AMETEK (AME) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-12981
Entity Registrant Name	AMETEK, Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1100 Cassatt Road
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Tax Identification Number	14-1682544
Entity Address, Postal Zip Code	19312-1177
City Area Code	610
Local Phone Number	647-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	AME
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		231,307,680
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,708,564	$ 1,622,837	$ 5,179,578	$ 4,866,065
Cost of sales	1,092,754	1,020,920	3,347,860	3,096,635
Selling, general and administrative	169,959	163,782	521,137	506,963
Total operating expenses	1,262,713	1,184,702	3,868,997	3,603,598
Operating income	445,851	438,135	1,310,581	1,262,467
Interest expense	(25,118)	(18,386)	(90,962)	(57,678)
Other (expense) income, net	(1,888)	(6,256)	(2,435)	(15,313)
Income before income taxes	418,845	413,493	1,217,184	1,189,476
Provision for income taxes	78,604	73,123	228,317	219,152
Net income	$ 340,241	$ 340,370	$ 988,867	$ 970,324
Basic earnings per share (in usd per share)	$ 1.47	$ 1.48	$ 4.28	$ 4.21
Diluted earnings per share (in usd per share)	$ 1.47	$ 1.47	$ 4.26	$ 4.19
Weighted average common shares outstanding:
Basic shares (in shares)	231,342	230,691	231,292	230,431
Diluted shares (in shares)	232,224	231,751	232,188	231,414
Dividends declared and paid per share (in usd per shares)	$ 0.28	$ 0.25	$ 0.84	$ 0.75

Condensed Consolidated Statemen

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 405,095	$ 294,757	$ 1,016,270	$ 977,660

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 396,266	$ 409,804
Receivables, net	968,240	1,012,932
Inventories, net	1,084,622	1,132,471
Other current assets	284,562	269,461
Total current assets	2,733,690	2,824,668
Property, plant and equipment, net	822,609	891,293
Right of use assets, net	211,381	229,723
Goodwill	6,550,267	6,447,629
Other intangibles, net	3,950,989	4,165,317
Investments and other assets	498,703	464,903
Total assets	14,767,639	15,023,533
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	571,061	1,417,915
Accounts payable	511,680	516,588
Customer advanced payments	350,865	375,513
Income taxes payable	64,763	69,567
Accrued liabilities and other	468,556	502,990
Total current liabilities	1,966,925	2,882,573
Long-term debt, net	1,765,473	1,895,432
Deferred income taxes	792,540	836,695
Other long-term liabilities	692,478	678,642
Total liabilities	5,217,416	6,293,342
Stockholders’ equity:
Common stock	2,717	2,709
Capital in excess of par value	1,228,670	1,168,694
Retained earnings	10,735,140	9,940,343
Accumulated other comprehensive loss	(457,539)	(484,942)
Treasury stock	(1,958,765)	(1,896,613)
Total stockholders’ equity	9,550,223	8,730,191
Total liabilities and stockholders’ equity	$ 14,767,639	$ 15,023,533

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital stock	Capital in excess of par value	Retained earnings	Accumulated other comprehensive (loss) income	Accumulated other comprehensive (loss) income, Foreign currency translation	Accumulated other comprehensive (loss) income, Defined benefit pension plans	Treasury stock
Balance at the beginning of the year at Dec. 31, 2022		$ 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 (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively						3,083
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , 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	$ (567,609)	(365,564)	(202,045)	(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 (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively						21,881
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , 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	(567,609)	(365,564)	(202,045)	(1,895,811)
Balance at the beginning of the year at Dec. 31, 2023	8,730,191	2,709	1,168,694	9,940,343		(298,835)	(186,107)	(1,896,613)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		8
Issuance of common stock under employee stock plans			25,069					5,843
Share-based compensation expense			34,907
Net income	988,867			988,867
Cash dividends paid				(194,068)
Other				(2)
Translation adjustments						40,231
Change in long-term intercompany notes						(1,942)
Net investment hedge instruments (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively						(14,366)
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , respectively							3,480
Purchase of treasury stock								(67,995)
Balance at the end of the year at Sep. 30, 2024	9,550,223	2,717	1,228,670	10,735,140	(457,539)	(274,912)	(182,627)	(1,958,765)
Balance at the beginning of the year at Jun. 30, 2024		2,716	1,210,414	10,459,556		(338,606)	(183,787)	(1,897,889)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		1
Issuance of common stock under employee stock plans			5,513					(476)
Share-based compensation expense			12,743
Net income	340,241			340,241
Cash dividends paid				(64,657)
Other				0
Translation adjustments						91,052
Change in long-term intercompany notes						2,106
Net investment hedge instruments (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively						(29,464)
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , respectively							1,160
Purchase of treasury stock								(60,400)
Balance at the end of the year at Sep. 30, 2024	$ 9,550,223	$ 2,717	$ 1,228,670	$ 10,735,140	$ (457,539)	$ (274,912)	$ (182,627)	$ (1,958,765)

