Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AME | ||
Entity Registrant Name | AMETEK INC/ | ||
Entity Central Index Key | 1037868 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 241,068,392 | ||
Entity Public Float | $12.80 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net sales | $4,021,964 | $3,594,136 | $3,334,213 |
Operating expenses: | |||
Cost of sales, excluding depreciation | 2,597,017 | 2,323,642 | 2,154,132 |
Selling, general and administrative | 462,637 | 398,177 | 380,532 |
Depreciation | 63,724 | 57,238 | 53,677 |
Total operating expenses | 3,123,378 | 2,779,057 | 2,588,341 |
Operating income | 898,586 | 815,079 | 745,872 |
Other expenses: | |||
Interest expense | -79,928 | -73,572 | -75,472 |
Other, net | -13,826 | -16,712 | -7,925 |
Income before income taxes | 804,832 | 724,795 | 662,475 |
Provision for income taxes | 220,372 | 207,796 | 203,343 |
Net income | $584,460 | $516,999 | $459,132 |
Basic earnings per share | $2.39 | $2.12 | $1.90 |
Diluted earnings per share | $2.37 | $2.10 | $1.88 |
Weighted average common shares outstanding: | |||
Basic shares | 244,885 | 243,915 | 241,512 |
Diluted shares | 247,102 | 246,065 | 243,986 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $584,460 | $516,999 | $459,132 |
Foreign currency translation: | |||
Translation adjustments | -59,712 | 2,550 | 17,722 |
Change in long-term intercompany notes | -54,906 | 25,047 | 6,926 |
Net investment hedges, net of tax of $4,961, ($1,587) and ($1,416) in 2014, 2013 and 2012, respectively | -9,213 | 2,938 | 2,629 |
Defined benefit pension plans: | |||
Net actuarial (loss) gain, net of tax of $42,755, ($28,884) and $15,222 in 2014, 2013 and 2012, respectively | -83,040 | 47,498 | -30,509 |
Amortization of net actuarial loss, net of tax of ($1,650), ($5,038) and (4,598) in 2014, 2013 and 2012, respectively | 2,834 | 8,446 | 7,563 |
Amortization of prior service costs, net of tax of ($753), $66 and ($441) in 2014, 2013 and 2012, respectively | 2,292 | -174 | 1,541 |
Unrealized holding gain (loss) on available-for-sale securities: | |||
Unrealized gain (loss), net of tax of ($48), $114 and ($33) in 2014, 2013 and 2012, respectively | 90 | -214 | 61 |
Other comprehensive (loss) income | -201,655 | 86,091 | 5,933 |
Total comprehensive income | $382,805 | $603,090 | $465,065 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Tax benefit (expense) from investment hedges | $4,961 | ($1,587) | ($1,416) |
Tax benefit (expense) from change in pension plans | 42,755 | -28,884 | 15,222 |
Tax related to amortization of net actuarial loss | -1,650 | -5,038 | -4,598 |
Tax related to amortization of prior service costs | -753 | 66 | -441 |
Tax benefit (expense) from increase (decrease) on available-for-sale securities | ($48) | $114 | ($33) |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $377,615 | $295,203 |
Receivables, less allowance for possible losses | 585,462 | 536,701 |
Inventories, net | 495,896 | 452,848 |
Deferred income taxes | 45,053 | 38,815 |
Other current assets | 74,578 | 45,562 |
Total current assets | 1,578,604 | 1,369,129 |
Property, plant and equipment, net | 448,446 | 402,790 |
Goodwill | 2,614,030 | 2,408,363 |
Other intangibles, net of accumulated amortization | 1,625,561 | 1,473,926 |
Investments and other assets | 154,322 | 223,694 |
Total assets | 6,420,963 | 5,877,902 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 286,201 | 273,315 |
Accounts payable | 386,207 | 347,638 |
Income taxes payable | 27,157 | 40,007 |
Accrued liabilities | 236,579 | 213,585 |
Total current liabilities | 936,144 | 874,545 |
Long-term debt | 1,427,825 | 1,141,750 |
Deferred income taxes | 618,385 | 558,555 |
Other long-term liabilities | 199,048 | 166,931 |
Total liabilities | 3,181,402 | 2,741,781 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value; authorized: 5,000,000 shares; none issued | ||
Common stock, $0.01 par value; authorized: 800,000,000 shares; issued: 2014 - 258,830,858 shares; 2013 - 257,984,830 shares | 2,589 | 2,581 |
Capital in excess of par value | 491,750 | 448,700 |
Retained earnings | 3,469,923 | 2,966,015 |
Accumulated other comprehensive loss | -266,894 | -65,239 |
Treasury stock: 2014 - 17,495,583 shares; 2013 - 12,978,377 shares | -457,807 | -215,936 |
Total stockholders' equity | 3,239,561 | 3,136,121 |
Total liabilities and stockholders' equity | $6,420,963 | $5,877,902 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 258,830,858 | 257,984,830 |
Treasury stock, shares | 17,495,583 | 12,978,377 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Capital Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Foreign Currency Translation [Member] | Defined Benefit Pension Plans [Member] | Unrealized Holding Gain (Loss) on Available-for-Sale Securities [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] |
In Thousands | |||||||||
Balance at the beginning of the year at Dec. 31, 2011 | $2,538 | $315,688 | $2,101,615 | ($58,901) | ($98,433) | $71 | ($209,773) | ||
Issuance of common stock under employee stock plans | 37,829 | 3,041 | |||||||
Net income | 459,132 | 459,132 | |||||||
Translation adjustments | 17,722 | 17,722 | |||||||
Net actuarial gain (loss), net of tax of $42,755, ($28,884) and $15,222 in 2014, 2013 and 2012, respectively | -30,509 | -30,509 | |||||||
Shares issued | 27 | ||||||||
Increase (decrease) during the year, net of tax | 61 | 61 | |||||||
Share-based compensation costs | 19,384 | ||||||||
Cash dividends paid | -53,083 | ||||||||
Change in long-term intercompany notes | 6,926 | 6,926 | |||||||
Amortization of net actuarial loss, net of tax of ($1,650), ($5,038) and ($4,598) in 2014, 2013 and 2012, respectively | 7,563 | 7,563 | |||||||
Purchase of treasury stock | -4,642 | ||||||||
Excess tax benefits from exercise of stock options | 14,970 | ||||||||
Other | -245 | ||||||||
Net investment hedges, net of tax of $4,961, ($1,587) and ($1,416) in 2014, 2013 and 2012, respectively | 2,629 | 2,629 | |||||||
Amortization of prior service costs, net of tax of ($753), $66 and ($441) in 2014, 2013 and 2012, respectively | 1,541 | 1,541 | |||||||
Balance at the end of the year at Dec. 31, 2012 | 2,535,151 | 2,565 | 387,871 | 2,507,419 | -31,624 | -119,838 | 132 | -151,330 | -211,374 |
Issuance of common stock under employee stock plans | 23,053 | 3,905 | |||||||
Net income | 516,999 | 516,999 | |||||||
Translation adjustments | 2,550 | 2,550 | |||||||
Net actuarial gain (loss), net of tax of $42,755, ($28,884) and $15,222 in 2014, 2013 and 2012, respectively | 47,498 | 47,498 | |||||||
Shares issued | 16 | ||||||||
Increase (decrease) during the year, net of tax | -214 | -214 | |||||||
Share-based compensation costs | 21,591 | ||||||||
Cash dividends paid | -58,405 | ||||||||
Change in long-term intercompany notes | 25,047 | 25,047 | |||||||
Amortization of net actuarial loss, net of tax of ($1,650), ($5,038) and ($4,598) in 2014, 2013 and 2012, respectively | 8,446 | 8,446 | |||||||
Purchase of treasury stock | -8,467 | ||||||||
Excess tax benefits from exercise of stock options | 16,185 | ||||||||
Other | 2 | ||||||||
Net investment hedges, net of tax of $4,961, ($1,587) and ($1,416) in 2014, 2013 and 2012, respectively | 2,938 | 2,938 | |||||||
Amortization of prior service costs, net of tax of ($753), $66 and ($441) in 2014, 2013 and 2012, respectively | -174 | -174 | |||||||
Balance at the end of the year at Dec. 31, 2013 | 3,136,121 | 2,581 | 448,700 | 2,966,015 | -1,089 | -64,068 | -82 | -65,239 | -215,936 |
Issuance of common stock under employee stock plans | 15,290 | 3,412 | |||||||
Net income | 584,460 | 584,460 | |||||||
Translation adjustments | -59,712 | -59,712 | |||||||
Net actuarial gain (loss), net of tax of $42,755, ($28,884) and $15,222 in 2014, 2013 and 2012, respectively | -83,040 | -83,040 | |||||||
Shares issued | 8 | ||||||||
Increase (decrease) during the year, net of tax | 90 | 90 | |||||||
Share-based compensation costs | 19,871 | ||||||||
Cash dividends paid | -80,551 | ||||||||
Change in long-term intercompany notes | -54,906 | -54,906 | |||||||
Amortization of net actuarial loss, net of tax of ($1,650), ($5,038) and ($4,598) in 2014, 2013 and 2012, respectively | 2,834 | 2,834 | |||||||
Purchase of treasury stock | -245,283 | ||||||||
Excess tax benefits from exercise of stock options | 7,889 | ||||||||
Other | -1 | ||||||||
Net investment hedges, net of tax of $4,961, ($1,587) and ($1,416) in 2014, 2013 and 2012, respectively | -9,213 | -9,213 | |||||||
Amortization of prior service costs, net of tax of ($753), $66 and ($441) in 2014, 2013 and 2012, respectively | 2,292 | 2,292 | |||||||
Balance at the end of the year at Dec. 31, 2014 | $3,239,561 | $2,589 | $491,750 | $3,469,923 | ($124,920) | ($141,982) | $8 | ($266,894) | ($457,807) |
Consolidated_Statement_of_Stoc1
Consolidated Statement of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Preferred stock, par value | $0.01 | $0.01 | $0.01 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Tax benefit (expense) from investment hedges | $4,961 | ($1,587) | ($1,416) |
Tax benefit (expense) from change in pension plans | 42,755 | -28,884 | 15,222 |
Tax related to amortization of net actuarial loss | -1,650 | -5,038 | -4,598 |
Tax related to amortization of prior service costs | ($753) | $66 | ($441) |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities: | |||
Net income | $584,460 | $516,999 | $459,132 |
Adjustments to reconcile net income to total operating activities: | |||
Depreciation and amortization | 138,584 | 118,657 | 105,471 |
Deferred income taxes | 20,579 | 1,414 | 3,552 |
Share-based compensation expense | 19,871 | 21,591 | 19,384 |
Gain on sale of facility | -869 | -11,590 | |
Changes in assets and liabilities, net of acquisitions: | |||
(Increase) decrease in receivables | -35,258 | 5,247 | -4,225 |
Decrease (increase) in inventories and other current assets | 11,626 | -1,790 | 29,555 |
(Decrease) increase in payables, accruals and income taxes | -18,653 | 7,951 | -10,304 |
Increase in other long-term liabilities | 8,867 | 9,702 | 9,535 |
Pension contribution | -5,729 | -5,856 | -4,292 |
Other | 2,484 | -1,666 | 4,656 |
Total operating activities | 725,962 | 660,659 | 612,464 |
Investing activities: | |||
Additions to property, plant and equipment | -71,327 | -63,314 | -57,427 |
Purchases of businesses, net of cash acquired | -573,647 | -414,315 | -747,675 |
Proceeds from sale of facility | 950 | 12,799 | |
Other | 2,391 | 4,497 | 1,371 |
Total investing activities | -641,633 | -460,333 | -803,731 |
Financing activities: | |||
Net change in short-term borrowings | -172,495 | -45,186 | 179,426 |
Additional long-term borrowings | 500,000 | 872 | |
Reduction in long-term borrowings | -914 | -617 | -1,539 |
Repurchases of common stock | -245,283 | -8,467 | -4,642 |
Cash dividends paid | -80,551 | -58,405 | -53,083 |
Excess tax benefits from share-based payments | 7,889 | 16,185 | 14,970 |
Proceeds from employee stock plans and other | 15,493 | 25,334 | 39,407 |
Total financing activities | 24,139 | -70,284 | 174,539 |
Effect of exchange rate changes on cash and cash equivalents | -26,056 | 7,177 | 4,320 |
Increase (decrease) in cash and cash equivalents | 82,412 | 137,219 | -12,408 |
Cash and cash equivalents: | |||
Beginning of year | 295,203 | 157,984 | 170,392 |
End of year | $377,615 | $295,203 | $157,984 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies | 1 | Significant Accounting Policies | |||||||||||
Basis of Consolidation | |||||||||||||
The accompanying consolidated financial statements reflect the results of operations, financial position and cash flows of AMETEK, Inc. (the “Company”), and include the accounts of the Company and subsidiaries, after elimination of all intercompany transactions in the consolidation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Cash Equivalents, Securities and Other Investments | |||||||||||||
All highly liquid investments with maturities of three months or less when purchased are considered cash equivalents. At December 31, 2014 and 2013, the Company’s investment in a fixed-income mutual fund (held by its captive insurance subsidiary) is classified as “available-for-sale.” The aggregate market value of the fixed-income mutual fund at December 31, 2014 and 2013 was $9.2 million ($9.9 million cost basis) and $8.2 million ($8.6 million cost basis), respectively. The temporary unrealized gain or loss on the fixed-income mutual fund is recorded as a separate component of accumulated other comprehensive income (in stockholders’ equity), and is not significant. Certain of the Company’s other investments, which are not significant, are also accounted for by the equity method of accounting. | |||||||||||||
Accounts Receivable | |||||||||||||
The Company maintains allowances for estimated losses resulting from the inability of specific customers to meet their financial obligations to the Company. A specific reserve for doubtful receivables is recorded against the amount due from these customers. For all other customers, the Company recognizes reserves for doubtful receivables based on the length of time specific receivables are past due based on past experience. The allowance for possible losses on receivables was $10.4 million and $9.5 million at December 31, 2014 and 2013, respectively. See Note 7. | |||||||||||||
Inventories | |||||||||||||
The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for 80% of its inventories at December 31, 2014. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 20% of the Company’s inventory at December 31, 2014. For inventories where cost is determined by the LIFO method, the excess of the FIFO value over the LIFO value was $24.4 million and $23.3 million at December 31, 2014 and 2013, respectively. The Company provides estimated inventory reserves for slow-moving and obsolete inventory based on current assessments about future demand, market conditions, customers who may be experiencing financial difficulties and related management initiatives. | |||||||||||||
Business Combinations | |||||||||||||
The Company allocates the purchase price of an acquired company, including when applicable, the fair value of contingent consideration between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. See Note 5. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, plant and equipment are stated at cost. Expenditures for additions to plant facilities, or that extend their useful lives, are capitalized. The cost of minor tools, jigs and dies, and maintenance and repairs is charged to expense as incurred. Depreciation of plant and equipment is calculated principally on a straight-line basis over the estimated useful lives of the related assets. The range of lives for depreciable assets is generally three to ten years for machinery and equipment, five to 27 years for leasehold improvements and 25 to 50 years for buildings. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill and other intangible assets with indefinite lives, primarily trademarks and trade names, are not amortized; rather, they are tested for impairment at least annually. | |||||||||||||
The Company identifies its reporting units at the component level, which is one level below our operating units. Generally, goodwill arises from acquisitions of specific operating companies and is assigned to the reporting unit in which a particular operating company resides. Our reporting units are composed of divisions and are one level below our operating units and for which discrete financial information is prepared and regularly reviewed by segment management. | |||||||||||||
The Company principally relies on a discounted cash flow analysis to determine the fair value of each reporting unit, which considers forecasted cash flows discounted at an appropriate discount rate. The Company believes that market participants would use a discounted cash flow analysis to determine the fair value of its reporting units in a sales transaction. The annual goodwill impairment test requires the Company to make a number of assumptions and estimates concerning future levels of revenue growth, operating margins, depreciation, amortization and working capital requirements, which are based upon the Company’s long-range plan. The Company’s long-range plan is updated as part of its annual planning process and is reviewed and approved by management. The discount rate is an estimate of the overall after-tax rate of return required by a market participant whose weighted average cost of capital includes both equity and debt, including a risk premium. While the Company uses the best available information to prepare its cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances. | |||||||||||||
The impairment test for indefinite-lived intangibles other than goodwill (primarily trademarks and trade names) consists of a comparison of the fair value of the indefinite-lived intangible asset to the carrying value of the asset as of the impairment testing date. The Company estimates the fair value of its indefinite-lived intangibles using the relief from royalty method. The fair value derived from the relief from royalty method is measured as the discounted cash flow savings realized from owning such trademarks and trade names and not having to pay a royalty for their use. | |||||||||||||
The Company completed its required annual impairment tests in the fourth quarter of 2014, 2013 and 2012 and determined that the carrying values of goodwill and other intangible assets with indefinite lives were not impaired. | |||||||||||||
The Company evaluates impairment of its long-lived assets, other than goodwill and indefinite-lived intangible assets when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held for sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for disposal costs. | |||||||||||||
Intangible assets, other than goodwill, with definite lives are amortized over their estimated useful lives. Patents and technology are being amortized over useful lives of four to 20 years, with a weighted average life of 16 years. Customer relationships are being amortized over a period of five to 20 years, with a weighted average life of 19 years. Miscellaneous other intangible assets are being amortized over a period of three to 20 years. The Company periodically evaluates the reasonableness of the estimated useful lives of these intangible assets. | |||||||||||||
Financial Instruments and Foreign Currency Translation | |||||||||||||
Assets and liabilities of foreign operations are translated using exchange rates in effect at the balance sheet date and their results of operations are translated using average exchange rates for the year. Certain transactions of the Company and its subsidiaries are made in currencies other than their functional currency. Exchange gains and losses from those transactions are included in operating results for the year. | |||||||||||||
The Company makes infrequent use of derivative financial instruments. Forward contracts are entered into from time to time to hedge specific firm commitments for certain inventory purchases, export sales, debt or foreign currency transactions, thereby minimizing the Company’s exposure to raw material commodity price or foreign currency fluctuation. See Note 3. | |||||||||||||
In instances where transactions are designated as hedges of an underlying item, the gains and losses on those transactions are included in accumulated other comprehensive income within stockholders’ equity to the extent they are effective as hedges. The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of December 31, 2014 and 2013, these net investment hedges included British-pound- and Euro-denominated long-term debt, pertaining to certain of its investments in 100% owned subsidiaries whose functional currency is either the British pound or the Euro. These borrowings were designed to create net investment hedges in each of the designated foreign subsidiaries. The Company designated the British-pound- and Euro-denominated loans referred to above as hedging instruments to offset translation gains or losses on the net investment due to changes in the British pound and Euro exchange rates. These net investment hedges were evidenced by management’s contemporaneous documentation supporting the hedge designation. Any gain or loss on the hedging instrument (the debt) following hedge designation is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the investment based on changes in the spot rate, which is used to measure hedge effectiveness. An evaluation of hedge effectiveness is performed by the Company on an ongoing basis and any changes in the hedge are made as appropriate. See Note 4. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company recognizes revenue on product sales in the period when the sales process is complete. This generally occurs when products are shipped to the customer in accordance with terms of an agreement of sale, under which title and risk of loss have been transferred, collectability is reasonably assured and pricing is fixed or determinable. For a small percentage of sales where title and risk of loss passes at point of delivery, the Company recognizes revenue upon delivery to the customer, assuming all other criteria for revenue recognition are met. The Company’s policy, with respect to sales returns and allowances, generally provides that the customer may not return products or be given allowances, except at the Company’s option. The Company has agreements with distributors that do not provide expanded rights of return for unsold products. The distributor purchases the product from the Company, at which time title and risk of loss transfers to the distributor. The Company does not offer substantial sales incentives and credits to its distributors other than volume discounts. The Company accounts for these sales incentives as a reduction of revenues when the sale is recognized in the consolidated statement of income. Accruals for sales returns, other allowances and estimated warranty costs are provided at the time revenue is recognized based upon past experience. At December 31, 2014 and 2013, the accrual for future warranty obligations was $29.8 million and $28.0 million, respectively. The Company’s expense for warranty obligations was $10.5 million in 2014, $8.6 million in 2013 and $10.1 million in 2012. The warranty periods for products sold vary widely among the Company’s operations, but for the most part do not exceed one year. The Company calculates its warranty expense provision based on past warranty experience and adjustments are made periodically to reflect actual warranty expenses. | |||||||||||||
Research and Development | |||||||||||||
Company-funded research and development costs are included in Cost of sales, excluding depreciation as incurred and were $119.3 million in 2014, $93.9 million in 2013 and $84.9 million in 2012. | |||||||||||||
Shipping and Handling Costs | |||||||||||||
Shipping and handling costs are included in Cost of sales, excluding depreciation and were $49.0 million in 2014, $41.9 million in 2013 and $39.0 million in 2012. | |||||||||||||
Share-Based Compensation | |||||||||||||
The Company expenses the fair value of share-based awards made under its share-based plans in the consolidated financial statements over their requisite service period of the grants. See Note 10. | |||||||||||||
Income Taxes | |||||||||||||
The Company’s annual provision for income taxes and determination of the related balance sheet accounts requires management to assess uncertainties, make judgments regarding outcomes and utilize estimates. The Company conducts a broad range of operations around the world and is therefore subject to complex tax regulations in numerous international taxing jurisdictions, resulting at times in tax audits, disputes and potential litigation, the outcome of which is uncertain. Management must make judgments currently about such uncertainties and determine estimates of the Company’s tax assets and liabilities. To the extent the final outcome differs, future adjustments to the Company’s tax assets and liabilities may be necessary. The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. | |||||||||||||
The Company also is required to assess the realizability of its deferred tax assets, taking into consideration the Company’s forecast of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards and available tax planning strategies that could be implemented to realize the deferred tax assets. Based on this assessment, management must evaluate the need for, and amount of, valuation allowances against the Company’s deferred tax assets. To the extent facts and circumstances change in the future, adjustments to the valuation allowances may be required. | |||||||||||||
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 for the years ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Weighted average shares: | |||||||||||||
Basic shares | 244,885 | 243,915 | 241,512 | ||||||||||
Equity-based compensation plans | 2,217 | 2,150 | 2,474 | ||||||||||
Diluted shares | 247,102 | 246,065 | 243,986 | ||||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recent Accounting Pronouncements | 2 | Recent Accounting Pronouncements |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (“ASU 2013-05”). ASU 2013-05 provides guidance for the treatment of the cumulative translation adjustment when an entity ceases to hold a controlling financial interest in a subsidiary or group of assets within a foreign entity. The Company adopted ASU 2013-05 effective January 1, 2014 and the adoption did not have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. | ||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 provides guidance for the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company adopted ASU 2013-11 effective January 1, 2014 and the adoption did not have a significant impact on the Company’s consolidated financial statement presentation. | ||
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 revised guidance to only allow disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity) and that have a major effect on a reporting entity’s operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. ASU 2014-08 is effective for interim and annual reporting periods beginning after December 15, 2014. The Company does not expect the adoption of ASU 2014-08 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue at the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, the Company must (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when the Company satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and can be adopted by the Company using either a full retrospective or modified retrospective approach, with early adoption prohibited. The Company continues to evaluate the impacts and monitor the developments related to ASU 2014-09. The Company has not determined the impact ASU 2014-09 may have on the Company’s consolidated results of operations, financial position or cash flows nor decided upon the method of adoption. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurement | 3 | Fair Value Measurement | |||||||||||||||
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 as of December 31, 2014 and 2013, consistent with the fair value hierarchy: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Fixed-income investments | $ | 9,219 | $ | 8,234 | |||||||||||||
The fair value of fixed-income investments, which are valued as level 1 investments, was based on quoted market prices. The fixed-income investments are shown as a component of long-term assets on the consolidated balance sheet. | |||||||||||||||||
For the year ended December 31, 2014, gains and losses on the investments noted above were not significant. No transfers between level 1 and level 2 investments occurred during the year ended December 31, 2014. | |||||||||||||||||
Financial Instruments | |||||||||||||||||
