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Document and Company Information - USD ($)	6 Months Ended
Document and Company Information - USD ($)	Jun. 30, 2009	Jul. 30, 2009	Jun. 30, 2008
Document And Company Information [Abstract]
Entity Registrant Name	AMETEK, Inc.
Entity Central Index Key	0001037868
Document Type	10-Q
Document Period End Date	Jun. 30, 2009
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 5,037,380,113
Entity Common Stock, Shares Outstanding		107,518,291

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2009	Jun. 30, 2008	Jun. 30, 2009	Jun. 30, 2008
Statement [Line Items]
Net sales	$ 524,929	$ 648,771	$ 1,077,795	$ 1,259,968
Operating expenses:
Cost of sales, excluding depreciation	361,578	437,183	732,221	848,200
Selling, general and administrative	61,017	85,653	125,547	159,020
Depreciation	9,154	11,824	20,645	22,404
Total operating expenses	431,749	534,660	878,413	1,029,624
Operating income	93,180	114,111	199,382	230,344
Other expenses:
Interest expense	(17,141)	(15,328)	(34,696)	(30,462)
Other, net	(1,001)	(929)	(1,024)	(1,626)
Income before income taxes	75,038	97,854	163,662	198,256
Provision for income taxes	23,225	32,012	52,794	66,057
Net income	$ 51,813	$ 65,842	$ 110,868	$ 132,199
Basic earnings per share	$ 0.49	$ 0.62	$ 1.04	$ 1.25
Diluted earnings per share	$ 0.48	$ 0.61	$ 1.03	$ 1.23
Weighted average common shares outstanding:
Basic shares	106,708	105,950	106,564	105,946
Diluted shares	107,955	107,476	107,638	107,613
Dividends declared and paid per share	$ 0.06	$ 0.06	$ 0.12	$ 0.12

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2009	Dec. 31, 2008
Current assets:
Cash and cash equivalents	$ 137,402	$ 86,980
Marketable securities	5,542	4,230
Receivables, less allowance for possible losses	356,830	406,012
Inventories	325,472	349,509
Deferred income taxes	29,744	30,919
Other current assets	57,315	76,936
Total current assets	912,305	954,586
Property, plant and equipment, net	309,263	307,908
Goodwill	1,281,579	1,240,052
Other intangibles, net of accumulated amortization	497,448	441,785
Investments and other assets	112,327	111,211
Total assets	3,112,922	3,055,542
Current liabilities:
Short-term borrowings and current portion of long-term debt	5,110	18,438
Accounts payable	176,494	203,742
Income taxes payable	50,636	31,649
Accrued liabilities	157,622	193,684
Total current liabilities	389,862	447,513
Long-term debt	1,053,886	1,093,243
Deferred income taxes	180,308	144,941
Other long-term liabilities	64,835	82,073
Total liabilities	1,688,891	1,767,770
Stockholders' equity:
Common stock	1,106	1,102
Capital in excess of par value	217,044	203,000
Retained earnings	1,418,484	1,320,470
Accumulated other comprehensive loss	(120,325)	(144,767)
Treasury stock	(92,278)	(92,033)
Total stockholders' equity	1,424,031	1,287,772
Total liabilities and stockholders' equity	$ 3,112,922	$ 3,055,542

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2009	Jun. 30, 2008
Operating activities:
Net income	$ 110,868	$ 132,199
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	31,677	30,076
Deferred income tax expense (benefit)	197	(2,187)
Share-based compensation expense	6,273	14,293
Net change in assets and liabilities, net of acquisitions	54,042	(28,024)
Pension contribution	(19,048)	(1,752)
Other	239	(2,803)
Total operating activities	184,248	141,802
Investing activities:
Additions to property, plant and equipment	(15,187)	(19,911)
Purchases of businesses, net of cash acquired	(38,409)	(278,310)
Other	(1,294)	5,220
Total investing activities	(54,890)	(293,001)
Financing activities:
Net change in short-term borrowings	(12,003)	185,051
Reduction in long-term borrowings	(63,964)	(7,417)
Repurchases of common stock	0	(57,444)
Cash dividends paid	(12,764)	(12,719)
Excess tax benefits from share-based payments	1,727	4,915
Proceeds from employee stock plans and other	5,655	6,347
Total financing activities	(81,349)	118,733
Effect of exchange rate changes on cash and cash equivalents	2,413	3,935
Increase (decrease) in cash and cash equivalents	50,422	(28,531)
Cash and cash equivalents:
As of January 1	86,980	170,139
As of June 30	$ 137,402	$ 141,608

