AMETEK (AME) 10-K 25 Feb 10 2009 FY Annual report Financial data

Document and Company Informatio

Document and Company Information (USD $)
	12 Months Ended Dec. 31, 2009	Jan. 29, 2010	Jun. 30, 2009
Document and Company Information [Abstract]
Entity Registrant Name	AMETEK INC/
Entity Central Index Key	0001037868
Document Type	10-K
Document Period End Date	2009-12-31
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			$3,716,907,826
Entity Common Stock, Shares Outstanding		107,910,425

Consolidated Statement of Incom

Consolidated Statement of Income (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated Statement of Income [Abstract]
Net sales	$2,098,355	$2,531,135	$2,136,850
Operating expenses:
Cost of sales, excluding depreciation	1,435,953	1,730,086	1,444,514
Selling, general and administrative	254,143	322,552	263,472
Depreciation	42,209	45,843	42,290
Total operating expenses	1,732,305	2,098,481	1,750,276
Operating income	366,050	432,654	386,574
Other expenses:
Interest expense	(68,750)	(63,652)	(46,866)
Other, net	(2,667)	(2,786)	(3,264)
Income before income taxes	294,633	366,216	336,444
Provision for income taxes	88,863	119,264	108,424
Net income	$205,770	$246,952	$228,020
Basic earnings per share	1.93	2.33	2.15
Diluted earnings per share	1.91	2.3	2.12
Weighted average common shares outstanding:
Basic shares	106,788	106,148	105,832
Diluted shares	107,850	107,443	107,580

Consolidated Balance Sheet

Consolidated Balance Sheet (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Cash and cash equivalents	$246,356	$86,980
Marketable securities	4,994	4,230
Receivables, less allowance for possible losses	331,383	406,012
Inventories	311,542	349,509
Deferred income taxes	30,669	30,919
Other current assets	44,486	76,936
Total current assets	969,430	954,586
Property, plant and equipment, net	310,053	307,908
Goodwill	1,277,291	1,240,052
Other intangibles, net of accumulated amortization	521,888	441,785
Investments and other assets	167,370	111,211
Total assets	3,246,032	3,055,542
Current liabilities:
Short-term borrowings and current portion of long-term debt	85,801	18,438
Accounts payable	191,779	203,742
Income taxes payable	13,345	31,649
Accrued liabilities	133,357	193,684
Total current liabilities	424,282	447,513
Long-term debt	955,880	1,093,243
Deferred income taxes	206,354	144,941
Other long-term liabilities	92,492	82,073
Total liabilities	1,679,008	1,767,770
Stockholders' equity:
Preferred stock, $0.01 par value; authorized: 5,000,000 shares; none issued	0	0
Common stock, $0.01 par value; authorized: 400,000,000 shares; issued: 2009 - 111,000,578 shares; 2008 - 110,188,937 shares	1,110	1,102
Capital in excess of par value	224,057	203,000
Retained earnings	1,500,471	1,320,470
Accumulated other comprehensive (loss)	(75,281)	(144,767)
Treasury stock: 2009 - 3,116,579 shares; 2008 - 3,461,541 shares	(83,333)	(92,033)
Total stockholders' equity	1,567,024	1,287,772
Total liabilities and stockholders' equity	$3,246,032	$3,055,542

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) (USD $)
	Dec. 31, 2009	Dec. 31, 2008
Stockholders' equity:
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	0.01	0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	111,000,578	110,188,937
Treasury stock, shares	3,116,579	3,461,541

Consolidated Statement of Stock

Consolidated Statement of Stockholders Equity (USD $)
In Thousands	Preferred Stock, $0.01 par value	Common Stock, $0.01 par value	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Foreign currency translation	Defined benefit pension plans	Unrealized holding gain (loss) on available-for-sale securities	Treasury Stock	Total
Beginning Balance at Dec. 31, 2006	$0	$1,085	$134,001	$902,379		($1,137)	($33,213)	$798	($37,241)
Shares issued		12
Issuance of common stock under employee stock plans			15,455						3,357
Share-based compensation costs			15,530
Excess tax benefits from exercise of stock options			9,464
Adoption of FIN 48				(5,901)
Net income				228,020						228,020
Cash dividends paid				(25,748)
Other				361
Foreign currency translation:
Translation adjustments						6,056
Gain (loss) on net investment hedges, net of tax (expense) benefit of ($2,290), $6,058 and ($1,298) in 2009, 2008 and 2007, respectively						2,412
Total Foreign Currency Translation						8,468
Defined benefit pension plans:
Change in pension plans, net of tax (expense) benefit of ($15,830), $56,344 and ($14,141) in 2009, 2008 and 2007, respectively							30,173
Unrealized holding gain (loss) on available-for-sale securities:
Increase (decrease) during the year, net of tax benefit (expense) of $343, ($958), $151 in 2009, 2008 and 2007, respectively								281
Total other comprehensive income (loss) for the year					38,922
Total comprehensive income for the year					266,942
Purchase of treasury stock									(5,437)
Ending Balance at Dec. 31, 2007	0	1,097	174,450	1,099,111	5,370	7,331	(3,040)	1,079	(39,321)	1,240,707
Shares issued		5
Issuance of common stock under employee stock plans			3,474						4,732
Share-based compensation costs			20,186
Excess tax benefits from exercise of stock options			4,890
Adoption of FIN 48				0
Net income				246,952						246,952
Cash dividends paid				(25,685)
Other				92
Foreign currency translation:
Translation adjustments						(46,784)
Gain (loss) on net investment hedges, net of tax (expense) benefit of ($2,290), $6,058 and ($1,298) in 2009, 2008 and 2007, respectively						(11,253)
Total Foreign Currency Translation						(58,037)
Defined benefit pension plans:
Change in pension plans, net of tax (expense) benefit of ($15,830), $56,344 and ($14,141) in 2009, 2008 and 2007, respectively							(90,320)
Unrealized holding gain (loss) on available-for-sale securities:
Increase (decrease) during the year, net of tax benefit (expense) of $343, ($958), $151 in 2009, 2008 and 2007, respectively								(1,780)
Total other comprehensive income (loss) for the year					(150,137)
Total comprehensive income for the year					96,815
Purchase of treasury stock									(57,444)
Ending Balance at Dec. 31, 2008	0	1,102	203,000	1,320,470	(144,767)	(50,706)	(93,360)	(701)	(92,033)	1,287,772
Shares issued		8
Issuance of common stock under employee stock plans			3,459						8,700
Share-based compensation costs			13,502
Excess tax benefits from exercise of stock options			4,096
Adoption of FIN 48				0
Net income				205,770						205,770
Cash dividends paid				(25,579)
Other				(190)
Foreign currency translation:
Translation adjustments						38,357
Gain (loss) on net investment hedges, net of tax (expense) benefit of ($2,290), $6,058 and ($1,298) in 2009, 2008 and 2007, respectively						4,253
Total Foreign Currency Translation						42,610
Defined benefit pension plans:
Change in pension plans, net of tax (expense) benefit of ($15,830), $56,344 and ($14,141) in 2009, 2008 and 2007, respectively							26,239
Unrealized holding gain (loss) on available-for-sale securities:
Increase (decrease) during the year, net of tax benefit (expense) of $343, ($958), $151 in 2009, 2008 and 2007, respectively								637
Total other comprehensive income (loss) for the year					69,486
Total comprehensive income for the year					275,256
Purchase of treasury stock									0
Ending Balance at Dec. 31, 2009		$1,110	$224,057	$1,500,471	($75,281)	($8,096)	($67,121)	($64)	($83,333)	$1,567,024

