AMETEK (AME) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		230,910,009
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001037868
Current Fiscal Year End Date	--12-31

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,458,525	$ 1,215,742
Cost of sales	948,833	789,392
Selling, general and administrative	156,452	133,005
Total operating expenses	1,105,285	922,397
Operating income	353,240	293,345
Interest expense	(19,570)	(18,947)
Other income (expense), net	2,552	(1,942)
Income before income taxes	336,222	272,456
Provision for income taxes	63,775	53,223
Net income	$ 272,447	$ 219,233
Basic earnings per share (in usd per share)	$ 1.18	$ 0.95
Diluted earnings per share (in usd per share)	$ 1.17	$ 0.94
Weighted average common shares outstanding:
Basic shares	231,481	230,435
Diluted shares	233,065	232,296
Dividends declared and paid per share (in usd per shares)	$ 0.22	$ 0.20

Condensed Consolidated Statemen

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 257,301	$ 210,826

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 340,304	$ 346,772
Receivables, net	854,457	829,213
Inventories, net	866,472	769,175
Other current assets	211,582	183,605
Total current assets	2,272,815	2,128,765
Property, plant and equipment, net	611,010	617,138
Right of use assets, net	169,279	169,924
Goodwill	5,218,920	5,238,726
Other intangibles, net	3,312,384	3,368,629
Investments and other assets	387,621	375,005
Total assets	11,972,029	11,898,187
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	331,426	315,093
Accounts payable	504,249	470,252
Customer advanced payments	322,887	298,728
Income taxes payable	74,055	35,904
Accrued liabilities and other	358,118	443,337
Total current liabilities	1,590,735	1,563,314
Long-term debt, net	2,204,592	2,229,148
Deferred income taxes	715,645	719,675
Other long-term liabilities	529,369	514,166
Total liabilities	5,040,341	5,026,303
Stockholders’ equity:
Common stock	2,693	2,689
Capital in excess of par value	1,018,433	1,012,526
Retained earnings	8,121,781	7,900,113
Accumulated other comprehensive loss	(485,590)	(470,444)
Treasury stock	(1,725,629)	(1,573,000)
Total stockholders’ equity	6,931,688	6,871,884
Total liabilities and stockholders’ equity	$ 11,972,029	$ 11,898,187

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital stock	Capital in excess of par value	Retained earnings	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, 2020		$ 2,676	$ 921,752	$ 7,094,656	$ (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 $(5,831) and $(5,938) for the quarter ended March 31, 2022 and 2021, respectively					18,358
Amortization of net actuarial loss and other, net of tax of $(326) and $(527) for the quarter ended March 31, 2022 and 2021, 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)
Balance at the beginning of the year at Dec. 31, 2021	6,871,884	2,689	1,012,526	7,900,113	(275,365)	(195,079)		(1,573,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		4
Issuance of common stock under employee stock plans			(3,664)					4,095
Share-based compensation expense			9,571
Net income	272,447			272,447
Cash dividends paid				(50,778)
Other				(1)
Translation adjustments					(27,185)
Change in long-term intercompany notes					(6,867)
Net investment hedge instruments gain, net of tax of $(5,831) and $(5,938) for the quarter ended March 31, 2022 and 2021, respectively					17,906
Amortization of net actuarial loss and other, net of tax of $(326) and $(527) for the quarter ended March 31, 2022 and 2021, respectively						1,000
Purchase of treasury stock								(156,724)
Balance at the end of the year at Mar. 31, 2022	$ 6,931,688	$ 2,693	$ 1,018,433	$ 8,121,781	$ (291,511)	$ (194,079)	$ (485,590)	$ (1,725,629)