Cash, cash equivalents and fixed-income investments are recorded at fair value at December 31, 2014 and 2013 in the accompanying consolidated balance sheet. | |||||||||||||||||
The following table provides the estimated fair values of the Company’s financial instruments liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at December 31, 2014 and 2013: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Recorded Amount | Fair Value | Recorded Amount | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Short-term borrowings | $ | (88,100 | ) | $ | (88,100 | ) | $ | (268,764 | ) | $ | (268,764 | ) | |||||
Long-term debt (including current portion) | (1,625,926 | ) | (1,768,439 | ) | (1,146,301 | ) | (1,290,466 | ) | |||||||||
The fair value of short-term borrowings approximates the carrying value. Short-term borrowings are valued as level 2 investments as they are corroborated by observable market data. The Company’s long-term debt is all privately held with no public market for this debt, therefore, the fair value of long-term debt was computed based on comparable current market data for similar debt instruments and is considered to be a level 3 liability. See Note 9 for long-term debt principal amounts, interest rates and maturities. | |||||||||||||||||
Foreign Currency | |||||||||||||||||
At December 31, 2014, the Company had no forward contracts outstanding. For the year ended December 31, 2014, realized gains and losses on foreign currency forward contracts were not significant. At December 31, 2013, the Company had two Euro forward contracts for a total notional value of 21.7 million Euro ($28 thousand fair value unrealized loss at December 31, 2013) and one 61.0 million Swiss franc forward contract ($511 thousand fair value unrealized loss at December 31, 2013) outstanding. For the year ended December 31, 2013, realized losses on foreign currency forward contracts were $0.1 million. The Company does not typically designate its foreign currency forward contracts as hedges. |
Hedging_Activities
Hedging Activities | 12 Months Ended | |
Dec. 31, 2014 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Hedging Activities | 4 | 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 December 31, 2014, these net investment hedges included British-pound-denominated long-term debt and Euro-denominated short-term debt. As of December 31, 2013, these net investment hedges included British-pound- and Euro-denominated long-term debt. These borrowings were designed to create net investment hedges in each of the designated foreign subsidiaries. The Company designated the British-pound- and Euro-denominated loans referred to above as hedging instruments to offset translation gains or losses on the net investment due to changes in the British pound and Euro exchange rates. These net investment hedges are evidenced by management’s contemporaneous documentation supporting the hedge designation. Any gain or loss on the hedging instrument (the debt) following hedge designation is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the investment based on changes in the spot rate, which is used to measure hedge effectiveness. | ||
At December 31, 2014 and 2013, the Company had $186.7 million and $198.9 million, respectively, of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At December 31, 2014 and 2013, the Company had a $60.8 million and $68.9 million, respectively, Euro-denominated loan, which was designated as a hedge against the net investment in Euro functional currency foreign subsidiaries. As a result of these British-pound- and Euro-denominated loans being designated and 100% effective as net investment hedges, $20.2 million of currency remeasurement gains and $6.8 million of currency remeasurement losses have been included in the foreign currency translation component of other comprehensive income for the years ended December 31, 2014 and 2013, respectively. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | 5 | Acquisitions | |||
In 2014, the Company spent $573.6 million in cash, net of cash acquired, to acquire Teseq Group in January 2014, VTI Instruments (“VTI”) in February 2014, Luphos GmbH in May 2014, Zygo Corporation in June 2014 and Amptek, Inc. in August 2014. Teseq is a manufacturer of test and measurement instrumentation for electromagnetic compatibility (“EMC”) testing. VTI is a manufacturer of high precision test and measurement instrumentation. Luphos’ core technology is used in the measurement of complex aspheric optical surfaces and other surfaces through non-contact methods. Zygo is a provider of optical metrology solutions, high precision optics and optical assemblies for use in a wide range of scientific, industrial and medical applications. Amptek is a manufacturer of instruments and detectors used to identify composition of materials using x-ray fluorescence technology. Teseq, VTI, Luphos, Zygo and Amptek are part of AMETEK’s Electronic Instruments Group (“EIG”). | |||||
The following table represents the preliminary allocation of the aggregate purchase price for the net assets of the above acquisitions based on their estimated fair values at acquisition (in millions): | |||||
Property, plant and equipment | $ | 61.8 | |||
Goodwill | 272.1 | ||||
Other intangible assets | 270.7 | ||||
Deferred income taxes | (64.5 | ) | |||
Net working capital and other* | 33.5 | ||||
Total purchase price | $ | 573.6 | |||
* | Includes $33.9 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 as follows: Teseq manufactures a broad line of conducted and radiated EMC compliance testing systems and radio-frequency amplifiers for a range of industries, including aerospace, automotive, consumer electronics, medical equipment, telecommunications and transportation. Teseq provides the Company with opportunities for accelerating product innovation and market expansion worldwide. VTI broadens the Company’s capabilities in the high end test and measurement market and provides additional technology differentiation. Luphos’ technology expands the Company’s metrology capabilities across a broader range of surface finishes and profiles. Zygo’s position in non-contact optical metrology complements the Company’s position in contact metrology and enables the Company to offer its customers a full range of metrology solutions. Amptek broadens the Company’s position in the process and analytical instrumentations markets. The Company expects approximately $6.3 million of the goodwill recorded in connection with the 2014 acquisitions will be tax deductible in future years. | |||||
The Company is in the process of finalizing the measurement of certain tangible and intangible assets and liabilities for its 2014 Zygo acquisition, as well as accounting for income taxes associated with its 2014 acquisitions and the 2013 acquisition of Creaform, Inc. | |||||
At December 31, 2014, purchase price allocated to other intangible assets of $270.7 million consists of $52.7 million of indefinite-lived intangible trademarks and trade names, which are not subject to amortization. The remaining $218.0 million of other intangible assets consist of $170.6 million of customer relationships, which are being amortized over a period of five to 20 years, $0.8 million of trade names, which are being amortized over a period of ten years and $46.6 million of purchased technology, which is being amortized over a period of 15 to 18 years. Amortization expense for each of the next five years for the 2014 acquisitions listed above is expected to approximate $12.3 million per year. | |||||
The 2014 acquisitions noted above had an immaterial impact on reported net sales, net income and diluted earnings per share for the year ended December 31, 2014. Had the 2014 acquisitions been made at the beginning of 2014 or 2013, unaudited pro forma net sales, net income and diluted earnings per share for the years ended December 31, 2014 and 2013, respectively, would not have been materially different than the amounts reported. Pro forma results are not necessarily indicative of the results that would have occurred if the acquisitions had been completed at the beginning of 2014 or 2013. | |||||
In 2013, the Company spent $414.3 million in cash, net of cash acquired, to acquire Controls Southeast, Inc. (“CSI”) in August, Creaform, Inc. in October, and Powervar, Inc. in December. CSI is a leader in custom-engineered, thermal management solutions used to maintain temperature control of liquid and gas in a broad range of demanding industrial process applications. Creaform is a leading developer and manufacturer of innovative portable 3D measurement technologies and a provider of 3D engineering services. Powervar is a leading provider of power management systems and uninterruptible power supply systems. CSI, Creaform and Powervar are part of EIG. | |||||
In 2012, the Company spent $747.7 million in cash, net of cash acquired, to acquire O’Brien Corporation in January, the parent company of Dunkermotoren GmbH in May, Micro-Poise Measurement Systems (“Micro-Poise”) in October and Aero Components International (“ACI”), Avtech Avionics and Instruments (“Avtech”), Sunpower, Inc. and Crystal Engineering in December. O’Brien is a leading manufacturer of fluid and gas handling solutions, sample conditioning equipment and process analyzers. Dunkermotoren is a leader in advanced motion control solutions for a wide range of industrial automation applications. Micro-Poise is a leading provider of integrated test and measurement solutions for the tire industry. ACI repairs and overhauls fuel, hydraulic, pneumatic, power generation and heat exchanger components. Avtech’s expertise is in the repair and maintenance of next generation and legacy avionics and instruments. Sunpower designs and develops high reliability cryocoolers and externally heated Stirling cycle engines. Crystal Engineering manufactures high-end, portable pressure calibrators and digital test gauges for the oil and gas, power generation and other industrial markets. O’Brien, Micro-Poise, Sunpower and Crystal Engineering are part of EIG and Dunkermotoren, ACI and Avtech are part of AMETEK’s Electromechanical Group (“EMG”). |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill and Other Intangible Assets | 6 | Goodwill and Other Intangible Assets | |||||||||||
The changes in the carrying amounts of goodwill by segment were as follows: | |||||||||||||
EIG | EMG | Total | |||||||||||
(In millions) | |||||||||||||
Balance at December 31, 2012 | $ | 1,215.00 | $ | 993.2 | $ | 2,208.20 | |||||||
Goodwill acquired | 213.5 | — | 213.5 | ||||||||||
Purchase price allocation adjustments and other | (25.5 | ) | (6.0 | ) | (31.5 | ) | |||||||
Foreign currency translation adjustments | 7.8 | 10.4 | 18.2 | ||||||||||
Balance at December 31, 2013 | 1,410.80 | 997.6 | 2,408.40 | ||||||||||
Goodwill acquired | 272.1 | — | 272.1 | ||||||||||
Purchase price allocation adjustments and other | (0.4 | ) | — | (0.4 | ) | ||||||||
Foreign currency translation adjustments | (35.8 | ) | (30.3 | ) | (66.1 | ) | |||||||
Balance at December 31, 2014 | $ | 1,646.70 | $ | 967.3 | $ | 2,614.00 | |||||||
The 2013 purchase price allocation adjustments and other, noted above, primarily consists of the finalization of deferred taxes associated with acquisitions made in 2012. | |||||||||||||
Other intangible assets were as follows at December 31: | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Definite-lived intangible assets (subject to amortization): | |||||||||||||
Patents | $ | 53,474 | $ | 55,300 | |||||||||
Purchased technology | 239,775 | 198,463 | |||||||||||
Customer lists | 1,182,152 | 1,037,689 | |||||||||||
Other acquired intangibles | 20,270 | 28,304 | |||||||||||
1,495,671 | 1,319,756 | ||||||||||||
Accumulated amortization: | |||||||||||||
Patents | (35,004 | ) | (34,692 | ) | |||||||||
Purchased technology | (63,078 | ) | (51,369 | ) | |||||||||
Customer lists | (243,169 | ) | (191,170 | ) | |||||||||
Other acquired intangibles | (26,349 | ) | (24,487 | ) | |||||||||
(367,600 | ) | (301,718 | ) | ||||||||||
Net intangible assets subject to amortization | 1,128,071 | 1,018,038 | |||||||||||
Indefinite-lived intangible assets (not subject to amortization): | |||||||||||||
Trademarks and trade names | 497,490 | 455,888 | |||||||||||
$ | 1,625,561 | $ | 1,473,926 | ||||||||||
Amortization expense was $74.9 million, $61.5 million and $51.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. Amortization expense for each of the next five years is expected to approximate $78.6 million per year, not considering the impact of potential future acquisitions. |
Other_Consolidated_Balance_She
Other Consolidated Balance Sheet Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Other Consolidated Balance Sheet Information | 7 | Other Consolidated Balance Sheet Information | |||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
INVENTORIES | |||||||||||||
Finished goods and parts | $ | 80,307 | $ | 76,086 | |||||||||
Work in process | 94,298 | 85,518 | |||||||||||
Raw materials and purchased parts | 321,291 | 291,244 | |||||||||||
$ | 495,896 | $ | 452,848 | ||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||
Land | $ | 38,340 | $ | 35,395 | |||||||||
Buildings | 281,336 | 254,248 | |||||||||||
Machinery and equipment | 793,580 | 754,654 | |||||||||||
1,113,256 | 1,044,297 | ||||||||||||
Less: Accumulated depreciation | (664,810 | ) | (641,507 | ) | |||||||||
$ | 448,446 | $ | 402,790 | ||||||||||
ACCRUED LIABILITIES | |||||||||||||
Employee compensation and benefits | $ | 94,478 | $ | 87,656 | |||||||||
Product warranty obligation | 29,764 | 28,036 | |||||||||||
Severance and lease termination | 14,864 | 7,653 | |||||||||||
Other | 97,473 | 90,240 | |||||||||||
$ | 236,579 | $ | 213,585 | ||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
ALLOWANCES FOR POSSIBLE LOSSES ON ACCOUNTS AND NOTES RECEIVABLE | |||||||||||||
Balance at the beginning of the year | $ | 9,547 | $ | 10,754 | $ | 7,840 | |||||||
Additions charged to expense | 2,974 | 1,939 | 3,569 | ||||||||||
Recoveries credited to allowance | — | — | 33 | ||||||||||
Write-offs | (2,243 | ) | (3,503 | ) | (813 | ) | |||||||
Currency translation adjustments and other | 168 | 357 | 125 | ||||||||||
Balance at the end of the year | $ | 10,446 | $ | 9,547 | $ | 10,754 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 8 | Income Taxes | |||||||||||
The components of income before income taxes and the details of the provision for income taxes were as follows for the years ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income before income taxes: | |||||||||||||
Domestic | $ | 495,516 | $ | 443,278 | $ | 438,742 | |||||||
Foreign | 309,316 | 281,517 | 223,733 | ||||||||||
Total | $ | 804,832 | $ | 724,795 | $ | 662,475 | |||||||
Provision for income taxes: | |||||||||||||
Current: | |||||||||||||
Federal | $ | 128,635 | $ | 133,574 | $ | 135,598 | |||||||
Foreign | 60,606 | 64,077 | 50,511 | ||||||||||
State | 12,461 | 13,083 | 18,415 | ||||||||||
Total current | 201,702 | 210,734 | 204,524 | ||||||||||
Deferred: | |||||||||||||
Federal | 19,870 | 7,899 | 6,038 | ||||||||||
Foreign | 1,552 | (3,592 | ) | (6,598 | ) | ||||||||
State | (2,752 | ) | (7,245 | ) | (621 | ) | |||||||
Total deferred | 18,670 | (2,938 | ) | (1,181 | ) | ||||||||
Total provision | $ | 220,372 | $ | 207,796 | $ | 203,343 | |||||||
Significant components of the deferred tax (asset) liability were as follows at December 31: | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Current deferred tax (asset) liability: | |||||||||||||
Reserves not currently deductible | $ | (32,552 | ) | $ | (22,727 | ) | |||||||
Share-based compensation | (6,871 | ) | (4,264 | ) | |||||||||
Net operating loss carryforwards | (3,570 | ) | (3,859 | ) | |||||||||
Foreign tax credit carryforwards | (42 | ) | — | ||||||||||
Other | (467 | ) | (5,233 | ) | |||||||||
(43,502 | ) | (36,083 | ) | ||||||||||
Portion included in other current liabilities | (1,551 | ) | (2,732 | ) | |||||||||
Gross current deferred tax asset | (45,053 | ) | (38,815 | ) | |||||||||
Noncurrent deferred tax (asset) liability: | |||||||||||||
Differences in basis of property and accelerated depreciation | 47,345 | 31,861 | |||||||||||
Reserves not currently deductible | (29,514 | ) | (24,417 | ) | |||||||||
Pensions | 16,025 | 33,538 | |||||||||||
Differences in basis of intangible assets and accelerated amortization | 586,960 | 528,139 | |||||||||||
Net operating loss carryforwards | (7,200 | ) | (2,795 | ) | |||||||||
Share-based compensation | (10,858 | ) | (9,297 | ) | |||||||||
Foreign tax credit carryforwards | (2,157 | ) | — | ||||||||||
Other | 546 | (3,578 | ) | ||||||||||
601,147 | 553,451 | ||||||||||||
Less: Valuation allowance | 7,708 | 1,911 | |||||||||||
608,855 | 555,362 | ||||||||||||
Portion included in noncurrent assets | 9,530 | 3,193 | |||||||||||
Gross noncurrent deferred tax liability | 618,385 | 558,555 | |||||||||||
Net deferred tax liability | $ | 573,332 | $ | 519,740 | |||||||||
The Company’s effective tax rate reconciles to the U.S. Federal statutory rate as follows for the years ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 0.9 | 1 | 1.8 | ||||||||||
Foreign operations, net | (6.1 | ) | (5.8 | ) | (5.1 | ) | |||||||
U.S. Manufacturing deduction and credits | (2.2 | ) | (1.8 | ) | (2.0 | ) | |||||||
Other | (0.2 | ) | 0.3 | 1 | |||||||||
Consolidated effective tax rate | 27.4 | % | 28.7 | % | 30.7 | % | |||||||
On January 2, 2013, the President of the United States of America signed legislation that retroactively extended the research and development (“R&D”) tax credit for two years, from January 1, 2012 through December 31, 2013. Similarly, on December 19, 2014, legislation was signed that extended the R&D tax credit for one year through December 31, 2014. | |||||||||||||
At December 31, 2014 and 2013, U.S. and foreign deferred income taxes totaling $7.5 million and $2.4 million were provided on undistributed earnings of certain non-U.S. subsidiaries that are not expected to be permanently reinvested in such companies. There has been no provision for U.S. deferred income taxes for the undistributed earnings of certain other subsidiaries, which total approximately $993.2 million and $854.8 million at December 31, 2014 and 2013, respectively, because the Company intends to reinvest these earnings indefinitely in operations outside the United States. Upon distribution of those earnings to the United States, the Company would be subject to U.S. income taxes and withholding taxes payable to the various foreign countries. Determination of the amount of the unrecognized deferred income tax liability on these undistributed earnings is not practicable. | |||||||||||||
At December 31, 2014, the Company had tax benefits of $10.8 million related to net operating loss carryforwards, which will be available to offset future income taxes payable, subject to certain annual or other limitations based on foreign and U.S. tax laws. This amount includes net operating loss carryforwards of $1.7 million for federal income tax purposes with no valuation allowance, $4.3 million for state income tax purposes with no valuation allowance and $4.8 million for foreign income tax purposes with a valuation allowance of $3.3 million. These net operating loss carryforwards, if not used, will expire between 2015 and 2034. | |||||||||||||
At December 31, 2014, the Company had tax benefits of $11.3 million related to tax credit carryforwards, which will be available to offset future income taxes payable, subject to certain annual or other limitations based on foreign and U.S. tax laws. This amount includes tax credit carryforwards of $4.7 million for federal income tax purposes with a valuation allowance of $0.7 million, $3.1 million for state income tax purposes with a valuation allowance of $0.3 million and $3.5 million for foreign income tax purposes with a valuation allowance of $3.4 million. These tax credit carryforwards, if not used, will expire between 2015 and 2034. Additionally, as of December 31, 2014, the Company had $2.2 million of U.S. foreign tax credit carryforwards. | |||||||||||||
The Company maintains a valuation allowance to reduce certain deferred tax assets to amounts that are more likely than not to be realized. This allowance primarily relates to the deferred tax assets established for foreign and certain state net operating loss carryforwards and tax credits. In 2014, the Company recorded an increase of $5.8 million in the valuation allowance primarily related to foreign net operating losses and tax credits that are not expected to be utilized. | |||||||||||||
At December 31, 2014, the Company had gross unrecognized tax benefits of $71.7 million, of which $61.1 million, if recognized, would impact the effective tax rate. At December 31, 2013, the Company had gross unrecognized tax benefits of $55.2 million, of which $50.9 million, if recognized, would impact the effective tax rate. | |||||||||||||
At December 31, 2014 and 2013, the Company reported $11.1 million and $8.6 million, respectively, related to interest and penalty exposure as accrued income tax expense in the consolidated balance sheet. During 2014, 2013 and 2012, the Company recognized a net expense of $2.5 million, $0.4 million and $1.0 million, respectively, for interest and penalties related to uncertain tax positions in the consolidated statement of income as a component of income tax expense. | |||||||||||||
The most significant tax jurisdiction for the Company is the United States Federal Income Tax. The Company files income tax returns in various other state and foreign tax jurisdictions, in some cases for multiple legal entities per jurisdiction. Generally, the Company has open tax years subject to tax audit on average of between three and six years in these jurisdictions. At December 31, 2014, the Internal Revenue Service (“IRS”) has been and is continuing to examine the Company’s consolidated U.S. income tax returns for the years 2010 and 2011 in addition to the separate U.S. income tax return for Cameca Instruments, Inc. for 2012. The IRS previously completed the examination of the Company’s consolidated U.S. income tax returns for the years 2008 and 2009. In addition, the IRS is currently examining the U.S. income tax returns of recently acquired Zygo Corporation & Subsidiaries for their fiscal year 2012 and 2013 tax years. The Company has not materially extended any other statutes of limitation for any significant location and has reviewed and accrued for, where necessary, tax liabilities for open periods including state and foreign jurisdictions that remain subject to examination. There have been no penalties asserted or imposed by the IRS related to substantial understatement of income, gross valuation misstatement or failure to disclose a listed or reportable transaction. | |||||||||||||
During 2014, the Company added $35.0 million of tax, interest and penalties to identified uncertain tax positions and reversed $16.0 million of tax and interest related to statute expirations and settlement of prior uncertain positions. During 2013, the Company added $29.7 million of tax, interest and penalties related to identified uncertain tax positions and reversed $10.3 million of tax and interest related to statute expirations and settlement of prior uncertain positions. | |||||||||||||
The following is a reconciliation of the liability for uncertain tax positions at December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Balance at the beginning of the year | $ | 55.2 | $ | 36.2 | $ | 28.5 | |||||||
Additions for tax positions related to the current year | 10.7 | 11.7 | 4.3 | ||||||||||
Additions for tax positions of prior years | 16.8 | 15.1 | 6 | ||||||||||
Reductions for tax positions of prior years | (1.7 | ) | (1.8 | ) | (0.8 | ) | |||||||
Reductions related to settlements with taxing authorities | (0.4 | ) | (2.5 | ) | — | ||||||||
Reductions due to statute expirations | (8.9 | ) | (3.5 | ) | (1.8 | ) | |||||||
Balance at the end of the year | $ | 71.7 | $ | 55.2 | $ | 36.2 | |||||||
In 2014, the additions above primarily reflect the increase in tax liabilities for uncertain tax positions related to certain foreign and domestic issues, while the reductions above primarily relate to statue expirations and tax paid. At December 31, 2014, tax, interest and penalties of $56.5 million were classified as a noncurrent liability and $14.9 million was classified as a current liability, of which approximately $8.8 million was previously classified as a noncurrent liability. The net increase in uncertain tax positions for the year ended December 31, 2014 resulted in a decrease to income tax expense of $1.9 million. At December 31, 2014, the Company classified $14.9 million of tax, interest and penalties on uncertain tax positions as a current liability as it is reasonably possible that certain tax audits and tax rulings will be effectively settled within the next 12 months. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 9 | Debt | |||||||
Long-term debt consisted of the following at December 31: | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
U.S. dollar 6.59% senior notes due September 2015 | $ | 90,000 | $ | 90,000 | |||||
U.S. dollar 6.69% senior notes due December 2015 | 35,000 | 35,000 | |||||||
U.S. dollar 6.20% senior notes due December 2017 | 270,000 | 270,000 | |||||||
U.S. dollar 6.35% senior notes due July 2018 | 80,000 | 80,000 | |||||||
U.S. dollar 7.08% senior notes due September 2018 | 160,000 | 160,000 | |||||||
U.S. dollar 7.18% senior notes due December 2018 | 65,000 | 65,000 | |||||||
U.S. dollar 6.30% senior notes due December 2019 | 100,000 | 100,000 | |||||||
U.S. dollar 3.73% senior notes due September 2024 | 300,000 | — | |||||||
U.S. dollar 3.83% senior notes due September 2026 | 100,000 | — | |||||||
U.S. dollar 3.98% senior notes due September 2029 | 100,000 | — | |||||||
British pound 5.99% senior note due November 2016 | 62,249 | 66,303 | |||||||
British pound 4.68% senior note due September 2020 | 124,494 | 132,592 | |||||||
Euro 3.94% senior note due August 2015 | 60,790 | 68,880 | |||||||
Swiss franc 2.44% senior note due December 2021 | 55,600 | 61,754 | |||||||
Revolving credit loan | 88,100 | 268,329 | |||||||
Other, principally foreign | 22,793 | 17,207 | |||||||
Total debt | 1,714,026 | 1,415,065 | |||||||
Less: Current portion | (286,201 | ) | (273,315 | ) | |||||
Total long-term debt | $ | 1,427,825 | $ | 1,141,750 | |||||
Maturities of long-term debt outstanding at December 31, 2014 were as follows: $64.2 million in 2016; $271.7 million in 2017; $310.7 million in 2018; $101.1 million in 2019; $124.5 million in 2020; and $555.6 million in 2021 and thereafter. | |||||||||
In the third quarter of 2014, the Company completed a private placement agreement to sell $700 million in senior notes to a group of institutional investors. There are three funding dates for the senior notes. The first funding occurred in September 2014 for $500 million, consisting of $300 million in aggregate principal amount of 3.73% senior notes due September 2024, $100 million in aggregate principal amount of 3.83% senior notes due September 2026 and $100 million in aggregate principal amount of 3.98% senior notes due September 2029. The second funding date will be in June 2015 for $50 million in aggregate principal amount of 3.91% senior notes due June 2025. The third funding date will be in August 2015 for $150 million, consisting of $100 million in aggregate principal amount of 3.96% senior notes due August 2025 and $50 million in aggregate principal amount of 4.45% senior notes due August 2035. The senior notes will carry a weighted average interest rate of 3.88%. The senior notes are subject to certain customary covenants, including financial covenants that, among other things, require the Company to maintain certain debt to EBITDA (earnings before interest, income taxes, depreciation and amortization) and interest coverage ratios. The proceeds from the first funding of the senior notes were used to pay down all domestic borrowings under the Company’s revolving credit facility. | |||||||||
