AMETEK (AME) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001037868
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-12981
Entity Registrant Name	AMETEK, Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1100 Cassatt Road
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Tax Identification Number	14-1682544
Entity Address, Postal Zip Code	19312-1177
City Area Code	610
Local Phone Number	647-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	AME
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		230,919,176

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 1,215,742	$ 1,202,218
Cost of sales	789,392	824,647
Selling, general and administrative	133,005	145,531
Total operating expenses	922,397	970,178
Operating income	293,345	232,040
Interest expense	(18,947)	(22,741)
Other (expense) income, net	(1,942)	141,776
Income before income taxes	272,456	351,075
Provision for income taxes	53,223	70,459
Net income	$ 219,233	$ 280,616
Basic earnings per share (in usd per share)	$ 0.95	$ 1.23
Diluted earnings per share (in usd per share)	$ 0.94	$ 1.22
Weighted average common shares outstanding:
Basic shares	230,435	228,962
Diluted shares	232,296	230,872
Dividends declared and paid per share (in usd per shares)	$ 0.20	$ 0.18

Condensed Consolidated Statemen

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 210,826	$ 238,017

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,123,660	$ 1,212,822
Receivables, net	678,467	597,472
Inventories, net	604,321	559,171
Other current assets	167,045	153,005
Total current assets	2,573,493	2,522,470
Property, plant and equipment, net	549,313	526,530
Right of use assets, net	166,675	167,233
Goodwill	4,292,402	4,224,906
Other intangibles, net	2,700,848	2,623,719
Investments and other assets	297,152	292,625
Total assets	10,579,883	10,357,483
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	94,670	132,284
Accounts payable	397,075	360,370
Customer advanced payments	236,299	194,633
Income taxes payable	61,917	38,896
Accrued liabilities and other	348,502	349,732
Total current liabilities	1,138,463	1,075,915
Long-term debt, net	2,256,910	2,281,441
Deferred income taxes	544,926	533,478
Other long-term liabilities	518,836	517,303
Total liabilities	4,459,135	4,408,137
Stockholders’ equity:
Common stock	2,678	2,676
Capital in excess of par value	928,412	921,752
Retained earnings	7,267,856	7,094,656
Accumulated other comprehensive loss	(512,875)	(504,468)
Treasury stock	(1,565,323)	(1,565,270)
Total stockholders’ equity	6,120,748	5,949,346
Total liabilities and stockholders’ equity	$ 10,579,883	$ 10,357,483

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital stock	Capital in excess of par value	Retained earnings	Retained earningsRevision of Prior Period, Accounting Standards Update, Adjustment	Accumulated Foreign Currency Adjustment Attributable to Parent	Accumulated Defined Benefit Plans Adjustment Attributable to Parent	Accumulated Other Comprehensive (Loss) Income	Treasury stock
Balance at the beginning of the year at Dec. 31, 2019		$ 2,662	$ 832,821	$ 6,387,612	$ (360)	$ (286,248)	$ (246,891)		$ (1,574,464)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		2
Issuance of common stock under employee stock plans			(2,914)						9,184
Share-based compensation expense			7,848
Net income	$ 280,616			280,616
Cash dividends paid				(41,165)
Other				0
Translation adjustments						(67,089)
Change in long-term intercompany notes						(5,501)
Net investment hedge instruments gain, net of tax of $(5,938) and $(9,117) for the quarter ended March 31, 2021 and 2020, respectively						28,308
Amortization of net actuarial loss and other, net of tax of $(527) and $(531) for the quarter ended March 31, 2021 and 2020, respectively							1,683
Purchase of treasury stock									(101)
Balance at the end of the year at Mar. 31, 2020	5,326,003	2,664	837,755	6,626,703		(330,530)	(245,208)	$ (575,738)	(1,565,381)
Balance at the beginning of the year at Dec. 31, 2020	5,949,346	2,676	921,752	7,094,656	$ 0	(250,748)	(253,720)		(1,565,270)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		2
Issuance of common stock under employee stock plans			(4,780)						7,944
Share-based compensation expense			11,440
Net income	219,233			219,233
Cash dividends paid				(46,033)
Other				0
Translation adjustments						(21,500)
Change in long-term intercompany notes						(6,895)
Net investment hedge instruments gain, net of tax of $(5,938) and $(9,117) for the quarter ended March 31, 2021 and 2020, respectively						18,358
Amortization of net actuarial loss and other, net of tax of $(527) and $(531) for the quarter ended March 31, 2021 and 2020, respectively							1,630
Purchase of treasury stock									(7,997)
Balance at the end of the year at Mar. 31, 2021	$ 6,120,748	$ 2,678	$ 928,412	$ 7,267,856		$ (260,785)	$ (252,090)	$ (512,875)	$ (1,565,323)

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Tax related to investment hedge instruments gain (loss)	$ (5,938)	$ (9,117)
Tax related to amortization of net actuarial loss (gain)	$ (527)	$ (531)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income	$ 219,233	$ 280,616
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	64,617	66,067
Deferred income taxes	8,095	(4,042)
Share-based compensation expense	11,440	7,848
Gain on sale of business	0	(141,020)
Gain on sale of facilities	0	(4,592)
Net change in assets and liabilities, net of acquisitions	(13,275)	71,199
Pension contributions	(2,038)	(1,505)
Other, net	(3,665)	(3,819)
Total operating activities	284,407	270,752
Investing activities:
Additions to property, plant and equipment	(17,537)	(16,931)
Purchases of businesses, net of cash acquired	(263,948)	(116,605)
Proceeds from sale of business	0	245,311
Proceeds from sale of facilities	0	5,463
Other, net	(3,017)	(1,681)
Total investing activities	(284,502)	115,557
Financing activities:
Net change in short-term borrowings	(32,950)	22,251
Proceeds from long-term borrowings	0	500,000
Repurchases of common stock	(7,997)	(101)
Cash dividends paid	(46,033)	(41,165)
Proceeds from stock option exercises	6,925	6,977
Other, net	(3,951)	(1,313)
Total financing activities	(84,006)	486,649
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents	(5,061)	(12,606)
Increase in cash and cash equivalents	(89,162)	860,352
Cash and cash equivalents:
Beginning of period	1,212,822	393,030
End of period	$ 1,123,660	$ 1,253,382

