Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 23, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AME | |
Entity Registrant Name | AMETEK INC/ | |
Entity Central Index Key | 1037868 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 241,521,134 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $984,059 | $975,292 |
Operating expenses: | ||
Cost of sales, excluding depreciation | 635,965 | 625,170 |
Selling, general and administrative | 110,884 | 112,625 |
Depreciation | 16,258 | 15,866 |
Total operating expenses | 763,107 | 753,661 |
Operating income | 220,952 | 221,631 |
Other expenses: | ||
Interest expense | -22,686 | -18,838 |
Other, net | -1,480 | -3,877 |
Income before income taxes | 196,786 | 198,916 |
Provision for income taxes | 54,679 | 58,330 |
Net income | $142,107 | $140,586 |
Basic earnings per share | $0.59 | $0.57 |
Diluted earnings per share | $0.59 | $0.57 |
Weighted average common shares outstanding: | ||
Basic shares | 240,947 | 244,911 |
Diluted shares | 242,797 | 247,229 |
Dividends declared and paid per share | $0.09 | $0.06 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Total comprehensive income | $47,305 | $140,299 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $406,587 | $377,615 |
Receivables, less allowance for possible losses | 592,301 | 585,462 |
Inventories, net | 506,086 | 495,896 |
Deferred income taxes | 46,081 | 45,053 |
Other current assets | 57,699 | 74,578 |
Total current assets | 1,608,754 | 1,578,604 |
Property, plant and equipment, net | 434,401 | 448,446 |
Goodwill | 2,566,962 | 2,614,030 |
Other intangibles, net of accumulated amortization | 1,579,052 | 1,625,561 |
Investments and other assets | 146,071 | 154,322 |
Total assets | 6,335,240 | 6,420,963 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 254,038 | 286,201 |
Accounts payable | 381,054 | 386,207 |
Income taxes payable | 30,959 | 27,157 |
Accrued liabilities | 232,451 | 236,579 |
Total current liabilities | 898,502 | 936,144 |
Long-term debt | 1,418,638 | 1,427,825 |
Deferred income taxes | 607,547 | 618,385 |
Other long-term liabilities | 146,691 | 199,048 |
Total liabilities | 3,071,378 | 3,181,402 |
Stockholders' equity: | ||
Common stock | 2,595 | 2,589 |
Capital in excess of par value | 516,075 | 491,750 |
Retained earnings | 3,590,387 | 3,469,923 |
Accumulated other comprehensive loss | -361,696 | -266,894 |
Treasury stock | -483,499 | -457,807 |
Total stockholders' equity | 3,263,862 | 3,239,561 |
Total liabilities and stockholders' equity | $6,335,240 | $6,420,963 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income | $142,107 | $140,586 |
Adjustments to reconcile net income to total operating activities: | ||
Depreciation and amortization | 35,260 | 33,250 |
Deferred income taxes | -1,267 | -698 |
Share-based compensation expense | 4,862 | 4,166 |
Net change in assets and liabilities, net of acquisitions | -8,491 | -13,734 |
Pension contribution | -50,770 | -903 |
Other | 225 | -1,706 |
Total operating activities | 121,926 | 160,961 |
Investing activities: | ||
Additions to property, plant and equipment | -14,372 | -14,460 |
Purchases of businesses, net of cash acquired | -161,489 | |
Other | 2,364 | |
Total investing activities | -14,372 | -173,585 |
Financing activities: | ||
Net change in short-term borrowings | -24,704 | -6,516 |
Reduction in long-term borrowings | -450 | -221 |
Repurchases of common stock | -25,660 | -9 |
Cash dividends paid | -21,642 | -14,662 |
Excess tax benefits from share-based payments | 6,082 | 2,558 |
Proceeds from employee stock plans | 13,129 | 3,936 |
Total financing activities | -53,245 | -14,914 |
Effect of exchange rate changes on cash and cash equivalents | -25,337 | -2,330 |
Increase (decrease) in cash and cash equivalents | 28,972 | -29,868 |
Cash and cash equivalents: | ||
As of January 1 | 377,615 | 295,203 |
As of March 31 | $406,587 | $265,335 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | 1 | Basis of Presentation |
