AMETEK (AME) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001037868
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		231,205,619

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 1,386,346	$ 1,011,922	$ 2,602,088	$ 2,214,140
Cost of sales	912,712	669,195	1,702,104	1,493,842
Selling, general and administrative	157,023	115,737	290,028	261,268
Total operating expenses	1,069,735	784,932	1,992,132	1,755,110
Operating income	316,611	226,990	609,956	459,030
Interest expense	(20,442)	(22,669)	(39,389)	(45,410)
Other (expense) income, net	(4,414)	2,131	(6,356)	143,907
Income before income taxes	291,755	206,452	564,211	557,527
Provision for income taxes	60,076	40,235	113,299	110,694
Net income	$ 231,679	$ 166,217	$ 450,912	$ 446,833
Basic earnings per share (in usd per share)	$ 1	$ 0.73	$ 1.96	$ 1.95
Diluted earnings per share (in usd per share)	$ 1	$ 0.72	$ 1.94	$ 1.94
Weighted average common shares outstanding:
Basic shares	230,828	229,225	230,632	229,094
Diluted shares	232,841	230,381	232,569	230,626
Dividends declared and paid per share (in usd per shares)	$ 0.20	$ 0.18	$ 0.40	$ 0.36

Condensed Consolidated Statemen

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 237,673	$ 183,178	$ 448,499	$ 421,195

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 390,644	$ 1,212,822
Receivables, net	754,045	597,472
Inventories, net	711,620	559,171
Other current assets	185,772	153,005
Total current assets	2,042,081	2,522,470
Property, plant and equipment, net	598,827	526,530
Right of use assets, net	178,698	167,233
Goodwill	5,139,807	4,224,906
Other intangibles, net	3,473,694	2,623,719
Investments and other assets	322,157	292,625
Total assets	11,755,264	10,357,483
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	699,996	132,284
Accounts payable	446,532	360,370
Customer advanced payments	294,073	194,633
Income taxes payable	24,380	38,896
Accrued liabilities and other	392,648	349,732
Total current liabilities	1,857,629	1,075,915
Long-term debt, net	2,262,100	2,281,441
Deferred income taxes	730,116	533,478
Other long-term liabilities	562,120	517,303
Total liabilities	5,411,965	4,408,137
Stockholders’ equity:
Common stock	2,684	2,676
Capital in excess of par value	964,791	921,752
Retained earnings	7,453,401	7,094,656
Accumulated other comprehensive loss	(506,881)	(504,468)
Treasury stock	(1,570,696)	(1,565,270)
Total stockholders’ equity	6,343,299	5,949,346
Total liabilities and stockholders’ equity	$ 11,755,264	$ 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		6
Issuance of common stock under employee stock plans			8,897						9,052
Share-based compensation expense			19,053
Net income	$ 446,833			446,833
Cash dividends paid				(82,399)
Translation adjustments						(49,025)
Change in long-term intercompany notes						(1,024)
Net investment hedge instruments (loss) gain, net of tax of $1,459 and $2,339 for the quarter ended June 30, 2021 and 2020, and $(4,479) and $(6,778) for the six months ended June 30, 2021 and 2020, respectively						21,045
Amortization of net actuarial loss and other, net of tax of $(527) and $(531) for the quarter ended June 30, 2021 and 2020, and $(1,054) and $(1,062) for the six months ended June 30, 2021 and 2020, respectively							3,366
Purchase of treasury stock									(4,496)
Balance at the end of the year at Jun. 30, 2020	5,486,440	2,668	860,771	6,751,686		(315,252)	(243,525)	$ (558,777)	(1,569,908)
Balance at the beginning of the year at Mar. 31, 2020		2,664	837,755	6,626,703		(330,530)	(245,208)		(1,565,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		4
Issuance of common stock under employee stock plans			11,811						(132)
Share-based compensation expense			11,205
Net income	166,217			166,217
Cash dividends paid				(41,234)
Translation adjustments						18,064
Change in long-term intercompany notes						4,477
Net investment hedge instruments (loss) gain, net of tax of $1,459 and $2,339 for the quarter ended June 30, 2021 and 2020, and $(4,479) and $(6,778) for the six months ended June 30, 2021 and 2020, respectively						(7,263)
Amortization of net actuarial loss and other, net of tax of $(527) and $(531) for the quarter ended June 30, 2021 and 2020, and $(1,054) and $(1,062) for the six months ended June 30, 2021 and 2020, respectively							1,683
Purchase of treasury stock									(4,395)
Balance at the end of the year at Jun. 30, 2020	5,486,440	2,668	860,771	6,751,686		(315,252)	(243,525)	(558,777)	(1,569,908)
Balance at the beginning of the year at Dec. 31, 2020	5,949,346	2,676	921,752	7,094,656		(250,748)	(253,720)		(1,565,270)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		8
Issuance of common stock under employee stock plans			19,446						7,452
Share-based compensation expense			23,593
Net income	450,912			450,912
Cash dividends paid				(92,167)
Translation adjustments						(13,953)
Change in long-term intercompany notes						(5,566)
Net investment hedge instruments (loss) gain, net of tax of $1,459 and $2,339 for the quarter ended June 30, 2021 and 2020, and $(4,479) and $(6,778) for the six months ended June 30, 2021 and 2020, respectively						13,846
Amortization of net actuarial loss and other, net of tax of $(527) and $(531) for the quarter ended June 30, 2021 and 2020, and $(1,054) and $(1,062) for the six months ended June 30, 2021 and 2020, respectively							3,260
Purchase of treasury stock									(12,878)
Balance at the end of the year at Jun. 30, 2021	6,343,299	2,684	964,791	7,453,401		(256,421)	(250,460)	(506,881)	(1,570,696)
Balance at the beginning of the year at Mar. 31, 2021		2,678	928,412	7,267,856		(260,785)	(252,090)		(1,565,323)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		6
Issuance of common stock under employee stock plans			24,226						(492)
Share-based compensation expense			12,153
Net income	231,679			231,679
Cash dividends paid				(46,134)
Translation adjustments						7,547
Change in long-term intercompany notes						1,329
Net investment hedge instruments (loss) gain, net of tax of $1,459 and $2,339 for the quarter ended June 30, 2021 and 2020, and $(4,479) and $(6,778) for the six months ended June 30, 2021 and 2020, respectively						(4,512)
Amortization of net actuarial loss and other, net of tax of $(527) and $(531) for the quarter ended June 30, 2021 and 2020, and $(1,054) and $(1,062) for the six months ended June 30, 2021 and 2020, respectively							1,630
Purchase of treasury stock									(4,881)
Balance at the end of the year at Jun. 30, 2021	$ 6,343,299	$ 2,684	$ 964,791	$ 7,453,401		$ (256,421)	$ (250,460)	$ (506,881)	$ (1,570,696)

