Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 29, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AME | ||
Entity Registrant Name | AMETEK INC/ | ||
Entity Central Index Key | 1,037,868 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 235,538,207 | ||
Entity Public Float | $ 13.3 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 3,974,295 | $ 4,021,964 | $ 3,594,136 |
Operating expenses: | |||
Cost of sales, excluding depreciation | 2,549,280 | 2,597,017 | 2,323,642 |
Selling, general and administrative | 448,592 | 462,637 | 398,177 |
Depreciation | 68,707 | 63,724 | 57,238 |
Total operating expenses | 3,066,579 | 3,123,378 | 2,779,057 |
Operating income | 907,716 | 898,586 | 815,079 |
Other expenses: | |||
Interest expense | (91,795) | (79,928) | (73,572) |
Other, net | (9,541) | (13,826) | (16,712) |
Income before income taxes | 806,380 | 804,832 | 724,795 |
Provision for income taxes | 215,521 | 220,372 | 207,796 |
Net income | $ 590,859 | $ 584,460 | $ 516,999 |
Basic earnings per share | $ 2.46 | $ 2.39 | $ 2.12 |
Diluted earnings per share | $ 2.45 | $ 2.37 | $ 2.10 |
Weighted average common shares outstanding: | |||
Basic shares | 239,906 | 244,885 | 243,915 |
Diluted shares | 241,586 | 247,102 | 246,065 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 590,859 | $ 584,460 | $ 516,999 |
Foreign currency translation: | |||
Translation adjustments | (67,245) | (59,712) | 2,550 |
Change in long-term intercompany notes | (51,235) | (54,906) | 25,047 |
Net investment hedges, net of tax of $3,432, $4,961 and ($1,587) in 2015, 2014 and 2013, respectively | (6,374) | (9,213) | 2,938 |
Defined benefit pension plans: | |||
Net actuarial (loss) gain, net of tax of $12,870, $42,755 and ($28,884) in 2015, 2014 and 2013, respectively | (21,002) | (83,040) | 47,498 |
Amortization of net actuarial loss, net of tax of ($3,247), ($1,650) and ($5,038) in 2015, 2014 and 2013, respectively | 6,137 | 2,834 | 8,446 |
Amortization of prior service costs, net of tax of ($564), ($753) and $66 in 2015, 2014 and 2013, respectively | 1,809 | 2,292 | (174) |
Unrealized holding (loss) gain on available-for-sale securities: | |||
Unrealized (loss) gain, net of tax of $445, ($48) and $114 in 2015, 2014 and 2013, respectively | (827) | 90 | (214) |
Other comprehensive (loss) income | (138,737) | (201,655) | 86,091 |
Total comprehensive income | $ 452,122 | $ 382,805 | $ 603,090 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax benefit (expense) from investment hedges | $ 3,432 | $ 4,961 | $ (1,587) |
Tax benefit (expense) from change in pension plans | 12,870 | 42,755 | (28,884) |
Tax related to amortization of net actuarial loss | (3,247) | (1,650) | (5,038) |
Tax related to amortization of prior service costs | (564) | (753) | 66 |
Tax benefit (expense) from increase (decrease) on available-for-sale securities | $ 445 | $ (48) | $ 114 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 381,005 | $ 377,615 |
Receivables, net | 603,295 | 585,462 |
Inventories, net | 514,451 | 495,896 |
Deferred income taxes | 46,724 | 45,053 |
Other current assets | 74,138 | 74,578 |
Total current assets | 1,619,613 | 1,578,604 |
Property, plant and equipment, net | 484,548 | 448,446 |
Goodwill | 2,706,633 | 2,614,030 |
Other intangibles, net | 1,672,961 | 1,625,561 |
Investments and other assets | 180,775 | 154,322 |
Total assets | 6,664,530 | 6,420,963 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt | 386,075 | 286,201 |
Accounts payable | 365,355 | 386,207 |
Income taxes payable | 32,738 | 27,157 |
Accrued liabilities | 241,004 | 236,579 |
Total current liabilities | 1,025,172 | 936,144 |
Long-term debt | 1,556,045 | 1,427,825 |
Deferred income taxes | 624,046 | 618,385 |
Other long-term liabilities | 204,641 | 199,048 |
Total liabilities | $ 3,409,904 | $ 3,181,402 |
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: 2015 - 260,718,769 shares; 2014 - 258,830,858 shares | $ 2,608 | $ 2,589 |
Capital in excess of par value | 568,286 | 491,750 |
Retained earnings | 3,974,793 | 3,469,923 |
Accumulated other comprehensive loss | (405,631) | (266,894) |
Treasury stock: 2015 - 25,203,699 shares; 2014 - 17,495,583 shares | (885,430) | (457,807) |
Total stockholders' equity | 3,254,626 | 3,239,561 |
Total liabilities and stockholders' equity | $ 6,664,530 | $ 6,420,963 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 260,718,769 | 258,830,858 |
Treasury stock, shares | 25,203,699 | 17,495,583 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | 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] |
Balance at the beginning of the year at Dec. 31, 2012 | $ 2,565 | $ 387,871 | $ 2,507,419 | $ (31,624) | $ (119,838) | $ 132 | $ (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 (loss) gain, net of tax of $12,870, $42,755 and ($28,884) in 2015, 2014 and 2013, respectively | 47,498 | 47,498 | |||||||
Shares issued | 16 | ||||||||
(Decrease) increase 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 ($3,247), ($1,650) and ($5,038) in 2015, 2014 and 2013, 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 $3,432, $4,961 and ($1,587) in 2015, 2014 and 2013, respectively | 2,938 | 2,938 | |||||||
Amortization of prior service costs, net of tax of ($564), ($753) and $66 in 2015, 2014 and 2013, 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 (loss) gain, net of tax of $12,870, $42,755 and ($28,884) in 2015, 2014 and 2013, respectively | (83,040) | (83,040) | |||||||
Shares issued | 8 | ||||||||
(Decrease) increase 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 ($3,247), ($1,650) and ($5,038) in 2015, 2014 and 2013, respectively | 2,834 | 2,834 | |||||||
Purchase of treasury stock | (245,300) | (245,283) | |||||||
Excess tax benefits from exercise of stock options | 7,889 | ||||||||
Other | (1) | ||||||||
Net investment hedges, net of tax of $3,432, $4,961 and ($1,587) in 2015, 2014 and 2013, respectively | (9,213) | (9,213) | |||||||
Amortization of prior service costs, net of tax of ($564), ($753) and $66 in 2015, 2014 and 2013, 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) |
Issuance of common stock under employee stock plans | 32,296 | 7,777 | |||||||
Net income | 590,859 | 590,859 | |||||||
Translation adjustments | (67,245) | (67,245) | |||||||
Net actuarial (loss) gain, net of tax of $12,870, $42,755 and ($28,884) in 2015, 2014 and 2013, respectively | (21,002) | (21,002) | |||||||
Shares issued | 19 | ||||||||
(Decrease) increase during the year, net of tax | (827) | (827) | |||||||
Share-based compensation costs | 23,762 | ||||||||
Cash dividends paid | (85,988) | ||||||||
Change in long-term intercompany notes | (51,235) | (51,235) | |||||||
Amortization of net actuarial loss, net of tax of ($3,247), ($1,650) and ($5,038) in 2015, 2014 and 2013, respectively | 6,137 | 6,137 | |||||||
Purchase of treasury stock | (435,400) | (435,400) | |||||||
Excess tax benefits from exercise of stock options | 20,478 | ||||||||
Other | (1) | ||||||||
Net investment hedges, net of tax of $3,432, $4,961 and ($1,587) in 2015, 2014 and 2013, respectively | (6,374) | (6,374) | |||||||
Amortization of prior service costs, net of tax of ($564), ($753) and $66 in 2015, 2014 and 2013, respectively | 1,809 | 1,809 | |||||||
Balance at the end of the year at Dec. 31, 2015 | $ 3,254,626 | $ 2,608 | $ 568,286 | $ 3,974,793 | $ (249,774) | $ (155,038) | $ (819) | $ (405,631) | $ (885,430) |
Consolidated Statement of Stoc8
Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 3,432 | $ 4,961 | $ (1,587) |
Tax benefit (expense) from change in pension plans | 12,870 | 42,755 | (28,884) |
Tax related to amortization of net actuarial loss | (3,247) | (1,650) | (5,038) |
Tax related to amortization of prior service costs | $ (564) | $ (753) | $ 66 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 590,859 | $ 584,460 | $ 516,999 |
Adjustments to reconcile net income to total operating activities: | |||
Depreciation and amortization | 149,460 | 138,584 | 118,657 |
Deferred income taxes | 6,458 | 20,579 | 1,414 |
Share-based compensation expense | 23,762 | 19,871 | 21,591 |
Gain on sale of facilities | (869) | (11,590) | |
Changes in assets and liabilities, net of acquisitions: | |||
(Increase) decrease in receivables | (6,995) | (35,258) | 5,247 |
(Increase) decrease in inventories and other current assets | (12,007) | 11,626 | (1,790) |
(Decrease) increase in payables, accruals and income taxes | (20,049) | (18,653) | 7,951 |
Increase in other long-term liabilities | 255 | 8,867 | 9,702 |
Pension contribution | (55,215) | (5,729) | (5,856) |
Other | (3,988) | 2,484 | (1,666) |
Total operating activities | 672,540 | 725,962 | 660,659 |
Investing activities: | |||
Additions to property, plant and equipment | (69,083) | (71,327) | (63,314) |
Purchases of businesses, net of cash acquired | (356,466) | (573,647) | (414,315) |
Proceeds from sale of facilities | 421 | 950 | 12,799 |
Other | (429) | 2,391 | 4,497 |
Total investing activities | (425,557) | (641,633) | (460,333) |
Financing activities: | |||
Net change in short-term borrowings | 226,761 | (172,495) | (45,186) |
Additional long-term borrowings | 200,000 | 500,000 | 872 |
Reduction in long-term borrowings | (182,007) | (914) | (617) |
Repurchases of common stock | (435,400) | (245,283) | (8,467) |
Cash dividends paid | (85,988) | (80,551) | (58,405) |
Excess tax benefits from share-based payments | 20,478 | 7,889 | 16,185 |
Proceeds from employee stock plans and other | 39,192 | 15,493 | 25,334 |
Total financing activities | (216,964) | 24,139 | (70,284) |
Effect of exchange rate changes on cash and cash equivalents | (26,629) | (26,056) | 7,177 |
Increase in cash and cash equivalents | 3,390 | 82,412 | 137,219 |
Cash and cash equivalents: | |||
Beginning of year | 377,615 | 295,203 | 157,984 |
End of year | $ 381,005 | $ 377,615 | $ 295,203 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 and assumptions. 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, 2015 and 2014, 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, 2015 and 2014 was $8.5 million ($9.9 million cost basis) and $9.2 million ($9.9 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 $8.6 million and $10.4 million at December 31, 2015 and 2014, respectively. See Note 7. Inventories The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for 82% of its inventories at December 31, 2015. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 18% of the Company’s inventory at December 31, 2015. For inventories where cost is determined by the LIFO method, the excess of the FIFO value over the LIFO value was $19.4 million and $24.4 million at December 31, 2015 and 2014, 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 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 its operating segments. Generally, goodwill arises from acquisitions of specific operating companies and is assigned to the reporting unit in which a particular operating company resides. The Company’s reporting units are composed of divisions and are one level below its operating segments 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 2015, 2014 and 2013 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 five 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 two 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. 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. 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, 2015 and 2014, the accrual for future warranty obligations was $22.8 million and $29.8 million, respectively. The Company’s expense for warranty obligations was $14.8 million in 2015, $16.5 million in 2014 and $15.1 million in 2013. 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 Shipping and Handling Costs Shipping and handling costs are included in Cost of sales, excluding depreciation and were $50.5 million in 2015, $49.0 million in 2014 and $41.9 million in 2013. 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: 2015 2014 2013 (In thousands) Weighted average shares: Basic shares 239,906 244,885 243,915 Equity-based compensation plans 1,680 2,217 2,150 Diluted shares 241,586 247,102 246,065 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 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 2014-08”). 2014-08 2013-08 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 2014-09”). 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09. 2014-09 In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis 2015-02”). 2015-02 2015-02 2014-02 2015-02 In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs 2015-03”). 2015-03 2015-03 2015-03 In April 2015, the FASB issued ASU No. 2015-05 , Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement 2015-05”). 2015-05 2015-05 In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory 2015-11”), 2015-11 2015-11 In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments 2015-16”). 2015-16 2015-16 2015-16 In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes 2015-17”). 2015-17 2015-17 2015-17 2015-17 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. 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 December 31, 2015 and 2014, consistent with the fair value hierarchy: December 31, 2015 December 31, 2014 Fair Value Fair Value (In thousands) Fixed-income investments $ 8,482 $ 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 year ended December 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 year ended December 31, 2015. Financial Instruments Cash, cash equivalents and fixed-income investments are recorded at fair value at December 31, 2015 and 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 December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Short-term borrowings $ (314,100 ) $ (314,100 ) $ (88,100 ) $ (88,100 ) Long-term debt (including current portion) (1,628,020 ) (1,686,502 ) (1,625,926 ) (1,768,439 ) The fair value of short-term |
Hedging Activities
Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, these net investment hedges included British-pound-denominated long-term debt. As of December 31, 2014, 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 December 31, 2015 and 2014, the Company had $177.1 million and $186.7 million, respectively, of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. In the third quarter of 2015, the Company paid in full, at maturity, a 50 million Euro ($56.4 million) loan, which was designated as a hedge against the net investment in Euro functional currency foreign subsidiaries. See Note 9 for further details. At December 31, 2014, the Company had a $60.8 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, $14.4 million and $20.2 million of currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income for the years ended December 31, 2015 and 2014, respectively. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions The Company spent $356.5 million in cash, net of cash acquired, to acquire Global Tubes in May 2015 and Surface Vision, formerly referred to as the Surface Inspection Systems Division of Cognex Corporation, in July 2015. Global Tubes is a manufacturer of high-precision, small-diameter metal tubing. Surface Vision develops and manufactures software-enabled vision systems used to inspect surfaces of continuously processed materials for flaws and defects. Global Tubes is part of AMETEK’s Electromechanical Group (“EMG”) and Surface Vision is 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 $ 53.4 Goodwill 153.5 Other intangible assets 161.0 Deferred income taxes (24.4 ) Long-term liabilities (19.6 ) Net working capital and other* 32.6 Total purchase price $ 356.5 * Includes $28.7 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: Global Tubes’ metallurgical capabilities, processing capabilities and alloy ranges are complementary and expand the Company’s product offerings in highly engineered applications serving the aerospace, energy, power generation and medical markets. Surface Vision’s proprietary real-time image processing technology broadens the Company’s capabilities in the non-destructive process inspection market. The Company does not expect any of the goodwill recorded in connection with the Global Tubes acquisition to be tax deductible in future years. The Company expects approximately $64 million of the goodwill recorded in connection with the Surface Vision acquisition will be tax deductible in future years. At December 31, 2015, the purchase price allocated to other intangible assets of $161.0 million consists of $20.6 million of indefinite-lived intangible trademarks and trade names, which are not subject to amortization. The remaining $140.4 million of other intangible assets consists of $101.4 million of customer relationships, which are being amortized over a period of 18 to 20 years, $5.8 million of trade names, which are being amortized over a period of two to 20 years and $33.2 million of purchased technology, which is being amortized over a period of 15 to 20 years. Amortization expense for each of the next five years for the 2015 acquisitions listed above is expected to approximate $8 million per year. The Company recognized $8.4 million in environmental liabilities related to the estimated costs to remediate known environmental issues at Global Tubes. The $8.4 million is included in long-term liabilities in the table above. The Company is in the process of finalizing the measurement of certain tangible and intangible assets and liabilities for its 2015 acquisitions, including the environmental liabilities noted above, goodwill, customer relationships, trade names, purchased technology and the accounting for income taxes. The 2015 acquisitions noted above had an immaterial impact on reported net sales, net income and diluted earnings per share for the year ended December 31, 2015. Had the 2015 acquisitions been made at the beginning of 2015 or 2014, unaudited pro forma net sales, net income and diluted earnings per share for the years ended December 31, 2015 and 2014, 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 2015 or 2014. 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 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 EIG. 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. Acquisitions Subsequent to December 31, 2015 In January 2016, the Company acquired Brookfield Engineering Laboratories (“Brookfield”). Brookfield was acquired for approximately $167 million and has estimated annual sales of approximately $55 million. Brookfield is a manufacturer of viscometers and rheometers, as well as instrumentation to analyze texture and powder flow. Brookfield will join EIG. In January 2016, the Company acquired ESP/SurgeX. ESP/SurgeX was acquired for approximately $130 million and has estimated annual sales of approximately $40 million. ESP/SurgeX is a manufacturer of energy intelligence and power protection, monitoring and diagnostic solutions. ESP/SurgeX will join EIG. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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, 2013 $ 1,410.8 $ 997.6 $ 2,408.4 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 1,646.7 967.3 2,614.0 Goodwill acquired 64.0 89.5 153.5 Purchase price allocation adjustments and other (2.3 ) — (2.3 ) Foreign currency translation adjustments (30.2 ) (28.4 ) (58.6 ) Balance at December 31, 2015 $ 1,678.2 $ 1,028.4 $ 2,706.6 Other intangible assets were as follows at December 31: 2015 2014 (In thousands) Definite-lived intangible assets (subject to amortization): Patents $ 51,059 $ 53,474 Purchased technology 266,644 239,775 Customer lists 1,256,379 1,182,152 Other acquired intangibles 26,142 20,270 1,600,224 1,495,671 Accumulated amortization: Patents (34,745 ) (35,004 ) Purchased technology (73,809 ) (63,078 ) Customer lists (306,558 ) (243,169 ) Other acquired intangibles (24,791 ) (26,349 ) (439,903 ) (367,600 ) Net intangible assets subject to amortization 1,160,321 1,128,071 Indefinite-lived intangible assets (not subject to amortization): Trademarks and trade names 512,640 497,490 $ 1,672,961 $ 1,625,561 Amortization expense was $80.8 million, $74.9 million and $61.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. Amortization expense for each of the next five years is expected to approximate $87 million per year, not considering the impact of potential future acquisitions. |
Other Consolidated Balance Shee
Other Consolidated Balance Sheet Information | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Other Consolidated Balance Sheet Information | 7. Other Consolidated Balance Sheet Information December 31, 2015 2014 (In thousands) INVENTORIES, NET Finished goods and parts $ 83,229 $ 80,307 Work in process 105,259 94,298 Raw materials and purchased parts 325,963 321,291 $ 514,451 $ 495,896 PROPERTY, PLANT AND EQUIPMENT, NET Land $ 41,951 $ 38,340 Buildings 293,002 281,336 Machinery and equipment 849,658 793,580 1,184,611 1,113,256 Less: Accumulated depreciation (700,063 ) (664,810 ) $ 484,548 $ 448,446 ACCRUED LIABILITIES Employee compensation and benefits $ 93,232 $ 94,478 Product warranty obligation 22,761 29,764 Restructuring 29,203 14,864 Other 95,808 97,473 $ 241,004 $ 236,579 2015 2014 2013 (In thousands) ALLOWANCES FOR POSSIBLE LOSSES ON ACCOUNTS Balance at the beginning of the year $ 10,446 $ 9,547 $ 10,754 Additions charged to expense 630 2,974 1,939 Write-offs (1,872 ) (2,243 ) (3,503 ) Currency translation adjustments and other (649 ) 168 357 Balance at the end of the year $ 8,555 $ 10,446 $ 9,547 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 (In thousands) Income before income taxes: Domestic $ 502,292 $ 495,516 $ 443,278 Foreign 304,088 309,316 281,517 Total $ 806,380 $ 804,832 $ 724,795 Provision for income taxes: Current: Federal $ 130,996 $ 128,635 $ 133,574 Foreign 66,691 60,606 64,077 State 11,376 12,461 13,083 Total current 209,063 201,702 210,734 Deferred: Federal 1,711 19,870 7,899 Foreign (3,611 ) 1,552 (3,592 ) State 8,358 (2,752 ) (7,245 ) Total deferred 6,458 18,670 (2,938 ) Total provision $ 215,521 $ 220,372 $ 207,796 Significant components of the deferred tax (asset) liability were as follows at December 31: 2015 2014 (In thousands) Current deferred tax (asset) liability: Reserves not currently deductible $ (37,771 ) $ (32,552 ) Share-based compensation (7,218 ) (6,871 ) Net operating loss carryforwards (368 ) (3,570 ) Foreign tax credit carryforwards — (42 ) Other 353 (467 ) (45,004 ) (43,502 ) Portion included in other current liabilities (1,720 ) (1,551 ) Gross current deferred tax asset (46,724 ) (45,053 ) Noncurrent deferred tax (asset) liability: Differences in basis of property and accelerated depreciation 57,581 47,345 Reserves not currently deductible (28,809 ) (29,514 ) Pensions 6,736 16,025 Differences in basis of intangible assets and accelerated amortization 597,266 586,960 Net operating loss carryforwards (5,722 ) (7,200 ) Share-based compensation (11,607 ) (10,858 ) Foreign tax credit carryforwards — (2,157 ) Other 1,411 546 616,856 601,147 Less: Valuation allowance 2,840 7,708 619,696 608,855 Portion included in noncurrent assets 4,350 9,530 Gross noncurrent deferred tax liability 624,046 618,385 Net deferred tax liability $ 577,322 $ 573,332 The Company’s effective tax rate reconciles to the U.S. Federal statutory rate as follows for the years ended December 31: 2015 2014 2013 U.S. Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 1.2 0.9 1.0 Foreign operations, net (6.8 ) (6.1 ) (5.8 ) U.S. Manufacturing deduction and credits (2.4 ) (2.2 ) (1.8 ) Other (0.3 ) (0.2 ) 0.3 Consolidated effective tax rate 26.7 % 27.4 % 28.7 % On December 18, 2015, the President of the United States of America signed the tax extenders bill that made the research and development tax credit permanent on a retroactive basis beginning January 1, 2015. At December 31, 2015 and 2014, U.S. and foreign deferred income taxes totaling $6.9 million and $7.5 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 $1,075.0 million and $993.2 million at December 31, 2015 and 2014, 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, 2015, the Company had tax benefits of $6.1 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 $0.2 million for federal income tax purposes with a valuation allowance of $0.2 million, $3.7 million for state income tax purposes with no valuation allowance and $2.2 million for foreign income tax purposes with a valuation allowance of $1.5 million. These net operating loss carryforwards, if not used, will expire between 2016 and 2035. At December 31, 2015, the Company had tax benefits of $8.3 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 $5.0 million for federal income tax purposes with a valuation allowance of $1.1 million, $3.2 million for state income tax purposes with no valuation allowance and $0.1 million for foreign income tax purposes with no valuation allowance. These tax credit carryforwards, if not used, will expire between 2016 and 2035. 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 2015, the Company recorded a decrease of $4.9 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, 2015, the Company had gross unrecognized tax benefits of $63.8 million, of which $52.9 million, if recognized, would impact the effective tax rate. 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, 2015 and 2014, the Company reported $10.7 million and $11.1 million, respectively, related to interest and penalty exposure as accrued income tax expense in the consolidated balance sheet. During 2015, the Company recognized a net benefit of $0.4 million, and during 2014 and 2013, the Company recognized a net expense of $2.5 million and $0.4 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. 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, 2015, there were no tax years currently under examination by the Internal Revenue Service (“IRS”). The IRS previously completed the examination of the Company’s consolidated U.S. income tax returns for the years 2010 and 2011 and certain non-consolidated U.S. income tax returns including certain pre-acquisition filings. 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 2015, the Company added $12.0 million of tax, interest and penalties to identified uncertain tax positions and reversed $20.3 million of tax and interest related to statute expirations and settlement of prior uncertain positions. During 2014, the Company added $35.0 million of tax, interest and penalties related to identified uncertain tax positions and reversed $16.0 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: 2015 2014 2013 (In millions) Balance at the beginning of the year $ 71.7 $ 55.2 $ 36.2 Additions for tax positions related to the current year 8.8 10.7 11.7 Additions for tax positions of prior years 1.3 16.8 15.1 Reductions for tax positions of prior years (7.1 ) (1.7 ) (1.8 ) Reductions related to settlements with taxing authorities (8.3 ) (0.4 ) (2.5 ) Reductions due to statute expirations (2.6 ) (8.9 ) (3.5 ) Balance at the end of the year $ 63.8 $ 71.7 $ 55.2 In 2015, the additions above primarily reflect the increase in tax liabilities for uncertain tax positions related to certain domestic and foreign issues, while the reductions above primarily relate to statute expirations, settlement of domestic and foreign issues, as well as updates to prior year tax positions. At December 31, 2015, tax, interest and penalties of $69.6 million were classified as a noncurrent liability. The net change in uncertain tax positions for the year ended December 31, 2015 resulted in a decrease to income tax expense of $6.1 million. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt Long-term debt consisted of the following at December 31: 2015 2014 (In thousands) U.S. dollar 6.59% senior notes due September 2015 $ — $ 90,000 U.S. dollar 6.69% senior notes due December 2015 — 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 300,000 300,000 U.S. dollar 3.91% senior notes due June 2025 50,000 — U.S. dollar 3.96% senior notes due August 2025 100,000 — U.S. dollar 3.83% senior notes due September 2026 100,000 100,000 U.S. dollar 3.98% senior notes due September 2029 100,000 100,000 U.S. dollar 4.45% senior notes due August 2035 50,000 — British pound 5.99% senior note due November 2016 59,049 62,249 British pound 4.68% senior note due September 2020 118,098 124,494 Euro 3.94% senior note due August 2015 — 60,790 Swiss franc 2.44% senior note due December 2021 55,024 55,600 Revolving credit loan 314,100 88,100 Other, principally foreign 20,849 22,793 Total debt 1,942,120 1,714,026 Less: Current portion (386,075 ) (286,201 ) Total long-term debt $ 1,556,045 $ 1,427,825 Maturities of long-term debt outstanding at December 31, 2015 were as follows: $271.5 million in 2017; $310.1 million in 2018; $101.0 million in 2019; $118.5 million in 2020; $55.0 million in 2021; and $700.0 million in 2022 and thereafter. In August 2015, the Company obtained the third funding of $150 million under the third quarter of 2014 private placement agreement (the “2014 Private Placement”), 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. In June 2015, the Company obtained the second funding of $50 million in aggregate principal amount of 3.91% senior notes due June 2025 under the 2014 Private Placement. The first funding under the 2014 Private Placement 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 2014 Private Placement senior notes carry a weighted average interest rate of 3.88% and are subject to certain customary covenants, including financial covenants that, among other things, require the Company to maintain certain debt-to-EBITDA In the third quarter of 2015, the Company paid in full, at maturity, $90 million in aggregate principal amount of 6.59% private placement senior notes and a 50 million Euro ($56.4 million) 3.94% senior note. In the fourth quarter of 2015, the Company paid in full, at maturity, $35 million in aggregate principal amount of 6.69% private placement senior notes. 