The accompanying consolidated financial statements are unaudited. AMETEK, Inc. (the “Company”) believes that all adjustments (which primarily consist of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company at March 31, 2015, and the consolidated results of its operations and its cash flows for the three months ended March 31, 2015 and 2014 have been included. Quarterly results of operations are not necessarily indicative of results for the full year. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recent Accounting Pronouncements | 2 | Recent Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted ASU 2013-08 effective January 1, 2015 and the adoption did not have an 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 (“ASU 2014-09”). 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. | ||
In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 makes specific amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entities guidance. ASU 2014-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company does not expect the adoption of ASU 2015-02 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. | ||
In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015. The new guidance will be applied on a retrospective basis and early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | 3 | Earnings Per Share | |||||||
The calculation of basic earnings per share is based on the weighted average number of common shares considered outstanding during the periods. The calculation of diluted earnings per share reflects the effect of all potentially dilutive securities (principally outstanding stock options and restricted stock grants). The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Weighted average shares: | |||||||||
Basic shares | 240,947 | 244,911 | |||||||
Equity-based compensation plans | 1,850 | 2,318 | |||||||
Diluted shares | 242,797 | 247,229 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 4 | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
The components of accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||
Foreign | Defined | Total | Foreign | Defined | Total | ||||||||||||||||||||
Currency | Benefit | Currency | Benefit | ||||||||||||||||||||||
Items | Pension | Items and | Pension | ||||||||||||||||||||||
and Other | Plans | Other | Plans | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at the beginning of the period | $ | (124,912 | ) | $ | (141,982 | ) | $ | (266,894 | ) | $ | (1,171 | ) | $ | (64,068 | ) | $ | (65,239 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||||||
Translation adjustments | (34,370 | ) | — | (34,370 | ) | (5,781 | ) | — | (5,781 | ) | |||||||||||||||
Change in long-term intercompany notes | (54,693 | ) | — | (54,693 | ) | 4,357 | — | 4,357 | |||||||||||||||||
Net investment hedges | (11,011 | ) | — | (11,011 | ) | 719 | — | 719 | |||||||||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | — | 2,160 | 2,160 | — | 1,031 | 1,031 | |||||||||||||||||||
Income tax benefit (expense) | 3,854 | (742 | ) | 3,112 | (252 | ) | (361 | ) | (613 | ) | |||||||||||||||
Other comprehensive (loss) income, net of tax | (96,220 | ) | 1,418 | (94,802 | ) | (957 | ) | 670 | (287 | ) | |||||||||||||||
Balance at the end of the period | $ | (221,132 | ) | $ | (140,564 | ) | $ | (361,696 | ) | $ | (2,128 | ) | $ | (63,398 | ) | $ | (65,526 | ) | |||||||
Reclassifications for the amortization of defined benefit pension plans are included in Cost of sales, excluding depreciation in the consolidated statement of income. See Note 11 for further details. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 5 | Fair Value Measurements | |||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||
The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||
The following table provides the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, consistent with the fair value hierarchy: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Fixed-income investments | $ | 9,164 | $ | 9,219 | |||||||||||||
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 three months ended March 31, 2015, gains and losses on the investments noted above were not significant. No transfers between level 1 and level 2 investments occurred during the three months ended March 31, 2015. | |||||||||||||||||
Financial Instruments | |||||||||||||||||
Cash, cash equivalents and fixed-income investments are recorded at fair value at March 31, 2015 and December 31, 2014 in the accompanying consolidated balance sheet. | |||||||||||||||||
The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at March 31, 2015 and December 31, 2014: | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Recorded | Fair Value | Recorded | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Short-term borrowings | $ | (70,000 | ) | $ | (70,000 | ) | $ | (88,100 | ) | $ | (88,100 | ) | |||||
