AMETEK (AME) 10-Q 31 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		230,798,657
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,622,837	$ 1,551,786	$ 4,866,065	$ 4,524,863
Cost of sales	1,020,920	1,004,596	3,096,635	2,941,604
Selling, general and administrative	163,782	162,670	506,963	480,657
Total operating expenses	1,184,702	1,167,266	3,603,598	3,422,261
Operating income	438,135	384,520	1,262,467	1,102,602
Interest expense	(18,386)	(20,245)	(57,678)	(60,165)
Other (expense) income, net	(6,256)	3,227	(15,313)	7,752
Income before income taxes	413,493	367,502	1,189,476	1,050,189
Provision for income taxes	73,123	69,861	219,152	197,728
Net income	$ 340,370	$ 297,641	$ 970,324	$ 852,461
Basic earnings per share (in usd per share)	$ 1.48	$ 1.30	$ 4.21	$ 3.70
Diluted earnings per share (in usd per share)	$ 1.47	$ 1.29	$ 4.19	$ 3.68
Weighted average common shares outstanding:
Basic shares (in shares)	230,691	229,500	230,431	230,360
Diluted shares (in shares)	231,751	230,714	231,414	231,675
Dividends declared and paid per share (in usd per shares)	$ 0.25	$ 0.22	$ 0.75	$ 0.66

Condensed Consolidated Statemen

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 294,757	$ 215,568	$ 977,660	$ 694,902

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 841,901	$ 345,386
Receivables, net	936,803	919,335
Inventories, net	1,087,584	1,044,284
Other current assets	252,407	219,053
Total current assets	3,118,695	2,528,058
Property, plant and equipment, net	631,692	635,641
Right of use assets, net	165,450	170,295
Goodwill	5,479,025	5,372,562
Other intangibles, net	3,283,846	3,342,085
Investments and other assets	414,668	382,479
Total assets	13,093,376	12,431,120
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	304,480	226,079
Accounts payable	486,581	497,134
Customer advanced payments	362,985	357,674
Income taxes payable	61,800	48,171
Accrued liabilities and other	457,874	435,144
Total current liabilities	1,673,720	1,564,202
Long-term debt, net	1,856,129	2,158,928
Deferred income taxes	629,590	694,267
Other long-term liabilities	591,428	537,211
Total liabilities	4,750,867	4,954,608
Stockholders’ equity:
Common stock	2,708	2,700
Capital in excess of par value	1,148,107	1,094,236
Retained earnings	9,655,114	8,857,485
Accumulated other comprehensive loss	(567,609)	(574,945)
Treasury stock	(1,895,811)	(1,902,964)
Total stockholders’ equity	8,342,509	7,476,512
Total liabilities and stockholders’ equity	$ 13,093,376	$ 12,431,120

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, 2021		$ 2,689	$ 1,012,526	$ 7,900,113	$ (275,365)	$ (195,079)		$ (1,573,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		6
Issuance of common stock under employee stock plans			11,966					2,387
Share-based compensation expense			34,587
Net income	$ 852,461			852,461
Cash dividends paid				(151,635)
Other				(1)
Translation adjustments					(225,100)
Change in long-term intercompany notes					(40,512)
Net investment hedge instruments gain (loss), net of tax of $(7,126) and $(14,604) for the quarter ended September 30, 2023 and 2022 and $(1,004) and $(34,212) for the nine months ended September 30, 2023 and 2022, respectively					(105,053)
Amortization of net actuarial loss and other, net of tax of $(518) and $(326) for the quarter ended September 30, 2023 and 2022 and $(1,554) and $(977) for the nine months ended September 30, 2023 and 2022, respectively						3,000
Purchase of treasury stock								(331,424)
Balance at the end of the year at Sep. 30, 2022	7,132,672	2,695	1,059,079	8,600,938	(435,924)	(192,079)	$ (628,003)	(1,902,037)
Balance at the beginning of the year at Jun. 30, 2022		2,695	1,040,951	8,353,735	(352,851)	(193,079)		(1,901,360)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		0
Issuance of common stock under employee stock plans			6,068					(632)
Share-based compensation expense			12,060
Net income	297,641			297,641
Cash dividends paid				(50,438)
Other				0
Translation adjustments					(110,524)
Change in long-term intercompany notes					(17,393)
Net investment hedge instruments gain (loss), net of tax of $(7,126) and $(14,604) for the quarter ended September 30, 2023 and 2022 and $(1,004) and $(34,212) for the nine months ended September 30, 2023 and 2022, respectively					44,844
Amortization of net actuarial loss and other, net of tax of $(518) and $(326) for the quarter ended September 30, 2023 and 2022 and $(1,554) and $(977) for the nine months ended September 30, 2023 and 2022, respectively						1,000
Purchase of treasury stock								(45)
Balance at the end of the year at Sep. 30, 2022	7,132,672	2,695	1,059,079	8,600,938	(435,924)	(192,079)	(628,003)	(1,902,037)
Balance at the beginning of the year at Dec. 31, 2022	7,476,512	2,700	1,094,236	8,857,485	(368,124)	(206,821)		(1,902,964)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		8
Issuance of common stock under employee stock plans			18,098					13,731
Share-based compensation expense			35,773
Net income	970,324			970,324
Cash dividends paid				(172,693)
Other				(2)
Translation adjustments					568
Change in long-term intercompany notes					(1,091)
Net investment hedge instruments gain (loss), net of tax of $(7,126) and $(14,604) for the quarter ended September 30, 2023 and 2022 and $(1,004) and $(34,212) for the nine months ended September 30, 2023 and 2022, respectively					(3,083)
Amortization of net actuarial loss and other, net of tax of $(518) and $(326) for the quarter ended September 30, 2023 and 2022 and $(1,554) and $(977) for the nine months ended September 30, 2023 and 2022, respectively						4,776
Purchase of treasury stock								(6,578)
Balance at the end of the year at Sep. 30, 2023	8,342,509	2,708	1,148,107	9,655,114	(365,564)	(202,045)	(567,609)	(1,895,811)
Balance at the beginning of the year at Jun. 30, 2023		2,707	1,123,920	9,372,368	(318,359)	(203,637)		(1,895,628)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		1
Issuance of common stock under employee stock plans			11,274					(129)
Share-based compensation expense			12,913
Net income	340,370			340,370
Cash dividends paid				(57,622)
Other				(2)
Translation adjustments					(62,092)
Change in long-term intercompany notes					(6,994)
Net investment hedge instruments gain (loss), net of tax of $(7,126) and $(14,604) for the quarter ended September 30, 2023 and 2022 and $(1,004) and $(34,212) for the nine months ended September 30, 2023 and 2022, respectively					21,881
Amortization of net actuarial loss and other, net of tax of $(518) and $(326) for the quarter ended September 30, 2023 and 2022 and $(1,554) and $(977) for the nine months ended September 30, 2023 and 2022, respectively						1,592
Purchase of treasury stock								(54)
Balance at the end of the year at Sep. 30, 2023	$ 8,342,509	$ 2,708	$ 1,148,107	$ 9,655,114	$ (365,564)	$ (202,045)	$ (567,609)	$ (1,895,811)

