0001037868-22-000054 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-12981
Entity Registrant Name	AMETEK, Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1100 Cassatt Road
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Tax Identification Number	14-1682544
Entity Address, Postal Zip Code	19312-1177
City Area Code	610
Local Phone Number	647-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
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		229,654,397
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001037868
Current Fiscal Year End Date	--12-31

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 1,551,786	$ 1,440,681	$ 4,524,863	$ 4,042,769
Cost of sales	1,004,596	949,402	2,941,604	2,651,506
Selling, general and administrative	162,670	153,716	480,657	443,744
Total operating expenses	1,167,266	1,103,118	3,422,261	3,095,250
Operating income	384,520	337,563	1,102,602	947,519
Interest expense	(20,245)	(20,476)	(60,165)	(59,865)
Other income (expense), net	3,227	2,581	7,752	(3,775)
Income before income taxes	367,502	319,668	1,050,189	883,879
Provision for income taxes	69,861	62,208	197,728	175,507
Net income	$ 297,641	$ 257,460	$ 852,461	$ 708,372
Basic earnings per share (in usd per share)	$ 1.30	$ 1.11	$ 3.70	$ 3.07
Diluted earnings per share (in usd per share)	$ 1.29	$ 1.10	$ 3.68	$ 3.04
Weighted average common shares outstanding:
Basic shares (in shares)	229,500	231,171	230,360	230,811
Diluted shares (in shares)	230,714	233,000	231,675	232,712
Dividends declared and paid per share (in usd per shares)	$ 0.22	$ 0.20	$ 0.66	$ 0.60

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 215,568	$ 240,076	$ 694,902	$ 688,575

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 309,944	$ 346,772
Receivables, net	876,460	829,213
Inventories, net	1,025,130	769,175
Other current assets	221,034	183,605
Total current assets	2,432,568	2,128,765
Property, plant and equipment, net	594,926	617,138
Right of use assets, net	161,217	169,924
Goodwill	5,190,196	5,238,726
Other intangibles, net	3,254,243	3,368,629
Investments and other assets	405,782	375,005
Total assets	12,038,932	11,898,187
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	272,027	315,093
Accounts payable	524,255	470,252
Customer advanced payments	332,244	298,728
Income taxes payable	49,056	35,904
Accrued liabilities and other	413,801	443,337
Total current liabilities	1,591,383	1,563,314
Long-term debt, net	2,085,364	2,229,148
Deferred income taxes	696,091	719,675
Other long-term liabilities	533,422	514,166
Total liabilities	4,906,260	5,026,303
Stockholders’ equity:
Common stock	2,695	2,689
Capital in excess of par value	1,059,079	1,012,526
Retained earnings	8,600,938	7,900,113
Accumulated other comprehensive loss	(628,003)	(470,444)
Treasury stock	(1,902,037)	(1,573,000)
Total stockholders’ equity	7,132,672	6,871,884
Total liabilities and stockholders’ equity	$ 12,038,932	$ 11,898,187

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital stock	Capital in excess of par value	Retained earnings	Accumulated foreign currency adjustment attributable to parent	Accumulated defined benefit plans adjustment attributable to parent	Accumulated other comprehensive (loss) income	Treasury stock
Balance at the beginning of the year at Dec. 31, 2020		$ 2,676	$ 921,752	$ 7,094,656	$ (250,748)	$ (253,720)		$ (1,565,270)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		10
Issuance of common stock under employee stock plans			29,544					7,309
Share-based compensation expense			35,021
Net income	$ 708,372			708,372
Cash dividends paid				(138,345)
Other				(1)
Translation adjustments					(45,160)
Change in long-term intercompany notes					(11,041)
Net investment hedge instruments gain (loss), net of tax of $(14,604) and $(5,715) for the quarter ended September 30, 2022 and 2021, and $(34,212) and $(10,194) for the nine months ended September 30, 2022 and 2021, respectively					31,514
Amortization of net actuarial loss and other, net of tax of $(326) and $(527) for the quarter ended September 30, 2022 and 2021, and $(977) and $(1,581) for the nine months ended September 30, 2022 and 2021, respectively						4,890
Purchase of treasury stock								(13,063)
Balance at the end of the year at Sep. 30, 2021	6,558,396	2,686	986,317	7,664,682	(275,435)	(248,830)	$ (524,265)	(1,571,024)
Balance at the beginning of the year at Jun. 30, 2021		2,684	964,791	7,453,401	(256,421)	(250,460)		(1,570,696)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		2
Issuance of common stock under employee stock plans			10,098					(143)
Share-based compensation expense			11,428
Net income	257,460			257,460
Cash dividends paid				(46,178)
Other				(1)
Translation adjustments					(31,207)
Change in long-term intercompany notes					(5,475)
Net investment hedge instruments gain (loss), net of tax of $(14,604) and $(5,715) for the quarter ended September 30, 2022 and 2021, and $(34,212) and $(10,194) for the nine months ended September 30, 2022 and 2021, respectively					17,668
Amortization of net actuarial loss and other, net of tax of $(326) and $(527) for the quarter ended September 30, 2022 and 2021, and $(977) and $(1,581) for the nine months ended September 30, 2022 and 2021, respectively						1,630
Purchase of treasury stock								(185)
Balance at the end of the year at Sep. 30, 2021	6,558,396	2,686	986,317	7,664,682	(275,435)	(248,830)	(524,265)	(1,571,024)
Balance at the beginning of the year at Dec. 31, 2021	6,871,884	2,689	1,012,526	7,900,113	(275,365)	(195,079)		(1,573,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		6
Issuance of common stock under employee stock plans			11,966					2,387
Share-based compensation expense			34,587
Net income	852,461			852,461
Cash dividends paid				(151,635)
Other				(1)
Translation adjustments					(225,100)
Change in long-term intercompany notes					(40,512)
Net investment hedge instruments gain (loss), net of tax of $(14,604) and $(5,715) for the quarter ended September 30, 2022 and 2021, and $(34,212) and $(10,194) for the nine months ended September 30, 2022 and 2021, respectively					105,053
Amortization of net actuarial loss and other, net of tax of $(326) and $(527) for the quarter ended September 30, 2022 and 2021, and $(977) and $(1,581) for the nine months ended September 30, 2022 and 2021, respectively						3,000
Purchase of treasury stock								(331,424)
Balance at the end of the year at Sep. 30, 2022	7,132,672	2,695	1,059,079	8,600,938	(435,924)	(192,079)	(628,003)	(1,902,037)
Balance at the beginning of the year at Jun. 30, 2022		2,695	1,040,951	8,353,735	(352,851)	(193,079)		(1,901,360)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		0
Issuance of common stock under employee stock plans			6,068					(632)
Share-based compensation expense			12,060
Net income	297,641			297,641
Cash dividends paid				(50,438)
Other				0
Translation adjustments					(110,524)
Change in long-term intercompany notes					(17,393)
Net investment hedge instruments gain (loss), net of tax of $(14,604) and $(5,715) for the quarter ended September 30, 2022 and 2021, and $(34,212) and $(10,194) for the nine months ended September 30, 2022 and 2021, respectively					44,844
Amortization of net actuarial loss and other, net of tax of $(326) and $(527) for the quarter ended September 30, 2022 and 2021, and $(977) and $(1,581) for the nine months ended September 30, 2022 and 2021, respectively						1,000
Purchase of treasury stock								(45)
Balance at the end of the year at Sep. 30, 2022	$ 7,132,672	$ 2,695	$ 1,059,079	$ 8,600,938	$ (435,924)	$ (192,079)	$ (628,003)	$ (1,902,037)