Long-term debt (including current portion) | (1,602,676 | ) | (1,735,590 | ) | (1,625,926 | ) | (1,768,439 | ) | |||||||||
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. |
Hedging_Activities
Hedging Activities | 3 Months Ended | |
Mar. 31, 2015 | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Hedging Activities | 6 | Hedging Activities |
The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of March 31, 2015, these net investment hedges included British-pound-denominated long-term debt and Euro-denominated short-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 March 31, 2015, the Company had $178.2 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At March 31, 2015, the Company had a $53.7 million 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, $15.7 million of currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income for the three months ended March 31, 2015. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 7 | Inventories | |||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Finished goods and parts | $ | 82,892 | $ | 80,307 | |||||
Work in process | 96,797 | 94,298 | |||||||
Raw materials and purchased parts | 326,397 | 321,291 | |||||||
Total inventories | $ | 506,086 | $ | 495,896 | |||||
Goodwill
Goodwill | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Goodwill | 8 | Goodwill | |||||||||||
The changes in the carrying amounts of goodwill by segment were as follows: | |||||||||||||
Electronic | Electro- | Total | |||||||||||
Instruments | mechanical | ||||||||||||
Group | Group | ||||||||||||
(In millions) | |||||||||||||
Balance at December 31, 2014 | $ | 1,646.70 | $ | 967.3 | $ | 2,614.00 | |||||||
Purchase price allocation adjustments and other | 2.7 | — | 2.7 | ||||||||||
Foreign currency translation adjustments | (24.7 | ) | (25.0 | ) | (49.7 | ) | |||||||
Balance at March 31, 2015 | $ | 1,624.70 | $ | 942.3 | $ | 2,567.00 | |||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Income Taxes | 9 | Income Taxes | |||
At March 31, 2015, the Company had gross unrecognized tax benefits of $69.2 million, of which $57.0 million, if recognized, would impact the effective tax rate. | |||||
The following is a reconciliation of the liability for uncertain tax positions (in millions): | |||||
Balance at December 31, 2014 | $ | 71.7 | |||
Additions for tax positions | 3.9 | ||||
Reductions for tax positions | (6.4 | ) | |||
Balance at March 31, 2015 | $ | 69.2 | |||
The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. The amounts recognized in income tax expense for interest and penalties during the three months ended March 31, 2015 and 2014 were not significant. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Share-Based Compensation | 10 | Share-Based Compensation | |||||||
Total share-based compensation expense was as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Stock option expense | $ | 1,895 | $ | 1,834 | |||||
Restricted stock expense | 2,967 | 2,332 | |||||||
Total pre-tax expense | 4,862 | 4,166 | |||||||
Related tax benefit | (1,578 | ) | (1,233 | ) | |||||
Reduction of net income | $ | 3,284 | $ | 2,933 | |||||
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. |
Retirement_and_Pension_Plans
Retirement and Pension Plans | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Retirement and Pension Plans | 11 | Retirement and Pension Plans | |||||||
The components of net periodic pension benefit expense (income) were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Defined benefit plans: | |||||||||
Service cost | $ | 1,749 | $ | 1,636 | |||||
Interest cost | 6,689 | 7,233 | |||||||
Expected return on plan assets | (13,004 | ) | (12,560 | ) | |||||
Amortization of net actuarial loss and other | 2,160 | 1,031 | |||||||
Pension income | (2,406 | ) | (2,660 | ) | |||||
Other plans: | |||||||||
Defined contribution plans | 6,494 | 5,738 | |||||||
Foreign plans and other | 1,248 | 1,288 | |||||||
Total other plans | 7,742 | 7,026 | |||||||
Total net pension expense | $ | 5,336 | $ | 4,366 | |||||
For the three months ended March 31, 2015 and 2014, contributions to the Company’s defined benefit pension plans were $50.8 million and $0.9 million, respectively. The Company’s current estimate of 2015 contributions to its worldwide defined benefit pension plans is in line with the range disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