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Tax related to investment hedge instruments gain (loss)	$ (7,126)	$ (14,604)	$ (1,004)	$ (34,212)
Tax related to amortization of net actuarial loss (gain)	$ (518)	$ (326)	$ (1,554)	$ (977)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net income	$ 970,324	$ 852,461
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	245,713	230,968
Deferred income taxes	(67,525)	(32,889)
Share-based compensation expense	35,773	34,587
Gain on sale of business/investment	0	(3,584)
Gain on sale of facilities	0	(7,054)
Net change in assets and liabilities, net of acquisitions	27,266	(299,311)
Pension contributions	(3,927)	(5,244)
Other, net	(12,985)	(5,576)
Total operating activities	1,194,639	764,358
Investing activities:
Additions to property, plant and equipment	(76,506)	(80,829)
Purchases of businesses, net of cash acquired	(246,656)	(190,321)
Proceeds from sale of business/investment	0	3,734
Proceeds from sale of facilities	0	11,754
Other, net	(3,149)	124
Total investing activities	(326,311)	(255,538)
Financing activities:
Net change in short-term borrowings	(220,555)	(26,315)
Repurchases of common stock	(6,578)	(331,424)
Cash dividends paid	(172,693)	(151,635)
Proceeds from stock option exercises	40,120	23,241
Other, net	(5,068)	(15,056)
Total financing activities	(364,774)	(501,189)
Effect of exchange rate changes on cash and cash equivalents	(7,039)	(44,459)
Increase in cash and cash equivalents	496,515	(36,828)
Cash and cash equivalents:
Beginning of period	345,386	346,772
End of period	$ 841,901	$ 309,944

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023, the consolidated results of its operations for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine months ended September 30, 2023 and 2022 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, 2022 as filed with the U.S. Securities and Exchange Commission.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The outstanding contract asset and liability accounts were as follows: 2023 2022 (In thousands) Contract assets—January 1 $ 119,741 $ 95,274 Contract assets – September 30 139,771 111,687 Change in contract assets – increase (decrease) 20,030 16,413 Contract liabilities – January 1 398,692 328,816 Contract liabilities – September 30 422,415 371,411 Change in contract liabilities – (increase) decrease (23,723) (42,595) Net change $ (3,693) $ (26,182) The net change for the nine months ended September 30, 2023 was primarily driven by contract liabilities, specifically growth in advance payments from customers. For the nine months ended September 30, 2023 and 2022, the Company recognized revenue of $297.7 million and $252.4 million, respectively, that was previously included in the beginning balance of contract liabilities. Contract assets are reported as a component of Other current assets in the consolidated balance sheet. At September 30, 2023 and December 31, 2022, $59.4 million and $41.0 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 September 30, 2023 and December 31, 2022 were $570.7 million and $526.0 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 and nine months ended September 30: Three months ended September 30, 2023 Nine months ended September 30, 2023 EIG EMG Total EIG EMG Total (In thousands) United States $ 616,988 $ 274,146 $ 891,134 $ 1,754,165 $ 805,876 $ 2,560,041 International (1) : United Kingdom 23,327 30,348 53,675 74,515 89,812 164,327 European Union countries 115,026 99,931 214,957 381,495 327,614 709,109 Asia 271,922 47,699 319,621 846,450 151,357 997,807 Other foreign countries 108,867 34,583 143,450 331,398 103,383 434,781 Total international 519,142 212,561 731,703 1,633,858 672,166 2,306,024 Consolidated net sales $ 1,136,130 $ 486,707 $ 1,622,837 $ 3,388,023 $ 1,478,042 $ 4,866,065 ________________ (1) Includes U.S. export sales of $391.7 million and $1,265.0 million for the three and nine months ended September 30, 2023, respectively. Three months ended September 30, 2022 Nine months ended September 30, 2022 EIG EMG Total EIG EMG Total (In thousands) United States $ 554,048 $ 265,549 $ 819,597 $ 1,589,641 $ 736,626 $ 2,326,267 International (1) : United Kingdom 18,409 28,694 47,103 65,414 89,071 154,485 European Union countries 113,935 100,427 214,362 344,074 322,607 666,681 Asia 264,432 70,375 334,807 776,084 204,006 980,090 Other foreign countries 103,300 32,617 135,917 294,918 102,422 397,340 Total international 500,076 232,113 732,189 1,480,490 718,106 2,198,596 Consolidated net sales $ 1,054,124 $ 497,662 $ 1,551,786 $ 3,070,131 $ 1,454,732 $ 4,524,863 ______________ (1) Includes U.S. export sales of $415.4 million and $1,217.2 million for the three and nine months ended September 30, 2022, respectively. Major Products and Services The Company’s major products and services in the reportable segments were as follows: Three months ended September 30, 2023 Nine months ended September 30, 2023 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 801,027 $ — $ 801,027 $ 2,394,127 $ — $ 2,394,127 Aerospace and power 335,103 146,843 481,946 993,896 439,685 1,433,581 Automation and engineered solutions — 339,864 339,864 — 1,038,357 1,038,357 Consolidated net sales $ 1,136,130 $ 486,707 $ 1,622,837 $ 3,388,023 $ 1,478,042 $ 4,866,065 Three months ended September 30, 2022 Nine months ended September 30, 2022 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 758,868 $ — $ 758,868 $ 2,219,821 $ — $ 2,219,821 Aerospace and power 295,256 143,689 438,945 850,310 407,771 1,258,081 Automation and engineered solutions — 353,973 353,973 — 1,046,961 1,046,961 Consolidated net sales $ 1,054,124 $ 497,662 $ 1,551,786 $ 3,070,131 $ 1,454,732 $ 4,524,863 Timing of Revenue Recognition Three months ended September 30, 2023 Nine months ended September 30, 2023 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 937,382 $ 437,542 $ 1,374,924 $ 2,809,624 $ 1,314,761 $ 4,124,385 Products and services transferred over time 198,748 49,165 247,913 578,399 163,281 741,680 Consolidated net sales $ 1,136,130 $ 486,707 $ 1,622,837 $ 3,388,023 $ 1,478,042 $ 4,866,065 Three months ended September 30, 2022 Nine months ended September 30, 2022 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 869,455 $ 436,222 $ 1,305,677 $ 2,522,351 $ 1,272,382 $ 3,794,733 Products and services transferred over time 184,669 61,440 246,109 547,780 182,350 730,130 Consolidated net sales $ 1,054,124 $ 497,662 $ 1,551,786 $ 3,070,131 $ 1,454,732 $ 4,524,863 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: Nine Months Ended September 30, 2023 2022 (In thousands) Balance at the beginning of the period $ 26,487 $ 27,478 Accruals for warranties issued during the period 15,711 8,530 Settlements made during the period (10,868) (8,769) Warranty accruals related to acquired businesses and other during the period 21 (1,080) Balance at the end of the period $ 31,351 $ 26,159 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
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). 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Weighted average shares: Basic shares 230,691 229,500 230,431 230,360 Equity-based compensation plans 1,060 1,214 983 1,315 Diluted shares 231,751 230,714 231,414 231,675