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Tax related to investment hedge instruments gain (loss)	$ (5,831)	$ (5,938)
Tax related to amortization of net actuarial loss (gain)	$ (326)	$ (527)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income	$ 272,447	$ 219,233
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	78,121	64,617
Deferred income taxes	(497)	8,095
Share-based compensation expense	9,571	11,440
Gain on sale of facilities	(7,054)	0
Net change in assets and liabilities, net of acquisitions	(138,897)	(13,275)
Pension contributions	(2,137)	(2,038)
Other, net	(10,213)	(3,665)
Total operating activities	201,341	284,407
Investing activities:
Additions to property, plant and equipment	(26,389)	(17,537)
Purchases of businesses, net of cash acquired	0	(263,948)
Proceeds from sale of facilities	11,754	0
Other, net	(246)	(3,017)
Total investing activities	(14,881)	(284,502)
Financing activities:
Net change in short-term borrowings	19,977	(32,950)
Repurchases of common stock	(156,724)	(7,997)
Cash dividends paid	(50,778)	(46,033)
Proceeds from stock option exercises	8,262	6,925
Other, net	(8,180)	(3,951)
Total financing activities	(187,443)	(84,006)
Effect of exchange rate changes on cash and cash equivalents	(5,485)	(5,061)
Decrease in cash and cash equivalents	(6,468)	(89,162)
Cash and cash equivalents:
Beginning of period	346,772	1,212,822
End of period	$ 340,304	$ 1,123,660

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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, 2022, the consolidated results of its operations for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021 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, 2021 as filed with the U.S. Securities and Exchange Commission.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncement In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which provides a single comprehensive accounting model for the acquisition of contract balances under ASC 805. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company early adopted the ASU on January 1, 2022, and the amendments in this ASU were applied on a prospective basis to all periods presented. The adoption of ASU 2021-08 did not impact the Company's consolidated results of operations, financial position, cash flows, or financial statement disclosures.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The outstanding contract asset and liability accounts were as follows: 2022 2021 (In thousands) Contract assets—January 1 $ 95,274 $ 68,971 Contract assets – March 31 102,703 71,415 Change in contract assets – increase (decrease) 7,429 2,444 Contract liabilities – January 1 328,816 215,093 Contract liabilities – March 31 351,053 253,047 Change in contract liabilities – (increase) decrease (22,237) (37,954) Net change $ (14,808) $ (35,510) The net change for the three months ended March 31, 2022 was primarily driven by contract liabilities, specifically broad-based growth in advance payments from customers. For the three months ended March 31, 2022 and 2021, the Company recognized revenue of $181.6 million and $132.0 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, 2022 and December 31, 2021, $28.3 million and $30.1 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets. The remaining performance obligations not expected to be completed within one year as of March 31, 2022 and December 31, 2021 were $305.9 million and $342.5 million, respectively. Remaining performance obligations represent the transaction price of firm, non-cancelable orders, with expected delivery dates to customers greater than one year from the balance sheet date, for which the performance obligation is unsatisfied or partially unsatisfied. These performance obligations will be substantially satisfied within two 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: Three months ended March 31, 2022 EIG EMG Total (In thousands) United States $ 483,626 $ 230,641 $ 714,267 International (1) : United Kingdom 27,955 28,757 56,712 European Union countries 120,714 114,149 234,863 Asia 256,420 63,406 319,826 Other foreign countries 99,044 33,813 132,857 Total international 504,133 240,125 744,258 Consolidated net sales $ 987,759 $ 470,766 $ 1,458,525 ________________ (1) Includes U.S. export sales of $409.2 million for the three months ended March 31, 2022. 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 for the three months ended March 31, 2021. Major Products and Services The Company’s major products and services in the reportable segments were as follows: Three months ended March 31, 2022 EIG EMG Total (In thousands) Process and analytical instrumentation $ 692,692 $ — $ 692,692 Aerospace and power 295,067 126,742 421,809 Automation and engineered solutions — 344,024 344,024 Consolidated net sales $ 987,759 $ 470,766 $ 1,458,525 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 Timing of Revenue Recognition Three months ended March 31, 2022 EIG EMG Total (In thousands) Products transferred at a point in time $ 812,948 $ 412,654 $ 1,225,602 Products and services transferred over time 174,811 58,112 232,923 Consolidated net sales $ 987,759 $ 470,766 $ 1,458,525 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 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, 2022 2021 (In thousands) Balance at the beginning of the period $ 27,478 $ 27,839 Accruals for warranties issued during the period 2,753 2,780 Settlements made during the period (3,023) (3,292) Warranty accruals related to acquired businesses and other during the period (166) (99) Balance at the end of the period $ 27,042 $ 27,228 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, 2022, the Company had $854.5 million of accounts receivable, net of allowances of $10.9 million. Changes in the allowance were not material for the three months ended March 31, 2022.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 (In thousands) Weighted average shares: Basic shares 231,481 230,435 Equity-based compensation plans 1,584 1,861 Diluted shares 233,065 232,296