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying consolidated financial statements are unaudited. AMETEK, Inc. (the “Company”) believes that all adjustments (which primarily consist of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company at March 31, 2021, the consolidated results of its operations for the three months ended March 31, 2021 and 2020 and its cash flows for the three months ended March 31, 2021 and 2020 have been included. Quarterly results of operations are not necessarily indicative of results for the full year. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the U.S. Securities and Exchange Commission.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740. The Company prospectively adopted ASU 2019-12, effective January 1, 2021, and the adoption did not have a significant impact on the Company’s consolidated results of operations, financial position, cash flows and financial statement disclosures.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The outstanding contract asset and liability accounts were as follows: 2021 2020 (In thousands) Contract assets—January 1 $ 68,971 $ 73,039 Contract assets – March 31 71,415 80,796 Change in contract assets – increase 2,444 7,757 Contract liabilities – January 1 215,093 167,306 Contract liabilities – March 31 253,047 194,433 Change in contract liabilities – increase (37,954) (27,127) Net change $ (35,510) $ (19,370) The net change for the three months ended March 31, 2021 was primarily driven by the receipt of advance payments from customers exceeding the recognition of revenue as performance obligations were satisfied. For the three months ended March 31, 2021 and 2020, the Company recognized revenue of $132.0 million and $87.4 million, respectively, that was previously included in the beginning balance of contract liabilities. Contract assets are reported as a component of Other current assets in the consolidated balance sheet. At March 31, 2021 and December 31, 2020, $16.7 million and $20.5 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets. The remaining performance obligations exceeding one year as of March 31, 2021 and December 31, 2020 were $286.9 million and $300.8 million, respectively. Remaining performance obligations represent the transaction price of firm, non-cancelable orders, with expected delivery dates to customers greater than one year from the balance sheet date, for which the performance obligation is unsatisfied or partially unsatisfied. These performance obligations will be substantially satisfied within two Geographic Areas Net sales were attributed to geographic areas based on the location of the customer. Information about the Company’s operations in different geographic areas was as follows for the three months ended March 31: 2021 EIG EMG Total (In thousands) United States $ 388,901 $ 210,182 $ 599,083 International (1) : United Kingdom 21,947 30,051 51,998 European Union countries 103,665 95,297 198,962 Asia 197,561 61,194 258,755 Other foreign countries 78,850 28,094 106,944 Total international 402,023 214,636 616,659 Consolidated net sales $ 790,924 $ 424,818 $ 1,215,742 ________________ (1) Includes U.S. export sales of $331.2 million. 2020 EIG EMG Total (In thousands) United States $ 406,545 $ 234,689 $ 641,234 International (1) : United Kingdom 14,793 33,138 47,931 European Union countries 105,676 88,766 194,442 Asia 164,745 43,830 208,575 Other foreign countries 82,466 27,570 110,036 Total international 367,680 193,304 560,984 Consolidated net sales $ 774,225 $ 427,993 $ 1,202,218 ______________ (1) Includes U.S. export sales of $305.2 million. Major Products and Services The Company’s major products and services in the reportable segments were as follows: Three months ended March 31, 2021 EIG EMG Total (In thousands) Process and analytical instrumentation $ 576,559 $ — $ 576,559 Aerospace and power 214,365 122,173 336,538 Automation and engineered solutions — 302,645 302,645 Consolidated net sales $ 790,924 $ 424,818 $ 1,215,742 Three months ended March 31, 2020 EIG EMG Total (In thousands) Process and analytical instrumentation $ 548,440 $ — $ 548,440 Aerospace and power 225,785 127,251 353,036 Automation and engineered solutions — 300,742 300,742 Consolidated net sales $ 774,225 $ 427,993 $ 1,202,218 Timing of Revenue Recognition Three months ended March 31, 2021 EIG EMG Total (In thousands) Products transferred at a point in time $ 647,252 $ 383,031 $ 1,030,283 Products and services transferred over time 143,672 41,787 185,459 Consolidated net sales $ 790,924 $ 424,818 $ 1,215,742 Three months ended March 31, 2020 EIG EMG Total (In thousands) Products transferred at a point in time $ 633,540 $ 379,059 $ 1,012,599 Products and services transferred over time 140,685 48,934 189,619 Consolidated net sales $ 774,225 $ 427,993 $ 1,202,218 Product Warranties The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary among the Company’s operations, but the majority do not exceed one year. The Company calculates its warranty expense provision based on its historical warranty experience and adjustments are made periodically to reflect actual warranty expenses. Product warranty obligations are reported as a component of Accrued liabilities and other in the consolidated balance sheet. Changes in the accrued product warranty obligation were as follows: Three Months Ended March 31, 2021 2020 (In thousands) Balance at the beginning of the period $ 27,839 $ 27,611 Accruals for warranties issued during the period 2,780 3,252 Settlements made during the period (3,292) (4,217) Warranty accruals related to acquired businesses and other during the period (99) 288 Balance at the end of the period $ 27,228 $ 26,934 Accounts Receivable The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations to the Company. The Company recognizes an allowance for credit losses, on all accounts receivable and contract assets, which considers risk of future credit losses based on factors such as historical experience, contract terms, as well as general and market business conditions, country, and political risk. Balances are written off when determined to be uncollectible. At March 31, 2021, the Company had $678.5 million of accounts receivable, net of allowances of $12.6 million. Changes in the allowance were not material for the three months ended March 31, 2021.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The calculation of basic earnings per share is based on the weighted average number of common shares considered outstanding during the periods. The calculation of diluted earnings per share reflects the effect of all potentially dilutive securities (principally outstanding stock options and restricted stock grants). Securities that are anti-dilutive have been excluded and are not significant. The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows: Three Months Ended March 31, 2021 2020 (In thousands) Weighted average shares: Basic shares 230,435 228,962 Equity-based compensation plans 1,861 1,910 Diluted shares 232,296 230,872

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the Company’s assets that are measured at fair value on a recurring basis, consistent with the fair value hierarchy, at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Value Fair Value (In thousands) Mutual fund investments $ 12,281 $ 8,969 The fair value of mutual fund investments, which are valued as level 1 investments, was based on quoted market prices. The mutual fund investments are shown as a component of investments and other assets on the consolidated balance sheet. For the three months ended March 31, 2021 and 2020, gains and losses on the investments noted above were not significant. No transfers between level 1 and level 2 investments occurred during the three months ended March 31, 2021 and 2020. Financial Instruments Cash, cash equivalents and mutual fund investments are recorded at fair value at March 31, 2021 and December 31, 2020 in the accompanying consolidated balance sheet. The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt, net (including current portion) $ (2,319,110) $ (2,446,945) $ (2,347,587) $ (2,550,956) The fair value of net short-term borrowings approximates the carrying value. Net short-term borrowings are valued as level 2 liabilities as they are corroborated by observable market data. The Company’s net long-term debt is all privately held with no public market for this debt, therefore, the fair value of net long-term debt was computed based on comparable current market data for similar debt instruments and is considered a level 3 liability. Foreign Currency At March 31, 2020, the Company had a Canadian dollar forward contract for a total notional value of 24.0 million Canadian dollars and a British pound forward contract for a notional value of 10.0 million British pounds. For the three months ended March 31, 2020, realized and unrealized gains and losses on foreign currency forward contracts were not significant. The Company does not typically designate its foreign currency forward contracts as hedges.