1_Consolidated Statement of Sto

Consolidated Statement of Stockholders Equity (Parenthetical) (USD $)
In Thousands	Foreign currency translation	Defined benefit pension plans	Unrealized holding gain (loss) on available-for-sale securities
Foreign currency translation:
Tax (expense) benefit from investment hedges	($1,298)
Defined benefit pension plans:
Tax (expense) benefit from change in pension plans		(14,141)
Unrealized holding gain (loss) on available-for-sale securities:
Tax benefit (expense) from (Decrease) increase on available-for-sale securities			151
Foreign currency translation:
Tax (expense) benefit from investment hedges	6,058
Defined benefit pension plans:
Tax (expense) benefit from change in pension plans		56,344
Unrealized holding gain (loss) on available-for-sale securities:
Tax benefit (expense) from (Decrease) increase on available-for-sale securities			(958)
Foreign currency translation:
Tax (expense) benefit from investment hedges	(2,290)
Defined benefit pension plans:
Tax (expense) benefit from change in pension plans		(15,830)
Unrealized holding gain (loss) on available-for-sale securities:
Tax benefit (expense) from (Decrease) increase on available-for-sale securities			$343

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating activities:
Net income	$205,770	$246,952	$228,020
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	65,500	63,261	52,665
Deferred income tax expense	5,768	29,742	4,769
Share-based compensation expense	13,502	20,186	15,530
Changes in assets and liabilities, net of acquisitions:
Decrease (increase) in receivables	87,146	6,636	(26,944)
Decrease (increase) in inventories and other current assets	83,622	(35,180)	194
(Decrease) increase in payables, accruals and income taxes	(91,622)	3,161	13,421
Increase (decrease) in other long-term liabilities	3,345	(1,907)	(7,153)
Pension contribution	(21,127)	(79,905)	(5,162)
Other	12,767	(5,681)	3,183
Total operating activities	364,671	247,265	278,523
Investing activities:
Additions to property, plant and equipment	(33,062)	(44,215)	(37,620)
Purchases of businesses, net of cash acquired	(72,919)	(463,012)	(300,569)
(Increase) decrease in marketable securities	(638)	6,323	(1,700)
Other	275	4,282	5,228
Total investing activities	(106,344)	(496,622)	(334,661)
Financing activities:
Net change in short-term borrowings	(13,013)	69,693	(162,589)
Additional long-term borrowings	1,466	430,000	370,000
Reduction in long-term borrowings	(80,817)	(232,835)	(26,553)
Repayment of life insurance policy loans	0	(21,394)	0
Repurchases of common stock	0	(57,444)	(5,437)
Cash dividends paid	(25,579)	(25,685)	(25,748)
Excess tax benefits from share-based payments	4,096	4,890	9,464
Proceeds from employee stock plans and other	11,328	6,238	14,961
Total financing activities	(102,519)	173,463	174,098
Effect of exchange rate changes on cash and cash equivalents	3,568	(7,265)	3,088
Increase (decrease) in cash and cash equivalents	159,376	(83,159)	121,048
Cash and cash equivalents:
Beginning of year	86,980	170,139	49,091
End of year	$246,356	$86,980	$170,139