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Fair Value Fair Value (In thousands) Mutual fund investments $ 11,283 $ 10,703 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, 2022 and 2021, 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, 2022 and 2021. Financial Instruments Cash, cash equivalents and mutual fund investments are recorded at fair value at March 31, 2022 and December 31, 2021 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, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt (including current portion) $ (2,208,928) $ (2,243,340) $ (2,233,705) $ (2,378,930) 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.

Hedging Activities

Hedging Activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Activities	Hedging Activities The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of March 31, 2022, 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, 2022, the Company had $295.9 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, 2022, the Company had $596.2 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, $23.7 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, 2022.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net March 31, December 31, (In thousands) Finished goods and parts $ 106,667 $ 89,985 Work in process 142,472 122,356 Raw materials and purchased parts 617,333 556,834 Total inventories, net $ 866,472 $ 769,175

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021. The Company's leases have initial lease terms ranging from one month to 16 years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows: Three Months Ended 2022 2021 (In thousands) Operating lease cost $ 15,378 $ 11,517 Variable lease cost 2,253 1,470 Total lease cost $ 17,631 $ 12,987 Supplemental balance sheet information related to leases was as follows: March 31, December 31, (In thousands) Right of use assets, net $ 169,279 $ 169,924 Lease liabilities included in Accrued Liabilities and other 47,473 47,353 Lease liabilities included in Other long-term liabilities 127,620 129,101 Total lease liabilities $ 175,093 $ 176,454 Maturities of lease liabilities as of March 31, 2022 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2022 $ 39,105 2023 44,048 2024 32,276 2025 23,317 2026 16,712 Thereafter 27,232 Total lease payments 182,690 Less: imputed interest 7,597 $ 175,093 The Company does not have any significant leases that have not yet commenced.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2022
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, 2021 $ 4,073.8 $ 1,164.9 $ 5,238.7 Purchase price allocation adjustments and other (1.2) — (1.2) Foreign currency translation adjustments (9.6) (9.0) (18.6) Balance at March 31, 2022 $ 4,063.0 $ 1,155.9 $ 5,218.9 The Company is in the process of finalizing its measurements of certain tangible and intangible assets and liabilities for its November 2021 acquisition of Alphasense.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At March 31, 2022, the Company had gross uncertain tax benefits of $154.1 million, of which $113.8 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, 2021 $ 147.0 Additions for tax positions 7.1 Reductions for tax positions — Balance at March 31, 2022 $ 154.1 The additions above primarily reflect the tax positions for foreign tax planning initiatives. 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, 2022 and 2021 were not significant. The effective tax rate for the three months ended March 31, 2022 was 19.0%, compared with 19.5% for the three months ended March 31, 2021. The lower effective tax rate in 2022 is primarily due to a favorable foreign tax rate differential.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
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, Trust 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 March 31, 2022, the Company had $150.0 million outstanding on the term loan with a maturity date of June 2026. The Company's ability to draw on the term loan expired on April 26, 2022, with no additional borrowings.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
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, 2021. Share Based Compensation Expense Total share-based compensation expense was as follows: Three Months Ended 2022 2021 (In thousands) Stock option expense $ 3,440 $ 3,923 Restricted stock expense 4,778 6,227 Performance restricted stock unit expense 1,353 1,290 Total pre-tax expense $ 9,571 $ 11,440 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 24.5 % 24.2 % Expected term (years) 5.0 5.0 Risk-free interest rate 2.33 % 0.85 % Expected dividend yield 0.65 % 0.66 % Black-Scholes-Merton fair value per stock option granted $ 32.54 $ 25.63 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, 2021 3,352 $ 76.08 Granted 608 134.69 Exercised (142) 62.75 Forfeited (24) 91.75 Outstanding at March 31, 2022 3,794 $ 76.56 6.7 $ 180.4 Exercisable at March 31, 2022 2,361 $ 70.86 5.3 $ 147.1 The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2022 was $8.9 million. The total fair value of stock options vested during the three months ended March 31, 2022 was $7.3 million. As of March 31, 2022, there was approximately $28.0 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, 2021 413 $ 96.07 Granted 179 134.71 Vested (107) 86.05 Forfeited (10) 100.34 Non-vested restricted stock outstanding at March 31, 2022 475 $ 112.85 The total fair value of restricted stock vested during the three months ended March 31, 2022 was $9.3 million. As of March 31, 2022, there was approximately $44.2 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 2022, 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, 2021 289 $ 85.29 Granted 87 134.69 Performance assumption change 1 66 81.76 Vested (161) 81.76 Forfeited (2) 89.73 Non-vested performance restricted stock outstanding at March 31, 2022 279 $ 101.97 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics. As of March 31, 2022, there was approximately $17.3 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	3 Months Ended