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 (paid in full, at maturity, as previously noted) 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 (paid in full, at maturity, as previously noted) 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 3.94% senior note due August 2015 (paid in full, at maturity, as previously noted). In November 2004, the Company issued a 40 million British pound ($59.0 million at December 31, 2015) 5.99% senior note due November 2016. In September 2010, the Company issued an 80 million British pound ($118.1 million at December 31, 2015) 4.68% senior note due September 2020. In December 2011, the Company issued a 55 million Swiss franc ($55.0 million at December 31, 2015) 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, 2015, the Company had available borrowing capacity of $550.3 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, 2015 and 2014 the Company had $314.1 million and $88.1 million, 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, 2015 and 2014 was 1.37% and 1.36%, respectively. The Company had outstanding letters of credit totaling $36.9 million and $40.8 million at December 31, 2015 and 2014, 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 Foreign subsidiaries of the Company had available credit facilities with local foreign lenders of $37.5 million at December 31, 2015. Foreign subsidiaries had debt outstanding at December 31, 2015 totaling $20.9 million, including $7.9 million reported in long-term debt. The weighted average interest rate on total debt outstanding at December 31, 2015 and 2014 was 5.2% and 5.1%, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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 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 Black-Scholes-Merton 2015 2014 2013 Expected volatility 22.3 % 23.9 % 28.1 % Expected term (years) 5.0 5.0 5.0 Risk-free interest rate 1.58 % 1.63 % 0.75 % Expected dividend yield 0.69 % 0.45 % 0.57 % Black-Scholes-Merton fair value per stock option granted $ 10.89 $ 12.21 $ 10.17 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: 2015 2014 2013 (In thousands) Stock option expense $ 10,955 $ 9,130 $ 10,776 Restricted stock expense 12,807 10,741 10,815 Total pre-tax expense 23,762 19,871 21,591 Related tax benefit (7,623 ) (6,154 ) (6,964 ) Reduction of net income $ 16,139 $ 13,717 $ 14,627 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, 2015: Shares Weighted Price Weighted Life Aggregate Value (In thousands) (Years) (In millions) Outstanding at the beginning of the year 6,362 $ 31.47 Granted 1,326 52.30 Exercised (1,889 ) 20.91 Forfeited (135 ) 46.91 Expired (5 ) 49.54 Outstanding at the end of the year 5,659 $ 39.49 4.0 $ 79.8 Exercisable at the end of the year 2,942 $ 30.94 2.7 $ 66.6 The aggregate intrinsic value of stock options exercised during 2015, 2014 and 2013 was $62.3 million, $25.7 million and $41.6 million, respectively. The total fair value of stock options vested during 2015, 2014 and 2013 was $10.3 million, $8.9 million and $8.2 million, respectively. The following is a summary of the Company’s nonvested stock option activity and related information for the year ended December 31, 2015: Shares Weighted Average Fair Value (In thousands) Nonvested stock options outstanding at the beginning of the year 2,535 $ 10.38 Granted 1,326 10.89 Vested (1,009 ) 10.16 Forfeited (135 ) 10.83 Nonvested stock options outstanding at the end of the year 2,717 $ 10.85 As of December 31, 2015, there was approximately $18 million of expected future pre-tax 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, 2015: Shares Weighted Average Fair Value (In thousands) Nonvested restricted stock outstanding at the beginning of the year 1,105 $ 41.08 Granted 336 52.31 Vested (311 ) 34.18 Forfeited (69 ) 44.89 Nonvested restricted stock outstanding at the end of the year 1,061 $ 46.32 The total fair value of restricted stock vested was $10.6 million, $3.6 million and $12.1 million in 2015, 2014 and 2013, respectively. The weighted average fair value of restricted stock granted per share during 2015 and 2014 was $52.31 and $52.79, respectively. As of December 31, 2015, there was approximately $28 million of expected future pre-tax Under a Supplemental Executive Retirement Plan (“SERP”) in 2015, the Company reserved 32,363 shares of common stock. The net increase for retirements, terminations and dividends was 6,807 shares in 2015. The total number of shares of common stock reserved under the SERP was 644,529 as of December 31, 2015. 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 Post
Retirement Plans and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
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 $4 million to $7 million to its worldwide defined benefit pension plans in 2016. 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 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 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: 2015 2014 (In thousands) Change in projected benefit obligation: Net projected benefit obligation at the beginning of the year $ 491,373 $ 428,675 Service cost 3,924 3,208 Interest cost 20,761 21,000 Actuarial (gains) losses (27,605 ) 65,417 Gross benefits paid (27,930 ) (26,927 ) Acquisition 11,954 — Net projected benefit obligation at the end of the year $ 472,477 $ 491,373 Change in plan assets: Fair value of plan assets at the beginning of the year $ 498,923 $ 518,388 Actual return on plan assets (21,020 ) 7,094 Employer contributions 50,726 368 Gross benefits paid (27,930 ) (26,927 ) Acquisition 8,076 — Fair value of plan assets at the end of the year $ 508,775 $ 498,923 Foreign Defined Benefit Pension Plans: 2015 2014 (In thousands) Change in projected benefit obligation: Net projected benefit obligation at the beginning of the year $ 197,671 $ 185,178 Service cost 3,076 2,945 Interest cost 7,910 7,931 Foreign currency translation adjustment (14,337 ) (15,961 ) Employee contributions 303 339 Actuarial (gains) losses (6,892 ) 23,903 Expenses paid from assets (610 ) — Gross benefits paid (8,064 ) (6,664 ) Acquisition 64,867 — Net projected benefit obligation at the end of the year $ 243,924 $ 197,671 Change in plan assets: Fair value of plan assets at the beginning of the year $ 159,907 $ 165,420 Actual return on plan assets 7,471 6,628 Employer contributions 4,490 5,361 Employee contributions 303 339 Foreign currency translation adjustment (10,584 ) (11,177 ) Expenses paid from assets (610 ) — Gross benefits paid (8,064 ) (6,664 ) Acquisition 60,383 — Fair value of plan assets at the end of the year $ 213,296 $ 159,907 The accumulated benefit obligation consisted of the following at December 31: U.S. Defined Benefit Pension Plans: 2015 2014 (In thousands) Funded plans $ 454,498 $ 471,960 Unfunded plans 5,481 5,915 Total $ 459,979 $ 477,875 Foreign Defined Benefit Pension Plans: 2015 2014 (In thousands) Funded plans $ 203,229 $ 154,200 Unfunded plans 30,327 32,845 Total $ 233,556 $ 187,045 Weighted average assumptions used to determine benefit obligations at December 31: 2015 2014 U.S. Defined Benefit Pension Plans: Discount rate 4.80 % 4.20 % Rate of compensation increase (where applicable) 3.75 % 3.75 % Foreign Defined Benefit Pension Plans: Discount rate 3.62 % 3.44 % Rate of compensation increase (where applicable) 2.88 % 2.88 % The following is a summary of the fair value of plan assets for U.S. plans at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Asset Class Total Level 1 Level 2 Total Level 1 Level 2 (In thousands) Cash and temporary investments $ 3,542 $ — $ 3,542 $ 2,413 $ — $ 2,413 Equity securities: AMETEK common stock 27,515 27,515 — 26,979 26,979 — U.S. Small cap common stocks 31,780 31,780 — 31,629 31,629 — U.S. Large cap common stocks 101,709 61,331 40,378 105,288 67,484 37,804 Diversified common stocks — Global 91,590 — 91,590 93,558 — 93,558 Fixed-income securities and other: U.S. Corporate 23,470 8,660 14,810 24,162 7,290 16,872 U.S. Government 7,327 5,308 2,019 4,917 3,840 1,077 Global asset allocation(1) 221,842 170,495 51,347 187,202 111,860 75,342 Inflation related funds — — — 13,729 — 13,729 Alternative investments: Inflation related pooled investment fund — — — 9,046 — — Total investments $ 508,775 $ 305,089 $ 203,686 $ 498,923 $ 249,082 $ 240,795 (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 (In thousands) 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 (losses) relating to assets sold during the year — Purchases, sales, issuances and settlements, net — Balance, December 31, 2014 9,046 Actual return on assets: Unrealized (losses) relating to instruments still held at the end of the year (600 ) Realized gains (losses) relating to assets sold during the year — Purchases, sales, issuances and settlements, net (8,446 ) Balance, December 31, 2015 $ — The expected long-term rate of return on these plan assets was 7.75% in 2015 and 7.75% in 2014. Equity securities included 512,565 shares of AMETEK, Inc. common stock with a market value of $27.5 million (5.4% of total plan investment assets) at December 31, 2015 and 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. 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 50% equity securities, 20% fixed-income securities and 30% 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 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, 2015 and 2014. December 31, 2015 December 31, 2014 Asset Class Total Level 2 Total Level 2 (In thousands) Cash $ 5,270 $ 5,270 $ 5,153 $ 5,153 U.S. Mutual equity funds 8,927 8,927 15,400 15,400 Foreign mutual equity funds 36,463 36,463 94,444 94,444 Global mixed asset funds 96,284 96,284 — — Real estate 7,266 7,266 4,032 4,032 Mutual bond funds — Global 38,600 38,600 31,990 31,990 Life insurance 20,486 — 8,888 — Total investments $ 213,296 $ 192,810 $ 159,907 $ 151,019 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, 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 Actual return on assets: Unrealized (losses) relating to instruments still held at the end of the year (980 ) Realized gains (losses) relating to assets sold during the year — Purchases, sales, issuances and settlements, net 12,578 Balance, December 31, 2015 $ 20,486 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 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 6.95% for foreign plans in 2016. 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 2015 2014 2015 2014 (In thousands) Benefit obligation $ 5,481 $ 25,790 $ 5,481 $ 25,790 Fair value of plan assets — 17,182 — 17,182 Foreign Defined Benefit Pension Plans: Projected Benefit Fair Value of Assets Accumulated Benefit 2015 2014 2015 2014 (In thousands) Benefit obligation $ 161,711 $ 111,095 $ 155,169 $ 104,196 Fair value of plan assets 119,045 63,496 119,045 63,496 The following table provides the amounts recognized in the consolidated balance sheet at December 31: 2015 2014 (In thousands) Funded status asset (liability): Fair value of plan assets $ 722,071 $ 658,830 Projected benefit obligation (716,401 ) (689,044 ) Funded status at the end of the year $ 5,670 $ (30,214 ) Amounts recognized in the consolidated balance sheet consisted of: Noncurrent asset for pension benefits (other assets) $ 53,817 $ 25,993 Current liabilities for pension benefits (1,001 ) (1,139 ) Noncurrent liability for pension benefits (47,146 ) (55,068 ) Net amount recognized at the end of the year $ 5,670 $ (30,214 ) The following table provides the amounts recognized in accumulated other comprehensive income, net of taxes, at December 31: Net amounts recognized: 2015 2014 (In thousands) Net actuarial loss $ 156,351 $ 143,380 Prior service costs (1,321 ) (1,407 ) Transition asset 8 9 Total recognized $ 155,038 $ 141,982 The following table provides the components of net periodic pension benefit expense (income) for the years ended December 31: 2015 2014 2013 (In thousands) Defined benefit plans: Service cost $ 7,000 $ 6,153 $ 6,323 Interest cost 28,670 28,931 26,000 Expected return on plan assets (54,819 ) (50,196 ) (45,008 ) Amortization of: Net actuarial loss 9,383 4,483 13,484 Prior service costs (55 ) (51 ) (35 ) Transition asset 1 1 (1 ) Total net periodic benefit (income) expense (9,820 ) (10,679 ) 763 Other plans: Defined contribution plans 22,750 20,714 18,195 Foreign plans and other 4,800 5,325 5,151 Total other plans 27,550 26,039 23,346 Total net pension expense $ 17,730 $ 15,360 $ 24,109 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 2016 for the net actuarial losses and prior service costs is expected to be $9.9 million. The following weighted average assumptions were used to determine the above net periodic pension benefit expense for the years ended December 31: 2015 2014 2013 U.S. Defined Benefit Pension Plans: Discount rate 4.20 % 5.00 % 4.10 % Expected return on plan assets 7.75 % 7.75 % 7.75 % Rate of compensation increase (where applicable) 3.75 % 3.75 % 3.75 % Foreign Defined Benefit Pension Plans: Discount rate 3.44 % 4.38 % 4.44 % Expected return on plan assets 6.92 % 6.93 % 6.91 % Rate of compensation increase (where applicable) 2.88 % 2.92 % 2.89 % Estimated Future Benefit Payments The estimated future benefit payments for U.S. and foreign plans are as follows: 2016 - 2017 - - - - - 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 $23.4 million and $21.2 million at December 31, 2015 and 2014, respectively. Administrative expense for the deferred compensation plan is borne by the Company and is not significant. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees | 12. Guarantees The Company does not provide significant guarantees on a routine basis. The Company primarily issues guarantees, stand-by 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. Within the product warranty table below, the activity for the years ended December 31, 2014 and 2013 has been adjusted to disclose gross accruals for warranties issued during the year and gross settlements made during the year to conform to the current period presentation. Changes in the accrued product warranty obligation were as follows at December 31: 2015 2014 2013 (In thousands) Balance at the beginning of the year $ 29,764 $ 28,036 $ 27,792 Accruals for warranties issued during the year 14,817 16,463 15,143 Settlements made during the year (19,905 ) (17,636 ) (17,039 ) Warranty accruals related to acquired businesses and other during the year (1,915 ) 2,901 2,140 Balance at the end of the year $ 22,761 $ 29,764 $ 28,036 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, 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 December 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 December 31, 2015 and 2014 were $30.5 million and $26.6 million, respectively, for both non-owned and owned sites. In 2015, the Company recorded $9.2 million in reserves, of which $8.4 million was related to a 2015 business acquisition. These reserves relate to the estimated costs to remediate known environmental issues associated with the acquired business. Additionally, the Company spent $5.1 million on environmental matters in 2015. The Company’s reserves for environmental liabilities at December 31, 2015 and 2014 include reserves of $11.5 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 December 31, 2015, the Company had $10.0 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 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, 2015 | |
