0001037868-23-000012 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-12981
Entity Registrant Name	AMETEK, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1682544
Entity Address, Address Line One	1100 Cassatt Road
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19312-1177
City Area Code	610
Local Phone Number	647-2121
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	AME
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 25.2
Entity Common Stock, Shares Outstanding		230,093,810
Documents Incorporated by Reference	Documents Incorporated by ReferencePart III incorporates information by reference from the Proxy Statement for the Annual Meeting of Stockholders on May 4, 2023
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001037868
Current Fiscal Year End Date	--12-31

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	ERNST & YOUNG LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	42

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 6,150,530	$ 5,546,514	$ 4,540,029
Cost of sales	4,005,261	3,633,900	2,996,515
Selling, general and administrative	644,577	603,944	515,630
Total operating expenses	4,649,838	4,237,844	3,512,145
Operating income	1,500,692	1,308,670	1,027,884
Interest expense	(83,186)	(80,381)	(86,062)
Other income (expense), net	11,186	(5,119)	140,487
Total	1,428,692	1,223,170	1,082,309
Provision for income taxes	269,150	233,117	209,870
Net income	$ 1,159,542	$ 990,053	$ 872,439
Basic earnings per share (in USD per share)	$ 5.04	$ 4.29	$ 3.80
Diluted earnings per share (in USD per share)	$ 5.01	$ 4.25	$ 3.77
Weighted average common shares outstanding:
Basic shares	230,208	230,955	229,435
Diluted shares	231,536	232,813	231,150

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 1,159,542	$ 990,053	$ 872,439
Foreign currency translation:
Translation adjustments	(123,756)	(47,331)	64,521
Change in long-term intercompany notes	(21,419)	(16,333)	16,695
Net investment hedge instruments gain (loss), net of tax of $(17,070), $(12,631) and $14,787 in 2022, 2021 and 2020, respectively	52,416	39,047	(45,716)
Defined benefit pension plans:
Net actuarial (loss) gain, net of tax of $4,769, $(15,298) and $8,637 in 2022, 2021 and 2020, respectively	(18,238)	46,049	(18,733)
Amortization of net actuarial loss, net of tax of ($2,111), ($4,103) and ($3,539) in 2022, 2021 and 2020, respectively	6,420	12,249	11,940
Amortization of prior service costs, net of tax of $(25), ($114) and $7 in 2022, 2021 and 2020, respectively	76	343	(36)
Other comprehensive (loss) income	(104,501)	34,024	28,671
Total comprehensive income	$ 1,055,041	$ 1,024,077	$ 901,110

Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Tax benefit (expense) from investment hedge instruments	$ (17,070)	$ (12,631)	$ 14,787
Tax benefit (expense) from change in pension plans	4,769	(15,298)	8,637
Tax related to amortization of net actuarial loss	(2,111)	(4,103)	(3,539)
Tax related to amortization of prior service costs	$ (25)	$ (114)	$ 7

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 345,386	$ 346,772
Receivables	919,335	829,213
Inventories, net	1,044,284	769,175
Other current assets	219,053	183,605
Total current assets	2,528,058	2,128,765
Property, plant and equipment, net	635,641	617,138
Right of use assets, net	170,295	169,924
Goodwill	5,372,562	5,238,726
Other intangibles, net	3,342,085	3,368,629
Investments and other assets	382,479	375,005
Total assets	12,431,120	11,898,187
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	226,079	315,093
Accounts payable	497,134	470,252
Customer advanced payments	357,674	298,728
Income taxes payable	48,171	35,904
Accrued liabilities and other	435,144	443,337
Total current liabilities	1,564,202	1,563,314
Long-term debt, net	2,158,928	2,229,148
Deferred income taxes	694,267	719,675
Other long-term liabilities	537,211	514,166
Total liabilities	4,954,608	5,026,303
Stockholders’ equity:
Preferred stock,$0.01 par value; authorized 5,000,000 shares; none issued	0	0
Common stock, $0.01 par value; authorized 800,000,000 shares; issued: 2022 – 268,588,293 shares; 2021 – 267,800,160 shares	2,700	2,689
Capital in excess of par value	1,094,236	1,012,526
Retained earnings	8,857,485	7,900,113
Accumulated other comprehensive loss	(574,945)	(470,444)
Treasury stock: 2022 – 38,537,635 shares; 2021 – 36,137,864 shares	(1,902,964)	(1,573,000)
Total stockholders’ equity	7,476,512	6,871,884
Total liabilities and stockholders’ equity	$ 12,431,120	$ 11,898,187

Consolidated Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	268,588,293	267,800,160
Treasury stock, shares	38,537,635	36,137,864

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital stock	Capital in excess of par value	Retained earnings	Retained earnings Cumulative Effect, Period of Adoption, Adjustment	Foreign currency translation:	Defined benefit pension plans:	Accumulated other comprehensive loss income	Treasury stock
Accounting standards update	Accounting Standards Update 2016-13 [Member]
Balance at the beginning of the year at Dec. 31, 2019		$ 2,662	$ 832,821	$ 6,387,612		$ (286,248)	$ (246,891)		$ (1,574,464)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		14
Issuance of common stock under employee stock plans			47,366						13,879
Share-based compensation costs			41,565
Net income	$ 872,439			872,439
Cash dividends paid				(165,035)
Other				0
Translation adjustments	64,521					64,521
Change in long-term intercompany notes						16,695
Net investment hedge instruments gain (loss), net of tax of $(17,070), $(12,631) and $14,787 in 2022, 2021 and 2020, respectively						(45,716)
Net actuarial (loss) gain, net of tax of $4,769, $(15,298) and $8,637 in 2022, 2021 and 2020, respectively	(18,733)						(18,733)
Amortization of net actuarial loss, net of tax of ($2,111), ($4,103) and ($3,539) in 2022, 2021 and 2020, respectively	11,940						11,940
Amortization of prior service costs, net of tax of $(25), ($114) and $7 in 2022, 2021 and 2020, respectively	(36)						(36)
Purchase of treasury stock									(4,685)
Balance at the end of the year at Dec. 31, 2020	$ 5,949,346	2,676	921,752	7,094,656	$ (360)	(250,748)	(253,720)	$ (504,468)	(1,565,270)
Accounting standards update	Accounting Standards Update 2016-13 [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		13
Issuance of common stock under employee stock plans			44,671						6,981
Share-based compensation costs			46,103
Net income	$ 990,053			990,053
Cash dividends paid				(184,595)
Other				(1)
Translation adjustments	(47,331)					(47,331)
Change in long-term intercompany notes						(16,333)
Net investment hedge instruments gain (loss), net of tax of $(17,070), $(12,631) and $14,787 in 2022, 2021 and 2020, respectively						39,047
Net actuarial (loss) gain, net of tax of $4,769, $(15,298) and $8,637 in 2022, 2021 and 2020, respectively	46,049						46,049
Amortization of net actuarial loss, net of tax of ($2,111), ($4,103) and ($3,539) in 2022, 2021 and 2020, respectively	12,249						12,249
Amortization of prior service costs, net of tax of $(25), ($114) and $7 in 2022, 2021 and 2020, respectively	343						343
Purchase of treasury stock	(14,700)								(14,711)
Balance at the end of the year at Dec. 31, 2021	$ 6,871,884	2,689	1,012,526	7,900,113	0	(275,365)	(195,079)	(470,444)	(1,573,000)
Accounting standards update	Accounting Standards Update 2016-13 [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		11
Issuance of common stock under employee stock plans			34,335						2,857
Share-based compensation costs			47,375
Net income	$ 1,159,542			1,159,542
Cash dividends paid				(202,169)
Other				(1)
Translation adjustments	(123,756)					(123,756)
Change in long-term intercompany notes						(21,419)
Net investment hedge instruments gain (loss), net of tax of $(17,070), $(12,631) and $14,787 in 2022, 2021 and 2020, respectively						52,416
Net actuarial (loss) gain, net of tax of $4,769, $(15,298) and $8,637 in 2022, 2021 and 2020, respectively	(18,238)						(18,238)
Amortization of net actuarial loss, net of tax of ($2,111), ($4,103) and ($3,539) in 2022, 2021 and 2020, respectively	6,420						6,420
Amortization of prior service costs, net of tax of $(25), ($114) and $7 in 2022, 2021 and 2020, respectively	76						76
Purchase of treasury stock	(332,800)								(332,821)
Balance at the end of the year at Dec. 31, 2022	$ 7,476,512	$ 2,700	$ 1,094,236	$ 8,857,485	$ 0	$ (368,124)	$ (206,821)	$ (574,945)	$ (1,902,964)

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Tax benefit (expense) from investment hedge instruments	$ (17,070)	$ (12,631)	$ 14,787
Tax benefit (expense) from change in pension plans	4,769	(15,298)	8,637
Tax related to amortization of net actuarial loss	(2,111)	(4,103)	(3,539)
Tax related to amortization of prior service costs	$ (25)	$ (114)	$ 7

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 1,159,542	$ 990,053	$ 872,439
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	319,427	292,112	255,275
Deferred income taxes	(67,818)	(29,762)	1,839
Share-based compensation expense	47,375	46,103	41,565
Gain on sale of business/investment	(3,584)	(6,349)	(141,020)
Gain on sale of facilities	(7,054)	0	(7,523)
Changes in assets and liabilities, net of acquisitions:
(Increase) decrease in receivables	(86,713)	(172,791)	163,471
(Increase) decrease in inventories and other current assets	(322,467)	(129,593)	77,448
Increase in payables, accruals and income taxes	95,481	212,101	7,017
Increase (decrease) in other long-term liabilities	47,226	(35,104)	20,430
Pension contributions	(8,959)	(10,277)	(9,527)
Other, net	(23,083)	3,964	(434)
Total operating activities	1,149,373	1,160,457	1,280,980
Investing activities:
Additions to property, plant and equipment	(139,005)	(110,671)	(74,199)
Purchases of businesses, net of cash acquired	(429,714)	(1,959,218)	(116,509)
Proceeds from sale of business/investment	3,734	12,000	245,311
Proceeds from sale of facilities	11,754	2,341	9,508
Other, net	471	(294)	(2,481)
Total investing activities	(552,760)	(2,055,842)	61,630
Financing activities:
Net change in short-term borrowings	(73,691)	243,615	(328,003)
Repayments of long-term borrowings	0	(59,718)	(102,947)
Repurchases of common stock	(332,821)	(14,711)	(4,685)
Cash dividends paid	(202,169)	(184,595)	(165,035)
Proceeds from stock option exercises	49,937	60,297	64,903
Other, net	(16,955)	(5,551)	(3,669)
Total financing activities	(575,699)	39,337	(539,436)
Effect of exchange rate changes on cash and cash equivalents	(22,300)	(10,002)	16,618
(Decrease) increase in cash and cash equivalents	(1,386)	(866,050)	819,792
Cash and cash equivalents:
Beginning of year	346,772	1,212,822	393,030
End of year	$ 345,386	$ 346,772	$ 1,212,822

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Consolidation

The accompanying consolidated financial statements reflect the results of operations, financial position and cash flows of AMETEK, Inc. (the “Company”), and include the accounts of the Company and subsidiaries, after elimination of all intercompany transactions in the consolidation.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.

Cash Equivalents, Securities and Other Investments

All highly liquid investments with maturities of three months or less when purchased are considered cash equivalents.

Accounts Receivable

The Company maintains allowances for estimated credit 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 considered uncollectible. Bad debt expense was $3.7 million in 2022, $1.2 million in 2021 and $3.6 million in 2020. At December 31, 2022 and 2021, the allowance for estimated credit losses was $14.1 million and $11.2 million, respectively.

Inventories

The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for approximately 90% of its inventories at December 31, 2022. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 10% of the Company’s inventory at December 31, 2022. For inventories where cost is determined by the LIFO method, the FIFO value would have been $40.3 million and $29.8 million higher than the LIFO value reported in the consolidated balance sheet at December 31, 2022 and 2021, respectively. The Company provides estimated inventory reserves for slow-moving and obsolete inventory based on current assessments about future demand, market conditions, customers who may be experiencing financial difficulties and related management initiatives.

Business Combinations

The Company allocates the purchase price of an acquired company, including when applicable, the acquisition date fair value of contingent consideration between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Expenditures for additions to plant facilities, or that extend their useful lives, are capitalized. The cost of minor tools, jigs and dies, and maintenance and repairs is charged to expense as incurred. Depreciation of plant and equipment is calculated principally on a straight-line basis over the estimated useful lives of the related assets. The range of lives for depreciable assets is generally three to 10 years for machinery and equipment, five to 27 years for leasehold improvements and 25 to 50 years for buildings.

Depreciation expense was $113.7 million, $108.5 million and $101.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets with indefinite lives, primarily trademarks and trade names, are not amortized; rather, they are tested for impairment at least annually.

The Company identifies its reporting units at the component level, which is one level below its operating segments. Generally, goodwill arises from acquisitions of specific operating companies and is assigned to the reporting unit in which the operating company resides. The Company’s reporting units are divisions that are one level below its operating segments and for which discrete financial information is prepared and regularly reviewed by segment management.

When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company performs a qualitative assessment and determines that an impairment is more likely than not, then performance of a quantitative impairment test is required. In conducting a qualitative assessment, the Company analyzes actual and forecasted net sales and selling profit for each reporting unit, as well as historical performance and the results of prior quantitative tests performed. Additionally, the Company assesses critical areas that may impact its business, including macroeconomic conditions, industry and market conditions, cost factors, or any relevant events and factors that may impact projected financial results.

If performed, the quantitative goodwill impairment test is performed using a discounted cash flow analysis to determine the fair value of each reporting unit, which considers cash flows discounted at an appropriate discount rate. The annual goodwill impairment test requires the Company to make a number of assumptions and estimates concerning future levels of revenue growth, operating margins, depreciation, amortization and working capital requirements, which are based on the Company’s long-range plan and are considered level 3 inputs. The discount rate is an estimate of the overall after-tax rate of return required by a market participant whose weighted average cost of capital includes both equity and debt, including a risk premium. While the Company uses the best available information to prepare its cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances.

During the fourth quarter of 2022, the Company completed its annual goodwill impairment tests and elected to perform a qualitative assessment.

The impairment test for indefinite-lived intangibles other than goodwill (primarily trademarks and trade names) consists of a comparison of the estimated fair value of the indefinite-lived intangible asset to the carrying value of the asset as of the impairment testing date. The Company estimates the fair value of its indefinite-lived intangibles using the relief from royalty method using level 3 inputs for revenue growth rates and royalty rates. The fair value derived from the relief from royalty method is measured as the discounted cash flow savings realized from owning such trademarks and trade names and not having to pay a royalty for their use.

The Company completed its required annual impairment tests in the fourth quarter of 2022, 2021, and 2020 and determined that the carrying values of the Company's goodwill were not impaired. The Company completed its required annual indefinite-lived intangibles impairment test as of October 1, 2022 and determined that the carrying values of certain of the Company's trademarks and trade names with indefinite lives were impaired as a result of higher discount rates driven by higher interest rates. As a result, during the fourth quarter of 2022, the Company recorded an immaterial non-cash impairment charge related to certain of the Company's trade names. The Company completed its required annual impairment tests in the fourth quarter of 2021 and 2020 and determined that the carrying values of the Company's other intangible assets with indefinite lives were not impaired.

Other intangible assets with finite lives are evaluated for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of other intangible assets with finite lives is considered impaired when the total projected undiscounted cash flows from the asset group are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of those assets. Fair value is determined primarily using present value techniques based on projected cash flows from the asset group.

Intangible assets, other than goodwill, with definite lives are amortized over their estimated useful lives. Patents and technology are being amortized over useful lives of nine to 20 years, with a weighted average life of 14 years. Customer relationships are being amortized over a period of ten to 20 years, with a weighted average life of 19 years. On a quarterly basis, the Company evaluates the reasonableness of the estimated useful lives of these intangible assets.

Financial Instruments and Foreign Currency Translation

Assets and liabilities of foreign operations are translated using exchange rates in effect at the balance sheet date and their results of operations are translated using average exchange rates for the year. Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Exchange gains and losses from those transactions are included in operating results for the year.

The Company makes infrequent use of derivative financial instruments. Forward contracts are primarily entered into from time to time to hedge debt or foreign currency transactions, thereby minimizing the Company’s exposure to foreign currency fluctuation.

In instances where transactions are designated as hedges of an underlying item, the gains and losses on those transactions are included in accumulated other comprehensive income within stockholders’ equity to the extent they are effective as hedges. An evaluation of hedge effectiveness is performed by the Company at inception and on an ongoing basis and any changes in the hedge are made as appropriate.

Leases

The Company determines if an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. The Company has lease agreements which include lease and non-lease components, which the Company has elected to account for as a single lease component for all classes of underlying assets. Lease expense for variable lease components are recognized when the obligation is probable.

Operating leases are included in right-of-use ("ROU") assets, accrued liabilities and other, and other long-term liabilities on our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease payments are recognized as lease expense on a straight-line basis over the lease term. The Company has no finance leases. The Company primarily leases buildings (real estate) and automobiles which are classified as operating leases.

The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Options for lease renewals have been excluded from the lease term (and lease liability) for the majority of the Company’s leases as the reasonably certain threshold is not met.

Lease payments included in the measurement of the lease liability are comprised of fixed and variable payments that depend on an index or rate.

Variable lease payments not dependent on a rate or index associated with the Company’s leases are recognized when the events, activities, or circumstances in the lease agreement on which those payments are

assessed are probable. Variable lease payments are presented as operating expense in the Company’s income statement in the same line item as expense arising from fixed lease payments. Cash used in operations for operating leases is not materially different than total lease costs.

Revenue Recognition

Revenue is derived from sales of products and services. The Company’s products and services are marketed and sold worldwide through two operating groups: EIG and EMG. See Note 15 Descriptive Information about Reportable Segments.

The majority of the Company’s revenues on product sales were recognized at a point in time when the customer obtains control of the product. The transfer in control of the product to the customer was typically evidenced by one or more of the following: the customer having legal title to the product, the Company’s present right to payment, the customer’s physical possession of the product, the customer accepting the product, or the customer having the benefits of ownership or risk of loss. For a small percentage of sales where title and risk of loss transfers at the point of delivery, the Company recognized revenue upon delivery to the customer, which is the point that control transferred, assuming all other criteria for revenue recognition were met.

The Company determined that revenues from certain of its customer contracts met the criteria of satisfying its performance obligations over time, primarily in the areas of the manufacture of custom-made equipment and for service repairs of customer-owned equipment. Recognizing revenue over time for custom-manufactured equipment is based on the Company’s judgment that, in certain contracts, the product does not have an alternative use and the Company has an enforceable right to payment for performance completed to date.

The Company recognizes incremental cost of obtaining contracts as an expense when incurred if the amortization period of the contract cost assets that the Company would have otherwise recognized is one year or less. These costs are included in Selling, general and administrative expenses in the consolidated statement of income.

The determination of the revenue to be recognized in each period for performance obligations satisfied over time is based on the input method. The Company recognizes revenue over time as it performs on these contracts because the transfer of control to the customer occurs over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation. The Company generally uses the total cost-to-cost input method of progress because it best depicts the transfer of control to the customer that occurs as costs are incurred. Under the cost-to-cost method, the extent of progress towards completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. On certain contracts, labor hours are used as the measure of progress when it is determined to be a better depiction of the transfer of control to the customer due to the timing and pattern of labor hours incurred.

Performance obligations also include post-delivery service, installation and training. Post-delivery service revenues are recognized over the contract term. Installation and training revenues are recognized over the period the service is provided. Warranty terms in customer contracts can also be considered separate performance obligations if the warranty provides services beyond assurance that a product complies with agreed-upon specification or if a warranty can be purchased separately. The Company does not incur significant obligations for customer returns and refunds.

The Company has certain contracts with variable consideration in the form of volume discounts, rebates and early payment options, which may affect the transaction price used as the basis for revenue recognition. In these contracts, the amount of the variable consideration is allocated among the various performance obligations in the customer contract based on the relative standalone selling price of each performance obligation to the total standalone value of all the performance obligations.

Payment terms generally begin upon shipment of the product. The Company does have contracts with multiple billing terms that are all due within one year from when the product is delivered. No significant financing component exists. Payment terms are generally 30-60 days from the time of shipment or customer acceptance, but terms can be shorter or longer, not exceeding one year. For customer contracts that have revenue recognized over time, revenue is generally recognized prior to a payment being due from the customer. In such cases, the Company recognizes a contract asset at the time the revenue is recognized. When payment becomes due based on the contract terms, the Company reduces the contract asset and records a receivable. In contracts with billing milestones or in other instances with a long production cycle or concerns about credit, customer advance payments are received. The Company may receive a payment in excess of revenue recognized to that date. In these circumstances, a contract liability is recorded. Contract liabilities are derecognized when the performance obligations are satisfied, and revenue is recognized.

Research and Development

Research and development costs are included in Cost of sales as incurred and were $198.8 million in 2022, $194.2 million in 2021 and $158.9 million in 2020.

Shipping and Handling Costs

Shipping and handling costs are included in Cost of sales and were $103.7 million in 2022, $86.1 million in 2021 and $56.8 million in 2020.