	Mar. 31, 2022
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 2022 2021 (In thousands) Defined benefit plans: Service cost $ 1,374 $ 2,021 Interest cost 5,120 4,567 Expected return on plan assets (15,268) (14,174) Amortization of net actuarial loss and other 2,174 4,353 Pension income (6,600) (3,233) Other plans: Defined contribution plans 13,261 8,455 Foreign plans and other 2,318 2,234 Total other plans 15,579 10,689 Total net pension expense $ 8,979 $ 7,456 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, 2022 and 2021, contributions to the Company’s defined benefit pension plans were $2.1 million and $2.0 million, respectively. The Company’s current estimate of 2022 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, 2021.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2022
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, 2022, the Company is named a Potentially Responsible Party (“PRP”) at 13 non-AMETEK-owned former waste disposal or treatment sites (the “non-owned” sites). The Company is identified as a “de minimis” party in 12 of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. In eight of these sites, the Company has reached a tentative agreement on the cost of the de minimis settlement to satisfy its obligation and is awaiting executed agreements. The tentatively agreed-to settlement amounts are fully 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, 2022 and December 31, 2021 were $36.9 million and $37.2 million, respectively, for both non-owned and owned sites. For the three months ended March 31, 2022, the Company recorded $2.3 million in reserves. Additionally, the Company spent $2.6 million on environmental matters for the three months ended March 31, 2022. The Company has agreements with other former owners of certain of its acquired businesses, as well as new owners of previously owned businesses. Under certain of the agreements, the former or new owners retained, or assumed and agreed to indemnify the Company against, certain environmental and other liabilities under certain circumstances. The Company and some of these other parties also carry insurance coverage for some environmental matters. The Company believes it has established reserves for the environmental matters described above, which are sufficient to perform all known responsibilities under existing claims and consent orders. In the opinion of management, based on presently available information and the Company’s historical experience related to such matters, an adequate provision for probable costs has been made and the ultimate cost resulting from these actions is not expected to materially affect the consolidated results of operations, financial position or cash flows of the Company.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2022, the consolidated results of its operations for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021 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, 2021 as filed with the U.S. Securities and Exchange Commission.
Recently Adopted Accounting Pronouncement	Recently Adopted Accounting Pronouncement In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which provides a single comprehensive accounting model for the acquisition of contract balances under ASC 805. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company early adopted the ASU on January 1, 2022, and the amendments in this ASU were applied on a prospective basis to all periods presented. The adoption of ASU 2021-08 did not impact the Company's consolidated results of operations, financial position, cash flows, or financial statement disclosures.
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)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Outstanding Contract Asset and (Liability) Accounts	The outstanding contract asset and liability accounts were as follows: 2022 2021 (In thousands) Contract assets—January 1 $ 95,274 $ 68,971 Contract assets – March 31 102,703 71,415 Change in contract assets – increase (decrease) 7,429 2,444 Contract liabilities – January 1 328,816 215,093 Contract liabilities – March 31 351,053 253,047 Change in contract liabilities – (increase) decrease (22,237) (37,954) Net change $ (14,808) $ (35,510)
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: Three months ended March 31, 2022 EIG EMG Total (In thousands) United States $ 483,626 $ 230,641 $ 714,267 International (1) : United Kingdom 27,955 28,757 56,712 European Union countries 120,714 114,149 234,863 Asia 256,420 63,406 319,826 Other foreign countries 99,044 33,813 132,857 Total international 504,133 240,125 744,258 Consolidated net sales $ 987,759 $ 470,766 $ 1,458,525 ________________ (1) Includes U.S. export sales of $409.2 million for the three months ended March 31, 2022. 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 for the three months ended March 31, 2021.
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, 2022 EIG EMG Total (In thousands) Process and analytical instrumentation $ 692,692 $ — $ 692,692 Aerospace and power 295,067 126,742 421,809 Automation and engineered solutions — 344,024 344,024 Consolidated net sales $ 987,759 $ 470,766 $ 1,458,525 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
Schedule of Disaggregation of Revenue	Three months ended March 31, 2022 EIG EMG Total (In thousands) Products transferred at a point in time $ 812,948 $ 412,654 $ 1,225,602 Products and services transferred over time 174,811 58,112 232,923 Consolidated net sales $ 987,759 $ 470,766 $ 1,458,525 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
Schedule of Product Warranty Liability	Changes in the accrued product warranty obligation were as follows: Three Months Ended March 31, 2022 2021 (In thousands) Balance at the beginning of the period $ 27,478 $ 27,839 Accruals for warranties issued during the period 2,753 2,780 Settlements made during the period (3,023) (3,292) Warranty accruals related to acquired businesses and other during the period (166) (99) Balance at the end of the period $ 27,042 $ 27,228