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, par value (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Accounting standards update				us-gaap:AccountingStandardsUpdate201613Member
Tax related to investment hedge instruments gain (loss)	$ 1,459	$ 2,339	$ (4,479)	$ (6,778)
Tax related to amortization of net actuarial loss (gain)	$ (527)	$ (531)	$ (1,054)	$ (1,062)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income	$ 450,912	$ 446,833
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	139,814	127,404
Deferred income taxes	27,482	(2,976)
Share-based compensation expense	23,593	19,053
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	(58,497)	145,473
Pension contributions	(4,094)	(3,209)
Other, net	(7,767)	(1,598)
Total operating activities	571,443	585,368
Investing activities:
Additions to property, plant and equipment	(41,005)	(27,017)
Purchases of businesses, net of cash acquired	(1,840,845)	(116,509)
Proceeds from sale of business	0	245,311
Proceeds from sale of facilities	0	5,463
Other, net	(292)	(2,457)
Total investing activities	(1,882,142)	104,791
Financing activities:
Net change in short-term borrowings	569,949	(374,771)
Proceeds from long-term borrowings	0	500,000
Repurchases of common stock	(12,878)	(4,496)
Cash dividends paid	(92,167)	(82,399)
Proceeds from stock option exercises	31,112	20,676
Other, net	(4,420)	(2,614)
Total financing activities	491,596	56,396
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents	(3,075)	(8,610)
(Decrease) Increase in cash and cash equivalents	(822,178)	737,945
Cash and cash equivalents:
Beginning of period	1,212,822	393,030
End of period	$ 390,644	$ 1,130,975

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 2021, the consolidated results of its operations for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 – June 30 73,853 67,804 Change in contract assets – increase (decrease) 4,882 (5,235) Contract liabilities – January 1 215,093 167,306 Contract liabilities – June 30 333,409 199,967 Change in contract liabilities – increase (118,316) (32,661) Net change $ (113,434) $ (37,896) The net change for the six months ended June 30, 2021 was primarily driven by contract liabilities from the 2021 acquisitions' advance payments from customers. For the six months ended June 30, 2021 and 2020, the Company recognized revenue of $145.2 million and $105.3 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 June 30, 2021 and December 31, 2020, $39.4 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 June 30, 2021 and December 31, 2020 were $422.3 million and $300.8 million, respectively. The increase was primarily driven by the 2021 acquisitions. 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 and six months ended June 30: Three months ended June 30, 2021 Six months ended June 30, 2021 EIG EMG Total EIG EMG Total (In thousands) United States $ 495,039 $ 225,912 $ 720,951 $ 883,940 $ 436,094 $ 1,320,034 International (1) : United Kingdom 20,649 28,568 49,217 42,596 58,619 101,215 European Union countries 117,856 103,604 221,460 221,521 198,901 420,422 Asia 217,854 65,449 283,303 415,415 126,643 542,058 Other foreign countries 82,536 28,879 111,415 161,386 56,973 218,359 Total international 438,895 226,500 665,395 840,918 441,136 1,282,054 Consolidated net sales $ 933,934 $ 452,412 $ 1,386,346 $ 1,724,858 $ 877,230 $ 2,602,088 ________________ (1) Includes U.S. export sales of $365.5 million and $696.4 million for the three and six months ended June 30, 2021, respectively. Three months ended June 30, 2020 Six months ended June 30, 2020 EIG EMG Total EIG EMG Total (In thousands) United States $ 338,757 $ 189,369 $ 528,126 $ 745,302 $ 424,058 $ 1,169,360 International (1) : United Kingdom 13,427 22,752 36,179 28,220 55,890 84,110 European Union countries 79,901 79,327 159,228 185,577 168,093 353,670 Asia 161,190 47,536 208,726 325,935 91,366 417,301 Other foreign countries 54,607 25,056 79,663 137,073 52,626 189,699 Total international 309,125 174,671 483,796 676,805 367,975 1,044,780 Consolidated net sales $ 647,882 $ 364,040 $ 1,011,922 $ 1,422,107 $ 792,033 $ 2,214,140 ______________ (1) Includes U.S. export sales of $257.9 million and $563.1 million for the three and six months ended June 30, 2020, respectively. Major Products and Services The Company’s major products and services in the reportable segments were as follows: Three months ended June 30, 2021 Six months ended June 30, 2021 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 644,121 $ — $ 644,121 $ 1,220,680 $ — $ 1,220,680 Aerospace and power 289,813 126,466 416,279 504,178 248,639 752,817 Automation and engineered solutions — 325,946 325,946 — 628,591 628,591 Consolidated net sales $ 933,934 $ 452,412 $ 1,386,346 $ 1,724,858 $ 877,230 $ 2,602,088 Three months ended June 30, 2020 Six months ended June 30, 2020 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 483,540 $ — $ 483,540 $ 1,031,980 $ — $ 1,031,980 Aerospace and power 164,342 104,133 268,475 390,127 231,384 621,511 Automation and engineered solutions — 259,907 259,907 — 560,649 560,649 Consolidated net sales $ 647,882 $ 364,040 $ 1,011,922 $ 1,422,107 $ 792,033 $ 2,214,140 Timing of Revenue Recognition Three months ended June 30, 2021 Six months ended June 30, 2021 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 767,514 $ 408,569 $ 1,176,083 $ 1,414,766 $ 791,600 $ 2,206,366 Products and services transferred over time 166,420 43,843 210,263 310,092 85,630 395,722 Consolidated net sales $ 933,934 $ 452,412 $ 1,386,346 $ 1,724,858 $ 877,230 $ 2,602,088 Three months ended June 30, 2020 Six months ended June 30, 2020 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 525,168 $ 324,502 $ 849,670 $ 1,158,708 $ 703,561 $ 1,862,269 Products and services transferred over time 122,714 39,538 162,252 263,399 88,472 351,871 Consolidated net sales $ 647,882 $ 364,040 $ 1,011,922 $ 1,422,107 $ 792,033 $ 2,214,140 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: Six Months Ended June 30, 2021 2020 (In thousands) Balance at the beginning of the period $ 27,839 $ 27,611 Accruals for warranties issued during the period 5,964 6,874 Settlements made during the period (6,620) (7,605) Warranty accruals related to acquired businesses and other during the period 2,169 326 Balance at the end of the period $ 29,352 $ 27,206 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 June 30, 2021, the Company had $754.0 million of accounts receivable, net of allowances of $12.1 million. Changes in the allowance were not material for the three and six months ended June 30, 2021.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In thousands) Weighted average shares: Basic shares 230,828 229,225 230,632 229,094 Equity-based compensation plans 2,013 1,156 1,937 1,532 Diluted shares 232,841 230,381 232,569 230,626