Significant Accounting Policies

Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Significant Accounting Policies [Abstract]
Significant Accounting Policies	1. Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements reflect the 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. The Companys investments in 50% or less owned joint ventures are accounted for by the equity method of accounting. Such investments are not significant to the Companys consolidated results of operations, financial position or cash flows. 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. Cash Equivalents, Securities and Other Investments All highly liquid investments with maturities of three months or less when purchased are considered cash equivalents. At December31, 2009 and 2008, all of the Companys equity securities and fixed-income securities (primarily those of a captive insurance subsidiary) are classified as available-for-sale, although the Company may hold fixed-income securities until their maturity dates. Fixed-income securities generally mature within three years. The aggregate market value of equity and fixed-income securities at December31, 2009 and 2008 was $13.2million ($13.5million amortized cost) and $11.9million ($12.9million amortized cost), respectively. The temporary unrealized gain or loss on such securities is recorded as a separate component of accumulated other comprehensive income (in stockholders equity), and is not significant. The Company had $0.2million of other-than-temporary impairment losses in 2008. Certain of the Companys other investments, which are not significant, are also accounted for by the equity method of accounting as discussed above. Accounts Receivable The Company maintains allowances for estimated losses resulting from the inability of specific customers to meet their financial obligations to the Company. A specific reserve for doubtful receivables is recorded against the amount due from these customers. For all other customers, the Company recognizes reserves for doubtful receivables based on the length of time specific receivables are past due based on past experience. The allowance for possible losses on receivables was $5.8million and $8.5million at December31, 2009 and 2008, respectively. See Note8. Inventories The Company uses the first-in, first-out (FIFO) method of accounting, which approximates current replacement cost, for 66% of its inventories at December31, 2009. The last-in, first-out (LIFO) method of accounting is used to determine cost for the remaining 34% of the Companys inventory at December31, 2009. For inventories where cost is determined by the LIFO method, the excess of the FIFO value over the LIFO value was $20.8million and $30.8million at December31, 2009 and 2008, respectively. The Company provides estimated inventory reserves f

Recently Issued Financial Accou

Recently Issued Financial Accounting Standards
	12 Months Ended Dec. 31, 2009 USD / shares
Recently Issued Financial Accounting Standards [Abstract]
Recently Issued Financial Accounting Standards	2. Recently Issued Financial Accounting Standards In January 2010, the FASB issued Accounting Standards Update (ASU) No.2010-06, Fair value Measurements and Disclosures (ASU 2010-06). ASU 2010-06 provides amendments that clarify existing disclosures and require new disclosures related to fair value measurements, particularly to provide greater disaggregated information on each class of assets and liabilities and more robust disclosures on transfers between levels1 and 2 and activity in level3 fair value measurements. The new disclosures and clarifications of existing disclosures are effective for interim and annual reporting periods beginning after December15, 2009, except for the disclosures about activity in level3 fair value measurements. Those disclosures are effective for fiscal years beginning after December15, 2010 and for interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU 2010-06 on our fair value measurement disclosures. In October 2009, the FASB issued ASU No.2009-14, Certain Revenue Arrangements That Include Software Elements (ASU 2009-14). ASU 2009-14 provides guidance for revenue arrangements that include both tangible products and software elements that are essential to the functionality of the hardware. ASU 2009-14 provides factors to help constituents determine what software elements are considered essential to the functionality of the tangible product. This guidance will now subject software-enabled products to other revenue guidance and disclosure requirements, such as guidance surrounding revenue arrangements with multiple-deliverables. ASU 2009-14 is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June15, 2010 and is not expected to have a significant impact on the Companys consolidated results of operations, financial position and cash flows. In October 2009, the FASB issued ASU No.2009-13, Multiple-Deliverable Revenue Arrangements (ASU 2009-13). ASU 2009-13 provides guidance on accounting and reporting for arrangements including multiple revenue-generating activities. ASU 2009-13 provides guidance for separating deliverables, measuring and allocating arrangement consideration to one or more units of accounting. ASU 2009-13 also requires significantly expanded disclosures to provide information about a vendors multiple-deliverable revenue arrangements and the judgments made by the vendor that affect the timing or amount of revenue recognition. ASU 2009-13 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June15, 2010 and is not expected to have a significant impact on the Companys consolidated results of operations, financial position and cash flows. In August 2009, the FASB issued ASU No.2009-05, Measuring Liabilities at Fair Value (ASU 2009-05), which provides clarification on the application of fair value techniques when a quoted price in an active market for the identical liability is not available and clarifies that when estimating the fair value of a liability, the fair value is not adjusted to

Fair Value Measurement

Fair Value Measurement
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Value Measurement [Abstract]
Fair Value Measurement	3.Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company adopted ASC 820 as of January1, 2008, with the exception of the application of the statement to nonfinancial assets and nonfinancial liabilities that are measured or disclosed at fair value on a non-recurring basis, which was delayed by ASC 820-10-65-1, Transition Related to FASB Staff Position FAS157-2, Effective Date of FASB Statement No.157, to fiscal years beginning after November15, 2008, which the Company adopted January1, 2009. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level2 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. Level3 inputs are unobservable inputs based on the Companys own assumptions used to measure assets and liabilities at fair value. A financial asset or liabilitys classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. At December31, 2009, $0.3million of the Companys cash and cash equivalents as well as $5.0million of marketable securities are valued as level1 investments. In addition, the Company held $8.9million of investments in fixed-income securities valued as level2 investments in the investments and other assets line of the consolidated balance sheet. For the year ended December31, 2009, gains and losses on the investments noted above were not significant.

Hedging Activities

Hedging Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Hedging Activities [Abstract]
Hedging Activities	4. Hedging Activities In March 2008, the FASB issued ASC 815-10-65-1, Transition and Effective Date Related to FASB Statement No.161, Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No.133 (ASC 815-10-65-1). ASC 815-10-65-1 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 ASC 815, 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 Companys 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 Companys 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. 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 managements documentation supporting the contemporaneous hedge designation on the acquisition dates. 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 December31, 2009, the Company had $145.5million of British pound-denominated loans, which are designated as a hedge against the net investment in foreign subsidiaries acquired in 2004 and 2003. At December31, 2008, the Company had $189.7million of British pound-denominated loans, which were designated as a hedge against the net investment in foreign subsidiaries acquired in 2008, 2004 and 2003. At December31, 2009 and 2008, the Company had $71.6million and $69.8million, respectively, 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, $15.9million of currency remeasurement losses and $55.6million of currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income at December31, 2009 and 2008, respectively.