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (In thousands) Weighted average shares: Basic shares 231,481 230,435 Equity-based compensation plans 1,584 1,861 Diluted shares 233,065 232,296

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Fair Value Fair Value (In thousands) Mutual fund investments $ 11,283 $ 10,703
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, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt (including current portion) $ (2,208,928) $ (2,243,340) $ (2,233,705) $ (2,378,930)

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	March 31, December 31, (In thousands) Finished goods and parts $ 106,667 $ 89,985 Work in process 142,472 122,356 Raw materials and purchased parts 617,333 556,834 Total inventories, net $ 866,472 $ 769,175

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended 2022 2021 (In thousands) Operating lease cost $ 15,378 $ 11,517 Variable lease cost 2,253 1,470 Total lease cost $ 17,631 $ 12,987
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 $ 169,279 $ 169,924 Lease liabilities included in Accrued Liabilities and other 47,473 47,353 Lease liabilities included in Other long-term liabilities 127,620 129,101 Total lease liabilities $ 175,093 $ 176,454
Maturities of Lease Liabilities	Maturities of lease liabilities as of March 31, 2022 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2022 $ 39,105 2023 44,048 2024 32,276 2025 23,317 2026 16,712 Thereafter 27,232 Total lease payments 182,690 Less: imputed interest 7,597 $ 175,093

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amounts of Goodwill by Segment	The changes in the carrying amounts of goodwill by segment were as follows: EIG EMG Total (In millions) Balance at December 31, 2021 $ 4,073.8 $ 1,164.9 $ 5,238.7 Purchase price allocation adjustments and other (1.2) — (1.2) Foreign currency translation adjustments (9.6) (9.0) (18.6) Balance at March 31, 2022 $ 4,063.0 $ 1,155.9 $ 5,218.9

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 $ 147.0 Additions for tax positions 7.1 Reductions for tax positions — Balance at March 31, 2022 $ 154.1

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Total Share-Based Compensation Expense	Total share-based compensation expense was as follows: Three Months Ended 2022 2021 (In thousands) Stock option expense $ 3,440 $ 3,923 Restricted stock expense 4,778 6,227 Performance restricted stock unit expense 1,353 1,290 Total pre-tax expense $ 9,571 $ 11,440
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 24.5 % 24.2 % Expected term (years) 5.0 5.0 Risk-free interest rate 2.33 % 0.85 % Expected dividend yield 0.65 % 0.66 % Black-Scholes-Merton fair value per stock option granted $ 32.54 $ 25.63
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, 2021 3,352 $ 76.08 Granted 608 134.69 Exercised (142) 62.75 Forfeited (24) 91.75 Outstanding at March 31, 2022 3,794 $ 76.56 6.7 $ 180.4 Exercisable at March 31, 2022 2,361 $ 70.86 5.3 $ 147.1
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, 2021 413 $ 96.07 Granted 179 134.71 Vested (107) 86.05 Forfeited (10) 100.34 Non-vested restricted stock outstanding at March 31, 2022 475 $ 112.85 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, 2021 289 $ 85.29 Granted 87 134.69 Performance assumption change 1 66 81.76 Vested (161) 81.76 Forfeited (2) 89.73 Non-vested performance restricted stock outstanding at March 31, 2022 279 $ 101.97 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