In December 2007, the Company issued $270 million in aggregate principal amount of 6.20% private placement senior notes due December 2017 and $100 million in aggregate principal amount of 6.30% private placement senior notes due December 2019. In July 2008, the Company issued $80 million in aggregate principal amount of 6.35% private placement senior notes due July 2018. In September 2008, the Company issued $90 million in aggregate principal amount of 6.59% private placement senior notes due September 2015 and $160 million in aggregate principal amount of 7.08% private placement senior notes due September 2018. In December 2008, the Company issued $35 million in aggregate principal amount of 6.69% private placement senior notes due December 2015 and $65 million in aggregate principal amount of 7.18% private placement senior notes due December 2018. | |||||||||
In September 2005, the Company issued a 50 million Euro ($60.8 million at December 31, 2014) 3.94% senior note due August 2015. In November 2004, the Company issued a 40 million British pound ($62.2 million at December 31, 2014) 5.99% senior note due November 2016. In September 2010, the Company issued an 80 million British pound ($124.5 million at December 31, 2014) 4.68% senior note due September 2020. In December 2011, the Company issued a 55 million Swiss franc ($55.6 million at December 31, 2014) 2.44% senior note due December 2021. | |||||||||
The Company has a revolving credit facility with a total borrowing capacity of $700 million, which excludes an accordion feature that permits the Company to request up to an additional $200 million in revolving credit commitments at any time during the life of the revolving credit agreement under certain conditions. The revolving credit facility expires in December 2018. The revolving credit facility places certain restrictions on allowable additional indebtedness. At December 31, 2014, the Company had available borrowing capacity of $771.2 million under its revolving credit facility, including the $200 million accordion feature. | |||||||||
Interest rates on outstanding loans under the revolving credit facility are at the applicable benchmark rate plus a negotiated spread or at the U.S. prime rate. At December 31, 2014 and 2013 the Company had $88.1 million and $216.6 million (including a $51.7 million eligible foreign subsidiary borrowing), respectively, of borrowings outstanding under the revolving credit facility. The weighted average interest rate on the revolving credit facility for the years ended December 31, 2014 and 2013 was 1.36% and 1.70%, respectively. The Company had outstanding letters of credit totaling $40.8 million and $47.7 million at December 31, 2014 and 2013, respectively. | |||||||||
The private placements, the senior notes and the revolving credit facility are subject to certain customary covenants, including financial covenants that, among other things, require the Company to maintain certain debt-to-EBITDA and interest coverage ratios. The Company was in compliance with all provisions of the debt arrangements at December 31, 2014. | |||||||||
Foreign subsidiaries of the Company had available credit facilities with local foreign lenders of $50.9 million at December 31, 2014. Foreign subsidiaries had debt outstanding at December 31, 2014 totaling $22.8 million, including $10.5 million reported in long-term debt. | |||||||||
The weighted average interest rate on total debt outstanding at December 31, 2014 and 2013 was 5.1% and 5.5%, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | 10 | Share-Based Compensation | |||||||||||||||
Under the terms of the Company’s stockholder-approved share-based plans, incentive and non-qualified stock options and restricted stock have been, and may be, issued to the Company’s officers, management-level employees and members of its Board of Directors. Employee and non-employee director stock options generally vest at a rate of 25% per year, beginning one year from the date of the grant, and restricted stock generally has a four-year cliff vesting. Stock options generally have a maximum contractual term of seven years. At December 31, 2014, 17.1 million shares of Company common stock were reserved for issuance under the Company’s share-based plans, including 6.4 million shares for stock options outstanding. | |||||||||||||||||
The Company issues previously unissued shares when stock options are exercised and shares are issued from treasury stock upon the award of restricted stock. | |||||||||||||||||
The Company measures and records compensation expense related to all stock awards by recognizing the grant date fair value of the awards over their requisite service periods in the financial statements. For grants under any of the Company’s plans that are subject to graded vesting over a service period, the Company recognizes expense on a straight-line basis over the requisite service period for the entire award. | |||||||||||||||||
The fair value of each stock option grant is estimated on the date of grant 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 years indicated: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 23.9 | % | 28.1 | % | 28.4 | % | |||||||||||
Expected term (years) | 5 | 5 | 5.1 | ||||||||||||||
Risk-free interest rate | 1.63 | % | 0.75 | % | 0.84 | % | |||||||||||
Expected dividend yield | 0.45 | % | 0.57 | % | 0.47 | % | |||||||||||
Black-Scholes-Merton fair value per stock option granted | $ | 12.21 | $ | 10.17 | $ | 8.54 | |||||||||||
Expected volatility is based on the historical volatility of the Company’s stock. The Company used historical exercise data to estimate the stock options’ expected term, which represents the period of time that the stock options granted are expected to be outstanding. Management anticipates that the future stock option holding periods will be similar to the historical stock option holding periods. The risk-free interest rate for periods within the contractual life of the stock option is based on the U.S. Treasury yield curve at the time of grant. Compensation expense recognized for all share-based awards is net of estimated forfeitures. The Company’s estimated forfeiture rates are based on its historical experience. | |||||||||||||||||
Total share-based compensation expense was as follows for the years ended December 31: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||
Stock option expense | $ | 9,130 | $ | 10,776 | $ | 9,437 | |||||||||||
Restricted stock expense | 10,741 | 10,815 | 9,947 | ||||||||||||||
Total pre-tax expense | 19,871 | 21,591 | 19,384 | ||||||||||||||
Related tax benefit | (6,154 | ) | (6,964 | ) | (6,518 | ) | |||||||||||
Reduction of net income | $ | 13,717 | $ | 14,627 | $ | 12,866 | |||||||||||
Pre-tax share-based compensation expense is included in the consolidated statement of income in either Cost of sales, excluding depreciation or Selling, general and administrative expenses, depending on where the recipient’s cash compensation is reported. | |||||||||||||||||
The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2014: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In millions) | |||||||||||||||
Outstanding at the beginning of the year | 6,394 | $ | 27.13 | ||||||||||||||
Granted | 976 | 53.13 | |||||||||||||||
Exercised | (846 | ) | 21.93 | ||||||||||||||
Forfeited | (161 | ) | 40.16 | ||||||||||||||
Expired | (1 | ) | 48.98 | ||||||||||||||
Outstanding at the end of the year | 6,362 | $ | 31.47 | 3.6 | $ | 135.1 | |||||||||||
Exercisable at the end of the year | 3,827 | $ | 23.55 | 2.5 | $ | 111.3 | |||||||||||
The aggregate intrinsic value of stock options exercised during 2014, 2013 and 2012 was $25.7 million, $41.6 million and $45.5 million, respectively. The total fair value of stock options vested during 2014, 2013 and 2012 was $8.9 million, $8.2 million and $8.9 million, respectively. | |||||||||||||||||
The following is a summary of the Company’s nonvested stock option activity and related information for the year ended December 31, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
(In thousands) | |||||||||||||||||
Nonvested stock options outstanding at the beginning of the year | 2,880 | $ | 8.65 | ||||||||||||||
Granted | 976 | 12.21 | |||||||||||||||
Vested | (1,160 | ) | 7.7 | ||||||||||||||
Forfeited | (161 | ) | 9.75 | ||||||||||||||
Nonvested stock options outstanding at the end of the year | 2,535 | $ | 10.38 | ||||||||||||||
As of December 31, 2014, there was approximately $16.2 million of expected future pre-tax compensation expense related to the 2.5 million nonvested stock options outstanding, which is expected to be recognized over a weighted average period of less than two years. | |||||||||||||||||
The fair value of restricted shares under the Company’s restricted stock arrangement is determined by the product of the number of shares granted and the grant date market price of the Company’s common stock. Upon the grant of restricted stock, the fair value of the restricted shares (unearned compensation) at the date of grant is charged as a reduction of capital in excess of par value in the Company’s consolidated balance sheet and is amortized to expense on a straight-line basis over the vesting period, which is the same as the calculated derived service period as determined on the grant date. | |||||||||||||||||
Restricted stock grants are subject to accelerated vesting due to certain events, including doubling of the grant price of the Company’s common stock as of the close of business during any five consecutive trading days. On January 25, 2013, 488,235 shares of restricted stock, which were granted on April 29, 2010, and 26,298 shares of restricted stock, which were granted on July 29, 2010, vested under this accelerated vesting provision. The pre-tax charge to income due to the accelerated vesting of these shares was $2.7 million ($1.9 million net after-tax charge) for the year ended December 31, 2013. | |||||||||||||||||
The following is a summary of the Company’s nonvested restricted stock activity and related information for the year ended December 31, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
(In thousands) | |||||||||||||||||
Nonvested restricted stock outstanding at the beginning of the year | 987 | $ | 36.12 | ||||||||||||||
Granted | 319 | 52.79 | |||||||||||||||
Vested | (104 | ) | 34.28 | ||||||||||||||
Forfeited | (97 | ) | 38.41 | ||||||||||||||
Nonvested restricted stock outstanding at the end of the year | 1,105 | $ | 41.08 | ||||||||||||||
The total fair value of restricted stock vested was $3.6 million, $12.1 million and $11.1 million in 2014, 2013 and 2012, respectively. The weighted average fair value of restricted stock granted per share during 2014 and 2013 was $52.79 and $42.42, respectively. As of December 31, 2014, there was approximately $26.2 million of expected future pre-tax compensation expense related to the 1.1 million nonvested restricted shares outstanding, which is expected to be recognized over a weighted average period of less than two years. | |||||||||||||||||
Under a Supplemental Executive Retirement Plan (“SERP”) in 2014, the Company reserved 26,362 shares of common stock. The net reduction for retirements, terminations and dividends was 3,651 shares in 2014. The total number of shares of common stock reserved under the SERP was 605,359 as of December 31, 2014. Charges to expense under the SERP are not significant in amount and are considered pension expense with the offsetting credit reflected in capital in excess of par value. |
Retirement_Plans_and_Other_Pos
Retirement Plans and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Retirement Plans and Other Postretirement Benefits | 11 | Retirement Plans and Other Postretirement Benefits | |||||||||||||||||||||||
Retirement and Pension Plans | |||||||||||||||||||||||||
The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The plans generally provide benefits based on participants’ years of service and/or compensation. The following is a brief description of the Company’s retirement and pension plans. | |||||||||||||||||||||||||
The Company maintains contributory and noncontributory defined benefit pension plans. Benefits for eligible salaried and hourly employees under all defined benefit plans are funded through trusts established in conjunction with the plans. The Company’s funding policy with respect to its defined benefit plans is to contribute amounts that provide for benefits based on actuarial calculations and the applicable requirements of U.S. federal and local foreign laws. The Company estimates that it will make both required and discretionary cash contributions of approximately $54 million to $57 million to its worldwide defined benefit pension plans in 2015. The estimated cash contributions range includes a $50.0 million cash contribution to its U.S. defined benefit pension plans in January 2015. | |||||||||||||||||||||||||
The Company uses a measurement date of December 31 (its fiscal year end) for its U.S. and foreign defined benefit pension plans. | |||||||||||||||||||||||||
The Company sponsors a 401(k) retirement and savings plan for eligible U.S. employees. Participants in the retirement and savings plan may contribute a specified portion of their compensation on a pre-tax basis, which vary by location. The Company matches employee contributions ranging from 20% to 100%, up to a maximum percentage ranging from 1% to 8% of eligible compensation or up to a maximum of $1,200 per participant in some locations. | |||||||||||||||||||||||||
The Company’s retirement and savings plan has a defined contribution retirement feature principally to cover U.S. salaried employees joining the Company after December 31, 1996. Under the retirement feature, the Company makes contributions for eligible employees based on a pre-established percentage of the covered employee’s salary subject to pre-established vesting. Employees of certain of the Company’s foreign operations participate in various local defined contribution plans. | |||||||||||||||||||||||||
The Company has nonqualified unfunded retirement plans for its Directors and certain retired employees. It also provides supplemental retirement benefits, through contractual arrangements and/or a SERP covering certain current and former executives of the Company. These supplemental benefits are designed to compensate the executive for retirement benefits that would have been provided under the Company’s primary retirement plan, except for statutory limitations on compensation that must be taken into account under those plans. The projected benefit obligations of the SERP and the contracts will primarily be funded by a grant of shares of the Company’s common stock upon retirement or termination of the executive. The Company is providing for these obligations by charges to earnings over the applicable periods. | |||||||||||||||||||||||||
The following tables set forth the changes in net projected benefit obligation and the fair value of plan assets for the funded and unfunded defined benefit plans for the years ended December 31: | |||||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Net projected benefit obligation at the beginning of the year | $ | 428,675 | $ | 473,891 | |||||||||||||||||||||
Service cost | 3,208 | 3,918 | |||||||||||||||||||||||
Interest cost | 21,000 | 18,889 | |||||||||||||||||||||||
Actuarial losses (gains) | 65,417 | (41,305 | ) | ||||||||||||||||||||||
Gross benefits paid | (26,927 | ) | (26,718 | ) | |||||||||||||||||||||
Net projected benefit obligation at the end of the year | $ | 491,373 | $ | 428,675 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 518,388 | $ | 476,465 | |||||||||||||||||||||
Actual return on plan assets | 7,094 | 68,049 | |||||||||||||||||||||||
Employer contributions | 368 | 592 | |||||||||||||||||||||||
Gross benefits paid | (26,927 | ) | (26,718 | ) | |||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 498,923 | $ | 518,388 | |||||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Net projected benefit obligation at the beginning of the year | $ | 185,178 | $ | 170,180 | |||||||||||||||||||||
Service cost | 2,945 | 2,405 | |||||||||||||||||||||||
Interest cost | 7,931 | 7,112 | |||||||||||||||||||||||
Foreign currency translation adjustment | (15,961 | ) | 4,823 | ||||||||||||||||||||||
Employee contributions | 339 | 344 | |||||||||||||||||||||||
Actuarial losses | 23,903 | 6,304 | |||||||||||||||||||||||
Gross benefits paid | (6,664 | ) | (6,002 | ) | |||||||||||||||||||||
Plan amendments | — | 12 | |||||||||||||||||||||||
Net projected benefit obligation at the end of the year | $ | 197,671 | $ | 185,178 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 165,420 | $ | 143,398 | |||||||||||||||||||||
Actual return on plan assets | 6,628 | 18,341 | |||||||||||||||||||||||
Employer contributions | 5,361 | 5,264 | |||||||||||||||||||||||
Employee contributions | 339 | 344 | |||||||||||||||||||||||
Foreign currency translation adjustment | (11,177 | ) | 4,075 | ||||||||||||||||||||||
Gross benefits paid | (6,664 | ) | (6,002 | ) | |||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 159,907 | $ | 165,420 | |||||||||||||||||||||
The accumulated benefit obligation consisted of the following at December 31: | |||||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Funded plans | $ | 471,960 | $ | 412,797 | |||||||||||||||||||||
Unfunded plans | 5,915 | 5,274 | |||||||||||||||||||||||
Total | $ | 477,875 | $ | 418,071 | |||||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Funded plans | $ | 154,200 | $ | 142,623 | |||||||||||||||||||||
Unfunded plans | 32,845 | 28,759 | |||||||||||||||||||||||
Total | $ | 187,045 | $ | 171,382 | |||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 5 | % | |||||||||||||||||||||
Rate of compensation increase (where applicable) | 3.75 | % | 3.75 | % | |||||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Discount rate | 3.44 | % | 4.38 | % | |||||||||||||||||||||
Rate of compensation increase (where applicable) | 2.88 | % | 2.92 | % | |||||||||||||||||||||
The following is a summary of the fair value of plan assets for U.S. plans at December 31, 2014 and 2013. | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Asset Class | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cash and temporary investments | $ | 2,413 | $ | — | $ | 2,413 | $ | 3,589 | $ | — | $ | 3,589 | |||||||||||||
Equity securities: | |||||||||||||||||||||||||
AMETEK common stock | 26,979 | 26,979 | — | 29,016 | 29,016 | — | |||||||||||||||||||
U.S. Small cap common stocks | 31,629 | 31,629 | — | 33,229 | 33,229 | — | |||||||||||||||||||
U.S. Large cap common stocks | 105,288 | 67,484 | 37,804 | 99,211 | 65,737 | 33,474 | |||||||||||||||||||
Diversified common stocks — Global | 93,558 | — | 93,558 | 94,901 | — | 94,901 | |||||||||||||||||||
Fixed-income securities and other: | |||||||||||||||||||||||||
U.S. Corporate | 24,162 | 7,290 | 16,872 | 22,732 | 8,230 | 14,502 | |||||||||||||||||||
U.S. Government | 4,917 | 3,840 | 1,077 | 2,984 | 2,058 | 926 | |||||||||||||||||||
Global asset allocation(1) | 187,202 | 111,860 | 75,342 | 186,350 | 112,965 | 73,385 | |||||||||||||||||||
Inflation related funds | 13,729 | — | 13,729 | 34,213 | — | 34,213 | |||||||||||||||||||
Alternative investments: | |||||||||||||||||||||||||
Inflation related pooled investment fund | 9,046 | — | — | 12,163 | — | — | |||||||||||||||||||
Total investments | $ | 498,923 | $ | 249,082 | $ | 240,795 | $ | 518,388 | $ | 251,235 | $ | 254,990 | |||||||||||||
-1 | This asset class was invested in diversified companies in all geographical regions. | ||||||||||||||||||||||||
U.S. equity securities and global equity securities categorized as level 1 are traded on national and international exchanges and are valued at their closing prices on the last trading day of the year. For U.S. equity securities and global equity securities not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker or investment manager. These securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor. | |||||||||||||||||||||||||
Additionally, some U.S. equity securities and global equity securities are public investment vehicles valued using the Net Asset Value (“NAV”) provided by the fund manager. The NAV is the total value of the fund divided by the number of shares outstanding. U.S. equity securities and global equity securities are categorized as level 1 if traded at their NAV on a nationally recognized securities exchange or categorized as level 2 if the NAV is corroborated by observable market data. | |||||||||||||||||||||||||
Fixed income securities categorized as level 1 are traded on national and international exchanges and are valued at their closing prices on the last trading day of the year and categorized as level 2 if valued by the trustee using pricing models that use verifiable observable market data, bids provided by brokers or dealers or quoted prices of securities with similar characteristics. | |||||||||||||||||||||||||
Alternative investments categorized as level 3 are valued based on unobservable inputs and cannot be corroborated using verifiable observable market data. Investments in level 3 funds are redeemable, however, cash reimbursement may be delayed or a portion held back until asset finalization. | |||||||||||||||||||||||||
The following is a summary of the changes in the fair value of the U.S. plans’ level 3 investments (fair value using significant unobservable inputs): | |||||||||||||||||||||||||
Alternative | |||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 20,543 | |||||||||||||||||||||||
Actual return on assets: | |||||||||||||||||||||||||
Unrealized gains relating to instruments still held at the end of the year | (206 | ) | |||||||||||||||||||||||
Realized gains (losses) relating to assets sold during the year | 840 | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (9,014 | ) | |||||||||||||||||||||||
Balance, December 31, 2013 | 12,163 | ||||||||||||||||||||||||
Actual return on assets: | |||||||||||||||||||||||||
Unrealized (losses) relating to instruments still held at the end of the year | (3,117 | ) | |||||||||||||||||||||||
Realized gains relating to assets sold during the year | — | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | — | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 9,046 | |||||||||||||||||||||||
The expected long-term rate of return on these plan assets was 7.75% in 2014 and 2013, respectively. Equity securities included 512,565 shares of AMETEK, Inc. common stock with a market value of $27.0 million (5.4% of total plan investment assets) at December 31, 2014 and 550,837 shares of AMETEK, Inc. common stock with a market value of $29.0 million (5.6% of total plan investment assets) at December 31, 2013. | |||||||||||||||||||||||||
The objectives of the AMETEK, Inc. U.S. defined benefit plans’ investment strategy are to maximize the plans’ funded status and minimize Company contributions and plan expense. Because the goal is to optimize returns over the long term, an investment policy that favors equity holdings has been established. Since there may be periods of time where both equity and fixed-income markets provide poor returns, an allocation to alternative assets may be made to improve the overall portfolio’s diversification and return potential. The Company periodically reviews its asset allocation, taking into consideration plan liabilities, plan benefit payment streams and the investment strategy of the pension plans. The actual asset allocation is monitored frequently relative to the established targets and ranges and is rebalanced when necessary. The target allocations for the U.S. defined benefits plans are approximately 45% equity securities, 15% fixed-income securities and 40% other securities and/or cash. | |||||||||||||||||||||||||
The equity portfolio is diversified by market capitalization and style. The equity portfolio also includes international components. | |||||||||||||||||||||||||
The objective of the fixed-income portion of the pension assets is to provide interest rate sensitivity for a portion of the assets and to provide diversification. The fixed-income portfolio is diversified within certain quality and maturity guidelines in an attempt to minimize the adverse effects of interest rate fluctuations. | |||||||||||||||||||||||||
Other than for investments in alternative assets, certain investments are prohibited. Prohibited investments include venture capital, private placements, unregistered or restricted stock, margin trading, commodities, short selling and rights and warrants. Foreign currency futures, options and forward contracts may be used to manage foreign currency exposure. | |||||||||||||||||||||||||
The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31, 2014 and 2013. | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Asset Class | Total | Level 2 | Total | Level 2 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cash | $ | 5,153 | $ | 5,153 | $ | 5,028 | $ | 5,028 | |||||||||||||||||
U.S. Mutual equity funds | 15,400 | 15,400 | 14,408 | 14,408 | |||||||||||||||||||||
Foreign mutual equity funds | 94,444 | 94,444 | 103,132 | 103,132 | |||||||||||||||||||||
Real estate | 4,032 | 4,032 | 3,502 | 3,502 | |||||||||||||||||||||
Mutual bond funds — Global | 31,990 | 31,990 | 25,379 | 25,379 | |||||||||||||||||||||
Life insurance | 8,888 | — | 13,971 | — | |||||||||||||||||||||
Total investments | $ | 159,907 | $ | 151,019 | $ | 165,420 | $ | 151,449 | |||||||||||||||||
Equity funds, real estate funds and fixed income funds that are valued by the vendor using observable market inputs are considered level 2 investments. Life insurance assets are considered level 3 investments as their values are determined by the sponsor using unobservable market data. | |||||||||||||||||||||||||
The following is a summary of the changes in the fair value of the foreign plans’ level 3 investments (fair value determined using significant unobservable inputs): | |||||||||||||||||||||||||
Life Insurance | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 15,112 | |||||||||||||||||||||||
Actual return on assets: | |||||||||||||||||||||||||
Unrealized (losses) relating to instruments still held at the end of the year | (1,141 | ) | |||||||||||||||||||||||
Realized gains (losses) relating to assets sold during the year | — | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | — | ||||||||||||||||||||||||
Balance, December 31, 2013 | 13,971 | ||||||||||||||||||||||||
Actual return on assets: | |||||||||||||||||||||||||
Unrealized (losses) relating to instruments still held at the end of the year | (5,083 | ) | |||||||||||||||||||||||
Realized gains (losses) relating to assets sold during the year | — | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | — | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 8,888 | |||||||||||||||||||||||
The objective of AMETEK, Inc.’s foreign defined benefit plans’ investment strategy is to maximize the long-term rate of return on plan investments, subject to a reasonable level of risk. Liability studies are also performed on a regular basis to provide guidance in setting investment goals with an objective to balance risks against the current and future needs of the plans. The trustees consider the risk associated with the different asset classes, relative to the plans’ liabilities and how this can be affected by diversification, and the relative returns available on equities, fixed-income investments, real estate and cash. Also, the likely volatility of those returns and the cash flow requirements of the plans are considered. It is expected that equities will outperform fixed-income investments over the long term. However, the trustees recognize the fact that fixed-income investments may better match the liabilities for pensioners. Because of the relatively young active employee group covered by the plans and the immature nature of the plans, the trustees have chosen to adopt an asset allocation strategy more heavily weighted toward equity investments. This asset allocation strategy will be reviewed, from time to time, in view of changes in market conditions and in the plans’ liability profile. The actual and target allocations for the foreign defined benefit plans are approximately 70% equity securities, 15% fixed-income securities and 15% other securities, insurance or cash. | |||||||||||||||||||||||||