Product_Warranties
Product Warranties | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Product Warranties | 12 | 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: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Balance at the beginning of the period | $ | 29,764 | $ | 28,036 | |||||
Accruals for warranties issued during the period | 1,859 | 1,873 | |||||||
Settlements made during the period | (2,438 | ) | (3,234 | ) | |||||
Warranty accruals related to acquired businesses and other during the period | (949 | ) | 2,316 | ||||||
Balance at the end of the period | $ | 28,236 | $ | 28,991 | |||||
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 | 3 Months Ended | |
Mar. 31, 2015 | ||
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 March 31, 2015, 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 March 31, 2015 and December 31, 2014 were $25.4 million and $26.6 million, respectively, for both non-owned and owned sites. For the three months ended March 31, 2015, the Company recorded $0.2 million in reserves. Additionally, the Company spent $1.4 million on environmental matters for the three months ended March 31, 2015. The Company’s reserves for environmental liabilities at March 31, 2015 and December 31, 2014 include reserves of $11.6 million and $11.7 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 March 31, 2015, 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. |
Reportable_Segments
Reportable Segments | 3 Months Ended | |
Mar. 31, 2015 | ||
Segment Reporting [Abstract] | ||
Reportable Segments | 14 | Reportable Segments |
The Company has two reportable segments, Electronic Instruments Group (“EIG”) and Electromechanical Group (“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. | ||
At March 31, 2015, there were no significant changes in identifiable assets of reportable segments from the amounts disclosed at December 31, 2014, nor were there any significant changes in the basis of segmentation or in the measurement of segment operating results. Operating information relating to the Company’s reportable segments for the three months ended March 31, 2015 and 2014 can be found in the table included in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q. |
First_Quarter_of_2015_Restruct
First Quarter of 2015 Restructuring Charges | 3 Months Ended | |
Mar. 31, 2015 | ||
Restructuring and Related Activities [Abstract] | ||
First Quarter of 2015 Restructuring Charges | 15 | First Quarter of 2015 Restructuring Charges |
During the first quarter of 2015, the Company recorded pre-tax charges totaling $15.9 million, which had the effect of reducing net income by $10.8 million ($0.04 per diluted share). The restructuring charges were reported in segment operating income as follows: $9.3 million in EIG, $6.5 million in EMG and $0.1 million in corporate administrative expenses. The restructuring costs primarily resulted from a reduction in workforce in response to the effects of a continued strong U.S. dollar and a weak global economy on certain of our businesses. The restructuring costs will be broadly implemented across the Company’s various businesses throughout the remainder of 2015. At March 31, 2015, the Company had $15.9 million reported as Accrued liabilities in the Company’s consolidated balance sheet related to this restructuring. |
Subsequent_Event
Subsequent Event | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Event | 16 | Subsequent Event |
On April 1, 2015, the Company’s Board of Directors approved an increase of $350 million in the authorization for repurchase of the Company’s common stock. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Discontinued Operations and Disclosures of Disposals of Components of an Entity | In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company adopted ASU 2013-08 effective January 1, 2015 and the adoption did not have an 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 (“ASU 2014-09”). 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. |
Amendments to the Consolidation Analysis | In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 makes specific amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entities guidance. ASU 2014-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company does not expect the adoption of ASU 2015-02 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. |