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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 (loss) gain	$ 9,595	$ (7,126)	$ 4,678	$ (1,004)
Tax related to amortization of net actuarial loss	$ (365)	$ (518)	$ (1,095)	$ (1,554)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 988,867	$ 970,324
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	287,049	245,713
Deferred income taxes	(28,970)	(67,525)
Share-based compensation expense	34,907	35,773
Gain on sale of facilities	(995)	0
Net change in assets and liabilities, net of acquisitions	20,675	27,266
Pension contributions	(4,433)	(3,927)
Other, net	(18,268)	(12,985)
Total operating activities	1,278,832	1,194,639
Investing activities:
Additions to property, plant and equipment	(75,350)	(76,506)
Purchases of businesses, net of cash acquired	0	(246,656)
Proceeds from sale of facilities	4,246	0
Other, net	1,580	(3,149)
Total investing activities	(69,524)	(326,311)
Financing activities:
Net change in short-term borrowings	(698,099)	(220,555)
Repayments of long-term borrowings	(300,000)	0
Repurchases of common stock	(67,995)	(6,578)
Cash dividends paid	(194,068)	(172,693)
Proceeds from stock option exercises	39,728	40,120
Other, net	(7,976)	(5,068)
Total financing activities	(1,228,410)	(364,774)
Effect of exchange rate changes on cash and cash equivalents	5,564	(7,039)
(Decrease) increase in cash and cash equivalents	(13,538)	496,515
Cash and cash equivalents:
Beginning of period	409,804	345,386
End of period	$ 396,266	$ 841,901

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2024, the consolidated results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023 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, 2023 as filed with the U.S. Securities and Exchange Commission.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant segment expenses and other segment items on an annual and interim basis under ASC 280. ASU 2023-07 is effective for the Company's annual period ending December 31, 2024, and for interim periods within the annual period ending December 31, 2025. The amendments in this ASU will be applied on a retrospective basis to all periods presented. ASU 2023-07 will require additional disclosures in the Reportable Segments footnote, but will not have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The Company has not determined the impact ASU 2023-09 may have on the Company’s financial statement disclosures.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The outstanding contract asset and liability accounts were as follows: 2024 2023 (In thousands) Contract assets—January 1 $ 140,826 $ 119,741 Contract assets – September 30 151,451 139,771 Change in contract assets – increase (decrease) 10,625 20,030 Contract liabilities – January 1 432,830 398,692 Contract liabilities – September 30 396,172 422,415 Change in contract liabilities – decrease (increase) 36,658 (23,723) Net change $ 47,283 $ (3,693) The net change for the nine months ended September 30, 2024 was primarily driven by contract liabilities, specifically lower advance payments from customers. For the nine months ended September 30, 2024 and 2023, the Company recognized revenue of $324.8 million and $297.7 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, 2024 and December 31, 2023, $45.3 million and $57.3 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, 2024 and December 31, 2023 were $611.2 million and $607.5 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 and nine months ended September 30: Three months ended September 30, 2024 Nine months ended September 30, 2024 EIG EMG Total EIG EMG Total (In thousands) United States $ 561,273 $ 333,575 $ 894,848 $ 1,732,847 $ 1,019,636 $ 2,752,483 International (1) : United Kingdom 25,247 31,160 56,407 79,713 95,107 174,820 European Union countries 123,271 109,071 232,342 393,941 331,047 724,988 Asia 301,858 60,008 361,866 881,893 166,517 1,048,410 Other foreign countries 122,939 40,162 163,101 356,586 122,291 478,877 Total international 573,315 240,401 813,716 1,712,133 714,962 2,427,095 Consolidated net sales $ 1,134,588 $ 573,976 $ 1,708,564 $ 3,444,980 $ 1,734,598 $ 5,179,578 ________________ (1) Includes U.S. export sales of $465.1 million and $1,374.4 million for the three and nine months ended September 30, 2024, respectively. 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. Major Products and Services The Company’s major products and services in the reportable segments were as follows: Three months ended September 30, 2024 Nine months ended September 30, 2024 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 779,772 $ — $ 779,772 $ 2,374,034 $ — $ 2,374,034 Aerospace and power 354,816 160,177 514,993 1,070,946 467,092 1,538,038 Automation and engineered solutions — 413,799 413,799 — 1,267,506 1,267,506 Consolidated net sales $ 1,134,588 $ 573,976 $ 1,708,564 $ 3,444,980 $ 1,734,598 $ 5,179,578 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 Timing of Revenue Recognition Three months ended September 30, 2024 Nine months ended September 30, 2024 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 904,622 $ 515,035 $ 1,419,657 $ 2,776,552 $ 1,557,412 $ 4,333,964 Products and services transferred over time 229,966 58,941 288,907 668,428 177,186 845,614 Consolidated net sales $ 1,134,588 $ 573,976 $ 1,708,564 $ 3,444,980 $ 1,734,598 $ 5,179,578 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 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, 2024 2023 (In thousands) Balance at the beginning of the period $ 37,087 $ 26,487 Accruals for warranties issued during the period 18,049 15,711 Settlements made during the period (16,219) (10,868) Warranty accruals related to acquired businesses and other during the period 247 21 Balance at the end of the period $ 39,164 $ 31,351 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 September 30, 2024, the Company had $968.2 million of accounts receivable, net of allowances of $14.3 million. Changes in the allowance were not material for the three and nine months ended September 30, 2024.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 (In thousands) Weighted average shares: Basic shares 231,342 230,691 231,292 230,431 Equity-based compensation plans 882 1,060 896 983 Diluted shares 232,224 231,751 232,188 231,414 The calculation of diluted earnings per share for the three and nine months ended September 30, 2024 excluded an immaterial number of stock options because the exercise prices of these stock options exceeded the average market price of the Company’s common shares, and the effect of their inclusion would have been antidilutive. There were no antidilutive shares for the three and nine months ended September 30, 2023.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023: September 30, 2024 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 10,910 $ 10,910 $ — $ — Foreign currency forward contracts 1,489 — 1,489 — December 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 11,922 $ 11,922 $ — $ — Foreign currency forward contracts 2,035 — 2,035 — 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, 2024 and 2023, 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, 2024 and 2023. Foreign Currency At September 30, 2024, the Company had a Euro forward contract for a total notional value of 65.0 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, 2024, 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, 2024 and December 31, 2023 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, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt (including current portion) $ (1,917,123) $ (1,855,522) $ (2,197,538) $ (2,087,607) 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, 2024
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, 2024, 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, 2024, the Company had $301.4 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, 2024, the Company had $565.4 million in Euro-denominated loans, which were designated as a hedge against the net investment in Euro functional currency foreign subsidiaries. As a result of the British-pound- and Euro-denominated loans designated and 100% effective as net investment hedges, $19.0 million of pre-tax currency remeasurement losses have been included in the foreign currency translation component of other comprehensive income for the nine months ended September 30, 2024.