The assumption for the expected return on plan assets was developed based on a review of historical investment returns for the investment categories for the defined benefit pension assets. This review also considered current capital market conditions and projected future investment returns. The estimates of future capital market returns by asset class are lower than the actual long-term historical returns. The current low interest rate environment influences this outlook. Therefore, the assumed rate of return for U.S. plans is 7.75% and 6.92% for foreign plans in 2015. | |||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and pension plans with an accumulated benefit obligation in excess of plan assets were as follows at December 31: | |||||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Projected Benefit | Accumulated Benefit | ||||||||||||||||||||||||
Obligation Exceeds | Obligation Exceeds | ||||||||||||||||||||||||
Fair Value of Assets | Fair Value of Assets | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Benefit obligation | $ | 25,790 | $ | 5,274 | $ | 25,790 | $ | 5,274 | |||||||||||||||||
Fair value of plan assets | 17,182 | — | 17,182 | — | |||||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Projected Benefit | Accumulated Benefit | ||||||||||||||||||||||||
Obligation Exceeds | Obligation Exceeds | ||||||||||||||||||||||||
Fair Value of Assets | Fair Value of Assets | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Benefit obligation | $ | 111,095 | $ | 101,166 | $ | 104,196 | $ | 33,386 | |||||||||||||||||
Fair value of plan assets | 63,496 | 65,948 | 63,496 | 3,872 | |||||||||||||||||||||
The following table provides the amounts recognized in the consolidated balance sheet at December 31: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Funded status asset (liability): | |||||||||||||||||||||||||
Fair value of plan assets | $ | 658,830 | $ | 683,808 | |||||||||||||||||||||
Projected benefit obligation | (689,044 | ) | (613,853 | ) | |||||||||||||||||||||
Funded status at the end of the year | $ | (30,214 | ) | $ | 69,955 | ||||||||||||||||||||
Amounts recognized in the consolidated balance sheet consisted of: | |||||||||||||||||||||||||
Noncurrent asset for pension benefits (other assets) | $ | 25,993 | $ | 110,447 | |||||||||||||||||||||
Current liabilities for pension benefits | (1,139 | ) | (2,114 | ) | |||||||||||||||||||||
Noncurrent liability for pension benefits | (55,068 | ) | (38,378 | ) | |||||||||||||||||||||
Net amount recognized at the end of the year | $ | (30,214 | ) | $ | 69,955 | ||||||||||||||||||||
The following table provides the amounts recognized in accumulated other comprehensive income, net of taxes, at December 31: | |||||||||||||||||||||||||
Net amounts recognized: | 2014 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Net actuarial loss | $ | 143,380 | $ | 65,610 | |||||||||||||||||||||
Prior service costs | (1,407 | ) | (1,551 | ) | |||||||||||||||||||||
Transition asset | 9 | 9 | |||||||||||||||||||||||
Total recognized | $ | 141,982 | $ | 64,068 | |||||||||||||||||||||
The following table provides the components of net periodic pension benefit expense (income) for the years ended December 31: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||||
Service cost | $ | 6,153 | $ | 6,323 | $ | 5,201 | |||||||||||||||||||
Interest cost | 28,931 | 26,000 | 27,620 | ||||||||||||||||||||||
Expected return on plan assets | (50,196 | ) | (45,008 | ) | (42,758 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Net actuarial loss | 4,483 | 13,484 | 12,161 | ||||||||||||||||||||||
Prior service costs | (51 | ) | (35 | ) | 60 | ||||||||||||||||||||
Transition asset | 1 | (1 | ) | (22 | ) | ||||||||||||||||||||
Total net periodic benefit (income) expense | (10,679 | ) | 763 | 2,262 | |||||||||||||||||||||
Other plans: | |||||||||||||||||||||||||
Defined contribution plans | 20,714 | 18,195 | 17,754 | ||||||||||||||||||||||
Foreign plans and other | 5,325 | 5,151 | 4,936 | ||||||||||||||||||||||
Total other plans | 26,039 | 23,346 | 22,690 | ||||||||||||||||||||||
Total net pension expense | $ | 15,360 | $ | 24,109 | $ | 24,952 | |||||||||||||||||||
The total net periodic benefit expense (income) is included in Cost of sales, excluding depreciation in the consolidated statement of income. The estimated amount that will be amortized from accumulated other comprehensive income into net periodic pension benefit expense in 2015 for the net actuarial losses and prior service costs is expected to be $8.8 million. | |||||||||||||||||||||||||
The following weighted average assumptions were used to determine the above net periodic pension benefit expense for the years ended December 31: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Discount rate | 5 | % | 4.1 | % | 5 | % | |||||||||||||||||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 8 | % | |||||||||||||||||||
Rate of compensation increase (where applicable) | 3.75 | % | 3.75 | % | 3.75 | % | |||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Discount rate | 4.38 | % | 4.44 | % | 5.22 | % | |||||||||||||||||||
Expected return on plan assets | 6.93 | % | 6.91 | % | 6.96 | % | |||||||||||||||||||
Rate of compensation increase (where applicable) | 2.92 | % | 2.89 | % | 2.97 | % | |||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
The estimated future benefit payments for U.S. and foreign plans are as follows: 2015 - $33.4 million; 2016 - $34.1 million; 2017 - $35.5 million; 2018 - $36.5 million; 2019 - $37.3 million; 2020 to 2024 - $199.8 million. Future benefit payments primarily represent amounts to be paid from pension trust assets. Amounts included that are to be paid from the Company’s assets are not significant in any individual year. | |||||||||||||||||||||||||
Postretirement Plans and Postemployment Benefits | |||||||||||||||||||||||||
The Company provides limited postretirement benefits other than pensions for certain retirees and a small number of former employees. Benefits under these arrangements are not funded and are not significant. | |||||||||||||||||||||||||
The Company also provides limited postemployment benefits for certain former or inactive employees after employment but before retirement. Those benefits are not significant in amount. | |||||||||||||||||||||||||
The Company has a deferred compensation plan, which allows employees whose compensation exceeds the statutory IRS limit for retirement benefits to defer a portion of earned bonus compensation. The plan permits deferred amounts to be deemed invested in either, or a combination of, (a) an interest-bearing account, benefits from which are payable out of the general assets of the Company, or (b) the equivalent of a fund which invests in shares of the Company’s common stock on behalf of the employee. The amount deferred under the plan, including income earned, was $21.2 million and $19.7 million at December 31, 2014 and 2013, respectively. Administrative expense for the deferred compensation plan is borne by the Company and is not significant. |
Guarantees
Guarantees | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Guarantees [Abstract] | |||||||||||||
Guarantees | 12 | Guarantees | |||||||||||
The Company does not provide significant guarantees on a routine basis. The Company primarily issues guarantees, stand-by letters of credit and surety bonds in the ordinary course of its business to provide financial or performance assurance to third parties on behalf of its consolidated subsidiaries to support or enhance the subsidiary’s stand-alone creditworthiness. The amounts subject to certain of these agreements vary depending on the covered contracts actually outstanding at any particular point in time. At December 31, 2014, the maximum amount of future payment obligations relative to these various guarantees was $79.1 million and the outstanding liability under certain of those guarantees was $11.4 million. | |||||||||||||
Indemnifications | |||||||||||||
In conjunction with certain acquisition and divestiture transactions, the Company may agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events (e.g., breaches of contract obligations or retention of previously existing environmental, tax or employee liabilities) whose terms range in duration and often are not explicitly defined. Where appropriate, the obligation for such indemnifications is recorded as a liability. Because the amount of these types of indemnifications generally is not specifically stated, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Further, the Company indemnifies its directors and officers for claims against them in connection with their positions with the Company. Historically, any such costs incurred to settle claims related to these indemnifications have been minimal for the Company. The Company believes that future payments, if any, under all existing indemnification agreements would not have a material impact on its consolidated results of operations, financial position or cash flows. | |||||||||||||
Product Warranties | |||||||||||||
The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary widely among the Company’s operations, but for the most part do not exceed one year. The Company calculates its warranty expense provision based on past warranty experience and adjustments are made periodically to reflect actual warranty expenses. | |||||||||||||
Changes in the accrued product warranty obligation were as follows at December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Balance at the beginning of the year | $ | 28,036 | $ | 27,792 | $ | 22,466 | |||||||
Accruals for warranties issued during the year | 10,515 | 8,588 | 10,089 | ||||||||||
Settlements made during the year | (11,688 | ) | (10,484 | ) | (10,602 | ) | |||||||
Warranty accruals related to acquired businesses and other during the year | 2,901 | 2,140 | 5,839 | ||||||||||
Balance at the end of the year | $ | 29,764 | $ | 28,036 | $ | 27,792 | |||||||
Certain settlements of warranties made during the period were for specific nonrecurring warranty obligations. Product warranty obligations are reported as current liabilities in the consolidated balance sheet. |
Contingencies
Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Contingencies | 13 | Contingencies |
Asbestos Litigation | ||
The Company (including its subsidiaries) has been named as a defendant, along with many other companies, in a number of asbestos-related lawsuits. Many of these lawsuits either relate to businesses which were acquired by the Company and do not involve products which were manufactured or sold by the Company or relate to previously owned businesses of the Company which are under new ownership. In connection with many of these lawsuits, the sellers or new owners of such businesses, as the case may be, have agreed to indemnify the Company against these claims (the “Indemnified Claims”). The Indemnified Claims have been tendered to, and are being defended by, such sellers and new owners. These sellers and new owners have met their obligations, in all respects, and the Company does not have any reason to believe such parties would fail to fulfill their obligations in the future; however, one of these companies filed for bankruptcy liquidation in 2007. To date, no judgments have been rendered against the Company as a result of any asbestos-related lawsuit. The Company believes it has strong defenses to the claims being asserted and intends to continue to vigorously defend itself in these matters. | ||
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 December 31, 2014, the Company is named a Potentially Responsible Party (“PRP”) at 14 non-AMETEK-owned former waste disposal or treatment sites (the “non-owned” sites). The Company is identified as a “de minimis” party in 13 of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. In nine 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 sufficient 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 low end of the range. 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 December 31, 2014 and 2013 were $26.6 million and $21.9 million, respectively, for both non-owned and owned sites. In 2014, the Company recorded $8.3 million in reserves, of which $3.6 million was related to a 2014 business acquisition. These reserves relate to the estimated costs to remediate known environmental issues at sites associated with the acquired business. Additionally, the Company spent $3.6 million on environmental matters in 2014. The Company’s reserves for environmental liabilities at December 31, 2014 and 2013 include reserves of $11.7 million and $13.3 million, respectively, for an owned site acquired in connection with the 2005 acquisition of HCC Industries (“HCC”). The Company is the designated performing party for the performance of remedial activities for one of several operating units making up a Superfund site in the San Gabriel Valley of California. The Company has obtained indemnifications and other financial assurances from the former owners of HCC related to the costs of the required remedial activities. At December 31, 2014, the Company had $9.3 million in receivables related to HCC for probable recoveries from third-party escrow funds and other committed third-party funds to support the required remediation. Also, the Company is indemnified by HCC’s former owners for approximately $19.0 million of additional costs. | ||
The Company has agreements with other former owners of certain of its acquired businesses, as well as new owners of previously owned businesses. Under certain of the agreements, the former or new owners retained, or assumed and agreed to indemnify the Company against, certain environmental and other liabilities under certain circumstances. The Company and some of these other parties also carry insurance coverage for some environmental matters. To date, these parties have met their obligations in all material respects. | ||
The Company believes it has established reserves which are sufficient to perform all known responsibilities under existing claims and consent orders. The Company has no reason to believe that other third parties would fail to perform their obligations in the future. In the opinion of management, based upon presently available information and past 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. |
Leases_and_Other_Commitments
Leases and Other Commitments | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Leases and Other Commitments | 14 | Leases and Other Commitments |
Minimum aggregate rental commitments under noncancellable leases in effect at December 31, 2014 (principally for production and administrative facilities and equipment) amounted to $158.3 million, consisting of payments of $36.0 million in 2015, $27.4 million in 2016, $18.6 million in 2017, $14.4 million in 2018, $11.7 million in 2019 and $50.2 million thereafter. The leases expire over a range of years from 2015 to 2082, with renewal or purchase options, subject to various terms and conditions, contained in most of the leases. Rental expense was $44.6 million in 2014, $39.5 million in 2013 and $28.0 million in 2012. | ||
As of December 31, 2014 and 2013, the Company had $388.7 million and $335.0 million, respectively, in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase certain inventories at fixed prices. |
Reportable_Segments_and_Geogra
Reportable Segments and Geographic Areas Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Reportable Segments and Geographic Areas Information | 15 | Reportable Segments and Geographic Areas Information | |||||||||||
Descriptive Information about Reportable Segments | |||||||||||||
The Company has two reportable segments, EIG and EMG. The Company’s operating units are identified based on the existence of segment managers. Certain of the Company’s operating units have been aggregated for segment reporting purposes primarily on the basis of product type, production processes, distribution methods and similarity of economic characteristics. | |||||||||||||
EIG manufactures advanced instruments for the process, aerospace, power and industrial markets. It provides process and analytical instruments for the oil, gas, petrochemical, pharmaceutical, semiconductor and factory automation markets. It provides instruments for the laboratory equipment, ultraprecision manufacturing, medical, and test and measurement markets. It supplies the aerospace industry with aircraft and engine sensors, monitoring systems, power instruments, data acquisition units, and fuel and fluid measurement systems. It makes power quality monitoring and metering devices, industrial battery chargers and uninterruptible power supplies, programmable power equipment, electrical test equipment and gas turbine sensors. It provides dashboard instruments for heavy trucks and other vehicles as well as timing controls and cooking computers for the food service industry. | |||||||||||||
EMG is a differentiated supplier of electrical interconnects, precision motion control solutions, specialty metals, thermal management systems, and floor care and specialty motors. It makes precision motion control products for data storage, medical devices, business equipment, factory automation and other applications. It manufacturers highly engineered electrical connectors and packaging used to protect sensitive electronic devices. It provides high-purity metals, metal strip, shaped wire and advanced composites for a wide range of industrial applications. It operates a global network of aviation maintenance, repair and overhaul facilities. It manufactures motors used in commercial appliances, fitness equipment, food and beverage machines, hydraulic pumps, industrial blowers and vacuum cleaners. | |||||||||||||
Measurement of Segment Results | |||||||||||||
Segment operating income represents net sales less all direct costs and expenses (including certain administrative and other expenses) applicable to each segment, but does not include interest expense. Net sales by segment are reported after elimination of intra- and intersegment sales and profits, which are insignificant in amount. Reported segment assets include allocations directly related to the segment’s operations. Corporate assets consist primarily of investments, prepaid pensions, insurance deposits and deferred taxes. | |||||||||||||
Reportable Segment Financial Information | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net sales(1): | |||||||||||||
Electronic Instruments | $ | 2,421,638 | $ | 2,034,594 | $ | 1,872,557 | |||||||
Electromechanical | 1,600,326 | 1,559,542 | 1,461,656 | ||||||||||
Consolidated net sales | $ | 4,021,964 | $ | 3,594,136 | $ | 3,334,213 | |||||||
Operating income and income before income taxes: | |||||||||||||
Segment operating income(2): | |||||||||||||
Electronic Instruments | $ | 612,992 | $ | 552,110 | $ | 497,116 | |||||||
Electromechanical | 335,046 | 309,402 | 292,205 | ||||||||||
Total segment operating income | 948,038 | 861,512 | 789,321 | ||||||||||
Corporate administrative and other expenses | (49,452 | ) | (46,433 | ) | (43,449 | ) | |||||||
Consolidated operating income | 898,586 | 815,079 | 745,872 | ||||||||||
Interest and other expenses, net | (93,754 | ) | (90,284 | ) | (83,397 | ) | |||||||
Consolidated income before income taxes | $ | 804,832 | $ | 724,795 | $ | 662,475 | |||||||
Assets: | |||||||||||||
Electronic Instruments | $ | 3,752,247 | $ | 3,166,917 | |||||||||
Electromechanical | 2,366,083 | 2,419,059 | |||||||||||
Total segment assets | 6,118,330 | 5,585,976 | |||||||||||
Corporate | 302,633 | 291,926 | |||||||||||
Consolidated assets | $ | 6,420,963 | $ | 5,877,902 | |||||||||
Additions to property, plant and equipment(3): | |||||||||||||
Electronic Instruments | $ | 95,787 | $ | 37,597 | $ | 39,400 | |||||||
Electromechanical | 35,404 | 35,025 | 67,935 | ||||||||||
Total segment additions to property, plant and equipment | 131,191 | 72,622 | 107,335 | ||||||||||
Corporate | 1,966 | 3,021 | 1,840 | ||||||||||
Consolidated additions to property, plant and equipment | $ | 133,157 | $ | 75,643 | $ | 109,175 | |||||||
Depreciation and amortization: | |||||||||||||
Electronic Instruments | $ | 75,364 | $ | 57,808 | $ | 50,473 | |||||||
Electromechanical | 61,770 | 59,988 | 54,406 | ||||||||||
Total segment depreciation and amortization | 137,134 | 117,796 | 104,879 | ||||||||||
Corporate | 1,450 | 861 | 592 | ||||||||||
Consolidated depreciation and amortization | $ | 138,584 | $ | 118,657 | $ | 105,471 | |||||||
-1 | After elimination of intra- and intersegment sales, which are not significant in amount. | ||||||||||||
-2 | Segment operating income represents net sales less all direct costs and expenses (including certain administrative and other expenses) applicable to each segment, but does not include interest expense. | ||||||||||||
-3 | Includes $61.8 million in 2014, $12.3 million in 2013 and $51.7 million in 2012 from acquired businesses. | ||||||||||||
Geographic Areas | |||||||||||||
Information about the Company’s operations in different geographic areas for the years ended December 31, 2014, 2013 and 2012 is shown below. Net sales were attributed to geographic areas based on the location of the customer. Accordingly, U.S. export sales are reported in international sales. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net sales: | |||||||||||||
United States | $ | 1,825,799 | $ | 1,609,661 | $ | 1,626,577 | |||||||
International(1): | |||||||||||||
United Kingdom | 220,877 | 201,543 | 189,704 | ||||||||||
European Union countries | 674,608 | 627,116 | 526,193 | ||||||||||
Asia | 806,926 | 679,490 | 620,456 | ||||||||||
Other foreign countries | 493,754 | 476,326 | 371,283 | ||||||||||
Total international | 2,196,165 | 1,984,475 | 1,707,636 | ||||||||||
Total consolidated | $ | 4,021,964 | $ | 3,594,136 | $ | 3,334,213 | |||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||||
United States | $ | 289,080 | $ | 233,844 | |||||||||
International(2): | |||||||||||||
United Kingdom | 34,736 | 37,080 | |||||||||||
European Union countries | 76,542 | 84,812 | |||||||||||
Asia | 22,314 | 21,003 | |||||||||||
Other foreign countries | 25,774 | 26,051 | |||||||||||
Total international | 159,366 | 168,946 | |||||||||||
Total consolidated | $ | 448,446 | $ | 402,790 | |||||||||
-1 | Includes U.S. export sales of $1,148.1 million in 2014, $1,037.0 million in 2013 and $862.6 million in 2012. | ||||||||||||
-2 | Represents long-lived assets of foreign-based operations only. |
Additional_Consolidated_Income
Additional Consolidated Income Statement and Cash Flow Information | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Additional Consolidated Income Statement and Cash Flow Information | 16 | Additional Consolidated Income Statement and Cash Flow Information |
Included in other income are interest and other investment income of $1.1 million, $1.0 million and $1.6 million for 2014, 2013 and 2012, respectively. Income taxes paid in 2014, 2013 and 2012 were $211.6 million, $173.4 million and $171.2 million, respectively. Cash paid for interest was $74.9 million, $72.7 million and $75.0 million in 2014, 2013 and 2012, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity [Abstract] | ||
Stockholders' Equity | 17 | Stockholders’ Equity |
In 2013, the Company repurchased approximately 206,000 shares of common stock for $8.5 million in cash under its share repurchase authorization. At December 31, 2013, $92.4 million was available under the Company’s Board of Directors authorization for future share repurchases. In 2014, the Company repurchased approximately 4,755,000 shares of common stock for $245.3 million in cash under its share repurchase authorization. On November 5, 2014, the Company’s Board of Directors approved an increase of $200 million in the authorization for repurchase of Company’s common stock. At December 31, 2014, $47.1 million was available under the Company’s Board of Directors authorization for future share repurchases. | ||
At December 31, 2014, the Company held 17.5 million shares in its treasury at a cost of $457.8 million, compared with 13.0 million shares at a cost of $215.9 million at December 31, 2013. The number of shares outstanding at December 31, 2014 was 241.3 million shares, compared with 245.0 million shares at December 31, 2013. | ||
The Company has a Shareholder Rights Plan, under which the Company’s Board of Directors declared a dividend of one Right for each share of Company common stock owned at the close of business on June 2, 2007, and has authorized the issuance of one Right for each share of common stock of the Company issued between the Record Date and the Distribution Date. The Plan provides, under certain conditions involving acquisition of the Company’s common stock, that holders of Rights, except for the acquiring entity, would be entitled (i) to purchase shares of preferred stock at a specified exercise price, or (ii) to purchase shares of common stock of the Company, or the acquiring company, having a value of twice the Rights exercise price. The Rights under the Plan expire in June 2017. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Data | 18 | Quarterly Financial Data (Unaudited) | |||||||||||||||||||
First | Second | Third | Fourth | Total Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 975,292 | $ | 990,718 | $ | 1,031,811 | $ | 1,024,143 | $ | 4,021,964 | |||||||||||
Operating income | $ | 221,631 | $ | 231,728 | $ | 218,143 | $ | 227,084 | $ | 898,586 | |||||||||||
Net income | $ | 140,586 | $ | 150,063 | $ | 141,811 | $ | 152,000 | $ | 584,460 | |||||||||||
Basic earnings per share* | $ | 0.57 | $ | 0.61 | $ | 0.58 | $ | 0.62 | $ | 2.39 | |||||||||||
Diluted earnings per share* | $ | 0.57 | $ | 0.61 | $ | 0.57 | $ | 0.62 | $ | 2.37 | |||||||||||
Dividends paid per share* | $ | 0.06 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.33 | |||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 882,853 | $ | 878,809 | $ | 890,006 | $ | 942,468 | $ | 3,594,136 | |||||||||||
Operating income | $ | 197,235 | $ | 202,613 | $ | 204,686 | $ | 210,545 | $ | 815,079 | |||||||||||
Net income | $ | 125,146 | $ | 128,321 | $ | 127,864 | $ | 135,668 | $ | 516,999 | |||||||||||
Basic earnings per share* | $ | 0.51 | $ | 0.53 | $ | 0.52 | $ | 0.55 | $ | 2.12 | |||||||||||
Diluted earnings per share* | $ | 0.51 | $ | 0.52 | $ | 0.52 | $ | 0.55 | $ | 2.1 | |||||||||||
Dividends paid per share* | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.24 | |||||||||||
* | The sum of quarterly earnings per share may not equal total year earnings per share due to rounding of earnings per share amounts, and differences in weighted average shares and equivalent shares outstanding for each of the periods presented. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of Consolidation | Basis of Consolidation | ||||||||||||
The accompanying consolidated financial statements reflect the results of operations, financial position and cash flows of AMETEK, Inc. (the “Company”), and include the accounts of the Company and subsidiaries, after elimination of all intercompany transactions in the consolidation. | |||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Cash Equivalents, Securities and Other Investments | Cash Equivalents, Securities and Other Investments | ||||||||||||