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022: September 30, 2023 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 10,981 $ 10,981 $ — $ — Foreign currency forward contracts (2,616) — (2,616) — December 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 9,856 $ 9,856 $ — $ — Foreign currency forward contracts 3,032 — 3,032 — The fair value of mutual fund investments is 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 nine months ended September 30, 2023 and 2022, gains and losses on the investments noted above were not significant. No transfers between level 1 and level 2 investments occurred during the nine months ended September 30, 2023 and 2022. Foreign Currency At September 30, 2023, the Company had a Euro forward contract for a total notional value of 40.0 million Euros. The foreign currency forward contract is valued as a level 2 liability as it is corroborated by foreign currency exchange rates and shown as a component of other current liabilities on the consolidated balance sheet. For the nine months ended September 30, 2023, realized and unrealized gains and losses on the foreign currency forward contracts were not significant. Financial Instruments Cash, cash equivalents and mutual fund investments are recorded at fair value at September 30, 2023 and December 31, 2022 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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt (including current portion) $ (2,158,388) $ (1,989,002) $ (2,161,643) $ (2,010,867) The fair value of net short-term borrowings approximates the carrying value. 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	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023, 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 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 September 30, 2023, the Company had $274.8 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At September 30, 2023, the Company had $562.1 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, $4.1 million of pre-tax currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income for the nine months ended September 30, 2023.

Inventories, net

Inventories, net	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net September 30, December 31, (In thousands) Finished goods and parts $ 116,143 $ 130,989 Work in process 150,317 138,043 Raw materials and purchased parts 821,124 775,252 Total inventories, net $ 1,087,584 $ 1,044,284

Leases

Leases	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022. The Company's leases have a weighted average remaining lease term of approximately 5 years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands) Operating lease cost $ 15,901 $ 16,407 $ 46,483 $ 47,131 Variable lease cost 2,501 2,479 8,447 7,131 Total lease cost $ 18,402 $ 18,886 $ 54,930 $ 54,262 Supplemental balance sheet information related to leases was as follows: September 30, December 31, (In thousands) Right of use assets, net $ 165,450 $ 170,295 Lease liabilities included in Accrued Liabilities and other 44,932 46,366 Lease liabilities included in Other long-term liabilities 124,462 129,227 Total lease liabilities $ 169,394 $ 175,593 Maturities of lease liabilities as of September 30, 2023 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2023 $ 12,834 2024 47,997 2025 38,110 2026 29,112 2027 19,317 Thereafter 40,340 Total lease payments 187,710 Less: imputed interest 18,316 $ 169,394 The Company does not have any significant leases that have not yet commenced.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestiture	Acquisitions Acquisitions The Company spent $246.7 million in cash, net of cash acquired, to acquire Bison Gear & Engineering Corp. ("Bison") in March 2023 and United Electronic Industries ("UEI") in August 2023. Bison is a leading manufacturer of highly engineered motion control solutions serving diverse markets and applications. Bison is part of EMG. UEI is a leading provider of data acquisition and control solutions for the aerospace, defense, energy and semiconductor industries. UEI is part of EIG. The following table represents the allocation of the purchase price for the net assets of the 2023 acquisitions based on the estimated fair values at acquisition (in millions): Property, plant and equipment $ 13.4 Goodwill 82.6 Other intangible assets 124.0 Net working capital and other (1) 26.7 Total cash paid $ 246.7 ________________ (1) Includes $12.9 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 acquisitions. Bison's engineering expertise and broad product portfolio complement the Company's existing motion control and automation solutions business. UEI's innovative solutions complement the Company's existing testing and data acquisition expertise. The Company expects approximately $73.5 million of the goodwill relating to the acquisitions will be tax deductible in future years. At September 30, 2023, the purchase price allocated to other intangible assets of $124.0 million consists of $23.8 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $100.2 million of other intangible assets consists of $75.8 million of customer relationships, which are being amortized over a period of 20 years, and $24.4 million of purchased technology, which is being amortized over a period of 10 to 20 years. Amortization expense for each of the next five years for the 2023 acquisition is expected to approximate $5 million per year. The Company finalized its measurements of certain tangible and intangible assets and liabilities for its September 2022 acquisition of Navitar, Inc. and its October 2022 acquisition of RTDS Technologies, which had no material impact to the consolidated statement of income and balance sheet. The Company has substantially completed its purchase accounting, however it is in the process of finalizing the accounting for income taxes, for its acquisition of Bison. The Company is in the process of finalizing the measurement of the intangible assets and tangible assets and liabilities for its acquisition of UEI. The acquisitions had an immaterial impact on reported net sales, net income, and diluted earnings per share for the three and nine months ended September 30, 2023. Had the acquisitions been made at the beginning of 2023 or 2022, pro forma net sales, net income, and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022, would not have been materially different than the amounts reported. Acquisitions Subsequent to September 30, 2023 In October 2023, the Company acquired Amplifier Research Corp., for approximately $105 million in cash. Amplifier Research has estimated annual sales of approximately $60 million. Amplifier Research is a leading manufacturer of radio frequency and microwave amplifiers and electromagnetic compatibility testing equipment. Amplifier Research has joined EIG. In October 2023, the Company entered into a definitive agreement to acquire Paragon Medical, for approximately $1.9 billion in cash. Paragon Medical has estimated annual sales of approximately $500 million. Paragon Medical is a leading provider of medical components and instruments. Paragon Medical serves a wide range of specialty applications including orthopedics, minimally invasive surgery, robotic surgery, and drug delivery. Paragon's product portfolio includes single-use and consumable surgical instruments and implantable components sold to a diverse blue-chip customer base of leading medical