Inventories, net

Inventories, net	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net September 30, December 31, (In thousands) Finished goods and parts $ 123,401 $ 136,003 Work in process 186,254 165,914 Raw materials and purchased parts 774,967 830,554 Total inventories, net $ 1,084,622 $ 1,132,471

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023. The Company's leases have a weighted average remaining lease term of approximately seven years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Operating lease cost $ 17,493 $ 15,901 $ 52,894 $ 46,483 Variable lease cost 3,001 2,501 9,334 8,447 Total lease cost $ 20,494 $ 18,402 $ 62,228 $ 54,930 Supplemental balance sheet information related to leases was as follows: September 30, December 31, (In thousands) Right of use assets, net $ 211,381 $ 229,723 Lease liabilities included in Accrued Liabilities and other 54,323 61,055 Lease liabilities included in Other long-term liabilities 166,472 182,436 Total lease liabilities $ 220,795 $ 243,491 Maturities of lease liabilities as of September 30, 2024 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2024 $ 15,421 2025 55,485 2026 45,902 2027 33,720 2028 24,626 Thereafter 76,123 Total lease payments 251,277 Less: imputed interest 30,482 $ 220,795 The Company does not have any significant leases that have not yet commenced.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions The initial accounting for the December 2023 Paragon Medical acquisition has been adjusted, including the measurement of the acquired tangible and intangible assets and liabilities, as well as the associated income tax considerations. The adjustments include an increase to goodwill of $60.8 million, a decrease to fixed assets of $40.7 million, a decrease to intangibles of $21.7 million, a decrease to inventory and other of $11.3 million, and a decrease to income taxes of $12.9 million. Any further adjustments are not expected to be material to the consolidated statement of income and balance sheet. The Company is in the process of finalizing the value of intangible assets, inventory, and accounting for income taxes. The Company finalized its measurements of tangible and intangible assets and liabilities for its August 2023 acquisition of United Electronic Industries, which had no material impact to the consolidated statement of income and balance sheet. The Company is in the process of finalizing the accounting for income taxes for its October 2023 acquisition of Amplifier Research Corp. Acquisition Subsequent to September 30, 2024

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2024
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, 2023 $ 4,365.0 $ 2,082.6 $ 6,447.6 Purchase price allocation adjustments and other 25.5 61.2 86.7 Foreign currency translation adjustments 9.4 6.6 16.0 Balance at September 30, 2024 $ 4,399.9 $ 2,150.4 $ 6,550.3