Share-Based Compensation

The Company expenses the fair value of share-based awards made under its share-based plans in the consolidated financial statements over their requisite service period of the grants.

Income Taxes

The Company conducts a broad range of operations around the world and is therefore subject to complex tax regulations in numerous international taxing jurisdictions, resulting at times in tax audits, disputes and potential litigation, the outcome of which is uncertain. Management must make judgments currently about such uncertainties and determine estimates of the Company’s tax assets and liabilities. To the extent the final outcome differs, future adjustments to the Company’s tax assets and liabilities may be necessary.

The Company assesses the realizability of its deferred tax assets, taking into consideration the Company’s forecast of future taxable income, available net operating loss carryforwards and available tax planning strategies that could be implemented to realize the deferred tax assets. Based on this assessment, management must evaluate the need for, and amount of, valuation allowances against the Company’s deferred tax assets. To the extent facts and circumstances change in the future, adjustments to the valuation allowances may be required.

The Company assesses the uncertainty in its tax positions, by applying a minimum recognition threshold which a tax position is required to meet before a tax benefit is recognized in the financial statements. Once the minimum threshold is met, using a more likely than not standard, a series of probability estimates is made for each item to properly measure and record a tax benefit. The tax benefit recorded is generally equal to the highest probable outcome that is more than 50% likely to be realized after full disclosure and resolution of a tax examination. The underlying probabilities are determined based on the best available objective evidence such as recent tax audit outcomes, published guidance, external expert opinion, or by analogy to the outcome of similar issues in the past. There can be no assurance that these estimates will ultimately be realized given continuous changes in tax policy, legislation and audit practice. The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense.

Pensions

The Company has U.S. and foreign defined benefit and defined contribution pension plans. The key assumptions in determining the Company’s pension income or expense are the assumed pension liability discount rate and the expected return on plan assets. All unrecognized prior service costs, remaining transition obligations or assets and actuarial gains and losses have been recognized, net of tax effects, as a charge to accumulated other comprehensive income in stockholders’ equity and will be amortized as a component of net periodic pension cost. The Company uses a measurement date of December 31 (its fiscal year end) for its U.S. and foreign defined benefit plans.

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). The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows for the years ended December 31:


	2022	2021	2020
	(In thousands)
Weighted average shares:
Basic shares	230,208	230,955	229,435
Equity-based compensation plans	1,328	1,858	1,715
Diluted shares	231,536	232,813	231,150

The calculation of diluted earnings per share for 2022 excluded an immaterial number of stock options because the exercise prices of these stock options exceeded the average market price of the Company’s common shares, and the effect of their inclusion would have been antidilutive. There were no antidilutive shares in 2021 and 2020.

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 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 8050): 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenues

12 Months Ended

Dec. 31, 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 – December 31	119,741		95,274
Change in contract assets – increase	24,467		26,303
Contract liabilities – January 1	328,816		215,093
Contract liabilities – December 31	398,692		328,816
Change in contract liabilities – (increase)	(69,876)		(113,723)
Net change	$	(45,409)	$	(87,420)

The net change in 2022 and 2021 was primarily driven by the receipt of advance payments from customers significantly exceeding the recognition of revenue and customer advance payments from acquired businesses. For the years ended December 31, 2022 and 2021, the Company recognized revenue of $272 million and $184 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 December 31, 2022 and 2021, $41.0 million and $30.1 million, respectively, of Customer advanced payments (contract liabilities) were recorded in Other long-term liabilities in the consolidated balance sheet.

The remaining performance obligations exceeding one year as of December 31, 2022 and 2021 were $526.0 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 year ended December 31:


	2022
	EIG		EMG		Total
	(In thousands)
United States	$	2,171,684	$	982,579	$	3,154,263
International(1):
United Kingdom	92,668		117,788		210,456
European Union countries	510,052		420,756		930,808
Asia	1,050,843		266,011		1,316,854
Other foreign countries	404,106		134,043		538,149
Total international	2,057,669		938,598		2,996,267
Consolidated net sales	$	4,229,353	$	1,921,177	$	6,150,530

_________________

(1)Includes U.S. export sales of $1,688.7 million.


	2021
	EIG		EMG		Total
	(In thousands)
United States	$	1,910,203	$	890,737	$	2,800,940
International(1):
United Kingdom	96,206		121,290		217,496
European Union countries	482,426		403,890		886,316
Asia	927,027		254,370		1,181,397
Other foreign countries	347,896		112,469		460,365
Total international	1,853,555		892,019		2,745,574
Consolidated net sales	$	3,763,758	$	1,782,756	$	5,546,514

_________________

(1)Includes U.S. export sales of $1,475.6 million.


	2020
	EIG		EMG		Total
	(In thousands)
United States	$	1,513,967	$	816,159	$	2,330,126
International(1):
United Kingdom	54,158		117,469		171,627
European Union countries	371,884		324,203		696,087
Asia	769,532		189,987		959,519
Other foreign countries	280,387		102,283		382,670
Total international	1,475,961		733,942		2,209,903
Consolidated net sales	$	2,989,928	$	1,550,101	$	4,540,029

_________________

(1)Includes U.S. export sales of $1,196.4 million

Major Products and Services

The Company’s major products and services in the reportable segments were as follows for the year ended December 31:


	2022
	EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	3,061,263	$	—	$	3,061,263
Aerospace and power	1,168,090		549,735		1,717,825
Automation and engineered solutions	—		1,371,442		1,371,442
Consolidated net sales	$	4,229,353	$	1,921,177	$	6,150,530


	2021
	EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	2,627,476	$	—	$	2,627,476
Aerospace and power	1,136,282		506,925		1,643,207
Automation and engineered solutions	—		1,275,831		1,275,831
Consolidated net sales	$	3,763,758	$	1,782,756	$	5,546,514


	2020
	EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	2,199,167	$	—	$	2,199,167
Aerospace and power	790,761		466,343		1,257,104
Automation and engineered solutions	—		1,083,758		1,083,758
Consolidated net sales	$	2,989,928	$	1,550,101	$	4,540,029

Timing of Revenue Recognition

The Company’s timing of revenue recognition was as follows for the year ended December 31:


	2022
	EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	3,471,118	$	1,680,558	$	5,151,676
Products and services transferred over time	758,235		240,619		998,854
Consolidated net sales	$	4,229,353	$	1,921,177	$	6,150,530


	2021
	EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	3,048,819	$	1,596,911	$	4,645,730
Products and services transferred over time	714,939		185,845		900,784
Consolidated net sales	$	3,763,758	$	1,782,756	$	5,546,514


	2020
	EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	2,427,254	$	1,390,574	$	3,817,828
Products and services transferred over time	562,674		159,527		722,201
Consolidated net sales	$	2,989,928	$	1,550,101	$	4,540,029

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:


	2022		2021		2020
	(In thousands)
Balance at the beginning of the year	$	27,478	$	27,839	$	27,611
Accruals for warranties issued during the year	11,414		11,518		12,000
Settlements made during the year	(11,835)		(13,669)		(14,602)
Warranty accruals related to acquired businesses and other during the year	(570)		1,790		2,830
Balance at the end of the year	$	26,487	$	27,478	$	27,839

- 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
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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 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 in an orderly transaction between market participants on the measurement date. The Company utilizes a hierarchy for disclosure of the inputs to the valuations used to measure fair value. The hierarchy prioritizes the inputs into three broad levels as follows:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - 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 - 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 tables provide the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31:


	2022
	Total		Level 1		Level 2		Level 3
	(In thousands)
Mutual fund investments	$	9,856	$	9,856	$	—	$	—
Foreign currency forward contracts	3,032		—		3,032		—


	2021
	Total		Level 1		Level 2		Level 3
	(In thousands)
Mutual fund investments	$	10,703	$	10,703	$	—	$	—

The fair value of mutual fund investments is based on quoted market prices. The mutual fund investments are shown as a component of long-term assets in the consolidated balance sheet. For the years ended December 31, 2022 and 2021, gains and losses on the investments were not significant.

Foreign Currency

At December 31, 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 26.5 million dollars. At December 31, 2021 the Company had no foreign currency forward contracts outstanding. Foreign currency forward contracts are valued as level 2 assets as they are corroborated by foreign currency exchange rates and shown as a component of other current assets in the consolidated balance sheet. For the year ended December 31, 2022 and 2021, realized gains and losses on foreign currency forward contracts were not significant. The Company does not typically designate its foreign currency forward contracts as accounting hedges.

Financial Instruments

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

The fair value of short-term borrowings, net approximates the carrying value. The Company’s long-term debt, net is all privately held with no public market for this debt, therefore, the fair value of long-term debt, net was computed based on comparable current market data for similar debt instruments and is considered to be a level 3 liability. At December 31, 2022 and 2021, the fair value of long-term debt (including current portion) was $2,010.9 million and $2,378.9 million and the recorded amount of long-term debt (including current portion) was $2,161.6 million and $2,233.7 million, respectively. See Note 10 for long-term debt principal amounts, interest rates and maturities.

- 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	12 Months Ended
Hedging Activities	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Activities	Hedging Activities The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of December 31, 2022, and 2021, these net investment hedges included British-pound and Euro-denominated long-term debt. These borrowings were designed to create net investment hedges in each of the designated foreign subsidiaries. The Company designated the British-pound- and Euro-denominated loans referred to above as hedging instruments to offset translation gains or losses on the net investment due to changes in the British pound and Euro exchange rates. These net investment hedges are evidenced by management’s contemporaneous documentation supporting the hedge designation. Any gain or loss on the hedging instruments (the debt) following hedge designation is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the hedged investment based on changes in the spot rate, which is used to measure hedge effectiveness. At December 31, 2022 and 2021, the Company had $271.7 million and $304.6 million, respectively, of British-pound denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At December 31, 2022 and 2021, the Company had $572.1 million and $654.1 million, respectively, 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 being designated and 100% effective as net investment hedges, $69.5 million of pre-tax currency remeasurement losses and $51.7 million of pre-tax currency remeasurement losses have been included in the foreign currency translation component of other comprehensive income for the years ended December 31, 2022 and 2021, respectively.

Acquisitions and Divestiture

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Acquisitions and Divestiture

Acquisitions

The Company spent $429.7 million in cash, net of cash acquired, to acquire Navitar, Inc.("Navitar") in September 2022 and RTDS Technologies Inc. ("RTDS") in October 2022. Navitar is a market leader in the design, development and manufacturing of customized, fully integrated optical imaging systems, cameras, components and software. 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. Navitar and RTDS are part of EIG.

The following table represents the allocation of the purchase price for the net assets of the 2022 acquisitions based on the estimated fair values at acquisition (in millions):




Property, plant and equipment	$	11.8
Goodwill	197.8
Other intangible assets	213.3
Deferred income taxes	(23.5)

Net working capital and other(1)	30.3
Total cash paid	$	429.7

______________________

(1)Includes $18.4 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

The amount allocated to goodwill is reflective of the benefits the Company expects to realize from the Navitar and RTDS acquisitions. Navitar's market leading optical components and solutions complement the Company's existing optics portfolio. RTDS' products and solutions complement the Company's existing power instruments businesses. The Company expects approximately $71.4 million of the goodwill relating to the acquisitions will be tax deductible in future years.

At December 31, 2022, the purchase price allocated to other intangible assets of $213.3 million consists of $37.2 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $176.1 million of other intangible assets consists of $120.1 million of customer relationships, which are being amortized over a period of 19 years and $56.0 million of purchased technology, which is being amortized over a period of 11 to 15 years. Amortization expense for each of the next five years for the acquisitions is expected to be $11.1 million per year.

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 and RTDS.

The acquisitions had an immaterial impact on reported net sales, net income, and diluted earnings per share for the year ended December 31, 2022. Had the acquisitions been made at the beginning of 2022 or 2021, pro forma net sales, net income, and diluted earnings per share for the year ended December 31, 2022 and 2021, would not have been materially different than the amounts reported.

In 2021, the Company spent $1,959.2 million in cash, net of cash acquired, to acquire Magnetrol International ("Magnetrol"), Crank Software, and EGS Automation ("EGS") in March 2021, NSI-MI Technologies ("NSI-MI") and Abaco Systems, Inc. ("Abaco") in April 2021, and Alphasense in November 2021. Magnetrol is a leading provider of level and flow control solutions for challenging process applications across a diverse set of end markets including medical, pharmaceutical, oil and gas, food and beverage, and general industrial. Crank Software is a leading provider of embedded graphical user interface software and services. EGS is an automation solutions

provider that designs and manufactures highly engineered, customized robotic solutions used in critical applications for the medical, food and beverage, and general industrial markets. NSI-MI is a leading provider of radio frequency and microwave test and measurement systems for niche applications across the aerospace, defense, automotive, wireless communications, and research markets. Abaco specializes in open-architecture computing and electronic systems for aerospace, defense, and specialized industrial markets and is a leading provider of mission critical embedded computing systems. Alphasense is a leading provider of gas and particulate sensors for use in environmental, health and safety, and air quality applications. Magnetrol, Crank Software, NSI-MI, Abaco, and Alphasense are part of EIG. EGS is part of EMG.

In 2020, the Company spent $116.5 million in cash, net of cash acquired, to acquire IntelliPower in January 2020. IntelliPower designs and manufactures a broad portfolio of ruggedized solutions including uninterruptible power systems, external battery packs, power distribution units and power conditioners. IntelliPower was privately held and is headquartered in Orange, California. IntelliPower is part of EIG.

Divestiture

The Company completed its sale of Reading Alloys to Kymera International in March 2020 for net cash proceeds of $245.3 million. The transaction resulted in a pre-tax gain of $141.0 million, recorded in Other Income (expense) in the Consolidated Statement of Income, and income tax expense of $31.4 million in connection with the sale. Reading Alloys revenue and costs were reported within the EMG segment through the date of sale.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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


	EIG		EMG		Total
	(In millions)
Balance at December 31, 2020	$	3,050.3	$	1,174.6	$	4,224.9
Goodwill acquired	1,037.9		5.9		1,043.8
Purchase price allocation adjustments and other	1.9		—		1.9
Foreign currency translation adjustments	(16.3)		(15.6)		(31.9)
Balance at December 31, 2021	4,073.8		1,164.9		5,238.7
Goodwill acquired	197.8		—		197.8
Purchase price allocation adjustments and other	1.8		—		1.8
Foreign currency translation adjustments	(37.3)		(28.4)		(65.7)
Balance at December 31, 2022	$	4,236.1	$	1,136.5	$	5,372.6

Other intangible assets were as follows at December 31:


	2022		2021
	(In thousands)
Definite-lived intangible assets (subject to amortization):
Patents	$	46,418	$	48,071
Purchased technology	722,277		677,896
Customer lists	3,023,762		2,930,120
	3,792,457		3,656,087
Accumulated amortization:
Patents	(37,215)		(37,713)
Purchased technology	(269,155)		(235,989)
Customer lists	(1,033,658)		(888,092)
	(1,340,028)		(1,161,794)
Net intangible assets subject to amortization	2,452,429		2,494,293
Indefinite-lived intangible assets (not subject to amortization):
Trademarks and trade names	889,656		874,336


	$	3,342,085	$	3,368,629

Amortization expense was $205.8 million, $183.6 million, and $154.0 for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense for each of the next five years is expected to approximate $204 million per year, not considering the impact of potential future acquisitions.

Other Consolidated Balance Sheet Information

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Consolidated Balance Sheet Information


	December 31,
	2022		2021
	(In thousands)
INVENTORIES, NET
Finished goods and parts	$	130,989	$	89,985
Work in process	138,043		122,356
Raw materials and purchased parts	775,252		556,834
	$	1,044,284	$	769,175
PROPERTY, PLANT AND EQUIPMENT, NET
Land	$	55,915	$	41,709
Buildings	365,679		343,996
Machinery and equipment	1,199,600		1,149,316
	1,621,194		1,535,021
Less: Accumulated depreciation	(985,553)		(917,883)
	$	635,641	$	617,138
ACCRUED LIABILITIES AND OTHER
Employee compensation and benefits	$	213,478	$	205,994
Product warranty obligation	26,487		27,478
Realignment	34,394		30,476
Short term lease liability	46,366		47,353


Other	114,419		132,036
	$	435,144	$	443,337

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of income before income taxes and the details of the provision for income taxes were as follows for the years ended December 31:


	2022		2021		2020
	(In thousands)
Income before income taxes:
Domestic	$	893,478	$	958,206	$	810,844
Foreign	535,214		264,964		271,465
Total	$	1,428,692	$	1,223,170	$	1,082,309
Provision for income taxes:
Current:
Federal	$	183,619	$	99,706	$	126,427
Foreign	119,148		146,890		61,672
State	34,201		16,282		19,932
Total current	336,968		262,878		208,031
Deferred:
Federal	(37,810)		23,538		(1,254)
Foreign	(20,818)		(56,572)		(4,072)
State	(9,190)		3,273		7,165
Total deferred	(67,818)		(29,761)		1,839
Total provision	$	269,150	$	233,117	$	209,870

Significant components of the deferred tax (asset) liability were as follows at December 31:


	2022		2021
	(In thousands)
Non-current deferred tax (asset) liability:
Differences in basis of property and accelerated depreciation (1)	$	43,594	$	44,199
Reserves not currently deductible	(131,958)		(118,578)
Pensions	66,558		63,329
Differences in basis of intangible assets and accelerated amortization	726,525		768,542
Net operating loss carryforwards	(54,318)		(44,164)
Share-based compensation	(13,279)		(12,728)
Foreign Tax Credit Carryforwards	(2,317)		(2,291)
Unremitted earnings	12,429		11,361
Other	(13,448)		(28,343)
	633,786		681,327
Less: Valuation allowance	9,613		11,349
	643,399		692,676
Portion included in non-current assets	50,868		26,999
Gross non-current deferred tax liability	$	694,267	$	719,675

______________________

(1)Presented net of deferred tax assets of approximately $34.1 million and $33.3 million at December 31, 2022 and 2021, respectively, resulting from lease obligations.

The Company’s effective tax rate reconciles to the U.S. Federal statutory rate as follows for the years ended December 31:


	2022		2021		2020
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	1.6		1.5		2.3
Foreign operations, net	(1.0)		(0.4)		(1.4)
U.S. Benefits for Manufacturing, Export and credits	(2.9)		(2.6)		(1.9)
Uncertain Tax Items	1.0		(0.1)		(1.3)
Stock compensation	(0.9)		(1.7)		(1.0)
U.S. Tax on Foreign Earnings	0.5		3.9		2.2
U.S. General Basket FTC	(0.1)		(2.9)		(0.1)
Other	(0.4)		0.3		(0.5)
Consolidated effective tax rate	18.8	%	19.1	%	19.4	%

The Company elected to pay the cash tax cost of the one-time mandatory tax on previously deferred earnings of non-U.S. subsidiaries over an eight-year period. As of December 31, 2022, the Company has a remaining cash tax obligation of $35.9 million, all of which is classified as non-current.

The Company has evaluated the impact of the global intangible low-taxed income (“GILTI”) section of the Tax Act and has made a tax accounting policy election to record the annual tax cost of GILTI as a current period expense when incurred and, as such, will not be measuring an impact of GILTI in its determination of deferred taxes.

As a result of the one-time mandatory deemed repatriation and the taxable inclusions under the GILTI provisions of the Tax Act, the Company has approximately $898.0 million in previously taxed income (“PTI”) as of December 31, 2022 which can be repatriated without incremental U.S. Federal tax. The Company intends to reinvest its earnings indefinitely in operations outside the United States except to the extent of the PTI. There has been no provision for U.S. deferred income taxes for the undistributed earnings over PTI of approximately $60.4 million and $186.4 million at December 31, 2022 and 2021 respectively because determination of the amount of the unrecognized deferred income tax liability on these undistributed earnings is not practicable.

As of December 31, 2022, and 2021, the Company recorded deferred income taxes totaling $12.4 million and $11.4 million respectively in state income and foreign withholding taxes expected to be incurred when the cash amounts related to the mandatory tax are ultimately repatriated to the U.S.

The Company is acquisitive and at times acquires entities with tax attributes (net operating losses or tax credits) that carry over to post-acquisition tax periods of the Company. At December 31, 2022, the Company had tax effected benefits, net of uncertain tax positions of $54.3 million related to net operating loss carryforwards, which will be available to offset future income taxes payable, subject to certain annual or other limitations based on foreign and U.S. tax laws. This amount includes net operating loss carryforwards of $2.2 million for federal income tax purposes with no valuation allowance for the U.S. consolidated group, $10.7 million for state income tax purposes with a valuation allowance of $2.7 million, and $41.4 million for foreign income tax purposes with a valuation allowance of $2.7 million. These net operating loss carryforwards, if not used, will expire between 2023 and 2042.

At December 31, 2022, the Company had tax effected benefits of $9.3 million related to tax credit carryforwards, which will be available to offset future income taxes payable, subject to certain annual or other limitations based on foreign and U.S. tax laws. This amount includes tax credit carryforwards of $2.9 million for federal income tax purposes with a valuation allowance of $0.6 million, $6.4 million for state income tax purposes with a valuation allowance of $2.4 million, and no remaining credit carryforwards for foreign income tax purposes. These tax credit carryforwards, if not used, will expire between 2023 and 2042.