Fourth Quarter of 2008 Restruct

Fourth Quarter of 2008 Restructuring Charges and Asset Write-Downs
	12 Months Ended Dec. 31, 2009 USD / shares
Fourth Quarter of 2008 Restructuring Charges and Asset Write-Downs [Abstract]
Fourth Quarter of 2008 Restructuring Charges and Asset Write-Downs	5. Fourth Quarter of 2008 Restructuring Charges and Asset Write-Downs During the fourth quarter of 2008, the Company recorded pre-tax charges totaling $40.0million, which had the effect of reducing net income by $27.3million ($0.25 per diluted share). These charges include restructuring costs for employee reductions and facility closures ($32.6million), as well as asset write-downs ($7.4million). The charges included $30.1million for severance costs for more than 10% of the Companys workforce and $1.5million for lease termination costs associated with the closure of certain facilities. Of the $40.0million in charges, $32.9million of the restructuring charges and asset write-downs were recorded in cost of sales and $7.1million 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 2008 segment operating income as follows: $20.4million in Electronic Instruments Group (EIG), $19.4million in Electromechanical Group (EMG) and $0.2million 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 that were broadly implemented across the Companys 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 Companys businesses. The following table provides a rollforward of the accruals established in the fourth quarter of 2008 for restructuring charges and asset write-downs: Restructuring Facility Asset Severance Closures Write-Downs Total (In millions) Restructuring accruals at December31, 2007 $ $ $ $ Pre-tax charges 30.1 2.5 7.4 40.0 Utilization (1.0 ) (7.4 ) (8.4 ) Restructuring accruals at December31, 2008 30.1 1.5 31.6 Utilization (18.1 ) (0.2 ) (18.3 ) Foreign currency translation and other 0.2 (0.3 ) (0.1 ) Restructuring accruals at December31, 2009 $ 12.2 $ 1.0 $ $ 13.2

Acquisitions

Acquisitions
	12 Months Ended Dec. 31, 2009 USD / shares
Acquisitions [Abstract]
Acquisitions	6. Acquisitions The Company spent approximately $72.9million in cash, net of cash acquired, to acquire High Standard Aviation in January 2009, a small acquisition of two businesses in India, Unispec Marketing Pvt. Ltd. and Thelsha Technical Services Pvt. Ltd., in September 2009 and Ameron Global in December 2009. High Standard Aviation is a provider of electrical and electromechanical, hydraulic and pneumatic repair services to the aerospace industry. Ameron Global is a manufacturer of highly engineered pressurized gas components and systems for commercial and aerospace customers and is also a leader in maintenance, repair and overhaul of fire suppression and oxygen supply systems. High Standard Aviation and Ameron Global are a part of EMG. The operating results of the above acquisitions have been included in the Companys consolidated results from the respective dates of acquisitions. The purchase price and initial recording of the transactions for Ameron Global were based on preliminary valuation assessments and are subject to change. The following table represents the provisional allocation of the aggregate purchase price for the net assets of the above acquisitions based on their estimated fair value (in millions): Property, plant and equipment $ 4.8 Goodwill 17.4 Other intangible assets 36.1 Net working capital and other 14.6 Total purchase price $ 72.9 The amount allocated to goodwill is reflective of the benefits the Company expects to realize from the acquisitions as High Standard Aviation and Ameron Global broaden the global footprint of AMETEKs aerospace maintenance, repair and overhaul business. No goodwill recorded as part of the 2009 acquisitions will be tax deductible in future years. 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. The valuations for the $36.1million preliminarily assigned to other intangible assets have been or are currently being finalized by third-party appraisers. In connection with the finalization of the 2008 acquisitions, $192.9million was assigned to intangible assets, which consists primarily of patents, technology and customer relationships with estimated useful lives ranging from five years to 20years and tradenames with indefinite lives. In 2008, the Company spent a total of approximately $463.0million in cash, net of cash acquired, for six acquisitions and one small technology line. The acquisitions include Drake Air (Drake) and Motion Control Group (MCG) in February 2008, Reading Alloys in April 2008, Vision Research, Inc. in June 2008, the programmable power business of Xantrex Technology, Inc. (Xantrex Programmable) in August 2008 and Muirhead Aerospace Limited (Muirhead) in November 2008. Drake is a provider of heat-transfer repair services to the commercial aerospace industry and further expands the Compan