Hedging Activities

Hedging Activities	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Activities	Hedging Activities The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of March 31, 2021, these net investment hedges included British-pound-and Euro-denominated long-term debt. These borrowings were designed to create net investment hedges in certain designated foreign subsidiaries. The Company designated the British-pound- and Euro-denominated loans referred to above as hedging instruments to offset translation gains or losses on the net investment due to changes in the British pound and Euro exchange rates. These net investment hedges are evidenced by management’s contemporaneous documentation supporting the hedge designation. Any gain or loss on the hedging instruments (the debt) following hedge designation is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the hedged investment based on changes in the spot rate, which is used to measure hedge effectiveness. At March 31, 2021, the Company had $310.5 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At March 31, 2021, the Company had $664.5 million in Euro-denominated loans, which were designated as a hedge against the net investment in Euro functional currency foreign subsidiaries. As a result of the British-pound- and Euro-denominated loans designated and 100% effective as net investment hedges, $24.3 million of pre-tax currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income for the three months ended March 31, 2021.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net March 31, December 31, (In thousands) Finished goods and parts $ 89,242 $ 81,619 Work in process 119,865 102,945 Raw materials and purchased parts 395,214 374,607 Total inventories, net $ 604,321 $ 559,171

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases The Company has commitments under operating leases for certain facilities, vehicles and equipment used in its operations. Cash used in operations for operating leases was not materially different from operating lease expense for the three months ended March 31, 2021 and March 31, 2020. The Company's leases have initial lease terms ranging from two months to 14 years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows: Three Months Ended 2021 2020 (In thousands) Operating lease cost $ 11,517 $ 10,705 Variable lease cost 1,470 1,114 Total lease cost $ 12,987 $ 11,819 Supplemental balance sheet information related to leases was as follows: March 31, December 31, (In thousands) Right of use assets, net $ 166,675 $ 167,233 Lease liabilities included in Accrued Liabilities and other 45,116 44,948 Lease liabilities included in Other long-term liabilities 127,260 128,173 Total lease liabilities $ 172,376 $ 173,121 Maturities of lease liabilities as of March 31, 2021 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2021 $ 37,906 2022 43,174 2023 33,486 2024 23,041 2025 16,794 Thereafter 26,476 Total lease payments 180,877 Less: imputed interest 8,501 $ 172,376 The Company does not have any significant leases that have not yet commenced.

Acquisitions and Divestiture

Acquisitions and Divestiture	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions and Divestiture	Acquisitions and Divestiture Acquisitions In March 2021, the Company spent $263.9 million in cash, net of cash acquired, to acquire Magnetrol International ("Magnetrol"), Crank Software, and EGS Automation ("EGS"). Magnetrol is a leading provider of level and flow control solutions for challenging process applications across a diverse set of end markets including medical, pharmaceutical, oil and gas, food and beverage, and general industrial. Crank Software is a leading provider of embedded graphical user interface software and services. EGS is an automation solutions provider that designs and manufactures highly engineered, customized robotic solutions used in critical applications for the medical, food and beverage, and general industrial markets. Magnetrol and Crank Software are part of EIG. EGS is part of EMG. The following table represents the allocation of the purchase price for the net assets of the acquisitions based on the estimated fair values at acquisition (in millions): Property, plant and equipment $ 34.7 Goodwill 80.9 Other intangible assets 125.5 Net working capital and other (1) 22.8 Total cash paid $ 263.9 ________________ (1) Includes $18.0 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal. The amount allocated to goodwill is reflective of the benefits the Company expects to realize from the 2021 acquisitions. Magnetrol's solutions combined with the Company’s existing Sensors, Test and Calibration business, becomes an industry leading differentiated sensor platform with a broad range of level and flow measurement solutions. Crank Software expands the Company's growing portfolio of software solutions. EGS complements the Company's existing Dunkermotoren business providing highly customizable engineering design and automation capabilities. The Company expects approximately all goodwill relating to the 2021 acquisitions will be tax deductible in future years. At March 31, 2021, the purchase price allocated to other intangible assets of $125.5 million consists of $18.9 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $106.6 million of other intangible assets consists of $85.0 million of customer relationships, which are being amortized over a period of 18 to 20 years, and $21.6 million of purchased technology, which is being amortized over a period of 12 to 14 years. Amortization expense for each of the next five years for the 2021 acquisitions is expected to approximate $6 million per year. The Company is in the process of finalizing the measurement of certain tangible and intangible assets and liabilities for its 2021 acquisitions including inventory, property, plant and equipment, goodwill, trade names, customer relationships and purchased technology, and the accounting for income taxes. The acquisitions had an immaterial impact on reported net sales, net income and diluted earnings per share for the three months ended March 31, 2021. Had the acquisitions been made at the beginning of 2021 or 2020, unaudited pro forma net sales, net income and diluted earnings per share for the three months ended March 31, 2021 and 2020, respectively, would not have been materially different than the amounts reported. Divestiture The Company completed its sale of Reading Alloys to Kymera International in March 2020 for net cash proceeds of $245.3 million. The sale resulted in a pretax gain of $141.0 million, recorded in Other income, net in the Consolidated Statement of Income, and income tax expense of approximately $31.4 million in connection with the sale. Reading Alloys revenue and costs were reported within the EMG segment through the date of sale. Acquisitions Subsequent to March 31, 2021 In April 2021, the Company acquired NSI-MI Technologies for approximately $230.0 million in cash. NSI-MI has estimated annual sales of approximately $90 million. NSI-MI is a leading provider of radio frequency and microwave test and measurement systems for niche applications across the aerospace, defense, automotive, wireless communications, and research markets. NSI-MI has joined EIG. In April 2021, the Company acquired Abaco Systems, Inc. for approximately $1,350.0 million in cash. Abaco has estimated annual sales of approximately $325 million. Abaco specializes in open-architecture computing and electronic systems for aerospace, defense, and specialized industrial markets and is a leading provider of mission critical embedded computing systems. Abaco has joined EIG.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying amounts of goodwill by segment were as follows: EIG EMG Total (In millions) Balance at December 31, 2020 $ 3,050.3 $ 1,174.6 $ 4,224.9 Goodwill acquired 74.8 6.1 80.9 Purchase price allocation adjustments and other 1.9 — 1.9 Foreign currency translation adjustments (9.9) (5.4) (15.3) Balance at March 31, 2021 $ 3,117.1 $ 1,175.3 $ 4,292.4