All highly liquid investments with maturities of three months or less when purchased are considered cash equivalents. At December 31, 2014 and 2013, the Company’s investment in a fixed-income mutual fund (held by its captive insurance subsidiary) is classified as “available-for-sale.” The aggregate market value of the fixed-income mutual fund at December 31, 2014 and 2013 was $9.2 million ($9.9 million cost basis) and $8.2 million ($8.6 million cost basis), respectively. The temporary unrealized gain or loss on the fixed-income mutual fund is recorded as a separate component of accumulated other comprehensive income (in stockholders’ equity), and is not significant. Certain of the Company’s other investments, which are not significant, are also accounted for by the equity method of accounting. | |||||||||||||
Accounts Receivable | Accounts Receivable | ||||||||||||
The Company maintains allowances for estimated losses resulting from the inability of specific customers to meet their financial obligations to the Company. A specific reserve for doubtful receivables is recorded against the amount due from these customers. For all other customers, the Company recognizes reserves for doubtful receivables based on the length of time specific receivables are past due based on past experience. The allowance for possible losses on receivables was $10.4 million and $9.5 million at December 31, 2014 and 2013, respectively. See Note 7. | |||||||||||||
Inventories | Inventories | ||||||||||||
The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for 80% of its inventories at December 31, 2014. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 20% of the Company’s inventory at December 31, 2014. For inventories where cost is determined by the LIFO method, the excess of the FIFO value over the LIFO value was $24.4 million and $23.3 million at December 31, 2014 and 2013, respectively. The Company provides estimated inventory reserves for slow-moving and obsolete inventory based on current assessments about future demand, market conditions, customers who may be experiencing financial difficulties and related management initiatives. | |||||||||||||
Business Combinations | Business Combinations | ||||||||||||
The Company allocates the purchase price of an acquired company, including when applicable, the fair value of contingent consideration between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. See Note 5. | |||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||||||
Property, plant and equipment are stated at cost. Expenditures for additions to plant facilities, or that extend their useful lives, are capitalized. The cost of minor tools, jigs and dies, and maintenance and repairs is charged to expense as incurred. Depreciation of plant and equipment is calculated principally on a straight-line basis over the estimated useful lives of the related assets. The range of lives for depreciable assets is generally three to ten years for machinery and equipment, five to 27 years for leasehold improvements and 25 to 50 years for buildings. | |||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||||||||||||
Goodwill and other intangible assets with indefinite lives, primarily trademarks and trade names, are not amortized; rather, they are tested for impairment at least annually. | |||||||||||||
The Company identifies its reporting units at the component level, which is one level below our operating units. Generally, goodwill arises from acquisitions of specific operating companies and is assigned to the reporting unit in which a particular operating company resides. Our reporting units are composed of divisions and are one level below our operating units and for which discrete financial information is prepared and regularly reviewed by segment management. | |||||||||||||
The Company principally relies on a discounted cash flow analysis to determine the fair value of each reporting unit, which considers forecasted cash flows discounted at an appropriate discount rate. The Company believes that market participants would use a discounted cash flow analysis to determine the fair value of its reporting units in a sales transaction. The annual goodwill impairment test requires the Company to make a number of assumptions and estimates concerning future levels of revenue growth, operating margins, depreciation, amortization and working capital requirements, which are based upon the Company’s long-range plan. The Company’s long-range plan is updated as part of its annual planning process and is reviewed and approved by management. The discount rate is an estimate of the overall after-tax rate of return required by a market participant whose weighted average cost of capital includes both equity and debt, including a risk premium. While the Company uses the best available information to prepare its cash flow and discount rate assumptions, actual future cash flows or market conditions could differ significantly resulting in future impairment charges related to recorded goodwill balances. | |||||||||||||
The impairment test for indefinite-lived intangibles other than goodwill (primarily trademarks and trade names) consists of a comparison of the fair value of the indefinite-lived intangible asset to the carrying value of the asset as of the impairment testing date. The Company estimates the fair value of its indefinite-lived intangibles using the relief from royalty method. The fair value derived from the relief from royalty method is measured as the discounted cash flow savings realized from owning such trademarks and trade names and not having to pay a royalty for their use. | |||||||||||||
The Company completed its required annual impairment tests in the fourth quarter of 2014, 2013 and 2012 and determined that the carrying values of goodwill and other intangible assets with indefinite lives were not impaired. | |||||||||||||
The Company evaluates impairment of its long-lived assets, other than goodwill and indefinite-lived intangible assets when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are separately identifiable and are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using present value techniques based on projected cash flows from the asset group. Losses on long-lived assets held for sale, other than goodwill and indefinite-lived intangible assets, are determined in a similar manner, except that fair market values are reduced for disposal costs. | |||||||||||||
Intangible assets, other than goodwill, with definite lives are amortized over their estimated useful lives. Patents and technology are being amortized over useful lives of four to 20 years, with a weighted average life of 16 years. Customer relationships are being amortized over a period of five to 20 years, with a weighted average life of 19 years. Miscellaneous other intangible assets are being amortized over a period of three to 20 years. The Company periodically evaluates the reasonableness of the estimated useful lives of these intangible assets. | |||||||||||||
Financial Instruments and Foreign Currency Translation | Financial Instruments and Foreign Currency Translation | ||||||||||||
Assets and liabilities of foreign operations are translated using exchange rates in effect at the balance sheet date and their results of operations are translated using average exchange rates for the year. Certain transactions of the Company and its subsidiaries are made in currencies other than their functional currency. Exchange gains and losses from those transactions are included in operating results for the year. | |||||||||||||
The Company makes infrequent use of derivative financial instruments. Forward contracts are entered into from time to time to hedge specific firm commitments for certain inventory purchases, export sales, debt or foreign currency transactions, thereby minimizing the Company’s exposure to raw material commodity price or foreign currency fluctuation. See Note 3. | |||||||||||||
In instances where transactions are designated as hedges of an underlying item, the gains and losses on those transactions are included in accumulated other comprehensive income within stockholders’ equity to the extent they are effective as hedges. The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of December 31, 2014 and 2013, these net investment hedges included British-pound- and Euro-denominated long-term debt, pertaining to certain of its investments in 100% owned subsidiaries whose functional currency is either the British pound or the Euro. These borrowings were designed to create net investment hedges in each of the designated foreign subsidiaries. The Company designated the British-pound- and Euro-denominated loans referred to above as hedging instruments to offset translation gains or losses on the net investment due to changes in the British pound and Euro exchange rates. These net investment hedges were evidenced by management’s contemporaneous documentation supporting the hedge designation. Any gain or loss on the hedging instrument (the debt) following hedge designation is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the investment based on changes in the spot rate, which is used to measure hedge effectiveness. An evaluation of hedge effectiveness is performed by the Company on an ongoing basis and any changes in the hedge are made as appropriate. See Note 4. | |||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
The Company recognizes revenue on product sales in the period when the sales process is complete. This generally occurs when products are shipped to the customer in accordance with terms of an agreement of sale, under which title and risk of loss have been transferred, collectability is reasonably assured and pricing is fixed or determinable. For a small percentage of sales where title and risk of loss passes at point of delivery, the Company recognizes revenue upon delivery to the customer, assuming all other criteria for revenue recognition are met. The Company’s policy, with respect to sales returns and allowances, generally provides that the customer may not return products or be given allowances, except at the Company’s option. The Company has agreements with distributors that do not provide expanded rights of return for unsold products. The distributor purchases the product from the Company, at which time title and risk of loss transfers to the distributor. The Company does not offer substantial sales incentives and credits to its distributors other than volume discounts. The Company accounts for these sales incentives as a reduction of revenues when the sale is recognized in the consolidated statement of income. Accruals for sales returns, other allowances and estimated warranty costs are provided at the time revenue is recognized based upon past experience. At December 31, 2014 and 2013, the accrual for future warranty obligations was $29.8 million and $28.0 million, respectively. The Company’s expense for warranty obligations was $10.5 million in 2014, $8.6 million in 2013 and $10.1 million in 2012. The warranty periods for products sold vary widely among the Company’s operations, but for the most part do not exceed one year. The Company calculates its warranty expense provision based on past warranty experience and adjustments are made periodically to reflect actual warranty expenses. | |||||||||||||
Research and Development | Research and Development | ||||||||||||
Company-funded research and development costs are included in Cost of sales, excluding depreciation as incurred and were $119.3 million in 2014, $93.9 million in 2013 and $84.9 million in 2012. | |||||||||||||
Shipping and Handling Costs | Shipping and Handling Costs | ||||||||||||
Shipping and handling costs are included in Cost of sales, excluding depreciation and were $49.0 million in 2014, $41.9 million in 2013 and $39.0 million in 2012. | |||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||
The Company expenses the fair value of share-based awards made under its share-based plans in the consolidated financial statements over their requisite service period of the grants. See Note 10. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The Company’s annual provision for income taxes and determination of the related balance sheet accounts requires management to assess uncertainties, make judgments regarding outcomes and utilize estimates. The Company conducts a broad range of operations around the world and is therefore subject to complex tax regulations in numerous international taxing jurisdictions, resulting at times in tax audits, disputes and potential litigation, the outcome of which is uncertain. Management must make judgments currently about such uncertainties and determine estimates of the Company’s tax assets and liabilities. To the extent the final outcome differs, future adjustments to the Company’s tax assets and liabilities may be necessary. The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. | |||||||||||||
The Company also is required to assess the realizability of its deferred tax assets, taking into consideration the Company’s forecast of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards and available tax planning strategies that could be implemented to realize the deferred tax assets. Based on this assessment, management must evaluate the need for, and amount of, valuation allowances against the Company’s deferred tax assets. To the extent facts and circumstances change in the future, adjustments to the valuation allowances may be required. | |||||||||||||
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 for the years ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Weighted average shares: | |||||||||||||
Basic shares | 244,885 | 243,915 | 241,512 | ||||||||||
Equity-based compensation plans | 2,217 | 2,150 | 2,474 | ||||||||||
Diluted shares | 247,102 | 246,065 | 243,986 | ||||||||||
Accounting for Cumulative Translation Adjustment | In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (“ASU 2013-05”). ASU 2013-05 provides guidance for the treatment of the cumulative translation adjustment when an entity ceases to hold a controlling financial interest in a subsidiary or group of assets within a foreign entity. The Company adopted ASU 2013-05 effective January 1, 2014 and the adoption did not have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. | ||||||||||||
Presentation of Unrecognized Tax Benefit | In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 provides guidance for the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company adopted ASU 2013-11 effective January 1, 2014 and the adoption did not have a significant impact on the Company’s consolidated financial statement presentation. | ||||||||||||
Discontinued Operations and Disclosures of Disposals of Components of an Entity | In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 revised guidance to only allow disposals of components of an entity that represent a strategic shift (e.g., disposal of a major geographical area, a major line of business, a major equity method investment, or other major parts of an entity) and that have a major effect on a reporting entity’s operations and financial results to be reported as discontinued operations. The revised guidance also requires expanded disclosure in the financial statements for discontinued operations as well as for disposals of significant components of an entity that do not qualify for discontinued operations presentation. ASU 2014-08 is effective for interim and annual reporting periods beginning after December 15, 2014. The Company does not expect the adoption of ASU 2014-08 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. | ||||||||||||
Revenue from Contracts with Customers | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue at the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, the Company must (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when the Company satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2016 and can be adopted by the Company using either a full retrospective or modified retrospective approach, with early adoption prohibited. The Company continues to evaluate the impacts and monitor the developments related to ASU 2014-09. The Company has not determined the impact ASU 2014-09 may have on the Company’s consolidated results of operations, financial position or cash flows nor decided upon the method of adoption. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Number of Weighted Average Shares | The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Weighted average shares: | |||||||||||||
Basic shares | 244,885 | 243,915 | 241,512 | ||||||||||
Equity-based compensation plans | 2,217 | 2,150 | 2,474 | ||||||||||
Diluted shares | 247,102 | 246,065 | 243,986 | ||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 as of December 31, 2014 and 2013, consistent with the fair value hierarchy: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Fixed-income investments | $ | 9,219 | $ | 8,234 | |||||||||||||
Fair Value Disclosures of Financial Instruments Liabilities | The following table provides the estimated fair values of the Company’s financial instruments liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at December 31, 2014 and 2013: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Recorded Amount | Fair Value | Recorded Amount | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Short-term borrowings | $ | (88,100 | ) | $ | (88,100 | ) | $ | (268,764 | ) | $ | (268,764 | ) | |||||
Long-term debt (including current portion) | (1,625,926 | ) | (1,768,439 | ) | (1,146,301 | ) | (1,290,466 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Allocation of Aggregate Purchase Price of Acquired Net Assets | The following table represents the preliminary allocation of the aggregate purchase price for the net assets of the above acquisitions based on their estimated fair values at acquisition (in millions): | ||||
Property, plant and equipment | $ | 61.8 | |||
Goodwill | 272.1 | ||||
Other intangible assets | 270.7 | ||||
Deferred income taxes | (64.5 | ) | |||
Net working capital and other* | 33.5 | ||||
Total purchase price | $ | 573.6 | |||
* | Includes $33.9 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, 2012 | $ | 1,215.00 | $ | 993.2 | $ | 2,208.20 | |||||||
Goodwill acquired | 213.5 | — | 213.5 | ||||||||||
Purchase price allocation adjustments and other | (25.5 | ) | (6.0 | ) | (31.5 | ) | |||||||
Foreign currency translation adjustments | 7.8 | 10.4 | 18.2 | ||||||||||
Balance at December 31, 2013 | 1,410.80 | 997.6 | 2,408.40 | ||||||||||
Goodwill acquired | 272.1 | — | 272.1 | ||||||||||
Purchase price allocation adjustments and other | (0.4 | ) | — | (0.4 | ) | ||||||||
Foreign currency translation adjustments | (35.8 | ) | (30.3 | ) | (66.1 | ) | |||||||
Balance at December 31, 2014 | $ | 1,646.70 | $ | 967.3 | $ | 2,614.00 | |||||||
Other Intangible Assets | Other intangible assets were as follows at December 31: | ||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Definite-lived intangible assets (subject to amortization): | |||||||||||||
Patents | $ | 53,474 | $ | 55,300 | |||||||||
Purchased technology | 239,775 | 198,463 | |||||||||||
Customer lists | 1,182,152 | 1,037,689 | |||||||||||
Other acquired intangibles | 20,270 | 28,304 | |||||||||||
1,495,671 | 1,319,756 | ||||||||||||
Accumulated amortization: | |||||||||||||
Patents | (35,004 | ) | (34,692 | ) | |||||||||
Purchased technology | (63,078 | ) | (51,369 | ) | |||||||||
Customer lists | (243,169 | ) | (191,170 | ) | |||||||||
Other acquired intangibles | (26,349 | ) | (24,487 | ) | |||||||||
(367,600 | ) | (301,718 | ) | ||||||||||
Net intangible assets subject to amortization | 1,128,071 | 1,018,038 | |||||||||||
Indefinite-lived intangible assets (not subject to amortization): | |||||||||||||
Trademarks and trade names | 497,490 | 455,888 | |||||||||||
$ | 1,625,561 | $ | 1,473,926 | ||||||||||
Other_Consolidated_Balance_She1
Other Consolidated Balance Sheet Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Other Consolidated Balance Sheet Information | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
INVENTORIES | |||||||||||||
Finished goods and parts | $ | 80,307 | $ | 76,086 | |||||||||
Work in process | 94,298 | 85,518 | |||||||||||
Raw materials and purchased parts | 321,291 | 291,244 | |||||||||||
$ | 495,896 | $ | 452,848 | ||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||
Land | $ | 38,340 | $ | 35,395 | |||||||||
Buildings | 281,336 | 254,248 | |||||||||||
Machinery and equipment | 793,580 | 754,654 | |||||||||||
1,113,256 | 1,044,297 | ||||||||||||
Less: Accumulated depreciation | (664,810 | ) | (641,507 | ) | |||||||||
$ | 448,446 | $ | 402,790 | ||||||||||
ACCRUED LIABILITIES | |||||||||||||
Employee compensation and benefits | $ | 94,478 | $ | 87,656 | |||||||||
Product warranty obligation | 29,764 | 28,036 | |||||||||||
Severance and lease termination | 14,864 | 7,653 | |||||||||||
Other | 97,473 | 90,240 | |||||||||||
$ | 236,579 | $ | 213,585 | ||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
ALLOWANCES FOR POSSIBLE LOSSES ON ACCOUNTS AND NOTES RECEIVABLE | |||||||||||||
Balance at the beginning of the year | $ | 9,547 | $ | 10,754 | $ | 7,840 | |||||||
Additions charged to expense | 2,974 | 1,939 | 3,569 | ||||||||||
Recoveries credited to allowance | — | — | 33 | ||||||||||
Write-offs | (2,243 | ) | (3,503 | ) | (813 | ) | |||||||
Currency translation adjustments and other | 168 | 357 | 125 | ||||||||||
Balance at the end of the year | $ | 10,446 | $ | 9,547 | $ | 10,754 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Income before Income Taxes and Details of Provision for Income Taxes | The components of income before income taxes and the details of the provision for income taxes were as follows for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income before income taxes: | |||||||||||||
Domestic | $ | 495,516 | $ | 443,278 | $ | 438,742 | |||||||
Foreign | 309,316 | 281,517 | 223,733 | ||||||||||
Total | $ | 804,832 | $ | 724,795 | $ | 662,475 | |||||||
Provision for income taxes: | |||||||||||||
Current: | |||||||||||||
Federal | $ | 128,635 | $ | 133,574 | $ | 135,598 | |||||||
Foreign | 60,606 | 64,077 | 50,511 | ||||||||||
State | 12,461 | 13,083 | 18,415 | ||||||||||
Total current | 201,702 | 210,734 | 204,524 | ||||||||||
Deferred: | |||||||||||||
Federal | 19,870 | 7,899 | 6,038 | ||||||||||
Foreign | 1,552 | (3,592 | ) | (6,598 | ) | ||||||||
State | (2,752 | ) | (7,245 | ) | (621 | ) | |||||||
Total deferred | 18,670 | (2,938 | ) | (1,181 | ) | ||||||||
Total provision | $ | 220,372 | $ | 207,796 | $ | 203,343 | |||||||
Components of Deferred Tax (Asset) Liability | Significant components of the deferred tax (asset) liability were as follows at December 31: | ||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Current deferred tax (asset) liability: | |||||||||||||
Reserves not currently deductible | $ | (32,552 | ) | $ | (22,727 | ) | |||||||
Share-based compensation | (6,871 | ) | (4,264 | ) | |||||||||
Net operating loss carryforwards | (3,570 | ) | (3,859 | ) | |||||||||
Foreign tax credit carryforwards | (42 | ) | — | ||||||||||
Other | (467 | ) | (5,233 | ) | |||||||||
(43,502 | ) | (36,083 | ) | ||||||||||
Portion included in other current liabilities | (1,551 | ) | (2,732 | ) | |||||||||
Gross current deferred tax asset | (45,053 | ) | (38,815 | ) | |||||||||
Noncurrent deferred tax (asset) liability: | |||||||||||||
Differences in basis of property and accelerated depreciation | 47,345 | 31,861 | |||||||||||
Reserves not currently deductible | (29,514 | ) | (24,417 | ) | |||||||||
Pensions | 16,025 | 33,538 | |||||||||||
Differences in basis of intangible assets and accelerated amortization | 586,960 | 528,139 | |||||||||||
Net operating loss carryforwards | (7,200 | ) | (2,795 | ) | |||||||||
Share-based compensation | (10,858 | ) | (9,297 | ) | |||||||||
Foreign tax credit carryforwards | (2,157 | ) | — | ||||||||||
Other | 546 | (3,578 | ) | ||||||||||
601,147 | 553,451 | ||||||||||||
Less: Valuation allowance | 7,708 | 1,911 | |||||||||||
608,855 | 555,362 | ||||||||||||
Portion included in noncurrent assets | 9,530 | 3,193 | |||||||||||
Gross noncurrent deferred tax liability | 618,385 | 558,555 | |||||||||||
Net deferred tax liability | $ | 573,332 | $ | 519,740 | |||||||||
Reconciliation of Effective Tax Rate to U.S. Federal Statutory Rate | The Company’s effective tax rate reconciles to the U.S. Federal statutory rate as follows for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. Federal statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal income tax benefit | 0.9 | 1 | 1.8 | ||||||||||
Foreign operations, net | (6.1 | ) | (5.8 | ) | (5.1 | ) | |||||||
U.S. Manufacturing deduction and credits | (2.2 | ) | (1.8 | ) | (2.0 | ) | |||||||
Other | (0.2 | ) | 0.3 | 1 | |||||||||
Consolidated effective tax rate | 27.4 | % | 28.7 | % | 30.7 | % | |||||||
Reconciliation of Liability for Uncertain Tax Positions | The following is a reconciliation of the liability for uncertain tax positions at December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Balance at the beginning of the year | $ | 55.2 | $ | 36.2 | $ | 28.5 | |||||||
Additions for tax positions related to the current year | 10.7 | 11.7 | 4.3 | ||||||||||
Additions for tax positions of prior years | 16.8 | 15.1 | 6 | ||||||||||
Reductions for tax positions of prior years | (1.7 | ) | (1.8 | ) | (0.8 | ) | |||||||
Reductions related to settlements with taxing authorities | (0.4 | ) | (2.5 | ) | — | ||||||||
Reductions due to statute expirations | (8.9 | ) | (3.5 | ) | (1.8 | ) | |||||||
Balance at the end of the year | $ | 71.7 | $ | 55.2 | $ | 36.2 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term Debt | Long-term debt consisted of the following at December 31: | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
U.S. dollar 6.59% senior notes due September 2015 | $ | 90,000 | $ | 90,000 | |||||
U.S. dollar 6.69% senior notes due December 2015 | 35,000 | 35,000 | |||||||
U.S. dollar 6.20% senior notes due December 2017 | 270,000 | 270,000 | |||||||
U.S. dollar 6.35% senior notes due July 2018 | 80,000 | 80,000 | |||||||
U.S. dollar 7.08% senior notes due September 2018 | 160,000 | 160,000 | |||||||
U.S. dollar 7.18% senior notes due December 2018 | 65,000 | 65,000 | |||||||
U.S. dollar 6.30% senior notes due December 2019 | 100,000 | 100,000 | |||||||
U.S. dollar 3.73% senior notes due September 2024 | 300,000 | — | |||||||
U.S. dollar 3.83% senior notes due September 2026 | 100,000 | — | |||||||
U.S. dollar 3.98% senior notes due September 2029 | 100,000 | — | |||||||
British pound 5.99% senior note due November 2016 | 62,249 | 66,303 | |||||||
British pound 4.68% senior note due September 2020 | 124,494 | 132,592 | |||||||
Euro 3.94% senior note due August 2015 | 60,790 | 68,880 | |||||||
Swiss franc 2.44% senior note due December 2021 | 55,600 | 61,754 | |||||||
Revolving credit loan | 88,100 | 268,329 | |||||||
Other, principally foreign | 22,793 | 17,207 | |||||||
Total debt | 1,714,026 | 1,415,065 | |||||||
Less: Current portion | (286,201 | ) | (273,315 | ) | |||||
Total long-term debt | $ | 1,427,825 | $ | 1,141,750 | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
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 years indicated: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 23.9 | % | 28.1 | % | 28.4 | % | |||||||||||
Expected term (years) | 5 | 5 | 5.1 | ||||||||||||||
Risk-free interest rate | 1.63 | % | 0.75 | % | 0.84 | % | |||||||||||
Expected dividend yield | 0.45 | % | 0.57 | % | 0.47 | % | |||||||||||
Black-Scholes-Merton fair value per stock option granted | $ | 12.21 | $ | 10.17 | $ | 8.54 | |||||||||||
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows for the years ended December 31: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||
Stock option expense | $ | 9,130 | $ | 10,776 | $ | 9,437 | |||||||||||
Restricted stock expense | 10,741 | 10,815 | 9,947 | ||||||||||||||