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, 2015 (principally for production and administrative facilities and equipment) amounted to $137.3 million, consisting of payments of $34.2 million in 2016, $22.4 million in 2017, $17.0 million in 2018, $13.2 million in 2019, $9.7 million in 2020 and $40.8 million thereafter. The leases expire over a range of years from 2016 to 2082, with renewal or purchase options, subject to various terms and conditions, contained in most of the leases. Rental expense was $43.6 million in 2015, $44.6 million in 2014 and $39.5 million in 2013. As of December 31, 2015 and 2014, the Company had $321.7 million and $388.7 million, respectively, in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase certain inventories at fixed prices. |
Reportable Segments and Geograp
Reportable Segments and Geographic Areas Information | 12 Months Ended |
Dec. 31, 2015 | |
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 segments are identified based on the existence of segment managers. Certain of the Company’s operating segments 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 2015 2014 2013 (In thousands) Net sales(1): Electronic Instruments $ 2,417,192 $ 2,421,638 $ 2,034,594 Electromechanical 1,557,103 1,600,326 1,559,542 Consolidated net sales $ 3,974,295 $ 4,021,964 $ 3,594,136 Operating income and income before income taxes: Segment operating income(2): Electronic Instruments $ 639,399 $ 612,992 $ 552,110 Electromechanical 318,098 335,046 309,402 Total segment operating income 957,497 948,038 861,512 Corporate administrative and other expenses (49,781 ) (49,452 ) (46,433 ) Consolidated operating income 907,716 898,586 815,079 Interest and other expenses, net (101,336 ) (93,754 ) (90,284 ) Consolidated income before income taxes $ 806,380 $ 804,832 $ 724,795 Assets: Electronic Instruments $ 3,827,182 $ 3,752,247 Electromechanical 2,541,253 2,366,083 Total segment assets 6,368,435 6,118,330 Corporate 296,095 302,633 Consolidated assets $ 6,664,530 $ 6,420,963 Additions to property, plant and equipment(3): Electronic Instruments $ 32,069 $ 95,787 $ 37,597 Electromechanical 88,369 35,404 35,025 Total segment additions to property, plant and equipment 120,438 131,191 72,622 Corporate 2,121 1,966 3,021 Consolidated additions to property, plant and equipment $ 122,559 $ 133,157 $ 75,643 Depreciation and amortization: Electronic Instruments $ 83,832 $ 75,364 $ 57,808 Electromechanical 64,539 61,770 59,988 Total segment depreciation and amortization 148,371 137,134 117,796 Corporate 1,089 1,450 861 Consolidated depreciation and amortization $ 149,460 $ 138,584 $ 118,657 (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 $53.4 million in 2015, $61.8 million in 2014 and $12.3 million in 2013 from acquired businesses. Geographic Areas Information about the Company’s operations in different geographic areas for the years ended December 31, 2015, 2014 and 2013 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. 2015 2014 2013 (In thousands) Net sales: United States $ 1,919,611 $ 1,825,799 $ 1,609,661 International(1): United Kingdom 201,192 220,877 201,543 European Union countries 615,956 674,608 627,116 Asia 789,435 806,926 679,490 Other foreign countries 448,101 493,754 476,326 Total international 2,054,684 2,196,165 1,984,475 Total consolidated $ 3,974,295 $ 4,021,964 $ 3,594,136 Long-lived assets from continuing operations (excluding intangible assets): United States $ 313,733 $ 289,080 International(2): United Kingdom 68,396 34,736 European Union countries 66,635 76,542 Asia 13,928 22,314 Other foreign countries 21,856 25,774 Total international 170,815 159,366 Total consolidated $ 484,548 $ 448,446 (1) Includes U.S. export sales of $1,090.7 million in 2015, $1,148.1 million in 2014 and $1,037.0 million in 2013. (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, 2015 | |
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 $0.7 million, $1.1 million and $1.0 million for 2015, 2014 and 2013, respectively. Income taxes paid in 2015, 2014 and 2013 were $157.8 million, $211.6 million and $173.4 million, respectively. Cash paid for interest was $90.8 million, $74.9 million and $72.7 million in 2015, 2014 and 2013, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 17. Stockholders’ Equity 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 the 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. In 2015, the Company repurchased approximately 7,978,000 shares of common stock for $435.4 million in cash under its share repurchase authorization. On both April 1 and November 4, 2015, the Company’s Board of Directors approved an increase of $350 million in the authorization for the repurchase of Company’s common stock. At December 31, 2015, $311.7 million was available under the Company’s Board of Directors authorization for future share repurchases. At December 31, 2015, the Company held 25.2 million shares in its treasury at a cost of $885.4 million, compared with 17.5 million shares at a cost of $457.8 million at December 31, 2014. The number of shares outstanding at December 31, 2015 was 235.5 million shares, compared with 241.3 million shares at December 31, 2014. 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. |
2015 Restructuring Charges
2015 Restructuring Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
2015 Restructuring Charges | 18. 2015 Restructuring Charges During the first quarter of 2015, the Company recorded pre-tax restructuring 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 the consolidated statement of income as follows: $15.8 million in Cost of sales, excluding depreciation and $0.1 million in Selling, general and administrative expenses. 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 actions primarily related to a reduction in workforce in response to the weak global economy on certain of the Company’s businesses and the effects of a continued strong U.S. dollar. The restructuring activities have been broadly implemented across the Company’s various businesses with all actions expected to be completed in the first half of 2016. During the fourth quarter of 2015, the Company recorded pre-tax restructuring charges totaling $20.7 million, which had the effect of reducing net income by $13.9 million ($0.06 per diluted share). The restructuring charges were reported in the consolidated statement of income as follows: $20.0 million in Cost of sales, excluding depreciation and $0.7 million in Selling, general and administrative expenses. The restructuring charges were reported in segment operating income as follows: $9.3 million in EIG, $10.8 million in EMG and $0.7 million in corporate administrative expenses. The restructuring actions primarily related to a reduction in workforce in response to the weak global economy on certain of the Company’s businesses and the effects of a continued strong U.S. dollar. The restructuring activities will be broadly implemented across the Company’s various businesses in the first half of 2016, with all actions expected to be completed in the second half of 2017. Accrued liabilities in the Company’s consolidated balance sheet included amounts related to the 2015 restructuring charges as follows (in millions): First Quarter of 2015 Fourth Quarter of 2015 Total Balance at December 31, 2014 $ — $ — $ — Pre-tax charges 15.9 20.7 36.6 Utilization (10.8 ) (1.4 ) (12.2 ) Foreign currency translation and other (0.1 ) — (0.1 ) Balance at December 31, 2015 $ 5.0 $ 19.3 $ 24.3 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 19. Quarterly Financial Data (Unaudited) First Second Third Fourth Total Year (In thousands, except per share amounts) 2015 Net sales $ 984,059 $ 1,003,726 $ 998,527 $ 987,983 $ 3,974,295 Operating income(1) $ 220,952 $ 240,319 $ 237,615 $ 208,830 $ 907,716 Net income(1) $ 142,107 $ 155,513 $ 156,398 $ 136,841 $ 590,859 Basic earnings per share(1)(3) $ 0.59 $ 0.64 $ 0.65 $ 0.58 $ 2.46 Diluted earnings per share(1)(3) $ 0.59 $ 0.64 $ 0.65 $ 0.57 $ 2.45 Dividends paid per share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 2014 Net sales $ 975,292 $ 990,718 $ 1,031,811 $ 1,024,143 $ 4,021,964 Operating income(2) $ 221,631 $ 231,728 $ 218,143 $ 227,084 $ 898,586 Net income(2) $ 140,586 $ 150,063 $ 141,811 $ 152,000 $ 584,460 Basic earnings per share(2)(3) $ 0.57 $ 0.61 $ 0.58 $ 0.62 $ 2.39 Diluted earnings per share(2)(3) $ 0.57 $ 0.61 $ 0.57 $ 0.62 $ 2.37 Dividends paid per share $ 0.06 $ 0.09 $ 0.09 $ 0.09 $ 0.33 (1) During 2015, the Company recorded pre-tax restructuring charges totaling $36.6 million, with $15.9 million recorded in the first quarter of 2015 and $20.7 million recorded in the fourth quarter of 2015. The restructuring charges had the effect of reducing net income for 2015 by $24.7 million ($0.10 per diluted share), with $10.8 million net income reduction ($0.04 per diluted share) in the first quarter of 2015 and $13.9 million net income reduction ($0.06 per diluted share) in the fourth quarter of 2015. See Note 18. (2) During 2014, the Company recorded pre-tax “Zygo integration costs” totaling $18.9 million, with $13.7 million recorded in the third quarter of 2014 and $5.2 million recorded in the fourth quarter of 2014, related to the Zygo acquisition. The Zygo integration costs comprised of $10.4 million in severance charges, with $9.1 million recorded in the third quarter of 2014 and $1.3 million recorded in the fourth quarter of 2014, a $4.5 million fair value inventory adjustment recorded in the third quarter of 2014 and $4.0 million in other charges recorded in the fourth quarter of 2014. The Zygo integration costs had the effect of reducing net income for 2014 by $13.9 million ($0.05 per diluted share), with $10.7 million net income reduction ($0.05 per diluted share) in the third quarter of 2014 and $3.2 million net income reduction ($0.01 per diluted share) in the fourth quarter of 2014. (3) 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. |
Recent Accounting Pronounceme29
Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Amendments to the Consolidation Analysis | In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis 2015-02”). 2015-02 2015-02 2014-02 2015-02 |
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 and assumptions. |
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, 2015 and 2014, 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, 2015 and 2014 was $8.5 million ($9.9 million cost basis) and $9.2 million ($9.9 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 $8.6 million and $10.4 million at December 31, 2015 and 2014, respectively. See Note 7. |
Inventories | Inventories The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for 82% of its inventories at December 31, 2015. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 18% of the Company’s inventory at December 31, 2015. For inventories where cost is determined by the LIFO method, the excess of the FIFO value over the LIFO value was $19.4 million and $24.4 million at December 31, 2015 and 2014, 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 |
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 its operating segments. Generally, goodwill arises from acquisitions of specific operating companies and is assigned to the reporting unit in which a particular operating company resides. The Company’s reporting units are composed of divisions and are one level below its operating segments 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 2015, 2014 and 2013 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 five 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 two 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. 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. 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 from Contracts with Customers | 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, 2015 and 2014, the accrual for future warranty obligations was $22.8 million and $29.8 million, respectively. The Company’s expense for warranty obligations was $14.8 million in 2015, $16.5 million in 2014 and $15.1 million in 2013. 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 $116.3 million in 2015, $119.3 million in 2014 and $93.9 million in 2013. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in Cost of sales, excluding depreciation and were $50.5 million in 2015, $49.0 million in 2014 and $41.9 million in 2013. |