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2023
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, 2022 $ 4,236.1 $ 1,136.5 $ 5,372.6 Goodwill acquired from 2023 acquisitions 57.1 25.5 82.6 Purchase price allocation adjustments and other 25.4 — 25.4 Foreign currency translation adjustments (1.6) — (1.6) Balance at September 30, 2023 $ 4,317.0 $ 1,162.0 $ 5,479.0

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At September 30, 2023, the Company had gross uncertain tax benefits of $207.4 million, of which $153.9 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, 2022 $ 174.7 Additions for tax positions 33.5 Reductions for tax positions (0.8) Balance at September 30, 2023 $ 207.4 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 and nine months ended September 30, 2023 and 2022 were not significant.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
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, 2022. Share Based Compensation Expense Total share-based compensation expense was as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands) Stock option expense $ 3,560 $ 3,043 $ 10,740 $ 9,866 Restricted stock expense 5,578 4,800 15,875 14,831 Performance restricted stock unit expense 3,775 4,217 9,158 9,890 Total pre-tax expense $ 12,913 $ 12,060 $ 35,773 $ 34,587 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: Nine Months Ended Year Ended December 31, 2022 Expected volatility 26.0 % 24.5 % Expected term (years) 5.0 5.0 Risk-free interest rate 3.54 % 2.33 % Expected dividend yield 0.72 % 0.65 % Black-Scholes-Merton fair value per stock option granted $ 38.11 $ 32.54 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, 2022 3,060 $ 79.46 Granted 453 138.46 Exercised (551) 71.78 Forfeited (65) 124.38 Outstanding at September 30, 2023 2,897 $ 99.97 6.7 $ 138.4 Exercisable at September 30, 2023 1,976 $ 83.88 5.7 $ 126.3 The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2023 was $42.5 million. The total fair value of stock options vested during the nine months ended September 30, 2023 was $12.8 million. As of September 30, 2023, there was approximately $21.9 million of expected future pre-tax compensation expense related to the 0.9 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, 2022 356 $ 117.18 Granted 154 138.63 Vested (156) 104.30 Forfeited (26) 127.00 Non-vested restricted stock outstanding at September 30, 2023 328 $ 132.61 The total fair value of restricted stock vested during the nine months ended September 30, 2023 was $16.3 million. As of September 30, 2023, there was approximately $28.8 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 approximately two years. Performance Restricted Stock Units In March 2023, 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, 2022 275 $ 101.98 Granted 79 138.46 Performance assumption change 1 48 63.37 Vested (161) 63.37 Forfeited (2) 131.76 Non-vested performance restricted stock outstanding at September 30, 2023 239 $ 131.90 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

Retirement and Pension Plans

Retirement and Pension Plans	9 Months Ended
	Sep. 30, 2023
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 Nine Months Ended 2023 2022 2023 2022 (In thousands) Defined benefit plans: Service cost $ 751 $ 1,290 $ 2,240 $ 3,995 Interest cost 7,588 4,949 22,655 15,101 Expected return on plan assets (13,100) (14,812) (39,167) (45,113) Amortization of net actuarial loss and other 2,851 2,074 8,514 6,371 Pension income (1,910) (6,499) (5,758) (19,646) Other plans: Defined contribution plans 9,908 9,217 33,936 32,289 Foreign plans and other 2,011 2,027 6,581 6,422 Total other plans 11,919 11,244 40,517 38,711 Total net pension expense $ 10,009 $ 4,745 $ 34,759 $ 19,065 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 nine months ended September 30, 2023 and 2022, contributions to the Company’s defined benefit pension plans were $3.9 million and $5.2 million, respectively. The Company’s current estimate of 2023 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, 2022.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023, 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 September 30, 2023 and December 31, 2022 were $39.7 million and $41.1 million, respectively, for both non-owned and owned sites. For the nine months ended September 30, 2023, the Company recorded $4.7 million in reserves. Additionally, the Company spent $6.1 million on environmental matters for the nine months ended September 30, 2023. 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 340,370	$ 297,641	$ 970,324	$ 852,461