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2009
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying consolidated financial statements are unaudited. The Company believes that all adjustments (which primarily consist of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company at June 30, 2009, the consolidated results of its operations for the three and six months ended June 30, 2009 and 2008 and its cash flows for the six months ended June 30, 2009 and 2008 have been included. Quarterly results of operations are not necessarily indicative of results for the full year. The accompanying financial statements should be read in conjunction with the financial statements and related notes presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission.

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2009
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Effective January 1, 2009, the Company adopted Statement of Financial Accounting Standards (“SFAS”) No. 141(R), Business Combinations (“SFAS 141R”). SFAS 141R retains the underlying concepts of SFAS No. 141 Business Combinations, but changes the method of applying the acquisition method in a number of significant aspects. SFAS 141R is effective on a prospective basis for all acquisitions on or after January 1, 2009. SFAS 141R amends SFAS No. 109, Accounting for Income Taxes, such that adjustments made to valuation allowances on deferred taxes and acquired tax contingencies associated with acquisitions that closed prior to the effective date of SFAS 141R would also apply the provisions of SFAS 141R. The adoption of SFAS 141R did not have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. However, depending on the nature of an acquisition or the quantity of acquisitions entered into after the adoption, SFAS 141R may significantly impact the Company’s consolidated results of operations, financial position or cash flows and result in more earnings volatility and generally lower earnings due to, among other items, the expensing of transaction costs and restructuring costs of acquired companies. In April 2009, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position (“FSP”) No. FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 amends SFAS No. 157, Fair Value Measurements (“SFAS 157”), and provides additional guidance for estimating fair value in accordance with SFAS 157 when the volume and level of activity for the asset or liability have significantly decreased and also includes guidance on identifying circumstances that indicate a transaction is not orderly for fair value measurements. This FSP is applied prospectively with retrospective application not permitted. This FSP is effective for interim and annual periods ending after June 15, 2009. The adoption of FSP FAS 157-4 did not have a significant impact on the Company’s consolidated results of operations, financial position and cash flows. In April 2009, the FASB issued FSP FAS 115-2 and FAS 124-2. This FSP amends SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities, SFAS No. 124, Accounting for Certain Investments Held by Not-for-Profit Organizations and Emerging Issues Task Force (“EITF”) Issue No. 99-20, Recognition of Interest Income and Impairment on Purchased Beneficial Interests and Beneficial Interests That Continue to Be Held by a Transferor in Securitized Financial Assets, to make the other-than-temporary impairments guidance more operational and to improve the presentation of other-than-temporary impairments in the financial statements. This FSP replaces the existing requirement that the entity’s management assert it has both the intent and ability to hold an impaired debt security until recovery with a requirement that management assert it does not have the intent to sell the security, and it is more likely than not it will not have to sell the security before recovery of its cost basis. This FSP provides increased disclosure about the credit and noncredit components of impaired debt securities that are not expected to be sold and also requires increased and more frequent disclosures regarding expected cash flows, credit losses and an aging of securities with unrealized losses. Although this FSP does not result in a change in the carrying amount of debt securities, it does require that the portion of an other-than-temporary impairment not related to a credit loss for a held-to-maturity security be recognized in a new category of other comprehensive income and be amortized over the remaining life of the debt security as an increase in the carrying value of the security. This FSP is effective for interim and annual periods ending after June 15, 2009. The adoption of FSP FAS 115-2 and FAS 124-2 did not have a significant impact on the Company’s consolidated results of operations, financial position and cash flows. In April 2009, the FASB issued FSP FAS 107-1 and APB 28-1. This FSP amends SFAS No. 107, Disclosures about Fair Value of Financial Instruments (“SFAS 107”), to require disclosures about fair value of financial instruments not measured on the balance sheet at fair value in interim financial statements as well as in annual financial statements. Prior to this FSP, fair values for these assets and liabilities were only disclosed annually. This FSP applies to all financial instruments within the scope of SFAS 107 and requires all entities to disclose the methods and significant assumptions used to estimate the fair value of financial instruments. This FSP is effective for interim periods ending after June 15, 2009. In May 2009, the FASB issued SFAS No. 165, Subsequent Events (“SFAS 165”). SFAS 165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. SFAS 165 is effective for interim and annual reporting periods ending after June 15, 2009. The adoption of SFAS 165 did not have a significant impact on the Company’s consolidated results of operations, financial position and cash flows. The Company evaluated all events and transactions that occurred after June 30, 2009 up through August 5, 2009, the date the Company issued these financial statements. During this period, the Company did not have any material recognizable or non-recognizable subsequent events. In June 2009, the FASB issued SFAS No. 168, The FASB Accounting Standards Codification^TM and the Hierarchy of Generally Accepted Accounting Principles a replacement of FASB Statement No. 162 (“SFAS 168”). SFAS 168 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles (“GAAP”) in the United States (the “GAAP hierarchy”). SFAS 168 replaces SFAS 162 and establishes the FASB Accounting Standards Codification^TM as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. SFAS 168 is effective for financial statements issued after September 15, 2009.