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill and Other Intangible Assets [Abstract]
Goodwill and Other Intangible Assets	7. 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 December31, 2007 $ 622.0 $ 423.7 $ 1,045.7 Goodwill acquired during the year 164.6 106.5 271.1 Purchase price allocation adjustments and other* (4.1 ) (2.0 ) (6.1 ) Foreign currency translation adjustments (45.3 ) (25.3 ) (70.6 ) Balance at December31, 2008 737.2 502.9 1,240.1 Goodwill acquired during the year 2.5 14.9 17.4 Purchase price allocation adjustments and other* (8.7 ) 1.1 (7.6 ) Foreign currency translation adjustments 15.9 11.5 27.4 Balance at December31, 2009 $ 746.9 $ 530.4 $ 1,277.3 * Purchase price allocation adjustments reflect final purchase price allocations and revisions to certain preliminary allocations for recent acquisitions, which include reclassifications between goodwill and other intangible assets. Other intangible assets were as follows at December 31: 2009 2008 (In thousands) Definite-lived intangible assets (subject to amortization): Patents $ 54,150 $ 51,021 Purchased technology 75,564 69,041 Customer lists 319,820 203,335 Other acquired intangibles 25,111 38,441 474,645 361,838 Accumulated amortization: Patents (27,099 ) (25,250 ) Purchased technology (24,442 ) (22,870 ) Customer lists (51,596 ) (23,331 ) Other acquired intangibles (19,772 ) (26,468 ) (122,909 ) (97,919 ) Net intangible assets subject to amortization 351,736 263,919 Indefinite-lived intangible assets (not subject to amortization): Trademarks and trade names 170,152 177,866 $ 521,888 $ 441,785 Amortization expense was $23.3million, $17.5million and $10.4million for the years ended December31, 2009, 2008 and 2007, respectively. Amortization expense for each of the next five years is expected to approximate $23.9million per year, not considering the impact of potential future acquisitions.

Other Consolidated Balance Shee

Other Consolidated Balance Sheet Information
	12 Months Ended Dec. 31, 2009 USD / shares
Other Consolidated Balance Sheet Information [Abstract]
Other Consolidated Balance Sheet Information	8. Other Consolidated Balance Sheet Information December31, 2009 2008 (In thousands) INVENTORIES Finished goods and parts $ 46,777 $ 66,416 Work in process 65,752 81,282 Raw materials and purchased parts 199,013 201,811 $ 311,542 $ 349,509 PROPERTY, PLANT AND EQUIPMENT Land $ 30,792 $ 27,342 Buildings 204,447 199,696 Machinery and equipment 635,463 612,474 870,702 839,512 Less: Accumulated depreciation (560,649 ) (531,604 ) $ 310,053 $ 307,908 ACCRUED LIABILITIES Accrued employee compensation and benefits $ 41,670 $ 59,915 Severance and lease termination accruals 23,129 46,863 Other 68,558 86,906 $ 133,357 $ 193,684 2009 2008 2007 (In thousands) ALLOWANCES FOR POSSIBLE LOSSES ON ACCOUNTS AND NOTESRECEIVABLE Balance at the beginning of the year $ 8,489 $ 6,393 $ 7,387 Additions charged to expense 1,139 5,648 663 Recoveries credited to allowance 70 10 22 Write-offs (4,520 ) (2,878 ) (2,122 ) Currency translation adjustments and other 610 (684 ) 443 Balance at the end of the year $ 5,788 $ 8,489 $ 6,393

Debt

Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Debt [Abstract]
Debt	9. Debt Long-term debt consisted of the following at December 31: 2009 2008 (In thousands) U.S. dollar 6.59%senior notes due September 2015 $ 90,000 $ 90,000 U.S. dollar 6.69%senior notes due December 2015 35,000 35,000 U.S. dollar 6.20%senior notes due December 2017 270,000 270,000 U.S. dollar 6.35%senior notes due July 2018 80,000 80,000 U.S. dollar 7.08%senior notes due September 2018 160,000 160,000 U.S. dollar 7.18%senior notes due December 2018 65,000 65,000 U.S. dollar 6.30%senior notes due December 2019 100,000 100,000 British pound 5.96%senior note due September 2010 80,815 72,960 British pound floating-rate term note due through December 2010 16,416 Euro 3.94%senior note due August 2015 71,582 69,842 British pound 5.99%senior note due November 2016 64,652 58,369 Revolving credit loan 65,569 Other, principally foreign 24,632 28,525 Total debt 1,041,681 1,111,681 Less: Current portion (85,801 ) (18,438 ) Total long-term debt $ 955,880 $ 1,093,243 Maturities of long-term debt outstanding at December31, 2009 were as follows: $1.9million in 2011; $3.6million in 2012; $2.4million in 2013; $1.8million in 2014; $198.1million in 2015; and $748.1million in 2016 and thereafter. In the fourth quarter of 2009, the Company paid in full a 10.5million British pound ($16.9million) floating-rate term note. In the second quarter of 2009, the Company paid in full a 40million British pound ($62.0million) borrowing under the revolving credit facility. In July 2008, the Company paid in full the $225million 7.20%senior notes due July 2008 using the proceeds from borrowings under its existing revolving credit facility. The second funding of the third quarter of 2007 private placement agreement to sell $450million occurred in July 2008 for $80million in aggregate principal amount of 6.35%senior notes due July 2018. The 2007 private placement carries a weighted average interest rate of 6.25%. The proceeds from the second funding of the notes were used to pay down a portion of the Companys revolving credit facility. In the third quarter of 2008, the Company completed a private placement agreement to sell $350million in senior notes to a group of institutional investors. There were two funding dates for the senior notes. The first funding occurred in September 2008 for $250million, consisting of $90million in aggregate principal amount of 6.59%senior notes due September 2015 and $160million in aggregate principal amount of 7.08%senior notes due September 2018. The second funding date occurred in December 2008 for $100million, consisting of $35million in aggregate principal amount of 6.69%senior notes due December 2015 and $