The Company maintains a valuation allowance (VA) to reduce certain deferred tax assets to amounts that are more likely than not to be realized. This allowance primarily relates to deferred tax assets established for federal and state credits and state net operating loss carryforwards. In 2022, the Company recorded a net decrease of $1.7 million in the valuation allowance. The reduction primarily relates to the reversal of a valuation allowance on federal tax credits in the amount of $2.3 million, which after considering significant positive evidence the company will be able to utilize in the future. Additionally, there was a reduction of $0.3 million to the valuation allowance due to changes in net operating losses in the normal course of business. Offsetting the reductions was an increase of $1.3 million relating to foreign net operating losses which are not expected to be utilized.

At December 31, 2022, the Company had gross unrecognized tax benefits of $174.7 million, of which $128.5 million, if recognized, would impact the effective tax rate. At December 31, 2021, the Company had gross unrecognized tax benefits of $147.0 million, of which $110.0 million, if recognized, would impact the effective tax rate.

At December 31, 2022 and 2021, the Company reported $12.4 million and $9.1 million, respectively, related to interest and penalties as a component of other long term liabilities in the consolidated balance sheet. During 2022, the Company recognized a net expense of $3.2 million, and in 2021 a net benefit of $2.5 million, for interest and penalties related to uncertain tax positions in the consolidated statement of income as a component of income tax expense.

Approximately 64% of the Company’s overall tax liability is incurred in the United States. The Company files income tax returns in various other state and foreign tax jurisdictions, in some cases for multiple legal entities per jurisdiction. Generally, the Company has open tax years subject to tax audit on average of between three and six years in these jurisdictions. At December 31, 2022, the Internal Revenue Service ("IRS") audit of the Company's consolidated U.S. income tax returns for the year 2018 and 2019 is ongoing. The Company has not materially extended any other statutes of limitation for any significant location and has reviewed and accrued for, where necessary, tax liabilities for open periods including state and foreign jurisdictions that remain subject to examination. There have been no penalties asserted or imposed by the IRS related to substantial understatement of income, gross valuation misstatement or failure to disclose a listed or reportable transaction.

During 2022, the Company added $43.4 million of tax, interest and penalties related to identified uncertain tax positions and reversed $4.4 million of tax and interest related to statute expirations and settlement of prior uncertain positions. During 2021, the Company added $58.6 million of tax, interest and penalties related to identified uncertain tax positions and reversed $35.2 million of tax and interest related to statute expirations and settlement of prior uncertain positions.

The following is a reconciliation of the liability for uncertain tax positions at December 31:


	2022		2021		2020
	(In millions)
Balance at the beginning of the year	$	147.0	$	100.7	$	109.1
Additions for tax positions related to the current year	29.3		41.4		15.6
Additions for tax positions of prior years	2.1		34.9		6.2
Reductions for tax positions of prior years	(1.0)		(1.5)		(0.3)
Reductions related to settlements with taxing authorities	(0.2)		(0.1)		(0.5)
Reductions due to statute expirations	(2.5)		(28.4)		(29.4)
Balance at the end of the year	$	174.7	$	147.0	$	100.7

In 2022, the additions above primarily reflect the increase in tax liabilities for uncertain tax positions related to certain higher transfer pricing risks for intangible assets. The reductions above primarily relate to statute expirations. The net increase of $27.7 million in uncertain tax positions resulted in an increase of $23.1 million to income tax expense and the remainder primarily in long term receivable. At December 31, 2022, tax, interest and

penalties of $173.2 million were classified as a non-current liability and $13.9 million was reflected as a reduction against deferred tax assets.

- 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
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Long-term debt, net consisted of the following at December 31:


	2022		2021
	(In thousands)
U.S. dollar 3.73% senior notes due September 2024	$	300,000	$	300,000
U.S. dollar 3.91% senior notes due June 2025	50,000		50,000
U.S. dollar 3.96% senior notes due August 2025	100,000		100,000
U.S. dollar 4.18% senior notes due December 2025	275,000		275,000
U.S. dollar 3.83% senior notes due September 2026	100,000		100,000
U.S. dollar 4.32% senior notes due December 2027	250,000		250,000
U.S. dollar 4.37% senior notes due December 2028	50,000		50,000
U.S. dollar 3.98% senior notes due September 2029	100,000		100,000
U.S. dollar 4.45% senior notes due August 2035	50,000		50,000
British pound 2.59% senior note due November 2028	181,157		203,046
British pound 2.70% senior note due November 2031	90,579		101,510
Euro 1.34% senior notes due October 2026	320,808		341,284
Euro 1.71% senior notes due December 2027	80,205		85,323
Euro 1.53% senior notes due October 2028	213,894		227,541

Revolving credit facility borrowings	219,000		314,480
Other, principally foreign	11,759		1,976
Less: Debt issuance costs	(7,395)		(5,919)
Total debt, net	2,385,007		2,544,241
Less: Current portion, net	(226,079)		(315,093)
Total long-term debt, net	$	2,158,928	$	2,229,148

Maturities of long-term debt borrowings outstanding at December 31, 2022 were as follows: $300.0 million in 2024; $425.0 million in 2025; $420.8 million in 2026; $330.2 million in 2027; $445.1 million in 2027; and $240.6 million in 2028 and thereafter.

In the fourth quarter of 2021, the Company paid in full, at maturity, a 55 million Swiss franc ($59.7 million) in aggregate principal amount of 2.44% senior note.

In December 2018, the Company completed a private placement agreement to sell $575 million and 75 million Euros in senior notes to a group of institutional investors (the “2018 Private Placement”) utilizing two funding dates. The first funding occurred in December 2018 for $475 million and 75 million Euros ($80.2 million at December 31, 2022). The second funding was in January 2019 for $100 million. The 2018 Private Placement senior notes carry a weighted average interest rate of 3.93% and are subject to certain customary covenants, including financial covenants that, among other things, require the Company to maintain certain debt-to-EBITDA (earnings before interest, income taxes, depreciation and amortization) and interest coverage ratios.

In September 2014, the Company issued $300 million in aggregate principal amount of 3.73% senior notes due September 2024, $100 million in aggregate principal amount of 3.83% senior notes due September 2026 and $100 million in aggregate principal amount of 3.98% senior notes due September 2029. In June 2015, the Company

issued $50 million in aggregate principal amount of 3.91% senior notes due June 2025. In August 2015, the Company issued $100 million in aggregate principal amount of 3.96% senior notes due August 2025 and $50 million in aggregate principal amount of 4.45% senior notes due August 2035.

In October 2016, the Company issued 300 million Euros ($320.8 million at December 31, 2022) in aggregate principal amount of 1.34% senior notes due October 2026 and 200 million Euros ($213.9 million at December 31, 2022) in aggregate principal amount of 1.53% senior notes due October 2028. In November 2016, the Company issued 150 million British pounds ($181.2 million at December 31, 2022) in aggregate principal amount of 2.59% senior notes due November 2028 and 75 million British pounds ($90.6 million at December 31, 2022) in aggregate principal amount of 2.70% senior notes due November 2031.

On May 12, 2022, the Company along with certain of its foreign subsidiaries amended 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 (the “Credit Agreement”). 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 consists of a five-year revolving credit facility with a final maturity date in May 2027. The revolving credit facility total borrowing capacity excludes an accordion feature that permits the Company to request up to an additional $700 million in revolving credit commitments at any time during the life of the Credit Agreement under certain conditions. The credit agreement places certain restrictions on allowable additional indebtedness. In November 2021, the Company further amended the Credit Agreement to address the cessation of LIBOR on certain currencies. At December 31, 2022, the Company had available borrowing capacity of $2,745.2 million under its revolving credit facility, including the $700 million accordion feature.

Interest rates on outstanding borrowings under the revolving credit facility are at the applicable benchmark rate plus a negotiated spread or at the U.S. prime rate. At December 31, 2022 and 2021 the Company had $219.0 million and $314.5 million of borrowings outstanding under the revolving credit facility, respectively. The weighted average interest rate on the revolving credit facility for the years ended December 31, 2022 and 2021 was 3.57% and 1.34%, respectively. The Company had outstanding letters of credit primarily under the revolving credit facility totaling $35.8 million and $38.0 million at December 31, 2022 and 2021, respectively.

The private placements, the senior notes and the revolving credit facility are subject to certain customary covenants, including financial covenants that, among other things, require the Company to maintain certain debt-to-EBITDA and interest coverage ratios. The Company was in compliance with all provisions of the debt arrangements at December 31, 2022.

Foreign subsidiaries of the Company had available credit facilities with local foreign lenders of $64.1 million and $56.8 million at December 31, 2022 and 2021, respectively. At December 31, 2022, foreign subsidiaries had $11.8 million in debt borrowings outstanding, which was reported in short-term borrowings. At December 31, 2021, foreign subsidiaries had $2.0 million of debt borrowings outstanding.

The weighted average interest rate on total debt borrowings outstanding at December 31, 2022 and 2021 was 3.4% and 3.1%, respectively.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-SubTopic 20
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Under the terms of the Company’s stockholder-approved share-based plans, performance restricted stock units (“PRSUs”), incentive and non-qualified stock options and restricted stock have been, and may be, issued to the Company’s officers, management-level employees and members of its Board of Directors. Stock options granted prior to 2018 generally vest at a rate of one-fourth on each of the first four anniversaries of the grant date and have a maximum contractual term of seven years. Beginning in 2018, stock options granted generally vest at a rate of one-third on each of the first three anniversaries of the grant date and have a maximum contractual term of ten years. Restricted stock granted to employees prior to 2018 generally vests four years after the grant date (cliff vesting) and is subject to accelerated vesting due to certain events, including doubling of the grant price of the Company’s common stock as of the close of business during any five consecutive trading days. Beginning in 2018, restricted stock granted to employees generally vests one-third on each of the first three anniversaries of the grant date. Restricted stock granted to non-employee directors generally vests two years after the grant date (cliff vesting) and is subject to accelerated vesting due to certain events, including doubling of the grant price of the Company’s common stock as of the close of business during any five consecutive trading days.

Share Based Compensation Expense

The Company measures and records compensation expense related to all stock awards by recognizing the grant date fair value of the awards over their requisite service periods in the financial statements. For grants under any of the Company’s plans that are subject to graded vesting based on a service condition, the Company recognizes expense on a straight-line basis over the requisite service period for the entire award.

Total share-based compensation expense was as follows for the years ended December 31:


	2022		2021		2020
	(In thousands)
Stock option expense	$	13,021	$	12,733	$	13,695
Restricted stock expense	20,115		21,393		17,997
PRSU expense	14,239		11,977		9,873
Total pre-tax expense	$	47,375	$	46,103	$	41,565

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 date of grant 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 years indicated:


	2022			2021			2020
Expected volatility	24.5		%	24.2		%	22.2		%
Expected term (years)	5.0			5.0			5.0
Risk-free interest rate	2.33		%	0.85		%	0.52		%
Expected dividend yield	0.65		%	0.66		%	1.14		%
Black-Scholes-Merton fair value per stock option granted	$	32.54		$	25.63		$	11.01

Expected volatility is based on the historical volatility of the Company’s stock over the stock options’ expected term. The Company used historical exercise data to estimate the stock options’ expected term, which represents the period of time that the stock options granted are expected to be outstanding. Management anticipates that the future stock option holding periods will be similar to the historical stock option holding periods. The risk-free interest rate for periods within the expected term of the stock option is based on the U.S. Treasury yield curve at

the time of grant. The expected dividend yield is calculated by dividing the Company’s annual dividend, based on the most recent quarterly dividend rate, by the Company’s closing common stock price on the grant date. Compensation expense recognized for all share-based awards is net of estimated forfeitures. The Company’s estimated forfeiture rates are based on its historical experience.

The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2022:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(Years)	(In millions)
Outstanding at the beginning of the year	3,352	$	76.08
Granted	608	134.69
Exercised	(788)	63.75
Forfeited	(107)	108.79
Expired	(5)	101.38
Outstanding at the end of the year	3,060	$	79.46	6.5	$	153.0
Exercisable at the end of the year	1,944	$	75.00	5.4	$	125.8

The aggregate intrinsic value of stock options exercised during 2022, 2021 and 2020 was $50.3 million, $59.1 million and $63.7 million, respectively. The total fair value of stock options vested during 2022, 2021 and 2020 was $11.4 million, $13.7 million and $12.9 million, respectively.

The following is a summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested stock options outstanding at the beginning of the year	1,292	$	18.41
Granted	608	32.54
Vested	(677)	16.78
Forfeited	(107)	23.86
Non-vested stock options outstanding at the end of the year	1,116	$	26.57

As of December 31, 2022, there was approximately $18 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 less than two years.

Restricted Stock

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

The following is a summary of the Company’s non-vested restricted stock activity and related information for the year ended December 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested restricted stock outstanding at the beginning of the year	413	$	96.07
Granted	184	134.52
Vested	(195)	90.78
Forfeited	(46)	109.08
Non-vested restricted stock outstanding at the end of the year	356	$	117.18

The total fair value of restricted stock vested during 2022, 2021 and 2020 was $17.7 million, $28.6 million and $14.4 million, respectively. The weighted average fair value of restricted stock granted per share during 2022 and 2021 was $134.52 and $122.60, respectively. As of December 31, 2022, there was approximately $27 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 less than two years.

Performance Restricted Stock Units

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 through December 31 of the third year. Half of the PRSUs are valued in a manner similar to restricted stock as the financial targets are based on the Company’s operating results. The grant date fair value of these PRSUs are recognized as compensation expense over the vesting period based on the number of awards expected 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 for the year ended December 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested performance restricted stock outstanding at the beginning of the year	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 the end of the year	275	$	101.98

_________________________________________

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

As of December 31, 2022, there was approximately $4 million of expected future pre-tax compensation expense related to the 0.3 million non-vested performance restricted shares outstanding, which is expected to be recognized over a weighted average period of less than one year.

The Company issues previously unissued shares when stock options are exercised, and shares are issued from treasury stock upon the award of restricted stock.

Retirement Plans and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Retirement Plans and Other Postretirement Benefits

Retirement and Pension Plans

The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The plans generally provide benefits based on participants’ years of service and/or compensation. The following is a brief description of the Company’s retirement and pension plans.

The Company maintains contributory and non-contributory defined benefit pension plans. Benefits for eligible salaried and hourly employees under all defined benefit plans are funded through trusts established in conjunction with the plans. The Company’s funding policy with respect to its defined benefit plans is to contribute amounts that provide for benefits based on actuarial calculations and the applicable requirements of U.S. federal and local foreign laws. The Company estimates that it will make both required and discretionary cash contributions of approximately $7 million to $11 million to its worldwide defined benefit pension plans in 2023.

The Company uses a measurement date of December 31 (its fiscal year end) for its U.S. and foreign defined benefit pension plans.

The Company sponsors a 401(k) retirement and savings plan for eligible U.S. employees. Participants in the retirement and savings plan may contribute a specified portion of their compensation on a pre-tax basis, which varies by location. The Company matches employee contributions ranging from 20% to 100%, up to a maximum percentage ranging from 1% to 8% of eligible compensation or up to a maximum of $1,200 per participant in some locations.

The Company’s retirement and savings plan has a defined contribution retirement feature principally to cover U.S. salaried employees joining the Company after December 31, 1996. Under the retirement feature, the Company makes contributions for eligible employees based on a pre-established percentage of the covered employee’s salary subject to pre-established vesting. Employees of certain of the Company’s foreign operations participate in various local defined contribution plans.

The Company has non-qualified unfunded retirement plans for certain Directors and retired employees. It also provides supplemental retirement benefits, through contractual arrangements and/or a Supplemental Executive Retirement Plan (“SERP”) covering certain current and former executives of the Company. These supplemental benefits are designed to compensate the executive for retirement benefits that would have been provided under the Company’s primary retirement plan, except for statutory limitations on compensation that must be taken into account under those plans. The projected benefit obligations of the SERP and the contracts will primarily be funded by a grant of shares of the Company’s common stock upon retirement or termination of the executive. The Company is providing for these obligations by charges to earnings over the applicable periods.

The following tables set forth the changes in net projected benefit obligation and the fair value of plan assets for the funded and unfunded defined benefit plans for the years ended December 31:

U.S. Defined Benefit Pension Plans:


	2022		2021
	(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year	$	504,773	$	532,357
Service cost	2,067		2,767
Interest cost	14,889		14,074
Actuarial (gains) losses	(106,159)		(12,593)
Gross benefits paid	(32,090)		(31,832)
Acquisition	(337)		—
Net projected benefit obligation at the end of the year	$	383,143	$	504,773
Change in plan assets:
Fair value of plan assets at the beginning of the year	$	701,627	$	662,298
Actual return on plan assets	(101,381)		70,540
Employer contributions	1,230		621
Gross benefits paid	(32,090)		(31,832)
Acquisition	(337)		—
Fair value of plan assets at the end of the year	$	569,049	$	701,627

Foreign Defined Benefit Pension Plans:


	2022		2021
	(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year	$	332,422	$	351,584
Service cost	2,852		4,218
Interest cost	5,235		4,458
Foreign currency translation adjustments	(31,367)		(6,580)
Employee contributions	—		76
Actuarial (gains) losses	(100,201)		(10,199)
Expenses paid from assets	(686)		(1,121)
Gross benefits paid	(9,409)		(10,426)
Settlements	(102)		—
Curtailments	—		412

Net projected benefit obligation at the end of the year	$	198,744	$	332,422
Change in plan assets:
Fair value of plan assets at the beginning of the year	$	266,288	$	250,735
Actual return on plan assets	(77,643)		20,184
Employer contributions	7,729		9,656
Employee contributions	—		76
Foreign currency translation adjustments	(26,585)		(2,816)
Expenses paid from assets	(686)		(1,121)
Settlements	(102)		—
Gross benefits paid	(9,409)		(10,426)
Fair value of plan assets at the end of the year	$	159,592	$	266,288

The projected benefit obligation assumptions impacting net actuarial losses (gains) primarily consist of changes in discount and mortality rates. A significant component of the actuarial gains in 2022 for both the U.S. and Foreign Defined Benefit Plans was the increase in discount rates.

The accumulated benefit obligation consisted of the following at December 31:

U.S. Defined Benefit Pension Plans:


	2022		2021
	(In thousands)
Funded plans	$	374,979	$	492,957
Unfunded plans	2,869		3,913
Total	$	377,848	$	496,870

Foreign Defined Benefit Pension Plans:


	2022		2021
	(In thousands)
Funded plans	$	167,495	$	284,013
Unfunded plans	30,924		47,761
Total	$	198,419	$	331,774

Weighted average assumptions used to determine benefit obligations at December 31:


	2022		2021
U.S. Defined Benefit Pension Plans:
Discount rate	5.65	%	3.02	%
Rate of compensation increase (where applicable)	3.75	%	3.75	%

Foreign Defined Benefit Pension Plans:
Discount rate	4.73	%	1.78	%
Rate of compensation increase (where applicable)	2.50	%	2.50	%

The following is a summary of the fair value of plan assets for U.S. plans at December 31:


	2022						2021
Asset Class	Total		Level 1		Level 2		Total		Level 1		Level 2
	(In thousands)
Corporate debt instruments	$	6,192	$	—	$	6,192	$	4,053	$	—	$	4,053
Corporate debt instruments – Preferred	13,425		—		13,425		11,265		—		11,265
Corporate stocks – Common	53,629		53,629		—		67,975		67,975		—
Municipal bonds	711		—		711		676		—		676
Registered investment companies	155,541		155,541		—		150,535		150,535		—
U.S. Government securities	1,253		—		1,253		663		—		663
Total investments	230,751		209,170		21,581		235,167		218,510		16,657
Investments measured at net asset value	338,298		—		—		466,460		—		—
Total investments	$	569,049	$	209,170	$	21,581	$	701,627	$	218,510	$	16,657

U.S. equity securities and global equity securities categorized as level 1 are traded on national and international exchanges and are valued at their closing prices on the last trading day of the year. Some U.S. equity securities and global equity securities are public investment vehicles valued using the Net Asset Value (“NAV”) provided by the fund manager. The NAV is the total value of the fund divided by the number of shares outstanding.

Fixed income securities categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data, bids provided by brokers or dealers or quoted prices of securities with similar characteristics.

The expected long-term rate of return on these plan assets was 6.75% in 2022 and 6.75% in 2021. Equity securities included 352,601 shares of AMETEK, Inc. common stock with a market value of $49.3 million (8.7% of total plan investment assets) at December 31, 2022 and 384,788 shares of AMETEK, Inc. common stock with a market value of $56.6 million (8.1% of total plan investment assets) at December 31, 2021.

The objectives of the Company’s U.S. defined benefit plans’ investment strategy are to maximize the plans’ funded status and minimize Company contributions and plan expense. Because the goal is to optimize returns over the long term, an investment policy that favors equity holdings has been established. Since there may be periods of time where both equity and mutual fund markets provide poor returns, an allocation to alternative assets may be made to improve the overall portfolio’s diversification and return potential. The Company periodically reviews its asset allocation, taking into consideration plan liabilities, plan benefit payment streams and the investment strategy of the pension plans. The actual asset allocation is monitored frequently relative to the established targets and ranges and is re-balanced when necessary. The target allocations for the U.S. defined benefits plans are approximately 50% equity securities, 20% fixed income securities and 30% other securities and/or cash.