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Fair Value Fair Value (In thousands) Mutual fund investments $ 10,085 $ 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 six months ended June 30, 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 six months ended June 30, 2021 and 2020. Financial Instruments Cash, cash equivalents and mutual fund investments are recorded at fair value at June 30, 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 June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt, net (including current portion) $ (2,326,547) $ (2,485,398) $ (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 June 30, 2020, the Company had a Canadian dollar forward contract for a total notional value of 24.0 million Canadian dollars and four British pound forward contracts for a total notional value of 40.0 million British pounds. For the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2021, the Company had $310.7 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At June 30, 2021, the Company had $681.4 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, $18.3 million of pre-tax currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income for the six months ended June 30, 2021.

Inventories, net

Inventories, net	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net June 30, December 31, (In thousands) Finished goods and parts $ 97,921 $ 81,619 Work in process 138,949 102,945 Raw materials and purchased parts 474,750 374,607 Total inventories, net $ 711,620 $ 559,171

Leases

Leases	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021 and June 30, 2020. The Company's leases have initial lease terms ranging from one month to 14 years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Operating lease cost $ 12,006 $ 10,284 $ 23,523 $ 20,989 Variable lease cost 1,402 976 2,872 2,090 Total lease cost $ 13,408 $ 11,260 $ 26,395 $ 23,079 Supplemental balance sheet information related to leases was as follows: June 30, December 31, (In thousands) Right of use assets, net $ 178,698 $ 167,233 Lease liabilities included in Accrued Liabilities and other 48,159 44,948 Lease liabilities included in Other long-term liabilities 135,930 128,173 Total lease liabilities $ 184,089 $ 173,121 Maturities of lease liabilities as of June 30, 2021 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2021 $ 26,820 2022 47,870 2023 38,592 2024 26,227 2025 19,084 Thereafter 35,419 Total lease payments 194,012 Less: imputed interest 9,923 $ 184,089 The Company does not have any significant leases that have not yet commenced.