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Tax related to investment hedge instruments gain (loss)	$ (14,604)	$ (5,715)	$ (34,212)	$ (10,194)
Tax related to amortization of net actuarial loss (gain)	$ (326)	$ (527)	$ (977)	$ (1,581)

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income	$ 852,461	$ 708,372
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	230,968	214,494
Deferred income taxes	(32,889)	(7,209)
Share-based compensation expense	34,587	35,021
Gain on sale of business/investment	(3,584)	(6,349)
Gain on sale of facilities	(7,054)	0
Net change in assets and liabilities, net of acquisitions	(299,311)	(60,947)
Pension contributions	(5,244)	(6,414)
Other, net	(5,576)	1,592
Total operating activities	764,358	878,560
Investing activities:
Additions to property, plant and equipment	(80,829)	(67,229)
Purchases of businesses, net of cash acquired	(190,321)	(1,839,664)
Proceeds from sale of business/investment	3,734	12,000
Proceeds from sale of facilities	11,754	0
Other, net	124	(291)
Total investing activities	(255,538)	(1,895,184)
Financing activities:
Net change in short-term borrowings	(26,315)	286,126
Repurchases of common stock	(331,424)	(13,063)
Cash dividends paid	(151,635)	(138,345)
Proceeds from stock option exercises	23,241	42,301
Other, net	(15,056)	(5,818)
Total financing activities	(501,189)	171,201
Effect of exchange rate changes on cash and cash equivalents	(44,459)	(8,723)
Decrease in cash and cash equivalents	(36,828)	(854,146)
Cash and cash equivalents:
Beginning of period	346,772	1,212,822
End of period	$ 309,944	$ 358,676

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe 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, 2022, the consolidated results of its operations for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021 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, 2021 as filed with the U.S. Securities and Exchange Commission.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncement In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which provides a single comprehensive accounting model for the acquisition of contract balances under ASC 805. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company early adopted the ASU on January 1, 2022, and the amendments in this ASU were applied on a prospective basis to all periods presented. The adoption of ASU 2021-08 did not impact the Company's consolidated results of operations, financial position, cash flows, or financial statement disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenues

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues

The outstanding contract asset and liability accounts were as follows:


	2022		2021
	(In thousands)
Contract assets—January 1	$	95,274	$	68,971
Contract assets – September 30	111,687		82,986
Change in contract assets – increase (decrease)	16,413		14,015
Contract liabilities – January 1	328,816		215,093
Contract liabilities – September 30	371,411		311,674
Change in contract liabilities – (increase) decrease	(42,595)		(96,581)
Net change	$	(26,182)	$	(82,566)

The net change for the nine months ended September 30, 2022 was primarily driven by contract liabilities, specifically growth in advance payments from customers. For the nine months ended September 30, 2022 and 2021, the Company recognized revenue of $252.4 million and $179.1 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, 2022 and December 31, 2021, $39.2 million and $30.1 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets.

The remaining performance obligations not expected to be completed within one year as of September 30, 2022 and December 31, 2021 were $520.6 million and $342.5 million, respectively. Remaining performance obligations represent the transaction price of firm, non-cancelable 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

Net sales were attributed to geographic areas based on the location of the customer. Information about the Company’s operations in different geographic areas was as follows for the three and nine months ended September 30:


	Three months ended September 30, 2022						Nine months ended September 30, 2022
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	554,048	$	265,549	$	819,597	$	1,589,641	$	737,362	$	2,327,003
International(1):
United Kingdom	18,409		28,694		47,103		65,414		88,945		154,359
European Union countries	113,935		100,427		214,362		344,074		322,620		666,694
Asia	264,432		70,375		334,807		776,084		203,439		979,523
Other foreign countries	103,300		32,617		135,917		294,918		102,366		397,284
Total international	500,076		232,113		732,189		1,480,490		717,370		2,197,860
Consolidated net sales	$	1,054,124	$	497,662	$	1,551,786	$	3,070,131	$	1,454,732	$	4,524,863

________________

(1) Includes U.S. export sales of $415.4 million and $1,217.2 million for the three and nine months ended September 30, 2022.


	Three months ended September 30, 2021						Nine months ended September 30, 2021
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	509,075	$	230,524	$	739,599	$	1,393,015	$	666,618	$	2,059,633
International(1):
United Kingdom	25,358		32,846		58,204		67,954		91,465		159,419
European Union countries	117,035		102,069		219,104		338,556		300,970		639,526
Asia	242,063		65,624		307,687		657,478		192,267		849,745
Other foreign countries	88,284		27,803		116,087		249,670		84,776		334,446
Total international	472,740		228,342		701,082		1,313,658		669,478		1,983,136
Consolidated net sales	$	981,815	$	458,866	$	1,440,681	$	2,706,673	$	1,336,096	$	4,042,769

______________

(1) Includes U.S. export sales of $391.0 million and $1,087.3 million for the three and nine months ended September 30, 2021.