Stockholders Equity

Stockholders Equity
	1/1/2009 - 12/31/2009 USD / shares
Stockholders' Equity [Abstract]
Stockholders' Equity	10. Stockholders Equity On both January24, 2008 and July23, 2008, the Board of Directors authorized increases of $50million for the repurchase of common stock for a total of $100million in 2008. These increases were added to the $25.9million that remained available at December31, 2007 from an existing $50million authorization approved in March 2003. The Company did not repurchase shares in 2009. In 2008, the Company repurchased approximately 1,263,000shares of common stock for $57.4million in cash under its current share repurchase authorization. At December31, 2009, $68.5million of the current share repurchase authorization remained available. On January28, 2010, the Board of Directors authorized an increase of $75million in the authorization for the repurchase of its common stock. This increase was added to the $68.5million that remained available from existing $100million authorizations approved in 2008, for a total of $143.5million available for repurchases of the Companys common stock. Subsequent to December31, 2009, the Company repurchased 1,128,200 shares of its common stock for approximately $41.8million. The remaining balance available for repurchases of the Companys common stock is $101.7million as of the filing of this report. At December31, 2009, the Company held 3.1million shares in its treasury at a cost of $83.3million, compared with 3.5million shares at a cost of $92.0million at December31, 2008. The number of shares outstanding at December31, 2009 was 107.9million shares, compared with 106.7million shares at December31, 2008. The Company has a Shareholder Rights Plan, under which the Companys Board of Directors declared a dividend of one Right for each share of Company common stock owned at the close of business on June2, 2007, and has authorized the issuance of one Right for each share of common stock of the Company issued between the Record Date and the Distribution Date. The Plan provides, under certain conditions involving acquisition of the Companys common stock, that holders of Rights, except for the acquiring entity, would be entitled (i)to purchase shares of preferred stock at a specified exercise price, or (ii)to purchase shares of common stock of the Company, or the acquiring company, having a value of twice the Rights exercise price. The Rights under the Plan expire in June 2017.

Share-Based Compensation

Share-Based Compensation
	12 Months Ended Dec. 31, 2009 USD / shares
Share-Based Compensation [Abstract]
Share-Based Compensation	11. Share-Based Compensation Under the terms of the Companys stockholder-approved share-based plans, incentive and non-qualified stock options and restricted stock awards have been, and may be, issued to the Companys officers, management-level employees and members of its Board of Directors. Employee and non-employee director stock options generally vest at a rate of 25% per year, beginning one year from the date of the grant, and restricted stock awards generally have a four-year cliff vesting. Options primarily have a maximum contractual term of seven years. At December31, 2009, 6.9million shares of Company common stock were reserved for issuance under the Companys share-based plans, including 4.4million shares for stock options outstanding. The Company issues previously unissued shares when options are exercised and shares are issued from treasury stock upon the award of restricted stock. 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 Companys plans that are subject to graded vesting over a service period, the Company recognizes expense on a straight-line basis over the requisite service period for the entire award. 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 years indicated: 2009 2008 2007 Expected stock volatility 25.8 % 18.4 % 22.4 % Expected life of the options (years) 4.9 4.7 4.7 Risk-free interest rate 1.89 % 2.60 % 4.53 % Expected dividend yield 0.73 % 0.49 % 0.66 % Black-Scholes-Merton fair value per option granted $ 7.80 $ 9.58 $ 9.58 Expected stock volatility is based on the historical volatility of the Companys 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 Companys estimated forfeiture rates are based on its historical experience. Total share-based compensation expense was as follows for the years ended December 31: 2009 2008 2007 (In thousands) Stock option expense $ 6,297 $ 6,300 $ 5,884 Restricted stock expense 7,205 13,886 9,646

Leases and Other Commitments

Leases and Other Commitments
	12 Months Ended Dec. 31, 2009 USD / shares
Leases and Other Commitments [Abstract]
Leases and Other Commitments	12. Leases and Other Commitments Minimum aggregate rental commitments under noncancellable leases in effect at December31, 2009 (principally for production and administrative facilities and equipment) amounted to $76.0million, consisting of payments of $16.3million in 2010, $11.6million in 2011, $8.9million in 2012, $6.1million in 2013, $5.1million in 2014 and $28.0million thereafter. Rental expense was $22.8million in 2009, $22.7million in 2008 and $19.1million in 2007. The leases expire over a range of years from 2010 to 2082, with renewal or purchase options, subject to various terms and conditions, contained in most of the leases. The Company acquired a capital lease obligation in 2007 for land and a building. The lease has a term of 12years, which began July 2006, and is payable quarterly. Property, plant and equipment as of December31, 2009 includes a building of $13.2million, net of $2.3million of accumulated depreciation and land of $2.1million related to this capital lease. Amortization of the leased assets of $0.7million is included in 2009 depreciation expense. Future minimum lease payments are estimated to be $0.9million in each of the years 2010 through 2014 and $9.4million thereafter, for total minimum lease payments of $13.9million, net of interest. As of December31, 2009 and 2008, the Company had $161.9million and $219.9million, respectively, in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase certain inventories at fixed prices.

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes	13. 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: 2009 2008 2007 (In thousands) Income before income taxes: Domestic $ 207,831 $ 260,464 $ 244,550 Foreign 86,802 105,752 91,894 Total $ 294,633 $ 366,216 $ 336,444 Provision for income taxes: Current: Federal $ 58,247 $ 52,581 $ 66,386 Foreign 22,123 29,889 28,929 State 2,725 7,052 8,340 Total current 83,095 89,522 103,655 Deferred: Federal 7,024 28,920 4,751 Foreign (1,464 ) (1,378 ) (2,036 ) State 208 2,200 2,054 Total deferred 5,768 29,742 4,769 Total provision $ 88,863 $ 119,264 $ 108,424 Significant components of deferred tax (asset) liability were as follows at December 31: 2009 2008 (In thousands) Current deferred tax (asset) liability: Reserves not currently deductible $ (19,437 ) $ (20,885 ) Share-based compensation (3,870 ) (1,984 ) Net operating loss carryforwards (2,829 ) (1,107 ) Foreign tax credit carryforwards (3,360 ) (3,360 ) Other (1,173 ) (3,583 ) Net current deferred tax asset $ (30,669 ) $ (30,919 ) Noncurrent deferred tax (asset) liability: Differences in basis of property and accelerated depreciation $ 22,285 $ 24,442 Reserves not currently deductible (19,913 ) (17,815 ) Pensions 31,453 7,454 Differences in basis of intangible assets and accelerated amortization 188,045 136,417 Net operating loss carryforwards (6,513 ) (11,950 ) Share-based compensation (9,893 ) (9,084 ) Other (3,578 ) 4,268 201,886 133,732 Less: Valuation allowance 4,468 11,209 Net noncurrent deferred tax liability 206,354 144,941 Net deferred tax liability $ 175,685 $ 114,022 The Companys effective t

