short-term borrowings are valued as level 2 liabilities as they are corroborated by observable market data. The Company’s net long-term debt is all privately held with no public market for this debt, therefore, the fair value of net long-term debt was computed based on comparable current market data for similar debt instruments and is considered a level 3 liability.

Foreign Currency

At September 30, 2019, the Company had no forward contracts outstanding. For the nine months ended September 30, 2019 and 2018, realized gains and losses on foreign currency forward contracts were not significant. The Company does not typically designate its foreign currency forward contracts as hedges.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value Measurements - Additional Information (Detail)	Sep. 30, 2019 USD ($) Contract	Sep. 30, 2018 USD ($)
Derivative [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0	$ 0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	$ 0	$ 0
Number of forward contracts outstanding \| Contract	0