Fair Value Measurement	6 Months Ended
Fair Value Measurement	Jun. 30, 2009
Fair Value Measurement [Abstract]
Fair Value Measurement	3. Fair Value Measurement SFAS 157 defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. Fair value is defined under SFAS 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company adopted SFAS 157 as of January 1, 2008, with the exception of the application of the statement to nonfinancial assets and nonfinancial liabilities, which was delayed by the Financial Accounting Standards Board (“FASB”) FASB Staff Position No. 157-2, Effective Date of FASB Statement No. 157 to fiscal years beginning after November 15, 2008, which the Company adopted January 1, 2009. SFAS 157 establishes a valuation hierarchy for disclosure of the inputs to the valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. At June 30, 2009, $15.3 million of the Company’s cash and cash equivalents as well as $5.5 million of marketable securities are valued as level 1 investments. In addition, the Company held $8.9 million valued as level 2 investments in the investments and other assets line of the consolidated balance sheet. For the six months ended June 30, 2009, gains and losses on the investments noted above were not material.

Hedging Activities	6 Months Ended
Hedging Activities	Jun. 30, 2009
Hedging Activities [Abstract]
Hedging Activities	4. Hedging Activities In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133 (“SFAS 161”). SFAS 161 requires entities to provide enhanced disclosure about how and why the entity uses derivative instruments, how the instruments and related hedged items are accounted for under SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities (“SFAS 133”), and how the instruments and related hedged items affect the financial position, results of operations and cash flows of the entity. The Company has designated certain foreign-currency-denominated long-term debt as hedges of the net investment in certain foreign operations. These net investment hedges are the Company’s British-pound-denominated long-term debt and Euro-denominated long-term debt, pertaining to certain European acquisitions whose functional currencies are either the British pound or the Euro. These acquisitions were financed by foreign-currency-denominated borrowings under the Company’s revolving credit facility and subsequently refinanced with long-term private placement debt. These borrowings were designed to create net investment hedges in each of the foreign subsidiaries on their respective dates of acquisition. SFAS 133 permits hedging the foreign currency exposure of a net investment in a foreign operation. In accordance with SFAS 133, on the respective dates of acquisition, the Company designated the British pound- and Euro-denominated loans referred to above as hedging instruments to offset foreign exchange gains or losses on the net investment in the acquired business due to changes in the British pound and Euro exchange rates. These net investment hedges were evidenced by management’s documentation supporting the contemporaneous hedge designation on the acquisition dates. As required by SFAS 133, any gain or loss on the hedging instrument following hedge designation (the debt), is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the investment based on changes in the spot rate, which is used to measure hedge effectiveness. At June 30, 2009, the Company had $148.1 million of British pound-denominated loans, which are designated as a hedge against the net investment in foreign subsidiaries acquired in 2004 and 2003. At June 30, 2009, the Company had $70.1 million of Euro-denominated loans, which were designated as a hedge against the net investment in a foreign subsidiary acquired in 2005. As a result of these British pound- and Euro-denominated loans being designated and effective as net investment hedges, $17.0 million of currency losses have been included in the foreign currency translation component of other comprehensive income at June 30, 2009.