Major Products and Services

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


	Three months ended September 30, 2022						Nine months ended September 30, 2022
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	758,868	$	—	$	758,868	$	2,219,821	$	—	$	2,219,821
Aerospace and power	295,256		143,689		438,945		850,310		407,771		1,258,081
Automation and engineered solutions	—		353,973		353,973		—		1,046,961		1,046,961
Consolidated net sales	$	1,054,124	$	497,662	$	1,551,786	$	3,070,131	$	1,454,732	$	4,524,863


	Three months ended September 30, 2021						Nine months ended September 30, 2021
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	661,243	$	—	$	661,243	$	1,881,923	$	—	$	1,881,923
Aerospace and power	320,572		130,671		451,243		824,750		379,310		1,204,060
Automation and engineered solutions	—		328,195		328,195		—		956,786		956,786
Consolidated net sales	$	981,815	$	458,866	$	1,440,681	$	2,706,673	$	1,336,096	$	4,042,769

Timing of Revenue Recognition


	Three months ended September 30, 2022						Nine months ended September 30, 2022
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	869,455	$	436,222	$	1,305,677	$	2,522,351	$	1,272,382	$	3,794,733
Products and services transferred over time	184,669		61,440		246,109		547,780		182,350		730,130
Consolidated net sales	$	1,054,124	$	497,662	$	1,551,786	$	3,070,131	$	1,454,732	$	4,524,863


	Three months ended September 30, 2021						Nine months ended September 30, 2021
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	791,486	$	413,062	$	1,204,548	$	2,206,252	$	1,204,662	$	3,410,914
Products and services transferred over time	190,329		45,804		236,133		500,421		131,434		631,855
Consolidated net sales	$	981,815	$	458,866	$	1,440,681	$	2,706,673	$	1,336,096	$	4,042,769

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 and other in the consolidated balance sheet.

Changes in the accrued product warranty obligation were as follows:


	Nine Months Ended September 30,
	2022		2021
	(In thousands)
Balance at the beginning of the period	$	27,478	$	27,839
Accruals for warranties issued during the period	8,530		8,379
Settlements made during the period	(8,769)		(9,112)
Warranty accruals related to acquired businesses and other during the period	(1,080)		2,227
Balance at the end of the period	$	26,159	$	29,333

Accounts Receivable

The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations to the Company. The Company recognizes an allowance for credit losses, on all accounts receivable and contract assets, which considers risk of future credit losses based on factors such as historical experience, contract terms, as well as general and market business conditions, country, and political risk. Balances are written off when determined to be uncollectible.

At September 30, 2022, the Company had $876.5 million of accounts receivable, net of allowances of $12.0 million. Changes in the allowance were not material for the three and nine months ended September 30, 2022.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
	(In thousands)
Weighted average shares:
Basic shares	229,500	231,171	230,360	230,811
Equity-based compensation plans	1,214	1,829	1,315	1,901
Diluted shares	230,714	233,000	231,675	232,712

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
	Fair Value		Fair Value
	(In thousands)
Mutual fund investments	$	8,866	$	10,703

The fair value of mutual fund investments, which are valued as level 1 investments, was based on quoted market prices. The mutual fund investments are shown as a component of investments and other assets on the consolidated balance sheet.

For the nine months ended September 30, 2022 and 2021, 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, 2022 and 2021.

Financial Instruments

Cash, cash equivalents and mutual fund investments are recorded at fair value at September 30, 2022 and December 31, 2021 in the accompanying consolidated balance sheet.

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, 2022 and December 31, 2021:


	September 30, 2022				December 31, 2021
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt (including current portion)	$	(2,088,231)	$	(1,910,792)	$	(2,233,705)	$	(2,378,930)

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, 2022, the Company had a Euro forward contract for a total notional value of 40.0 million Euros and a Canadian dollar forward contract for a notional value of 22.0 million Canadian dollars. For the nine months ended September 30, 2022, realized and unrealized gains and losses on the foreign currency forward contracts were not significant.

- 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

Hedging Activities	9 Months Ended
Hedging Activities	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Activities	Hedging ActivitiesThe Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of September 30, 2022, these net investment hedges included British-pound-and Euro-denominated long-term debt. These borrowings were designed to create net investment hedges in certain 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, 2022, the Company had $250.4 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, 2022, the Company had $523.7 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, $139.3 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, 2022.

Inventories, net

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories, net


	September 30, 2022		December 31, 2021
	(In thousands)
Finished goods and parts	$	128,409	$	89,985
Work in process	151,456		122,356
Raw materials and purchased parts	745,265		556,834
Total inventories, net	$	1,025,130	$	769,175

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

The Company has commitments under operating leases for certain facilities, vehicles and equipment used in its operations. Cash used in operations for operating leases was not materially different from operating lease expense for the nine months ended September 30, 2022 and 2021. The Company's leases have a weighted average remaining lease term of approximately five years. Certain lease agreements contain provisions for future rent increases.

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Operating lease cost	$	16,407	$	13,560	$	47,131	$	37,083
Variable lease cost	2,479		1,737		7,131		4,609
Total lease cost	$	18,886	$	15,297	$	54,262	$	41,692

Supplemental balance sheet information related to leases was as follows:


	September 30, 2022		December 31, 2021
	(In thousands)
Right of use assets, net	$	161,217	$	169,924
Lease liabilities included in Accrued Liabilities and other	45,434		47,353
Lease liabilities included in Other long-term liabilities	121,382		129,101
Total lease liabilities	$	166,816	$	176,454

Maturities of lease liabilities as of September 30, 2022 were as follows:


Lease Liability Maturity Analysis	Operating Leases
	(In thousands)
Remaining 2022	$	13,154
2023	46,850
2024	35,684
2025	26,797
2026	20,476
Thereafter	36,390
Total lease payments	179,351
Less: imputed interest	12,535
	$	166,816

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

Acquisitions

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Acquisitions and Divestiture

Acquisitions

The Company spent $190.3 million in cash, net of cash acquired, to acquire Navitar, Inc. in September 2022. Navitar is a market leader in the design, development and manufacturing of customized, fully integrated optical imaging systems, cameras, components and software. Navitar is part of EIG.

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




Property, plant and equipment	$	8.9
Goodwill	71.1
Other intangible assets	95.0

Net working capital and other(1)	15.3
Total cash paid	$	190.3

________________

(1)Includes $5.5 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 Navitar acquisition. Navitar's market leading optical components and solutions complement the Company's existing optics portfolio. The Company expects approximately $52 million of the goodwill relating to the Navitar acquisition will be tax deductible in future years.

At September 30, 2022, the purchase price allocated to other intangible assets of $95.0 million consists of $15.2 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $79.8 million of other intangible assets consists of $64.6 million of customer relationships, which are being amortized over a period of 17 years, and $15.2 million of purchased technology, which is being amortized over a period of 17 years. Amortization expense for each of the next five years for the 2022 acquisitions is expected to approximate $5 million per year.