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [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 September 30, 2023, the consolidated results of its operations for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine months ended September 30, 2023 and 2022 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, 2022 as filed with the U.S. Securities and Exchange Commission.
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)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Outstanding Contract Asset and (Liability) Accounts	The outstanding contract asset and liability accounts were as follows: 2023 2022 (In thousands) Contract assets—January 1 $ 119,741 $ 95,274 Contract assets – September 30 139,771 111,687 Change in contract assets – increase (decrease) 20,030 16,413 Contract liabilities – January 1 398,692 328,816 Contract liabilities – September 30 422,415 371,411 Change in contract liabilities – (increase) decrease (23,723) (42,595) Net change $ (3,693) $ (26,182)
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 nine months ended September 30: Three months ended September 30, 2023 Nine months ended September 30, 2023 EIG EMG Total EIG EMG Total (In thousands) United States $ 616,988 $ 274,146 $ 891,134 $ 1,754,165 $ 805,876 $ 2,560,041 International (1) : United Kingdom 23,327 30,348 53,675 74,515 89,812 164,327 European Union countries 115,026 99,931 214,957 381,495 327,614 709,109 Asia 271,922 47,699 319,621 846,450 151,357 997,807 Other foreign countries 108,867 34,583 143,450 331,398 103,383 434,781 Total international 519,142 212,561 731,703 1,633,858 672,166 2,306,024 Consolidated net sales $ 1,136,130 $ 486,707 $ 1,622,837 $ 3,388,023 $ 1,478,042 $ 4,866,065 ________________ (1) Includes U.S. export sales of $391.7 million and $1,265.0 million for the three and nine months ended September 30, 2023, respectively. Three months ended September 30, 2022 Nine months ended September 30, 2022 EIG EMG Total EIG EMG Total (In thousands) United States $ 554,048 $ 265,549 $ 819,597 $ 1,589,641 $ 736,626 $ 2,326,267 International (1) : United Kingdom 18,409 28,694 47,103 65,414 89,071 154,485 European Union countries 113,935 100,427 214,362 344,074 322,607 666,681 Asia 264,432 70,375 334,807 776,084 204,006 980,090 Other foreign countries 103,300 32,617 135,917 294,918 102,422 397,340 Total international 500,076 232,113 732,189 1,480,490 718,106 2,198,596 Consolidated net sales $ 1,054,124 $ 497,662 $ 1,551,786 $ 3,070,131 $ 1,454,732 $ 4,524,863 ______________ (1) Includes U.S. export sales of $415.4 million and $1,217.2 million for the three and nine months ended September 30, 2022, 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 September 30, 2023 Nine months ended September 30, 2023 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 801,027 $ — $ 801,027 $ 2,394,127 $ — $ 2,394,127 Aerospace and power 335,103 146,843 481,946 993,896 439,685 1,433,581 Automation and engineered solutions — 339,864 339,864 — 1,038,357 1,038,357 Consolidated net sales $ 1,136,130 $ 486,707 $ 1,622,837 $ 3,388,023 $ 1,478,042 $ 4,866,065 Three months ended September 30, 2022 Nine months ended September 30, 2022 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 758,868 $ — $ 758,868 $ 2,219,821 $ — $ 2,219,821 Aerospace and power 295,256 143,689 438,945 850,310 407,771 1,258,081 Automation and engineered solutions — 353,973 353,973 — 1,046,961 1,046,961 Consolidated net sales $ 1,054,124 $ 497,662 $ 1,551,786 $ 3,070,131 $ 1,454,732 $ 4,524,863
Schedule of Disaggregation of Revenue	Three months ended September 30, 2023 Nine months ended September 30, 2023 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 937,382 $ 437,542 $ 1,374,924 $ 2,809,624 $ 1,314,761 $ 4,124,385 Products and services transferred over time 198,748 49,165 247,913 578,399 163,281 741,680 Consolidated net sales $ 1,136,130 $ 486,707 $ 1,622,837 $ 3,388,023 $ 1,478,042 $ 4,866,065 Three months ended September 30, 2022 Nine months ended September 30, 2022 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 869,455 $ 436,222 $ 1,305,677 $ 2,522,351 $ 1,272,382 $ 3,794,733 Products and services transferred over time 184,669 61,440 246,109 547,780 182,350 730,130 Consolidated net sales $ 1,054,124 $ 497,662 $ 1,551,786 $ 3,070,131 $ 1,454,732 $ 4,524,863
Schedule of Product Warranty Liability	Changes in the accrued product warranty obligation were as follows: Nine Months Ended September 30, 2023 2022 (In thousands) Balance at the beginning of the period $ 26,487 $ 27,478 Accruals for warranties issued during the period 15,711 8,530 Settlements made during the period (10,868) (8,769) Warranty accruals related to acquired businesses and other during the period 21 (1,080) Balance at the end of the period $ 31,351 $ 26,159

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Weighted average shares: Basic shares 230,691 229,500 230,431 230,360 Equity-based compensation plans 1,060 1,214 983 1,315 Diluted shares 231,751 230,714 231,414 231,675

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022: September 30, 2023 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 10,981 $ 10,981 $ — $ — Foreign currency forward contracts (2,616) — (2,616) — December 31, 2022 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 9,856 $ 9,856 $ — $ — Foreign currency forward contracts 3,032 — 3,032 —
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 September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt (including current portion) $ (2,158,388) $ (1,989,002) $ (2,161,643) $ (2,010,867)

Inventories, net (Tables)

Inventories, net (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	September 30, December 31, (In thousands) Finished goods and parts $ 116,143 $ 130,989 Work in process 150,317 138,043 Raw materials and purchased parts 821,124 775,252 Total inventories, net $ 1,087,584 $ 1,044,284