Earnings Per Share

6 Months Ended

Jun. 30, 2009

Earnings Per Share Disclosure [Abstract]

Earnings Per Share

5. 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 common 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 were as follows:

Three Months Ended

Six Months Ended

June 30,

2009

2008

2009

2008

(In thousands)

Weighted average shares:

Basic shares

106,708

105,950

106,564

105,946

Stock option and awards plans

1,247

1,526

1,074

1,667

Diluted shares

107,955

107,476

107,638

107,613

Fourth Quarter of 2008 Restructuring Charges and Asset Write Downs

6 Months Ended

Jun. 30, 2009

Restructuring Charges And Asset Write Downs [Abstract]

Fourth Quarter of 2008 Restructuring Charges and Asset Write-Downs

6. Fourth Quarter of 2008 Restructuring Charges and Asset Write-Downs

During the fourth quarter of 2008, the Company recorded pre-tax charges totaling $40.0 million, which had the effect of reducing net income by $27.3 million ($0.25 per diluted share). These charges included restructuring costs for employee reductions and facility closures ($32.6 million), as well as asset write-downs ($7.4 million). The charges included $30.1 million for severance costs for slightly more than 10% of the Company’s workforce and $1.5 million for lease termination costs associated with the closure of certain facilities in 2009. Of the $40.0 million in charges, $32.9 million of the restructuring charges and asset write-downs were recorded in cost of sales and $7.1 million of the restructuring charges and asset write-downs were recorded in Selling, general and administrative expenses. The restructuring charges and asset write-downs were reported in segment operating income as follows: $20.4 million in Electronic Instruments (“EIG”), $19.4 million in Electromechanical (“EMG”) and $0.2 million in Corporate administrative and other expenses. The restructuring costs for employee reductions and facility closures relate to plans established by the Company in 2008 as part of cost reduction initiatives being broadly implemented across the Company’s various businesses during fiscal 2009. The restructuring costs resulted from the consolidation of manufacturing facilities, the migration of production to low cost locales and a general reduction in workforce in response to lower levels of expected sales volumes in certain of the Company’s businesses. Substantially all of the payments for employee severance and lease termination costs are expected to be made in 2009.

The following table provides a rollforward of the accruals established in the fourth quarter of 2008 for restructuring charges (in millions):


Restructuring accruals at December 31, 2008	$	31.6
Utilization		(10.3	)
Foreign currency translation and other		0.1

Restructuring accruals at June 30, 2009	$	21.4

The fourth quarter of 2008 severance charge was recorded in accordance with SFAS No. 112, Employers’ Accounting for Postemployment Benefits (“SFAS 112”). SFAS 112 is applicable to all types of postemployment benefits, which constitute an ongoing benefit arrangement, including, but not limited to, salary continuation, supplemental unemployment benefits, severance benefits, job training, counseling and continuation of benefits such as health care benefits and life insurance coverage. Under SFAS 112, costs associated with such ongoing benefit arrangements are recorded no later than the period when it becomes probable that the costs will be incurred and the costs are reasonably estimable.

Acquisitions

6 Months Ended

Jun. 30, 2009

Acquisitions [Abstract]

Acquisitions

7. Acquisitions

The Company spent approximately $40.2 million in cash, net of cash acquired, to acquire High Standard Aviation in January 2009. High Standard Aviation is a provider of electrical and electromechanical, hydraulic and pneumatic repair services to the aerospace industry. High Standard Aviation is part of AMETEK’s Electromechanical Group.