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: 2015 2014 2013 (In thousands) Weighted average shares: Basic shares 239,906 244,885 243,915 Equity-based compensation plans 1,680 2,217 2,150 Diluted shares 241,586 247,102 246,065 |
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 2014-08 ASU 2013-08 |
Revenue from Contracts with Customers | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 2014-09”). 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09. 2014-09 |
Simplifying the Presentation of Debt Issuance Costs | In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs 2015-03”). 2015-03 2015-03 2015-03 |
Customer's Accounting for Fees Paid in a Cloud Computing Arrangement | In April 2015, the FASB issued ASU No. 2015-05 , Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement 2015-05”). 2015-05 2015-05 |
Simplifying the Measurement of Inventory | In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory 2015-11”), 2015-11 2015-11 |
Simplifying the Accounting for Measurement-Period Adjustments | In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments 2015-16”). 2015-16 2015-16 2015-16 |
Balance Sheet Classification of Deferred Taxes | In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes 2015-17”). 2015-17 2015-17 2015-17 2015-17 |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 (In thousands) Weighted average shares: Basic shares 239,906 244,885 243,915 Equity-based compensation plans 1,680 2,217 2,150 Diluted shares 241,586 247,102 246,065 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 December 31, 2015 and 2014, consistent with the fair value hierarchy: December 31, 2015 December 31, 2014 Fair Value Fair Value (In thousands) Fixed-income investments $ 8,482 $ 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 December 31, 2015 and 2014: December 31, 2015 December 31, 2014 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Short-term borrowings $ (314,100 ) $ (314,100 ) $ (88,100 ) $ (88,100 ) Long-term debt (including current portion) (1,628,020 ) (1,686,502 ) (1,625,926 ) (1,768,439 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 $ 53.4 Goodwill 153.5 Other intangible assets 161.0 Deferred income taxes (24.4 ) Long-term liabilities (19.6 ) Net working capital and other* 32.6 Total purchase price $ 356.5 * Includes $28.7 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal. |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 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: EIG EMG Total (In millions) Balance at December 31, 2013 $ 1,410.8 $ 997.6 $ 2,408.4 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 1,646.7 967.3 2,614.0 Goodwill acquired 64.0 89.5 153.5 Purchase price allocation adjustments and other (2.3 ) — (2.3 ) Foreign currency translation adjustments (30.2 ) (28.4 ) (58.6 ) Balance at December 31, 2015 $ 1,678.2 $ 1,028.4 $ 2,706.6 |
Other Intangible Assets | Other intangible assets were as follows at December 31: 2015 2014 (In thousands) Definite-lived intangible assets (subject to amortization): Patents $ 51,059 $ 53,474 Purchased technology 266,644 239,775 Customer lists 1,256,379 1,182,152 Other acquired intangibles 26,142 20,270 1,600,224 1,495,671 Accumulated amortization: Patents (34,745 ) (35,004 ) Purchased technology (73,809 ) (63,078 ) Customer lists (306,558 ) (243,169 ) Other acquired intangibles (24,791 ) (26,349 ) (439,903 ) (367,600 ) Net intangible assets subject to amortization 1,160,321 1,128,071 Indefinite-lived intangible assets (not subject to amortization): Trademarks and trade names 512,640 497,490 $ 1,672,961 $ 1,625,561 |
Other Consolidated Balance Sh34
Other Consolidated Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Other Consolidated Balance Sheet Information | INVENTORIES, NET Finished goods and parts $ 83,229 $ 80,307 Work in process 105,259 94,298 Raw materials and purchased parts 325,963 321,291 $ 514,451 $ 495,896 PROPERTY, PLANT AND EQUIPMENT, NET Land $ 41,951 $ 38,340 Buildings 293,002 281,336 Machinery and equipment 849,658 793,580 1,184,611 1,113,256 Less: Accumulated depreciation (700,063 ) (664,810 ) $ 484,548 $ 448,446 ACCRUED LIABILITIES Employee compensation and benefits $ 93,232 $ 94,478 Product warranty obligation 22,761 29,764 Restructuring 29,203 14,864 Other 95,808 97,473 $ 241,004 $ 236,579 2015 2014 2013 (In thousands) ALLOWANCES FOR POSSIBLE LOSSES ON ACCOUNTS Balance at the beginning of the year $ 10,446 $ 9,547 $ 10,754 Additions charged to expense 630 2,974 1,939 Write-offs (1,872 ) (2,243 ) (3,503 ) Currency translation adjustments and other (649 ) 168 357 Balance at the end of the year $ 8,555 $ 10,446 $ 9,547 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 (In thousands) Income before income taxes: Domestic $ 502,292 $ 495,516 $ 443,278 Foreign 304,088 309,316 281,517 Total $ 806,380 $ 804,832 $ 724,795 Provision for income taxes: Current: Federal $ 130,996 $ 128,635 $ 133,574 Foreign 66,691 60,606 64,077 State 11,376 12,461 13,083 Total current 209,063 201,702 210,734 Deferred: Federal 1,711 19,870 7,899 Foreign (3,611 ) 1,552 (3,592 ) State 8,358 (2,752 ) (7,245 ) Total deferred 6,458 18,670 (2,938 ) Total provision $ 215,521 $ 220,372 $ 207,796 |
Components of Deferred Tax (Asset) Liability | Significant components of the deferred tax (asset) liability were as follows at December 31: 2015 2014 (In thousands) Current deferred tax (asset) liability: Reserves not currently deductible $ (37,771 ) $ (32,552 ) Share-based compensation (7,218 ) (6,871 ) Net operating loss carryforwards (368 ) (3,570 ) Foreign tax credit carryforwards — (42 ) Other 353 (467 ) (45,004 ) (43,502 ) Portion included in other current liabilities (1,720 ) (1,551 ) Gross current deferred tax asset (46,724 ) (45,053 ) Noncurrent deferred tax (asset) liability: Differences in basis of property and accelerated depreciation 57,581 47,345 Reserves not currently deductible (28,809 ) (29,514 ) Pensions 6,736 16,025 Differences in basis of intangible assets and accelerated amortization 597,266 586,960 Net operating loss carryforwards (5,722 ) (7,200 ) Share-based compensation (11,607 ) (10,858 ) Foreign tax credit carryforwards — (2,157 ) Other 1,411 546 616,856 601,147 Less: Valuation allowance 2,840 7,708 619,696 608,855 Portion included in noncurrent assets 4,350 9,530 Gross noncurrent deferred tax liability 624,046 618,385 Net deferred tax liability $ 577,322 $ 573,332 |
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: 2015 2014 2013 U.S. Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal income tax benefit 1.2 0.9 1.0 Foreign operations, net (6.8 ) (6.1 ) (5.8 ) U.S. Manufacturing deduction and credits (2.4 ) (2.2 ) (1.8 ) Other (0.3 ) (0.2 ) 0.3 Consolidated effective tax rate 26.7 % 27.4 % 28.7 % |
Reconciliation of Liability for Uncertain Tax Positions | The following is a reconciliation of the liability for uncertain tax positions at December 31: 2015 2014 2013 (In millions) Balance at the beginning of the year $ 71.7 $ 55.2 $ 36.2 Additions for tax positions related to the current year 8.8 10.7 11.7 Additions for tax positions of prior years 1.3 16.8 15.1 Reductions for tax positions of prior years (7.1 ) (1.7 ) (1.8 ) Reductions related to settlements with taxing authorities (8.3 ) (0.4 ) (2.5 ) Reductions due to statute expirations (2.6 ) (8.9 ) (3.5 ) Balance at the end of the year $ 63.8 $ 71.7 $ 55.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term debt consisted of the following at December 31: 2015 2014 (In thousands) U.S. dollar 6.59% senior notes due September 2015 $ — $ 90,000 U.S. dollar 6.69% senior notes due December 2015 — 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 300,000 300,000 U.S. dollar 3.91% senior notes due June 2025 50,000 — U.S. dollar 3.96% senior notes due August 2025 100,000 — U.S. dollar 3.83% senior notes due September 2026 100,000 100,000 U.S. dollar 3.98% senior notes due September 2029 100,000 100,000 U.S. dollar 4.45% senior notes due August 2035 50,000 — British pound 5.99% senior note due November 2016 59,049 62,249 British pound 4.68% senior note due September 2020 118,098 124,494 Euro 3.94% senior note due August 2015 — 60,790 Swiss franc 2.44% senior note due December 2021 55,024 55,600 Revolving credit loan 314,100 88,100 Other, principally foreign 20,849 22,793 Total debt 1,942,120 1,714,026 Less: Current portion (386,075 ) (286,201 ) Total long-term debt $ 1,556,045 $ 1,427,825 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 Expected volatility 22.3 % 23.9 % 28.1 % Expected term (years) 5.0 5.0 5.0 Risk-free interest rate 1.58 % 1.63 % 0.75 % Expected dividend yield 0.69 % 0.45 % 0.57 % Black-Scholes-Merton fair value per stock option granted $ 10.89 $ 12.21 $ 10.17 |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows for the years ended December 31: 2015 2014 2013 (In thousands) Stock option expense $ 10,955 $ 9,130 $ 10,776 Restricted stock expense 12,807 10,741 10,815 Total pre-tax expense 23,762 19,871 21,591 Related tax benefit (7,623 ) (6,154 ) (6,964 ) Reduction of net income $ 16,139 $ 13,717 $ 14,627 |
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, 2015: Shares Weighted Price Weighted Life Aggregate Value (In thousands) (Years) (In millions) Outstanding at the beginning of the year 6,362 $ 31.47 Granted 1,326 52.30 Exercised (1,889 ) 20.91 Forfeited (135 ) 46.91 Expired (5 ) 49.54 Outstanding at the end of the year 5,659 $ 39.49 4.0 $ 79.8 Exercisable at the end of the year 2,942 $ 30.94 2.7 $ 66.6 |
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, 2015: Shares Weighted Average Fair Value (In thousands) Nonvested stock options outstanding at the beginning of the year 2,535 $ 10.38 Granted 1,326 10.89 Vested (1,009 ) 10.16 Forfeited (135 ) 10.83 Nonvested stock options outstanding at the end of the year 2,717 $ 10.85 |
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, 2015: Shares Weighted Average Fair Value (In thousands) Nonvested restricted stock outstanding at the beginning of the year 1,105 $ 41.08 Granted 336 52.31 Vested (311 ) 34.18 Forfeited (69 ) 44.89 Nonvested restricted stock outstanding at the end of the year 1,061 $ 46.32 |
Retirement Plans and Other Po38
Retirement Plans and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 (In thousands) Change in projected benefit obligation: Net projected benefit obligation at the beginning of the year $ 491,373 $ 428,675 Service cost 3,924 3,208 Interest cost 20,761 21,000 Actuarial (gains) losses (27,605 ) 65,417 Gross benefits paid (27,930 ) (26,927 ) Acquisition 11,954 — Net projected benefit obligation at the end of the year $ 472,477 $ 491,373 Change in plan assets: Fair value of plan assets at the beginning of the year $ 498,923 $ 518,388 Actual return on plan assets (21,020 ) 7,094 Employer contributions 50,726 368 Gross benefits paid (27,930 ) (26,927 ) Acquisition 8,076 — Fair value of plan assets at the end of the year $ 508,775 $ 498,923 Foreign Defined Benefit Pension Plans: 2015 2014 (In thousands) Change in projected benefit obligation: Net projected benefit obligation at the beginning of the year $ 197,671 $ 185,178 Service cost 3,076 2,945 Interest cost 7,910 7,931 Foreign currency translation adjustment (14,337 ) (15,961 ) Employee contributions 303 339 Actuarial (gains) losses (6,892 ) 23,903 Expenses paid from assets (610 ) — Gross benefits paid (8,064 ) (6,664 ) Acquisition 64,867 — Net projected benefit obligation at the end of the year $ 243,924 $ 197,671 Change in plan assets: Fair value of plan assets at the beginning of the year $ 159,907 $ 165,420 Actual return on plan assets 7,471 6,628 Employer contributions 4,490 5,361 Employee contributions 303 339 Foreign currency translation adjustment (10,584 ) (11,177 ) Expenses paid from assets (610 ) — Gross benefits paid (8,064 ) (6,664 ) Acquisition 60,383 — Fair value of plan assets at the end of the year $ 213,296 $ 159,907 |
Accumulated Benefit Obligation ("ABO") | The accumulated benefit obligation consisted of the following at December 31: U.S. Defined Benefit Pension Plans: 2015 2014 (In thousands) Funded plans $ 454,498 $ 471,960 Unfunded plans 5,481 5,915 Total $ 459,979 $ 477,875 Foreign Defined Benefit Pension Plans: 2015 2014 (In thousands) Funded plans $ 203,229 $ 154,200 Unfunded plans 30,327 32,845 Total $ 233,556 $ 187,045 |
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 2015 2014 2015 2014 (In thousands) Benefit obligation $ 5,481 $ 25,790 $ 5,481 $ 25,790 Fair value of plan assets — 17,182 — 17,182 Foreign Defined Benefit Pension Plans: Projected Benefit Fair Value of Assets Accumulated Benefit 2015 2014 2015 2014 (In thousands) Benefit obligation $ 161,711 $ 111,095 $ 155,169 $ 104,196 Fair value of plan assets 119,045 63,496 119,045 63,496 |
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: 2015 2014 (In thousands) Funded status asset (liability): Fair value of plan assets $ 722,071 $ 658,830 Projected benefit obligation (716,401 ) (689,044 ) Funded status at the end of the year $ 5,670 $ (30,214 ) Amounts recognized in the consolidated balance sheet consisted of: Noncurrent asset for pension benefits (other assets) $ 53,817 $ 25,993 Current liabilities for pension benefits (1,001 ) (1,139 ) Noncurrent liability for pension benefits (47,146 ) (55,068 ) Net amount recognized at the end of the year $ 5,670 $ (30,214 ) |
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: 2015 2014 (In thousands) Net actuarial loss $ 156,351 $ 143,380 Prior service costs (1,321 ) (1,407 ) Transition asset 8 9 Total recognized $ 155,038 $ 141,982 |
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: 2015 2014 2013 (In thousands) Defined benefit plans: Service cost $ 7,000 $ 6,153 $ 6,323 Interest cost 28,670 28,931 26,000 Expected return on plan assets (54,819 ) (50,196 ) (45,008 ) Amortization of: Net actuarial loss 9,383 4,483 13,484 Prior service costs (55 ) (51 ) (35 ) Transition asset 1 1 (1 ) Total net periodic benefit (income) expense (9,820 ) (10,679 ) 763 Other plans: Defined contribution plans 22,750 20,714 18,195 Foreign plans and other 4,800 5,325 5,151 Total other plans 27,550 26,039 23,346 Total net pension expense $ 17,730 $ 15,360 $ 24,109 |
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: 2015 2014 U.S. Defined Benefit Pension Plans: Discount rate 4.80 % 4.20 % Rate of compensation increase (where applicable) 3.75 % 3.75 % Foreign Defined Benefit Pension Plans: Discount rate 3.62 % 3.44 % Rate of compensation increase (where applicable) 2.88 % 2.88 % |