Retirement and Pension Plans (T

Retirement and Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 (In thousands) Defined benefit plans: Service cost $ 1,374 $ 2,021 Interest cost 5,120 4,567 Expected return on plan assets (15,268) (14,174) Amortization of net actuarial loss and other 2,174 4,353 Pension income (6,600) (3,233) Other plans: Defined contribution plans 13,261 8,455 Foreign plans and other 2,318 2,234 Total other plans 15,579 10,689 Total net pension expense $ 8,979 $ 7,456

Revenues - Outstanding Contract

Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 102,703	$ 71,415	$ 95,274	$ 68,971
Change in contract assets – increase (decrease)	7,429	2,444
Contract liabilities	351,053	253,047	$ 328,816	$ 215,093
Change in contract liabilities – (increase) decrease	(22,237)	(37,954)
Net change	$ (14,808)	$ (35,510)

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue recognized from contract liabilities	$ 181,600	$ 132,000
Customer advanced payments	28,300		$ 30,100
Accounts and notes receivable, net	854,457		829,213
Allowance for notes and loans receivable	10,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, remaining performance obligation			$ 342,500
Performance obligation, expected timing of satisfaction, period			1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, remaining performance obligation	$ 305,900
Performance obligation, expected timing of satisfaction, period	9 months
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Performance obligation, expected timing of satisfaction, period	2 years
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
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, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,458,525	$ 1,215,742
United States
Segment Reporting Information [Line Items]
Net sales	714,267	599,083
United Kingdom
Segment Reporting Information [Line Items]
Net sales	56,712	51,998
European Union countries
Segment Reporting Information [Line Items]
Net sales	234,863	198,962
Asia
Segment Reporting Information [Line Items]
Net sales	319,826	258,755
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	132,857	106,944
International
Segment Reporting Information [Line Items]
Net sales	744,258	616,659
Non-US
Segment Reporting Information [Line Items]
Net sales	409,200	331,200
Electronic Instruments Group
Segment Reporting Information [Line Items]
Net sales	987,759	790,924
Electronic Instruments Group | United States
Segment Reporting Information [Line Items]
Net sales	483,626	388,901
Electronic Instruments Group | United Kingdom
Segment Reporting Information [Line Items]
Net sales	27,955	21,947
Electronic Instruments Group | European Union countries
Segment Reporting Information [Line Items]
Net sales	120,714	103,665
Electronic Instruments Group | Asia
Segment Reporting Information [Line Items]
Net sales	256,420	197,561
Electronic Instruments Group | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	99,044	78,850
Electronic Instruments Group | International
Segment Reporting Information [Line Items]
Net sales	504,133	402,023
Electromechanical Group
Segment Reporting Information [Line Items]
Net sales	470,766	424,818
Electromechanical Group | United States
Segment Reporting Information [Line Items]
Net sales	230,641	210,182
Electromechanical Group | United Kingdom
Segment Reporting Information [Line Items]
Net sales	28,757	30,051
Electromechanical Group | European Union countries
Segment Reporting Information [Line Items]
Net sales	114,149	95,297
Electromechanical Group | Asia
Segment Reporting Information [Line Items]
Net sales	63,406	61,194
Electromechanical Group | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	33,813	28,094
Electromechanical Group | International
Segment Reporting Information [Line Items]
Net sales	$ 240,125	$ 214,636

Revenues - Major Products and S

Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,458,525	$ 1,215,742
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	692,692	576,559
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	421,809	336,538
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	344,024	302,645
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	987,759	790,924
Electronic Instruments Group | Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	692,692	576,559
Electronic Instruments Group | Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	295,067	214,365
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	470,766	424,818
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	126,742	122,173
Electromechanical Group | Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 344,024	$ 302,645