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At September 30, 2024, the Company had gross uncertain tax benefits of $271.5 million, of which $205.6 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, 2023 $ 233.5 Additions for tax positions 40.0 Reductions for tax positions (2.0) Balance at September 30, 2024 $ 271.5 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, 2024 and 2023 were not significant.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt In the third quarter of 2024, the Company paid in full, at maturity, a $300.0 million in aggregate principal amount of 3.73% senior notes.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
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, 2023. Share Based Compensation Expense Total share-based compensation expense was as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Stock option expense $ 3,417 $ 3,560 $ 10,443 $ 10,740 Restricted stock expense 5,106 5,578 15,232 15,875 Performance restricted stock unit expense 4,220 3,775 9,232 9,158 Total pre-tax expense $ 12,743 $ 12,913 $ 34,907 $ 35,773 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, 2023 Expected volatility 28.2 % 26.0 % Expected term (years) 5.0 5.0 Risk-free interest rate 4.31 % 3.54 % Expected dividend yield 0.62 % 0.72 % Black-Scholes-Merton fair value per stock option granted $ 56.42 $ 38.11 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, 2023 2,741 $ 101.20 Granted 231 181.93 Exercised (482) 83.93 Forfeited (44) 149.47 Outstanding at September 30, 2024 2,446 $ 111.35 6.4 $ 149.8 Exercisable at September 30, 2024 1,809 $ 96.89 5.7 $ 135.4 The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2024 was $43.1 million. The total fair value of stock options vested during the nine months ended September 30, 2024 was $14.8 million. As of September 30, 2024, there was approximately $19.3 million of expected future pre-tax compensation expense related to the 0.6 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, 2023 296 $ 135.39 Granted 148 181.60 Vested (141) 132.77 Forfeited (22) 153.79 Non-vested restricted stock outstanding at September 30, 2024 281 $ 159.52 The total fair value of restricted stock vested during the nine months ended September 30, 2024 was $18.7 million. As of September 30, 2024, there was approximately $32.3 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 approximately two years. Performance Restricted Stock Units In March 2024, 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, 2023 239 $ 131.90 Granted 77 181.93 Performance assumption change 1 24 121.91 Vested (99) 121.91 Forfeited (6) 155.48 Non-vested performance restricted stock outstanding at September 30, 2024 235 $ 150.93 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics. As of September 30, 2024, there was approximately $8.9 million of expected future pre-tax compensation expense related to the 0.2 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	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 (In thousands) Defined benefit plans: Service cost $ 737 $ 751 $ 2,194 $ 2,240 Interest cost 7,043 7,588 21,010 22,655 Expected return on plan assets (13,702) (13,100) (40,953) (39,167) Amortization of net actuarial loss and other 2,358 2,851 7,028 8,514 Pension income (3,564) (1,910) (10,721) (5,758) Other plans: Defined contribution plans 9,759 9,908 35,339 33,936 Foreign plans and other 2,275 2,011 6,251 6,581 Total other plans 12,034 11,919 41,590 40,517 Total net pension expense $ 8,470 $ 10,009 $ 30,869 $ 34,759 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, 2024 and 2023, contributions to the Company’s defined benefit pension plans were $4.4 million and $3.9 million, respectively. The Company’s current estimate of 2024 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, 2023.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2024
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, 2024, the Company is named a Potentially Responsible Party (“PRP”) at 12 non-AMETEK-owned former waste disposal or treatment sites (the “non-owned” sites). The Company is identified as a “de minimis” party in a majority of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. 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, 2024 and December 31, 2023 were $30.6 million and $37.1 million, respectively, for both non-owned and owned sites. For the nine months ended September 30, 2024, the Company recorded $7.8 million in reserves. Additionally, the Company spent $14.3 million on environmental matters for the nine months ended September 30, 2024. 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 340,241	$ 340,370	$ 988,867	$ 970,324

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024, the consolidated results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023 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, 2023 as filed with the U.S. Securities and Exchange Commission.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant segment expenses and other segment items on an annual and interim basis under ASC 280. ASU 2023-07 is effective for the Company's annual period ending December 31, 2024, and for interim periods within the annual period ending December 31, 2025. The amendments in this ASU will be applied on a retrospective basis to all periods presented. ASU 2023-07 will require additional disclosures in the Reportable Segments footnote, but will not have a material impact on the Company's consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The Company has not determined the impact ASU 2023-09 may have on the Company’s 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)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Outstanding Contract Asset and (Liability) Accounts	The outstanding contract asset and liability accounts were as follows: 2024 2023 (In thousands) Contract assets—January 1 $ 140,826 $ 119,741 Contract assets – September 30 151,451 139,771 Change in contract assets – increase (decrease) 10,625 20,030 Contract liabilities – January 1 432,830 398,692 Contract liabilities – September 30 396,172 422,415 Change in contract liabilities – decrease (increase) 36,658 (23,723) Net change $ 47,283 $ (3,693)
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, 2024 Nine months ended September 30, 2024 EIG EMG Total EIG EMG Total (In thousands) United States $ 561,273 $ 333,575 $ 894,848 $ 1,732,847 $ 1,019,636 $ 2,752,483 International (1) : United Kingdom 25,247 31,160 56,407 79,713 95,107 174,820 European Union countries 123,271 109,071 232,342 393,941 331,047 724,988 Asia 301,858 60,008 361,866 881,893 166,517 1,048,410 Other foreign countries 122,939 40,162 163,101 356,586 122,291 478,877 Total international 573,315 240,401 813,716 1,712,133 714,962 2,427,095 Consolidated net sales $ 1,134,588 $ 573,976 $ 1,708,564 $ 3,444,980 $ 1,734,598 $ 5,179,578 ________________ (1) Includes U.S. export sales of $465.1 million and $1,374.4 million for the three and nine months ended September 30, 2024, respectively. 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.
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, 2024 Nine months ended September 30, 2024 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 779,772 $ — $ 779,772 $ 2,374,034 $ — $ 2,374,034 Aerospace and power 354,816 160,177 514,993 1,070,946 467,092 1,538,038 Automation and engineered solutions — 413,799 413,799 — 1,267,506 1,267,506 Consolidated net sales $ 1,134,588 $ 573,976 $ 1,708,564 $ 3,444,980 $ 1,734,598 $ 5,179,578 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
Schedule of Disaggregation of Revenue	Three months ended September 30, 2024 Nine months ended September 30, 2024 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 904,622 $ 515,035 $ 1,419,657 $ 2,776,552 $ 1,557,412 $ 4,333,964 Products and services transferred over time 229,966 58,941 288,907 668,428 177,186 845,614 Consolidated net sales $ 1,134,588 $ 573,976 $ 1,708,564 $ 3,444,980 $ 1,734,598 $ 5,179,578 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
Schedule of Product Warranty Liability	Changes in the accrued product warranty obligation were as follows: Nine Months Ended September 30, 2024 2023 (In thousands) Balance at the beginning of the period $ 37,087 $ 26,487 Accruals for warranties issued during the period 18,049 15,711 Settlements made during the period (16,219) (10,868) Warranty accruals related to acquired businesses and other during the period 247 21 Balance at the end of the period $ 39,164 $ 31,351