Acquisitions and Divestiture

Acquisitions and Divestiture	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions and Divestiture	Acquisitions and Divestiture Acquisitions The Company spent $1,840.8 million in cash, net of cash acquired, to acquire Magnetrol International ("Magnetrol"), Crank Software, and EGS Automation ("EGS") in March 2021, and NSI-MI Technologies ("NSI-MI") and Abaco Systems, Inc. ("Abaco") in April 2021. Magnetrol is a leading provider of level and flow control solutions for challenging process applications across a diverse set of end markets including medical, pharmaceutical, oil and gas, food and beverage, and general industrial. Crank Software is a leading provider of embedded graphical user interface software and services. EGS is an automation solutions provider that designs and manufactures highly engineered, customized robotic solutions used in critical applications for the medical, food and beverage, and general industrial markets. NSI-MI is a leading provider of radio frequency and microwave test and measurement systems for niche applications across the aerospace, defense, automotive, wireless communications, and research markets. Abaco specializes in open-architecture computing and electronic systems for aerospace, defense, and specialized industrial markets and is a leading provider of mission critical embedded computing systems. Magnetrol, Crank Software, NSI-MI, and Abaco 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): Abaco Other Acquisitions Total Property, plant and equipment $ 52.9 $ 38.2 $ 91.1 Goodwill 691.4 231.4 922.8 Other intangible assets 675.0 267.3 942.3 Deferred income taxes (134.1) (30.4) (164.5) Net working capital and other (1) 60.7 (11.6) 49.1 Total cash paid $ 1,345.9 $ 494.9 $ 1,840.8 ________________ (1) Includes $66.8 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. Abaco's computing and electronic solutions expand and complement the Company's existing aerospace and defense businesses. NSI-MI strengthens the Company's test and measurement platform. 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 $106 million of the goodwill relating to the 2021 acquisitions will be tax deductible in future years. At June 30, 2021, the purchase price allocated to other intangible assets of $942.3 million consists of $145.3 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $797.0 million of other intangible assets consists of $632.1 million of customer relationships, which are being amortized over a period of 15 to 20 years, and $164.9 million of purchased technology, which is being amortized over a period of 11 to 20 years. Amortization expense for each of the next five years for the 2021 acquisitions is expected to approximate $47 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 income and diluted earnings per share for the three and six months ended June 30, 2021. Had the acquisitions been made at the beginning of 2021 or 2020, pro forma net income and diluted earnings per share for the three and six months ended June 30, 2021 and 2020, would not have been materially different than the amounts reported. Pro forma net sales would not have been materially different than the amounts reported for the three and six months ended June 30, 2021 and would have been approximately 10% higher than the reported amounts for the three and six months ended June 30, 2020. 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.

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 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 916.9 5.9 922.8 Purchase price allocation adjustments and other 1.9 — 1.9 Foreign currency translation adjustments (6.1) (3.7) (9.8) Balance at June 30, 2021 $ 3,963.0 $ 1,176.8 $ 5,139.8

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At June 30, 2021, the Company had gross uncertain tax benefits of $132.3 million, of which $81.4 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 32.4 Reductions for tax positions (0.8) Balance at June 30, 2021 $ 132.3 The additions above primarily reflect the tax positions included as a component of goodwill for businesses recently acquired. The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. The amounts recognized in income tax expense for interest and penalties during the three and six months ended June 30, 2021 and 2020 were not significant.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	DebtOn 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. At June 30, 2021, the Company had $150.0 million outstanding on the term loan.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 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 for the year ended December 31, 2020. Share Based Compensation Expense Total share-based compensation expense was as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Stock option expense $ 3,326 $ 3,626 $ 7,249 $ 6,999 Restricted stock expense 5,690 4,586 11,917 8,128 Performance restricted stock unit expense 3,137 2,993 4,427 3,926 Total pre-tax expense $ 12,153 $ 11,205 $ 23,593 $ 19,053 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: Six 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 (511) 59.57 Forfeited (56) 80.45 Outstanding at June 30, 2021 3,935 $ 73.63 6.2 $ 235.6 Exercisable at June 30, 2021 2,567 $ 64.78 4.8 $ 176.4 The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2021 was $30.5 million. The total fair value of stock options vested during the six months ended June 30, 2021 was $13.6 million. As of June 30, 2021, there was approximately $22.6 million of expected future pre-tax compensation expense related to the 1.4 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 148 122.01 Vested (347) 68.06 Forfeited (21) 91.66 Non-vested restricted stock outstanding at June 30, 2021 481 $ 96.42 The total fair value of restricted stock vested during the six months ended June 30, 2021 was $23.6 million. As of June 30, 2021, there was approximately $37.0 million of expected future pre-tax compensation expense related to the 0.5 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 (4) 81.76 Non-vested performance restricted stock outstanding at June 30, 2021 292 $ 85.44 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics. As of June 30, 2021, there was approximately $9.7 million of expected future pre-tax compensation expense related to the 0.3 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of less than one year.