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At March 31, 2021, the Company had gross uncertain tax benefits of $110.1 million, of which $68.4 million, if recognized, would impact the effective tax rate. The following is a reconciliation of the liability for uncertain tax positions (in millions): Balance at December 31, 2020 $ 100.7 Additions for tax positions 9.5 Reductions for tax positions (0.1) Balance at March 31, 2021 $ 110.1 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 months ended March 31, 2021 and 2020 were not significant. The effective tax rate for the three months ended March 31, 2021 was 19.5%, compared with 20.1% for the three months ended March 31, 2020. The higher rate for 2020 reflects the gain on the sale of the Reading Alloys business, resulting in an additional $31.4 million of income tax expense, at an effective rate of 22.3%.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Subsequent Event On April 26, 2021, the Company along with certain of its foreign subsidiaries amended and restated its credit agreement dated as of September 22, 2011, as amended and restated as of March 10, 2016 and as further amended and restated as of October 30, 2018, with the lenders, JPMorgan Chase Bank, N.A., as Administrative Agent and Bank of America, N.A., PNC Bank, National Association, Truist Bank and Wells Fargo Bank, National Association, as Co-Syndication Agents. The credit agreement amends and restates the Company’s existing revolving credit facility to add a new five-year, delayed draw, term loan for up to $800 million. The credit agreement places certain restrictions on allowable additional indebtedness.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company's share-based compensation plans are described in Note 11, Share-Based Compensation, to the consolidated financial statements in Part II, Item 8, filed on the Company’s Annual Report on Form 10-K. Share Based Compensation Expense Total share-based compensation expense was as follows: Three Months Ended 2021 2020 (In thousands) Stock option expense $ 3,923 $ 3,373 Restricted stock expense 6,227 3,542 Performance restricted stock unit expense 1,290 933 Total pre-tax expense $ 11,440 $ 7,848 Pre-tax share-based compensation expense is included in the consolidated statement of income in either Cost of sales or Selling, general and administrative expenses, depending on where the recipient’s cash compensation is reported. Stock Options The fair value of each stock option grant is estimated on the grant date using a Black-Scholes-Merton option pricing model. The following weighted average assumptions were used in the Black-Scholes-Merton model to estimate the fair values of stock options granted during the periods indicated: Three Months Ended Year Ended December 31, Expected volatility 24.2 % 22.2 % Expected term (years) 5.0 5.0 Risk-free interest rate 0.85 % 0.52 % Expected dividend yield 0.66 % 1.14 % Black-Scholes-Merton fair value per stock option granted $ 25.63 $ 11.01 The following is a summary of the Company’s stock option activity and related information: Shares Weighted Weighted Aggregate (In thousands) (Years) (In millions) Outstanding at December 31, 2020 3,950 $ 65.16 Granted 552 121.91 Exercised (171) 55.22 Forfeited (20) 70.87 Outstanding at March 31, 2021 4,311 $ 72.80 6.4 $ 236.8 Exercisable at March 31, 2021 2,180 $ 61.60 4.7 $ 144.1 The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2021 was $9.4 million. The total fair value of stock options vested during the three months ended March 31, 2021 was $3.4 million. As of March 31, 2021, there was approximately $22.8 million of expected future pre-tax compensation expense related to the 2.1 million non-vested stock options outstanding, which is expected to be recognized over a weighted average period of approximately two years. Restricted Stock The following is a summary of the Company’s non-vested restricted stock activity and related information: Shares Weighted (In thousands) Non-vested restricted stock outstanding at December 31, 2020 701 $ 76.86 Granted 146 121.91 Vested (209) 61.57 Forfeited (5) 84.46 Non-vested restricted stock outstanding at March 31, 2021 633 $ 92.25 The total fair value of restricted stock vested during the three months ended March 31, 2021 was $12.8 million. As of March 31, 2021, there was approximately $42.8 million of expected future pre-tax compensation expense related to the 0.6 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of approximately two years. Performance Restricted Stock Units In March 2021, the Company granted performance restricted stock units ("PRSU") to officers and certain key management-level employees. The PRSUs vest over a period up to three years from the grant date based on continuous service, with the number of shares earned (0% to 200% of the target award) depending upon the extent to which the Company achieves certain financial and market performance targets measured over the period from January 1 of the year of grant to December 31 of the third year. Half of the PRSUs were valued in a manner similar to restricted stock as the financial targets are based on the Company’s operating results, which represents a performance condition. The grant date fair value of these PRSUs are recognized as compensation expense over the vesting period based on the probable number of awards to vest at each reporting date. The other half of the PRSUs were valued using a Monte Carlo model as the performance target is related to the Company’s total shareholder return compared to a group of peer companies, which represents a market condition. The Company recognizes the grant date fair value of these awards as compensation expense ratably over the vesting period. The following is a summary of the Company’s non-vested performance restricted stock activity and related information: Shares Weighted (In thousands) Non-vested performance restricted stock outstanding at December 31, 2020 264 $ 72.90 Granted 81 121.91 Performance assumption change 1 39 78.20 Vested (88) 78.20 Forfeited (1) 67.43 Non-vested performance restricted stock outstanding at March 31, 2021 295 $ 85.43