Fair Value of Plan Assets | The following is a summary of the fair value of plan assets for U.S. plans at December 31, 2015 and 2014. December 31, 2015 December 31, 2014 Asset Class Total Level 1 Level 2 Total Level 1 Level 2 (In thousands) Cash and temporary investments $ 3,542 $ — $ 3,542 $ 2,413 $ — $ 2,413 Equity securities: AMETEK common stock 27,515 27,515 — 26,979 26,979 — U.S. Small cap common stocks 31,780 31,780 — 31,629 31,629 — U.S. Large cap common stocks 101,709 61,331 40,378 105,288 67,484 37,804 Diversified common stocks — Global 91,590 — 91,590 93,558 — 93,558 Fixed-income securities and other: U.S. Corporate 23,470 8,660 14,810 24,162 7,290 16,872 U.S. Government 7,327 5,308 2,019 4,917 3,840 1,077 Global asset allocation(1) 221,842 170,495 51,347 187,202 111,860 75,342 Inflation related funds — — — 13,729 — 13,729 Alternative investments: Inflation related pooled investment fund — — — 9,046 — — Total investments $ 508,775 $ 305,089 $ 203,686 $ 498,923 $ 249,082 $ 240,795 (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 (In thousands) 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 (losses) relating to assets sold during the year — Purchases, sales, issuances and settlements, net — Balance, December 31, 2014 9,046 Actual return on assets: Unrealized (losses) relating to instruments still held at the end of the year (600 ) Realized gains (losses) relating to assets sold during the year — Purchases, sales, issuances and settlements, net (8,446 ) Balance, December 31, 2015 $ — |
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, 2015 and 2014. December 31, 2015 December 31, 2014 Asset Class Total Level 2 Total Level 2 (In thousands) Cash $ 5,270 $ 5,270 $ 5,153 $ 5,153 U.S. Mutual equity funds 8,927 8,927 15,400 15,400 Foreign mutual equity funds 36,463 36,463 94,444 94,444 Global mixed asset funds 96,284 96,284 — — Real estate 7,266 7,266 4,032 4,032 Mutual bond funds — Global 38,600 38,600 31,990 31,990 Life insurance 20,486 — 8,888 — Total investments $ 213,296 $ 192,810 $ 159,907 $ 151,019 |
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, 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 Actual return on assets: Unrealized (losses) relating to instruments still held at the end of the year (980 ) Realized gains (losses) relating to assets sold during the year — Purchases, sales, issuances and settlements, net 12,578 Balance, December 31, 2015 $ 20,486 |
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: 2015 2014 2013 U.S. Defined Benefit Pension Plans: Discount rate 4.20 % 5.00 % 4.10 % Expected return on plan assets 7.75 % 7.75 % 7.75 % Rate of compensation increase (where applicable) 3.75 % 3.75 % 3.75 % Foreign Defined Benefit Pension Plans: Discount rate 3.44 % 4.38 % 4.44 % Expected return on plan assets 6.92 % 6.93 % 6.91 % Rate of compensation increase (where applicable) 2.88 % 2.92 % 2.89 % |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Changes in Accrued Product Warranty Obligation | Changes in the accrued product warranty obligation were as follows at December 31: 2015 2014 2013 (In thousands) Balance at the beginning of the year $ 29,764 $ 28,036 $ 27,792 Accruals for warranties issued during the year 14,817 16,463 15,143 Settlements made during the year (19,905 ) (17,636 ) (17,039 ) Warranty accruals related to acquired businesses and other during the year (1,915 ) 2,901 2,140 Balance at the end of the year $ 22,761 $ 29,764 $ 28,036 |
Reportable Segments and Geogr40
Reportable Segments and Geographic Areas Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segment Financial Information | Reportable Segment Financial Information 2015 2014 2013 (In thousands) Net sales(1): Electronic Instruments $ 2,417,192 $ 2,421,638 $ 2,034,594 Electromechanical 1,557,103 1,600,326 1,559,542 Consolidated net sales $ 3,974,295 $ 4,021,964 $ 3,594,136 Operating income and income before income taxes: Segment operating income(2): Electronic Instruments $ 639,399 $ 612,992 $ 552,110 Electromechanical 318,098 335,046 309,402 Total segment operating income 957,497 948,038 861,512 Corporate administrative and other expenses (49,781 ) (49,452 ) (46,433 ) Consolidated operating income 907,716 898,586 815,079 Interest and other expenses, net (101,336 ) (93,754 ) (90,284 ) Consolidated income before income taxes $ 806,380 $ 804,832 $ 724,795 Assets: Electronic Instruments $ 3,827,182 $ 3,752,247 Electromechanical 2,541,253 2,366,083 Total segment assets 6,368,435 6,118,330 Corporate 296,095 302,633 Consolidated assets $ 6,664,530 $ 6,420,963 Additions to property, plant and equipment(3): Electronic Instruments $ 32,069 $ 95,787 $ 37,597 Electromechanical 88,369 35,404 35,025 Total segment additions to property, plant and equipment 120,438 131,191 72,622 Corporate 2,121 1,966 3,021 Consolidated additions to property, plant and equipment $ 122,559 $ 133,157 $ 75,643 Depreciation and amortization: Electronic Instruments $ 83,832 $ 75,364 $ 57,808 Electromechanical 64,539 61,770 59,988 Total segment depreciation and amortization 148,371 137,134 117,796 Corporate 1,089 1,450 861 Consolidated depreciation and amortization $ 149,460 $ 138,584 $ 118,657 (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 $53.4 million in 2015, $61.8 million in 2014 and $12.3 million in 2013 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, 2015, 2014 and 2013 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. 2015 2014 2013 (In thousands) Net sales: United States $ 1,919,611 $ 1,825,799 $ 1,609,661 International(1): United Kingdom 201,192 220,877 201,543 European Union countries 615,956 674,608 627,116 Asia 789,435 806,926 679,490 Other foreign countries 448,101 493,754 476,326 Total international 2,054,684 2,196,165 1,984,475 Total consolidated $ 3,974,295 $ 4,021,964 $ 3,594,136 Long-lived assets from continuing operations (excluding intangible assets): United States $ 313,733 $ 289,080 International(2): United Kingdom 68,396 34,736 European Union countries 66,635 76,542 Asia 13,928 22,314 Other foreign countries 21,856 25,774 Total international 170,815 159,366 Total consolidated $ 484,548 $ 448,446 (1) Includes U.S. export sales of $1,090.7 million in 2015, $1,148.1 million in 2014 and $1,037.0 million in 2013. (2) Represents long-lived assets of foreign-based operations only. |
2015 Restructuring Charges (Tab
2015 Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Accrued Liabilities in Company's Consolidated Balance Sheet Included Amounts Related to Restructuring Charges | Accrued liabilities in the Company’s consolidated balance sheet included amounts related to the 2015 restructuring charges as follows (in millions): First Quarter of 2015 Fourth Quarter of 2015 Total Balance at December 31, 2014 $ — $ — $ — Pre-tax charges 15.9 20.7 36.6 Utilization (10.8 ) (1.4 ) (12.2 ) Foreign currency translation and other (0.1 ) — (0.1 ) Balance at December 31, 2015 $ 5.0 $ 19.3 $ 24.3 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | First Second Third Fourth Total Year (In thousands, except per share amounts) 2015 Net sales $ 984,059 $ 1,003,726 $ 998,527 $ 987,983 $ 3,974,295 Operating income(1) $ 220,952 $ 240,319 $ 237,615 $ 208,830 $ 907,716 Net income(1) $ 142,107 $ 155,513 $ 156,398 $ 136,841 $ 590,859 Basic earnings per share(1)(3) $ 0.59 $ 0.64 $ 0.65 $ 0.58 $ 2.46 Diluted earnings per share(1)(3) $ 0.59 $ 0.64 $ 0.65 $ 0.57 $ 2.45 Dividends paid per share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 2014 Net sales $ 975,292 $ 990,718 $ 1,031,811 $ 1,024,143 $ 4,021,964 Operating income(2) $ 221,631 $ 231,728 $ 218,143 $ 227,084 $ 898,586 Net income(2) $ 140,586 $ 150,063 $ 141,811 $ 152,000 $ 584,460 Basic earnings per share(2)(3) $ 0.57 $ 0.61 $ 0.58 $ 0.62 $ 2.39 Diluted earnings per share(2)(3) $ 0.57 $ 0.61 $ 0.57 $ 0.62 $ 2.37 Dividends paid per share $ 0.06 $ 0.09 $ 0.09 $ 0.09 $ 0.33 (1) During 2015, the Company recorded pre-tax restructuring charges totaling $36.6 million, with $15.9 million recorded in the first quarter of 2015 and $20.7 million recorded in the fourth quarter of 2015. The restructuring charges had the effect of reducing net income for 2015 by $24.7 million ($0.10 per diluted share), with $10.8 million net income reduction ($0.04 per diluted share) in the first quarter of 2015 and $13.9 million net income reduction ($0.06 per diluted share) in the fourth quarter of 2015. See Note 18. (2) During 2014, the Company recorded pre-tax “Zygo integration costs” totaling $18.9 million, with $13.7 million recorded in the third quarter of 2014 and $5.2 million recorded in the fourth quarter of 2014, related to the Zygo acquisition. The Zygo integration costs comprised of $10.4 million in severance charges, with $9.1 million recorded in the third quarter of 2014 and $1.3 million recorded in the fourth quarter of 2014, a $4.5 million fair value inventory adjustment recorded in the third quarter of 2014 and $4.0 million in other charges recorded in the fourth quarter of 2014. The Zygo integration costs had the effect of reducing net income for 2014 by $13.9 million ($0.05 per diluted share), with $10.7 million net income reduction ($0.05 per diluted share) in the third quarter of 2014 and $3.2 million net income reduction ($0.01 per diluted share) in the fourth quarter of 2014. (3) The sum of quarterly earnings per share may not equal total year earnings per share due to rounding of earnings per share amounts, and differences in weighted average shares and equivalent shares outstanding for each of the periods presented. |
Significant Accounting Polici43
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | ||||
Maturity period of liquid investments | Three months or less | |||
Aggregate market value of fixed-income mutual fund | $ 8,500 | $ 9,200 | ||
Amortized cost of investment | 9,900 | 9,900 | ||
Allowance for possible losses on receivables | $ 8,555 | 10,446 | $ 9,547 | $ 10,754 |
Percentage of FIFO method of inventory in total inventory | 82.00% | |||
Percentage of LIFO method of inventory in total inventory | 18.00% | |||
Excess of the FIFO value over the LIFO value | $ 19,400 | 24,400 | ||
Accrual for future warranty obligations | 22,761 | 29,764 | 28,036 | $ 27,792 |
Expense for warranty obligations | $ 14,817 | 16,463 | 15,143 | |
Product warranty period | 1 year | |||
Research and development costs | $ 116,300 | 119,300 | 93,900 | |
Shipping and handling costs | $ 50,500 | $ 49,000 | $ 41,900 | |
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 | 5 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 | 2 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 Polici44
Significant Accounting Policies - Number of Weighted Average Shares (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted average shares: | |||
Basic shares | 239,906 | 244,885 | 243,915 |
Equity-based compensation plans | 1,680 | 2,217 | 2,150 |
Diluted shares | 241,586 | 247,102 | 246,065 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed-income investments | $ 8,482 | $ 9,219 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2015USD ($) |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 |
Fair Value Measurements - Fai47
Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recorded Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ (314,100) | $ (88,100) |
Long-term debt (including current portion) | (1,628,020) | (1,625,926) |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | (314,100) | (88,100) |
Long-term debt (including current portion) | $ (1,686,502) | $ (1,768,439) |
Hedging Activities - Additional
Hedging Activities - Additional Information (Detail) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Percentage of effectiveness on net investment hedges | 100.00% | |||
Currency remeasurement gains | $ 14.4 | $ 20.2 | ||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Euro-Denominated Loans [Member] | ||||
Derivative [Line Items] | ||||
Hedge against net investment in foreign subsidiaries | 60.8 | |||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | British-Pound-Denominated Loans [Member] | ||||
Derivative [Line Items] | ||||
Hedge against net investment in foreign subsidiaries | $ 177.1 | $ 186.7 | ||
Euro Loan [Member] | ||||
Derivative [Line Items] | ||||
Payment of debt | $ 56.4 | € 50 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Total other intangible assets acquired | $ 161 | |||
Indefinite-lived intangible trademarks and trade names acquired | 20.6 | |||
Finite-lived intangible assets acquired | 140.4 | |||
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 101.4 | |||
Customer Relationships [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortization period for finite-lived intangible asset | 18 years | |||
Customer Relationships [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortization period for finite-lived intangible asset | 20 years | |||
Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 5.8 | |||
Trade Names [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortization period for finite-lived intangible asset | 2 years | |||
Trade Names [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortization period for finite-lived intangible asset | 20 years | |||
Purchased Technology [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible assets acquired | $ 33.2 | |||
Purchased Technology [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortization period for finite-lived intangible asset | 15 years | |||
Purchased Technology [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortization period for finite-lived intangible asset | 20 years | |||
Global Tubes [Member] | ||||
Business Acquisition [Line Items] | ||||
Environmental liabilities related to estimated costs | $ 8.4 | |||
Global Tubes and Surface Inspection System Division [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount of cash paid for acquisitions | 356.5 | |||
Total other intangible assets acquired | 161 | |||
Future amortization expense, 2016 | 8 | |||
Future amortization expense, 2017 | 8 | |||
Future amortization expense, 2018 | 8 | |||
Future amortization expense, 2019 | 8 | |||
Future amortization expense, 2020 | 8 | |||
Surface Vision [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill recorded in connection with acquisitions | $ 64 | |||
Controls Southeast, Creaform and Powervar [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount of cash paid for acquisitions | $ 414.3 | |||