Retirement Plans and Other Post

Retirement Plans and Other Postretirement Benefits
	12 Months Ended Dec. 31, 2009 USD / shares
Retirement Plans and Other Postretirement Benefits [Abstract]
Retirement Plans and Other Postretirement Benefits	14. 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 Companys retirement and pension plans. The Company maintains contributory and noncontributory 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 Companys 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 $3million to $5million to its worldwide defined benefit pension plans in 2010. 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 savings plan may contribute a portion of their compensation on a before-tax basis. The Company matches employee contributions on a dollar-for-dollar basis up to six percent of eligible compensation or a maximum of $1,200 per participant. The Companys retirement and savings plan has a defined contribution retirement feature principally to cover U.S.salaried employees joining the Company after December31, 1996. Under the retirement feature, the Company makes contributions for eligible employees based on a pre-established percentage of the covered employees salary subject to pre-established vesting. Employees of certain of the Companys foreign operations participate in various local defined contribution plans. The Company also has a defined contribution retirement plan for certain of its U.S.acquired businesses for the benefit of eligible employees. Company contributions are made for each participant up to a specified percentage, not to exceed six percent of the participants base compensation. The Company has nonqualified unfunded retirement plans for its Directors and certain retired employees. It also provides supplemental retirement benefits, through contractual arrangements and/or a 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 Companys 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 Companys 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 projecte

Financial Instruments

Financial Instruments
	12 Months Ended Dec. 31, 2009 USD / shares
Financial Instruments [Abstract]
Financial Instruments	15. Financial Instruments The estimated fair values of the Companys financial instruments are compared below to the recorded amounts at December31, 2009 and 2008. Cash, cash equivalents and marketable securities are recorded at fair value at December31, 2009 and 2008 in the accompanying consolidated balance sheet. Asset (Liability) December31, December31, 2009 2008 Recorded Recorded Amount Fair Value Amount Fair Value (In thousands) Fixed-income investments $ 8,883 $ 8,883 $ 8,248 $ 8,248 Short-term borrowings (4,076 ) (4,076 ) (16,028 ) (16,028 ) Long-term debt (including current portion) (1,037,605 ) (1,084,877 ) (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 Companys long-term debt is all privately-held with no public market for this debt, therefore, the fair value of long-term debt was computed based on comparable current market data for similar debt instruments. See Note9 for long-term debt principals, interest rates and maturities.

Additional Consolidated Income

Additional Consolidated Income Statement and Cash Flow Information
	12 Months Ended Dec. 31, 2009 USD / shares
Additional Consolidated Income Statement and Cash Flow Information [Abstract]
Additional Consolidated Income Statement and Cash Flow Information	16. Additional Consolidated Income Statement and Cash Flow Information Included in other income are interest and other investment income of $0.9million, $3.9million and $2.7million for 2009, 2008 and 2007, respectively. Income taxes paid in 2009, 2008, and 2007 were $84.3million, $113.4million and $80.0million, respectively. Cash paid for interest was $68.0million, $59.2million and $46.0million in 2009, 2008, and 2007, respectively.

Reportable Segments and Geograp

Reportable Segments and Geographic Areas Information
	12 Months Ended Dec. 31, 2009 USD / shares
Reportable Segments and Geographic Areas Information [Abstract]
Reportable Segments and Geographic Areas Information	17. Reportable Segments and Geographic Areas Information Descriptive Information about Reportable Segments The Company has two reportable segments, EIG and 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. EIG produces instrumentation for various electronic applications used in transportation industries, including aircraft cockpit instruments and displays, airborne electronics systems that monitor and record flight and engine data, and pressure, temperature, flow and liquid-level sensors for commercial airlines and aircraft and jet engine manufacturers. EIG also produces analytical instrumentation for the laboratory and research markets, as well as instruments for food service equipment, measurement and monitoring instrumentation for various process industries and instruments and complete instrument panels for heavy trucks, heavy construction and agricultural vehicles. EIG also manufactures ultraprecise measurement instrumentation, as well as thermoplastic compounds for automotive, appliance and telecommunications applications. EMG produces brushless air-moving motors for aerospace, mass transit, medical equipment, computer and business machine applications. EMG also produces high-purity metal powders and alloys in powder, strip and wire form for electronic components, aircraft and automotive products, as well as heat exchangers and thermal management subsystems. EMG also supplies hermetically sealed (moisture-proof) connectors, terminals and headers. These electromechanical devices are used in aerospace, defense and other industrial applications. Additionally, EMG produces air-moving electric motors and motor-blower systems for manufacturers of floor care appliances and outdoor power equipment. Sales of floor care and specialty motors represented 10.8% in 2009, 12.1% in 2008 and 13.7% in 2007 of the Companys consolidated net sales. Measurement of Segment Results Segment operating income represents sales, less all direct costs and expenses (including certain administrative and other expenses) applicable to each segment, but does not include an allocation of interest expense. Net sales by segment are reported after elimination of intra- and inter-segment sales and profits, which are insignificant in amount. Such sales are generally based on prevailing market prices. Reported segment assets include allocations directly related to the segments operations. Corporate assets consist primarily of investments, prepaid pensions, insurance deposits and deferred taxes. Reportable Segment Financial Information 2009 2008 2007 (In thousands) Net sales(1): Electronic Instruments $ 1,146,578 $ 1,402,653 $ 1,199,757 Electromechanical 951,777 1,128,482 937,093 Consolidated net sales $ 2,098,355 $ 2,531,135 $ 2,136,850