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 (In thousands) Weighted average shares: Basic shares 231,342 230,691 231,292 230,431 Equity-based compensation plans 882 1,060 896 983 Diluted shares 232,224 231,751 232,188 231,414

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of 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, 2024 and December 31, 2023: September 30, 2024 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 10,910 $ 10,910 $ — $ — Foreign currency forward contracts 1,489 — 1,489 — December 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 11,922 $ 11,922 $ — $ — Foreign currency forward contracts 2,035 — 2,035 —
Schedule of 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, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt (including current portion) $ (1,917,123) $ (1,855,522) $ (2,197,538) $ (2,087,607)

Inventories, net (Tables)

Inventories, net (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	September 30, December 31, (In thousands) Finished goods and parts $ 123,401 $ 136,003 Work in process 186,254 165,914 Raw materials and purchased parts 774,967 830,554 Total inventories, net $ 1,084,622 $ 1,132,471

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Operating lease cost $ 17,493 $ 15,901 $ 52,894 $ 46,483 Variable lease cost 3,001 2,501 9,334 8,447 Total lease cost $ 20,494 $ 18,402 $ 62,228 $ 54,930
Schedule of 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 $ 211,381 $ 229,723 Lease liabilities included in Accrued Liabilities and other 54,323 61,055 Lease liabilities included in Other long-term liabilities 166,472 182,436 Total lease liabilities $ 220,795 $ 243,491
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of September 30, 2024 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2024 $ 15,421 2025 55,485 2026 45,902 2027 33,720 2028 24,626 Thereafter 76,123 Total lease payments 251,277 Less: imputed interest 30,482 $ 220,795

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of 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, 2023 $ 4,365.0 $ 2,082.6 $ 6,447.6 Purchase price allocation adjustments and other 25.5 61.2 86.7 Foreign currency translation adjustments 9.4 6.6 16.0 Balance at September 30, 2024 $ 4,399.9 $ 2,150.4 $ 6,550.3

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Unrecognized Tax Benefits Roll Forward	The following is a reconciliation of the liability for uncertain tax positions (in millions): Balance at December 31, 2023 $ 233.5 Additions for tax positions 40.0 Reductions for tax positions (2.0) Balance at September 30, 2024 $ 271.5