Retirement and Pension Plans

Retirement and Pension Plans	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Retirement and Pension Plans	Retirement and Pension Plans The components of net periodic pension benefit expense (income) were as follows: Three Months Ended 2021 2020 (In thousands) Defined benefit plans: Service cost $ 2,021 $ 1,950 Interest cost 4,567 5,636 Expected return on plan assets (14,174) (13,650) Amortization of net actuarial loss and other 4,353 3,976 Pension income (3,233) (2,088) Other plans: Defined contribution plans 8,455 10,025 Foreign plans and other 2,234 2,041 Total other plans 10,689 12,066 Total net pension expense $ 7,456 $ 9,978 For defined benefit plans, the net periodic benefit income, other than the service cost component, is included in “Other (expense) income, net” in the consolidated statement of income. For the three months ended March 31, 2021 and 2020, contributions to the Company’s defined benefit pension plans were $2.0 million and $1.5 million, respectively. The Company’s current estimate of 2021 contributions to its worldwide defined benefit pension plans is in line with the range disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Asbestos Litigation The Company (including its subsidiaries) has been named as a defendant in a number of asbestos-related lawsuits. Certain of these lawsuits relate to a business which was acquired by the Company and do not involve products which were manufactured or sold by the Company. In connection with these lawsuits, the seller of such business has agreed to indemnify the Company against these claims (the “Indemnified Claims”). The Indemnified Claims have been tendered to, and are being defended by, such seller. The seller has met its obligations, in all respects, and the Company does not have any reason to believe such party would fail to fulfill its obligations in the future. To date, no judgments have been rendered against the Company as a result of any asbestos-related lawsuit. The Company believes that it has good and valid defenses to each of these claims and intends to defend them vigorously. Environmental Matters Certain historic processes in the manufacture of products have resulted in environmentally hazardous waste by-products as defined by federal and state laws and regulations. At March 31, 2021, the Company is named a Potentially Responsible Party (“PRP”) at 13 non-AMETEK-owned former waste disposal or treatment sites (the “non-owned” sites). The Company is identified as a “de minimis” party in 12 of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. In eight of these sites, the Company has reached a tentative agreement on the cost of the de minimis settlement to satisfy its obligation and is awaiting executed agreements. The tentatively agreed-to settlement amounts are fully reserved. In the other four sites, the Company is continuing to investigate the accuracy of the alleged volume attributed to the Company as estimated by the parties primarily responsible for remedial activity at the sites to establish an appropriate settlement amount. At the remaining site where the Company is a non-de minimis PRP, the Company is participating in the investigation and/or related required remediation as part of a PRP Group and reserves have been established to satisfy the Company’s expected obligations. The Company historically has resolved these issues within established reserve levels and reasonably expects this result will continue. In addition to these non-owned sites, the Company has an ongoing practice of providing reserves for probable remediation activities at certain of its current or previously owned manufacturing locations (the “owned” sites). For claims and proceedings against the Company with respect to other environmental matters, reserves are established once the Company has determined that a loss is probable and estimable. This estimate is refined as the Company moves through the various stages of investigation, risk assessment, feasibility study and corrective action processes. In certain instances, the Company has developed a range of estimates for such costs and has recorded a liability based on the best estimate. It is reasonably possible that the actual cost of remediation of the individual sites could vary from the current estimates and the amounts accrued in the consolidated financial statements; however, the amounts of such variances are not expected to result in a material change to the consolidated financial statements. In estimating the Company’s liability for remediation, the Company also considers the likely proportionate share of the anticipated remediation expense and the ability of the other PRPs to fulfill their obligations. Total environmental reserves at March 31, 2021 and December 31, 2020 were $33.2 million and $32.4 million, respectively, for both non-owned and owned sites. For the three months ended March 31, 2021, the Company recorded $2.2 million in reserves. Additionally, the Company spent $1.4 million on environmental matters for the three months ended March 31, 2021. The Company’s reserves for environmental liabilities at March 31, 2021 and December 31, 2020 included reserves of $7.0 million and $7.4 million, respectively, for an owned site acquired in connection with the 2005 acquisition of HCC Industries (“HCC”). The Company is the designated performing party for the performance of remedial activities for one of several operating units making up a Superfund site in the San Gabriel Valley of California. The Company has obtained indemnifications and other financial assurances from the former owners of HCC related to the costs of the required remedial activities. The Company has agreements with other former owners of certain of its acquired businesses, as well as new owners of previously owned businesses. Under certain of the agreements, the former or new owners retained, or assumed and agreed to indemnify the Company against, certain environmental and other liabilities under certain circumstances. The Company and some of these other parties also carry insurance coverage for some environmental matters. To date, these parties have met their obligations in all material respects. The Company believes it has established reserves for the environmental matters described above, which are sufficient to perform all known responsibilities under existing claims and consent orders. The Company has no reason to believe that other third parties would fail to perform their obligations in the future. In the opinion of management, based on presently available information and the Company’s historical experience related to such matters, an adequate provision for probable costs has been made and the ultimate cost resulting from these actions is not expected to materially affect the consolidated results of operations, financial position or cash flows of the Company.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are unaudited. AMETEK, Inc. (the “Company”) believes that all adjustments (which primarily consist of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company at March 31, 2021, the consolidated results of its operations for the three months ended March 31, 2021 and 2020 and its cash flows for the three months ended March 31, 2021 and 2020 have been included. Quarterly results of operations are not necessarily indicative of results for the full year. The accompanying consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the U.S. Securities and Exchange Commission.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740. The Company prospectively adopted ASU 2019-12, effective January 1, 2021, and the adoption did not have a significant impact on the Company’s consolidated results of operations, financial position, cash flows and financial statement disclosures.
Accounts Receivable	Accounts Receivable The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations to the Company. The Company recognizes an allowance for credit losses, on all accounts receivable and contract assets, which considers risk of future credit losses based on factors such as historical experience, contract terms, as well as general and market business conditions, country, and political risk. Balances are written off when determined to be uncollectible. At March 31, 2021, the Company had $678.5 million of accounts receivable, net of allowances of $12.6 million. Changes in the allowance were not material for the three months ended March 31, 2021.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of outstanding contract asset and (liability) accounts	The outstanding contract asset and liability accounts were as follows: 2021 2020 (In thousands) Contract assets—January 1 $ 68,971 $ 73,039 Contract assets – March 31 71,415 80,796 Change in contract assets – increase 2,444 7,757 Contract liabilities – January 1 215,093 167,306 Contract liabilities – March 31 253,047 194,433 Change in contract liabilities – increase (37,954) (27,127) Net change $ (35,510) $ (19,370)
Schedule of revenue from external customers by geographic areas	Information about the Company’s operations in different geographic areas was as follows for the three months ended March 31: 2021 EIG EMG Total (In thousands) United States $ 388,901 $ 210,182 $ 599,083 International (1) : United Kingdom 21,947 30,051 51,998 European Union countries 103,665 95,297 198,962 Asia 197,561 61,194 258,755 Other foreign countries 78,850 28,094 106,944 Total international 402,023 214,636 616,659 Consolidated net sales $ 790,924 $ 424,818 $ 1,215,742 ________________ (1) Includes U.S. export sales of $331.2 million. 2020 EIG EMG Total (In thousands) United States $ 406,545 $ 234,689 $ 641,234 International (1) : United Kingdom 14,793 33,138 47,931 European Union countries 105,676 88,766 194,442 Asia 164,745 43,830 208,575 Other foreign countries 82,466 27,570 110,036 Total international 367,680 193,304 560,984 Consolidated net sales $ 774,225 $ 427,993 $ 1,202,218 ______________ (1) Includes U.S. export sales of $305.2 million.
Schedule of revenue from external customers by products and services	The Company’s major products and services in the reportable segments were as follows: Three months ended March 31, 2021 EIG EMG Total (In thousands) Process and analytical instrumentation $ 576,559 $ — $ 576,559 Aerospace and power 214,365 122,173 336,538 Automation and engineered solutions — 302,645 302,645 Consolidated net sales $ 790,924 $ 424,818 $ 1,215,742 Three months ended March 31, 2020 EIG EMG Total (In thousands) Process and analytical instrumentation $ 548,440 $ — $ 548,440 Aerospace and power 225,785 127,251 353,036 Automation and engineered solutions — 300,742 300,742 Consolidated net sales $ 774,225 $ 427,993 $ 1,202,218
Schedule of disaggregation of revenue	Three months ended March 31, 2021 EIG EMG Total (In thousands) Products transferred at a point in time $ 647,252 $ 383,031 $ 1,030,283 Products and services transferred over time 143,672 41,787 185,459 Consolidated net sales $ 790,924 $ 424,818 $ 1,215,742 Three months ended March 31, 2020 EIG EMG Total (In thousands) Products transferred at a point in time $ 633,540 $ 379,059 $ 1,012,599 Products and services transferred over time 140,685 48,934 189,619 Consolidated net sales $ 774,225 $ 427,993 $ 1,202,218
Schedule of product warranty liability	Changes in the accrued product warranty obligation were as follows: Three Months Ended March 31, 2021 2020 (In thousands) Balance at the beginning of the period $ 27,839 $ 27,611 Accruals for warranties issued during the period 2,780 3,252 Settlements made during the period (3,292) (4,217) Warranty accruals related to acquired businesses and other during the period (99) 288 Balance at the end of the period $ 27,228 $ 26,934