Revenues - Timing of Revenue Re

Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,458,525	$ 1,215,742
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,225,602	1,030,283
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	232,923	185,459
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	987,759	790,924
Electronic Instruments Group | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	812,948	647,252
Electronic Instruments Group | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	174,811	143,672
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	470,766	424,818
Electromechanical Group | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	412,654	383,031
Electromechanical Group | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 58,112	$ 41,787

Revenues - Changes in Accrued P

Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the period	$ 27,478	$ 27,839
Accruals for warranties issued during the period	2,753	2,780
Settlements made during the period	(3,023)	(3,292)
Warranty accruals related to acquired businesses and other during the period	(166)	(99)
Balance at the end of the period	$ 27,042	$ 27,228

Earnings Per Share - Number of

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted average common shares outstanding:
Basic shares	231,481	230,435
Equity-based compensation plans	1,584	1,861
Diluted shares	233,065	232,296

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 11,283	$ 10,703

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Significant transfers from level 1 to level 2	$ 0	$ 0
Significant transfers from level 2 to level 1	$ 0	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Recorded Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,208,928)	$ (2,233,705)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,243,340)	$ (2,378,930)

Hedging Activities - Additional

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasurement gain	$ 23.7
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	295.9
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 596.2

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods and parts	$ 106,667	$ 89,985
Work in process	142,472	122,356
Raw materials and purchased parts	617,333	556,834
Total inventories, net	$ 866,472	$ 769,175

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2022
Minimum
Lessee, Lease, Description [Line Items]
Initial lease term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Initial lease term	16 years

Leases- Components of Lease Exp

Leases- Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 15,378	$ 11,517
Variable lease cost	2,253	1,470
Total lease cost	$ 17,631	$ 12,987

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right of use assets, net	$ 169,279	$ 169,924
Operating lease, liability, current, statement of financial position	Accrued liabilities and other	Accrued liabilities and other
Lease liabilities included in Accrued Liabilities and other	$ 47,473	$ 47,353
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities
Lease liabilities included in Other long-term liabilities	$ 127,620	$ 129,101
Total lease liabilities	$ 175,093	$ 176,454

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2022	$ 39,105
2023	44,048
2024	32,276
2025	23,317
2026	16,712
Thereafter	27,232
Total lease payments	182,690
Less: imputed interest	7,597
Total lease liabilities	$ 175,093	$ 176,454

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,238,726
Purchase price allocation adjustments and other	(1,200)
Foreign currency translation adjustments	(18,600)
Goodwill, ending balance	5,218,920
Electronic Instruments Group
Goodwill [Roll Forward]
Goodwill, beginning balance	4,073,800
Purchase price allocation adjustments and other	(1,200)
Foreign currency translation adjustments	(9,600)
Goodwill, ending balance	4,063,000
Electromechanical Group
Goodwill [Roll Forward]
Goodwill, beginning balance	1,164,900
Purchase price allocation adjustments and other	0
Foreign currency translation adjustments	(9,000)
Goodwill, ending balance	$ 1,155,900

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 154.1		$ 147
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 113.8
Effective tax rate	19.00%	19.50%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 147
Additions for tax positions	7.1
Reductions for tax positions	0
Balance at the end of the year	$ 154.1

Debt (Details)

Debt (Details) - Secured Debt - USD ($) $ in Millions	Apr. 26, 2021	Mar. 31, 2022
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 800
Long-term debt, gross		$ 150

Share-Based Compensation - Tota

Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock option expense	$ 3,440	$ 3,923
Restricted stock expense	4,778	6,227
Performance restricted stock unit expense	1,353	1,290
Total pre-tax expense	$ 9,571	$ 11,440

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, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Expected volatility	24.50%	24.20%
Expected term (years)	5 years	5 years
Risk-free interest rate	2.33%	0.85%
Expected dividend yield	0.65%	0.66%
Black-Scholes-Merton fair value per stock option granted (in usd per share)	$ 32.54	$ 25.63