The acquisition has been accounted for in accordance with SFAS 141R. Accordingly, the operating results of the above acquisition has been included in the Company’s consolidated results from the date of acquisition.

The purchase price and initial recording of the transaction was based on preliminary valuation assessments and is subject to change. The following table represents the provisional allocation of the aggregate purchase price for the net assets of the above acquisition based on its estimated fair value (in millions):


Property, plant and equipment	$	1.6
Goodwill		10.3
Other intangible assets		22.1
Net working capital and other		6.2

Total purchase price	$	40.2

The amount allocated to goodwill is reflective of the benefits the Company expects to realize from the acquisition, as High Standard Aviation broadens the global footprint of AMETEK’s aerospace maintenance, repair and overhaul business.

The Company is in the process of conducting third-party valuations of certain tangible and intangible assets acquired. Adjustments to the allocation of purchase price will be recorded when this information is finalized. Therefore, the allocation of the purchase price is subject to revision.

Had the above acquisition been made at the beginning of 2009, pro forma net sales, net income and diluted earnings per share for the three and six months ended June 30, 2009 would not have been materially different than the amounts reported.

Had the above acquisition and the 2008 acquisitions of Drake Air and Motion Control Group in February 2008, Reading Alloys in April 2008, Vision Research, Inc. in June 2008, the programmable power business of Xantrex Technology, Inc. in August 2008 and Muirhead Aerospace Limited in November 2008 been made at the beginning of 2008, unaudited pro forma net sales, net income and diluted earnings per share would have been as follows:


	Three Months Ended		Six Months Ended
	June 30, 2008		June 30, 2008
	(In millions, except per share amounts)
Net sales	$	703.1	$	1,393.6
Net income	$	68.2	$	137.2
Diluted earnings per share	$	0.63	$	1.28

Pro forma results are not necessarily indicative of the results that would have occurred if the acquisitions had been completed at the beginning of 2008.

Goodwill

6 Months Ended

Jun. 30, 2009

Goodwill [Abstract]

Goodwill

8. Goodwill

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


	EIG			EMG		Total
	(In millions)
Balance at December 31, 2008	$	737.2		$	502.9	$	1,240.1
Goodwill acquired		—			10.3		10.3
Purchase price allocation adjustments and other*		(2.1	)		5.9		3.8
Foreign currency translation adjustments		14.6			12.8		27.4

Balance at June 30, 2009	$	749.7		$	531.9	$	1,281.6


*		Purchase price allocation adjustments reflect final purchase price allocations and revisions to certain provisional allocations for recent acquisitions, which include reclassifications between goodwill and other intangible assets.

Inventories

6 Months Ended

Jun. 30, 2009

Inventories [Abstract]

Inventories

9. Inventories


	June 30,		December 31,
	2009		2008
	(In thousands)
Finished goods and parts	$	49,381	$	66,416
Work in process		68,365		81,282
Raw materials and purchased parts		207,726		201,811

Total inventories	$	325,472	$	349,509

Debt	6 Months Ended
Debt	Jun. 30, 2009
Debt [Abstract]
Debt	10. Debt During the second quarter of 2009, the Company repaid $62.0 million related to a 40 million British pound borrowing under the revolving credit facility. At June 30, 2009, the Company had no borrowings outstanding under the revolving credit facility. The $100 million accounts receivable securitization facility was not renewed by the Company in May 2009.

Comprehensive Income

6 Months Ended

Jun. 30, 2009

Comprehensive Income [Abstract]

Comprehensive Income

11. Comprehensive Income

Comprehensive income includes all changes in stockholders’ equity during a period except those resulting from investments by and distributions to stockholders. The components of comprehensive income were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2009		2008		2009		2008
	(In thousands)
Net income	$	51,813	$	65,842	$	110,868	$	132,199
Foreign currency translation adjustment		37,151		471		20,056		15,659
Foreign currency net investment hedge*		5,864		17		4,150		2,209
Other		326		135		236		(419	)

Total comprehensive income	$	95,154	$	66,465	$	135,310	$	149,648


*		Represents the net gains and losses on the Company’s investment in certain foreign operations in excess of the net gains and losses from the non-derivative foreign-currency-denominated long-term debt. These debt instruments were designated as hedging instruments to offset foreign exchange gains or losses on the net investment in certain foreign operations.