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands) Operating lease cost $ 15,901 $ 16,407 $ 46,483 $ 47,131 Variable lease cost 2,501 2,479 8,447 7,131 Total lease cost $ 18,402 $ 18,886 $ 54,930 $ 54,262
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows: September 30, December 31, (In thousands) Right of use assets, net $ 165,450 $ 170,295 Lease liabilities included in Accrued Liabilities and other 44,932 46,366 Lease liabilities included in Other long-term liabilities 124,462 129,227 Total lease liabilities $ 169,394 $ 175,593
Maturities of Lease Liabilities	Maturities of lease liabilities as of September 30, 2023 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2023 $ 12,834 2024 47,997 2025 38,110 2026 29,112 2027 19,317 Thereafter 40,340 Total lease payments 187,710 Less: imputed interest 18,316 $ 169,394

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [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 2023 acquisitions based on the estimated fair values at acquisition (in millions): Property, plant and equipment $ 13.4 Goodwill 82.6 Other intangible assets 124.0 Net working capital and other (1) 26.7 Total cash paid $ 246.7 ________________ (1) Includes $12.9 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2022 $ 4,236.1 $ 1,136.5 $ 5,372.6 Goodwill acquired from 2023 acquisitions 57.1 25.5 82.6 Purchase price allocation adjustments and other 25.4 — 25.4 Foreign currency translation adjustments (1.6) — (1.6) Balance at September 30, 2023 $ 4,317.0 $ 1,162.0 $ 5,479.0

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2022 $ 174.7 Additions for tax positions 33.5 Reductions for tax positions (0.8) Balance at September 30, 2023 $ 207.4

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Total Share-Based Compensation Expense	Total share-based compensation expense was as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (In thousands) Stock option expense $ 3,560 $ 3,043 $ 10,740 $ 9,866 Restricted stock expense 5,578 4,800 15,875 14,831 Performance restricted stock unit expense 3,775 4,217 9,158 9,890 Total pre-tax expense $ 12,913 $ 12,060 $ 35,773 $ 34,587
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: Nine Months Ended Year Ended December 31, 2022 Expected volatility 26.0 % 24.5 % Expected term (years) 5.0 5.0 Risk-free interest rate 3.54 % 2.33 % Expected dividend yield 0.72 % 0.65 % Black-Scholes-Merton fair value per stock option granted $ 38.11 $ 32.54
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, 2022 3,060 $ 79.46 Granted 453 138.46 Exercised (551) 71.78 Forfeited (65) 124.38 Outstanding at September 30, 2023 2,897 $ 99.97 6.7 $ 138.4 Exercisable at September 30, 2023 1,976 $ 83.88 5.7 $ 126.3
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, 2022 356 $ 117.18 Granted 154 138.63 Vested (156) 104.30 Forfeited (26) 127.00 Non-vested restricted stock outstanding at September 30, 2023 328 $ 132.61 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, 2022 275 $ 101.98 Granted 79 138.46 Performance assumption change 1 48 63.37 Vested (161) 63.37 Forfeited (2) 131.76 Non-vested performance restricted stock outstanding at September 30, 2023 239 $ 131.90 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

Retirement and Pension Plans (T

Retirement and Pension Plans (Tables)	9 Months Ended
	Sep. 30, 2023
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 Nine Months Ended 2023 2022 2023 2022 (In thousands) Defined benefit plans: Service cost $ 751 $ 1,290 $ 2,240 $ 3,995 Interest cost 7,588 4,949 22,655 15,101 Expected return on plan assets (13,100) (14,812) (39,167) (45,113) Amortization of net actuarial loss and other 2,851 2,074 8,514 6,371 Pension income (1,910) (6,499) (5,758) (19,646) Other plans: Defined contribution plans 9,908 9,217 33,936 32,289 Foreign plans and other 2,011 2,027 6,581 6,422 Total other plans 11,919 11,244 40,517 38,711 Total net pension expense $ 10,009 $ 4,745 $ 34,759 $ 19,065

Revenues - Outstanding Contract

Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 139,771	$ 111,687	$ 119,741	$ 95,274
Change in contract assets – increase (decrease)	20,030	16,413
Contract liabilities	422,415	371,411	$ 398,692	$ 328,816
Change in contract liabilities – (increase) decrease	(23,723)	(42,595)
Net change	$ (3,693)	$ (26,182)

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue recognized from contract liabilities	$ 297,700	$ 252,400
Customer advanced payments	59,400		$ 41,000
Accounts and notes receivable, net	936,803		919,335
Allowance for notes and loans receivable	13,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, remaining performance obligation	$ 570,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, remaining performance obligation			$ 526,000
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Performance obligation, expected timing of satisfaction, period	2 years
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,622,837	$ 1,551,786	$ 4,866,065	$ 4,524,863
United States
Segment Reporting Information [Line Items]
Net sales	891,134	819,597	2,560,041	2,326,267
United Kingdom
Segment Reporting Information [Line Items]
Net sales	53,675	47,103	164,327	154,485
European Union countries
Segment Reporting Information [Line Items]
Net sales	214,957	214,362	709,109	666,681
Asia
Segment Reporting Information [Line Items]
Net sales	319,621	334,807	997,807	980,090
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	143,450	135,917	434,781	397,340
International
Segment Reporting Information [Line Items]
Net sales	731,703	732,189	2,306,024	2,198,596
Non-US
Segment Reporting Information [Line Items]
Net sales	391,700	415,400	1,265,000	1,217,200
Electronic Instruments Group
Segment Reporting Information [Line Items]
Net sales	1,136,130	1,054,124	3,388,023	3,070,131
Electronic Instruments Group | United States
Segment Reporting Information [Line Items]
Net sales	616,988	554,048	1,754,165	1,589,641
Electronic Instruments Group | United Kingdom
Segment Reporting Information [Line Items]
Net sales	23,327	18,409	74,515	65,414
Electronic Instruments Group | European Union countries
Segment Reporting Information [Line Items]
Net sales	115,026	113,935	381,495	344,074
Electronic Instruments Group | Asia
Segment Reporting Information [Line Items]
Net sales	271,922	264,432	846,450	776,084
Electronic Instruments Group | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	108,867	103,300	331,398	294,918
Electronic Instruments Group | International
Segment Reporting Information [Line Items]
Net sales	519,142	500,076	1,633,858	1,480,490
Electromechanical Group
Segment Reporting Information [Line Items]
Net sales	486,707	497,662	1,478,042	1,454,732
Electromechanical Group | United States
Segment Reporting Information [Line Items]
Net sales	274,146	265,549	805,876	736,626
Electromechanical Group | United Kingdom
Segment Reporting Information [Line Items]
Net sales	30,348	28,694	89,812	89,071
Electromechanical Group | European Union countries
Segment Reporting Information [Line Items]
Net sales	99,931	100,427	327,614	322,607
Electromechanical Group | Asia
Segment Reporting Information [Line Items]
Net sales	47,699	70,375	151,357	204,006
Electromechanical Group | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	34,583	32,617	103,383	102,422
Electromechanical Group | International
Segment Reporting Information [Line Items]
Net sales	$ 212,561	$ 232,113	$ 672,166	$ 718,106