The equity portfolio is diversified by market capitalization and style. The equity portfolio also includes international components.

The objective of the mutual fund portion of the pension assets is to provide interest rate sensitivity for a portion of the assets and to provide diversification. The mutual fund portfolio is diversified within certain quality and maturity guidelines to minimize the adverse effects of interest rate fluctuations.

Certain investments are prohibited and include venture capital, private placements, unregistered or restricted stock, margin trading, commodities, short selling and rights and warrants. Foreign currency futures, options and forward contracts may be used to manage foreign currency exposure.

The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31:


	2022				2021
Asset Class	Total		Level 3		Total		Level 3
	(In thousands)
Life insurance	$	13,043	$	13,043	$	18,806	$	18,806
Total investments	13,043		13,043		18,806		18,806
Investments measured at net asset value	146,549		—		247,482		—
Total investments	$	159,592	$	13,043	$	266,288	$	18,806

Life insurance assets are considered level 3 investments as their values are determined by the sponsor using unobservable market data.

Life insurance assets categorized as level 3 are valued based on unobservable inputs and cannot be corroborated using verifiable observable market data. Investments in level 3 funds are redeemable, however, cash reimbursement may be delayed, or a portion held back until asset finalization.

The following is a summary of the changes in the fair value of the foreign plans’ level 3 investments (fair value determined using significant unobservable inputs):


	Life Insurance
	(In thousands)
Balance, December 31, 2020	$	20,908
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year	$	(2,102)
Realized gains (losses) relating to assets sold during the year	$	—
Purchases, sales, issuances and settlements, net	$	—
Balance, December 31, 2021	$	18,806
Actual return on assets:
Unrealized gains (losses) relating to instruments still held at the end of the year	$	(5,763)
Realized gains (losses) relating to assets sold during the year	$	—
Purchases, sales, issuances and settlements, net	$	—
Balance, December 31, 2022	$	13,043

The objective of the Company’s foreign defined benefit plans’ investment strategy is to maximize the long-term rate of return on plan investments, subject to a reasonable level of risk. Liability studies are also performed on a regular basis to provide guidance in setting investment goals with an objective to balance risks against the current and future needs of the plans. The trustees consider the risk associated with the different asset classes, relative to the plans’ liabilities and how this can be affected by diversification, and the relative returns available on equities, mutual fund investments, real estate and cash. Also, the likely volatility of those returns and the cash flow requirements of the plans are considered. It is expected that equities will outperform mutual fund investments over the long term. However, the trustees recognize the fact that mutual fund investments may better match the liabilities for pensioners. Because of the relatively young active employee group covered by the plans and the immature nature of the plans, the trustees have chosen to adopt an asset allocation strategy more heavily weighted toward equity investments. This asset allocation strategy will be reviewed, from time to time, in view of changes in market conditions and in the plans’ liability profile. The target allocations for the foreign defined benefit plans are approximately 23% equity securities, 21% fixed income securities, 51% multi-asset funds and 5% other securities, insurance or cash.

The assumption for the expected return on plan assets was developed based on a review of historical investment returns for the investment categories for the defined benefit pension assets. This review also considered current capital market conditions and projected future investment returns. The estimates of future capital market returns by asset class are lower than the actual long-term historical returns. Therefore, the assumed rate of return for U.S. plans is 7.59% and 6.41% for foreign plans in 2023.

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and pension plans with an accumulated benefit obligation in excess of plan assets were as follows at December 31:

U.S. Defined Benefit Pension Plans:


	Projected Benefit Obligation Exceeds Fair Value of Assets				Accumulated Benefit Obligation Exceeds Fair Value of Assets
	2022		2021		2022		2021
	(In thousands)
Benefit obligation	$	4,043	$	6,234	$	4,043	$	6,234
Fair value of plan assets	707		1,239		707		1,239

Foreign Defined Benefit Pension Plans:


	Projected Benefit Obligation Exceeds Fair Value of Assets				Accumulated Benefit Obligation Exceeds Fair Value of Assets
	2022		2021		2022		2021
	(In thousands)
Benefit obligation	$	162,105	$	272,245	$	161,780	$	271,596
Fair value of plan assets	120,056		200,862		120,056		200,862

The following table provides the amounts recognized in the consolidated balance sheet at December 31:


	2022		2021
	(In thousands)
Funded status asset (liability):
Fair value of plan assets	$	728,641	$	967,915
Projected benefit obligation	(581,887)		(837,195)
Funded status at the end of the year	$	146,754	$	130,720
Amounts recognized in the consolidated balance sheet consisted of:
Non-current asset for pension benefits (other assets)	$	192,140	$	207,099
Current liabilities for pension benefits	(2,700)		(2,133)
Non-current liability for pension benefits	(42,686)		(74,246)
Net amount recognized at the end of the year	$	146,754	$	130,720

The following table provides the amounts recognized in accumulated other comprehensive income, net of taxes, at December 31:


Net amounts recognized:	2022		2021
	(In thousands)
Net actuarial loss	$	205,193	$	193,220
Prior service costs	1,625		1,855
Transition asset	3		4
Total recognized	$	206,821	$	195,079

The following table provides the components of net periodic pension benefit expense (income) for the years ended December 31:


	2022		2021		2020
	(In thousands)
Defined benefit plans:
Service cost	$	4,919	$	6,985	$	7,261
Interest cost	20,124		18,532		22,611
Expected return on plan assets	(60,104)		(56,752)		(54,629)
Curtailment	—		3,151		—
Settlement	(58)		—		—
Amortization of:
Net actuarial loss	8,531		16,353		15,479
Prior service costs	100		456		486
Transition asset	1		1		1
Total net periodic benefit income	(26,487)		(11,274)		(8,791)

Other plans:
Defined contribution plans	39,326		31,149		30,829
Foreign plans and other	8,373		8,454		7,902
Total other plans	47,699		39,603		38,731
Total net pension expense	$	21,212	$	28,329	$	29,940

The total net periodic benefit expense (income) is included in Cost of sales, General and administrative expense and Other income and expense in the consolidated statement of income.

The following weighted average assumptions were used to determine the above net periodic pension benefit income for the years ended December 31:


	2022		2021		2020
U.S. Defined Benefit Pension Plans:
Discount rate	3.02	%	2.69	%	3.45	%
Expected return on plan assets	6.75	%	6.75	%	7.00	%
Rate of compensation increase (where applicable)	3.75	%	3.75	%	3.75	%

Foreign Defined Benefit Pension Plans:
Discount rate	1.78	%	1.27	%	1.83	%
Expected return on plan assets	5.85	%	5.47	%	5.97	%
Rate of compensation increase (where applicable)	2.50	%	2.50	%	2.50	%

Estimated Future Benefit Payments

The estimated future benefit payments for U.S. and foreign plans are as follows: 2023 – $42.7 million; 2024 – $43.3 million; 2025 – $42.9 million; 2026 – $42.8 million; 2027 – $42.4 million; 2028 to 2032 - $208.3 million. Future benefit payments primarily represent amounts to be paid from pension trust assets. Amounts included that are to be paid from the Company’s assets are not significant in any individual year.

Postretirement Plans and Post-employment Benefits

The Company provides limited postretirement benefits other than pensions for certain retirees and a small number of former employees. Benefits under these arrangements are not funded and are not significant.

The Company also provides limited post-employment benefits for certain former or inactive employees after employment but before retirement. Those benefits are not significant in amount.

The Company has a deferred compensation plan, which allows employees whose compensation exceeds the statutory IRS limit for retirement benefits to defer a portion of earned bonus compensation. The plan permits deferred amounts to be deemed invested in either, or a combination of, (a) an interest-bearing account, benefits from which are payable out of the general assets of the Company, or (b) the equivalent of a fund which invests in shares of the Company’s common stock on behalf of the employee. The amount deferred under the plan, including income earned, was $31.8 million and $28.4 million at December 31, 2022 and 2021, respectively. Administrative expense for the deferred compensation plan is borne by the Company and is not significant.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Indemnifications In conjunction with certain acquisition and divestiture transactions, the Company may agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events (e.g., breaches of contract obligations or retention of previously existing environmental, tax or employee liabilities) whose terms range in duration and often are not explicitly defined. Where appropriate, the obligation for such indemnifications is recorded as a liability. Because the amount of these types of indemnifications generally is not specifically stated, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Further, the Company indemnifies its directors and officers for claims against them in connection with their positions with the Company. Historically, any such costs incurred to settle claims related to these indemnifications have been minimal for the Company. The Company believes that future payments, if any, under all existing indemnification agreements would not have a material impact on its consolidated results of operations, financial position or cash flows. 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 December 31, 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 accrued. 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 sufficient 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 December 31, 2022 and 2021 were $41.0 million and $37.2 million, respectively, for both non-owned and owned sites. In 2022, the Company recorded $12.0 million in reserves. Additionally, in 2022 the Company spent $8.2 million on environmental matters. 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.

Leases and Other Commitments

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases and Other Commitments

Leases

The Company has commitments under operating leases for certain facilities, vehicles and equipment used in its operations. Our leases have initial lease terms ranging from 1 month to 15 years.

The components of lease expense were as follows:


	2022		2021		2020
	(In thousands)
Operating lease cost	$	59,296	$	61,680	$	44,498
Variable lease cost	11,096		7,724		4,526
Total lease cost	$	70,392	$	69,404	$	49,024

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2022		2021
	(In thousands)
Right of use assets, net	$	170,295	$	169,924
Lease liabilities included in Accrued liabilities and other	46,366		47,353
Lease liabilities included in Other long-term liabilities	129,227		129,101
Total lease liabilities	$	175,593	$	176,454

Supplemental cash flow information and other information related to leases was as follows for the year ended December 31:


	2022			2021
	(In thousands)
Cash used in operations for operating leases	$	54,724		$	55,657
Right-of-use assets obtained in exchange for new operating liabilities	$	59,802		$	64,653
Weighted-average remaining lease terms – operating leases (years)	5.07			5.36
Weighted-average discount rate – operating leases	3.32		%	2.91		%

Maturities of lease liabilities as of December 31, 2022 were as follows:


Lease Liability Maturity Analysis	Operating Leases
	(In thousands)
2023	$	51,740
2024	41,047
2025	31,338
2026	23,770
2027	15,467
Thereafter	29,523
Total lease payments	192,885
Less: imputed interest	17,292
	$	175,593

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

Other Commitments

As of December 31, 2022, and 2021, the Company had $1,119.7 million and $890.9 million, respectively, in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase certain inventories at fixed prices.

The Company does not provide significant guarantees on a routine basis. The Company primarily issues guarantees, stand-by letters of credit and surety bonds in the ordinary course of its business to provide financial or performance assurance to third parties on behalf of its consolidated subsidiaries to support or enhance the subsidiary’s stand-alone creditworthiness. The amounts subject to certain of these agreements vary depending on the covered contracts outstanding at any particular point in time. At December 31, 2022, the maximum amount of future payment obligations relative to these various guarantees was $128.0 million and the outstanding liability under certain of those guarantees was $12.4 million

Reportable Segments and Geographic Areas Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reportable Segments and Geographic Areas Information

Descriptive Information about Reportable Segments

The Company has two reportable segments, EIG and EMG. The Company’s operating segments are identified based on the existence of segment managers. Certain of the Company’s operating segments have been aggregated for segment reporting purposes primarily on the basis of product type, production processes, distribution methods and similarity of economic characteristics.

EIG manufactures advanced instruments for the process, power and industrial, and aerospace markets. It provides process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries. EIG also provides instruments to the laboratory equipment, ultra-

precision manufacturing, medical, and test and measurement markets. It makes power quality monitoring and metering devices, uninterruptible power supplies, programmable power equipment, electromagnetic compatibility test equipment and gas turbines sensors. EIG also provides dashboard instruments for heavy trucks and other vehicles, as well as instrumentation and controls for the food and beverage industries. It supplies the aerospace industry with aircraft and engine sensors, monitoring systems, power supplies, fuel and fluid measurement systems, and data acquisition systems.

EMG is a differentiated supplier of automation solutions, thermal management systems, specialty metals and electrical interconnects. It manufactures highly engineered electrical connectors and electronic packaging used to protect sensitive electronic devices. EMG also makes precision motion control products for data storage, medical devices, business equipment, automation and other applications. It supplies high-purity powdered metals, strip and foil, specialty clad metals and metal matrix composites. EMG also manufactures motors used in commercial appliances, fitness equipment, food and beverage machines, hydraulic pumps and industrial blowers. It produces motor-blower systems and heat exchangers used in thermal management and other applications on a variety of military and commercial aircraft and military ground vehicles. EMG also operates a global network of aviation maintenance, repair and overhaul facilities.

Measurement of Segment Results

Segment operating income represents net sales less all direct costs and expenses (including certain administrative and other expenses) applicable to each segment but does not include interest expense. Net sales by segment are reported after elimination of intra- and inter-segment sales and profits, which are insignificant in amount. Reported segment assets include allocations directly related to the segment’s operations. Corporate assets consist primarily of investments, pensions, insurance deposits and deferred taxes.

Reportable Segment Financial Information


	2022		2021		2020
	(In thousands)
Operating income and income before income taxes:
Segment operating income:
Electronic Instruments	$	1,089,729	$	958,183	$	770,620
Electromechanical	503,593		437,378		324,962
Total segment operating income	1,593,322		1,395,561		1,095,582
Corporate administrative expenses	(92,630)		(86,891)		(67,698)
Consolidated operating income	1,500,692		1,308,670		1,027,884
Interest and other income (expenses), net	(72,000)		(85,500)		54,425
Consolidated income before income taxes	$	1,428,692	$	1,223,170	$	1,082,309

Assets:
Electronic Instruments	$	9,430,797	$	8,672,711
Electromechanical	2,617,685		2,638,773
Total segment assets	12,048,482		11,311,484
Corporate	382,638		586,703
Consolidated assets	$	12,431,120	$	11,898,187


	2022		2021		2020
	(In thousands)
Additions to property, plant and equipment(1):
Electronic Instruments	$	93,505	$	168,267	$	48,638
Electromechanical	38,186		34,586		26,381
Total segment additions to property, plant and equipment	131,691		202,853		75,019
Corporate	19,757		10,417		1,007
Consolidated additions to property, plant and equipment	$	151,448	$	213,270	$	76,026

Depreciation and amortization:
Electronic Instruments	$	238,436	$	210,118	$	174,494
Electromechanical	77,896		79,497		78,297
Total segment depreciation and amortization	316,332		289,615		252,791
Corporate	3,095		2,497		2,484
Consolidated depreciation and amortization	$	319,427	$	292,112	$	255,275

___________________

(1)Includes $12.4 million in 2022, $102.6 million in 2021 and $1.8 million in 2020 from acquired businesses.

Geographic Areas

Information about the Company’s operations in different geographic areas for the years ended December 31, 2022 and 2021 is shown below.


	2022		2021
	(In thousands)
Long-lived assets from continuing operations (excluding intangible assets):
United States	$	412,577	$	416,323
International(1):
United Kingdom	71,462		74,525
European Union countries	89,993		87,117
Asia	11,479		11,971
Other foreign countries	50,130		27,202
Total international	223,064		200,815
Total consolidated	$	635,641	$	617,138