Share Based Compensation

6 Months Ended

Jun. 30, 2009

Share Based Compensation Disclosure [Abstract]

Share-Based Compensation

12. Share-Based Compensation

The fair value of each 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 options granted during the period indicated:


	Six Months Ended			Year Ended
	June 30, 2009			December 31, 2008
Expected stock volatility		25.8	%		18.4	%
Expected life of the options (years)		4.9			4.7
Risk-free interest rate		1.89	%		2.60	%
Expected dividend yield		0.73	%		0.49	%
Black-Scholes-Merton fair value per option granted	$	7.80		$	9.58

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

Total share-based compensation expense recognized under SFAS No. 123(R), Share-Based Payment, was as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008
	(In thousands)
Stock option expense	$	1,847		$	1,811		$	3,133		$	3,238
Restricted stock expense*		1,711			9,319			3,140			11,055

Total pre-tax expense		3,558			11,130			6,273			14,293
Related tax benefit		(1,088	)		(1,393	)		(1,928	)		(2,209	)

Reduction of net income	$	2,470		$	9,737		$	4,345		$	12,084


*		The three and six months ended June 30, 2008 reflect the accelerated vesting of a restricted stock grant in the second quarter of 2008 as described below.

Pre-tax share-based compensation expense is included in either cost of sales, or selling, general and administrative expenses, depending on where the recipient’s cash compensation is reported.

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2009 were as follows:


						Weighted
				Weighted		Average		Aggregate
				Average		Remaining		Intrinsic
	Shares			Exercise Price		Contractual Life		Value
	(In thousands)					(Years)		(In millions)
Outstanding at the beginning of the year		4,035		$	28.01
Granted		1,318			32.71
Exercised		(403	)		14.57
Forfeited		(96	)		40.01

Outstanding at the end of the period		4,854		$	30.17		4.3	$	32.0

Exercisable at the end of the period		2,589		$	24.37		2.7	$	29.4

The aggregate intrinsic value of options exercised during the six months ended June 30, 2009 was $7.0 million. The total fair value of the stock options vested during the six months ended June 30, 2009 was $5.3 million.

As of June 30, 2009, there was approximately $16.5 million of expected future pre-tax compensation expense related to the 2.3 million nonvested options outstanding, which is expected to be recognized over a weighted average period of approximately two years.

During the second quarter of 2009, the Company granted 0.4 million shares of restricted stock with a fair value of $32.71 per share. At June 30, 2009, 0.9 million nonvested restricted shares were outstanding. As of June 30, 2009, there was approximately $22.1 million of expected future pre-tax compensation expense related to nonvested restricted shares, which is expected to be recognized over a weighted average period of approximately three years.

Restricted stock awards are 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. On May 19, 2008, the April 27, 2005 grant of 706,605 shares of restricted stock vested under an accelerated vesting provision. The pre-tax charge to income due to the accelerated vesting of these shares was $7.8 million ($7.3 million net after-tax charge) for the six months ended June 30, 2008.

Income Taxes

6 Months Ended

Jun. 30, 2009

Income Taxes [Abstract]

Income Taxes

13. Income Taxes

At June 30, 2009, the Company had gross unrecognized tax benefits of $22.5 million, of which $21.6 million, if recognized, would impact the effective tax rate. At December 31, 2008, the Company had gross unrecognized tax benefits of $18.6 million, all of which would impact the effective tax rate if recognized.

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


Balance at December 31, 2008	$	18.6
Additions for tax positions of prior years		6.2
Reductions for tax positions of prior years		(2.3	)

Balance at June 30, 2009	$	22.5

The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. The amounts recognized in income tax expense for interest and penalties during the three and six months ended June 30, 2009 and 2008 were not significant.