Teseq Group, VTI Instruments, Luphos GmbH, Zygo Corporation and Amptek,Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount of cash paid for acquisitions | $ 573.6 | |||
Brookfield Engineering Laboratories (Brookfield) [Member] | Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount of cash paid for acquisitions | $ 167 | |||
Estimated annual sales | 55 | |||
ESP/SurgeX [Member] | Subsequent Event [Member] | ||||
Business Acquisition [Line Items] | ||||
Amount of cash paid for acquisitions | 130 | |||
Estimated annual sales | $ 40 |
Acquisitions - Allocation of Ag
Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,706,633 | $ 2,614,030 | $ 2,408,400 |
Other intangible assets | 161,000 | ||
Global Tubes and Surface Inspection System Division [Member] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment | 53,400 | ||
Goodwill | 153,500 | ||
Other intangible assets | 161,000 | ||
Deferred income taxes | (24,400) | ||
Long-term liabilities | (19,600) | ||
Net working capital and other | 32,600 | ||
Total purchase price | $ 356,500 |
Acquisitions - Allocation of 51
Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Parenthetical) (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Business Combinations [Abstract] | |
Accounts receivable included in purchase price | $ 28.7 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets - Changes in Carrying Amounts of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, beginning balance | $ 2,614,030 | $ 2,408,400 |
Goodwill acquired | 153,500 | 272,100 |
Purchase price allocation adjustments and other | (2,300) | (400) |
Foreign currency translation adjustments | (58,600) | (66,100) |
Goodwill, ending balance | 2,706,633 | 2,614,030 |
Electronic Instruments Group [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 1,646,700 | 1,410,800 |
Goodwill acquired | 64,000 | 272,100 |
Purchase price allocation adjustments and other | (2,300) | (400) |
Foreign currency translation adjustments | (30,200) | (35,800) |
Goodwill, ending balance | 1,678,200 | 1,646,700 |
Electromechanical Group [Member] | ||
Goodwill [Line Items] | ||
Goodwill, beginning balance | 967,300 | 997,600 |
Goodwill acquired | 89,500 | |
Foreign currency translation adjustments | (28,400) | (30,300) |
Goodwill, ending balance | $ 1,028,400 | $ 967,300 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | $ 1,600,224 | $ 1,495,671 |
Accumulated amortization | (439,903) | (367,600) |
Net intangible assets subject to amortization | 1,160,321 | 1,128,071 |
Total | 1,672,961 | 1,625,561 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets (not subject to amortization) | 512,640 | 497,490 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | 51,059 | 53,474 |
Accumulated amortization | (34,745) | (35,004) |
Purchased Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | 266,644 | 239,775 |
Accumulated amortization | (73,809) | (63,078) |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | 1,256,379 | 1,182,152 |
Accumulated amortization | (306,558) | (243,169) |
Other Acquired Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets (subject to amortization) | 26,142 | 20,270 |
Accumulated amortization | $ (24,791) | $ (26,349) |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 80.8 | $ 74.9 | $ 61.5 |
Future amortization expense, 2016 | 87 | ||
Future amortization expense, 2017 | 87 | ||
Future amortization expense, 2018 | 87 | ||
Future amortization expense, 2019 | 87 | ||
Future amortization expense, 2020 | $ 87 |
Other Consolidated Balance Sh55
Other Consolidated Balance Sheet Information - Other Consolidated Balance Sheet Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
INVENTORIES, NET | ||||
Finished goods and parts | $ 83,229 | $ 80,307 | ||
Work in process | 105,259 | 94,298 | ||
Raw materials and purchased parts | 325,963 | 321,291 | ||
Total inventories | 514,451 | 495,896 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | ||||
Land | 41,951 | 38,340 | ||
Buildings | 293,002 | 281,336 | ||
Machinery and equipment | 849,658 | 793,580 | ||
Property, plant and equipment, gross | 1,184,611 | 1,113,256 | ||
Less: Accumulated depreciation | (700,063) | (664,810) | ||
Property, plant and equipment, Net | 484,548 | 448,446 | ||
ACCRUED LIABILITIES | ||||
Employee compensation and benefits | 93,232 | 94,478 | ||
Product warranty obligation | 22,761 | 29,764 | $ 28,036 | $ 27,792 |
Restructuring | 29,203 | 14,864 | ||
Other | 95,808 | 97,473 | ||
Total accrued liabilities | 241,004 | 236,579 | ||
ALLOWANCES FOR POSSIBLE LOSSES ON ACCOUNTS | ||||
Balance at the beginning of the year | 10,446 | 9,547 | 10,754 | |
Additions charged to expense | 630 | 2,974 | 1,939 | |
Write-offs | (1,872) | (2,243) | (3,503) | |
Currency translation adjustments and other | (649) | 168 | 357 | |
Balance at the end of the year | $ 8,555 | $ 10,446 | $ 9,547 |
Income Taxes - Components of In
Income Taxes - Components of Income before Income Taxes and Details of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income before income taxes: | |||
Domestic | $ 502,292 | $ 495,516 | $ 443,278 |
Foreign | 304,088 | 309,316 | 281,517 |
Income before income taxes | 806,380 | 804,832 | 724,795 |
Current: | |||
Federal | 130,996 | 128,635 | 133,574 |
Foreign | 66,691 | 60,606 | 64,077 |
State | 11,376 | 12,461 | 13,083 |
Total current | 209,063 | 201,702 | 210,734 |
Deferred: | |||
Federal | 1,711 | 19,870 | 7,899 |
Foreign | (3,611) | 1,552 | (3,592) |
State | 8,358 | (2,752) | (7,245) |
Total deferred | 6,458 | 18,670 | (2,938) |
Total provision | $ 215,521 | $ 220,372 | $ 207,796 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax (Asset) Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax (asset) liability: | ||
Net operating loss carryforwards | $ (6,100) | |
Gross current deferred tax asset | (45,004) | $ (43,502) |
Net current deferred tax asset | (46,724) | (45,053) |
Net operating loss carryforwards | (6,100) | |
Noncurrent deferred tax (asset) liability | 616,856 | 601,147 |
Less: Valuation allowance | 2,840 | 7,708 |
Gross noncurrent deferred tax liability | 619,696 | 608,855 |
Net noncurrent deferred tax liability | 624,046 | 618,385 |
Net deferred tax liability | 577,322 | 573,332 |
Other Current Liabilities [Member] | ||
Deferred tax (asset) liability: | ||
Gross current deferred tax asset | (1,720) | (1,551) |
Noncurrent Assets [Member] | ||
Deferred tax (asset) liability: | ||
Gross noncurrent deferred tax liability | 4,350 | 9,530 |
Current [Member] | ||
Deferred tax (asset) liability: | ||
Reserves not currently deductible | (37,771) | (32,552) |
Share-based compensation | (7,218) | (6,871) |
Net operating loss carryforwards | (368) | (3,570) |
Foreign tax credit carryforwards | (42) | |
Other | 353 | (467) |
Reserves not currently deductible | (37,771) | (32,552) |
Net operating loss carryforwards | (368) | (3,570) |
Share-based compensation | (7,218) | (6,871) |
Foreign tax credit carryforwards | (42) | |
Non Current [Member] | ||
Deferred tax (asset) liability: | ||
Reserves not currently deductible | (28,809) | (29,514) |
Share-based compensation | (11,607) | (10,858) |
Net operating loss carryforwards | (5,722) | (7,200) |
Foreign tax credit carryforwards | (2,157) | |
Differences in basis of property and accelerated depreciation | 57,581 | 47,345 |
Reserves not currently deductible | (28,809) | (29,514) |
Pensions | 6,736 | 16,025 |
Differences in basis of intangible assets and accelerated amortization | 597,266 | 586,960 |
Net operating loss carryforwards | (5,722) | (7,200) |
Share-based compensation | (11,607) | (10,858) |
Foreign tax credit carryforwards | (2,157) | |
Other | $ 1,411 | $ 546 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate to U.S. Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit | 1.20% | 0.90% | 1.00% |
Foreign operations, net | (6.80%) | (6.10%) | (5.80%) |
U.S. Manufacturing deduction and credits | (2.40%) | (2.20%) | (1.80%) |
Other | (0.30%) | (0.20%) | 0.30% |
Consolidated effective tax rate | 26.70% | 27.40% | 28.70% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Undistributed earnings of certain other subsidiaries | $ 6,900,000 | $ 993,200,000 | ||
Provision for deferred income tax | 6,458,000 | 18,670,000 | $ (2,938,000) | |
Net operating loss carryforwards | 6,100,000 | |||
Tax benefits related to tax credit carryforwards | 8,300,000 | |||
Valuation allowance | (4,900,000) | |||
Gross unrecognized tax benefits | 63,800,000 | 71,700,000 | 55,200,000 | $ 36,200,000 |
The total amount of unrecognized tax benefits that would impact tax rate, if recognized | 52,900,000 | 61,100,000 | ||
Interest and penalties accrued related to uncertain tax positions | 10,700,000 | 11,100,000 | ||
Expense (Benefit) of interest and penalties | $ (400,000) | 2,500,000 | $ 400,000 | |
Period between open tax years subject to tax audit | Three and six years | |||
Additions of tax, interest and penalties related to uncertain tax positions | $ 12,000,000 | 35,000,000 | ||
Tax and interest related to statute expirations and settlement of prior uncertain positions reversed | 20,300,000 | 16,000,000 | ||
Amount of tax, interest and penalties classified as a noncurrent liability | 69,600,000 | |||
Decrease of income tax expense | (6,100,000) | |||
Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 200,000 | |||
Operating loss carryforwards valuation allowance | 200,000 | |||
Tax credit carryforwards | 5,000,000 | |||
Tax credit carryforwards valuation allowance | 1,100,000 | |||
State [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 3,700,000 | |||
Operating loss carryforwards valuation allowance | 0 | |||
Tax credit carryforwards | 3,200,000 | |||
Tax credit carryforwards valuation allowance | 0 | |||
Foreign [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 2,200,000 | |||
Operating loss carryforwards valuation allowance | 1,500,000 | |||
Tax credit carryforwards | 100,000 | |||
Tax credit carryforwards valuation allowance | 0 | |||
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 | $ 1,075,000,000 | $ 7,500,000 | ||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Expiration period for operating loss carryforwards | Dec. 31, 2016 | |||
Expiration period for tax credit carryforwards | Dec. 31, 2016 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Expiration period for operating loss carryforwards | Dec. 31, 2035 | |||
Expiration period for tax credit carryforwards | Dec. 31, 2035 |
Income Taxes - Reconciliation60
Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the year | $ 71.7 | $ 55.2 | $ 36.2 |
Additions for tax positions related to the current year | 8.8 | 10.7 | 11.7 |
Additions for tax positions of prior years | 1.3 | 16.8 | 15.1 |
Reductions for tax positions of prior years | (7.1) | (1.7) | (1.8) |
Reductions related to settlements with taxing authorities | (8.3) | (0.4) | (2.5) |
Reductions due to statute expirations | (2.6) | (8.9) | (3.5) |
Balance at the end of the year | $ 63.8 | $ 71.7 | $ 55.2 |
Debt - Long-term Debt (Detail)
Debt - Long-term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,942,120 | $ 1,714,026 |
Less: Current portion | (386,075) | (286,201) |
Total long-term debt | 1,556,045 | 1,427,825 |
6.59% Senior Notes Due September 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 90,000 | |
6.69% Senior Notes Due December 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 35,000 | |
6.20% Senior Notes Due December 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 270,000 | 270,000 |
6.35% Senior Notes Due July 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 80,000 | 80,000 |
7.08% Senior Notes Due September 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 160,000 | 160,000 |
7.18% Senior Notes Due December 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 65,000 | 65,000 |
6.30% Senior Notes Due December 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 100,000 | 100,000 |
3.73% Senior Notes Due September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 300,000 | 300,000 |
3.91% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 50,000 | |
3.96% Senior Notes Due August 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 100,000 | |
3.83% Senior Notes Due September 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 100,000 | 100,000 |
3.98% Senior Notes Due September 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 100,000 | 100,000 |
4.45% Senior Notes Due August 2035 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 50,000 | |
British Pound 5.99% Senior Note Due November 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 59,049 | 62,249 |
British Pound 4.68% Senior Note Due September 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 118,098 | 124,494 |
Euro 3.94% Senior Note Due August 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 60,790 | |
Swiss Franc 2.44% Senior Note Due December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 55,024 | 55,600 |
Revolving Credit Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 314,100 | 88,100 |
Other, Principally Foreign [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 20,849 | $ 22,793 |
Debt - Long-term Debt (Parenthe
Debt - Long-term Debt (Parenthetical) (Detail) | 12 Months Ended | ||||||||
Dec. 31, 2015 | Dec. 31, 2011 | Sep. 30, 2010 | Dec. 31, 2008 | Sep. 30, 2008 | Jul. 31, 2008 | Dec. 31, 2007 | Sep. 30, 2005 | Nov. 30, 2004 | |
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 | Sep. 30, 2015 | ||||||||
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 | Dec. 31, 2015 | ||||||||
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 | Dec. 31, 2017 | ||||||||
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 | Jul. 31, 2018 | ||||||||
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 | Sep. 30, 2018 | ||||||||
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 | Dec. 31, 2018 | ||||||||
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 | Dec. 31, 2019 | ||||||||
3.73% Senior Notes Due September 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.73% | ||||||||
Maturity date of senior notes | Sep. 30, 2024 | ||||||||
3.91% Senior Notes Due June 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.91% | ||||||||
Maturity date of senior notes | Jun. 30, 2025 | ||||||||
3.96% Senior Notes Due August 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.96% | ||||||||
Maturity date of senior notes | Aug. 31, 2025 | ||||||||
3.83% Senior Notes Due September 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.83% | ||||||||