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, 2022USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, outstanding (in shares) | shares	3,352
Granted (in shares) | shares	608
Exercised (in shares) | shares	(142)
Forfeited (in shares) | shares	(24)
Ending balance, outstanding (in shares) | shares	3,794
Ending balance, exercisable (in shares) | shares	2,361
Weighted Average Exercise Price
Beginning balance, outstanding, weighted average exercise price (in usd per share) | $ / shares	$ 76.08
Granted, weighted average exercise price (in usd per share) | $ / shares	134.69
Exercised, weighted average exercise price (in usd per share) | $ / shares	62.75
Forfeited, weighted average exercise price (in usd per share) | $ / shares	91.75
Ending balance, outstanding, weighted average exercise price (in shares) | $ / shares	76.56
Ending balance, exercisable, weighted average exercise price (in usd per share) | $ / shares	$ 70.86
Weighted Average Remaining Contractual Life
Ending balance, outstanding, weighted average remaining contractual life	6 years 8 months 12 days
Ending balance, exercisable, weighted average remaining contractual life	5 years 3 months 18 days
Aggregate Intrinsic Value
Ending balance, outstanding, aggregate intrinsic value | $	$ 180.4
Ending balance, exercisable, aggregate intrinsic value | $	$ 147.1

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 8.9
Total fair value of stock options vested		7.3
Expected future pre-tax compensation expense, nonvested stock options	$ 28	$ 28
Weighted average period to recognize expected future pre-tax compensation expense		2 years
Nonvested restricted stock outstanding (in shares)	500	500
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 17.3	$ 17.3
Share-based payment award, options, outstanding (in shares)	3,794	3,794	3,352
Non vested Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding (in shares)	1,400	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		$ 9.3
Expected future pre-tax compensation expense, nonvested restricted shares	$ 44.2	$ 44.2
Nonvested restricted stock outstanding (in shares)	475	475	413
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize expected future pre-tax compensation expense		1 year
Nonvested restricted stock outstanding (in shares)	279	279	289
Share-based payment award, options, outstanding (in shares)	300	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 - Su_2

Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Shares
Non-vested restricted stock outstanding at end of period (in shares)	500
Restricted Shares
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	413
Granted (in shares)	179
Vested (in shares)	(107)
Forfeited (in shares)	(10)
Non-vested restricted stock outstanding at end of period (in shares)	475
Weighted Average  Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) | $ / shares	$ 96.07
Granted (in usd per share) | $ / shares	134.71
Vested (in usd per share) | $ / shares	86.05
Forfeited (in usd per share) | $ / shares	100.34
Non-vested restricted stock outstanding at end of period (in usd per share) | $ / shares	$ 112.85
Performance Restricted Stock Units
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	289
Granted (in shares)	87
Performance assumption change (in shares)	66
Vested (in shares)	(161)
Forfeited (in shares)	(2)
Non-vested restricted stock outstanding at end of period (in shares)	279
Weighted Average  Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) | $ / shares	$ 85.29
Granted (in usd per share) | $ / shares	134.69
Performance assumption change (in usd per share) | $ / shares	81.76
Vested (in usd per share) | $ / shares	81.76
Forfeited (in usd per share) | $ / shares	89.73
Non-vested restricted stock outstanding at end of period (in usd per share) | $ / shares	$ 101.97

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, 2022	Mar. 31, 2021
Defined benefit plans:
Service cost	$ 1,374	$ 2,021
Interest cost	5,120	4,567
Expected return on plan assets	(15,268)	(14,174)
Amortization of net actuarial loss and other	2,174	4,353
Pension income	(6,600)	(3,233)
Other plans:
Defined contribution plans	13,261	8,455
Foreign plans and other	2,318	2,234
Total other plans	15,579	10,689
Total net pension expense	$ 8,979	$ 7,456

Retirement and Pension Plans _2

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Defined benefit pension plan contributions	$ 2.1	$ 2

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)site	Dec. 31, 2021USD ($)
Site Contingency [Line Items]
Number of non-owned sites company is named potentially responsible party	13
Number of non-owned sites the Company is identified as a de minimis party	12
Number of non-owned sites company is in agreement on amount of de minimis settlement	8
Number of non-owned sites company is continuing to investigate	4
Total environmental reserves | $	$ 36.9	$ 37.2
Payments for environmental liabilities | $	(2.6)
HCC Industries
Site Contingency [Line Items]
Environmental expense | $	$ 2.3