Simplifying the Presentation of Debt Issuance Costs | In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015. The new guidance will be applied on a retrospective basis and early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [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: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Weighted average shares: | |||||||||
Basic shares | 240,947 | 244,911 | |||||||
Equity-based compensation plans | 1,850 | 2,318 | |||||||
Diluted shares | 242,797 | 247,229 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) consisted of the following: | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||||||||||||||
Foreign | Defined | Total | Foreign | Defined | Total | ||||||||||||||||||||
Currency | Benefit | Currency | Benefit | ||||||||||||||||||||||
Items | Pension | Items and | Pension | ||||||||||||||||||||||
and Other | Plans | Other | Plans | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at the beginning of the period | $ | (124,912 | ) | $ | (141,982 | ) | $ | (266,894 | ) | $ | (1,171 | ) | $ | (64,068 | ) | $ | (65,239 | ) | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||||||||||||||
Translation adjustments | (34,370 | ) | — | (34,370 | ) | (5,781 | ) | — | (5,781 | ) | |||||||||||||||
Change in long-term intercompany notes | (54,693 | ) | — | (54,693 | ) | 4,357 | — | 4,357 | |||||||||||||||||
Net investment hedges | (11,011 | ) | — | (11,011 | ) | 719 | — | 719 | |||||||||||||||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | — | 2,160 | 2,160 | — | 1,031 | 1,031 | |||||||||||||||||||
Income tax benefit (expense) | 3,854 | (742 | ) | 3,112 | (252 | ) | (361 | ) | (613 | ) | |||||||||||||||
Other comprehensive (loss) income, net of tax | (96,220 | ) | 1,418 | (94,802 | ) | (957 | ) | 670 | (287 | ) | |||||||||||||||
Balance at the end of the period | $ | (221,132 | ) | $ | (140,564 | ) | $ | (361,696 | ) | $ | (2,128 | ) | $ | (63,398 | ) | $ | (65,526 | ) | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014, consistent with the fair value hierarchy: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
(In thousands) | |||||||||||||||||
Fixed-income investments | $ | 9,164 | $ | 9,219 | |||||||||||||
Fair Value Disclosures of Financial Instrument Liabilities | The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at March 31, 2015 and December 31, 2014: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
Recorded | Fair Value | Recorded | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
Short-term borrowings | $ | (70,000 | ) | $ | (70,000 | ) | $ | (88,100 | ) | $ | (88,100 | ) | |||||
Long-term debt (including current portion) | (1,602,676 | ) | (1,735,590 | ) | (1,625,926 | ) | (1,768,439 | ) |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Finished goods and parts | $ | 82,892 | $ | 80,307 | |||||
Work in process | 96,797 | 94,298 | |||||||
Raw materials and purchased parts | 326,397 | 321,291 | |||||||
Total inventories | $ | 506,086 | $ | 495,896 | |||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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: | ||||||||||||
Electronic | Electro- | Total | |||||||||||
Instruments | mechanical | ||||||||||||
Group | Group | ||||||||||||
(In millions) | |||||||||||||
Balance at December 31, 2014 | $ | 1,646.70 | $ | 967.3 | $ | 2,614.00 | |||||||
Purchase price allocation adjustments and other | 2.7 | — | 2.7 | ||||||||||
Foreign currency translation adjustments | (24.7 | ) | (25.0 | ) | (49.7 | ) | |||||||
Balance at March 31, 2015 | $ | 1,624.70 | $ | 942.3 | $ | 2,567.00 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Reconciliation of Liability for Uncertain Tax Positions | The following is a reconciliation of the liability for uncertain tax positions (in millions): | ||||
Balance at December 31, 2014 | $ | 71.7 | |||
Additions for tax positions | 3.9 | ||||
Reductions for tax positions | (6.4 | ) | |||
Balance at March 31, 2015 | $ | 69.2 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Stock option expense | $ | 1,895 | $ | 1,834 | |||||
Restricted stock expense | 2,967 | 2,332 | |||||||
Total pre-tax expense | 4,862 | 4,166 | |||||||
Related tax benefit | (1,578 | ) | (1,233 | ) | |||||
Reduction of net income | $ | 3,284 | $ | 2,933 | |||||
Retirement_and_Pension_Plans_T
Retirement and Pension Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||