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	Total share-based compensation expense was as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Stock option expense $ 3,417 $ 3,560 $ 10,443 $ 10,740 Restricted stock expense 5,106 5,578 15,232 15,875 Performance restricted stock unit expense 4,220 3,775 9,232 9,158 Total pre-tax expense $ 12,743 $ 12,913 $ 34,907 $ 35,773
Schedule of 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, 2023 Expected volatility 28.2 % 26.0 % Expected term (years) 5.0 5.0 Risk-free interest rate 4.31 % 3.54 % Expected dividend yield 0.62 % 0.72 % Black-Scholes-Merton fair value per stock option granted $ 56.42 $ 38.11
Schedule 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, 2023 2,741 $ 101.20 Granted 231 181.93 Exercised (482) 83.93 Forfeited (44) 149.47 Outstanding at September 30, 2024 2,446 $ 111.35 6.4 $ 149.8 Exercisable at September 30, 2024 1,809 $ 96.89 5.7 $ 135.4
Schedule 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, 2023 296 $ 135.39 Granted 148 181.60 Vested (141) 132.77 Forfeited (22) 153.79 Non-vested restricted stock outstanding at September 30, 2024 281 $ 159.52 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, 2023 239 $ 131.90 Granted 77 181.93 Performance assumption change 1 24 121.91 Vested (99) 121.91 Forfeited (6) 155.48 Non-vested performance restricted stock outstanding at September 30, 2024 235 $ 150.93 _________________________________________ 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, 2024
Retirement Benefits [Abstract]
Schedule of Components Net Periodic Pension Benefit Expense (Income)	The components of net periodic pension benefit expense (income) were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In thousands) Defined benefit plans: Service cost $ 737 $ 751 $ 2,194 $ 2,240 Interest cost 7,043 7,588 21,010 22,655 Expected return on plan assets (13,702) (13,100) (40,953) (39,167) Amortization of net actuarial loss and other 2,358 2,851 7,028 8,514 Pension income (3,564) (1,910) (10,721) (5,758) Other plans: Defined contribution plans 9,759 9,908 35,339 33,936 Foreign plans and other 2,275 2,011 6,251 6,581 Total other plans 12,034 11,919 41,590 40,517 Total net pension expense $ 8,470 $ 10,009 $ 30,869 $ 34,759

Revenues - Outstanding Contract

Revenues - Outstanding Contract Asset and (Liability) Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 151,451	$ 139,771	$ 140,826	$ 119,741
Change in contract assets – increase (decrease)	10,625	20,030
Contract liabilities	396,172	422,415	$ 432,830	$ 398,692
Change in contract liabilities – decrease (increase)	36,658	(23,723)
Net change	$ 47,283	$ (3,693)

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liabilities	$ 324,800	$ 297,700
Customer advanced payments	45,300		$ 57,300
Disaggregation of Revenue [Line Items]
Accounts and notes receivable, net	968,240		1,012,932
Allowance for notes and loans receivable	14,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation			$ 607,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation	$ 611,200
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Performance obligation, expected timing of satisfaction, period			2 years
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Performance obligation, expected timing of satisfaction, period	2 years
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Performance obligation, expected timing of satisfaction, period			3 years
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Performance obligation, expected timing of satisfaction, period	3 years

Revenues - Information About Op

Revenues - Information About Operations in Different Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,708,564	$ 1,622,837	$ 5,179,578	$ 4,866,065
United States
Segment Reporting Information [Line Items]
Net sales	894,848	891,134	2,752,483	2,560,041
International
Segment Reporting Information [Line Items]
Net sales	813,716	731,703	2,427,095	2,306,024
United Kingdom
Segment Reporting Information [Line Items]
Net sales	56,407	53,675	174,820	164,327
European Union countries
Segment Reporting Information [Line Items]
Net sales	232,342	214,957	724,988	709,109
Asia
Segment Reporting Information [Line Items]
Net sales	361,866	319,621	1,048,410	997,807
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	163,101	143,450	478,877	434,781
Non-US
Segment Reporting Information [Line Items]
Net sales	465,100	391,700	1,374,400	1,265,000
EIG
Segment Reporting Information [Line Items]
Net sales	1,134,588	1,136,130	3,444,980	3,388,023
EIG | United States
Segment Reporting Information [Line Items]
Net sales	561,273	616,988	1,732,847	1,754,165
EIG | International
Segment Reporting Information [Line Items]
Net sales	573,315	519,142	1,712,133	1,633,858
EIG | United Kingdom
Segment Reporting Information [Line Items]
Net sales	25,247	23,327	79,713	74,515
EIG | European Union countries
Segment Reporting Information [Line Items]
Net sales	123,271	115,026	393,941	381,495
EIG | Asia
Segment Reporting Information [Line Items]
Net sales	301,858	271,922	881,893	846,450
EIG | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	122,939	108,867	356,586	331,398
EMG
Segment Reporting Information [Line Items]
Net sales	573,976	486,707	1,734,598	1,478,042
EMG | United States
Segment Reporting Information [Line Items]
Net sales	333,575	274,146	1,019,636	805,876
EMG | International
Segment Reporting Information [Line Items]
Net sales	240,401	212,561	714,962	672,166
EMG | United Kingdom
Segment Reporting Information [Line Items]
Net sales	31,160	30,348	95,107	89,812
EMG | European Union countries
Segment Reporting Information [Line Items]
Net sales	109,071	99,931	331,047	327,614
EMG | Asia
Segment Reporting Information [Line Items]
Net sales	60,008	47,699	166,517	151,357
EMG | Other foreign countries
Segment Reporting Information [Line Items]
Net sales	$ 40,162	$ 34,583	$ 122,291	$ 103,383

Revenues - Major Products and S

Revenues - Major Products and Services in Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,708,564	$ 1,622,837	$ 5,179,578	$ 4,866,065
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	779,772	801,027	2,374,034	2,394,127
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	514,993	481,946	1,538,038	1,433,581
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	413,799	339,864	1,267,506	1,038,357
EIG
Disaggregation of Revenue [Line Items]
Net sales	1,134,588	1,136,130	3,444,980	3,388,023
EIG | Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	779,772	801,027	2,374,034	2,394,127
EIG | Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	354,816	335,103	1,070,946	993,896
EIG | Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
EMG
Disaggregation of Revenue [Line Items]
Net sales	573,976	486,707	1,734,598	1,478,042
EMG | Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
EMG | Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	160,177	146,843	467,092	439,685
EMG | Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 413,799	$ 339,864	$ 1,267,506	$ 1,038,357