_________________

(1)Represents long-lived assets of foreign-based operations only.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Additional Consolidated Income Statement and Cash Flow Information	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Consolidated Income Statement and Cash Flow Information	Additional Consolidated Income Statement and Cash Flow Information Included in other income (expense), net are interest and other investment income of $1.0 million, $2.0 million and $2.7 million for 2022, 2021 and 2020, respectively. Income taxes paid in 2022, 2021 and 2020 were $299.3 million, $245.5 million and $210.4 million, respectively. Cash paid for interest was $80.2 million, $78.7 million and $86.2 million in 2022, 2021 and 2020, respectively.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity In 2021, the Company repurchased approximately 113,000 shares of its common stock for $14.7 million in cash under its share repurchase authorization. On May 5, 2022, the Company's Board of Directors approved a $1 billion authorization of its common stock, which replaced the previous $500 million authorization announced in February 2019. In 2022, the Company repurchased approximately 2.7 million shares of its common stock for $332.8 million in cash under its share repurchase authorization. At December 31, 2022, $823.9 million was available under the Company’s Board of Directors authorization for future share repurchases. Effective February 9, 2022, the Company’s Board of Directors approved a 10% increase in the quarterly cash dividend on the Company’s common stock to $0.22 per common share from $0.20 per common share. At December 31, 2022, the Company held 38.5 million shares in its treasury at a cost of $1,903.0 million, compared with 36.1 million shares at a cost of $1,573.0 million at December 31, 2021. The number of shares outstanding at December 31, 2022 was 230.1 million shares, compared with 231.7 million shares at December 31, 2021. Subsequent Event Effective February 9, 2023, the Company’s Board of Directors approved a 14% increase in the quarterly cash dividend on the Company’s common stock to $0.25 per common share from $0.22 per common share.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying consolidated financial statements reflect the results of operations, financial position and cash flows of AMETEK, Inc. (the “Company”), and include the accounts of the Company and subsidiaries, after elimination of all intercompany transactions in the consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Cash Equivalents, Securities and Other Investments	Cash Equivalents, Securities and Other Investments All highly liquid investments with maturities of three months or less when purchased are considered cash equivalents.
Accounts Receivable	Accounts Receivable The Company maintains allowances for estimated credit 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 considered uncollectible. Bad debt expense was $3.7 million in 2022, $1.2 million in 2021 and $3.6 million in 2020. At December 31, 2022 and 2021, the allowance for estimated credit losses was $14.1 million and $11.2 million, respectively.
Inventories	Inventories The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for approximately 90% of its inventories at December 31, 2022. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 10% of the Company’s inventory at December 31, 2022. For inventories where cost is determined by the LIFO method, the FIFO value would have been $40.3 million and $29.8 million higher than the LIFO value reported in the consolidated balance sheet at December 31, 2022 and 2021, respectively. The Company provides estimated inventory reserves for slow-moving and obsolete inventory based on current assessments about future demand, market conditions, customers who may be experiencing financial difficulties and related management initiatives.
Business Combinations	Business Combinations The Company allocates the purchase price of an acquired company, including when applicable, the acquisition date fair value of contingent consideration between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for additions to plant facilities, or that extend their useful lives, are capitalized. The cost of minor tools, jigs and dies, and maintenance and repairs is charged to expense as incurred. Depreciation of plant and equipment is calculated principally on a straight-line basis over the estimated useful lives of the related assets. The range of lives for depreciable assets is generally three to 10 years for machinery and equipment, five to 27 years for leasehold improvements and 25 to 50 years for buildings. Depreciation expense was $113.7 million, $108.5 million and $101.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill and other intangible assets with indefinite lives, primarily trademarks and trade names, are not amortized; rather, they are tested for impairment at least annually. The Company identifies its reporting units at the component level, which is one level below its operating segments. Generally, goodwill arises from acquisitions of specific operating companies and is assigned to the reporting unit in which the operating company resides. The Company’s reporting units are divisions that are one level below its operating segments and for which discrete financial information is prepared and regularly reviewed by segment management. When testing goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If the Company performs a qualitative assessment and determines that an impairment is more likely than not, then performance of a quantitative impairment test is required. In conducting a qualitative assessment, the Company analyzes actual and forecasted net sales and selling profit for each reporting unit, as well as historical performance and the results of prior quantitative tests performed. Additionally, the Company assesses critical areas that may impact its business, including macroeconomic conditions, industry and market conditions, cost factors, or any relevant events and factors that may impact projected financial results. If performed, the quantitative goodwill impairment test is performed using a discounted cash flow analysis to determine the fair value of each reporting unit, which considers cash flows discounted at an appropriate discount rate. The annual goodwill impairment test requires the Company to make a number of assumptions and estimates concerning future levels of revenue growth, operating margins, depreciation, amortization and working capital requirements, which are based on the Company’s long-range plan and are considered level 3 inputs. The discount rate is an estimate of the overall after-tax rate of return required by a market participant whose weighted average cost of capital includes both equity and debt, including a risk premium. While the Company uses the best available information to prepare its cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances. During the fourth quarter of 2022, the Company completed its annual goodwill impairment tests and elected to perform a qualitative assessment. The impairment test for indefinite-lived intangibles other than goodwill (primarily trademarks and trade names) consists of a comparison of the estimated fair value of the indefinite-lived intangible asset to the carrying value of the asset as of the impairment testing date. The Company estimates the fair value of its indefinite-lived intangibles using the relief from royalty method using level 3 inputs for revenue growth rates and royalty rates. The fair value derived from the relief from royalty method is measured as the discounted cash flow savings realized from owning such trademarks and trade names and not having to pay a royalty for their use. The Company completed its required annual impairment tests in the fourth quarter of 2022, 2021, and 2020 and determined that the carrying values of the Company's goodwill were not impaired. The Company completed its required annual indefinite-lived intangibles impairment test as of October 1, 2022 and determined that the carrying values of certain of the Company's trademarks and trade names with indefinite lives were impaired as a result of higher discount rates driven by higher interest rates. As a result, during the fourth quarter of 2022, the Company recorded an immaterial non-cash impairment charge related to certain of the Company's trade names. The Company completed its required annual impairment tests in the fourth quarter of 2021 and 2020 and determined that the carrying values of the Company's other intangible assets with indefinite lives were not impaired. Other intangible assets with finite lives are evaluated for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of other intangible assets with finite lives is considered impaired when the total projected undiscounted cash flows from the asset group are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of those assets. Fair value is determined primarily using present value techniques based on projected cash flows from the asset group.Intangible assets, other than goodwill, with definite lives are amortized over their estimated useful lives. Patents and technology are being amortized over useful lives of nine to 20 years, with a weighted average life of 14 years. Customer relationships are being amortized over a period of ten to 20 years, with a weighted average life of 19 years. On a quarterly basis, the Company evaluates the reasonableness of the estimated useful lives of these intangible assets.
Financial Instruments and Foreign Currency Translation	Financial Instruments and Foreign Currency Translation Assets and liabilities of foreign operations are translated using exchange rates in effect at the balance sheet date and their results of operations are translated using average exchange rates for the year. Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Exchange gains and losses from those transactions are included in operating results for the year. The Company makes infrequent use of derivative financial instruments. Forward contracts are primarily entered into from time to time to hedge debt or foreign currency transactions, thereby minimizing the Company’s exposure to foreign currency fluctuation. In instances where transactions are designated as hedges of an underlying item, the gains and losses on those transactions are included in accumulated other comprehensive income within stockholders’ equity to the extent they are effective as hedges. An evaluation of hedge effectiveness is performed by the Company at inception and on an ongoing basis and any changes in the hedge are made as appropriate.
Leases	Leases The Company determines if an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. The Company has lease agreements which include lease and non-lease components, which the Company has elected to account for as a single lease component for all classes of underlying assets. Lease expense for variable lease components are recognized when the obligation is probable. Operating leases are included in right-of-use ("ROU") assets, accrued liabilities and other, and other long-term liabilities on our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease payments are recognized as lease expense on a straight-line basis over the lease term. The Company has no finance leases. The Company primarily leases buildings (real estate) and automobiles which are classified as operating leases. The lease term for all of the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Options for lease renewals have been excluded from the lease term (and lease liability) for the majority of the Company’s leases as the reasonably certain threshold is not met. Lease payments included in the measurement of the lease liability are comprised of fixed and variable payments that depend on an index or rate. Variable lease payments not dependent on a rate or index associated with the Company’s leases are recognized when the events, activities, or circumstances in the lease agreement on which those payments are assessed are probable. Variable lease payments are presented as operating expense in the Company’s income statement in the same line item as expense arising from fixed lease payments. Cash used in operations for operating leases is not materially different than total lease costs.
Revenue Recognition	Revenue Recognition Revenue is derived from sales of products and services. The Company’s products and services are marketed and sold worldwide through two operating groups: EIG and EMG. See Note 15 Descriptive Information about Reportable Segments. The majority of the Company’s revenues on product sales were recognized at a point in time when the customer obtains control of the product. The transfer in control of the product to the customer was typically evidenced by one or more of the following: the customer having legal title to the product, the Company’s present right to payment, the customer’s physical possession of the product, the customer accepting the product, or the customer having the benefits of ownership or risk of loss. For a small percentage of sales where title and risk of loss transfers at the point of delivery, the Company recognized revenue upon delivery to the customer, which is the point that control transferred, assuming all other criteria for revenue recognition were met. The Company determined that revenues from certain of its customer contracts met the criteria of satisfying its performance obligations over time, primarily in the areas of the manufacture of custom-made equipment and for service repairs of customer-owned equipment. Recognizing revenue over time for custom-manufactured equipment is based on the Company’s judgment that, in certain contracts, the product does not have an alternative use and the Company has an enforceable right to payment for performance completed to date. The Company recognizes incremental cost of obtaining contracts as an expense when incurred if the amortization period of the contract cost assets that the Company would have otherwise recognized is one year or less. These costs are included in Selling, general and administrative expenses in the consolidated statement of income. The determination of the revenue to be recognized in each period for performance obligations satisfied over time is based on the input method. The Company recognizes revenue over time as it performs on these contracts because the transfer of control to the customer occurs over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation. The Company generally uses the total cost-to-cost input method of progress because it best depicts the transfer of control to the customer that occurs as costs are incurred. Under the cost-to-cost method, the extent of progress towards completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. On certain contracts, labor hours are used as the measure of progress when it is determined to be a better depiction of the transfer of control to the customer due to the timing and pattern of labor hours incurred. Performance obligations also include post-delivery service, installation and training. Post-delivery service revenues are recognized over the contract term. Installation and training revenues are recognized over the period the service is provided. Warranty terms in customer contracts can also be considered separate performance obligations if the warranty provides services beyond assurance that a product complies with agreed-upon specification or if a warranty can be purchased separately. The Company does not incur significant obligations for customer returns and refunds. The Company has certain contracts with variable consideration in the form of volume discounts, rebates and early payment options, which may affect the transaction price used as the basis for revenue recognition. In these contracts, the amount of the variable consideration is allocated among the various performance obligations in the customer contract based on the relative standalone selling price of each performance obligation to the total standalone value of all the performance obligations. Payment terms generally begin upon shipment of the product. The Company does have contracts with multiple billing terms that are all due within one year from when the product is delivered. No significant financing component exists. Payment terms are generally 30-60 days from the time of shipment or customer acceptance, but terms can be shorter or longer, not exceeding one year. For customer contracts that have revenue recognized over time, revenue is generally recognized prior to a payment being due from the customer. In such cases, the Company recognizes a contract asset at the time the revenue is recognized. When payment becomes due based on the contract terms, the Company reduces the contract asset and records a receivable. In contracts with billing milestones or in other instances with a long production cycle or concerns about credit, customer advance payments are received. The Company may receive a payment in excess of revenue recognized to that date. In these circumstances, a contract liability is recorded. Contract liabilities are derecognized when the performance obligations are satisfied, and revenue is recognized.
Research and Development	Research and Development Research and development costs are included in Cost of sales as incurred and were $198.8 million in 2022, $194.2 million in 2021 and $158.9 million in 2020.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs are included in Cost of sales and were $103.7 million in 2022, $86.1 million in 2021 and $56.8 million in 2020.
Share-Based Compensation	Share-Based Compensation The Company expenses the fair value of share-based awards made under its share-based plans in the consolidated financial statements over their requisite service period of the grants.
Income Taxes	Income Taxes The Company conducts a broad range of operations around the world and is therefore subject to complex tax regulations in numerous international taxing jurisdictions, resulting at times in tax audits, disputes and potential litigation, the outcome of which is uncertain. Management must make judgments currently about such uncertainties and determine estimates of the Company’s tax assets and liabilities. To the extent the final outcome differs, future adjustments to the Company’s tax assets and liabilities may be necessary. The Company assesses the realizability of its deferred tax assets, taking into consideration the Company’s forecast of future taxable income, available net operating loss carryforwards and available tax planning strategies that could be implemented to realize the deferred tax assets. Based on this assessment, management must evaluate the need for, and amount of, valuation allowances against the Company’s deferred tax assets. To the extent facts and circumstances change in the future, adjustments to the valuation allowances may be required. The Company assesses the uncertainty in its tax positions, by applying a minimum recognition threshold which a tax position is required to meet before a tax benefit is recognized in the financial statements. Once the minimum threshold is met, using a more likely than not standard, a series of probability estimates is made for each item to properly measure and record a tax benefit. The tax benefit recorded is generally equal to the highest probable outcome that is more than 50% likely to be realized after full disclosure and resolution of a tax examination. The underlying probabilities are determined based on the best available objective evidence such as recent tax audit outcomes, published guidance, external expert opinion, or by analogy to the outcome of similar issues in the past. There can be no assurance that these estimates will ultimately be realized given continuous changes in tax policy, legislation and audit practice. The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense.
Pensions	Pensions The Company has U.S. and foreign defined benefit and defined contribution pension plans. The key assumptions in determining the Company’s pension income or expense are the assumed pension liability discount rate and the expected return on plan assets. All unrecognized prior service costs, remaining transition obligations or assets and actuarial gains and losses have been recognized, net of tax effects, as a charge to accumulated other comprehensive income in stockholders’ equity and will be amortized as a component of net periodic pension cost. The Company uses a measurement date of December 31 (its fiscal year end) for its U.S. and foreign defined benefit plans.
Earnings Per Share	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).
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncement	Recently Adopted Accounting Pronouncement In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 8050): 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.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Number of Weighted Average Shares

The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows for the years ended December 31:


	2022	2021	2020
	(In thousands)
Weighted average shares:
Basic shares	230,208	230,955	229,435
Equity-based compensation plans	1,328	1,858	1,715
Diluted shares	231,536	232,813	231,150

Revenues (Tables)

12 Months Ended

Dec. 31, 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 – December 31	119,741		95,274
Change in contract assets – increase	24,467		26,303
Contract liabilities – January 1	328,816		215,093
Contract liabilities – December 31	398,692		328,816
Change in contract liabilities – (increase)	(69,876)		(113,723)
Net change	$	(45,409)	$	(87,420)

Revenue from External Customers by Geographic Areas

Information about the Company’s operations in different geographic areas was as follows for the year ended December 31:


	2022
	EIG		EMG		Total
	(In thousands)
United States	$	2,171,684	$	982,579	$	3,154,263
International(1):
United Kingdom	92,668		117,788		210,456
European Union countries	510,052		420,756		930,808
Asia	1,050,843		266,011		1,316,854
Other foreign countries	404,106		134,043		538,149
Total international	2,057,669		938,598		2,996,267
Consolidated net sales	$	4,229,353	$	1,921,177	$	6,150,530

_________________

(1)Includes U.S. export sales of $1,688.7 million.


	2021
	EIG		EMG		Total
	(In thousands)
United States	$	1,910,203	$	890,737	$	2,800,940
International(1):
United Kingdom	96,206		121,290		217,496
European Union countries	482,426		403,890		886,316
Asia	927,027		254,370		1,181,397
Other foreign countries	347,896		112,469		460,365
Total international	1,853,555		892,019		2,745,574
Consolidated net sales	$	3,763,758	$	1,782,756	$	5,546,514

_________________

(1)Includes U.S. export sales of $1,475.6 million.


	2020
	EIG		EMG		Total
	(In thousands)
United States	$	1,513,967	$	816,159	$	2,330,126
International(1):
United Kingdom	54,158		117,469		171,627
European Union countries	371,884		324,203		696,087
Asia	769,532		189,987		959,519
Other foreign countries	280,387		102,283		382,670
Total international	1,475,961		733,942		2,209,903
Consolidated net sales	$	2,989,928	$	1,550,101	$	4,540,029

_________________

(1)Includes U.S. export sales of $1,196.4 million

Revenue from External Customers by Products and Services

The Company’s major products and services in the reportable segments were as follows for the year ended December 31:


	2022
	EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	3,061,263	$	—	$	3,061,263
Aerospace and power	1,168,090		549,735		1,717,825
Automation and engineered solutions	—		1,371,442		1,371,442
Consolidated net sales	$	4,229,353	$	1,921,177	$	6,150,530


	2021
	EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	2,627,476	$	—	$	2,627,476
Aerospace and power	1,136,282		506,925		1,643,207
Automation and engineered solutions	—		1,275,831		1,275,831
Consolidated net sales	$	3,763,758	$	1,782,756	$	5,546,514


	2020
	EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	2,199,167	$	—	$	2,199,167
Aerospace and power	790,761		466,343		1,257,104
Automation and engineered solutions	—		1,083,758		1,083,758
Consolidated net sales	$	2,989,928	$	1,550,101	$	4,540,029

Schedule of Disaggregation of Revenue

The Company’s timing of revenue recognition was as follows for the year ended December 31:


	2022
	EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	3,471,118	$	1,680,558	$	5,151,676
Products and services transferred over time	758,235		240,619		998,854
Consolidated net sales	$	4,229,353	$	1,921,177	$	6,150,530


	2021
	EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	3,048,819	$	1,596,911	$	4,645,730
Products and services transferred over time	714,939		185,845		900,784
Consolidated net sales	$	3,763,758	$	1,782,756	$	5,546,514


	2020
	EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	2,427,254	$	1,390,574	$	3,817,828
Products and services transferred over time	562,674		159,527		722,201
Consolidated net sales	$	2,989,928	$	1,550,101	$	4,540,029

Schedule of Product Warranty Liability

Changes in the accrued product warranty obligation were as follows:


	2022		2021		2020
	(In thousands)
Balance at the beginning of the year	$	27,478	$	27,839	$	27,611
Accruals for warranties issued during the year	11,414		11,518		12,000
Settlements made during the year	(11,835)		(13,669)		(14,602)
Warranty accruals related to acquired businesses and other during the year	(570)		1,790		2,830
Balance at the end of the year	$	26,487	$	27,478	$	27,839

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Assets Measured on Recurring Basis

The following tables provide the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31:


	2022
	Total		Level 1		Level 2		Level 3
	(In thousands)
Mutual fund investments	$	9,856	$	9,856	$	—	$	—
Foreign currency forward contracts	3,032		—		3,032		—


	2021
	Total		Level 1		Level 2		Level 3
	(In thousands)
Mutual fund investments	$	10,703	$	10,703	$	—	$	—

Acquisitions and Divestiture (Tables)

12 Months Ended

Dec. 31, 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 2022 acquisitions based on the estimated fair values at acquisition (in millions):




Property, plant and equipment	$	11.8
Goodwill	197.8
Other intangible assets	213.3
Deferred income taxes	(23.5)

Net working capital and other(1)	30.3
Total cash paid	$	429.7

______________________

(1)Includes $18.4 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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, 2020	$	3,050.3	$	1,174.6	$	4,224.9
Goodwill acquired	1,037.9		5.9		1,043.8
Purchase price allocation adjustments and other	1.9		—		1.9
Foreign currency translation adjustments	(16.3)		(15.6)		(31.9)
Balance at December 31, 2021	4,073.8		1,164.9		5,238.7
Goodwill acquired	197.8		—		197.8
Purchase price allocation adjustments and other	1.8		—		1.8
Foreign currency translation adjustments	(37.3)		(28.4)		(65.7)
Balance at December 31, 2022	$	4,236.1	$	1,136.5	$	5,372.6

Other Intangible Assets

Other intangible assets were as follows at December 31:


	2022		2021
	(In thousands)
Definite-lived intangible assets (subject to amortization):
Patents	$	46,418	$	48,071
Purchased technology	722,277		677,896
Customer lists	3,023,762		2,930,120
	3,792,457		3,656,087
Accumulated amortization:
Patents	(37,215)		(37,713)
Purchased technology	(269,155)		(235,989)
Customer lists	(1,033,658)		(888,092)
	(1,340,028)		(1,161,794)
Net intangible assets subject to amortization	2,452,429		2,494,293
Indefinite-lived intangible assets (not subject to amortization):
Trademarks and trade names	889,656		874,336


	$	3,342,085	$	3,368,629

- 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
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-Paragraph 1
-Subparagraph (h)
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+ Details

Other Consolidated Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Consolidated Balance Sheet Information


	December 31,
	2022		2021
	(In thousands)
INVENTORIES, NET
Finished goods and parts	$	130,989	$	89,985
Work in process	138,043		122,356
Raw materials and purchased parts	775,252		556,834
	$	1,044,284	$	769,175
PROPERTY, PLANT AND EQUIPMENT, NET
Land	$	55,915	$	41,709
Buildings	365,679		343,996
Machinery and equipment	1,199,600		1,149,316
	1,621,194		1,535,021
Less: Accumulated depreciation	(985,553)		(917,883)
	$	635,641	$	617,138
ACCRUED LIABILITIES AND OTHER
Employee compensation and benefits	$	213,478	$	205,994
Product warranty obligation	26,487		27,478
Realignment	34,394		30,476
Short term lease liability	46,366		47,353


Other	114,419		132,036
	$	435,144	$	443,337

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income before Income Taxes and Details of Provision for Income Taxes

The components of income before income taxes and the details of the provision for income taxes were as follows for the years ended December 31:


	2022		2021		2020
	(In thousands)
Income before income taxes:
Domestic	$	893,478	$	958,206	$	810,844
Foreign	535,214		264,964		271,465
Total	$	1,428,692	$	1,223,170	$	1,082,309
Provision for income taxes:
Current:
Federal	$	183,619	$	99,706	$	126,427
Foreign	119,148		146,890		61,672
State	34,201		16,282		19,932
Total current	336,968		262,878		208,031
Deferred:
Federal	(37,810)		23,538		(1,254)
Foreign	(20,818)		(56,572)		(4,072)
State	(9,190)		3,273		7,165
Total deferred	(67,818)		(29,761)		1,839
Total provision	$	269,150	$	233,117	$	209,870

Components of Deferred Tax (Asset) Liability

Significant components of the deferred tax (asset) liability were as follows at December 31:


	2022		2021
	(In thousands)
Non-current deferred tax (asset) liability:
Differences in basis of property and accelerated depreciation (1)	$	43,594	$	44,199
Reserves not currently deductible	(131,958)		(118,578)
Pensions	66,558		63,329
Differences in basis of intangible assets and accelerated amortization	726,525		768,542
Net operating loss carryforwards	(54,318)		(44,164)
Share-based compensation	(13,279)		(12,728)
Foreign Tax Credit Carryforwards	(2,317)		(2,291)
Unremitted earnings	12,429		11,361
Other	(13,448)		(28,343)
	633,786		681,327
Less: Valuation allowance	9,613		11,349
	643,399		692,676
Portion included in non-current assets	50,868		26,999
Gross non-current deferred tax liability	$	694,267	$	719,675

______________________

(1)Presented net of deferred tax assets of approximately $34.1 million and $33.3 million at December 31, 2022 and 2021, respectively, resulting from lease obligations.

Reconciliation of Effective Tax Rate to U.S. Federal Statutory Rate

The Company’s effective tax rate reconciles to the U.S. Federal statutory rate as follows for the years ended December 31:


	2022		2021		2020
U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	1.6		1.5		2.3
Foreign operations, net	(1.0)		(0.4)		(1.4)
U.S. Benefits for Manufacturing, Export and credits	(2.9)		(2.6)		(1.9)
Uncertain Tax Items	1.0		(0.1)		(1.3)
Stock compensation	(0.9)		(1.7)		(1.0)
U.S. Tax on Foreign Earnings	0.5		3.9		2.2
U.S. General Basket FTC	(0.1)		(2.9)		(0.1)
Other	(0.4)		0.3		(0.5)
Consolidated effective tax rate	18.8	%	19.1	%	19.4	%

Reconciliation of Liability for Uncertain Tax Positions

The following is a reconciliation of the liability for uncertain tax positions at December 31:


	2022		2021		2020
	(In millions)
Balance at the beginning of the year	$	147.0	$	100.7	$	109.1
Additions for tax positions related to the current year	29.3		41.4		15.6
Additions for tax positions of prior years	2.1		34.9		6.2
Reductions for tax positions of prior years	(1.0)		(1.5)		(0.3)
Reductions related to settlements with taxing authorities	(0.2)		(0.1)		(0.5)
Reductions due to statute expirations	(2.5)		(28.4)		(29.4)
Balance at the end of the year	$	174.7	$	147.0	$	100.7

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt, net consisted of the following at December 31:


	2022		2021
	(In thousands)
U.S. dollar 3.73% senior notes due September 2024	$	300,000	$	300,000
U.S. dollar 3.91% senior notes due June 2025	50,000		50,000
U.S. dollar 3.96% senior notes due August 2025	100,000		100,000
U.S. dollar 4.18% senior notes due December 2025	275,000		275,000
U.S. dollar 3.83% senior notes due September 2026	100,000		100,000
U.S. dollar 4.32% senior notes due December 2027	250,000		250,000
U.S. dollar 4.37% senior notes due December 2028	50,000		50,000
U.S. dollar 3.98% senior notes due September 2029	100,000		100,000
U.S. dollar 4.45% senior notes due August 2035	50,000		50,000
British pound 2.59% senior note due November 2028	181,157		203,046
British pound 2.70% senior note due November 2031	90,579		101,510
Euro 1.34% senior notes due October 2026	320,808		341,284
Euro 1.71% senior notes due December 2027	80,205		85,323
Euro 1.53% senior notes due October 2028	213,894		227,541

Revolving credit facility borrowings	219,000		314,480
Other, principally foreign	11,759		1,976
Less: Debt issuance costs	(7,395)		(5,919)
Total debt, net	2,385,007		2,544,241
Less: Current portion, net	(226,079)		(315,093)
Total long-term debt, net	$	2,158,928	$	2,229,148

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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+ Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Total Share-Based Compensation Expense

Total share-based compensation expense was as follows for the years ended December 31:


	2022		2021		2020
	(In thousands)
Stock option expense	$	13,021	$	12,733	$	13,695
Restricted stock expense	20,115		21,393		17,997
PRSU expense	14,239		11,977		9,873
Total pre-tax expense	$	47,375	$	46,103	$	41,565

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 years indicated:


	2022			2021			2020
Expected volatility	24.5		%	24.2		%	22.2		%
Expected term (years)	5.0			5.0			5.0
Risk-free interest rate	2.33		%	0.85		%	0.52		%
Expected dividend yield	0.65		%	0.66		%	1.14		%
Black-Scholes-Merton fair value per stock option granted	$	32.54		$	25.63		$	11.01

Summary of Stock Option Activity and Related Information

The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2022:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(Years)	(In millions)
Outstanding at the beginning of the year	3,352	$	76.08
Granted	608	134.69
Exercised	(788)	63.75
Forfeited	(107)	108.79
Expired	(5)	101.38
Outstanding at the end of the year	3,060	$	79.46	6.5	$	153.0
Exercisable at the end of the year	1,944	$	75.00	5.4	$	125.8

Summary of Nonvested Stock Option Activity and Related Information

The following is a summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested stock options outstanding at the beginning of the year	1,292	$	18.41
Granted	608	32.54
Vested	(677)	16.78
Forfeited	(107)	23.86
Non-vested stock options outstanding at the end of the year	1,116	$	26.57

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 for the year ended December 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested restricted stock outstanding at the beginning of the year	413	$	96.07
Granted	184	134.52
Vested	(195)	90.78
Forfeited	(46)	109.08
Non-vested restricted stock outstanding at the end of the year	356	$	117.18

The following is a summary of the Company’s non-vested performance restricted stock activity and related information for the year ended December 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested performance restricted stock outstanding at the beginning of the year	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 the end of the year	275	$	101.98

_________________________________________

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

Retirement Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Net Projected Benefit Obligation and Fair Value of Plan Assets for Funded and Unfunded Defined Benefit Plans

The following tables set forth the changes in net projected benefit obligation and the fair value of plan assets for the funded and unfunded defined benefit plans for the years ended December 31:

U.S. Defined Benefit Pension Plans:


	2022		2021
	(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year	$	504,773	$	532,357
Service cost	2,067		2,767
Interest cost	14,889		14,074
Actuarial (gains) losses	(106,159)		(12,593)
Gross benefits paid	(32,090)		(31,832)
Acquisition	(337)		—
Net projected benefit obligation at the end of the year	$	383,143	$	504,773
Change in plan assets:
Fair value of plan assets at the beginning of the year	$	701,627	$	662,298
Actual return on plan assets	(101,381)		70,540
Employer contributions	1,230		621
Gross benefits paid	(32,090)		(31,832)
Acquisition	(337)		—
Fair value of plan assets at the end of the year	$	569,049	$	701,627

Foreign Defined Benefit Pension Plans:


	2022		2021
	(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year	$	332,422	$	351,584
Service cost	2,852		4,218
Interest cost	5,235		4,458
Foreign currency translation adjustments	(31,367)		(6,580)
Employee contributions	—		76
Actuarial (gains) losses	(100,201)		(10,199)
Expenses paid from assets	(686)		(1,121)
Gross benefits paid	(9,409)		(10,426)
Settlements	(102)		—
Curtailments	—		412

Net projected benefit obligation at the end of the year	$	198,744	$	332,422
Change in plan assets:
Fair value of plan assets at the beginning of the year	$	266,288	$	250,735
Actual return on plan assets	(77,643)		20,184
Employer contributions	7,729		9,656
Employee contributions	—		76
Foreign currency translation adjustments	(26,585)		(2,816)
Expenses paid from assets	(686)		(1,121)
Settlements	(102)		—
Gross benefits paid	(9,409)		(10,426)
Fair value of plan assets at the end of the year	$	159,592	$	266,288

Accumulated Benefit Obligation ("ABO")

The accumulated benefit obligation consisted of the following at December 31:

U.S. Defined Benefit Pension Plans:


	2022		2021
	(In thousands)
Funded plans	$	374,979	$	492,957
Unfunded plans	2,869		3,913
Total	$	377,848	$	496,870

Foreign Defined Benefit Pension Plans:


	2022		2021
	(In thousands)
Funded plans	$	167,495	$	284,013
Unfunded plans	30,924		47,761
Total	$	198,419	$	331,774

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31:


	2022		2021
U.S. Defined Benefit Pension Plans:
Discount rate	5.65	%	3.02	%
Rate of compensation increase (where applicable)	3.75	%	3.75	%

Foreign Defined Benefit Pension Plans:
Discount rate	4.73	%	1.78	%
Rate of compensation increase (where applicable)	2.50	%	2.50	%

The following weighted average assumptions were used to determine the above net periodic pension benefit income for the years ended December 31:


	2022		2021		2020
U.S. Defined Benefit Pension Plans:
Discount rate	3.02	%	2.69	%	3.45	%
Expected return on plan assets	6.75	%	6.75	%	7.00	%
Rate of compensation increase (where applicable)	3.75	%	3.75	%	3.75	%

Foreign Defined Benefit Pension Plans:
Discount rate	1.78	%	1.27	%	1.83	%
Expected return on plan assets	5.85	%	5.47	%	5.97	%
Rate of compensation increase (where applicable)	2.50	%	2.50	%	2.50	%

Fair Value of Plan Assets

The following is a summary of the fair value of plan assets for U.S. plans at December 31:


	2022						2021
Asset Class	Total		Level 1		Level 2		Total		Level 1		Level 2
	(In thousands)
Corporate debt instruments	$	6,192	$	—	$	6,192	$	4,053	$	—	$	4,053
Corporate debt instruments – Preferred	13,425		—		13,425		11,265		—		11,265
Corporate stocks – Common	53,629		53,629		—		67,975		67,975		—
Municipal bonds	711		—		711		676		—		676
Registered investment companies	155,541		155,541		—		150,535		150,535		—
U.S. Government securities	1,253		—		1,253		663		—		663
Total investments	230,751		209,170		21,581		235,167		218,510		16,657
Investments measured at net asset value	338,298		—		—		466,460		—		—
Total investments	$	569,049	$	209,170	$	21,581	$	701,627	$	218,510	$	16,657

The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31:


	2022				2021
Asset Class	Total		Level 3		Total		Level 3
	(In thousands)
Life insurance	$	13,043	$	13,043	$	18,806	$	18,806
Total investments	13,043		13,043		18,806		18,806
Investments measured at net asset value	146,549		—		247,482		—
Total investments	$	159,592	$	13,043	$	266,288	$	18,806

Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs

The following is a summary of the changes in the fair value of the foreign plans’ level 3 investments (fair value determined using significant unobservable inputs):


	Life Insurance
	(In thousands)
Balance, December 31, 2020	$	20,908
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year	$	(2,102)
Realized gains (losses) relating to assets sold during the year	$	—
Purchases, sales, issuances and settlements, net	$	—
Balance, December 31, 2021	$	18,806
Actual return on assets:
Unrealized gains (losses) relating to instruments still held at the end of the year	$	(5,763)
Realized gains (losses) relating to assets sold during the year	$	—
Purchases, sales, issuances and settlements, net	$	—
Balance, December 31, 2022	$	13,043

Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets

U.S. Defined Benefit Pension Plans:


	Projected Benefit Obligation Exceeds Fair Value of Assets				Accumulated Benefit Obligation Exceeds Fair Value of Assets
	2022		2021		2022		2021
	(In thousands)
Benefit obligation	$	4,043	$	6,234	$	4,043	$	6,234
Fair value of plan assets	707		1,239		707		1,239

Foreign Defined Benefit Pension Plans:


	Projected Benefit Obligation Exceeds Fair Value of Assets				Accumulated Benefit Obligation Exceeds Fair Value of Assets
	2022		2021		2022		2021
	(In thousands)
Benefit obligation	$	162,105	$	272,245	$	161,780	$	271,596
Fair value of plan assets	120,056		200,862		120,056		200,862

Funded Status of Plan and Amounts Recognized in Balance Sheet

The following table provides the amounts recognized in the consolidated balance sheet at December 31:


	2022		2021
	(In thousands)
Funded status asset (liability):
Fair value of plan assets	$	728,641	$	967,915
Projected benefit obligation	(581,887)		(837,195)
Funded status at the end of the year	$	146,754	$	130,720
Amounts recognized in the consolidated balance sheet consisted of:
Non-current asset for pension benefits (other assets)	$	192,140	$	207,099
Current liabilities for pension benefits	(2,700)		(2,133)
Non-current liability for pension benefits	(42,686)		(74,246)
Net amount recognized at the end of the year	$	146,754	$	130,720

Amounts Recognized in Accumulated Other Comprehensive Income, Net of Taxes

The following table provides the amounts recognized in accumulated other comprehensive income, net of taxes, at December 31:


Net amounts recognized:	2022		2021
	(In thousands)
Net actuarial loss	$	205,193	$	193,220
Prior service costs	1,625		1,855
Transition asset	3		4
Total recognized	$	206,821	$	195,079

Components of Net Periodic Pension Benefit Expense (Income)

The following table provides the components of net periodic pension benefit expense (income) for the years ended December 31:


	2022		2021		2020
	(In thousands)
Defined benefit plans:
Service cost	$	4,919	$	6,985	$	7,261
Interest cost	20,124		18,532		22,611
Expected return on plan assets	(60,104)		(56,752)		(54,629)
Curtailment	—		3,151		—
Settlement	(58)		—		—
Amortization of:
Net actuarial loss	8,531		16,353		15,479
Prior service costs	100		456		486
Transition asset	1		1		1
Total net periodic benefit income	(26,487)		(11,274)		(8,791)

Other plans:
Defined contribution plans	39,326		31,149		30,829
Foreign plans and other	8,373		8,454		7,902
Total other plans	47,699		39,603		38,731
Total net pension expense	$	21,212	$	28,329	$	29,940

Leases and Other Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:


	2022		2021		2020
	(In thousands)
Operating lease cost	$	59,296	$	61,680	$	44,498
Variable lease cost	11,096		7,724		4,526
Total lease cost	$	70,392	$	69,404	$	49,024

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2022		2021
	(In thousands)
Right of use assets, net	$	170,295	$	169,924
Lease liabilities included in Accrued liabilities and other	46,366		47,353
Lease liabilities included in Other long-term liabilities	129,227		129,101
Total lease liabilities	$	175,593	$	176,454

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information and other information related to leases was as follows for the year ended December 31:


	2022			2021
	(In thousands)
Cash used in operations for operating leases	$	54,724		$	55,657
Right-of-use assets obtained in exchange for new operating liabilities	$	59,802		$	64,653
Weighted-average remaining lease terms – operating leases (years)	5.07			5.36
Weighted-average discount rate – operating leases	3.32		%	2.91		%

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2022 were as follows:


Lease Liability Maturity Analysis	Operating Leases
	(In thousands)
2023	$	51,740
2024	41,047
2025	31,338
2026	23,770
2027	15,467
Thereafter	29,523
Total lease payments	192,885
Less: imputed interest	17,292
	$	175,593

Reportable Segments and Geographic Areas Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reportable Segment Financial Information


	2022		2021		2020
	(In thousands)
Operating income and income before income taxes:
Segment operating income:
Electronic Instruments	$	1,089,729	$	958,183	$	770,620
Electromechanical	503,593		437,378		324,962
Total segment operating income	1,593,322		1,395,561		1,095,582
Corporate administrative expenses	(92,630)		(86,891)		(67,698)
Consolidated operating income	1,500,692		1,308,670		1,027,884
Interest and other income (expenses), net	(72,000)		(85,500)		54,425
Consolidated income before income taxes	$	1,428,692	$	1,223,170	$	1,082,309

Assets:
Electronic Instruments	$	9,430,797	$	8,672,711
Electromechanical	2,617,685		2,638,773
Total segment assets	12,048,482		11,311,484
Corporate	382,638		586,703
Consolidated assets	$	12,431,120	$	11,898,187


	2022		2021		2020
	(In thousands)
Additions to property, plant and equipment(1):
Electronic Instruments	$	93,505	$	168,267	$	48,638
Electromechanical	38,186		34,586		26,381
Total segment additions to property, plant and equipment	131,691		202,853		75,019
Corporate	19,757		10,417		1,007
Consolidated additions to property, plant and equipment	$	151,448	$	213,270	$	76,026

Depreciation and amortization:
Electronic Instruments	$	238,436	$	210,118	$	174,494
Electromechanical	77,896		79,497		78,297
Total segment depreciation and amortization	316,332		289,615		252,791
Corporate	3,095		2,497		2,484
Consolidated depreciation and amortization	$	319,427	$	292,112	$	255,275

___________________

(1)Includes $12.4 million in 2022, $102.6 million in 2021 and $1.8 million in 2020 from acquired businesses.

Information about Company's Operations in Different Geographic Areas

Information about the Company’s operations in different geographic areas for the years ended December 31, 2022 and 2021 is shown below.


	2022		2021
	(In thousands)
Long-lived assets from continuing operations (excluding intangible assets):
United States	$	412,577	$	416,323
International(1):
United Kingdom	71,462		74,525
European Union countries	89,993		87,117
Asia	11,479		11,971
Other foreign countries	50,130		27,202
Total international	223,064		200,815
Total consolidated	$	635,641	$	617,138

_________________

(1)Represents long-lived assets of foreign-based operations only.

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) operation	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares
Significant Accounting Policies [Line Items]
Bad debt expense	$ 3,700	$ 1,200	$ 3,600
Allowance for estimated credit losses	$ 14,100	11,200
Percentage of FIFO method of inventory in total inventory	90.00%
Percentage of LIFO method of inventory in total inventory	10.00%
Excess of the FIFO value over the LIFO value	$ 40,300	29,800
Depreciation expense	$ 113,700	108,500	101,300
Number of operating groups \| operation	2
Research and development costs	$ 198,800	194,200	158,900
Shipping and handling costs	4,005,261	$ 3,633,900	$ 2,996,515
Antidilutive securities excluded from computation of earnings per share, amount (in shares) \| shares		0	0
Shipping and Handling
Significant Accounting Policies [Line Items]
Shipping and handling costs	$ 103,700	$ 86,100	$ 56,800
Patents and Technology
Significant Accounting Policies [Line Items]
Weighted average life	14 years
Patents and Technology \| Minimum
Significant Accounting Policies [Line Items]
Useful life, maximum	9 years
Patents and Technology \| Maximum
Significant Accounting Policies [Line Items]
Useful life, maximum	20 years
Customer Relationship
Significant Accounting Policies [Line Items]
Weighted average life	19 years
Customer Relationship \| Minimum
Significant Accounting Policies [Line Items]
Useful life, maximum	10 years
Customer Relationship \| Maximum
Significant Accounting Policies [Line Items]
Useful life, maximum	20 years
Machinery and Equipment \| Minimum
Significant Accounting Policies [Line Items]
Range of lives for depreciable assets, maximum	3 years
Machinery and Equipment \| Maximum
Significant Accounting Policies [Line Items]
Range of lives for depreciable assets, maximum	10 years
Leasehold Improvements \| Minimum
Significant Accounting Policies [Line Items]
Range of lives for depreciable assets, maximum	5 years
Leasehold Improvements \| Maximum
Significant Accounting Policies [Line Items]
Range of lives for depreciable assets, maximum	27 years
Building \| Minimum
Significant Accounting Policies [Line Items]
Range of lives for depreciable assets, maximum	25 years
Building \| Maximum
Significant Accounting Policies [Line Items]
Range of lives for depreciable assets, maximum	50 years

Significant Accounting Policies - Number of Weighted Average Shares (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted average shares:
Basic shares	230,208	230,955	229,435
Equity-based compensation plans (in shares)	1,328	1,858	1,715
Diluted shares	231,536	232,813	231,150

Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 119,741	$ 95,274	$ 68,971
Change in contract assets – increase	24,467	26,303
Contract liabilities	398,692	328,816	$ 215,093
Change in contract liabilities – (increase)	(69,876)	(113,723)
Net change	$ (45,409)	$ (87,420)

Revenues - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue recognized from contract liabilities	$ 272.0	$ 184.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, remaining performance obligation		$ 342.5
Expected timing of satisfaction, period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, remaining performance obligation	$ 526.0
Expected timing of satisfaction, period	1 year
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Expected timing of satisfaction, period	2 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Expected timing of satisfaction, period	3 years
Other Noncurrent Liabilities
Customer advanced payments	$ 41.0	$ 30.1

Revenues - Information about Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 6,150,530	$ 5,546,514	$ 4,540,029
United States
Segment Reporting Information [Line Items]
Net sales	3,154,263	2,800,940	2,330,126
United Kingdom
Segment Reporting Information [Line Items]
Net sales	210,456	217,496	171,627
European Union countries
Segment Reporting Information [Line Items]
Net sales	930,808	886,316	696,087
Asia
Segment Reporting Information [Line Items]
Net sales	1,316,854	1,181,397	959,519
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	538,149	460,365	382,670
International
Segment Reporting Information [Line Items]
Net sales	2,996,267	2,745,574	2,209,903
Non-US
Segment Reporting Information [Line Items]
Net sales	1,688,700	1,475,600	1,196,400
EIG
Segment Reporting Information [Line Items]
Net sales	4,229,353	3,763,758	2,989,928
EIG \| United States
Segment Reporting Information [Line Items]
Net sales	2,171,684	1,910,203	1,513,967
EIG \| United Kingdom
Segment Reporting Information [Line Items]
Net sales	92,668	96,206	54,158
EIG \| European Union countries
Segment Reporting Information [Line Items]
Net sales	510,052	482,426	371,884
EIG \| Asia
Segment Reporting Information [Line Items]
Net sales	1,050,843	927,027	769,532
EIG \| Other foreign countries
Segment Reporting Information [Line Items]
Net sales	404,106	347,896	280,387
EIG \| International
Segment Reporting Information [Line Items]
Net sales	2,057,669	1,853,555	1,475,961
EMG
Segment Reporting Information [Line Items]
Net sales	1,921,177	1,782,756	1,550,101
EMG \| United States
Segment Reporting Information [Line Items]
Net sales	982,579	890,737	816,159
EMG \| United Kingdom
Segment Reporting Information [Line Items]
Net sales	117,788	121,290	117,469
EMG \| European Union countries
Segment Reporting Information [Line Items]
Net sales	420,756	403,890	324,203
EMG \| Asia
Segment Reporting Information [Line Items]
Net sales	266,011	254,370	189,987
EMG \| Other foreign countries
Segment Reporting Information [Line Items]
Net sales	134,043	112,469	102,283
EMG \| International
Segment Reporting Information [Line Items]
Net sales	$ 938,598	$ 892,019	$ 733,942

Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 6,150,530	$ 5,546,514	$ 4,540,029
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	3,061,263	2,627,476	2,199,167
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	1,717,825	1,643,207	1,257,104
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	1,371,442	1,275,831	1,083,758
EIG
Disaggregation of Revenue [Line Items]
Net sales	4,229,353	3,763,758	2,989,928
EIG \| Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	3,061,263	2,627,476	2,199,167
EIG \| Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	1,168,090	1,136,282	790,761
EIG \| Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	0	0	0
EMG
Disaggregation of Revenue [Line Items]
Net sales	1,921,177	1,782,756	1,550,101
EMG \| Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	0	0	0
EMG \| Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	549,735	506,925	466,343
EMG \| Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 1,371,442	$ 1,275,831	$ 1,083,758

- Definition

Amount, including 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 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 6,150,530	$ 5,546,514	$ 4,540,029
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	5,151,676	4,645,730	3,817,828
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	998,854	900,784	722,201
EIG
Disaggregation of Revenue [Line Items]
Net sales	4,229,353	3,763,758	2,989,928
EIG \| Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	3,471,118	3,048,819	2,427,254
EIG \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	758,235	714,939	562,674
EMG
Disaggregation of Revenue [Line Items]
Net sales	1,921,177	1,782,756	1,550,101
EMG \| Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,680,558	1,596,911	1,390,574
EMG \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 240,619	$ 185,845	$ 159,527

- Definition

+ References

+ Details

Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the year	$ 27,478	$ 27,839	$ 27,611
Accruals for warranties issued during the year	11,414	11,518	12,000
Settlements made during the year	(11,835)	(13,669)	(14,602)
Warranty accruals related to acquired businesses and other during the year	(570)	1,790	2,830
Balance at the end of the year	$ 26,487	$ 27,478	$ 27,839

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 9,856	$ 10,703
Foreign currency forward contracts	3,032
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	9,856	10,703
Foreign currency forward contracts	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	0	0
Foreign currency forward contracts	3,032
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	0	$ 0
Foreign currency forward contracts	$ 0

Fair Value Measurements - Additional Information (Detail) € in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)
Recurring
Derivative [Line Items]
Foreign currency forward contracts	$ 3,032,000
Level 3 \| Recurring
Derivative [Line Items]
Foreign currency forward contracts	0
Long-term debt, fair value	(2,010,900,000)			$ (2,378,900,000)
Reported Value Measurement
Derivative [Line Items]
Long-term debt, fair value	(2,161,600,000)			(2,233,700,000)
Foreign Exchange Forward \| United States of America, Dollars
Derivative [Line Items]
Derivative, notional amount	$ 0			$ 0
Euro Forward Contract
Derivative [Line Items]
Foreign currency forward contracts \| €		€ 40.0
Canadian Dollar Forward Contract
Derivative [Line Items]
Foreign currency forward contracts			$ 26.5