The Company finalized its measurements of certain tangible and intangible assets and liabilities for its November 2021 acquisition of Alphasense, which had no material impact to the consolidated statement of income and balance sheet. The Company is in the process of finalizing the measurement of the intangible assets and tangible assets and liabilities, as well as accounting for income taxes, for Navitar.

The 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, 2022. Had the acquisition been made at the beginning of 2022 or 2021, pro forma net sales, net income, and diluted earnings per share for the three and nine months ended September 30, 2022 and 2021, would not have been materially different than the amounts reported.

Acquisition subsequent to September 30, 2022

In October 2022, the Company acquired RTDS Technologies for 325.0 million Canadian dollars (approximately $240.0 million) in cash. RTDS is a leading provider of real-time power simulation systems used by utilities, and research and education institutions in the development and testing of the electric power grid and renewable energy applications. RTDS will join EIG.

Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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


	EIG		EMG		Total
	(In millions)
Balance at December 31, 2021	$	4,073.8	$	1,164.9	$	5,238.7
Goodwill acquired from 2022 acquisitions	71.1		—		71.1
Purchase price allocation adjustments and other	4.2		—		4.2
Foreign currency translation adjustments	(70.1)		(53.7)		(123.8)
Balance at September 30, 2022	$	4,079.0	$	1,111.2	$	5,190.2

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

At September 30, 2022, the Company had gross uncertain tax benefits of $170.0 million, of which $125.3 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, 2021	$	147.0
Additions for tax positions	23.5
Reductions for tax positions	(0.5)
Balance at September 30, 2022	$	170.0

The additions above primarily reflect the tax positions for foreign tax planning initiatives. 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, 2022 and 2021 were not significant.

The effective tax rate for the three months ended September 30, 2022 was 19.0%, compared with 19.5% for the three months ended September 30, 2021. The lower effective tax rate in the third quarter of 2022 is primarily due to a favorable foreign rate differential and favorable foreign deferred taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
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-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Debt	9 Months Ended
Debt	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	DebtOn May 12, 2022, the Company along with certain of its foreign subsidiaries amended and restated its credit agreement dated as of September 22, 2011, as amended and restated as of March 10, 2016 and as further amended and restated as of October 30, 2018, with the lenders, JPMorgan Chase Bank, N.A., as Administrative Agent and Bank of America, N.A., PNC Bank, National Association, Trust Bank and Wells Fargo Bank, National Association, as Co-Syndication Agents. The credit agreement amends and restates the Company’s existing revolving credit facility to increase the size from $1.5 billion to $2.3 billion and terminates the $800 million term loan. The credit agreement places certain restrictions on allowable additional indebtedness. At September 30, 2022, the Company had $274.0 million outstanding on the revolver with a maturity date of May 2027.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company's share-based compensation plans are described in Note 11, Share-Based Compensation, to the consolidated financial statements in Part II, Item 8, filed on the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Share Based Compensation Expense

Total share-based compensation expense was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Stock option expense	$	3,043	$	2,768	$	9,866	$	10,017
Restricted stock expense	4,800		4,848		14,831		16,765
Performance restricted stock unit expense	4,217		3,812		9,890		8,239
Total pre-tax expense	$	12,060	$	11,428	$	34,587	$	35,021

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.

Stock Options

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 September 30, 2022			Year Ended December 31, 2021
Expected volatility	24.5		%	24.2		%
Expected term (years)	5.0			5.0
Risk-free interest rate	2.33		%	0.85		%
Expected dividend yield	0.65		%	0.66		%
Black-Scholes-Merton fair value per stock option granted	$	32.54		$	25.63

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, 2021	3,352	$	76.08
Granted	608	134.69
Exercised	(357)	64.44
Forfeited	(101)	107.73
Outstanding at September 30, 2022	3,502	$	86.52	6.2	$	110.4
Exercisable at September 30, 2022	2,374	$	72.84	5.0	$	97.8

The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2022 was $23.0 million. The total fair value of stock options vested during the nine months ended September 30, 2022 was $11.3 million. As of September 30, 2022, there was approximately $20.9 million of expected future pre-tax compensation expense related to the 1.1 million non-vested stock options outstanding, which is expected to be recognized over a weighted average period of approximately two years.

Restricted Stock

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


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested restricted stock outstanding at December 31, 2021	413	$	96.07
Granted	182	134.55
Vested	(156)	86.31
Forfeited	(42)	108.42
Non-vested restricted stock outstanding at September 30, 2022	397	$	116.26

The total fair value of restricted stock vested during the nine months ended September 30, 2022 was $13.5 million. As of September 30, 2022, there was approximately $32.3 million of expected future pre-tax compensation expense related to the 0.4 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of approximately two years.

Performance Restricted Stock Units

In March 2022, the Company granted performance restricted stock units ("PRSU") to officers and certain key management-level employees. 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 of the year of grant to December 31 of the third year. 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.

The following is a summary of the Company’s non-vested performance restricted stock activity and related information:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested performance restricted stock outstanding at December 31, 2021	289	$	85.29
Granted	87	134.69
Performance assumption change 1	66	81.76
Vested	(161)	81.76
Forfeited	(6)	98.07
Non-vested performance restricted stock outstanding at September 30, 2022	275	$	101.98

_________________________________________

1 Reflects the number of PRSUs above target levels based on performance metrics.

As of September 30, 2022, there was approximately $8.8 million of expected future pre-tax compensation expense related to the 0.3 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of less than one year.

Retirement and Pension Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Retirement and Pension Plans

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Defined benefit plans:
Service cost	$	1,290	$	2,009	$	3,995	$	6,060
Interest cost	4,949		4,563		15,101		13,711
Expected return on plan assets	(14,812)		(14,172)		(45,113)		(42,567)
Amortization of net actuarial loss and other	2,074		7,550		6,371		16,282
Pension income	(6,499)		(50)		(19,646)		(6,514)
Other plans:
Defined contribution plans	9,217		7,792		32,289		24,208
Foreign plans and other	2,027		2,074		6,422		6,431
Total other plans	11,244		9,866		38,711		30,639
Total net pension expense	$	4,745	$	9,816	$	19,065	$	24,125

For defined benefit plans, the net periodic benefit income, other than the service cost component, is included in “Other (expense) income, net” in the consolidated statement of income.

For the nine months ended September 30, 2022 and 2021, contributions to the Company’s defined benefit pension plans were $5.2 million and $6.4 million, respectively. The Company’s current estimate of 2022 contributions to its worldwide defined benefit pension plans is in line with the range disclosed in Note 12 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	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, 2022, 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, 2022 and December 31, 2021 were $39.6 million and $37.2 million, respectively, for both non-owned and owned sites. For the nine months ended September 30, 2022, the Company recorded $8.8 million in reserves. Additionally, the Company spent $6.4 million on environmental matters for the nine months ended September 30, 2022. 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. 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. 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.