Components of Net Periodic Pension Benefit Expense (Income) | The components of net periodic pension benefit expense (income) were as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Defined benefit plans: | |||||||||
Service cost | $ | 1,749 | $ | 1,636 | |||||
Interest cost | 6,689 | 7,233 | |||||||
Expected return on plan assets | (13,004 | ) | (12,560 | ) | |||||
Amortization of net actuarial loss and other | 2,160 | 1,031 | |||||||
Pension income | (2,406 | ) | (2,660 | ) | |||||
Other plans: | |||||||||
Defined contribution plans | 6,494 | 5,738 | |||||||
Foreign plans and other | 1,248 | 1,288 | |||||||
Total other plans | 7,742 | 7,026 | |||||||
Total net pension expense | $ | 5,336 | $ | 4,366 | |||||
Product_Warranties_Tables
Product Warranties (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Changes in Accrued Product Warranty Obligation | Changes in the accrued product warranty obligation were as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Balance at the beginning of the period | $ | 29,764 | $ | 28,036 | |||||
Accruals for warranties issued during the period | 1,859 | 1,873 | |||||||
Settlements made during the period | (2,438 | ) | (3,234 | ) | |||||
Warranty accruals related to acquired businesses and other during the period | (949 | ) | 2,316 | ||||||
Balance at the end of the period | $ | 28,236 | $ | 28,991 | |||||
Earnings_Per_Share_Number_of_W
Earnings Per Share - Number of Weighted Average Shares (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Weighted average shares: | ||
Basic shares | 240,947 | 244,911 |
Equity-based compensation plans | 1,850 | 2,318 |
Diluted shares | 242,797 | 247,229 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | ($266,894) | ($65,239) |
Other comprehensive income (loss) before reclassifications: | ||
Translation adjustments | -34,370 | -5,781 |
Change in long-term intercompany notes | -54,693 | 4,357 |
Net investment hedges | -11,011 | 719 |
Gross amounts reclassified from accumulated other comprehensive income (loss) | 2,160 | 1,031 |
Income tax benefit (expense) | 3,112 | -613 |
Other comprehensive (loss) income, net of tax | -94,802 | -287 |
Accumulated other comprehensive income (loss), ending balance | -361,696 | -65,526 |
Foreign Currency Items and Other [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | -124,912 | -1,171 |
Other comprehensive income (loss) before reclassifications: | ||
Translation adjustments | -34,370 | -5,781 |
Change in long-term intercompany notes | -54,693 | 4,357 |
Net investment hedges | -11,011 | 719 |
Income tax benefit (expense) | 3,854 | -252 |
Other comprehensive (loss) income, net of tax | -96,220 | -957 |
Accumulated other comprehensive income (loss), ending balance | -221,132 | -2,128 |
Defined Benefit Pension Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning balance | -141,982 | -64,068 |
Other comprehensive income (loss) before reclassifications: | ||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 2,160 | 1,031 |
Income tax benefit (expense) | -742 | -361 |
Other comprehensive (loss) income, net of tax | 1,418 | 670 |
Accumulated other comprehensive income (loss), ending balance | ($140,564) | ($63,398) |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) (Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed-income investments | $9,164 | $9,219 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
Fair Value Disclosures [Abstract] | |
Transfers between level 1 and level 2 investments | $0 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Recorded Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | ($70,000) | ($88,100) |
Long-term debt (including current portion) | -1,602,676 | -1,625,926 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | -70,000 | -88,100 |
Long-term debt (including current portion) | ($1,735,590) | ($1,768,439) |
Hedging_Activities_Additional_
Hedging Activities - Additional Information (Detail) (Foreign Exchange Contract [Member], Designated as Hedging Instrument [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Derivative [Line Items] | |
Percentage of effectiveness on net investment hedges | 100.00% |
Currency remeasurement gains | $15.70 |
British-Pound-Denominated Loans [Member] | |
Derivative [Line Items] | |
Hedge against net investment in foreign subsidiaries | 178.2 |
Euro-Denominated Loans [Member] | |