Total pre-tax expense | 19,871 | 21,591 | 19,384 | ||||||||||||||
Related tax benefit | (6,154 | ) | (6,964 | ) | (6,518 | ) | |||||||||||
Reduction of net income | $ | 13,717 | $ | 14,627 | $ | 12,866 | |||||||||||
Summary of Stock Option Activity and Related Information | The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2014: | ||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(In thousands) | (Years) | (In millions) | |||||||||||||||
Outstanding at the beginning of the year | 6,394 | $ | 27.13 | ||||||||||||||
Granted | 976 | 53.13 | |||||||||||||||
Exercised | (846 | ) | 21.93 | ||||||||||||||
Forfeited | (161 | ) | 40.16 | ||||||||||||||
Expired | (1 | ) | 48.98 | ||||||||||||||
Outstanding at the end of the year | 6,362 | $ | 31.47 | 3.6 | $ | 135.1 | |||||||||||
Exercisable at the end of the year | 3,827 | $ | 23.55 | 2.5 | $ | 111.3 | |||||||||||
Summary of Nonvested Stock Option Activity and Related Information | The following is a summary of the Company’s nonvested stock option activity and related information for the year ended December 31, 2014: | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
(In thousands) | |||||||||||||||||
Nonvested stock options outstanding at the beginning of the year | 2,880 | $ | 8.65 | ||||||||||||||
Granted | 976 | 12.21 | |||||||||||||||
Vested | (1,160 | ) | 7.7 | ||||||||||||||
Forfeited | (161 | ) | 9.75 | ||||||||||||||
Nonvested stock options outstanding at the end of the year | 2,535 | $ | 10.38 | ||||||||||||||
Summary of Nonvested Restricted Stock Activity and Related Information | The following is a summary of the Company’s nonvested restricted stock activity and related information for the year ended December 31, 2014: | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
(In thousands) | |||||||||||||||||
Nonvested restricted stock outstanding at the beginning of the year | 987 | $ | 36.12 | ||||||||||||||
Granted | 319 | 52.79 | |||||||||||||||
Vested | (104 | ) | 34.28 | ||||||||||||||
Forfeited | (97 | ) | 38.41 | ||||||||||||||
Nonvested restricted stock outstanding at the end of the year | 1,105 | $ | 41.08 | ||||||||||||||
Retirement_Plans_and_Other_Pos1
Retirement Plans and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Net Projected Benefit Obligation and Fair Value of Plan Assets for Funded and Unfunded Defined Benefit Plans | The following tables set forth the changes in net projected benefit obligation and the fair value of plan assets for the funded and unfunded defined benefit plans for the years ended December 31: | ||||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Net projected benefit obligation at the beginning of the year | $ | 428,675 | $ | 473,891 | |||||||||||||||||||||
Service cost | 3,208 | 3,918 | |||||||||||||||||||||||
Interest cost | 21,000 | 18,889 | |||||||||||||||||||||||
Actuarial losses (gains) | 65,417 | (41,305 | ) | ||||||||||||||||||||||
Gross benefits paid | (26,927 | ) | (26,718 | ) | |||||||||||||||||||||
Net projected benefit obligation at the end of the year | $ | 491,373 | $ | 428,675 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 518,388 | $ | 476,465 | |||||||||||||||||||||
Actual return on plan assets | 7,094 | 68,049 | |||||||||||||||||||||||
Employer contributions | 368 | 592 | |||||||||||||||||||||||
Gross benefits paid | (26,927 | ) | (26,718 | ) | |||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 498,923 | $ | 518,388 | |||||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||
Net projected benefit obligation at the beginning of the year | $ | 185,178 | $ | 170,180 | |||||||||||||||||||||
Service cost | 2,945 | 2,405 | |||||||||||||||||||||||
Interest cost | 7,931 | 7,112 | |||||||||||||||||||||||
Foreign currency translation adjustment | (15,961 | ) | 4,823 | ||||||||||||||||||||||
Employee contributions | 339 | 344 | |||||||||||||||||||||||
Actuarial losses | 23,903 | 6,304 | |||||||||||||||||||||||
Gross benefits paid | (6,664 | ) | (6,002 | ) | |||||||||||||||||||||
Plan amendments | — | 12 | |||||||||||||||||||||||
Net projected benefit obligation at the end of the year | $ | 197,671 | $ | 185,178 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 165,420 | $ | 143,398 | |||||||||||||||||||||
Actual return on plan assets | 6,628 | 18,341 | |||||||||||||||||||||||
Employer contributions | 5,361 | 5,264 | |||||||||||||||||||||||
Employee contributions | 339 | 344 | |||||||||||||||||||||||
Foreign currency translation adjustment | (11,177 | ) | 4,075 | ||||||||||||||||||||||
Gross benefits paid | (6,664 | ) | (6,002 | ) | |||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 159,907 | $ | 165,420 | |||||||||||||||||||||
Accumulated Benefit Obligation ("ABO") | The accumulated benefit obligation consisted of the following at December 31: | ||||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Funded plans | $ | 471,960 | $ | 412,797 | |||||||||||||||||||||
Unfunded plans | 5,915 | 5,274 | |||||||||||||||||||||||
Total | $ | 477,875 | $ | 418,071 | |||||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Funded plans | $ | 154,200 | $ | 142,623 | |||||||||||||||||||||
Unfunded plans | 32,845 | 28,759 | |||||||||||||||||||||||
Total | $ | 187,045 | $ | 171,382 | |||||||||||||||||||||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and pension plans with an accumulated benefit obligation in excess of plan assets were as follows at December 31: | ||||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Projected Benefit | Accumulated Benefit | ||||||||||||||||||||||||
Obligation Exceeds | Obligation Exceeds | ||||||||||||||||||||||||
Fair Value of Assets | Fair Value of Assets | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Benefit obligation | $ | 25,790 | $ | 5,274 | $ | 25,790 | $ | 5,274 | |||||||||||||||||
Fair value of plan assets | 17,182 | — | 17,182 | — | |||||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Projected Benefit | Accumulated Benefit | ||||||||||||||||||||||||
Obligation Exceeds | Obligation Exceeds | ||||||||||||||||||||||||
Fair Value of Assets | Fair Value of Assets | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Benefit obligation | $ | 111,095 | $ | 101,166 | $ | 104,196 | $ | 33,386 | |||||||||||||||||
Fair value of plan assets | 63,496 | 65,948 | 63,496 | 3,872 | |||||||||||||||||||||
Funded Status of Plan and Amounts Recognized in Balance Sheet | The following table provides the amounts recognized in the consolidated balance sheet at December 31: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Funded status asset (liability): | |||||||||||||||||||||||||
Fair value of plan assets | $ | 658,830 | $ | 683,808 | |||||||||||||||||||||
Projected benefit obligation | (689,044 | ) | (613,853 | ) | |||||||||||||||||||||
Funded status at the end of the year | $ | (30,214 | ) | $ | 69,955 | ||||||||||||||||||||
Amounts recognized in the consolidated balance sheet consisted of: | |||||||||||||||||||||||||
Noncurrent asset for pension benefits (other assets) | $ | 25,993 | $ | 110,447 | |||||||||||||||||||||
Current liabilities for pension benefits | (1,139 | ) | (2,114 | ) | |||||||||||||||||||||
Noncurrent liability for pension benefits | (55,068 | ) | (38,378 | ) | |||||||||||||||||||||
Net amount recognized at the end of the year | $ | (30,214 | ) | $ | 69,955 | ||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income, Net of Taxes | The following table provides the amounts recognized in accumulated other comprehensive income, net of taxes, at December 31: | ||||||||||||||||||||||||
Net amounts recognized: | 2014 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Net actuarial loss | $ | 143,380 | $ | 65,610 | |||||||||||||||||||||
Prior service costs | (1,407 | ) | (1,551 | ) | |||||||||||||||||||||
Transition asset | 9 | 9 | |||||||||||||||||||||||
Total recognized | $ | 141,982 | $ | 64,068 | |||||||||||||||||||||
Components of Net Periodic Pension Benefit Expense (Income) | The following table provides the components of net periodic pension benefit expense (income) for the years ended December 31: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||||
Service cost | $ | 6,153 | $ | 6,323 | $ | 5,201 | |||||||||||||||||||
Interest cost | 28,931 | 26,000 | 27,620 | ||||||||||||||||||||||
Expected return on plan assets | (50,196 | ) | (45,008 | ) | (42,758 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Net actuarial loss | 4,483 | 13,484 | 12,161 | ||||||||||||||||||||||
Prior service costs | (51 | ) | (35 | ) | 60 | ||||||||||||||||||||
Transition asset | 1 | (1 | ) | (22 | ) | ||||||||||||||||||||
Total net periodic benefit (income) expense | (10,679 | ) | 763 | 2,262 | |||||||||||||||||||||
Other plans: | |||||||||||||||||||||||||
Defined contribution plans | 20,714 | 18,195 | 17,754 | ||||||||||||||||||||||
Foreign plans and other | 5,325 | 5,151 | 4,936 | ||||||||||||||||||||||
Total other plans | 26,039 | 23,346 | 22,690 | ||||||||||||||||||||||
Total net pension expense | $ | 15,360 | $ | 24,109 | $ | 24,952 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | |||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Discount rate | 4.2 | % | 5 | % | |||||||||||||||||||||
Rate of compensation increase (where applicable) | 3.75 | % | 3.75 | % | |||||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Discount rate | 3.44 | % | 4.38 | % | |||||||||||||||||||||
Rate of compensation increase (where applicable) | 2.88 | % | 2.92 | % | |||||||||||||||||||||
U.S. Defined Benefit Pension Plans [Member] | |||||||||||||||||||||||||
Fair Value of Plan Assets | The following is a summary of the fair value of plan assets for U.S. plans at December 31, 2014 and 2013. | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Asset Class | Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cash and temporary investments | $ | 2,413 | $ | — | $ | 2,413 | $ | 3,589 | $ | — | $ | 3,589 | |||||||||||||
Equity securities: | |||||||||||||||||||||||||
AMETEK common stock | 26,979 | 26,979 | — | 29,016 | 29,016 | — | |||||||||||||||||||
U.S. Small cap common stocks | 31,629 | 31,629 | — | 33,229 | 33,229 | — | |||||||||||||||||||
U.S. Large cap common stocks | 105,288 | 67,484 | 37,804 | 99,211 | 65,737 | 33,474 | |||||||||||||||||||
Diversified common stocks — Global | 93,558 | — | 93,558 | 94,901 | — | 94,901 | |||||||||||||||||||
Fixed-income securities and other: | |||||||||||||||||||||||||
U.S. Corporate | 24,162 | 7,290 | 16,872 | 22,732 | 8,230 | 14,502 | |||||||||||||||||||
U.S. Government | 4,917 | 3,840 | 1,077 | 2,984 | 2,058 | 926 | |||||||||||||||||||
Global asset allocation(1) | 187,202 | 111,860 | 75,342 | 186,350 | 112,965 | 73,385 | |||||||||||||||||||
Inflation related funds | 13,729 | — | 13,729 | 34,213 | — | 34,213 | |||||||||||||||||||
Alternative investments: | |||||||||||||||||||||||||
Inflation related pooled investment fund | 9,046 | — | — | 12,163 | — | — | |||||||||||||||||||
Total investments | $ | 498,923 | $ | 249,082 | $ | 240,795 | $ | 518,388 | $ | 251,235 | $ | 254,990 | |||||||||||||
-1 | This asset class was invested in diversified companies in all geographical regions. | ||||||||||||||||||||||||
Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs | The following is a summary of the changes in the fair value of the U.S. plans’ level 3 investments (fair value using significant unobservable inputs): | ||||||||||||||||||||||||
Alternative | |||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 20,543 | |||||||||||||||||||||||
Actual return on assets: | |||||||||||||||||||||||||
Unrealized gains relating to instruments still held at the end of the year | (206 | ) | |||||||||||||||||||||||
Realized gains (losses) relating to assets sold during the year | 840 | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (9,014 | ) | |||||||||||||||||||||||
Balance, December 31, 2013 | 12,163 | ||||||||||||||||||||||||
Actual return on assets: | |||||||||||||||||||||||||
Unrealized (losses) relating to instruments still held at the end of the year | (3,117 | ) | |||||||||||||||||||||||
Realized gains relating to assets sold during the year | — | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | — | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 9,046 | |||||||||||||||||||||||
Foreign Defined Benefit Pension Plans [Member] | |||||||||||||||||||||||||
Fair Value of Plan Assets | The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31, 2014 and 2013. | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Asset Class | Total | Level 2 | Total | Level 2 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cash | $ | 5,153 | $ | 5,153 | $ | 5,028 | $ | 5,028 | |||||||||||||||||
U.S. Mutual equity funds | 15,400 | 15,400 | 14,408 | 14,408 | |||||||||||||||||||||
Foreign mutual equity funds | 94,444 | 94,444 | 103,132 | 103,132 | |||||||||||||||||||||
Real estate | 4,032 | 4,032 | 3,502 | 3,502 | |||||||||||||||||||||
Mutual bond funds — Global | 31,990 | 31,990 | 25,379 | 25,379 | |||||||||||||||||||||
Life insurance | 8,888 | — | 13,971 | — | |||||||||||||||||||||
Total investments | $ | 159,907 | $ | 151,019 | $ | 165,420 | $ | 151,449 | |||||||||||||||||
Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs | The following is a summary of the changes in the fair value of the foreign plans’ level 3 investments (fair value determined using significant unobservable inputs): | ||||||||||||||||||||||||
Life Insurance | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 15,112 | |||||||||||||||||||||||
Actual return on assets: | |||||||||||||||||||||||||
Unrealized (losses) relating to instruments still held at the end of the year | (1,141 | ) | |||||||||||||||||||||||
Realized gains (losses) relating to assets sold during the year | — | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | — | ||||||||||||||||||||||||
Balance, December 31, 2013 | 13,971 | ||||||||||||||||||||||||
Actual return on assets: | |||||||||||||||||||||||||
Unrealized (losses) relating to instruments still held at the end of the year | (5,083 | ) | |||||||||||||||||||||||
Realized gains (losses) relating to assets sold during the year | — | ||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | — | ||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 8,888 | |||||||||||||||||||||||
Net Periodic Pension Benefit Expense [Member] | |||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | The following weighted average assumptions were used to determine the above net periodic pension benefit expense for the years ended December 31: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
U.S. Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Discount rate | 5 | % | 4.1 | % | 5 | % | |||||||||||||||||||
Expected return on plan assets | 7.75 | % | 7.75 | % | 8 | % | |||||||||||||||||||
Rate of compensation increase (where applicable) | 3.75 | % | 3.75 | % | 3.75 | % | |||||||||||||||||||
Foreign Defined Benefit Pension Plans: | |||||||||||||||||||||||||
Discount rate | 4.38 | % | 4.44 | % | 5.22 | % | |||||||||||||||||||
Expected return on plan assets | 6.93 | % | 6.91 | % | 6.96 | % | |||||||||||||||||||
Rate of compensation increase (where applicable) | 2.92 | % | 2.89 | % | 2.97 | % |
Guarantees_Tables
Guarantees (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Guarantees [Abstract] | |||||||||||||
Changes in Accrued Product Warranty Obligation | Changes in the accrued product warranty obligation were as follows at December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Balance at the beginning of the year | $ | 28,036 | $ | 27,792 | $ | 22,466 | |||||||
Accruals for warranties issued during the year | 10,515 | 8,588 | 10,089 | ||||||||||
Settlements made during the year | (11,688 | ) | (10,484 | ) | (10,602 | ) | |||||||
Warranty accruals related to acquired businesses and other during the year | 2,901 | 2,140 | 5,839 | ||||||||||
Balance at the end of the year | $ | 29,764 | $ | 28,036 | $ | 27,792 | |||||||
Reportable_Segments_and_Geogra1
Reportable Segments and Geographic Areas Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Reportable Segment Financial Information | Reportable Segment Financial Information | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net sales(1): | |||||||||||||
Electronic Instruments | $ | 2,421,638 | $ | 2,034,594 | $ | 1,872,557 | |||||||
Electromechanical | 1,600,326 | 1,559,542 | 1,461,656 | ||||||||||
Consolidated net sales | $ | 4,021,964 | $ | 3,594,136 | $ | 3,334,213 | |||||||
Operating income and income before income taxes: | |||||||||||||
Segment operating income(2): | |||||||||||||
Electronic Instruments | $ | 612,992 | $ | 552,110 | $ | 497,116 | |||||||
Electromechanical | 335,046 | 309,402 | 292,205 | ||||||||||
Total segment operating income | 948,038 | 861,512 | 789,321 | ||||||||||
Corporate administrative and other expenses | (49,452 | ) | (46,433 | ) | (43,449 | ) | |||||||
Consolidated operating income | 898,586 | 815,079 | 745,872 | ||||||||||
Interest and other expenses, net | (93,754 | ) | (90,284 | ) | (83,397 | ) | |||||||
Consolidated income before income taxes | $ | 804,832 | $ | 724,795 | $ | 662,475 | |||||||
Assets: | |||||||||||||
Electronic Instruments | $ | 3,752,247 | $ | 3,166,917 | |||||||||
Electromechanical | 2,366,083 | 2,419,059 | |||||||||||
Total segment assets | 6,118,330 | 5,585,976 | |||||||||||
Corporate | 302,633 | 291,926 | |||||||||||
Consolidated assets | $ | 6,420,963 | $ | 5,877,902 | |||||||||
Additions to property, plant and equipment(3): | |||||||||||||
Electronic Instruments | $ | 95,787 | $ | 37,597 | $ | 39,400 | |||||||
Electromechanical | 35,404 | 35,025 | 67,935 | ||||||||||
Total segment additions to property, plant and equipment | 131,191 | 72,622 | 107,335 | ||||||||||
Corporate | 1,966 | 3,021 | 1,840 | ||||||||||
Consolidated additions to property, plant and equipment | $ | 133,157 | $ | 75,643 | $ | 109,175 | |||||||
Depreciation and amortization: | |||||||||||||
Electronic Instruments | $ | 75,364 | $ | 57,808 | $ | 50,473 | |||||||
Electromechanical | 61,770 | 59,988 | 54,406 | ||||||||||
Total segment depreciation and amortization | 137,134 | 117,796 | 104,879 | ||||||||||
Corporate | 1,450 | 861 | 592 | ||||||||||
Consolidated depreciation and amortization | $ | 138,584 | $ | 118,657 | $ | 105,471 | |||||||
-1 | After elimination of intra- and intersegment sales, which are not significant in amount. | ||||||||||||
-2 | Segment operating income represents net sales less all direct costs and expenses (including certain administrative and other expenses) applicable to each segment, but does not include interest expense. | ||||||||||||
-3 | Includes $61.8 million in 2014, $12.3 million in 2013 and $51.7 million in 2012 from acquired businesses. | ||||||||||||
Information about Company's Operations in Different Geographic Areas | Information about the Company’s operations in different geographic areas for the years ended December 31, 2014, 2013 and 2012 is shown below. Net sales were attributed to geographic areas based on the location of the customer. Accordingly, U.S. export sales are reported in international sales. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net sales: | |||||||||||||
United States | $ | 1,825,799 | $ | 1,609,661 | $ | 1,626,577 | |||||||
International(1): | |||||||||||||
United Kingdom | 220,877 | 201,543 | 189,704 | ||||||||||
European Union countries | 674,608 | 627,116 | 526,193 | ||||||||||
Asia | 806,926 | 679,490 | 620,456 | ||||||||||
Other foreign countries | 493,754 | 476,326 | 371,283 | ||||||||||
Total international | 2,196,165 | 1,984,475 | 1,707,636 | ||||||||||
Total consolidated | $ | 4,021,964 | $ | 3,594,136 | $ | 3,334,213 | |||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||||
United States | $ | 289,080 | $ | 233,844 | |||||||||
International(2): | |||||||||||||
United Kingdom | 34,736 | 37,080 | |||||||||||
European Union countries | 76,542 | 84,812 | |||||||||||
Asia | 22,314 | 21,003 | |||||||||||
Other foreign countries | 25,774 | 26,051 | |||||||||||
Total international | 159,366 | 168,946 | |||||||||||
Total consolidated | $ | 448,446 | $ | 402,790 | |||||||||
-1 | Includes U.S. export sales of $1,148.1 million in 2014, $1,037.0 million in 2013 and $862.6 million in 2012. | ||||||||||||
-2 | Represents long-lived assets of foreign-based operations only. |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Quarterly Financial Data | |||||||||||||||||||||
First | Second | Third | Fourth | Total Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 975,292 | $ | 990,718 | $ | 1,031,811 | $ | 1,024,143 | $ | 4,021,964 | |||||||||||
Operating income | $ | 221,631 | $ | 231,728 | $ | 218,143 | $ | 227,084 | $ | 898,586 | |||||||||||
Net income | $ | 140,586 | $ | 150,063 | $ | 141,811 | $ | 152,000 | $ | 584,460 | |||||||||||
Basic earnings per share* | $ | 0.57 | $ | 0.61 | $ | 0.58 | $ | 0.62 | $ | 2.39 | |||||||||||
Diluted earnings per share* | $ | 0.57 | $ | 0.61 | $ | 0.57 | $ | 0.62 | $ | 2.37 | |||||||||||
Dividends paid per share* | $ | 0.06 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.33 | |||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 882,853 | $ | 878,809 | $ | 890,006 | $ | 942,468 | $ | 3,594,136 | |||||||||||
Operating income | $ | 197,235 | $ | 202,613 | $ | 204,686 | $ | 210,545 | $ | 815,079 | |||||||||||
Net income | $ | 125,146 | $ | 128,321 | $ | 127,864 | $ | 135,668 | $ | 516,999 | |||||||||||
Basic earnings per share* | $ | 0.51 | $ | 0.53 | $ | 0.52 | $ | 0.55 | $ | 2.12 | |||||||||||
Diluted earnings per share* | $ | 0.51 | $ | 0.52 | $ | 0.52 | $ | 0.55 | $ | 2.1 | |||||||||||
Dividends paid per share* | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.06 | $ | 0.24 | |||||||||||
* | The sum of quarterly earnings per share may not equal total year earnings per share due to rounding of earnings per share amounts, and differences in weighted average shares and equivalent shares outstanding for each of the periods presented. |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ||||
Maturity period of liquid investments | Three months or less | |||
Aggregate market value of fixed-income mutual fund | $9,200,000 | $8,200,000 | ||
Amortized cost of investment | 9,900,000 | 8,600,000 | ||
Allowance for possible losses on receivables | 10,446,000 | 9,547,000 | 10,754,000 | 7,840,000 |
Percentage of FIFO method of inventory in total inventory | 80.00% | |||
Percentage of LIFO method of inventory in total inventory | 20.00% | |||
Excess of the FIFO value over the LIFO value | 24,400,000 | 23,300,000 | ||
Investments in owned subsidiaries | 100.00% | 100.00% | ||
Accrual for future warranty obligations | 29,764,000 | 28,036,000 | 27,792,000 | 22,466,000 |
Expense for warranty obligations | 10,515,000 | 8,588,000 | 10,089,000 | |
Product warranty period | 1 year | |||
Research and development costs | 119,300,000 | 93,900,000 | 84,900,000 | |
Shipping and handling costs | $49,000,000 | $41,900,000 | $39,000,000 | |
Patents and Technology [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Weighted average life | 16 years | |||
Patents and Technology [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life, maximum | 4 years | |||
Patents and Technology [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life, maximum | 20 years | |||
Customer Relationships [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Weighted average life | 19 years | |||
Customer Relationships [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life, maximum | 5 years | |||
Customer Relationships [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life, maximum | 20 years | |||
Other Acquired Intangibles [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life, maximum | 3 years | |||
Other Acquired Intangibles [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life, maximum | 20 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Range of lives for depreciable assets, maximum | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Range of lives for depreciable assets, maximum | 10 years | |||
Leasehold Improvements [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Range of lives for depreciable assets, maximum | 5 years | |||
Leasehold Improvements [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Range of lives for depreciable assets, maximum | 27 years | |||
Building [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Range of lives for depreciable assets, maximum | 25 years | |||
Building [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Range of lives for depreciable assets, maximum | 50 years |
Significant_Accounting_Policie4
Significant Accounting Policies - Number of Weighted Average Shares (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted average shares: | |||
Basic shares | 244,885 | 243,915 | 241,512 |
Equity-based compensation plans | 2,217 | 2,150 | 2,474 |
Diluted shares | 247,102 | 246,065 | 243,986 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement - Fair Value of Assets Measured on Recurring Basis (Detail) (Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed-income investments | $9,219 | $8,234 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contract [Member] | Foreign Currency Forward Contract [Member] | Foreign Currency Forward Contract [Member] | Foreign Currency Forward Contract [Member] | Foreign Currency Forward Contract [Member] | Foreign Currency Forward Contract [Member] | |
Euro Forward Contracts [Member] | Swiss Franc Forward Contract [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | ||
ForwardContracts | ForwardContracts | USD ($) | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Swiss Franc Forward Contract [Member] | Swiss Franc Forward Contract [Member] | ||
EUR (€) | USD ($) | EUR (€) | USD ($) | CHF | |||||
Derivative [Line Items] | |||||||||
Transfers between level 1 and level 2 investments | $0 | ||||||||
Number of forward contracts | 2 | 1 | |||||||
Forward contracts outstanding | 0 | 21,700,000 | 61,000,000 | ||||||
Forward contracts fair value unrealized gain (loss) | -28,000 | -511,000 | |||||||
Realized gains (losses) on foreign currency forward contracts | $100,000 |
Fair_Value_Measurement_Fair_Va1
Fair Value Measurement - Fair Value Disclosures of Financial Instrument Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recorded Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | ($88,100) | ($268,764) |
Long-term debt (including current portion) | -1,625,926 | -1,146,301 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | -88,100 | -268,764 |
Long-term debt (including current portion) | ($1,768,439) | ($1,290,466) |
Hedging_Activities_Additional_
Hedging Activities - Additional Information (Detail) (Foreign Exchange Contract [Member], Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | ||
Percentage of effectiveness on net investment hedges | 100.00% | |
Currency remeasurement gains (losses) | $20.20 | ($6.80) |
British-Pound-Denominated Loans [Member] | ||
Derivative [Line Items] | ||
Hedge against net investment in foreign subsidiaries | 186.7 | 198.9 |
Euro-Denominated Loans [Member] | ||
Derivative [Line Items] | ||
Hedge against net investment in foreign subsidiaries | $60.80 | $68.90 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Total other intangible assets acquired | $270.70 | ||
Indefinite-lived intangible trademarks and trade names acquired | 52.7 | ||
Finite-lived intangible assets acquired | 218 | ||
Future amortization expense, 2015 | 78.6 | ||
Future amortization expense, 2016 | 78.6 | ||
Future amortization expense, 2017 | 78.6 | ||
Future amortization expense, 2018 | 78.6 | ||
Future amortization expense, 2019 | 78.6 | ||
Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets acquired | 0.8 | ||
Amortization period for finite-lived intangible asset | 10 years | ||
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets acquired | 170.6 | ||
Customer Relationships [Member] | Minimum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization period for finite-lived intangible asset | 5 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization period for finite-lived intangible asset | 20 years | ||