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
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, 2022, the consolidated results of its operations for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021 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, 2021 as filed with the U.S. Securities and Exchange Commission.
Recently Adopted Accounting Pronouncement	Recently Adopted Accounting Pronouncement In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which provides a single comprehensive accounting model for the acquisition of contract balances under ASC 805. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company early adopted the ASU on January 1, 2022, and the amendments in this ASU were applied on a prospective basis to all periods presented. The adoption of ASU 2021-08 did not impact the Company's consolidated results of operations, financial position, cash flows, or financial statement disclosures.
Accounts Receivable	Accounts Receivable The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations to the Company. The Company recognizes an allowance for credit losses, on all accounts receivable and contract assets, which considers risk of future credit losses based on factors such as historical experience, contract terms, as well as general and market business conditions, country, and political risk. Balances are written off when determined to be uncollectible.

Revenues (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Outstanding Contract Asset and (Liability) Accounts

The outstanding contract asset and liability accounts were as follows:


	2022		2021
	(In thousands)
Contract assets—January 1	$	95,274	$	68,971
Contract assets – September 30	111,687		82,986
Change in contract assets – increase (decrease)	16,413		14,015
Contract liabilities – January 1	328,816		215,093
Contract liabilities – September 30	371,411		311,674
Change in contract liabilities – (increase) decrease	(42,595)		(96,581)
Net change	$	(26,182)	$	(82,566)

Schedule of Revenue From External Customers by Geographic Areas

Information about the Company’s operations in different geographic areas was as follows for the three and nine months ended September 30:


	Three months ended September 30, 2022						Nine months ended September 30, 2022
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	554,048	$	265,549	$	819,597	$	1,589,641	$	737,362	$	2,327,003
International(1):
United Kingdom	18,409		28,694		47,103		65,414		88,945		154,359
European Union countries	113,935		100,427		214,362		344,074		322,620		666,694
Asia	264,432		70,375		334,807		776,084		203,439		979,523
Other foreign countries	103,300		32,617		135,917		294,918		102,366		397,284
Total international	500,076		232,113		732,189		1,480,490		717,370		2,197,860
Consolidated net sales	$	1,054,124	$	497,662	$	1,551,786	$	3,070,131	$	1,454,732	$	4,524,863

________________

(1) Includes U.S. export sales of $415.4 million and $1,217.2 million for the three and nine months ended September 30, 2022.


	Three months ended September 30, 2021						Nine months ended September 30, 2021
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	509,075	$	230,524	$	739,599	$	1,393,015	$	666,618	$	2,059,633
International(1):
United Kingdom	25,358		32,846		58,204		67,954		91,465		159,419
European Union countries	117,035		102,069		219,104		338,556		300,970		639,526
Asia	242,063		65,624		307,687		657,478		192,267		849,745
Other foreign countries	88,284		27,803		116,087		249,670		84,776		334,446
Total international	472,740		228,342		701,082		1,313,658		669,478		1,983,136
Consolidated net sales	$	981,815	$	458,866	$	1,440,681	$	2,706,673	$	1,336,096	$	4,042,769

______________

(1) Includes U.S. export sales of $391.0 million and $1,087.3 million for the three and nine months ended September 30, 2021.

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 September 30, 2022						Nine months ended September 30, 2022
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	758,868	$	—	$	758,868	$	2,219,821	$	—	$	2,219,821
Aerospace and power	295,256		143,689		438,945		850,310		407,771		1,258,081
Automation and engineered solutions	—		353,973		353,973		—		1,046,961		1,046,961
Consolidated net sales	$	1,054,124	$	497,662	$	1,551,786	$	3,070,131	$	1,454,732	$	4,524,863


	Three months ended September 30, 2021						Nine months ended September 30, 2021
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	661,243	$	—	$	661,243	$	1,881,923	$	—	$	1,881,923
Aerospace and power	320,572		130,671		451,243		824,750		379,310		1,204,060
Automation and engineered solutions	—		328,195		328,195		—		956,786		956,786
Consolidated net sales	$	981,815	$	458,866	$	1,440,681	$	2,706,673	$	1,336,096	$	4,042,769

Schedule of Disaggregation of Revenue


	Three months ended September 30, 2022						Nine months ended September 30, 2022
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	869,455	$	436,222	$	1,305,677	$	2,522,351	$	1,272,382	$	3,794,733
Products and services transferred over time	184,669		61,440		246,109		547,780		182,350		730,130
Consolidated net sales	$	1,054,124	$	497,662	$	1,551,786	$	3,070,131	$	1,454,732	$	4,524,863


	Three months ended September 30, 2021						Nine months ended September 30, 2021
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	791,486	$	413,062	$	1,204,548	$	2,206,252	$	1,204,662	$	3,410,914
Products and services transferred over time	190,329		45,804		236,133		500,421		131,434		631,855
Consolidated net sales	$	981,815	$	458,866	$	1,440,681	$	2,706,673	$	1,336,096	$	4,042,769

Schedule of Product Warranty Liability

Changes in the accrued product warranty obligation were as follows:


	Nine Months Ended September 30,
	2022		2021
	(In thousands)
Balance at the beginning of the period	$	27,478	$	27,839
Accruals for warranties issued during the period	8,530		8,379
Settlements made during the period	(8,769)		(9,112)
Warranty accruals related to acquired businesses and other during the period	(1,080)		2,227
Balance at the end of the period	$	26,159	$	29,333

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of 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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
	(In thousands)
Weighted average shares:
Basic shares	229,500	231,171	230,360	230,811
Equity-based compensation plans	1,214	1,829	1,315	1,901
Diluted shares	230,714	233,000	231,675	232,712

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022 and December 31, 2021:


	September 30, 2022		December 31, 2021
	Fair Value		Fair Value
	(In thousands)
Mutual fund investments	$	8,866	$	10,703

Fair Value Disclosures of Financial Instrument Liabilities


	September 30, 2022				December 31, 2021
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt (including current portion)	$	(2,088,231)	$	(1,910,792)	$	(2,233,705)	$	(2,378,930)

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories


	September 30, 2022		December 31, 2021
	(In thousands)
Finished goods and parts	$	128,409	$	89,985
Work in process	151,456		122,356
Raw materials and purchased parts	745,265		556,834
Total inventories, net	$	1,025,130	$	769,175