Retirement and Pension Plans

Retirement and Pension Plans	6 Months Ended
	Jun. 30, 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 Six Months Ended 2021 2020 2021 2020 (In thousands) Defined benefit plans: Service cost $ 2,030 $ 1,929 $ 4,051 $ 3,879 Interest cost 4,581 5,600 9,148 11,236 Expected return on plan assets (14,221) (13,558) (28,395) (27,208) Amortization of net actuarial loss and other 4,379 3,931 8,732 7,907 Pension income (3,231) (2,098) (6,464) (4,186) Other plans: Defined contribution plans 7,961 6,882 16,416 16,907 Foreign plans and other 2,123 1,832 4,357 3,873 Total other plans 10,084 8,714 20,773 20,780 Total net pension expense $ 6,853 $ 6,616 $ 14,309 $ 16,594 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 six months ended June 30, 2021 and 2020, contributions to the Company’s defined benefit pension plans were $4.1 million and $3.2 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 Note 12 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2021 and December 31, 2020 were $33.8 million and $32.4 million, respectively, for both non-owned and owned sites. For the six months ended June 30, 2021, the Company recorded $4.5 million in reserves. Additionally, the Company spent $3.1 million on environmental matters for the six months ended June 30, 2021. The Company’s reserves for environmental liabilities at June 30, 2021 and December 31, 2020 included reserves of $6.3 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.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 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 June 30, 2021, the consolidated results of its operations for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 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.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 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 – June 30 73,853 67,804 Change in contract assets – increase (decrease) 4,882 (5,235) Contract liabilities – January 1 215,093 167,306 Contract liabilities – June 30 333,409 199,967 Change in contract liabilities – increase (118,316) (32,661) Net change $ (113,434) $ (37,896)
Schedule of Revenue From External Customers by Geographic Areas	Information about the Company’s operations in different geographic areas was as follows for the three and six months ended June 30: Three months ended June 30, 2021 Six months ended June 30, 2021 EIG EMG Total EIG EMG Total (In thousands) United States $ 495,039 $ 225,912 $ 720,951 $ 883,940 $ 436,094 $ 1,320,034 International (1) : United Kingdom 20,649 28,568 49,217 42,596 58,619 101,215 European Union countries 117,856 103,604 221,460 221,521 198,901 420,422 Asia 217,854 65,449 283,303 415,415 126,643 542,058 Other foreign countries 82,536 28,879 111,415 161,386 56,973 218,359 Total international 438,895 226,500 665,395 840,918 441,136 1,282,054 Consolidated net sales $ 933,934 $ 452,412 $ 1,386,346 $ 1,724,858 $ 877,230 $ 2,602,088 ________________ (1) Includes U.S. export sales of $365.5 million and $696.4 million for the three and six months ended June 30, 2021, respectively. Three months ended June 30, 2020 Six months ended June 30, 2020 EIG EMG Total EIG EMG Total (In thousands) United States $ 338,757 $ 189,369 $ 528,126 $ 745,302 $ 424,058 $ 1,169,360 International (1) : United Kingdom 13,427 22,752 36,179 28,220 55,890 84,110 European Union countries 79,901 79,327 159,228 185,577 168,093 353,670 Asia 161,190 47,536 208,726 325,935 91,366 417,301 Other foreign countries 54,607 25,056 79,663 137,073 52,626 189,699 Total international 309,125 174,671 483,796 676,805 367,975 1,044,780 Consolidated net sales $ 647,882 $ 364,040 $ 1,011,922 $ 1,422,107 $ 792,033 $ 2,214,140 ______________ (1) Includes U.S. export sales of $257.9 million and $563.1 million for the three and six months ended June 30, 2020, respectively.
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 June 30, 2021 Six months ended June 30, 2021 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 644,121 $ — $ 644,121 $ 1,220,680 $ — $ 1,220,680 Aerospace and power 289,813 126,466 416,279 504,178 248,639 752,817 Automation and engineered solutions — 325,946 325,946 — 628,591 628,591 Consolidated net sales $ 933,934 $ 452,412 $ 1,386,346 $ 1,724,858 $ 877,230 $ 2,602,088 Three months ended June 30, 2020 Six months ended June 30, 2020 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 483,540 $ — $ 483,540 $ 1,031,980 $ — $ 1,031,980 Aerospace and power 164,342 104,133 268,475 390,127 231,384 621,511 Automation and engineered solutions — 259,907 259,907 — 560,649 560,649 Consolidated net sales $ 647,882 $ 364,040 $ 1,011,922 $ 1,422,107 $ 792,033 $ 2,214,140
Schedule of Disaggregation of Revenue	Three months ended June 30, 2021 Six months ended June 30, 2021 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 767,514 $ 408,569 $ 1,176,083 $ 1,414,766 $ 791,600 $ 2,206,366 Products and services transferred over time 166,420 43,843 210,263 310,092 85,630 395,722 Consolidated net sales $ 933,934 $ 452,412 $ 1,386,346 $ 1,724,858 $ 877,230 $ 2,602,088 Three months ended June 30, 2020 Six months ended June 30, 2020 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 525,168 $ 324,502 $ 849,670 $ 1,158,708 $ 703,561 $ 1,862,269 Products and services transferred over time 122,714 39,538 162,252 263,399 88,472 351,871 Consolidated net sales $ 647,882 $ 364,040 $ 1,011,922 $ 1,422,107 $ 792,033 $ 2,214,140
Schedule of Product Warranty Liability	Changes in the accrued product warranty obligation were as follows: Six Months Ended June 30, 2021 2020 (In thousands) Balance at the beginning of the period $ 27,839 $ 27,611 Accruals for warranties issued during the period 5,964 6,874 Settlements made during the period (6,620) (7,605) Warranty accruals related to acquired businesses and other during the period 2,169 326 Balance at the end of the period $ 29,352 $ 27,206

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Number of Weighted Average Shares	The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In thousands) Weighted average shares: Basic shares 230,828 229,225 230,632 229,094 Equity-based compensation plans 2,013 1,156 1,937 1,532 Diluted shares 232,841 230,381 232,569 230,626

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Fair Value Fair Value (In thousands) Mutual fund investments $ 10,085 $ 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 June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt, net (including current portion) $ (2,326,547) $ (2,485,398) $ (2,347,587) $ (2,550,956)

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	June 30, December 31, (In thousands) Finished goods and parts $ 97,921 $ 81,619 Work in process 138,949 102,945 Raw materials and purchased parts 474,750 374,607 Total inventories, net $ 711,620 $ 559,171

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Operating lease cost $ 12,006 $ 10,284 $ 23,523 $ 20,989 Variable lease cost 1,402 976 2,872 2,090 Total lease cost $ 13,408 $ 11,260 $ 26,395 $ 23,079
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows: June 30, December 31, (In thousands) Right of use assets, net $ 178,698 $ 167,233 Lease liabilities included in Accrued Liabilities and other 48,159 44,948 Lease liabilities included in Other long-term liabilities 135,930 128,173 Total lease liabilities $ 184,089 $ 173,121
Maturities of Lease Liabilities	Maturities of lease liabilities as of June 30, 2021 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2021 $ 26,820 2022 47,870 2023 38,592 2024 26,227 2025 19,084 Thereafter 35,419 Total lease payments 194,012 Less: imputed interest 9,923 $ 184,089