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Number of Weighted Average Shares	The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows: Three Months Ended March 31, 2021 2020 (In thousands) Weighted average shares: Basic shares 230,435 228,962 Equity-based compensation plans 1,861 1,910 Diluted shares 232,296 230,872

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Assets Measured on Recurring Basis	The following table provides the Company’s assets that are measured at fair value on a recurring basis, consistent with the fair value hierarchy, at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Fair Value Fair Value (In thousands) Mutual fund investments $ 12,281 $ 8,969
Fair Value Disclosures of Financial Instrument Liabilities	The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt, net (including current portion) $ (2,319,110) $ (2,446,945) $ (2,347,587) $ (2,550,956)

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	March 31, December 31, (In thousands) Finished goods and parts $ 89,242 $ 81,619 Work in process 119,865 102,945 Raw materials and purchased parts 395,214 374,607 Total inventories, net $ 604,321 $ 559,171

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended 2021 2020 (In thousands) Operating lease cost $ 11,517 $ 10,705 Variable lease cost 1,470 1,114 Total lease cost $ 12,987 $ 11,819
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows: March 31, December 31, (In thousands) Right of use assets, net $ 166,675 $ 167,233 Lease liabilities included in Accrued Liabilities and other 45,116 44,948 Lease liabilities included in Other long-term liabilities 127,260 128,173 Total lease liabilities $ 172,376 $ 173,121
Maturities of Lease Liabilities	Maturities of lease liabilities as of March 31, 2021 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2021 $ 37,906 2022 43,174 2023 33,486 2024 23,041 2025 16,794 Thereafter 26,476 Total lease payments 180,877 Less: imputed interest 8,501 $ 172,376

Acquisitions and Divestiture (T

Acquisitions and Divestiture (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Allocation of Aggregate Purchase Price of Acquired Net Assets	The following table represents the allocation of the purchase price for the net assets of the acquisitions based on the estimated fair values at acquisition (in millions): Property, plant and equipment $ 34.7 Goodwill 80.9 Other intangible assets 125.5 Net working capital and other (1) 22.8 Total cash paid $ 263.9 ________________ (1) Includes $18.0 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amounts of Goodwill by Segment	The changes in the carrying amounts of goodwill by segment were as follows: EIG EMG Total (In millions) Balance at December 31, 2020 $ 3,050.3 $ 1,174.6 $ 4,224.9 Goodwill acquired 74.8 6.1 80.9 Purchase price allocation adjustments and other 1.9 — 1.9 Foreign currency translation adjustments (9.9) (5.4) (15.3) Balance at March 31, 2021 $ 3,117.1 $ 1,175.3 $ 4,292.4

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Reconciliation of Liability for Uncertain Tax Positions	The following is a reconciliation of the liability for uncertain tax positions (in millions): Balance at December 31, 2020 $ 100.7 Additions for tax positions 9.5 Reductions for tax positions (0.1) Balance at March 31, 2021 $ 110.1

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Total Share-Based Compensation Expense	Total share-based compensation expense was as follows: Three Months Ended 2021 2020 (In thousands) Stock option expense $ 3,923 $ 3,373 Restricted stock expense 6,227 3,542 Performance restricted stock unit expense 1,290 933 Total pre-tax expense $ 11,440 $ 7,848
Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted	The following weighted average assumptions were used in the Black-Scholes-Merton model to estimate the fair values of stock options granted during the periods indicated: Three Months Ended Year Ended December 31, Expected volatility 24.2 % 22.2 % Expected term (years) 5.0 5.0 Risk-free interest rate 0.85 % 0.52 % Expected dividend yield 0.66 % 1.14 % Black-Scholes-Merton fair value per stock option granted $ 25.63 $ 11.01
Summary of Stock Option Activity and Related Information	The following is a summary of the Company’s stock option activity and related information: Shares Weighted Weighted Aggregate (In thousands) (Years) (In millions) Outstanding at December 31, 2020 3,950 $ 65.16 Granted 552 121.91 Exercised (171) 55.22 Forfeited (20) 70.87 Outstanding at March 31, 2021 4,311 $ 72.80 6.4 $ 236.8 Exercisable at March 31, 2021 2,180 $ 61.60 4.7 $ 144.1
Summary of Nonvested Restricted Stock Activity and Related Information	The following is a summary of the Company’s non-vested restricted stock activity and related information: Shares Weighted (In thousands) Non-vested restricted stock outstanding at December 31, 2020 701 $ 76.86 Granted 146 121.91 Vested (209) 61.57 Forfeited (5) 84.46 Non-vested restricted stock outstanding at March 31, 2021 633 $ 92.25 The following is a summary of the Company’s non-vested performance restricted stock activity and related information: Shares Weighted (In thousands) Non-vested performance restricted stock outstanding at December 31, 2020 264 $ 72.90 Granted 81 121.91 Performance assumption change 1 39 78.20 Vested (88) 78.20 Forfeited (1) 67.43 Non-vested performance restricted stock outstanding at March 31, 2021 295 $ 85.43

Retirement and Pension Plans (T

Retirement and Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Components of Net Periodic Pension Benefit Expense (Income)	The components of net periodic pension benefit expense (income) were as follows: Three Months Ended 2021 2020 (In thousands) Defined benefit plans: Service cost $ 2,021 $ 1,950 Interest cost 4,567 5,636 Expected return on plan assets (14,174) (13,650) Amortization of net actuarial loss and other 4,353 3,976 Pension income (3,233) (2,088) Other plans: Defined contribution plans 8,455 10,025 Foreign plans and other 2,234 2,041 Total other plans 10,689 12,066 Total net pension expense $ 7,456 $ 9,978

Revenues - Outstanding Contract

Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 71,415	$ 80,796	$ 68,971	$ 73,039
Change in contract assets – increase	2,444	7,757
Contract liabilities	253,047	194,433	$ 215,093	$ 167,306
Change in contract liabilities – increase	(37,954)	(27,127)
Net change	$ (35,510)	$ (19,370)

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue recognized from contract liabilities	$ 132,000	$ 87,400
Customer advanced payments	16,700		$ 20,500
Accounts and notes receivable, net	678,467		597,472
Allowance for notes and loans receivable	$ 12,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, remaining performance obligation			$ 300,800
Performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, remaining performance obligation	$ 286,900
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Performance obligation, expected timing of satisfaction, period	2 years
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Performance obligation, expected timing of satisfaction, period	3 years