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasurement gains (losses)	$ 69.5	$ 51.7
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	271.7	304.6
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 572.1	$ 654.1

Acquisitions and Divestiture - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		2 Months Ended	12 Months Ended
	Mar. 31, 2020	Jan. 31, 2020	Oct. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired				$ 429,714	$ 1,959,218	$ 116,509
Proceeds from sale of business/investment				3,734	12,000	245,311
Gain on sale of business/investment	$ 141,000			3,584	6,349	$ 141,020
Income tax expense relating to sale of business	31,400
2022 Consolidated Acquisition
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired			$ 429,700	429,700
Business acquisition, goodwill, expected tax deductible amount				71,400
Other intangible assets				213,300
Finite-lived intangible assets acquired				176,100
Future amortization expense, year four				11,100
Future amortization expense, year one				11,100
Future amortization expense, year two				11,100
Future amortization expense, year three				11,100
Future amortization expense, year five				11,100
2022 Consolidated Acquisition \| Trade Names
Business Acquisition [Line Items]
Indefinite-lived intangible trade names acquired				37,200
2022 Consolidated Acquisition \| Customer Relationship
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 120,100
Amortization period for finite-lived intangible asset				19 years
2022 Consolidated Acquisition \| Purchased technology
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 56,000
Amortization period for finite-lived intangible asset				5 years
2022 Consolidated Acquisition \| Purchased technology \| Minimum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				11 years
2022 Consolidated Acquisition \| Purchased technology \| Maximum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				15 years
2021 Consolidated Acquisition
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired					$ 1,959,200
IntelliPower
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired		$ 116,500
Kymera International \| Reading Alloys
Business Acquisition [Line Items]
Proceeds from sale of business/investment	$ 245,300

Acquisitions and Divestiture - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Oct. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 5,372,562	$ 5,238,726	$ 4,224,900
Purchases of businesses, net of cash acquired		429,714	$ 1,959,218	$ 116,509
2022 Consolidated Acquisition
Business Acquisition [Line Items]
Property, plant and equipment		11,800
Goodwill		197,800
Other intangible assets		213,300
Deferred income taxes		(23,500)
Net working capital and other		30,300
Purchases of businesses, net of cash acquired	$ 429,700	429,700
2022 Consolidated Acquisition \| Pacific Design Technologies Inc
Business Acquisition [Line Items]
Accounts receivable included in purchase price		$ 18,400

Goodwill and Other Intangible Assets - Changes in Carrying Amounts of Goodwill by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,238,726	$ 4,224,900
Goodwill acquired	197,800	1,043,800
Purchase price allocation adjustments and other	1,800	1,900
Foreign currency translation adjustments	(65,700)	(31,900)
Goodwill, ending balance	5,372,562	5,238,726
EIG
Goodwill [Roll Forward]
Goodwill, beginning balance	4,073,800	3,050,300
Goodwill acquired	197,800	1,037,900
Purchase price allocation adjustments and other	1,800	1,900
Foreign currency translation adjustments	(37,300)	(16,300)
Goodwill, ending balance	4,236,100	4,073,800
EMG
Goodwill [Roll Forward]
Goodwill, beginning balance	1,164,900	1,174,600
Goodwill acquired	0	5,900
Purchase price allocation adjustments and other	0	0
Foreign currency translation adjustments	(28,400)	(15,600)
Goodwill, ending balance	$ 1,136,500	$ 1,164,900

- 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 and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets (subject to amortization)	$ 3,792,457	$ 3,656,087
Accumulated amortization	(1,340,028)	(1,161,794)
Net intangible assets subject to amortization	2,452,429	2,494,293
Total	3,342,085	3,368,629
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Trademarks and trade names	889,656	874,336
Patents
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets (subject to amortization)	46,418	48,071
Accumulated amortization	(37,215)	(37,713)
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets (subject to amortization)	722,277	677,896
Accumulated amortization	(269,155)	(235,989)
Customer lists
Finite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets (subject to amortization)	3,023,762	2,930,120
Accumulated amortization	$ (1,033,658)	$ (888,092)

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 205.8	$ 183.6	$ 154.0
Future amortization expense, year one	204.0
Future amortization expense, year two	204.0
Future amortization expense, year three	204.0
Future amortization expense, year four	204.0
Future amortization expense, year five	$ 204.0

Other Consolidated Balance Sheet Information - Other Consolidated Balance Sheet Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVENTORIES, NET
Finished goods and parts	$ 130,989	$ 89,985
Work in process	138,043	122,356
Raw materials and purchased parts	775,252	556,834
Total inventories	1,044,284	769,175
PROPERTY, PLANT AND EQUIPMENT, NET
Land	55,915	41,709
Buildings	365,679	343,996
Machinery and equipment	1,199,600	1,149,316
Property, plant and equipment, gross	1,621,194	1,535,021
Less: Accumulated depreciation	(985,553)	(917,883)
Property, plant and equipment, Net	635,641	617,138
ACCRUED LIABILITIES AND OTHER
Employee compensation and benefits	213,478	205,994
Product warranty obligation	26,487	27,478	$ 27,839	$ 27,611
Realignment	34,394	30,476
Short term lease liability	46,366	47,353
Other	114,419	132,036
Total accrued liabilities	$ 435,144	$ 443,337

Income Taxes - Components of Income before Income Taxes and Details of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income before income taxes:
Domestic	$ 893,478	$ 958,206	$ 810,844
Foreign	535,214	264,964	271,465
Total	1,428,692	1,223,170	1,082,309
Current:
Federal	183,619	99,706	126,427
Foreign	119,148	146,890	61,672
State	34,201	16,282	19,932
Total current	336,968	262,878	208,031
Deferred:
Federal	(37,810)	23,538	(1,254)
Foreign	(20,818)	(56,572)	(4,072)
State	(9,190)	3,273	7,165
Total deferred	(67,818)	(29,761)	1,839
Total provision	$ 269,150	$ 233,117	$ 209,870

Income Taxes - Components of Deferred Tax Asset and Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Noncurrent deferred tax asset liability
Net operating loss carryforwards	$ (54,300)
Unremitted earnings	60,400	$ 186,400
Deferred tax liabilities, gross	633,786	681,327
Less: Valuation allowance	9,613	11,349
Deferred tax liabilities, net	643,399	692,676
Portion included in non-current assets	50,868	26,999
Gross non-current deferred tax liability	694,267	719,675
Cumulative Effect, Period of Adoption, Adjustment
Noncurrent deferred tax asset liability
Deferred tax asset net	34,100	33,300
Non Current
Noncurrent deferred tax asset liability
Differences in basis of property and accelerated depreciation	43,594	44,199
Reserves not currently deductible	(131,958)	(118,578)
Pensions	66,558	63,329
Differences in basis of intangible assets and accelerated amortization	726,525	768,542
Net operating loss carryforwards	(54,318)	(44,164)
Share-based compensation	(13,279)	(12,728)
Foreign Tax Credit Carryforwards	(2,317)	(2,291)
Unremitted earnings	12,429	11,361
Other	$ (13,448)	$ (28,343)

Income Taxes - Reconciliation of Effective Tax Rate to U.S. Federal Statutory Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	1.60%	1.50%	2.30%
Foreign operations, net	(1.00%)	(0.40%)	(1.40%)
U.S. Benefits for Manufacturing, Export and credits	(2.90%)	(2.60%)	(1.90%)
Uncertain Tax Items	1.00%	(0.10%)	(1.30%)
Stock compensation	(0.90%)	(1.70%)	(1.00%)
U.S. Tax on Foreign Earnings	0.50%	3.90%	2.20%
U.S. General Basket FTC	(0.10%)	(2.90%)	(0.10%)
Other	(0.40%)	0.30%	(0.50%)
Consolidated effective tax rate	18.80%	19.10%	19.40%

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Deferred income taxes	$ 35.9
Foreign earnings repatriated	898.0
Unremitted earnings	60.4	$ 186.4
Net operating loss carryforwards	54.3
Income tax benefit	2.7
Tax benefits related to tax credit carryforwards	9.3
Tax credit carryforwards	2.9
Reduction in valuation allowance	1.7
Deferred tax assets, operating loss carryforwards, foreign	1.3
Gross unrecognized tax benefits	174.7	147.0	$ 100.7	$ 109.1
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	128.5	110.0
Interest and penalties accrued related to uncertain tax positions	12.4	9.1
Unrecognized tax expense (benefit), income tax penalties and interest	$ 3.2	(2.5)
Portion of tax liability incurred in domestic country	64.00%
Additions of tax, interest and penalties related to uncertain tax positions	$ 43.4	58.6
Tax and interest related to statute expirations and settlement of prior uncertain positions reversed	4.4	35.2
Decrease in deferred liabilities	27.7
Increase of income tax expense	23.1
Additions for tax positions of prior years	2.1	34.9	$ 6.2
Amount of tax, interest and penalties classified as a noncurrent liability	173.2
Decrease in deferred tax assets	13.9
Changes in Net Operating Losses
Income Tax Contingency [Line Items]
Reduction in valuation allowance	0.3
Foreign
Income Tax Contingency [Line Items]
Deferred income tax assets, net	12.4	11.4
Operating loss carryforwards	41.4	$ 2.7
Operating loss carryforwards valuation allowance	2.4
Federal
Income Tax Contingency [Line Items]
Operating loss carryforwards	2.2
Tax credit carryforwards valuation allowance	0.6
Federal \| Tax Credits
Income Tax Contingency [Line Items]
Reduction in valuation allowance	2.3
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	10.7
Tax credit carryforwards valuation allowance	$ 6.4

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 147.0	$ 100.7	$ 109.1
Additions for tax positions related to the current year	29.3	41.4	15.6
Additions for tax positions of prior years	2.1	34.9	6.2
Reductions for tax positions of prior years	(1.0)	(1.5)	(0.3)
Reductions related to settlements with taxing authorities	(0.2)	(0.1)	(0.5)
Reductions due to statute expirations	(2.5)	(28.4)	(29.4)
Balance at the end of the year	$ 174.7	$ 147.0	$ 100.7

Debt - Long-term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2016	Aug. 31, 2015	Jun. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Less: Debt issuance costs	$ (7,395)	$ (5,919)
Total debt, net	2,385,007	2,544,241
Less: Current portion, net	(226,079)	(315,093)
Total long-term debt, net	2,158,928	2,229,148
Interest rate on senior notes			1.53%
U.S. dollar 3.73% senior notes due September 2024
Debt Instrument [Line Items]
Total debt, gross	300,000	300,000
Interest rate on senior notes						3.73%
U.S. dollar 3.91% senior notes due June 2025
Debt Instrument [Line Items]
Total debt, gross	50,000	50,000
Interest rate on senior notes					3.91%
U.S. dollar 3.96% senior notes due August 2025
Debt Instrument [Line Items]
Total debt, gross	100,000	100,000
Interest rate on senior notes				3.96%
U.S. dollar 4.18% senior notes due December 2025
Debt Instrument [Line Items]
Total debt, gross	$ 275,000	275,000
Interest rate on senior notes	4.18%
U.S. dollar 3.83% senior notes due September 2026
Debt Instrument [Line Items]
Total debt, gross	$ 100,000	100,000
Interest rate on senior notes						3.83%
U.S. dollar 4.32% senior notes due December 2027
Debt Instrument [Line Items]
Total debt, gross	$ 250,000	250,000
Interest rate on senior notes	4.32%
U.S. dollar 4.37% senior notes due December 2028
Debt Instrument [Line Items]
Total debt, gross	$ 50,000	50,000
Interest rate on senior notes	4.37%
U.S. dollar 3.98% senior notes due September 2029
Debt Instrument [Line Items]
Total debt, gross	$ 100,000	100,000
Interest rate on senior notes						3.98%
U.S. dollar 4.45% senior notes due August 2035
Debt Instrument [Line Items]
Total debt, gross	50,000	50,000
Interest rate on senior notes				4.45%
British pound 2.59% senior note due November 2028
Debt Instrument [Line Items]
Total debt, gross	$ 181,157	203,046
Interest rate on senior notes	2.59%
British pound 2.70% senior note due November 2031
Debt Instrument [Line Items]
Total debt, gross	$ 90,579	101,510
Interest rate on senior notes	2.70%
Euro 1.34% senior notes due October 2026
Debt Instrument [Line Items]
Total debt, gross	$ 320,808	341,284
Interest rate on senior notes	1.34%
Euro 1.71% senior notes due December 2027
Debt Instrument [Line Items]
Total debt, gross	$ 80,205	85,323
Interest rate on senior notes	1.71%
Euro 1.53% senior notes due October 2028
Debt Instrument [Line Items]
Total debt, gross	$ 213,894	227,541
Interest rate on senior notes	1.53%
Revolving credit facility borrowings
Debt Instrument [Line Items]
Total debt, gross	$ 219,000	314,480
Other, principally foreign
Debt Instrument [Line Items]
Total debt, gross	$ 11,759	$ 1,976

Debt - Additional Information (Detail)	1 Months Ended	3 Months Ended		12 Months Ended
Debt - Additional Information (Detail)	Jan. 21, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CHF (SFr)	Dec. 31, 2022 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2018 EUR (€)	Nov. 30, 2016 GBP (£)	Oct. 31, 2016 EUR (€)	Aug. 31, 2015 USD ($)	Jun. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2011
Debt Instrument [Line Items]
Maturities of long-term debt outstanding year one				$ 300,000,000
Maturities of long-term debt outstanding year two				425,000,000
Maturities of long-term debt outstanding year three				420,800,000
Maturities of long-term debt outstanding year four				330,200,000								$ 300,000,000
Maturities of long-term debt outstanding year five				445,100,000
Maturities of long-term debt outstanding thereafter				$ 240,600,000
Debt instrument, face amount \| €									€ 200,000,000
Interest rate on senior notes									1.53%
Revolving credit facility expiration period				5 years
Weighted average interest rate on total debt borrowings outstanding		3.10%		3.40%
Revolving Credit Facility Borrowings
Debt Instrument [Line Items]
Total borrowing capacity under revolving credit facility		$ 1,500,000,000		$ 2,300,000,000
Additional borrowing capacity under revolving credit facility				700,000,000
Available borrowing capacity under revolving credit facility				2,745,200,000
Borrowings outstanding		$ 314,500,000		$ 219,000,000
Percentage of weighted average interest rate on revolving credit facility		1.34%		3.57%
Revolving Credit Facility Borrowings \| Letter of Credit
Debt Instrument [Line Items]
Borrowings outstanding		$ 38,000,000		$ 35,800,000
Accordion Feature
Debt Instrument [Line Items]
Available borrowing capacity under revolving credit facility				700,000,000
Foreign Subsidiaries
Debt Instrument [Line Items]
Available borrowing capacity under revolving credit facility		56,800,000		64,100,000
Borrowings outstanding		2,000,000		11,800,000
Swiss franc 2.44% senior note due December 2021
Debt Instrument [Line Items]
Extinguishment of debt, amount		59,700,000	SFr 55,000,000
Interest rate on senior notes													2.44%
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 575,000,000		€ 75,000,000
Proceeds from funding	$ 100,000,000			80,200,000	$ 475,000,000	€ 75,000,000
Weighted average interest rate					3.93%		3.93%
Senior Notes \| 1.34% Due October 2026
Debt Instrument [Line Items]
Debt instrument, face amount				320,800,000					€ 300,000,000
Interest rate on senior notes									1.34%
Senior Notes \| 1.53% Due October 2028
Debt Instrument [Line Items]
Debt instrument, face amount				213,900,000
Senior Notes \| 2.59% Due November 2028
Debt Instrument [Line Items]
Debt instrument, face amount				181,200,000				£ 150,000,000
Interest rate on senior notes								2.59%
Senior Notes \| 2.70% Due November 2031
Debt Instrument [Line Items]
Debt instrument, face amount				90,600,000				£ 75,000,000
Interest rate on senior notes								2.70%
U.S. dollar 3.73% senior notes due September 2024
Debt Instrument [Line Items]
Interest rate on senior notes												3.73%
Total debt, gross		300,000,000		300,000,000
U.S. dollar 3.83% senior notes due September 2026
Debt Instrument [Line Items]
Debt instrument, face amount												$ 100,000,000
Interest rate on senior notes												3.83%
Total debt, gross		100,000,000		100,000,000
U.S. dollar 3.98% senior notes due September 2029
Debt Instrument [Line Items]
Interest rate on senior notes												3.98%
Total debt, gross		100,000,000		100,000,000
U.S. dollar 3.91% senior notes due June 2025
Debt Instrument [Line Items]
Debt instrument, face amount											$ 50,000,000
Interest rate on senior notes											3.91%
Total debt, gross		50,000,000		50,000,000
U.S. dollar 3.96% senior notes due August 2025
Debt Instrument [Line Items]
Debt instrument, face amount										$ 100,000,000
Interest rate on senior notes										3.96%
Total debt, gross		100,000,000		100,000,000
U.S. dollar 4.45% senior notes due August 2035
Debt Instrument [Line Items]
Debt instrument, face amount										$ 50,000,000
Interest rate on senior notes										4.45%
Total debt, gross		$ 50,000,000		50,000,000
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 800,000,000

Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 50.3	$ 59.1	$ 63.7
Total fair value of stock options vested		$ 11.4	13.7	12.9
Stock Options Granted Prior Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term of stock options		7 years
Beginning in 2018 Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term of stock options		10 years
Restricted Stock Granted Prior Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period		4 years
Non Employee Directors Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period		2 years
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected future pre-tax compensation expense, nonvested stock options		$ 4.0
Nonvested stock options outstanding		0.3
Weighted average period to recognize expected future pre-tax compensation expense (in years)		1 year
Weighted average fair value, per share		$ 134.69
Performance Restricted Stock Units \| Officers And Key Management Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period		3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected future pre-tax compensation expense, nonvested restricted shares		$ 27.0
Nonvested stock options outstanding		0.4
Weighted average period to recognize expected future pre-tax compensation expense (in years)		2 years
Total fair value of vested restricted stock		$ 17.7	$ 28.6	$ 14.4
Weighted average fair value, per share		$ 134.52	$ 122.60
Restricted Stock \| Stock Options Granted Prior Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	33.33%
Restricted Stock \| Beginning in 2018 Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	33.33%
Restricted Stock \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	33.33%
Non Vested Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected future pre-tax compensation expense, nonvested stock options		$ 18.0
Nonvested stock options outstanding		1.1
Weighted average period to recognize expected future pre-tax compensation expense (in years)		2 years
Non Vested Restricted Stock \| Stock Options Granted Prior Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	33.33%	25.00%
Non Vested Restricted Stock \| Beginning in 2018 Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	33.33%	25.00%
Non Vested Restricted Stock \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	33.33%	25.00%
Non Vested Restricted Stock \| Share-based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate		25.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive trading days		5 days
Minimum \| Performance Restricted Stock Units \| Officers And Key Management Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate		0.00%
Maximum \| Performance Restricted Stock Units \| Officers And Key Management Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate		200.00%

Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Stock option expense	$ 13,021	$ 12,733	$ 13,695
Restricted stock expense	20,115	21,393	17,997
PRSU expense	14,239	11,977	9,873
Total pre-tax expense	$ 47,375	$ 46,103	$ 41,565

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Expected volatility	24.50%	24.20%	22.20%
Expected term (years)	5 years	5 years	5 years
Risk-free interest rate	2.33%	0.85%	0.52%
Expected dividend yield	0.65%	0.66%	1.14%
Black-Scholes-Merton fair value per stock option granted (in USD per share)	$ 32.54	$ 25.63	$ 11.01

Share-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Shares
Outstanding at the beginning of the year (in shares) \| shares	3,352
Granted (in shares) \| shares	608
Exercised (in shares) \| shares	(788)
Forfeited (in shares) \| shares	(107)
Expired (in shares) \| shares	(5)
Outstanding at the end of the year (in shares) \| shares	3,060
Exercisable at the end of the year (in shares) \| shares	1,944
Weighted Average Exercise Price
Weighted average exercise price, Outstanding at the beginning of the year (in USD per share) \| $ / shares	$ 76.08
Weighted average exercise price, Granted (in USD per share) \| $ / shares	134.69
Weighted average exercise price, Exercised (in USD per share) \| $ / shares	63.75
Weighted average exercise price, Forfeited (in USD per share) \| $ / shares	108.79
Weighted average exercise price, Expired (in USD per share) \| $ / shares	101.38
Weighted average exercise price, Outstanding at the end of the year (in USD per share) \| $ / shares	79.46
Weighted average exercise price, Exercisable at the end of the year (in USD per share) \| $ / shares	$ 75.00
Weighted Average Remaining Contractual Life
Weighted average remaining contractual life, Outstanding at the end of the year (in years)	6 years 6 months
Weighted average remaining contractual life, Exercisable at the end of the year (in years)	5 years 4 months 24 days
Aggregate Intrinsic Value
Aggregate intrinsic value, Outstanding at the end of the year \| $	$ 153.0
Aggregate intrinsic value, Exercisable at the end of the year \| $	$ 125.8