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Operating lease cost	$	16,407	$	13,560	$	47,131	$	37,083
Variable lease cost	2,479		1,737		7,131		4,609
Total lease cost	$	18,886	$	15,297	$	54,262	$	41,692

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	September 30, 2022		December 31, 2021
	(In thousands)
Right of use assets, net	$	161,217	$	169,924
Lease liabilities included in Accrued Liabilities and other	45,434		47,353
Lease liabilities included in Other long-term liabilities	121,382		129,101
Total lease liabilities	$	166,816	$	176,454

Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2022 were as follows:


Lease Liability Maturity Analysis	Operating Leases
	(In thousands)
Remaining 2022	$	13,154
2023	46,850
2024	35,684
2025	26,797
2026	20,476
Thereafter	36,390
Total lease payments	179,351
Less: imputed interest	12,535
	$	166,816

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Allocation of Aggregate Purchase Price of Acquired Net Assets

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




Property, plant and equipment	$	8.9
Goodwill	71.1
Other intangible assets	95.0

Net working capital and other(1)	15.3
Total cash paid	$	190.3

________________

(1)Includes $5.5 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

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, 2021	$	4,073.8	$	1,164.9	$	5,238.7
Goodwill acquired from 2022 acquisitions	71.1		—		71.1
Purchase price allocation adjustments and other	4.2		—		4.2
Foreign currency translation adjustments	(70.1)		(53.7)		(123.8)
Balance at September 30, 2022	$	4,079.0	$	1,111.2	$	5,190.2

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

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, 2021	$	147.0
Additions for tax positions	23.5
Reductions for tax positions	(0.5)
Balance at September 30, 2022	$	170.0

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Total Share-Based Compensation Expense

Total share-based compensation expense was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Stock option expense	$	3,043	$	2,768	$	9,866	$	10,017
Restricted stock expense	4,800		4,848		14,831		16,765
Performance restricted stock unit expense	4,217		3,812		9,890		8,239
Total pre-tax expense	$	12,060	$	11,428	$	34,587	$	35,021

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

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 September 30, 2022			Year Ended December 31, 2021
Expected volatility	24.5		%	24.2		%
Expected term (years)	5.0			5.0
Risk-free interest rate	2.33		%	0.85		%
Expected dividend yield	0.65		%	0.66		%
Black-Scholes-Merton fair value per stock option granted	$	32.54		$	25.63

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, 2021	3,352	$	76.08
Granted	608	134.69
Exercised	(357)	64.44
Forfeited	(101)	107.73
Outstanding at September 30, 2022	3,502	$	86.52	6.2	$	110.4
Exercisable at September 30, 2022	2,374	$	72.84	5.0	$	97.8

Summary of Nonvested Restricted Stock Activity and Related Information

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


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested restricted stock outstanding at December 31, 2021	413	$	96.07
Granted	182	134.55
Vested	(156)	86.31
Forfeited	(42)	108.42
Non-vested restricted stock outstanding at September 30, 2022	397	$	116.26

The following is a summary of the Company’s non-vested performance restricted stock activity and related information:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested performance restricted stock outstanding at December 31, 2021	289	$	85.29
Granted	87	134.69
Performance assumption change 1	66	81.76
Vested	(161)	81.76
Forfeited	(6)	98.07
Non-vested performance restricted stock outstanding at September 30, 2022	275	$	101.98

_________________________________________

1 Reflects the number of PRSUs above target levels based on performance metrics.

Retirement and Pension Plans (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Defined benefit plans:
Service cost	$	1,290	$	2,009	$	3,995	$	6,060
Interest cost	4,949		4,563		15,101		13,711
Expected return on plan assets	(14,812)		(14,172)		(45,113)		(42,567)
Amortization of net actuarial loss and other	2,074		7,550		6,371		16,282
Pension income	(6,499)		(50)		(19,646)		(6,514)
Other plans:
Defined contribution plans	9,217		7,792		32,289		24,208
Foreign plans and other	2,027		2,074		6,422		6,431
Total other plans	11,244		9,866		38,711		30,639
Total net pension expense	$	4,745	$	9,816	$	19,065	$	24,125

Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 111,687	$ 82,986	$ 95,274	$ 68,971
Change in contract assets – increase (decrease)	16,413	14,015
Contract liabilities	371,411	311,674	$ 328,816	$ 215,093
Change in contract liabilities – (increase) decrease	(42,595)	(96,581)
Net change	$ (26,182)	$ (82,566)

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue recognized from contract liabilities	$ 252,400	$ 179,100
Customer advanced payments	39,200		$ 30,100
Accounts and notes receivable, net	876,460		829,213
Allowance for notes and loans receivable	$ 12,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, remaining performance obligation	$ 520,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, remaining performance obligation			$ 342,500
Performance obligation, expected timing of satisfaction, period			1 year
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Performance obligation, expected timing of satisfaction, period	2 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Performance obligation, expected timing of satisfaction, period	3 years

Revenues - Information About Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,551,786	$ 1,440,681	$ 4,524,863	$ 4,042,769
United States
Segment Reporting Information [Line Items]
Net sales	819,597	739,599	2,327,003	2,059,633
United Kingdom
Segment Reporting Information [Line Items]
Net sales	47,103	58,204	154,359	159,419
European Union countries
Segment Reporting Information [Line Items]
Net sales	214,362	219,104	666,694	639,526
Asia
Segment Reporting Information [Line Items]
Net sales	334,807	307,687	979,523	849,745
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	135,917	116,087	397,284	334,446
International
Segment Reporting Information [Line Items]
Net sales	732,189	701,082	2,197,860	1,983,136
Non-US
Segment Reporting Information [Line Items]
Net sales	415,400	391,000	1,217,200	1,087,300
Electronic Instruments Group
Segment Reporting Information [Line Items]
Net sales	1,054,124	981,815	3,070,131	2,706,673
Electronic Instruments Group \| United States
Segment Reporting Information [Line Items]
Net sales	554,048	509,075	1,589,641	1,393,015
Electronic Instruments Group \| United Kingdom
Segment Reporting Information [Line Items]
Net sales	18,409	25,358	65,414	67,954
Electronic Instruments Group \| European Union countries
Segment Reporting Information [Line Items]
Net sales	113,935	117,035	344,074	338,556
Electronic Instruments Group \| Asia
Segment Reporting Information [Line Items]
Net sales	264,432	242,063	776,084	657,478
Electronic Instruments Group \| Other foreign countries
Segment Reporting Information [Line Items]
Net sales	103,300	88,284	294,918	249,670
Electronic Instruments Group \| International
Segment Reporting Information [Line Items]
Net sales	500,076	472,740	1,480,490	1,313,658
Electromechanical Group
Segment Reporting Information [Line Items]
Net sales	497,662	458,866	1,454,732	1,336,096
Electromechanical Group \| United States
Segment Reporting Information [Line Items]
Net sales	265,549	230,524	737,362	666,618
Electromechanical Group \| United Kingdom
Segment Reporting Information [Line Items]
Net sales	28,694	32,846	88,945	91,465
Electromechanical Group \| European Union countries
Segment Reporting Information [Line Items]
Net sales	100,427	102,069	322,620	300,970
Electromechanical Group \| Asia
Segment Reporting Information [Line Items]
Net sales	70,375	65,624	203,439	192,267
Electromechanical Group \| Other foreign countries
Segment Reporting Information [Line Items]
Net sales	32,617	27,803	102,366	84,776
Electromechanical Group \| International
Segment Reporting Information [Line Items]
Net sales	$ 232,113	$ 228,342	$ 717,370	$ 669,478

Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,551,786	$ 1,440,681	$ 4,524,863	$ 4,042,769
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	758,868	661,243	2,219,821	1,881,923
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	438,945	451,243	1,258,081	1,204,060
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	353,973	328,195	1,046,961	956,786
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	1,054,124	981,815	3,070,131	2,706,673
Electronic Instruments Group \| Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	758,868	661,243	2,219,821	1,881,923
Electronic Instruments Group \| Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	295,256	320,572	850,310	824,750
Electronic Instruments Group \| Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	497,662	458,866	1,454,732	1,336,096
Electromechanical Group \| Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Electromechanical Group \| Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	143,689	130,671	407,771	379,310
Electromechanical Group \| Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 353,973	$ 328,195	$ 1,046,961	$ 956,786

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,551,786	$ 1,440,681	$ 4,524,863	$ 4,042,769
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,305,677	1,204,548	3,794,733	3,410,914
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	246,109	236,133	730,130	631,855
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	1,054,124	981,815	3,070,131	2,706,673
Electronic Instruments Group \| Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	869,455	791,486	2,522,351	2,206,252
Electronic Instruments Group \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	184,669	190,329	547,780	500,421
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	497,662	458,866	1,454,732	1,336,096
Electromechanical Group \| Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	436,222	413,062	1,272,382	1,204,662
Electromechanical Group \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 61,440	$ 45,804	$ 182,350	$ 131,434

- Definition

+ References

+ Details

Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the period	$ 27,478	$ 27,839
Accruals for warranties issued during the period	8,530	8,379
Settlements made during the period	(8,769)	(9,112)
Warranty accruals related to acquired businesses and other during the period	(1,080)	2,227
Balance at the end of the period	$ 26,159	$ 29,333

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Weighted average common shares outstanding:
Basic shares	229,500	231,171	230,360	230,811
Equity-based compensation plans	1,214	1,829	1,315	1,901
Diluted shares	230,714	233,000	231,675	232,712

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 8,866	$ 10,703

Fair Value Measurements - Additional Information (Detail) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 EUR (€)	Sep. 30, 2022 CAD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, transfers, net	$ 0	$ 0	$ 0	$ 0
Euro Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract, asset, fair value disclosure \| €					€ 40.0
Canadian Dollar Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract, asset, fair value disclosure						$ 22.0

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Recorded Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,088,231)	$ (2,233,705)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (1,910,792)	$ (2,378,930)

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasurement gain	$ 139.3
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	250.4
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 523.7

Inventories, net - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods and parts	$ 128,409	$ 89,985
Work in process	151,456	122,356
Raw materials and purchased parts	745,265	556,834
Total inventories, net	$ 1,025,130	$ 769,175

Leases - Additional Information (Details)	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	5 years

Leases- Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 16,407	$ 13,560	$ 47,131	$ 37,083
Variable lease cost	2,479	1,737	7,131	4,609
Total lease cost	$ 18,886	$ 15,297	$ 54,262	$ 41,692

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets, net	$ 161,217	$ 169,924
Operating lease, liability, current, statement of financial position	Accrued liabilities and other	Accrued liabilities and other
Lease liabilities included in Accrued Liabilities and other	$ 45,434	$ 47,353
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities
Lease liabilities included in Other long-term liabilities	$ 121,382	$ 129,101
Total lease liabilities	$ 166,816	$ 176,454

Leases - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2022	$ 13,154
2023	46,850
2024	35,684
2025	26,797
2026	20,476
Thereafter	36,390
Total lease payments	179,351
Less: imputed interest	12,535
Total lease liabilities	$ 166,816	$ 176,454

Acquisitions - Additional Information (Detail) $ in Thousands, $ in Millions	1 Months Ended		2 Months Ended	9 Months Ended
	Oct. 31, 2022 USD ($)	Oct. 31, 2022 CAD ($)	Apr. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired				$ 190,321	$ 1,839,664
2021 Consolidated Acquisition
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired			$ (190,300)
Business acquisition, goodwill, expected tax deductible amount				52,000
Two Thousand And Twenty Consolidated Acquisition [Member]
Business Acquisition [Line Items]
Other intangible assets				95,000
Finite-lived intangible assets acquired				79,800
Expected amortization, remainder of fiscal year				5,000
Future amortization expense, year two				5,000
Future amortization expense, year five				5,000
Future amortization expense, year four				5,000
Future amortization expense, year three				5,000
Future amortization expense, year one				5,000
Two Thousand And Twenty Consolidated Acquisition [Member] \| Trade Names
Business Acquisition [Line Items]
Indefinite-lived intangible trade names acquired				15,200
Two Thousand And Twenty Consolidated Acquisition [Member] \| Customer Relationship
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 64,600
Two Thousand And Twenty Consolidated Acquisition [Member] \| Customer Relationship \| Minimum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				17 years
Two Thousand And Twenty Consolidated Acquisition [Member] \| Purchased Technology
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 15,200
Two Thousand And Twenty Consolidated Acquisition [Member] \| Purchased Technology \| Minimum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				17 years
RTDS Technologies \| Subsequent Event
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 240,000	$ 325.0

Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 5,190,196		$ 5,238,726
Total cash paid	190,321	$ 1,839,664
Two Thousand Twenty One Consolidated Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment	8,900
Goodwill	71,100
Other intangible assets	95,000
Net working capital and other	15,300
Total cash paid	190,300
Accounts receivable included in purchase price	$ 5,500