Revenues - Timing of Revenue Re

Revenues - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,708,564	$ 1,622,837	$ 5,179,578	$ 4,866,065
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,419,657	1,374,924	4,333,964	4,124,385
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	288,907	247,913	845,614	741,680
EIG
Disaggregation of Revenue [Line Items]
Net sales	1,134,588	1,136,130	3,444,980	3,388,023
EIG | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	904,622	937,382	2,776,552	2,809,624
EIG | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	229,966	198,748	668,428	578,399
EMG
Disaggregation of Revenue [Line Items]
Net sales	573,976	486,707	1,734,598	1,478,042
EMG | Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	515,035	437,542	1,557,412	1,314,761
EMG | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 58,941	$ 49,165	$ 177,186	$ 163,281

Revenues - Changes in Accrued P

Revenues - Changes in Accrued Product Warranty Obligation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the period	$ 37,087	$ 26,487
Accruals for warranties issued during the period	18,049	15,711
Settlements made during the period	(16,219)	(10,868)
Warranty accruals related to acquired businesses and other during the period	247	21
Balance at the end of the period	$ 39,164	$ 31,351

Earnings Per Share - Number of

Earnings Per Share - Number of Weighted Average Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted average shares:
Basic shares (in shares)	231,342,000	230,691,000	231,292,000	230,431,000
Equity-based compensation plans (in shares)	882,000	1,060,000	896,000	983,000
Diluted shares (in shares)	232,224,000	231,751,000	232,188,000	231,414,000
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		0		0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 10,910	$ 11,922
Foreign currency forward contracts	1,489	2,035
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	10,910	11,922
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	1,489	2,035
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 (Details) € in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 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 | €			€ 65

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Recorded Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt (including current portion)	$ (1,917,123)	$ (2,197,538)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt (including current portion)	$ (1,855,522)	$ (2,087,607)

Hedging Activities - Additional

Hedging Activities - Additional Information (Details) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100%
Currency remeasurement losses	$ 19
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	301.4
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 565.4

Inventories, net - Inventories

Inventories, net - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods and parts	$ 123,401	$ 136,003
Work in process	186,254	165,914
Raw materials and purchased parts	774,967	830,554
Total inventories, net	$ 1,084,622	$ 1,132,471

Leases - Additional Information

Leases - Additional Information (Details)	Sep. 30, 2024
Leases [Abstract]
Operating lease, weighted average remaining lease term	7 years

Leases- Components of Lease Exp

Leases- Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 17,493	$ 15,901	$ 52,894	$ 46,483
Variable lease cost	3,001	2,501	9,334	8,447
Total lease cost	$ 20,494	$ 18,402	$ 62,228	$ 54,930

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use assets, net	$ 211,381	$ 229,723
Operating lease, liability, current, statement of financial position	Accrued liabilities and other	Accrued liabilities and other
Lease liabilities included in Accrued Liabilities and other	$ 54,323	$ 61,055
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities
Lease liabilities included in Other long-term liabilities	$ 166,472	$ 182,436
Total lease liabilities	$ 220,795	$ 243,491

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2024	$ 15,421
2025	55,485
2026	45,902
2027	33,720
2028	24,626
Thereafter	76,123
Total lease payments	251,277
Less: imputed interest	30,482
Total lease liabilities	$ 220,795	$ 243,491

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Oct. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Adjustments to goodwill			$ 86.7
Paragon Medical
Business Acquisition [Line Items]
Adjustments to goodwill		$ 60.8
Adjustment of fixed assets		40.7
Adjustment of intangibles		21.7
Adjustment of inventories		11.3
Adjustment of income taxes		$ 12.9
Virtek | Subsequent Event
Business Acquisition [Line Items]
Business acquisition, estimated annual sales	$ 40

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 6,447,629
Purchase price allocation adjustments and other	86,700
Foreign currency translation adjustments	16,000
Goodwill, ending balance	6,550,267
EIG
Goodwill [Roll Forward]
Goodwill, beginning balance	4,365,000
Purchase price allocation adjustments and other	25,500
Foreign currency translation adjustments	9,400
Goodwill, ending balance	4,399,900
EMG
Goodwill [Roll Forward]
Goodwill, beginning balance	2,082,600
Purchase price allocation adjustments and other	61,200
Foreign currency translation adjustments	6,600
Goodwill, ending balance	$ 2,150,400

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 271.5		$ 233.5
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 205.6
Effective tax rate	18.80%	17.70%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 233.5
Additions for tax positions	40
Reductions for tax positions	(2)
Balance at the end of the year	$ 271.5

Debt (Details)