Revenues - Major Products and S

Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 1,622,837	$ 1,551,786	$ 4,866,065	$ 4,524,863
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	801,027	758,868	2,394,127	2,219,821
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	481,946	438,945	1,433,581	1,258,081
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	339,864	353,973	1,038,357	1,046,961
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	1,136,130	1,054,124	3,388,023	3,070,131
Electronic Instruments Group | Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	801,027	758,868	2,394,127	2,219,821
Electronic Instruments Group | Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	335,103	295,256	993,896	850,310
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	486,707	497,662	1,478,042	1,454,732
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	146,843	143,689	439,685	407,771
Electromechanical Group | Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 339,864	$ 353,973	$ 1,038,357	$ 1,046,961

Revenues - Timing of Revenue Re

Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 1,622,837	$ 1,551,786	$ 4,866,065	$ 4,524,863
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,374,924	1,305,677	4,124,385	3,794,733
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	247,913	246,109	741,680	730,130
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	1,136,130	1,054,124	3,388,023	3,070,131
Electronic Instruments Group | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	937,382	869,455	2,809,624	2,522,351
Electronic Instruments Group | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	198,748	184,669	578,399	547,780
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	486,707	497,662	1,478,042	1,454,732
Electromechanical Group | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	437,542	436,222	1,314,761	1,272,382
Electromechanical Group | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 49,165	$ 61,440	$ 163,281	$ 182,350

Revenues - Changes in Accrued P

Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the period	$ 26,487	$ 27,478
Accruals for warranties issued during the period	15,711	8,530
Settlements made during the period	(10,868)	(8,769)
Warranty accruals related to acquired businesses and other during the period	21	(1,080)
Balance at the end of the period	$ 31,351	$ 26,159

Earnings Per Share - Number of

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Weighted average common shares outstanding:
Basic shares	230,691	229,500	230,431	230,360
Equity-based compensation plans	1,060	1,214	983	1,315
Diluted shares	231,751	230,714	231,414	231,675

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 10,981	$ 9,856
Foreign currency forward contracts	2,616	3,032
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	10,981	9,856
Foreign currency forward contracts	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	0	0
Foreign currency forward contracts	2,616	3,032
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	0	0
Foreign currency forward contracts	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) € in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, transfers, net | $	$ 0	$ 0
Euro Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts | €			€ 40

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Recorded Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,158,388)	$ (2,161,643)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (1,989,002)	$ (2,010,867)

Hedging Activities - Additional

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100%
Currency remeasurement gain	$ 4.1
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	274.8
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 562.1

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods and parts	$ 116,143	$ 130,989
Work in process	150,317	138,043
Raw materials and purchased parts	821,124	775,252
Total inventories, net	$ 1,087,584	$ 1,044,284

Leases - Additional Information

Leases - Additional Information (Details)	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	5 years

Leases- Components of Lease Exp

Leases- Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 15,901	$ 16,407	$ 46,483	$ 47,131
Variable lease cost	2,501	2,479	8,447	7,131
Total lease cost	$ 18,402	$ 18,886	$ 54,930	$ 54,262

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right of use assets, net	$ 165,450	$ 170,295
Operating lease, liability, current, statement of financial position	Accrued liabilities and other	Accrued liabilities and other
Lease liabilities included in Accrued Liabilities and other	$ 44,932	$ 46,366
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities
Lease liabilities included in Other long-term liabilities	$ 124,462	$ 129,227
Total lease liabilities	$ 169,394	$ 175,593

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2023	$ 12,834
2024	47,997
2025	38,110
2026	29,112
2027	19,317
Thereafter	40,340
Total lease payments	187,710
Less: imputed interest	18,316
Total lease liabilities	$ 169,394	$ 175,593

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Oct. 31, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired			$ 246,656	$ 190,321
Navitar, Inc.
Business Acquisition [Line Items]
Purchases of businesses, net of cash acquired		$ 246,700
Business acquisition, goodwill, expected tax deductible amount		73,500
Other intangible assets		$ 124,000	124,000
Finite-lived intangible assets acquired			100,200
Expected amortization, remainder of fiscal year			5,000
Future amortization expense, year two			5,000
Future amortization expense, year five			5,000
Future amortization expense, year four			5,000
Future amortization expense, year three			5,000
Future amortization expense, year one			5,000
Navitar, Inc. | Trade Names
Business Acquisition [Line Items]
Indefinite-lived intangible trade names acquired			23,800
Navitar, Inc. | Customer Relationship
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 75,800
Amortization period for finite-lived intangible asset			20 years
Navitar, Inc. | Purchased Technology
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 24,400
Navitar, Inc. | Purchased Technology | Minimum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset			10 years
Navitar, Inc. | Purchased Technology | Maximum
Business Acquisition [Line Items]
Amortization period for finite-lived intangible asset			20 years
Amplifier Research Corp. | Subsequent Event
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 105,000
Business acquisition, estimated annual sales	60,000
Paragon Medical | Subsequent Event
Business Acquisition [Line Items]
Payments to acquire businesses, gross	1,900,000
Business acquisition, estimated annual sales	$ 500,000