Purchased Technology [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets acquired | 46.6 | ||
Purchased Technology [Member] | Minimum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization period for finite-lived intangible asset | 15 years | ||
Purchased Technology [Member] | Maximum [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization period for finite-lived intangible asset | 18 years | ||
Teseq Group, VTI Instruments, Luphos GmbH, Zygo Corporation and Amptek,Inc. [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount of cash paid for acquisitions | 573.6 | ||
Goodwill recorded in connection with acquisitions | 6.3 | ||
Total other intangible assets acquired | 270.7 | ||
Future amortization expense, 2015 | 12.3 | ||
Future amortization expense, 2016 | 12.3 | ||
Future amortization expense, 2017 | 12.3 | ||
Future amortization expense, 2018 | 12.3 | ||
Future amortization expense, 2019 | 12.3 | ||
Cost of acquisition | 573.6 | ||
Controls Southeast [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Cost of acquisition | 414.3 | ||
O ' Brien Corporation [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Cost of acquisition | $747.70 |
Acquisitions_Allocation_of_Agg
Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Goodwill | $2,614,030,000 | $2,408,363,000 | $2,208,200,000 |
Other intangible assets | 270,700,000 | ||
Teseq Group, VTI Instruments, Luphos GmbH, Zygo Corporation and Amptek,Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment | 61,800,000 | ||
Goodwill | 272,100,000 | ||
Other intangible assets | 270,700,000 | ||
Deferred income taxes | -64,500,000 | ||
Net working capital and other | 33,500,000 | ||
Total purchase price | $573,600,000 |
Acquisitions_Allocation_of_Agg1
Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Business Combinations [Abstract] | |
Accounts receivable included in purchase price | $33.90 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes in Carrying Amounts of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $2,408,363,000 | $2,208,200,000 |
Goodwill acquired | 272,100,000 | 213,500,000 |
Purchase price allocation adjustments and other | -400,000 | -31,500,000 |
Foreign currency translation adjustments | -66,100,000 | 18,200,000 |
Goodwill, ending balance | 2,614,030,000 | 2,408,363,000 |
Electronic Instruments Group [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 1,410,800,000 | 1,215,000,000 |
Goodwill acquired | 272,100,000 | 213,500,000 |
Purchase price allocation adjustments and other | -400,000 | -25,500,000 |
Foreign currency translation adjustments | -35,800,000 | 7,800,000 |
Goodwill, ending balance | 1,646,700,000 | 1,410,800,000 |
Electromechanical Group [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 997,600,000 | 993,200,000 |
Purchase price allocation adjustments and other | -6,000,000 | |
Foreign currency translation adjustments | -30,300,000 | 10,400,000 |
Goodwill, ending balance | $967,300,000 | $997,600,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | $1,495,671 | $1,319,756 |
Accumulated amortization | -367,600 | -301,718 |
Net intangible assets subject to amortization | 1,128,071 | 1,018,038 |
Total | 1,625,561 | 1,473,926 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets (not subject to amortization) | 497,490 | 455,888 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | 53,474 | 55,300 |
Accumulated amortization | -35,004 | -34,692 |
Purchased Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | 239,775 | 198,463 |
Accumulated amortization | -63,078 | -51,369 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | 1,182,152 | 1,037,689 |
Accumulated amortization | -243,169 | -191,170 |
Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | 20,270 | 28,304 |
Accumulated amortization | ($26,349) | ($24,487) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $74.90 | $61.50 | $51.80 |
Future amortization expense, 2015 | 78.6 | ||
Future amortization expense, 2016 | 78.6 | ||
Future amortization expense, 2017 | 78.6 | ||
Future amortization expense, 2018 | 78.6 | ||
Future amortization expense, 2019 | $78.60 |
Other_Consolidated_Balance_She2
Other Consolidated Balance Sheet Information - Other Consolidated Balance Sheet Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INVENTORIES | ||||
Finished goods and parts | $80,307 | $76,086 | ||
Work in process | 94,298 | 85,518 | ||
Raw materials and purchased parts | 321,291 | 291,244 | ||
Total inventories | 495,896 | 452,848 | ||
PROPERTY, PLANT AND EQUIPMENT | ||||
Land | 38,340 | 35,395 | ||
Buildings | 281,336 | 254,248 | ||
Machinery and equipment | 793,580 | 754,654 | ||
Property, plant and equipment, gross | 1,113,256 | 1,044,297 | ||
Less: Accumulated depreciation | -664,810 | -641,507 | ||
Property, plant and equipment, Net | 448,446 | 402,790 | ||
ACCRUED LIABILITIES | ||||
Employee compensation and benefits | 94,478 | 87,656 | ||
Product warranty obligation | 29,764 | 28,036 | 27,792 | 22,466 |
Severance and lease termination | 14,864 | 7,653 | ||
Other | 97,473 | 90,240 | ||
Total accrued liabilities | 236,579 | 213,585 | ||
ALLOWANCES FOR POSSIBLE LOSSES ON ACCOUNTS AND NOTES RECEIVABLE | ||||
Balance at the beginning of the year | 9,547 | 10,754 | 7,840 | |
Additions charged to expense | 2,974 | 1,939 | 3,569 | |
Recoveries credited to allowance | 33 | |||
Write-offs | -2,243 | -3,503 | -813 | |
Currency translation adjustments and other | 168 | 357 | 125 | |
Balance at the end of the year | $10,446 | $9,547 | $10,754 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income before Income Taxes and Details of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income before income taxes: | |||
Domestic | $495,516 | $443,278 | $438,742 |
Foreign | 309,316 | 281,517 | 223,733 |
Income before income taxes | 804,832 | 724,795 | 662,475 |
Current: | |||
Federal | 128,635 | 133,574 | 135,598 |
Foreign | 60,606 | 64,077 | 50,511 |
State | 12,461 | 13,083 | 18,415 |
Total current | 201,702 | 210,734 | 204,524 |
Deferred: | |||
Federal | 19,870 | 7,899 | 6,038 |
Foreign | 1,552 | -3,592 | -6,598 |
State | -2,752 | -7,245 | -621 |
Total deferred | 18,670 | -2,938 | -1,181 |
Total provision | $220,372 | $207,796 | $203,343 |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax (Asset) Liability (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax (asset) liability: | ||
Gross current deferred tax asset | ($43,502) | ($36,083) |
Portion included in other current liabilities | -1,551 | -2,732 |
Net current deferred tax asset | -45,053 | -38,815 |
Net operating loss carryforwards | -10,800 | |
Noncurrent deferred tax (asset) liability | 601,147 | 553,451 |
Less: Valuation allowance | 7,708 | 1,911 |
Gross noncurrent deferred tax liability | 608,855 | 555,362 |
Portion included in noncurrent assets | 9,530 | 3,193 |
Net noncurrent deferred tax liability | 618,385 | 558,555 |
Net deferred tax liability | 573,332 | 519,740 |
Current [Member] | ||
Deferred tax (asset) liability: | ||
Reserves not currently deductible | -32,552 | -22,727 |
Net operating loss carryforwards | -3,570 | -3,859 |
Share-based compensation | -6,871 | -4,264 |
Foreign tax credit carryforwards | -42 | |
Other | -467 | -5,233 |
Non Current [Member] | ||
Deferred tax (asset) liability: | ||
Differences in basis of property and accelerated depreciation | 47,345 | 31,861 |
Reserves not currently deductible | -29,514 | -24,417 |
Pensions | 16,025 | 33,538 |
Differences in basis of intangible assets and accelerated amortization | 586,960 | 528,139 |
Net operating loss carryforwards | -7,200 | -2,795 |
Share-based compensation | -10,858 | -9,297 |
Foreign tax credit carryforwards | -2,157 | |
Other | $546 | ($3,578) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Effective Tax Rate to U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 0.90% | 1.00% | 1.80% |
Foreign operations, net | -6.10% | -5.80% | -5.10% |
U.S. Manufacturing deduction and credits | -2.20% | -1.80% | -2.00% |
Other | -0.20% | 0.30% | 1.00% |
Consolidated effective tax rate | 27.40% | 28.70% | 30.70% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Dec. 19, 2014 | Jan. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ||||||
Research and development tax credit extension period | 1 year | 2 years | ||||
Undistributed earnings of certain other subsidiaries | $993,200,000 | $854,800,000 | ||||
Provision for deferred income tax | 18,670,000 | -2,938,000 | -1,181,000 | |||
Net operating loss carryforwards | 10,800,000 | |||||
Tax benefits related to tax credit carryforwards | 11,300,000 | |||||
Tax credit carryforwards | 2,200,000 | |||||
Valuation allowance | 5,800,000 | |||||
Gross unrecognized tax benefits | 71,700,000 | 55,200,000 | 36,200,000 | 28,500,000 | ||
The total amount of unrecognized tax benefits that would impact tax rate, if recognized | 61,100,000 | 50,900,000 | ||||
Interest and penalties accrued related to uncertain tax positions | 11,100,000 | 8,600,000 | ||||
Expense (income) of interest and penalties | 2,500,000 | 400,000 | 1,000,000 | |||
Period between open tax years subject to tax audit | Three and six years | |||||
Additions of tax, interest and penalties related to uncertain tax positions | 35,000,000 | 29,700,000 | ||||
Tax and interest related to statute expirations and settlement of prior uncertain positions reversed | 16,000,000 | 10,300,000 | ||||
Amount of tax, interest and penalties classified as a noncurrent liability | 56,500,000 | |||||
Amount of tax, interest and penalties previously classified as a noncurrent liability | 8,800,000 | |||||
Decrease of income tax expense | -1,900,000 | |||||
Amount of tax, interest and penalties classified as a current liability | 14,900,000 | |||||
Settlement period of uncertain tax positions | 12 months | |||||
Federal [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 1,700,000 | |||||
Operating loss carryforwards valuation allowance | 0 | |||||
Tax credit carryforwards | 4,700,000 | |||||
Tax credit carryforwards valuation allowance | 700,000 | |||||
State [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 4,300,000 | |||||
Operating loss carryforwards valuation allowance | 0 | |||||
Tax credit carryforwards | 3,100,000 | |||||
Tax credit carryforwards valuation allowance | 300,000 | |||||
Foreign [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 4,800,000 | |||||
Operating loss carryforwards valuation allowance | 3,300,000 | |||||
Tax credit carryforwards | 3,500,000 | |||||
Tax credit carryforwards valuation allowance | 3,400,000 | |||||
United States [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Provision for deferred income tax | 0 | 0 | ||||
United States [Member] | Foreign [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Undistributed earnings of certain other subsidiaries | $7,500,000 | $2,400,000 | ||||
Minimum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Expiration period for operating loss carryforwards | 31-Dec-15 | |||||
Expiration period for tax credit carryforwards | 31-Dec-15 | |||||
Maximum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Expiration period for operating loss carryforwards | 31-Dec-34 | |||||
Expiration period for tax credit carryforwards | 31-Dec-34 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the year | $55.20 | $36.20 | $28.50 |
Additions for tax positions related to the current year | 10.7 | 11.7 | 4.3 |
Additions for tax positions of prior years | 16.8 | 15.1 | 6 |
Reductions for tax positions of prior years | -1.7 | -1.8 | -0.8 |
Reductions related to settlements with taxing authorities | -0.4 | -2.5 | |
Reductions due to statute expirations | -8.9 | -3.5 | -1.8 |
Balance at the end of the year | $71.70 | $55.20 | $36.20 |
Debt_Longterm_Debt_Detail
Debt - Long-term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $1,714,026 | $1,415,065 |
Less: Current portion | -286,201 | -273,315 |
Total long-term debt | 1,427,825 | 1,141,750 |
Total debt | 1,714,026 | 1,415,065 |
6.59% Senior Notes Due September 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 90,000 | 90,000 |
Total debt | 90,000 | 90,000 |
6.69% Senior Notes Due December 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 35,000 | 35,000 |
Total debt | 35,000 | 35,000 |
6.20% Senior Notes Due December 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 270,000 | 270,000 |
Total debt | 270,000 | 270,000 |
6.35% Senior Notes Due July 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 80,000 | 80,000 |
Total debt | 80,000 | 80,000 |
7.08% Senior Notes Due September 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 160,000 | 160,000 |
Total debt | 160,000 | 160,000 |
7.18% Senior Notes Due December 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 65,000 | 65,000 |
Total debt | 65,000 | 65,000 |
6.30% Senior Notes Due December 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 100,000 | 100,000 |
Total debt | 100,000 | 100,000 |
3.73% Senior Notes Due September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 300,000 | |
Total debt | 300,000 | |
3.83% Senior Notes Due September 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 100,000 | |
Total debt | 100,000 | |
3.98% Senior Notes Due September 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 100,000 | |
Total debt | 100,000 | |
British Pound 5.99% Senior Note Due November 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 62,249 | 66,303 |
Total debt | 62,249 | 66,303 |
British Pound 4.68% Senior Note Due September 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 124,494 | 132,592 |
Total debt | 124,494 | 132,592 |
Euro 3.94% Senior Note Due August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 60,790 | 68,880 |
Total debt | 60,790 | 68,880 |
Swiss Franc 2.44% Senior Note Due December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 55,600 | 61,754 |
Total debt | 55,600 | 61,754 |
Revolving Credit Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 88,100 | 268,329 |
Total debt | 88,100 | 268,329 |
Other, Principally Foreign [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 22,793 | 17,207 |
Total debt | $22,793 | $17,207 |
Debt_Longterm_Debt_Parenthetic
Debt - Long-term Debt (Parenthetical) (Detail) | 12 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2008 | Dec. 31, 2008 | Dec. 31, 2007 | Jul. 31, 2008 | Nov. 30, 2004 | Sep. 30, 2010 | Sep. 30, 2005 | Dec. 31, 2011 | |
6.59% Senior Notes Due September 2015 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 6.59% | 6.59% | |||||||
Maturity date of senior notes | 30-Sep-15 | ||||||||
6.69% Senior Notes Due December 2015 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 6.69% | 6.69% | |||||||
Maturity date of senior notes | 31-Dec-15 | ||||||||
6.20% Senior Notes Due December 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 6.20% | 6.20% | |||||||
Maturity date of senior notes | 31-Dec-17 | ||||||||
6.35% Senior Notes Due July 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 6.35% | 6.35% | |||||||
Maturity date of senior notes | 31-Jul-18 | ||||||||
7.08% Senior Notes Due September 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 7.08% | 7.08% | |||||||
Maturity date of senior notes | 30-Sep-18 | ||||||||
7.18% Senior Notes Due December 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 7.18% | 7.18% | |||||||
Maturity date of senior notes | 31-Dec-18 | ||||||||
6.30% Senior Notes Due December 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 6.30% | 6.30% | |||||||
Maturity date of senior notes | 31-Dec-19 | ||||||||
3.73% Senior Notes Due September 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.73% | ||||||||
Maturity date of senior notes | 30-Sep-24 | ||||||||
3.83% Senior Notes Due September 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.83% | ||||||||
Maturity date of senior notes | 30-Sep-26 | ||||||||
3.98% Senior Notes Due September 2029 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.98% | ||||||||
Maturity date of senior notes | 30-Sep-29 | ||||||||
British Pound 5.99% Senior Note Due November 2016 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 5.99% | 5.99% | |||||||
Maturity date of senior notes | 30-Nov-16 | ||||||||
British Pound 4.68% Senior Note Due September 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 4.68% | 4.68% | |||||||
Maturity date of senior notes | 30-Sep-20 | ||||||||
Euro 3.94% Senior Note Due August 2015 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.94% | 3.94% | |||||||
Maturity date of senior notes | 31-Aug-15 | ||||||||
Swiss Franc 2.44% Senior Note Due December 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 2.44% | 2.44% | |||||||
Maturity date of senior notes | 31-Dec-21 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2015 | Aug. 31, 2015 | Aug. 31, 2015 | Aug. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2005 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2004 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
USD ($) | USD ($) | USD ($) | Senior Notes First Funding [Member] | Senior Notes First Funding [Member] | Senior Notes First Funding [Member] | Senior Notes First Funding [Member] | Senior Notes First Funding [Member] | Senior Notes First Funding [Member] | Senior Notes First Funding [Member] | Senior Notes First Funding [Member] | Senior Notes Second Funding [Member] | Senior Notes Second Funding [Member] | Senior Notes Third Funding [Member] | Senior Notes Third Funding [Member] | Senior Notes Third Funding [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Foreign Subsidiaries [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | 6.20% Senior Notes Due December 2017 [Member] | 6.20% Senior Notes Due December 2017 [Member] | 6.20% Senior Notes Due December 2017 [Member] | 6.30% Senior Notes Due December 2019 [Member] | 6.30% Senior Notes Due December 2019 [Member] | 6.30% Senior Notes Due December 2019 [Member] | 6.35% Senior Notes Due July 2018 [Member] | 6.35% Senior Notes Due July 2018 [Member] | 6.35% Senior Notes Due July 2018 [Member] | 6.59% Senior Notes Due September 2015 [Member] | 6.59% Senior Notes Due September 2015 [Member] | 6.59% Senior Notes Due September 2015 [Member] | 7.08% Senior Notes Due September 2018 [Member] | 7.08% Senior Notes Due September 2018 [Member] | 7.08% Senior Notes Due September 2018 [Member] | 6.69% Senior Notes Due December 2015 [Member] | 6.69% Senior Notes Due December 2015 [Member] | 6.69% Senior Notes Due December 2015 [Member] | 7.18% Senior Notes Due December 2018 [Member] | 7.18% Senior Notes Due December 2018 [Member] | 7.18% Senior Notes Due December 2018 [Member] | Euro 3.94% Senior Note Due August 2015 [Member] | Euro 3.94% Senior Note Due August 2015 [Member] | Euro 3.94% Senior Note Due August 2015 [Member] | British Pound 5.99% Senior Note Due November 2016 [Member] | British Pound 5.99% Senior Note Due November 2016 [Member] | British Pound 5.99% Senior Note Due November 2016 [Member] | British Pound 4.68% Senior Note Due September 2020 [Member] | British Pound 4.68% Senior Note Due September 2020 [Member] | British Pound 4.68% Senior Note Due September 2020 [Member] | Swiss Franc 2.44% Senior Note Due December 2021 [Member] | Swiss Franc 2.44% Senior Note Due December 2021 [Member] | Swiss Franc 2.44% Senior Note Due December 2021 [Member] | |
USD ($) | 3.73% Senior Notes Due September 2024 [Member] | 3.73% Senior Notes Due September 2024 [Member] | 3.83% Senior Notes Due September 2026 [Member] | 3.83% Senior Notes Due September 2026 [Member] | 3.98% Senior Notes Due September 2029 [Member] | 3.98% Senior Notes Due September 2029 [Member] | 3.91% Senior Notes Due June 2025 [Member] | 3.96% Senior Notes Due August 2025 [Member] | 4.45% Senior Notes Due August 2035 [Member] | USD ($) | USD ($) | Foreign Subsidiary Borrowing [Member] | USD ($) | USD ($) | USD ($) | Senior Notes Second Funding [Member] | Senior Notes Third Funding [Member] | Senior Notes Third Funding [Member] | Senior Notes Third Funding [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | CHF | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | 3.91% Senior Notes Due June 2025 [Member] | USD ($) | 3.96% Senior Notes Due August 2025 [Member] | 4.45% Senior Notes Due August 2035 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of long-term debt outstanding in 2016 | $64,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of long-term debt outstanding in 2017 | 271,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of long-term debt outstanding in 2018 | 310,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of long-term debt outstanding in 2019 | 101,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of long-term debt outstanding in 2020 | 124,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of long-term debt outstanding in 2021 and thereafter | 555,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount of senior notes | 700,000,000 | 500,000,000 | 300,000,000 | 100,000,000 | 100,000,000 | 50,000,000 | 150,000,000 | 100,000,000 | 50,000,000 | 270,000,000 | 100,000,000 | 80,000,000 | 90,000,000 | 160,000,000 | 35,000,000 | 65,000,000 | 60,800,000 | 50,000,000 | 62,200,000 | 40,000,000 | 124,500,000 | 80,000,000 | 55,600,000 | 55,000,000 | |||||||||||||||||||||||||||||||||||
Funding date | 30-Sep-14 | 30-Jun-15 | 31-Aug-15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate on senior notes | 3.73% | 3.83% | 3.98% | 3.91% | 3.96% | 4.45% | 6.20% | 6.20% | 6.30% | 6.30% | 6.35% | 6.35% | 6.59% | 6.59% | 7.08% | 7.08% | 6.69% | 6.69% | 7.18% | 7.18% | 3.94% | 3.94% | 5.99% | 5.99% | 4.68% | 4.68% | 2.44% | 2.44% | |||||||||||||||||||||||||||||||
Maturity date of senior notes | 30-Sep-24 | 30-Sep-26 | 30-Sep-29 | 30-Jun-25 | 31-Aug-25 | 31-Aug-35 | 31-Dec-17 | 31-Dec-19 | 31-Jul-18 | 30-Sep-15 | 30-Sep-18 | 31-Dec-15 | 31-Dec-18 | 31-Aug-15 | 30-Nov-16 | 30-Sep-20 | 31-Dec-21 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate on senior note | 3.88% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowing capacity under revolving credit facility | 700,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility expiration date | 31-Dec-18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available borrowing capacity under revolving credit facility | 771,200,000 | 50,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional borrowing capacity under revolving credit facility | 200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings outstanding | 88,100,000 | 216,600,000 | 51,700,000 | 40,800,000 | 47,700,000 | 22,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of weighted average interest rate on revolving credit facility | 1.36% | 1.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt outstanding reported in long-term debt | $1,714,026,000 | $1,415,065,000 | $10,500,000 | $270,000,000 | $270,000,000 | $100,000,000 | $100,000,000 | $80,000,000 | $80,000,000 | $90,000,000 | $90,000,000 | $160,000,000 | $160,000,000 | $35,000,000 | $35,000,000 | $65,000,000 | $65,000,000 | $60,790,000 | $68,880,000 | $62,249,000 | $66,303,000 | $124,494,000 | $132,592,000 | $55,600,000 | $61,754,000 | ||||||||||||||||||||||||||||||||||
Weighted average interest rate on total debt outstanding | 5.10% | 5.50% |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 25, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 25.00% | ||||
Vesting period | 1 year | ||||
Cliff vesting period | 4 years | ||||
Contractual term of stock options | 7 years | ||||
Common stock reserved for share-based plans | 17,100,000 | 17,100,000 | |||
Stock options outstanding | 6,362,000 | 6,362,000 | 6,394,000 | ||
Aggregate intrinsic value of stock options exercised | $25,700,000 | $41,600,000 | $45,500,000 | ||
Total fair value of stock options vested | 8,900,000 | 8,200,000 | 8,900,000 | ||
Expected future pre-tax compensation expense | 16,200,000 | 16,200,000 | |||
Nonvested restricted stock outstanding | 2,500,000 | 2,500,000 | |||
Vesting charges, net after-tax | 13,717,000 | 14,627,000 | 12,866,000 | ||
Total fair value of vested restricted stock | 3,600,000 | 12,100,000 | 11,100,000 | ||
Total number of shares reserved under the Supplemental Executive Retirement Plan | 26,362 | 26,362 | |||
Shares used for retirements, terminations and dividends | 3,651 | ||||
Shares reserved under the Supplemental Executive Retirement Plan in the current year | 605,359 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | Restricted stock grants are subject to accelerated vesting due to certain events, including doubling of the grant price of the Company's common stock as of the close of business during any five consecutive trading days. | ||||
Vesting charges, pre-tax | 2,700,000 | ||||
Vesting charges, net after-tax | 1,900,000 | ||||
Restricted Stock [Member] | Granted on April 29, 2010 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total vested restricted shares | 488,235 | ||||
Restricted Stock [Member] | Granted on July 29, 2010 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total vested restricted shares | 26,298 | ||||
Nonvested Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonvested restricted stock outstanding | 1,105,000 | 1,105,000 | 987,000 | ||
Total vested restricted shares | 104,000 | ||||
Weighted average fair value, per share | $52.79 | $42.42 | |||
Expected future pre-tax compensation expense | $26,200,000 | $26,200,000 | |||
Weighted average period to recognize expected future pre-tax compensation expense (in years) | Less than two years | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average period to recognize expected future pre-tax compensation expense (in years) | 2 years |
ShareBased_Compensation_Weight
Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 23.90% | 28.10% | 28.40% |
Expected term (years) | 5 years | 5 years | 5 years 1 month 6 days |
Risk-free interest rate | 1.63% | 0.75% | 0.84% |
Expected dividend yield | 0.45% | 0.57% | 0.47% |
Black-Scholes-Merton fair value per stock option granted | $12.21 | $10.17 | $8.54 |
ShareBased_Compensation_Total_
Share-Based Compensation - Total Share-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock option expense | $9,130 | $10,776 | $9,437 |
Restricted stock expense | 10,741 | 10,815 | 9,947 |
Total pre-tax expense | 19,871 | 21,591 | 19,384 |
Related tax benefit | -6,154 | -6,964 | -6,518 |
Reduction of net income | $13,717 | $14,627 | $12,866 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning balance, Outstanding, Shares | 6,394 |
Granted, Shares | 976 |
Exercised, Shares | -846 |
Forfeited, Shares | -161 |
Expired, Shares | -1 |
Ending balance, Outstanding, Shares | 6,362 |
Ending balance, Exercisable, Shares | 3,827 |
Beginning balance, Outstanding, Weighted Average Exercise Price | $27.13 |
Granted, Weighted Average Exercise Price | $53.13 |
Exercised, Weighted Average Exercise Price | $21.93 |
Forfeited, Weighted Average Exercise Price | $40.16 |
Expired, Weighted Average Exercise Price | $48.98 |
Ending balance, Outstanding, Weighted Average Exercise Price | $31.47 |
Ending balance, Exercisable, Weighted Average Exercise Price | $23.55 |
Ending balance, Outstanding, Weighted Average Remaining Contractual Life (Years) | 3 years 7 months 6 days |
Ending balance, Exercisable, Weighted Average Remaining Contractual Life (Years) | 2 years 6 months |
Ending balance, Outstanding, Aggregate Intrinsic Value | $135.10 |
Ending balance, Exercisable, Aggregate Intrinsic Value | $111.30 |
ShareBased_Compensation_Nonves
Share-Based Compensation - Nonvested Stock Options Outstanding (Detail) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Outstanding, Shares | 6,394 | ||
Nonvested stock options Granted, Shares | 976 | ||
Nonvested stock options Forfeited, Shares | -161 | ||
Ending balance, Outstanding, Shares | 6,362 | 6,394 | |
Granted, Weighted Average Grant Date Fair Value | $12.21 | $10.17 | $8.54 |
Nonvested Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Outstanding, Shares | 2,880 | ||
Nonvested stock options Granted, Shares | 976 | ||
Nonvested stock options Vested, Shares | -1,160 | ||