Debt (Details) - Senior Notes - Senior Notes, Three Point Seven Three Percent Due September Two Thousand Twenty Four $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Repayment of aggregate principal amount	$ 300
Interest rate on senior notes	3.73%

Share-Based Compensation - Tota

Share-Based Compensation - Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock option expense	$ 3,417	$ 3,560	$ 10,443	$ 10,740
Restricted stock expense	5,106	5,578	15,232	15,875
Performance restricted stock unit expense	4,220	3,775	9,232	9,158
Total pre-tax expense	$ 12,743	$ 12,913	$ 34,907	$ 35,773

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Expected volatility	28.20%	26%
Expected term (years)	5 years	5 years
Risk-free interest rate	4.31%	3.54%
Expected dividend yield	0.62%	0.72%
Black-Scholes-Merton fair value per stock option granted (in usd per share)	$ 56.42	$ 38.11

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Stock Option Activity and Related Information (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, outstanding (in shares) | shares	2,741
Granted (in shares) | shares	231
Exercised (in shares) | shares	(482)
Forfeited (in shares) | shares	(44)
Ending balance, outstanding (in shares) | shares	2,446
Ending balance, exercisable (in shares) | shares	1,809
Weighted Average Exercise Price
Beginning balance, outstanding, weighted average exercise price (in usd per share) | $ / shares	$ 101.20
Granted (in usd per share) | $ / shares	181.93
Exercised (in usd per share) | $ / shares	83.93
Forfeited (in usd per share) | $ / shares	149.47
Ending balance, outstanding, weighted average exercise price (in shares) | $ / shares	111.35
Ending balance, exercisable, weighted average exercise price (in usd per share) | $ / shares	$ 96.89
Weighted Average Remaining Contractual Life
Ending balance, outstanding, weighted average remaining contractual life	6 years 4 months 24 days
Ending balance, exercisable, weighted average remaining contractual life	5 years 8 months 12 days
Aggregate Intrinsic Value
Ending balance, outstanding, aggregate intrinsic value | $	$ 149.8
Ending balance, exercisable, aggregate intrinsic value | $	$ 135.4

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 43.1
Total fair value of stock options vested		14.8
Expected future pre-tax compensation expense, nonvested stock options		$ 19.3
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		$ 8.9
Share-based payment award, options, outstanding (in shares)		2,446	2,741
Non vested Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding (in shares)		600
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		$ 18.7
Expected future pre-tax compensation expense, nonvested restricted shares		$ 32.3
Nonvested restricted stock outstanding (in shares)		281	296
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)		235	239
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 - Sc_2

Share-Based Compensation - Schedule of Nonvested Restricted Stock Activity and Related Information (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / 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)	296
Granted (in shares)	148
Vested (in shares)	(141)
Forfeited (in shares)	(22)
Non-vested restricted stock outstanding at end of period (in shares)	281
Weighted Average  Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) | $ / shares	$ 135.39
Granted (in usd per share) | $ / shares	181.60
Vested (in usd per share) | $ / shares	132.77
Forfeited (in usd per share) | $ / shares	153.79
Non-vested restricted stock outstanding at end of period (in usd per share) | $ / shares	$ 159.52
Performance Restricted Stock Units
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	239
Granted (in shares)	77
Performance assumption change (in shares)	24
Vested (in shares)	(99)
Forfeited (in shares)	(6)
Non-vested restricted stock outstanding at end of period (in shares)	235
Weighted Average  Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) | $ / shares	$ 131.90
Granted (in usd per share) | $ / shares	181.93
Performance assumption change (in usd per share) | $ / shares	121.91
Vested (in usd per share) | $ / shares	121.91
Forfeited (in usd per share) | $ / shares	155.48
Non-vested restricted stock outstanding at end of period (in usd per share) | $ / shares	$ 150.93

Retirement and Pension Plans -

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined benefit plans:
Service cost	$ 737	$ 751	$ 2,194	$ 2,240
Interest cost	7,043	7,588	21,010	22,655
Expected return on plan assets	(13,702)	(13,100)	(40,953)	(39,167)
Amortization of net actuarial loss and other	2,358	2,851	7,028	8,514
Pension income	(3,564)	(1,910)	(10,721)	(5,758)
Other plans:
Defined contribution plans	9,759	9,908	35,339	33,936
Foreign plans and other	2,275	2,011	6,251	6,581
Total other plans	12,034	11,919	41,590	40,517
Total net pension expense	$ 8,470	$ 10,009	$ 30,869	$ 34,759

Retirement and Pension Plans _2

Retirement and Pension Plans - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Defined benefit pension plan contributions	$ 4.4	$ 3.9

Contingencies - Additional Info

Contingencies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) site	Dec. 31, 2023 USD ($)
Site Contingency [Line Items]
Number of non-owned sites company is named potentially responsible party | site	12
Total environmental reserves	$ 30.6	$ 37.1
Payments for environmental matters	14.3
HCC Industries
Site Contingency [Line Items]
Environmental expense	$ 7.8