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,238,726
Goodwill acquired from 2022 acquisitions	71,100
Purchase price allocation adjustments and other	4,200
Foreign currency translation adjustments	(123,800)
Goodwill, ending balance	5,190,196
Electronic Instruments Group
Goodwill [Roll Forward]
Goodwill, beginning balance	4,073,800
Goodwill acquired from 2022 acquisitions	71,100
Purchase price allocation adjustments and other	4,200
Foreign currency translation adjustments	(70,100)
Goodwill, ending balance	4,079,000
Electromechanical Group
Goodwill [Roll Forward]
Goodwill, beginning balance	1,164,900
Goodwill acquired from 2022 acquisitions	0
Purchase price allocation adjustments and other	0
Foreign currency translation adjustments	(53,700)
Goodwill, ending balance	$ 1,111,200

- Definition

+ References + Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 170.0		$ 147.0
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 125.3
Effective tax rate	19.00%	19.50%

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 147.0
Additions for tax positions	23.5
Reductions for tax positions	(0.5)
Balance at the end of the year	$ 170.0

Debt (Details) - USD ($)	May 12, 2022	Sep. 30, 2022	May 11, 2022
Secured Debt
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 800,000,000
Long-term debt, gross		$ 274,000,000
Line of Credit \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,300,000,000		$ 1,500,000,000

Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Stock option expense	$ 3,043	$ 2,768	$ 9,866	$ 10,017
Restricted stock expense	4,800	4,848	14,831	16,765
Performance restricted stock unit expense	4,217	3,812	9,890	8,239
Total pre-tax expense	$ 12,060	$ 11,428	$ 34,587	$ 35,021

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, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Expected volatility	24.50%	24.20%
Expected term (years)	5 years	5 years
Risk-free interest rate	2.33%	0.85%
Expected dividend yield	0.65%	0.66%
Black-Scholes-Merton fair value per stock option granted (in usd per share)	$ 32.54	$ 25.63

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, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, outstanding (in shares) \| shares	3,352
Granted (in shares) \| shares	608
Exercised (in shares) \| shares	(357)
Forfeited (in shares) \| shares	(101)
Ending balance, outstanding (in shares) \| shares	3,502
Ending balance, exercisable (in shares) \| shares	2,374
Weighted Average Exercise Price
Beginning balance, outstanding, weighted average exercise price (in usd per share) \| $ / shares	$ 76.08
Granted, weighted average exercise price (in usd per share) \| $ / shares	134.69
Exercised, weighted average exercise price (in usd per share) \| $ / shares	64.44
Forfeited, weighted average exercise price (in usd per share) \| $ / shares	107.73
Ending balance, outstanding, weighted average exercise price (in shares) \| $ / shares	86.52
Ending balance, exercisable, weighted average exercise price (in usd per share) \| $ / shares	$ 72.84
Weighted Average Remaining Contractual Life
Ending balance, outstanding, weighted average remaining contractual life	6 years 2 months 12 days
Ending balance, exercisable, weighted average remaining contractual life	5 years
Aggregate Intrinsic Value
Ending balance, outstanding, aggregate intrinsic value \| $	$ 110.4
Ending balance, exercisable, aggregate intrinsic value \| $	$ 97.8

Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 23.0
Total fair value of stock options vested		11.3
Expected future pre-tax compensation expense, nonvested stock options		$ 20.9
Weighted average period to recognize expected future pre-tax compensation expense		2 years
Nonvested restricted stock outstanding (in shares)		400
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		$ 8.8
Share-based payment award, options, outstanding (in shares)		3,502	3,352
Non vested Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding (in shares)		1,100
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize expected future pre-tax compensation expense		2 years
Total fair value of vested restricted stock		$ 13.5
Expected future pre-tax compensation expense, nonvested restricted shares		$ 32.3
Nonvested restricted stock outstanding (in shares)		397	413
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize expected future pre-tax compensation expense		1 year
Nonvested restricted stock outstanding (in shares)		275	289
Share-based payment award, options, outstanding (in shares)		300
Officers And Key Management Employees \| Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period	3 years
Minimum \| Officers And Key Management Employees \| Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	0.00%
Maximum \| Officers And Key Management Employees \| Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	200.00%

Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Shares
Non-vested restricted stock outstanding at end of period (in shares)	400
Restricted Shares
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	413
Granted (in shares)	182
Vested (in shares)	(156)
Forfeited (in shares)	(42)
Non-vested restricted stock outstanding at end of period (in shares)	397
Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) \| $ / shares	$ 96.07
Granted (in usd per share) \| $ / shares	134.55
Vested (in usd per share) \| $ / shares	86.31
Forfeited (in usd per share) \| $ / shares	108.42
Non-vested restricted stock outstanding at end of period (in usd per share) \| $ / shares	$ 116.26
Performance Restricted Stock Units
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	289
Granted (in shares)	87
Performance assumption change (in shares)	66
Vested (in shares)	(161)
Forfeited (in shares)	(6)
Non-vested restricted stock outstanding at end of period (in shares)	275
Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) \| $ / shares	$ 85.29
Granted (in usd per share) \| $ / shares	134.69
Performance assumption change (in usd per share) \| $ / shares	81.76
Vested (in usd per share) \| $ / shares	81.76
Forfeited (in usd per share) \| $ / shares	98.07
Non-vested restricted stock outstanding at end of period (in usd per share) \| $ / shares	$ 101.98

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined benefit plans:
Service cost	$ 1,290	$ 2,009	$ 3,995	$ 6,060
Interest cost	4,949	4,563	15,101	13,711
Expected return on plan assets	(14,812)	(14,172)	(45,113)	(42,567)
Amortization of net actuarial loss and other	2,074	7,550	6,371	16,282
Pension income	(6,499)	(50)	(19,646)	(6,514)
Other plans:
Defined contribution plans	9,217	7,792	32,289	24,208
Foreign plans and other	2,027	2,074	6,422	6,431
Total other plans	11,244	9,866	38,711	30,639
Total net pension expense	$ 4,745	$ 9,816	$ 19,065	$ 24,125

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Defined benefit pension plan contributions	$ 5.2	$ 6.4

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) site	Dec. 31, 2021 USD ($)
Site Contingency [Line Items]
Number of non-owned sites company is named potentially responsible party	13
Number of non-owned sites the Company is identified as a de minimis party	12
Number of non-owned sites company is in agreement on amount of de minimis settlement	8
Number of non-owned sites company is continuing to investigate	4
Total environmental reserves \| $	$ 39.6	$ 37.2
Payments for environmental liabilities \| $	(6.4)
HCC Industries
Site Contingency [Line Items]
Environmental expense \| $	$ 8.8