Nonvested stock options Forfeited, Shares | -161 | ||
Ending balance, Outstanding, Shares | 2,535 | ||
Beginning balance, Outstanding, Weighted Average Grant Date Fair Value | $8.65 | ||
Granted, Weighted Average Grant Date Fair Value | $12.21 | ||
Vested, Weighted Average Grant Date Fair Value | $7.70 | ||
Forfeited, Weighted Average Grant Date Fair Value | $9.75 | ||
Ending balance, Outstanding, Weighted Average Grant Date Fair Value | $10.38 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Nonvested Restricted Stock Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Ending balance, Nonvested restricted stock outstanding, Shares | 2,500,000 | |
Nonvested Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Nonvested restricted stock outstanding, Shares | 987,000 | |
Granted, Shares | 319,000 | |
Vested, Shares | -104,000 | |
Forfeited, Shares | -97,000 | |
Ending balance, Nonvested restricted stock outstanding, Shares | 1,105,000 | 987,000 |
Beginning balance, Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $36.12 | |
Granted, Weighted Average Grant Date Fair Value | $52.79 | $42.42 |
Vested, Weighted Average Grant Date Fair Value | $34.28 | |
Forfeited, Weighted Average Grant Date Fair Value | $38.41 | |
Ending balance, Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $41.08 | $36.12 |
Retirement_Plans_and_Other_Pos2
Retirement Plans and Other Postretirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of minimum employee contributions | 20.00% | ||
Percentage of maximum employee contributions | 100.00% | ||
Percentage of employee contributions for eligible compensation, Minimum | 1.00% | ||
Percentage of employee contributions for eligible compensation, Maximum | 8.00% | ||
Defined benefit plan contributions by employer employee match | $1,200 | ||
Number of equity securities in AMETEK common stock | 512,565 | 550,837 | |
Total market value of equity securities in AMETEK common stock | 27,000,000 | 29,000,000 | |
Percentage of equity securities in company common stock included in plan assets | 5.40% | 5.60% | |
Expected amount of amortization related to net actuarial losses and prior service costs | 8,800,000 | ||
Estimated future benefit payments, 2015 | 33,400,000 | ||
Estimated future benefit payments, 2016 | 34,100,000 | ||
Estimated future benefit payments, 2017 | 35,500,000 | ||
Estimated future benefit payments, 2018 | 36,500,000 | ||
Estimated future benefit payments, 2019 | 37,300,000 | ||
Estimated future benefit payments, 2020-2024 | 199,800,000 | ||
Amount deferred under the compensation plan, including income earned | 21,200,000 | 19,700,000 | |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan estimated future employer contributions in next fiscal year | 54,000,000 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan estimated future employer contributions in next fiscal year | 57,000,000 | ||
U.S. Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan estimated future employer contributions in next fiscal year | $50,000,000 | ||
Expected long-term return on plan assets | 7.75% | 7.75% | 8.00% |
Assumed rate of return next year | 7.75% | ||
U.S. Defined Benefit Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 45.00% | ||
U.S. Defined Benefit Pension Plans [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 15.00% | ||
U.S. Defined Benefit Pension Plans [Member] | Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 40.00% | ||
Foreign Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 6.93% | 6.91% | 6.96% |
Assumed rate of return next year | 6.92% | ||
Foreign Defined Benefit Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 70.00% | ||
Actual allocations for the U.S. and foreign benefits plans | 70.00% | ||
Foreign Defined Benefit Pension Plans [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 15.00% | ||
Actual allocations for the U.S. and foreign benefits plans | 15.00% | ||
Foreign Defined Benefit Pension Plans [Member] | Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 15.00% | ||
Actual allocations for the U.S. and foreign benefits plans | 15.00% |
Retirement_Plans_and_Other_Pos3
Retirement Plans and Other Postretirement Benefits - Net Projected Benefit Obligation and Fair Value of Plan Assets for Funded and Unfunded Defined Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in projected benefit obligation: | |||
Net projected benefit obligation at the beginning of the year | $613,853 | ||
Service cost | 6,153 | 6,323 | 5,201 |
Interest cost | 28,931 | 26,000 | 27,620 |
Net projected benefit obligation at the end of the year | 689,044 | 613,853 | |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 683,808 | ||
Fair value of plan assets at the end of the year | 658,830 | 683,808 | |
U.S. Defined Benefit Pension Plans [Member] | |||
Change in projected benefit obligation: | |||
Net projected benefit obligation at the beginning of the year | 428,675 | 473,891 | |
Service cost | 3,208 | 3,918 | |
Interest cost | 21,000 | 18,889 | |
Actuarial losses (gains) | 65,417 | -41,305 | |
Gross benefits paid | -26,927 | -26,718 | |
Net projected benefit obligation at the end of the year | 491,373 | 428,675 | |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 518,388 | 476,465 | |
Actual return on plan assets | 7,094 | 68,049 | |
Employer contributions | 368 | 592 | |
Gross benefits paid | -26,927 | -26,718 | |
Fair value of plan assets at the end of the year | 498,923 | 518,388 | |
Foreign Defined Benefit Pension Plans [Member] | |||
Change in projected benefit obligation: | |||
Net projected benefit obligation at the beginning of the year | 185,178 | 170,180 | |
Service cost | 2,945 | 2,405 | |
Interest cost | 7,931 | 7,112 | |
Foreign currency translation adjustment | -15,961 | 4,823 | |
Employee contributions | 339 | 344 | |
Actuarial losses (gains) | 23,903 | 6,304 | |
Gross benefits paid | -6,664 | -6,002 | |
Plan amendments | 12 | ||
Net projected benefit obligation at the end of the year | 197,671 | 185,178 | |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 165,420 | 143,398 | |
Actual return on plan assets | 6,628 | 18,341 | |
Employer contributions | 5,361 | 5,264 | |
Employee contributions | 339 | 344 | |
Foreign currency translation adjustment | -11,177 | 4,075 | |
Gross benefits paid | -6,664 | -6,002 | |
Fair value of plan assets at the end of the year | $159,907 | $165,420 |
Retirement_Plans_and_Other_Pos4
Retirement Plans and Other Postretirement Benefits - Accumulated Benefit Obligation ("ABO") (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
U.S. Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $477,875 | $418,071 |
U.S. Defined Benefit Pension Plans [Member] | Funded Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 471,960 | 412,797 |
U.S. Defined Benefit Pension Plans [Member] | Unfunded Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 5,915 | 5,274 |
Foreign Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 187,045 | 171,382 |
Foreign Defined Benefit Pension Plans [Member] | Funded Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 154,200 | 142,623 |
Foreign Defined Benefit Pension Plans [Member] | Unfunded Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $32,845 | $28,759 |
Retirement_Plans_and_Other_Pos5
Retirement Plans and Other Postretirement Benefits - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | 5.00% |
Rate of compensation increase (where applicable) | 3.75% | 3.75% |
Foreign Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.44% | 4.38% |
Rate of compensation increase (where applicable) | 2.88% | 2.92% |
Retirement_Plans_and_Other_Pos6
Retirement Plans and Other Postretirement Benefits - Fair Value of Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $658,830 | $683,808 | |
U.S. Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 498,923 | 518,388 | 476,465 |
U.S. Defined Benefit Pension Plans [Member] | Cash and Temporary Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,413 | 3,589 | |
U.S. Defined Benefit Pension Plans [Member] | AMETEK Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,979 | 29,016 | |
U.S. Defined Benefit Pension Plans [Member] | U.S. Small Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,629 | 33,229 | |
U.S. Defined Benefit Pension Plans [Member] | U.S. Large Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 105,288 | 99,211 | |
U.S. Defined Benefit Pension Plans [Member] | Diversified Common Stocks - Global [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 93,558 | 94,901 | |
U.S. Defined Benefit Pension Plans [Member] | U.S. Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,162 | 22,732 | |
U.S. Defined Benefit Pension Plans [Member] | U.S. Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,917 | 2,984 | |
U.S. Defined Benefit Pension Plans [Member] | Global Asset Allocation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 187,202 | 186,350 | |
U.S. Defined Benefit Pension Plans [Member] | Inflation Related Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,729 | 34,213 | |
U.S. Defined Benefit Pension Plans [Member] | Inflation Related Pooled Investment Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,046 | 12,163 | |
Level 1 [Member] | U.S. Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 249,082 | 251,235 | |
Level 1 [Member] | U.S. Defined Benefit Pension Plans [Member] | AMETEK Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,979 | 29,016 | |
Level 1 [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. Small Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,629 | 33,229 | |
Level 1 [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. Large Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 67,484 | 65,737 | |
Level 1 [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,290 | 8,230 | |
Level 1 [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,840 | 2,058 | |
Level 1 [Member] | U.S. Defined Benefit Pension Plans [Member] | Global Asset Allocation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 111,860 | 112,965 | |
Level 2 [Member] | U.S. Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 240,795 | 254,990 | |
Level 2 [Member] | U.S. Defined Benefit Pension Plans [Member] | Cash and Temporary Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,413 | 3,589 | |
Level 2 [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. Large Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,804 | 33,474 | |
Level 2 [Member] | U.S. Defined Benefit Pension Plans [Member] | Diversified Common Stocks - Global [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 93,558 | 94,901 | |
Level 2 [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,872 | 14,502 | |
Level 2 [Member] | U.S. Defined Benefit Pension Plans [Member] | U.S. Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,077 | 926 | |
Level 2 [Member] | U.S. Defined Benefit Pension Plans [Member] | Global Asset Allocation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 75,342 | 73,385 | |
Level 2 [Member] | U.S. Defined Benefit Pension Plans [Member] | Inflation Related Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $13,729 | $34,213 |
Retirement_Plans_and_Other_Pos7
Retirement Plans and Other Postretirement Benefits - Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Actual return on assets: | |||
Fair value of plan assets at the end of the year | $658,830 | $683,808 | |
U.S. Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the beginning of the year | 476,465 | ||
Actual return on assets: | |||
Fair value of plan assets at the end of the year | 498,923 | 518,388 | 476,465 |
Level 3 [Member] | U.S. Defined Benefit Pension Plans [Member] | Alternative Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the beginning of the year | 12,163 | 20,543 | |
Actual return on assets: | |||
Unrealized gains (losses) relating to instruments still held at the end of the year | -3,117 | -206 | |
Realized gains (losses) relating to assets sold during the year | 840 | ||
Purchases, sales, issuances and settlements, net | -9,014 | ||
Fair value of plan assets at the end of the year | $9,046 | $12,163 |
Retirement_Plans_and_Other_Pos8
Retirement Plans and Other Postretirement Benefits - Fair Value of Plan Assets for Foreign Defined Benefit Pension Plans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $658,830 | $683,808 | |
Foreign Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 159,907 | 165,420 | 143,398 |
Foreign Defined Benefit Pension Plans [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,153 | 5,028 | |
Foreign Defined Benefit Pension Plans [Member] | U.S. Mutual Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,400 | 14,408 | |
Foreign Defined Benefit Pension Plans [Member] | Foreign Mutual Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 94,444 | 103,132 | |
Foreign Defined Benefit Pension Plans [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,032 | 3,502 | |
Foreign Defined Benefit Pension Plans [Member] | Mutual Bond Funds - Global [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,990 | 25,379 | |
Foreign Defined Benefit Pension Plans [Member] | Life Insurance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,888 | 13,971 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 151,019 | 151,449 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,153 | 5,028 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | U.S. Mutual Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,400 | 14,408 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | Foreign Mutual Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 94,444 | 103,132 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,032 | 3,502 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | Mutual Bond Funds - Global [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $31,990 | $25,379 |
Retirement_Plans_and_Other_Pos9
Retirement Plans and Other Postretirement Benefits - Summary of Changes of Fair Value of Foreign Plans' Investments Using Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Actual return on assets: | |||
Fair value of plan assets at the end of the year | $658,830 | $683,808 | |
Foreign Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the beginning of the year | 143,398 | ||
Actual return on assets: | |||
Fair value of plan assets at the end of the year | 159,907 | 165,420 | 143,398 |
Foreign Defined Benefit Pension Plans [Member] | Life Insurance [Member] | |||
Actual return on assets: | |||
Fair value of plan assets at the end of the year | 8,888 | 13,971 | |
Level 3 [Member] | Foreign Defined Benefit Pension Plans [Member] | Life Insurance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the beginning of the year | 13,971 | 15,112 | |
Actual return on assets: | |||
Unrealized (losses) relating to instruments still held at the end of the year | -5,083 | -1,141 | |
Realized gains (losses) relating to assets sold during the year | 0 | 0 | |
Purchases, sales, issuances and settlements, net | 0 | 0 | |
Fair value of plan assets at the end of the year | $8,888 | $13,971 |
Recovered_Sheet1
Retirement Plans and Other Postretirement Benefits - Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
U.S. Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected Benefit Obligation Exceeds Fair Value of Assets, Projected Benefit Obligation | $25,790 | $5,274 |
Projected Benefit Obligation Exceeds Fair Value of Assets, Fair Value of Plan Assets | 17,182 | |
Accumulated Benefit Obligation Exceeds Fair Value of Assets, Projected Benefit Obligation | 25,790 | 5,274 |
Accumulated Benefit Obligation Exceeds Fair Value of Assets, Fair Value of Plan Assets | 17,182 | |
Foreign Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected Benefit Obligation Exceeds Fair Value of Assets, Projected Benefit Obligation | 111,095 | 101,166 |
Projected Benefit Obligation Exceeds Fair Value of Assets, Fair Value of Plan Assets | 63,496 | 65,948 |
Accumulated Benefit Obligation Exceeds Fair Value of Assets, Projected Benefit Obligation | 104,196 | 33,386 |
Accumulated Benefit Obligation Exceeds Fair Value of Assets, Fair Value of Plan Assets | $63,496 | $3,872 |
Recovered_Sheet2
Retirement Plans and Other Postretirement Benefits - Funded Status of Plan and Amounts Recognized in Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Funded status asset (liability): | ||
Fair value of plan assets | $658,830 | $683,808 |
Projected benefit obligation | -689,044 | -613,853 |
Funded status at the end of the year | -30,214 | 69,955 |
Amounts recognized in the consolidated balance sheet consisted of: | ||
Noncurrent asset for pension benefits (other assets) | 25,993 | 110,447 |
Current liabilities for pension benefits | -1,139 | -2,114 |
Noncurrent liability for pension benefits | -55,068 | -38,378 |
Net amount recognized at the end of the year | ($30,214) | $69,955 |
Recovered_Sheet3
Retirement Plans and Other Postretirement Benefits - Amounts Recognized in Accumulated Other Comprehensive Income, Net of Taxes (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ||
Net actuarial loss | $143,380 | $65,610 |
Prior service costs | -1,407 | -1,551 |
Transition asset | 9 | 9 |
Total recognized | $141,982 | $64,068 |
Recovered_Sheet4
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Pension Benefit Expense (Income) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined benefit plans: | |||
Service cost | $6,153 | $6,323 | $5,201 |
Interest cost | 28,931 | 26,000 | 27,620 |
Expected return on plan assets | -50,196 | -45,008 | -42,758 |
Amortization of: | |||
Net actuarial loss | 4,483 | 13,484 | 12,161 |
Prior service costs | -51 | -35 | 60 |
Transition asset | 1 | -1 | -22 |
Total net periodic benefit (income) expense | -10,679 | 763 | 2,262 |
Other plans: | |||
Defined contribution plans | 20,714 | 18,195 | 17,754 |
Foreign plans and other | 5,325 | 5,151 | 4,936 |
Total other plans | 26,039 | 23,346 | 22,690 |
Total net pension expense | $15,360 | $24,109 | $24,952 |
Recovered_Sheet5
Retirement Plans and Other Postretirement Benefits - Weighted Average Assumptions Used to Determine Net Periodic Pension Benefit Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.00% | 4.10% | 5.00% |
Expected return on plan assets | 7.75% | 7.75% | 8.00% |
Rate of compensation increase (where applicable) | 3.75% | 3.75% | 3.75% |
Foreign Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.38% | 4.44% | 5.22% |
Expected return on plan assets | 6.93% | 6.91% | 6.96% |
Rate of compensation increase (where applicable) | 2.92% | 2.89% | 2.97% |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Guarantees [Abstract] | |
Future payment obligations of various guarantees, Maximum amount | $79.10 |
Outstanding liability of guarantees | $11.40 |
Product warranty period | The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary widely among the Companybs operations, but for the most part do not exceed one year. |
Guarantees_Changes_in_Accrued_
Guarantees - Changes in Accrued Product Warranty Obligation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Guarantees [Abstract] | |||
Balance at the beginning of the year | $28,036 | $27,792 | $22,466 |
Accruals for warranties issued during the year | 10,515 | 8,588 | 10,089 |
Settlements made during the year | -11,688 | -10,484 | -10,602 |
Warranty accruals related to acquired businesses and other during the year | 2,901 | 2,140 | 5,839 |
Balance at the end of the year | $29,764 | $28,036 | $27,792 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
site | ||
Site Contingency [Line Items] | ||
Number of non-owned sites Company is named Potentially Responsible Party | 14 | |
Number of non-owned sites the Company is identified as a de minimis party | 13 | |
Number of non-owned sites Company has reached tentative settlement agreement | 9 | |
Number of non-owned sites Company is still working to establish settlement amount | 4 | |
Total environmental reserves | $26.60 | $21.90 |
Increase (decrease) in environmental reserves | 8.3 | |
Total expenses related to environmental matters | 3.6 | |
Teseq Group, VTI Instruments, Luphos GmbH, Zygo Corporation and Amptek,Inc. [Member] | ||
Site Contingency [Line Items] | ||
Increase (decrease) in environmental reserves | 3.6 | |
HCC Industries [Member] | ||
Site Contingency [Line Items] | ||
Reserves related to an owned site acquired | 11.7 | 13.3 |
Receivables related to HCC for probable recoveries from third-party funds | 9.3 | |
Amount for which the Company is indemnified by HCC's former owners | $19 |
Leases_and_Other_Commitments_A
Leases and Other Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
Minimum aggregate rental commitments under noncancellable leases | $158.30 | ||
Future minimum rental payments in 2015 | 36 | ||
Future minimum rental payments in 2016 | 27.4 | ||
Future minimum rental payments in 2017 | 18.6 | ||
Future minimum rental payments in 2018 | 14.4 | ||
Future minimum rental payments in 2019 | 11.7 | ||
Future minimum rental payments thereafter | 50.2 | ||
Rental expenses under non-cancelable leases | 44.6 | 39.5 | 28 |
Purchase obligations outstanding | $388.70 | $335 | |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Leases expiration | 2015 | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Leases expiration | 2082 |
Reportable_Segments_and_Geogra2
Reportable Segments and Geographic Areas Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Reportable_Segments_and_Geogra3
Reportable Segments and Geographic Areas Information - Reportable Segment Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales: | |||||||||||
Net sales | $1,024,143 | $1,031,811 | $990,718 | $975,292 | $942,468 | $890,006 | $878,809 | $882,853 | $4,021,964 | $3,594,136 | $3,334,213 |
Segment operating income: | |||||||||||
Operating income | 227,084 | 218,143 | 231,728 | 221,631 | 210,545 | 204,686 | 202,613 | 197,235 | 898,586 | 815,079 | 745,872 |
Interest and other expenses, net | -93,754 | -90,284 | -83,397 | ||||||||
Income before income taxes | 804,832 | 724,795 | 662,475 | ||||||||
Assets: | |||||||||||
Assets | 6,420,963 | 5,877,902 | 6,420,963 | 5,877,902 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 133,157 | 75,643 | 109,175 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 138,584 | 118,657 | 105,471 | ||||||||
Operating Segments [Member] | |||||||||||
Segment operating income: | |||||||||||
Operating income | 948,038 | 861,512 | 789,321 | ||||||||
Assets: | |||||||||||
Assets | 6,118,330 | 5,585,976 | 6,118,330 | 5,585,976 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 131,191 | 72,622 | 107,335 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 137,134 | 117,796 | 104,879 | ||||||||
Operating Segments [Member] | Electronic Instruments Group [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 2,421,638 | 2,034,594 | 1,872,557 | ||||||||
Segment operating income: | |||||||||||
Operating income | 612,992 | 552,110 | 497,116 | ||||||||
Assets: | |||||||||||
Assets | 3,752,247 | 3,166,917 | 3,752,247 | 3,166,917 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 95,787 | 37,597 | 39,400 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 75,364 | 57,808 | 50,473 | ||||||||
Operating Segments [Member] | Electromechanical Group [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 1,600,326 | 1,559,542 | 1,461,656 | ||||||||
Segment operating income: | |||||||||||
Operating income | 335,046 | 309,402 | 292,205 | ||||||||
Assets: | |||||||||||
Assets | 2,366,083 | 2,419,059 | 2,366,083 | 2,419,059 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 35,404 | 35,025 | 67,935 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 61,770 | 59,988 | 54,406 | ||||||||
Corporate [Member] | |||||||||||
Segment operating income: | |||||||||||
Corporate administrative and other expenses | -49,452 | -46,433 | -43,449 | ||||||||
Assets: | |||||||||||
Assets | 302,633 | 291,926 | 302,633 | 291,926 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 1,966 | 3,021 | 1,840 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | $1,450 | $861 | $592 |
Reportable_Segments_and_Geogra4
Reportable Segments and Geographic Areas Information - Reportable Segment Financial Information (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||
Additions to property, plant and equipment from acquired business | $61.80 | $12.30 | $51.70 |
Reportable_Segments_and_Geogra5
Reportable Segments and Geographic Areas Information - Information about Company's Operations in Different Geographic Areas (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales: | |||||||||||
Net sales | $1,024,143 | $1,031,811 | $990,718 | $975,292 | $942,468 | $890,006 | $878,809 | $882,853 | $4,021,964 | $3,594,136 | $3,334,213 |
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 448,446 | 402,790 | 448,446 | 402,790 | |||||||
United States [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 1,825,799 | 1,609,661 | 1,626,577 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 289,080 | 233,844 | 289,080 | 233,844 | |||||||
United Kingdom [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 220,877 | 201,543 | 189,704 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 34,736 | 37,080 | 34,736 | 37,080 | |||||||
European Union Countries [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 674,608 | 627,116 | 526,193 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 76,542 | 84,812 | 76,542 | 84,812 | |||||||
Asia [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 806,926 | 679,490 | 620,456 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 22,314 | 21,003 | 22,314 | 21,003 | |||||||
Other Foreign Countries [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 493,754 | 476,326 | 371,283 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 25,774 | 26,051 | 25,774 | 26,051 | |||||||
Total International [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 2,196,165 | 1,984,475 | 1,707,636 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | $159,366 | $168,946 | $159,366 | $168,946 |
Reportable_Segments_and_Geogra6
Reportable Segments and Geographic Areas Information - Information about Company's Operations in Different Geographic Areas (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||
Revenue from U.S. export sales | $1,148.10 | $1,037 | $862.60 |
Additional_Consolidated_Income1
Additional Consolidated Income Statement and Cash Flow Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Consolidating Financial Information [Abstract] | |||
Interest and other investment income | $1.10 | $1 | $1.60 |
Income taxes paid | 211.6 | 173.4 | 171.2 |
Cash paid for interest | $74.90 | $72.70 | $75 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 05, 2014 |
Right | |||
Statement of Stockholders' Equity [Abstract] | |||
Existing share repurchase authorization | $47.10 | $92.40 | |
Repurchase of common stock, shares | 4,755,000 | 206,000 | |
Repurchase of common stock under share repurchase authorization | 245.3 | 8.5 | |
Repurchase of common stock | 200 | ||
Treasury stock, shares | 17,500,000 | 13,000,000 | |
Treasury stock, cost | $457.80 | $215.90 | |
Number of shares outstanding | 241,300,000 | 245,000,000 | |
Stockholders right expiration date | Jun-17 | ||
Number of rights per common share | 1 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data - Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $1,024,143 | $1,031,811 | $990,718 | $975,292 | $942,468 | $890,006 | $878,809 | $882,853 | $4,021,964 | $3,594,136 | $3,334,213 |
Operating income | 227,084 | 218,143 | 231,728 | 221,631 | 210,545 | 204,686 | 202,613 | 197,235 | 898,586 | 815,079 | 745,872 |
Net income | $152,000 | $141,811 | $150,063 | $140,586 | $135,668 | $127,864 | $128,321 | $125,146 | $584,460 | $516,999 | $459,132 |
Basic earnings per share | $0.62 | $0.58 | $0.61 | $0.57 | $0.55 | $0.52 | $0.53 | $0.51 | $2.39 | $2.12 | $1.90 |
Diluted earnings per share | $0.62 | $0.57 | $0.61 | $0.57 | $0.55 | $0.52 | $0.52 | $0.51 | $2.37 | $2.10 | $1.88 |
Dividends paid per share | $0.09 | $0.09 | $0.09 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.33 | $0.24 |