Revenues - Information about Op

Revenues - Information about Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,215,742	$ 1,202,218
United States
Segment Reporting Information [Line Items]
Net sales	599,083	641,234
United Kingdom
Segment Reporting Information [Line Items]
Net sales	51,998	47,931
European Union countries
Segment Reporting Information [Line Items]
Net sales	198,962	194,442
Asia
Segment Reporting Information [Line Items]
Net sales	258,755	208,575
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	106,944	110,036
International
Segment Reporting Information [Line Items]
Net sales	616,659	560,984
Non-US
Segment Reporting Information [Line Items]
Net sales	331,200	305,200
Electronic Instruments Group
Segment Reporting Information [Line Items]
Net sales	790,924	774,225
Electronic Instruments Group | United States
Segment Reporting Information [Line Items]
Net sales	388,901	406,545
Electronic Instruments Group | United Kingdom
Segment Reporting Information [Line Items]
Net sales	21,947	14,793
Electronic Instruments Group | European Union countries
Segment Reporting Information [Line Items]
Net sales	103,665	105,676
Electronic Instruments Group | Asia
Segment Reporting Information [Line Items]
Net sales	197,561	164,745
Electronic Instruments Group | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	78,850	82,466
Electronic Instruments Group | International
Segment Reporting Information [Line Items]
Net sales	402,023	367,680
Electromechanical Group
Segment Reporting Information [Line Items]
Net sales	424,818	427,993
Electromechanical Group | United States
Segment Reporting Information [Line Items]
Net sales	210,182	234,689
Electromechanical Group | United Kingdom
Segment Reporting Information [Line Items]
Net sales	30,051	33,138
Electromechanical Group | European Union countries
Segment Reporting Information [Line Items]
Net sales	95,297	88,766
Electromechanical Group | Asia
Segment Reporting Information [Line Items]
Net sales	61,194	43,830
Electromechanical Group | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	28,094	27,570
Electromechanical Group | International
Segment Reporting Information [Line Items]
Net sales	$ 214,636	$ 193,304

Revenues - Major Products and S

Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,215,742	$ 1,202,218
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	576,559	548,440
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	336,538	353,036
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	302,645	300,742
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	790,924	774,225
Electronic Instruments Group | Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	576,559	548,440
Electronic Instruments Group | Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	214,365	225,785
Electronic Instruments Group | Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	0	0
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	424,818	427,993
Electromechanical Group | Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	0	0
Electromechanical Group | Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	122,173	127,251
Electromechanical Group | Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 302,645	$ 300,742

Revenues - Timing of Revenue Re

Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,215,742	$ 1,202,218
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,030,283	1,012,599
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	185,459	189,619
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	790,924	774,225
Electronic Instruments Group | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	647,252	633,540
Electronic Instruments Group | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	143,672	140,685
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	424,818	427,993
Electromechanical Group | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	383,031	379,059
Electromechanical Group | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 41,787	$ 48,934

Revenues - Changes in Accrued P

Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the period	$ 27,839	$ 27,611
Accruals for warranties issued during the period	2,780	3,252
Settlements made during the period	(3,292)	(4,217)
Warranty accruals related to acquired businesses and other during the period	(99)	288
Balance at the end of the period	$ 27,228	$ 26,934

Earnings Per Share - Number of

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted average common shares outstanding:
Basic shares	230,435	228,962
Equity-based compensation plans	1,861	1,910
Diluted shares	232,296	230,872

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 12,281	$ 8,969

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2020CAD ($)	Mar. 31, 2020GBP (£)
Derivative [Line Items]
Significant transfers from level 1 to level 2	$ 0	$ 0
Significant transfers from level 2 to level 1	$ 0	$ 0
Foreign Exchange Forward | Canada, Dollars
Derivative [Line Items]
Derivative, notional amount			$ 24,000,000
Foreign Exchange Forward | United Kingdom, Pounds
Derivative [Line Items]
Derivative, notional amount | £				£ 10,000,000

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Recorded Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,319,110)	$ (2,347,587)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,446,945)	$ (2,550,956)

Hedging Activities - Additional

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasurement gain	$ 24.3
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	310.5
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 664.5

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods and parts	$ 89,242	$ 81,619
Work in process	119,865	102,945
Raw materials and purchased parts	395,214	374,607
Total inventories, net	$ 604,321	$ 559,171

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2021
Minimum
Lessee, Lease, Description [Line Items]
Initial lease term (years)	2 months
Maximum
Lessee, Lease, Description [Line Items]
Initial lease term (years)	14 years

Leases- Components of Lease Exp

Leases- Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 11,517	$ 10,705
Variable lease cost	1,470	1,114
Total lease cost	$ 12,987	$ 11,819

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Right of use assets, net	$ 166,675	$ 167,233
Lease liabilities included in Accrued Liabilities and other	45,116	44,948
Lease liabilities included in Other long-term liabilities	127,260	128,173
Total lease liabilities	$ 172,376	$ 173,121
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2020	$ 37,906
2021	43,174
2022	33,486
2023	23,041
2024	16,794
Thereafter	26,476
Total lease payments	180,877
Less: imputed interest	8,501
Operating Leases	$ 172,376	$ 173,121

Acquisitions and Divestiture -

Acquisitions and Divestiture - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired				$ 263,948	$ 116,605
Future amortization expense, year five		$ 6,000		6,000
Proceeds from sale of business				0	245,311
Gain (loss) on disposition of business				0	(141,020)
Income tax expense relating to sale of business					$ 31,400
2020 Consolidated Acquisition
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired		263,900
Total other intangible assets acquired		125,500		125,500
Finite-lived intangible assets acquired				106,600
Expected amortization, remainder of fiscal year		6,000		6,000
Future amortization expense, year one		6,000		6,000
Future amortization expense, year two		6,000		6,000
Future amortization expense, year three		6,000		6,000
Future amortization expense, year four		$ 6,000		6,000
2020 Consolidated Acquisition | Trade Names
Business Acquisition [Line Items]
Indefinite-lived intangible trade names acquired				18,900
2020 Consolidated Acquisition | Customer Relationship
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 85,000
2020 Consolidated Acquisition | Customer Relationship | Minimum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				18 years
2020 Consolidated Acquisition | Customer Relationship | Maximum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				20 years
2020 Consolidated Acquisition | Purchased Technology
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 21,600
2020 Consolidated Acquisition | Purchased Technology | Minimum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				12 years
2020 Consolidated Acquisition | Purchased Technology | Maximum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				14 years
NSI | Subsequent Event
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 230,000
Business acquisition, estimated annual sales	90,000
Abaco | Subsequent Event
Business Acquisition [Line Items]
Payments to acquire businesses, gross	1,350,000
Business acquisition, estimated annual sales	$ 325,000
Kymera International | Reading Alloys
Business Acquisition [Line Items]
Proceeds from sale of business			$ 245,300

Acquisitions and Divestiture _2

Acquisitions and Divestiture - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 4,292,402	$ 4,292,402		$ 4,224,906
Total cash paid		263,948	$ 116,605
2020 Consolidated Acquisition
Business Acquisition [Line Items]
Property, plant and equipment	34,700	34,700
Goodwill	80,900	80,900
Other intangible assets	125,500	125,500
Net working capital and other	22,800	22,800
Total cash paid	263,900
Accounts receivable included in purchase price	$ 18,000	$ 18,000