Guarantees

Guarantees
	12 Months Ended Dec. 31, 2009 USD / shares
Guarantees [Abstract]
Guarantees	18. Guarantees 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 subsidiarys stand-alone creditworthiness. The amounts subject to certain of these agreements vary depending on the covered contracts actually outstanding at any particular point in time. At December31, 2009, the maximum amount of future payment obligations relative to these various guarantees was $50.4million and the outstanding liability under certain of those guarantees was $4.9million. These guarantees expire in 2010. 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. 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 Companys 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 at December 31: 2009 2008 (In thousands) Balance at the beginning of the year $ 16,068 $ 14,433 Accruals for warranties issued during the year 8,236 12,201 Settlements made during the year (11,095 ) (11,503 ) Changes in liability for pre-existing warranties, including expirations during the year 277 (343 ) Warranty accruals related to new businesses 2,549 1,280 Balance at the end of the year $ 16,035 $ 16,068 Certain settlements of warranties made during the period were for specific nonr

Contingencies

Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Contingencies [Abstract]
Contingencies	19. Contingencies Asbestos Litigation The Company (including its subsidiaries) has been named as a defendant, along with many other companies, in a number of asbestos-related lawsuits. Many of these lawsuits either relate to businesses which were acquired by the Company and do not involve products which were manufactured or sold by the Company or relate to previously owned businesses of the Company which are under new ownership. In connection with many of these lawsuits, the sellers or new owners of such businesses, as the case may be, have agreed to indemnify the Company against these claims (the Indemnified Claims). The Indemnified Claims have been tendered to, and are being defended by, such sellers and new owners. These sellers and new owners have met their obligations, in all respects, and the Company does not have any reason to believe such parties would fail to fulfill their obligations in the future; however, one of these companies filed for bankruptcy liquidation in 2007. To date, no judgments have been rendered against the Company as a result of any asbestos-related lawsuit. The Company believes it has strong defenses to the claims being asserted and intends to continue to vigorously defend itself in these matters. 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. While these waste products were handled in compliance with regulations existing at that time, at December31, 2009, the Company is named a Potentially Responsible Party (PRP) at 16 non-AMETEK-owned former waste disposal or treatment sites (the non-owned sites). The Company is identified as a de minimis party in 14 of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. In ten of these sites, the Company has reached a tentative agreement on the cost of the de minimis settlement to satisfy its obligation and is awaiting executed agreements. The tentatively agreed-to settlement amounts are fully reserved. In the other four sites, the Company is continuing to investigate the accuracy of the alleged volume attributed to the Company as estimated by the parties primarily responsible for remedial activity at the sites to establish an appropriate settlement amount. In the two remaining sites 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 Companys expected obligation. 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 los

Quarterly Financial Data

Quarterly Financial Data (Unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Quarterly Financial Data (Unaudited) [Abstract]
Quarterly Financial Data (Unaudited)	20. Quarterly Financial Data (Unaudited) First Second Third Fourth Total Quarter Quarter Quarter Quarter Year (In thousands, except per share amounts) 2009 Net sales $ 552,866 $ 524,929 $ 497,060 $ 523,500 $ 2,098,355 Operating income $ 106,202 $ 93,180 $ 77,475 $ 89,193 $ 366,050 Net income $ 59,055 $ 51,813 $ 43,018 $ 51,884 $ 205,770 Basic earnings per share(a) $ 0.55 $ 0.49 $ 0.40 $ 0.48 $ 1.93 Diluted earnings per share(a) $ 0.55 $ 0.48 $ 0.40 $ 0.48 $ 1.91 Dividends paid per share $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.24 2008 Net sales $ 611,197 $ 648,771 $ 647,423 $ 623,744 $ 2,531,135 Operating income(b)(c) $ 116,233 $ 114,111 $ 120,065 $ 82,245 $ 432,654 Net income(b)(c) $ 66,357 $ 65,842 $ 70,924 $ 43,829 $ 246,952 Basic earnings per share(a)(b)(c) $ 0.63 $ 0.62 $ 0.67 $ 0.41 $ 2.33 Diluted earnings per share(a)(b)(c) $ 0.62 $ 0.61 $ 0.66 $ 0.41 $ 2.30 Dividends paid per share $ 0.06 $ 0.06 $ 0.06 $ 0.06 $ 0.24 (a) The sum of quarterly earnings per share may not equal total year earnings per share due to rounding of earnings per share amounts, and differences in weighted average shares and equivalent shares outstanding for each of the periods presented. (b) The 2008 results include a second quarter after-tax, non-cash charge of $7.3million, or $0.07 per diluted share, related to the accelerated amortization of deferred compensation expense due to the vesting of restricted stock. (c) The 2008 results include fourth quarter pre-tax charges totaling $40.0million, $27.3million after tax ($0.25 per diluted share). These charges include restructuring costs for employee reductions and facility closures ($32.6million), as well as asset write-downs ($7.4million).