Share-Based Compensation - Summary of Nonvested Stock Option Activity and Related Information (Detail) - Stock Option shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Shares
Non-vested stock options outstanding at the beginning of the year (in shares) \| shares	1,292
Nonvested stock options, granted (in shares) \| shares	608
Nonvested stock options, Vested (in shares) \| shares	(677)
Nonvested stock options, Forfeited (in shares) \| shares	(107)
Non-vested stock options outstanding at the end of the year (in shares) \| shares	1,116
Weighted Average Grant Date Fair Value
Non-vested stock options outstanding at the beginning of the year, weighted average grant date fair value (in USD per share) \| $ / shares	$ 18.41
Weighted average grant date fair value, Granted (in USD per share) \| $ / shares	32.54
Weighted average grant date fair value, Vested (in USD per share) \| $ / shares	16.78
Weighted average grant date fair value, Forfeited (in USD per share) \| $ / shares	23.86
Non-vested stock options outstanding at the the end of the year, weighted average grant date fair value (in USD per share) \| $ / shares	$ 26.57

Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Shares
Performance assumption change (in shares)	66
Weighted Average Grant Date Fair Value
Performance assumption change (in USD per share)	$ 81.76
Restricted Shares
Shares
Non-vested restricted stock outstanding at the beginning of the year (in shares)	413
Nonvested restricted stock, Granted (in shares)	184
Nonvested restricted stock, Vested (in shares)	(195)
Nonvested restricted stock, Forfeited (in shares)	(46)
Non-vested restricted stock outstanding at the end of the year (in shares)	356	413
Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at the beginning of the year, weighted average grant date fair value (in USD per share)	$ 96.07
Weighted average grant date fair value, Granted (in USD per share)	134.52	$ 122.60
Weighted average grant date fair value, Vested (in USD per share)	90.78
Weighted average grant date fair value, Forfeited (in USD per share)	109.08
Non-vested restricted stock outstanding at the end of the year, weighted average grant date fair value (in USD per share)	$ 117.18	$ 96.07
Performance Restricted Stock Units
Shares
Non-vested restricted stock outstanding at the beginning of the year (in shares)	289
Nonvested restricted stock, Granted (in shares)	87
Nonvested restricted stock, Vested (in shares)	(161)
Nonvested restricted stock, Forfeited (in shares)	(6)
Non-vested restricted stock outstanding at the end of the year (in shares)	275	289
Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at the beginning of the year, weighted average grant date fair value (in USD per share)	$ 85.29
Weighted average grant date fair value, Granted (in USD per share)	134.69
Weighted average grant date fair value, Vested (in USD per share)	81.76
Weighted average grant date fair value, Forfeited (in USD per share)	98.07
Non-vested restricted stock outstanding at the end of the year, weighted average grant date fair value (in USD per share)	$ 101.98	$ 85.29

Retirement Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Percentage of minimum employee contributions	20.00%
Percentage of maximum employee contributions	100.00%
Percentage of employee contributions for eligible compensation, Minimum	1.00%
Percentage of employee contributions for eligible compensation, Maximum	8.00%
Defined benefit plan contributions by employer employee match	$ 1,200
Market share of treasury stock held (in shares)	352,601	384,788
Market value of treasury stock held	$ 49,300,000	$ 56,600,000
Percentage of equity securities in company common stock included in plan assets	8.70%	8.10%
Estimated future benefit payments, 2023	$ 42,700,000
Estimated future benefit payments, 2024	43,300,000
Estimated future benefit payments, 2025	42,900,000
Estimated future benefit payments, 2026	42,800,000
Estimated future benefit payments, 2027	42,400,000
Estimated future benefit payments, 2026-2030	208,300,000
Amount deferred under the compensation plan, including income earned	$ 31,800,000	$ 28,400,000
Environmental loss contingency statement of financial position extensible enumeration not disclosed flag	consolidated financial statements	consolidated financial statements
Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan estimated future employer contributions in next fiscal year	$ 7,000,000
Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan estimated future employer contributions in next fiscal year	$ 11,000,000
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	6.75%	6.75%	7.00%
Assumed rate of return next year	7.59%
U.S. Defined Benefit Pension Plans \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for the U.S. and foreign benefits plans	50.00%
U.S. Defined Benefit Pension Plans \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for the U.S. and foreign benefits plans	20.00%
U.S. Defined Benefit Pension Plans \| Other Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for the U.S. and foreign benefits plans	30.00%
Foreign Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Expected long-term return on plan assets	5.85%	5.47%	5.97%
Assumed rate of return next year	6.41%
Foreign Defined Benefit Pension Plans \| Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for the U.S. and foreign benefits plans	23.00%
Foreign Defined Benefit Pension Plans \| Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for the U.S. and foreign benefits plans	21.00%
Foreign Defined Benefit Pension Plans \| Other Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations for the U.S. and foreign benefits plans	5.00%
Foreign Defined Benefit Pension Plans \| Multi Asset Funds
Defined Benefit Plan Disclosure [Line Items]
Target allocations for the U.S. and foreign benefits plans	51.00%

Retirement Plans and Other Postretirement Benefits - Net Projected Benefit Obligation and Fair Value of Plan Assets for Funded and Unfunded Defined Benefit Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year	$ 837,195
Service cost	4,919	$ 6,985	$ 7,261
Interest cost	20,124	18,532	22,611
Net projected benefit obligation at the end of the year	581,887	837,195
Change in plan assets:
Fair value of plan assets at the beginning of the year	967,915
Fair value of plan assets at the end of the year	728,641	967,915
U.S. Defined Benefit Pension Plans \| Pension Plan
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year	504,773	532,357
Service cost	2,067	2,767
Interest cost	14,889	14,074
Actuarial (gains) losses	(106,159)	(12,593)
Gross benefits paid	(32,090)	(31,832)
Acquisition	(337)	0
Net projected benefit obligation at the end of the year	383,143	504,773	532,357
Change in plan assets:
Fair value of plan assets at the beginning of the year	701,627	662,298
Actual return on plan assets	(101,381)	70,540
Employer contributions	1,230	621
Gross benefits paid	(32,090)	(31,832)
Acquisition	(337)	0
Fair value of plan assets at the end of the year	569,049	701,627	662,298
Foreign Defined Benefit Pension Plans
Change in plan assets:
Fair value of plan assets at the beginning of the year	266,288
Fair value of plan assets at the end of the year	159,592	266,288
Foreign Defined Benefit Pension Plans \| Pension Plan
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year	332,422	351,584
Service cost	2,852	4,218
Interest cost	5,235	4,458
Foreign currency translation adjustments	(31,367)	(6,580)
Employee contributions	0	76
Actuarial (gains) losses	(100,201)	(10,199)
Expenses paid from assets	(686)	(1,121)
Gross benefits paid	(9,409)	(10,426)
Settlements	(102)	0
Curtailments	0	412
Net projected benefit obligation at the end of the year	198,744	332,422	351,584
Change in plan assets:
Fair value of plan assets at the beginning of the year	266,288	250,735
Actual return on plan assets	(77,643)	20,184
Employer contributions	7,729	9,656
Employee contributions	0	76
Foreign currency translation adjustments	(26,585)	(2,816)
Expenses paid from assets	(686)	(1,121)
Settlements	(102)	0
Gross benefits paid	(9,409)	(10,426)
Fair value of plan assets at the end of the year	$ 159,592	$ 266,288	$ 250,735

Retirement Plans and Other Postretirement Benefits - Accumulated Benefit Obligation ("ABO") (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 377,848	$ 496,870
U.S. Defined Benefit Pension Plans \| Funded plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	374,979	492,957
U.S. Defined Benefit Pension Plans \| Unfunded plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	2,869	3,913
Foreign Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	198,419	331,774
Foreign Defined Benefit Pension Plans \| Funded plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	167,495	284,013
Foreign Defined Benefit Pension Plans \| Unfunded plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 30,924	$ 47,761

Retirement Plans and Other Postretirement Benefits - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) - Pension Plan	Dec. 31, 2022	Dec. 31, 2021
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.65%	3.02%
Rate of compensation increase (where applicable)	3.75%	3.75%
Foreign Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.73%	1.78%
Rate of compensation increase (where applicable)	2.50%	2.50%

Retirement Plans and Other Postretirement Benefits - Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 728,641	$ 967,915
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	569,049	701,627
U.S. Defined Benefit Pension Plans \| Municipal bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	711	676
U.S. Defined Benefit Pension Plans \| Corporate debt instruments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6,192	4,053
U.S. Defined Benefit Pension Plans \| Corporate debt instruments – Preferred
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13,425	11,265
U.S. Defined Benefit Pension Plans \| Corporate stocks – Common
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	53,629	67,975
U.S. Defined Benefit Pension Plans \| Registered investment companies
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	155,541	150,535
U.S. Defined Benefit Pension Plans \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,253	663
U.S. Defined Benefit Pension Plans \| Total investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	230,751	235,167
U.S. Defined Benefit Pension Plans \| Investments measured at net asset value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	338,298	466,460
Level 1 \| U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	209,170	218,510
Level 1 \| U.S. Defined Benefit Pension Plans \| Corporate stocks – Common
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	53,629	67,975
Level 1 \| U.S. Defined Benefit Pension Plans \| Registered investment companies
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	155,541	150,535
Level 1 \| U.S. Defined Benefit Pension Plans \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Level 1 \| U.S. Defined Benefit Pension Plans \| Total investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	209,170	218,510
Level 2 \| U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	21,581	16,657
Level 2 \| U.S. Defined Benefit Pension Plans \| Municipal bonds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	711	676
Level 2 \| U.S. Defined Benefit Pension Plans \| Corporate debt instruments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6,192	4,053
Level 2 \| U.S. Defined Benefit Pension Plans \| Corporate debt instruments – Preferred
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13,425	11,265
Level 2 \| U.S. Defined Benefit Pension Plans \| Registered investment companies
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Level 2 \| U.S. Defined Benefit Pension Plans \| U.S. Government securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,253	663
Level 2 \| U.S. Defined Benefit Pension Plans \| Total investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 21,581	$ 16,657

Retirement Plans and Other Postretirement Benefits - Fair Value of Plan Assets for Foreign Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 728,641	$ 967,915
Foreign Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	159,592	266,288
Foreign Defined Benefit Pension Plans \| Life insurance
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13,043	18,806
Foreign Defined Benefit Pension Plans \| Total investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13,043	18,806
Foreign Defined Benefit Pension Plans \| Investments measured at net asset value
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	146,549	247,482
Level 3 \| Foreign Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13,043	18,806
Level 3 \| Foreign Defined Benefit Pension Plans \| Life insurance
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	13,043	18,806	$ 20,908
Level 3 \| Foreign Defined Benefit Pension Plans \| Total investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 13,043	$ 18,806

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Retirement Plans and Other Postretirement Benefits - Summary of Changes of Fair Value of Foreign Plans' Investments Using Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at the beginning of the year	$ 967,915
Actual return on assets:
Fair value of plan assets at the end of the year	728,641	$ 967,915
Foreign Defined Benefit Pension Plans
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at the beginning of the year	266,288
Actual return on assets:
Fair value of plan assets at the end of the year	159,592	266,288
Foreign Defined Benefit Pension Plans \| Life insurance
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at the beginning of the year	18,806
Actual return on assets:
Fair value of plan assets at the end of the year	13,043	18,806
Level 3 \| Foreign Defined Benefit Pension Plans
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at the beginning of the year	18,806
Actual return on assets:
Fair value of plan assets at the end of the year	13,043	18,806
Level 3 \| Foreign Defined Benefit Pension Plans \| Life insurance
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at the beginning of the year	18,806	20,908
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year	(5,763)	(2,102)
Realized gains (losses) relating to assets sold during the year	0	0
Purchases, sales, issuances and settlements, net	0	0
Fair value of plan assets at the end of the year	$ 13,043	$ 18,806

- Definition

+ References + Details

Retirement Plans and Other Postretirement Benefits - Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets (Detail) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation exceeds fair value of assets, projected benefit obligation	$ 4,043	$ 6,234
Projected benefit obligation exceeds fair value of assets, fair value of plan assets	707	1,239
Accumulated benefit obligation exceeds fair value of assets, projected benefit obligation	4,043	6,234
Accumulated benefit obligation exceeds fair value of assets, fair value of plan assets	707	1,239
Foreign Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation exceeds fair value of assets, projected benefit obligation	162,105	272,245
Projected benefit obligation exceeds fair value of assets, fair value of plan assets	120,056	200,862
Accumulated benefit obligation exceeds fair value of assets, projected benefit obligation	161,780	271,596
Accumulated benefit obligation exceeds fair value of assets, fair value of plan assets	$ 120,056	$ 200,862

Retirement Plans and Other Postretirement Benefits - Funded Status of Plan and Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Funded status asset (liability):
Fair value of plan assets	$ 728,641	$ 967,915
Projected benefit obligation	(581,887)	(837,195)
Funded status at the end of the year	146,754	130,720
Amounts recognized in the consolidated balance sheet consisted of:
Non-current asset for pension benefits (other assets)	192,140	207,099
Current liabilities for pension benefits	(2,700)	(2,133)
Non-current liability for pension benefits	(42,686)	(74,246)
Net amount recognized at the end of the year	$ 146,754	$ 130,720

- Definition

+ References + Details

Retirement Plans and Other Postretirement Benefits - Amounts Recognized in Accumulated Other Comprehensive Income, Net of Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Total recognized	$ 206,821	$ 195,079
Net actuarial loss
Defined Benefit Plan Disclosure [Line Items]
Total recognized	205,193	193,220
Prior service costs
Defined Benefit Plan Disclosure [Line Items]
Total recognized	1,625	1,855
Transition asset
Defined Benefit Plan Disclosure [Line Items]
Total recognized	$ 3	$ 4

Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined benefit plans:
Service cost	$ 4,919	$ 6,985	$ 7,261
Interest cost	20,124	18,532	22,611
Expected return on plan assets	(60,104)	(56,752)	(54,629)
Curtailment	0	3,151	0
Settlement	(58)	0	0
Amortization of:
Net actuarial loss	8,531	16,353	15,479
Prior service costs	100	456	486
Transition asset	1	1	1
Total net periodic benefit income	(26,487)	(11,274)	(8,791)
Other plans:
Defined contribution plans	39,326	31,149	30,829
Foreign plans and other	8,373	8,454	7,902
Total other plans	47,699	39,603	38,731
Total net pension expense	$ 21,212	$ 28,329	$ 29,940
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income	Cost of sales, Other Nonoperating Income (Expense), Selling, general and administrative	Cost of sales, Other Nonoperating Income (Expense), Selling, general and administrative	Cost of sales, Other Nonoperating Income (Expense), Selling, general and administrative

Retirement Plans and Other Postretirement Benefits - Weighted Average Assumptions Used to Determine Net Periodic Pension Benefit Expense (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.02%	2.69%	3.45%
Expected return on plan assets	6.75%	6.75%	7.00%
Rate of compensation increase (where applicable)	3.75%	3.75%	3.75%
Foreign Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	1.78%	1.27%	1.83%
Expected return on plan assets	5.85%	5.47%	5.97%
Rate of compensation increase (where applicable)	2.50%	2.50%	2.50%

Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) site	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
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 identified as de minimis party, settlement amount known	8
Number of non Owned sites company is identified as de minimis party, settlement amount unknown	4
Total environmental reserves \| $	$ 41.0	$ 37.2
Increase (decrease) in environmental reserves \| $	12.0
Total expenses related to environmental matters \| $	$ 8.2

Leases and Other Commitments - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease terms – operating leases (years)	5 years 25 days	5 years 4 months 9 days
Purchase obligations outstanding	$ 1,119.7	$ 890.9
Future payment obligations	128.0
Future payment obligations, guarantees	$ 12.4
Minimum
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease terms – operating leases (years)	1 month
Maximum
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease terms – operating leases (years)	15 years

Leases and Other Commitments - Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 59,296	$ 61,680	$ 44,498
Variable lease cost	11,096	7,724	4,526
Total lease cost	$ 70,392	$ 69,404	$ 49,024

Leases and Other Commitments - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets, net	$ 170,295	$ 169,924
Operating lease, liability, current, statement of financial position	Accrued Liabilities and Other Liabilities	Accrued Liabilities and Other Liabilities
Lease liabilities included in Accrued liabilities and other	$ 46,366	$ 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	$ 129,227	$ 129,101
Total lease liabilities	$ 175,593	$ 176,454

Leases and Other Commitments - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash used in operations for operating leases	$ 54,724	$ 55,657
Right-of-use assets obtained in exchange for new operating liabilities	$ 59,802	$ 64,653
Weighted-average remaining lease terms – operating leases (years)	5 years 25 days	5 years 4 months 9 days
Weighted-average discount rate – operating leases	3.32%	2.91%

Leases and Other Commitments - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 51,740
2024	41,047
2025	31,338
2026	23,770
2027	15,467
Thereafter	29,523
Total lease payments	192,885
Less: imputed interest	17,292
Operating lease liability	$ 175,593	$ 176,454

Reportable Segments and Geographic Areas Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Reportable Segments and Geographic Areas Information - Reportable Segment Financial Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment operating income:
Consolidated operating income	$ 1,500,692	$ 1,308,670	$ 1,027,884
Interest and other income (expenses), net	(72,000)	(85,500)	54,425
Total	1,428,692	1,223,170	1,082,309
Assets:
Assets	12,431,120	11,898,187
Additions to property, plant and equipment:
Additions to property, plant and equipment	151,448	213,270	76,026
Depreciation and amortization:
Depreciation and amortization	319,427	292,112	255,275
Operating Segments
Segment operating income:
Consolidated operating income	1,593,322	1,395,561	1,095,582
Assets:
Assets	12,048,482	11,311,484
Additions to property, plant and equipment:
Additions to property, plant and equipment	131,691	202,853	75,019
Depreciation and amortization:
Depreciation and amortization	316,332	289,615	252,791
Operating Segments \| EIG
Segment operating income:
Consolidated operating income	1,089,729	958,183	770,620
Assets:
Assets	9,430,797	8,672,711
Additions to property, plant and equipment:
Additions to property, plant and equipment	93,505	168,267	48,638
Depreciation and amortization:
Depreciation and amortization	238,436	210,118	174,494
Operating Segments \| EMG
Segment operating income:
Consolidated operating income	503,593	437,378	324,962
Assets:
Assets	2,617,685	2,638,773
Additions to property, plant and equipment:
Additions to property, plant and equipment	38,186	34,586	26,381
Depreciation and amortization:
Depreciation and amortization	77,896	79,497	78,297
Corporate
Segment operating income:
Consolidated operating income	(92,630)	(86,891)	(67,698)
Assets:
Assets	382,638	586,703
Additions to property, plant and equipment:
Additions to property, plant and equipment	19,757	10,417	1,007
Depreciation and amortization:
Depreciation and amortization	$ 3,095	$ 2,497	$ 2,484

Reportable Segments and Geographic Areas Information - Reportable Segment Financial Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting [Abstract]
Additions to property, plant and equipment from acquired business	$ 12.4	$ 102.6	$ 1.8

Reportable Segments and Geographic Areas Information - Information about Company's Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-lived assets from continuing operations (excluding intangible assets):
Long-lived assets from continuing operations (excluding intangible assets)	$ 635,641	$ 617,138
United States
Long-lived assets from continuing operations (excluding intangible assets):
Long-lived assets from continuing operations (excluding intangible assets)	412,577	416,323
United Kingdom
Long-lived assets from continuing operations (excluding intangible assets):
Long-lived assets from continuing operations (excluding intangible assets)	71,462	74,525
European Union countries
Long-lived assets from continuing operations (excluding intangible assets):
Long-lived assets from continuing operations (excluding intangible assets)	89,993	87,117
Asia
Long-lived assets from continuing operations (excluding intangible assets):
Long-lived assets from continuing operations (excluding intangible assets)	11,479	11,971
Other foreign countries
Long-lived assets from continuing operations (excluding intangible assets):
Long-lived assets from continuing operations (excluding intangible assets)	50,130	27,202
Total international
Long-lived assets from continuing operations (excluding intangible assets):
Long-lived assets from continuing operations (excluding intangible assets)	$ 223,064	$ 200,815

Additional Consolidated Income Statement and Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest and other investment income	$ 1.0	$ 2.0	$ 2.7
Income taxes paid	299.3	245.5	210.4
Cash paid for interest	$ 80.2	$ 78.7	$ 86.2

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Feb. 09, 2023	Feb. 08, 2023	Feb. 09, 2022	Feb. 08, 2022	Dec. 31, 2022	Dec. 31, 2021	May 05, 2022	Feb. 28, 2019
Subsequent Event [Line Items]
Repurchase of common stock (in shares)					2,700,000	113,000
Repurchase of common stock under share repurchase authorization					$ 332,800	$ 14,700
Common stock, shares authorized					800,000,000	800,000,000	1,000,000,000	500,000,000
Remaining authorization for future share repurchases					$ 823,900
Percent increase in cash dividend			10.00%
Dividends paid per share (in dollars per share)			$ 0.22	$ 0.20
Treasury stock (in shares)					38,537,635	36,137,864
Treasury stock, cost					$ 1,902,964	$ 1,573,000
Number of shares outstanding					230,100,000	231,700,000
Subsequent Event
Subsequent Event [Line Items]
Percent increase in cash dividend	14.00%
Dividends paid per share (in dollars per share)	$ 0.25	$ 0.22