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 4,224,906
Goodwill acquired	80,900
Purchase price allocation adjustments and other	1,900
Foreign currency translation adjustments	(15,300)
Goodwill, ending balance	4,292,402
Electronic Instruments Group
Goodwill [Roll Forward]
Goodwill, beginning balance	3,050,300
Goodwill acquired	74,800
Purchase price allocation adjustments and other	1,900
Foreign currency translation adjustments	(9,900)
Goodwill, ending balance	3,117,100
Electromechanical Group
Goodwill [Roll Forward]
Goodwill, beginning balance	1,174,600
Goodwill acquired	6,100
Purchase price allocation adjustments and other	0
Foreign currency translation adjustments	(5,400)
Goodwill, ending balance	$ 1,175,300

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 110.1		$ 100.7
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 68.4
Effective tax rate	19.50%	20.10%
Effective income tax rate reconciliation, disposition of business, amount			$ 31.4
Effective income tax rate reconciliation, disposition of business, percent			22.30%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 100.7
Additions for tax positions	9.5
Reductions for tax positions	(0.1)
Balance at the end of the year	$ 110.1

Debt (Details)

Debt (Details) - Secured Debt - Subsequent Event $ in Millions	Apr. 26, 2021USD ($)
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 800

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised	$ 9.4
Total fair value of stock options vested	3.4
Expected future pre-tax compensation expense, nonvested stock options	$ 22.8
Weighted average period to recognize expected future pre-tax compensation expense (in years)	2 years
Nonvested restricted stock outstanding (in shares)	600
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 12.9
Share-based payment award, options, outstanding (in shares)	4,311	3,950
Non vested Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding (in shares)	2,100
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize expected future pre-tax compensation expense (in years)	2 years
Total fair value of vested restricted stock	$ 12.8
Expected future pre-tax compensation expense, nonvested restricted shares	$ 42.8
Nonvested restricted stock outstanding (in shares)	633	701
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested restricted stock outstanding (in shares)	295	264
Share-based payment award, options, outstanding (in shares)	300
Officers And Key Management Employees | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period	3 years
Minimum | Officers And Key Management Employees | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	0.00%
Maximum | Officers And Key Management Employees | Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	200.00%

Share-Based Compensation - Tota

Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock option expense	$ 3,923	$ 3,373
Restricted stock expense	6,227	3,542
Performance restricted stock unit expense	1,290	933
Total pre-tax expense	$ 11,440	$ 7,848

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Expected volatility	24.20%	22.20%
Expected term (years)	5 years	5 years
Risk-free interest rate	0.85%	0.52%
Expected dividend yield	0.66%	1.14%
Black-Scholes-Merton fair value per stock option granted (in usd per share)	$ 25.63	$ 11.01

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, outstanding (in shares) | shares	3,950
Granted (in shares) | shares	552
Exercised (in shares) | shares	(171)
Forfeited (in shares) | shares	(20)
Ending balance, outstanding (in shares) | shares	4,311
Ending balance, exercisable (in shares) | shares	2,180
Weighted Average Exercise Price
Beginning balance, outstanding, weighted average exercise price (in usd per share) | $ / shares	$ 65.16
Granted, weighted average exercise price (in usd per share) | $ / shares	121.91
Exercised, weighted average exercise price (in usd per share) | $ / shares	55.22
Forfeited, weighted average exercise price (in usd per share) | $ / shares	70.87
Ending balance, outstanding, weighted average exercise price (in shares) | $ / shares	72.80
Ending balance, exercisable, weighted average exercise price (in usd per share) | $ / shares	$ 61.60
Weighted Average Remaining Contractual Life
Ending balance, Outstanding, Weighted Average Remaining Contractual Life (Years)	6 years 4 months 24 days
Ending balance, Exercisable, Weighted Average Remaining Contractual Life (Years)	4 years 8 months 12 days
Aggregate Intrinsic Value
Ending balance, Outstanding, Aggregate Intrinsic Value | $	$ 236.8
Ending balance, Exercisable, Aggregate Intrinsic Value | $	$ 144.1

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Shares
Performance assumption change (in shares)	39
Non-vested restricted stock outstanding at March 31, 2021 (in shares)	600
Weighted Average  Grant Date Fair Value
Performance assumption change (in usd per share) | $ / shares	$ 78.20
Restricted Shares
Shares
Non-vested restricted stock outstanding at December 31, 2020 (in shares)	701
Granted (in shares)	146
Vested (in shares)	(209)
Forfeited (in shares)	(5)
Non-vested restricted stock outstanding at March 31, 2021 (in shares)	633
Weighted Average  Grant Date Fair Value
Non-vested restricted stock outstanding at December 31, 2020 (in usd per share) | $ / shares	$ 76.86
Granted (in usd per share) | $ / shares	121.91
Vested (in usd per share) | $ / shares	61.57
Forfeited (in usd per share) | $ / shares	84.46
Non-vested restricted stock outstanding at March 31, 2021 (in usd per share) | $ / shares	$ 92.25
Performance Restricted Stock Units
Shares
Non-vested restricted stock outstanding at December 31, 2020 (in shares)	264
Granted (in shares)	81
Vested (in shares)	(88)
Forfeited (in shares)	(1)
Non-vested restricted stock outstanding at March 31, 2021 (in shares)	295
Weighted Average  Grant Date Fair Value
Non-vested restricted stock outstanding at December 31, 2020 (in usd per share) | $ / shares	$ 72.90
Granted (in usd per share) | $ / shares	121.91
Vested (in usd per share) | $ / shares	78.20
Forfeited (in usd per share) | $ / shares	67.43
Non-vested restricted stock outstanding at March 31, 2021 (in usd per share) | $ / shares	$ 85.43

Retirement and Pension Plans -

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined benefit plans:
Service cost	$ 2,021	$ 1,950
Interest cost	4,567	5,636
Expected return on plan assets	(14,174)	(13,650)
Amortization of net actuarial loss and other	4,353	3,976
Pension income	(3,233)	(2,088)
Other plans:
Defined contribution plans	8,455	10,025
Foreign plans and other	2,234	2,041
Total other plans	10,689	12,066
Total net pension expense	$ 7,456	$ 9,978

Retirement and Pension Plans _2

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Defined benefit pension plan contributions	$ 2	$ 1.5

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)site	Dec. 31, 2020USD ($)
Site Contingency [Line Items]
Number of non-owned sites Company is named Potentially Responsible Party | site	13
Number of non-owned sites the Company is identified as a de minimis party | site	12
Number of non-owned sites company is in agreement on amount of de minimis settlement | site	8
Number of non-owned sites company is continuing to investigate | site	4
Total environmental reserves	$ 33.2	$ 32.4
Payments for environmental matters	1.4
Litigation settlement amount awarded to other party	6.8
HCC Industries
Site Contingency [Line Items]
Environmental expense	2.2
Reserves related to an owned site acquired	$ 7	$ 7.4