Derivative [Line Items] | |
Hedge against net investment in foreign subsidiaries | $53.70 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods and parts | $82,892 | $80,307 |
Work in process | 96,797 | 94,298 |
Raw materials and purchased parts | 326,397 | 321,291 |
Total inventories | $506,086 | $495,896 |
Goodwill_Changes_in_Carrying_A
Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | $2,614,030,000 |
Purchase price allocation adjustments and other | 2,700,000 |
Foreign currency translation adjustments | -49,700,000 |
Balance at March 31, 2015 | 2,566,962,000 |
Electronic Instruments Group [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 1,646,700,000 |
Purchase price allocation adjustments and other | 2,700,000 |
Foreign currency translation adjustments | -24,700,000 |
Balance at March 31, 2015 | 1,624,700,000 |
Electromechanical Group [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 967,300,000 |
Foreign currency translation adjustments | -25,000,000 |
Balance at March 31, 2015 | $942,300,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits | $69.20 | $71.70 |
The total amount of unrecognized tax benefits that would impact tax rate, if recognized | $57 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Income Tax Disclosure [Abstract] | |
Balance at December 31, 2014 | $71.70 |
Additions for tax positions | 3.9 |
Reductions for tax positions | -6.4 |
Balance at March 31, 2015 | $69.20 |
ShareBased_Compensation_Total_
Share-Based Compensation - Total Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock option expense | $1,895 | $1,834 |
Restricted stock expense | 2,967 | 2,332 |
Total pre-tax expense | 4,862 | 4,166 |
Related tax benefit | -1,578 | -1,233 |
Reduction of net income | $3,284 | $2,933 |
Retirement_and_Pension_Plans_C
Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined benefit plans: | ||
Service cost | $1,749 | $1,636 |
Interest cost | 6,689 | 7,233 |
Expected return on plan assets | -13,004 | -12,560 |
Amortization of net actuarial loss and other | 2,160 | 1,031 |
Pension income | -2,406 | -2,660 |
Other plans: | ||
Defined contribution plans | 6,494 | 5,738 |
Foreign plans and other | 1,248 | 1,288 |
Total other plans | 7,742 | 7,026 |
Total net pension expense | $5,336 | $4,366 |
Retirement_and_Pension_Plans_A
Retirement and Pension Plans - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Defined benefit pension plan cost | $50.80 | $0.90 |
Product_Warranties_Additional_
Product Warranties - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Guarantees [Abstract] | |
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. |
Product_Warranties_Changes_in_
Product Warranties - Changes in Accrued Product Warranty Obligation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Guarantees [Abstract] | ||
Balance at the beginning of the period | $29,764 | $28,036 |
Accruals for warranties issued during the period | 1,859 | 1,873 |
Settlements made during the period | -2,438 | -3,234 |
Warranty accruals related to acquired businesses and other during the period | -949 | 2,316 |
Balance at the end of the period | $28,236 | $28,991 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $25.40 | $26.60 |
Increase (decrease) in environmental reserves | 0.2 | |
Total expenses related to environmental matters | 1.4 | |
HCC Industries [Member] | ||
Site Contingency [Line Items] | ||
Reserves related to an owned site acquired | 11.6 | 11.7 |
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 |
Reportable_Segments_Additional
Reportable Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
First_Quarter_of_2015_Restruct1
First Quarter of 2015 Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | |
Reduction in net income due to restructuring charges | $10.80 |
Reduction in earning per share diluted due to restructuring charges | $0.04 |
Restructuring charges | 15.9 |
Accrued Liabilities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 15.9 |
Electronic Instruments Group [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 9.3 |
Electromechanical Group [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 6.5 |
Corporate Administrative Expenses [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $0.10 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | Apr. 01, 2015 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Repurchase of common stock | $350,000,000 |