Acquisitions and Divestiture (T

Acquisitions and Divestiture (Tables)	6 Months Ended
	Jun. 30, 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): Abaco Other Acquisitions Total Property, plant and equipment $ 52.9 $ 38.2 $ 91.1 Goodwill 691.4 231.4 922.8 Other intangible assets 675.0 267.3 942.3 Deferred income taxes (134.1) (30.4) (164.5) Net working capital and other (1) 60.7 (11.6) 49.1 Total cash paid $ 1,345.9 $ 494.9 $ 1,840.8 ________________ (1) Includes $66.8 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 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 916.9 5.9 922.8 Purchase price allocation adjustments and other 1.9 — 1.9 Foreign currency translation adjustments (6.1) (3.7) (9.8) Balance at June 30, 2021 $ 3,963.0 $ 1,176.8 $ 5,139.8

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 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 32.4 Reductions for tax positions (0.8) Balance at June 30, 2021 $ 132.3

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Total Share-Based Compensation Expense	Total share-based compensation expense was as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (In thousands) Stock option expense $ 3,326 $ 3,626 $ 7,249 $ 6,999 Restricted stock expense 5,690 4,586 11,917 8,128 Performance restricted stock unit expense 3,137 2,993 4,427 3,926 Total pre-tax expense $ 12,153 $ 11,205 $ 23,593 $ 19,053
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: Six 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 (511) 59.57 Forfeited (56) 80.45 Outstanding at June 30, 2021 3,935 $ 73.63 6.2 $ 235.6 Exercisable at June 30, 2021 2,567 $ 64.78 4.8 $ 176.4
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 148 122.01 Vested (347) 68.06 Forfeited (21) 91.66 Non-vested restricted stock outstanding at June 30, 2021 481 $ 96.42 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 (4) 81.76 Non-vested performance restricted stock outstanding at June 30, 2021 292 $ 85.44 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

Retirement and Pension Plans (T

Retirement and Pension Plans (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2021 2020 2021 2020 (In thousands) Defined benefit plans: Service cost $ 2,030 $ 1,929 $ 4,051 $ 3,879 Interest cost 4,581 5,600 9,148 11,236 Expected return on plan assets (14,221) (13,558) (28,395) (27,208) Amortization of net actuarial loss and other 4,379 3,931 8,732 7,907 Pension income (3,231) (2,098) (6,464) (4,186) Other plans: Defined contribution plans 7,961 6,882 16,416 16,907 Foreign plans and other 2,123 1,832 4,357 3,873 Total other plans 10,084 8,714 20,773 20,780 Total net pension expense $ 6,853 $ 6,616 $ 14,309 $ 16,594

Revenues - Outstanding Contract

Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets	$ 73,853	$ 67,804	$ 68,971	$ 73,039
Change in contract assets – increase (decrease)	4,882	(5,235)
Contract liabilities	333,409	199,967	$ 215,093	$ 167,306
Change in contract liabilities – increase	(118,316)	(32,661)
Net change	$ (113,434)	$ (37,896)

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue recognized from contract liabilities	$ 145,200	$ 105,300
Customer advanced payments	39,400		$ 20,500
Accounts and notes receivable, net	754,045		597,472
Allowance for notes and loans receivable	$ 12,100
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]: 2021-07-01
Revenue, remaining performance obligation	$ 422,300
Performance obligation, expected timing of satisfaction, period	9 months
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Performance obligation, expected timing of satisfaction, period	2 years
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,386,346	$ 1,011,922	$ 2,602,088	$ 2,214,140
United States
Segment Reporting Information [Line Items]
Net sales	720,951	528,126	1,320,034	1,169,360
United Kingdom
Segment Reporting Information [Line Items]
Net sales	49,217	36,179	101,215	84,110
European Union countries
Segment Reporting Information [Line Items]
Net sales	221,460	159,228	420,422	353,670
Asia
Segment Reporting Information [Line Items]
Net sales	283,303	208,726	542,058	417,301
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	111,415	79,663	218,359	189,699
International
Segment Reporting Information [Line Items]
Net sales	665,395	483,796	1,282,054	1,044,780
Non-US
Segment Reporting Information [Line Items]
Net sales	365,500	257,900	696,400	563,100
Electronic Instruments Group
Segment Reporting Information [Line Items]
Net sales	933,934	647,882	1,724,858	1,422,107
Electronic Instruments Group | United States
Segment Reporting Information [Line Items]
Net sales	495,039	338,757	883,940	745,302
Electronic Instruments Group | United Kingdom
Segment Reporting Information [Line Items]
Net sales	20,649	13,427	42,596	28,220
Electronic Instruments Group | European Union countries
Segment Reporting Information [Line Items]
Net sales	117,856	79,901	221,521	185,577
Electronic Instruments Group | Asia
Segment Reporting Information [Line Items]
Net sales	217,854	161,190	415,415	325,935
Electronic Instruments Group | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	82,536	54,607	161,386	137,073
Electronic Instruments Group | International
Segment Reporting Information [Line Items]
Net sales	438,895	309,125	840,918	676,805
Electromechanical Group
Segment Reporting Information [Line Items]
Net sales	452,412	364,040	877,230	792,033
Electromechanical Group | United States
Segment Reporting Information [Line Items]
Net sales	225,912	189,369	436,094	424,058
Electromechanical Group | United Kingdom
Segment Reporting Information [Line Items]
Net sales	28,568	22,752	58,619	55,890
Electromechanical Group | European Union countries
Segment Reporting Information [Line Items]
Net sales	103,604	79,327	198,901	168,093
Electromechanical Group | Asia
Segment Reporting Information [Line Items]
Net sales	65,449	47,536	126,643	91,366
Electromechanical Group | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	28,879	25,056	56,973	52,626
Electromechanical Group | International
Segment Reporting Information [Line Items]
Net sales	$ 226,500	$ 174,671	$ 441,136	$ 367,975