Retirement and Pension Plans

6 Months Ended

Jun. 30, 2009

Retirement and Pension Plans [Abstract]

Retirement and Pension Plans

14. Retirement and Pension Plans

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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008
	(In thousands)
Defined benefit plans:
Service cost	$	1,122		$	1,424		$	2,266		$	2,980
Interest cost		7,093			7,231			13,954			14,497
Expected return on plan assets		(9,029	)		(10,525	)		(17,702	)		(21,051	)
Amortization of net actuarial loss and prior service costs		3,336			122			6,644			52

SFAS 87 expense (income)		2,522			(1,748	)		5,162			(3,522	)


Other plans:
Defined contribution plans		3,245			3,158			6,774			6,574
Foreign plans and other		1,020			1,186			2,025			2,458

Total other plans		4,265			4,344			8,799			9,032


Total net pension expense	$	6,787		$	2,596		$	13,961		$	5,510

For the six months ended June 30, 2009 and 2008, contributions to our defined benefit pension plans were $19.0 million and $1.8 million, respectively. The current estimate of 2009 pension contributions is in line with the range disclosed in our 2008 Form 10-K.

Financial Instruments

6 Months Ended

Jun. 30, 2009

Financial Instruments [Abstract]

Financial Instruments

15. Financial Instruments

The estimated fair values of the Company’s financial instruments are compared below to the recorded amounts at June 30, 2009 and December 31, 2008. Cash, cash equivalents and marketable securities are recorded at fair value at June 30, 2009 and December 31, 2008 in the accompanying consolidated balance sheet.


	Asset (Liability)
	June 30,						December 31,
	2009						2008
	Recorded Amount			Fair Value			Recorded Amount			Fair Value
	(In thousands)
Fixed-income investments	$	8,578		$	8,578		$	8,248		$	8,248
Short-term borrowings		(4,218	)		(4,218	)		(16,028	)		(16,028	)
Long-term debt (including current portion)		(1,054,778	)		(1,054,778	)		(1,095,653	)		(1,095,653	)

The fair value of fixed-income investments is based on quoted market prices. The fair value of short-term borrowings approximates the carrying value. The Company’s long-term debt is all privately-held with no public market for this debt. It is not practicable to estimate the fair value of this privately-held debt as pricing estimates are contingent upon many financial market, as well as Company specific factors. In conjunction, these factors can produce a wide variance of indicative pricing.

Product Warranties

6 Months Ended

Jun. 30, 2009

Product Warranties [Abstract]

Product Warranties

16. Product Warranties

The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary widely among the Company’s operations, but for the most part do not exceed one year. The Company calculates its warranty expense provision based on past warranty experience and adjustments are made periodically to reflect actual warranty expenses.

Changes in accrued product warranty obligation were as follows:


	Six Months Ended
	June 30,
	2009			2008
	(In thousands)
Balance at the beginning of the period	$	16,068		$	14,433
Accruals for warranties issued during the period		3,927			4,678
Settlements made during the period		(5,403	)		(5,106	)
Warranty accruals related to new businesses and other		991			952

Balance at the end of the period	$	15,583		$	14,957

Certain settlements of warranties made during the period were for specific nonrecurring warranty obligations. Product warranty obligations are reported as current liabilities in the consolidated balance sheet.

Reportable Segments	6 Months Ended
Reportable Segments	Jun. 30, 2009
Reportable Segments [Abstract]
Reportable Segments	17. Reportable Segments The Company has two reportable segments, the EIG and the EMG. The Company manages, evaluates and aggregates its operating segments for segment reporting purposes primarily on the basis of product type, production processes, distribution methods and management organizations. At June 30, 2009, there were no significant changes in identifiable assets of reportable segments from the amounts disclosed at December 31, 2008, nor were there any changes in the basis of segmentation or in the measurement of segment operating results. Operating information relating to the Company’s reportable segments for the three and six months ended June 30, 2009 and 2008 can be found in the table within Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Report.