Acquisitions - Allocation of Ag

Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 5,479,025		$ 5,372,562
Total cash paid		246,656	$ 190,321
Navitar, Inc.
Business Acquisition [Line Items]
Property, plant and equipment	$ 13,400
Goodwill	82,600
Other intangible assets	124,000	$ 124,000
Net working capital and other	26,700
Total cash paid	246,700
Accounts receivable included in purchase price	$ 12,900

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 5,372,562
Goodwill acquired from 2023 acquisitions	82,600
Purchase price allocation adjustments and other	25,400
Foreign currency translation adjustments	(1,600)
Goodwill, ending balance	5,479,025
Electronic Instruments Group
Goodwill [Roll Forward]
Goodwill, beginning balance	4,236,100
Goodwill acquired from 2023 acquisitions	57,100
Purchase price allocation adjustments and other	25,400
Foreign currency translation adjustments	(1,600)
Goodwill, ending balance	4,317,000
Electromechanical Group
Goodwill [Roll Forward]
Goodwill, beginning balance	1,136,500
Goodwill acquired from 2023 acquisitions	25,500
Purchase price allocation adjustments and other	0
Foreign currency translation adjustments	0
Goodwill, ending balance	$ 1,162,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 207.4		$ 174.7
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 153.9
Effective tax rate	17.70%	19%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 174.7
Additions for tax positions	33.5
Reductions for tax positions	(0.8)
Balance at the end of the year	$ 207.4

Share-Based Compensation - Tota

Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock option expense	$ 3,560	$ 3,043	$ 10,740	$ 9,866
Restricted stock expense	5,578	4,800	15,875	14,831
Performance restricted stock unit expense	3,775	4,217	9,158	9,890
Total pre-tax expense	$ 12,913	$ 12,060	$ 35,773	$ 34,587

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Expected volatility	26%	24.50%
Expected term (years)	5 years	5 years
Risk-free interest rate	3.54%	2.33%
Expected dividend yield	0.72%	0.65%
Black-Scholes-Merton fair value per stock option granted (in usd per share)	$ 38.11	$ 32.54

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, outstanding (in shares) | shares	3,060
Granted (in shares) | shares	453
Exercised (in shares) | shares	(551)
Forfeited (in shares) | shares	(65)
Ending balance, outstanding (in shares) | shares	2,897
Ending balance, exercisable (in shares) | shares	1,976
Weighted Average Exercise Price
Beginning balance, outstanding, weighted average exercise price (in usd per share) | $ / shares	$ 79.46
Granted, weighted average exercise price (in usd per share) | $ / shares	138.46
Exercised, weighted average exercise price (in usd per share) | $ / shares	71.78
Forfeited, weighted average exercise price (in usd per share) | $ / shares	124.38
Ending balance, outstanding, weighted average exercise price (in shares) | $ / shares	99.97
Ending balance, exercisable, weighted average exercise price (in usd per share) | $ / shares	$ 83.88
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 8 months 12 days
Aggregate Intrinsic Value
Ending balance, outstanding, aggregate intrinsic value | $	$ 138.4
Ending balance, exercisable, aggregate intrinsic value | $	$ 126.3

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 42.5
Total fair value of stock options vested		12.8
Expected future pre-tax compensation expense, nonvested stock options		$ 21.9
Weighted average period to recognize expected future pre-tax compensation expense		2 years
Nonvested restricted stock outstanding (in shares)		300
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		$ 7.6
Share-based payment award, options, outstanding (in shares)		2,897	3,060
Non vested Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding (in shares)		900
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		$ 16.3
Expected future pre-tax compensation expense, nonvested restricted shares		$ 28.8
Nonvested restricted stock outstanding (in shares)		328	356
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)		239	275
Share-based payment award, options, outstanding (in shares)		200
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%
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%

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Shares
Non-vested restricted stock outstanding at end of period (in shares)	300
Restricted Shares
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	356
Granted (in shares)	154
Vested (in shares)	(156)
Forfeited (in shares)	(26)
Non-vested restricted stock outstanding at end of period (in shares)	328
Weighted Average  Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) | $ / shares	$ 117.18
Granted (in usd per share) | $ / shares	138.63
Vested (in usd per share) | $ / shares	104.30
Forfeited (in usd per share) | $ / shares	127
Non-vested restricted stock outstanding at end of period (in usd per share) | $ / shares	$ 132.61
Performance Restricted Stock Units
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	275
Granted (in shares)	79
Performance assumption change (in shares)	48
Vested (in shares)	(161)
Forfeited (in shares)	(2)
Non-vested restricted stock outstanding at end of period (in shares)	239
Weighted Average  Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) | $ / shares	$ 101.98
Granted (in usd per share) | $ / shares	138.46
Performance assumption change (in usd per share) | $ / shares	63.37
Vested (in usd per share) | $ / shares	63.37
Forfeited (in usd per share) | $ / shares	131.76
Non-vested restricted stock outstanding at end of period (in usd per share) | $ / shares	$ 131.90

Retirement and Pension Plans -

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined benefit plans:
Service cost	$ 751	$ 1,290	$ 2,240	$ 3,995
Interest cost	7,588	4,949	22,655	15,101
Expected return on plan assets	(13,100)	(14,812)	(39,167)	(45,113)
Amortization of net actuarial loss and other	2,851	2,074	8,514	6,371
Pension income	(1,910)	(6,499)	(5,758)	(19,646)
Other plans:
Defined contribution plans	9,908	9,217	33,936	32,289
Foreign plans and other	2,011	2,027	6,581	6,422
Total other plans	11,919	11,244	40,517	38,711
Total net pension expense	$ 10,009	$ 4,745	$ 34,759	$ 19,065

Retirement and Pension Plans _2

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Defined benefit pension plan contributions	$ 3.9	$ 5.2

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) site	Dec. 31, 2022 USD ($)
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 | $	$ 39.7	$ 41.1
Payments for environmental matters | $	6.1
HCC Industries
Site Contingency [Line Items]
Environmental expense | $	$ 4.7