Revenues - Major Products and S

Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,386,346	$ 1,011,922	$ 2,602,088	$ 2,214,140
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	644,121	483,540	1,220,680	1,031,980
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	416,279	268,475	752,817	621,511
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	325,946	259,907	628,591	560,649
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	933,934	647,882	1,724,858	1,422,107
Electronic Instruments Group | Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	644,121	483,540	1,220,680	1,031,980
Electronic Instruments Group | Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	289,813	164,342	504,178	390,127
Electronic Instruments Group | Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	452,412	364,040	877,230	792,033
Electromechanical Group | Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Electromechanical Group | Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	126,466	104,133	248,639	231,384
Electromechanical Group | Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 325,946	$ 259,907	$ 628,591	$ 560,649

Revenues - Timing of Revenue Re

Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,386,346	$ 1,011,922	$ 2,602,088	$ 2,214,140
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,176,083	849,670	2,206,366	1,862,269
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	210,263	162,252	395,722	351,871
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	933,934	647,882	1,724,858	1,422,107
Electronic Instruments Group | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	767,514	525,168	1,414,766	1,158,708
Electronic Instruments Group | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	166,420	122,714	310,092	263,399
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	452,412	364,040	877,230	792,033
Electromechanical Group | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	408,569	324,502	791,600	703,561
Electromechanical Group | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 43,843	$ 39,538	$ 85,630	$ 88,472

Revenues - Changes in Accrued P

Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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	5,964	6,874
Settlements made during the period	(6,620)	(7,605)
Warranty accruals related to acquired businesses and other during the period	2,169	326
Balance at the end of the period	$ 29,352	$ 27,206

Earnings Per Share - Number of

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Weighted average common shares outstanding:
Basic shares	230,828	229,225	230,632	229,094
Equity-based compensation plans	2,013	1,156	1,937	1,532
Diluted shares	232,841	230,381	232,569	230,626

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 10,085	$ 8,969

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020CAD ($)	Jun. 30, 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 | £				£ 40,000,000

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Recorded Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,326,547)	$ (2,347,587)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,485,398)	$ (2,550,956)

Hedging Activities - Additional

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasurement gain	$ 18.3
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	310.7
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 681.4

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods and parts	$ 97,921	$ 81,619
Work in process	138,949	102,945
Raw materials and purchased parts	474,750	374,607
Total inventories, net	$ 711,620	$ 559,171

Leases - Additional Information

Leases - Additional Information (Details)	Jun. 30, 2021
Minimum
Lessee, Lease, Description [Line Items]
Initial lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Initial lease term	14 years

Leases- Components of Lease Exp

Leases- Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 12,006	$ 10,284	$ 23,523	$ 20,989
Variable lease cost	1,402	976	2,872	2,090
Total lease cost	$ 13,408	$ 11,260	$ 26,395	$ 23,079

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Right of use assets, net	$ 178,698	$ 167,233
Lease liabilities included in Accrued Liabilities and other	$ 48,159	$ 44,948
Operating lease, liability, current, statement of financial position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Lease liabilities included in Other long-term liabilities	$ 135,930	$ 128,173
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 184,089	$ 173,121

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2021	$ 26,820
2022	47,870
2023	38,592
2024	26,227
2025	19,084
Thereafter	35,419
Total lease payments	194,012
Less: imputed interest	9,923
Total lease liabilities	$ 184,089	$ 173,121

Acquisitions and Divestiture -

Acquisitions and Divestiture - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired				$ 1,840,845	$ 116,509
Pro forma information, estimated sales percent			10.00%	10.00%
Proceeds from sale of business				$ 0	245,311
Gain on disposition of business		$ (141,000)		0	$ (141,020)
Income tax expense relating to sale of business		31,400
2021 Consolidated Acquisition
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired	$ 1,840,800
Business acquisition, goodwill, expected tax deductible amount			$ 106,000	106,000
2020 Consolidated Acquisition
Business Acquisition [Line Items]
Total other intangible assets acquired			942,300	942,300
Finite-lived intangible assets acquired				797,000
Expected amortization, remainder of fiscal year			47,000	47,000
Future amortization expense, year one			47,000	47,000
Future amortization expense, year two			47,000	47,000
Future amortization expense, year three			47,000	47,000
Future amortization expense, year four			47,000	47,000
Future amortization expense, year five			$ 47,000	47,000
2020 Consolidated Acquisition | Trade Names
Business Acquisition [Line Items]
Indefinite-lived intangible trade names acquired				145,300
2020 Consolidated Acquisition | Customer Relationship
Business Acquisition [Line Items]
Finite-lived intangible assets acquired				$ 632,100
2020 Consolidated Acquisition | Customer Relationship | Minimum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				15 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				$ 164,900
2020 Consolidated Acquisition | Purchased Technology | Minimum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				11 years
2020 Consolidated Acquisition | Purchased Technology | Maximum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset				20 years
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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 5,139,807		$ 4,224,906
Total cash paid	1,840,845	$ 116,509
Abaco
Business Acquisition [Line Items]
Property, plant and equipment	52,900
Goodwill	691,400
Other intangible assets	675,000
Deferred income taxes	(134,100)
Net working capital and other	60,700
Total cash paid	1,345,900
Other Acquisitions
Business Acquisition [Line Items]
Property, plant and equipment	38,200
Goodwill	231,400
Other intangible assets	267,300
Deferred income taxes	(30,400)
Net working capital and other	(11,600)
Total cash paid	494,900
Total
Business Acquisition [Line Items]
Property, plant and equipment	91,100
Goodwill	922,800
Other intangible assets	942,300
Deferred income taxes	(164,500)
Net working capital and other	49,100
Total cash paid	1,840,800
Accounts receivable included in purchase price	$ 66,800

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 4,224,906
Goodwill acquired	922,800
Purchase price allocation adjustments and other	1,900
Foreign currency translation adjustments	(9,800)
Goodwill, ending balance	5,139,807
Electronic Instruments Group
Goodwill [Roll Forward]
Goodwill, beginning balance	3,050,300
Goodwill acquired	916,900
Purchase price allocation adjustments and other	1,900
Foreign currency translation adjustments	(6,100)
Goodwill, ending balance	3,963,000
Electromechanical Group
Goodwill [Roll Forward]
Goodwill, beginning balance	1,174,600
Goodwill acquired	5,900
Purchase price allocation adjustments and other	0
Foreign currency translation adjustments	(3,700)
Goodwill, ending balance	$ 1,176,800

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 132.3		$ 100.7
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 81.4
Effective tax rate	20.60%	19.50%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	6 Months Ended
	Jun. 30, 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	32.4
Reductions for tax positions	(0.8)
Balance at the end of the year	$ 132.3

Debt (Details)

Debt (Details) - Secured Debt - USD ($) $ in Millions	Apr. 26, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 800
Long-term debt, gross		$ 150

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 30.5
Total fair value of stock options vested		13.6
Expected future pre-tax compensation expense, nonvested stock options		$ 22.6
Weighted average period to recognize expected future pre-tax compensation expense		2 years
Nonvested restricted stock outstanding (in shares)		500
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		$ 9.7
Share-based payment award, options, outstanding (in shares)		3,935	3,950
Non vested Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding (in shares)		1,400
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize expected future pre-tax compensation expense		2 years
Total fair value of vested restricted stock		$ 23.6
Expected future pre-tax compensation expense, nonvested restricted shares		$ 37
Nonvested restricted stock outstanding (in shares)		481	701
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested restricted stock outstanding (in shares)		292	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock option expense	$ 3,326	$ 3,626	$ 7,249	$ 6,999
Restricted stock expense	5,690	4,586	11,917	8,128
Performance restricted stock unit expense	3,137	2,993	4,427	3,926
Total pre-tax expense	$ 12,153	$ 11,205	$ 23,593	$ 19,053

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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	(511)
Forfeited (in shares) | shares	(56)
Ending balance, outstanding (in shares) | shares	3,935
Ending balance, exercisable (in shares) | shares	2,567
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	59.57
Forfeited, weighted average exercise price (in usd per share) | $ / shares	80.45
Ending balance, outstanding, weighted average exercise price (in shares) | $ / shares	73.63
Ending balance, exercisable, weighted average exercise price (in usd per share) | $ / shares	$ 64.78
Weighted Average Remaining Contractual Life
Ending balance, outstanding, weighted average remaining contractual life	6 years 2 months 12 days
Ending balance, exercisable, weighted average remaining contractual life	4 years 9 months 18 days
Aggregate Intrinsic Value
Ending balance, outstanding, aggregate intrinsic value | $	$ 235.6
Ending balance, exercisable, aggregate intrinsic value | $	$ 176.4

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Shares
Non-vested restricted stock outstanding at June 30, 2021 (in shares)	500
Restricted Shares
Shares
Non-vested restricted stock outstanding at December 31, 2020 (in shares)	701
Granted (in shares)	148
Vested (in shares)	(347)
Forfeited (in shares)	(21)
Non-vested restricted stock outstanding at June 30, 2021 (in shares)	481
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	122.01
Vested (in usd per share) | $ / shares	68.06
Forfeited (in usd per share) | $ / shares	91.66
Non-vested restricted stock outstanding at June 30, 2021 (in usd per share) | $ / shares	$ 96.42
Performance Restricted Stock Units
Shares
Non-vested restricted stock outstanding at December 31, 2020 (in shares)	264
Granted (in shares)	81
Performance assumption change (in shares)	39
Vested (in shares)	(88)
Forfeited (in shares)	(4)
Non-vested restricted stock outstanding at June 30, 2021 (in shares)	292
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
Performance assumption change (in usd per share) | $ / shares	78.20
Vested (in usd per share) | $ / shares	78.20
Forfeited (in usd per share) | $ / shares	81.76
Non-vested restricted stock outstanding at June 30, 2021 (in usd per share) | $ / shares	$ 85.44

Retirement and Pension Plans -

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined benefit plans:
Service cost	$ 2,030	$ 1,929	$ 4,051	$ 3,879
Interest cost	4,581	5,600	9,148	11,236
Expected return on plan assets	(14,221)	(13,558)	(28,395)	(27,208)
Amortization of net actuarial loss and other	4,379	3,931	8,732	7,907
Pension income	(3,231)	(2,098)	(6,464)	(4,186)
Other plans:
Defined contribution plans	7,961	6,882	16,416	16,907
Foreign plans and other	2,123	1,832	4,357	3,873
Total other plans	10,084	8,714	20,773	20,780
Total net pension expense	$ 6,853	$ 6,616	$ 14,309	$ 16,594

Retirement and Pension Plans _2

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Defined benefit pension plan contributions	$ 4.1	$ 3.2

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2021USD ($)	Jun. 30, 2021USD ($)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		$ 33.8	$ 32.4
Payments for environmental liabilities		(3.1)
Loss contingency accrual, payments	$ 6.8
HCC Industries
Site Contingency [Line Items]
Environmental expense		4.5
Reserves related to an owned site acquired		$ 6.3	$ 7.4