Maturity date of senior notes | Sep. 30, 2026 | ||||||||
3.98% Senior Notes Due September 2029 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 3.98% | ||||||||
Maturity date of senior notes | Sep. 30, 2029 | ||||||||
4.45% Senior Notes Due August 2035 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on senior notes | 4.45% | ||||||||
Maturity date of senior notes | Aug. 31, 2035 | ||||||||
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 | Nov. 30, 2016 | ||||||||
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 | Sep. 30, 2020 | ||||||||
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 | Aug. 31, 2015 | ||||||||
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 | Dec. 31, 2021 |
Debt - Additional Information (
Debt - Additional Information (Detail) € in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Dec. 31, 2015USD ($) | Aug. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Debt Instrument [Line Items] | |||||||
Maturities of long-term debt outstanding in 2017 | $ 271,500,000 | $ 271,500,000 | |||||
Maturities of long-term debt outstanding in 2018 | 310,100,000 | 310,100,000 | |||||
Maturities of long-term debt outstanding in 2019 | 101,000,000 | 101,000,000 | |||||
Maturities of long-term debt outstanding in 2020 | 118,500,000 | 118,500,000 | |||||
Maturities of long-term debt outstanding in 2021 | 55,000,000 | 55,000,000 | |||||
Maturities of long-term debt outstanding in 2022 and thereafter | $ 700,000,000 | $ 700,000,000 | |||||
Weighted average interest rate on senior note | 3.88% | 3.88% | |||||
3.91% Senior Notes Due June 2025 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of senior notes | $ 50,000,000 | ||||||
Interest rate on senior notes | 3.91% | ||||||
Maturity date of senior notes | Jun. 30, 2025 | ||||||
First Funding [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of senior notes | $ 500,000,000 | ||||||
Funding date | Sep. 30, 2014 | ||||||
3.73% Due September 2024 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of senior notes | $ 300,000,000 | ||||||
Interest rate on senior notes | 3.73% | ||||||
Maturity date of senior notes | Sep. 30, 2024 | ||||||
3.83% Due September 2026 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of senior notes | $ 100,000,000 | ||||||
Interest rate on senior notes | 3.83% | ||||||
Maturity date of senior notes | Sep. 30, 2026 | ||||||
3.98% Due September 2029 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of senior notes | $ 100,000,000 | ||||||
Interest rate on senior notes | 3.98% | ||||||
Maturity date of senior notes | Sep. 30, 2029 | ||||||
Second Funding [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Funding date | Jun. 30, 2015 | ||||||
Third Funding [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of senior notes | $ 150,000,000 | ||||||
Funding date | Aug. 31, 2015 | ||||||
3.96% Senior Notes Due August 2025 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of senior notes | $ 100,000,000 | ||||||
Interest rate on senior notes | 3.96% | ||||||
Maturity date of senior notes | Aug. 31, 2025 | ||||||
4.45% Senior Notes Due August 2035 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of senior notes | $ 50,000,000 | ||||||
Interest rate on senior notes | 4.45% | ||||||
Maturity date of senior notes | Aug. 31, 2035 | ||||||
6.69% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on senior notes | 6.69% | 6.69% | |||||
Payments of senior notes | $ 35,000,000 | ||||||
6.59% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on senior notes | 6.59% | 6.59% | |||||
Payments of senior notes | $ 90,000,000 | ||||||
3.94% [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on senior notes | 3.94% | 3.94% | |||||
Payments of senior notes | $ 56,400,000 | € 50 |
Debt - Additional Information 1
Debt - Additional Information 1 (Detail) | 12 Months Ended | |||||||||
Dec. 31, 2015 | Dec. 31, 2014USD ($) | Dec. 31, 2011CHF (SFr) | Sep. 30, 2010GBP (£) | Dec. 31, 2008USD ($) | Sep. 30, 2008USD ($) | Jul. 31, 2008USD ($) | Dec. 31, 2007USD ($) | Sep. 30, 2005EUR (€) | Nov. 30, 2004GBP (£) | |
6.20% Senior Notes Due December 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 270,000,000 | |||||||||
Interest rate on senior notes | 6.20% | 6.20% | ||||||||
Maturity date of senior notes | Dec. 31, 2017 | |||||||||
6.30% Senior Notes Due December 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 100,000,000 | |||||||||
Interest rate on senior notes | 6.30% | 6.30% | ||||||||
Maturity date of senior notes | Dec. 31, 2019 | |||||||||
6.35% Senior Notes Due July 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 80,000,000 | |||||||||
Interest rate on senior notes | 6.35% | 6.35% | ||||||||
Maturity date of senior notes | Jul. 31, 2018 | |||||||||
6.59% Senior Notes Due September 2015 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 90,000,000 | |||||||||
Interest rate on senior notes | 6.59% | 6.59% | ||||||||
Maturity date of senior notes | Sep. 30, 2015 | |||||||||
7.08% Senior Notes Due September 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 160,000,000 | |||||||||
Interest rate on senior notes | 7.08% | 7.08% | ||||||||
Maturity date of senior notes | Sep. 30, 2018 | |||||||||
6.69% Senior Notes Due December 2015 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 35,000,000 | |||||||||
Interest rate on senior notes | 6.69% | 6.69% | ||||||||
Maturity date of senior notes | Dec. 31, 2015 | |||||||||
7.18% Senior Notes Due December 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 65,000,000 | |||||||||
Interest rate on senior notes | 7.18% | 7.18% | ||||||||
Maturity date of senior notes | Dec. 31, 2018 | |||||||||
Euro 3.94% Senior Note Due August 2015 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | € | € 50,000,000 | |||||||||
Interest rate on senior notes | 3.94% | 3.94% | ||||||||
Maturity date of senior notes | Aug. 31, 2015 | |||||||||
British Pound 5.99% Senior Note Due November 2016 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 59,000,000 | £ 40,000,000 | ||||||||
Interest rate on senior notes | 5.99% | 5.99% | ||||||||
Maturity date of senior notes | Nov. 30, 2016 | |||||||||
British Pound 4.68% Senior Note Due September 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | 118,100,000 | £ 80,000,000 | ||||||||
Interest rate on senior notes | 4.68% | 4.68% | ||||||||
Maturity date of senior notes | Sep. 30, 2020 | |||||||||
Swiss Franc 2.44% Senior Note Due December 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of senior notes | $ 55,000,000 | SFr 55,000,000 | ||||||||
Interest rate on senior notes | 2.44% | 2.44% | ||||||||
Maturity date of senior notes | Dec. 31, 2021 |
Debt - Additional Information 2
Debt - Additional Information 2 (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Debt outstanding reported in long-term debt | $ 1,942,120,000 | $ 1,714,026,000 |
Weighted average interest rate on total debt outstanding | 5.20% | 5.10% |
Revolving Credit Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowing capacity under revolving credit facility | $ 700,000,000 | |
Revolving credit facility expiration date | Dec. 31, 2018 | |
Available borrowing capacity under revolving credit facility | $ 550,300,000 | |
Additional borrowing capacity under revolving credit facility | 200,000,000 | |
Borrowings outstanding | $ 314,100,000 | $ 88,100,000 |
Percentage of weighted average interest rate on revolving credit facility | 1.37% | 1.36% |
Debt outstanding reported in long-term debt | $ 314,100,000 | $ 88,100,000 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | 36,900,000 | $ 40,800,000 |
Foreign Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity under revolving credit facility | 37,500,000 | |
Borrowings outstanding | 20,900,000 | |
Debt outstanding reported in long-term debt | $ 7,900,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2015 | Jan. 25, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period from date of grant before vesting begins | 1 year | ||||
Contractual term of stock options | 7 years | ||||
Common stock reserved for share-based plans | 15,000,000 | 15,000,000 | |||
Stock options outstanding | 5,659,000 | 5,659,000 | 6,362,000 | ||
Aggregate intrinsic value of stock options exercised | $ 62,300 | $ 25,700 | $ 41,600 | ||
Total fair value of stock options vested | 10,300 | $ 8,900 | 8,200 | ||
Expected future pre-tax compensation expense, nonvested stock options | $ 18,000 | $ 18,000 | |||
Nonvested stock options outstanding | 2,717,000 | 2,717,000 | 2,535,000 | ||
Weighted average period to recognize expected future pre-tax compensation expense (in years) | 2 years | ||||
Vesting charges, net after-tax | $ 16,139 | $ 13,717 | 14,627 | ||
Total fair value of vested restricted stock | $ 10,600 | $ 3,600 | 12,100 | ||
Total number of shares reserved under the Supplemental Executive Retirement Plan | 32,363 | 32,363 | |||
Shares used for retirements, terminations and dividends | 6,807 | ||||
Shares reserved under the Supplemental Executive Retirement Plan in the current year | 644,529 | ||||
Vesting Beginning One Year from Date of Grant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 25.00% | ||||
Restricted Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cliff vesting period | 4 years | ||||
Total vested restricted shares | 311,000 | ||||
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 | ||||
Vesting charges, net after-tax | $ 1,900 | ||||
Expected future pre-tax compensation expense, nonvested restricted shares | $ 28,000 | $ 28,000 | |||
Nonvested restricted stock outstanding | 1,061,000 | 1,061,000 | 1,105,000 | ||
Weighted average fair value, per share | $ 52.31 | $ 52.79 | |||
Restricted Shares [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 Shares [Member] | Granted on July 29, 2010 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total vested restricted shares | 26,298 | ||||
Maximum [Member] | Restricted Shares [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 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 22.30% | 23.90% | 28.10% |
Expected term (years) | 5 years | 5 years | 5 years |
Risk-free interest rate | 1.58% | 1.63% | 0.75% |
Expected dividend yield | 0.69% | 0.45% | 0.57% |
Black-Scholes-Merton fair value per stock option granted | $ 10.89 | $ 12.21 | $ 10.17 |
Share-Based Compensation - Tota
Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock option expense | $ 10,955 | $ 9,130 | $ 10,776 |
Restricted stock expense | 12,807 | 10,741 | 10,815 |
Total pre-tax expense | 23,762 | 19,871 | 21,591 |
Related tax benefit | (7,623) | (6,154) | (6,964) |
Reduction of net income | $ 16,139 | $ 13,717 | $ 14,627 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning balance, Outstanding, Shares | shares | 6,362 |
Granted, Shares | shares | 1,326 |
Exercised, Shares | shares | (1,889) |
Forfeited, Shares | shares | (135) |
Expired, Shares | shares | (5) |
Ending balance, Outstanding, Shares | shares | 5,659 |
Ending balance, Exercisable, Shares | shares | 2,942 |
Beginning balance, Outstanding, Weighted Average Exercise Price | $ / shares | $ 31.47 |
Granted, Weighted Average Exercise Price | $ / shares | 52.30 |
Exercised, Weighted Average Exercise Price | $ / shares | 20.91 |
Forfeited, Weighted Average Exercise Price | $ / shares | 46.91 |
Expired, Weighted Average Exercise Price | $ / shares | 49.54 |
Ending balance, Outstanding, Weighted Average Exercise Price | $ / shares | 39.49 |
Ending balance, Exercisable, Weighted Average Exercise Price | $ / shares | $ 30.94 |
Ending balance, Outstanding, Weighted Average Remaining Contractual Life (Years) | 4 years |
Ending balance, Exercisable, Weighted Average Remaining Contractual Life (Years) | 2 years 8 months 12 days |
Ending balance, Outstanding, Aggregate Intrinsic Value | $ | $ 79.8 |
Ending balance, Exercisable, Aggregate Intrinsic Value | $ | $ 66.6 |
Share-Based Compensation - Nonv
Share-Based Compensation - Nonvested Stock Options Outstanding (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Beginning balance, Nonvested, Shares | 2,535 | ||
Nonvested stock options Granted, Shares | 1,326 | ||
Nonvested stock options Vested, Shares | (1,009) | ||
Nonvested stock options Forfeited, Shares | (135) | ||
Ending balance, Nonvested, Shares | 2,717 | 2,535 | |
Beginning balance, Nonvested, Weighted Average Grant Date Fair Value | $ 10.38 | ||
Granted, Weighted Average Grant Date Fair Value | 10.89 | $ 12.21 | $ 10.17 |
Vested, Weighted Average Grant Date Fair Value | 10.16 | ||
Forfeited, Weighted Average Grant Date Fair Value | 10.83 | ||
Ending balance, Nonvested, Weighted Average Grant Date Fair Value | $ 10.85 | $ 10.38 |
Share-Based Compensation - Su71
Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) - Restricted Shares [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Nonvested restricted stock outstanding, Shares | 1,105 | |
Granted, Shares | 336 | |
Vested, Shares | (311) | |
Forfeited, Shares | (69) | |
Ending balance, Nonvested restricted stock outstanding, Shares | 1,061 | 1,105 |
Beginning balance, Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $ 41.08 | |
Granted, Weighted Average Grant Date Fair Value | 52.31 | $ 52.79 |
Vested, Weighted Average Grant Date Fair Value | 34.18 | |
Forfeited, Weighted Average Grant Date Fair Value | 44.89 | |
Ending balance, Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $ 46.32 | $ 41.08 |
Retirement Plans and Other Po72
Retirement Plans and Other Postretirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 512,565 | |
Total market value of equity securities in AMETEK common stock | $ 27,500,000 | $ 27,000,000 | |
Percentage of equity securities in company common stock included in plan assets | 5.40% | 5.40% | |
Expected amount of amortization related to net actuarial losses and prior service costs | $ 9,900,000 | ||
Estimated future benefit payments, 2016 | 36,400,000 | ||
Estimated future benefit payments, 2017 | 37,900,000 | ||
Estimated future benefit payments, 2018 | 39,200,000 | ||
Estimated future benefit payments, 2019 | 40,200,000 | ||
Estimated future benefit payments, 2020 | 40,900,000 | ||
Estimated future benefit payments, 2021-2025 | 224,900,000 | ||
Amount deferred under the compensation plan, including income earned | 23,400,000 | $ 21,200,000 | |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan estimated future employer contributions in next fiscal year | 4,000,000 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan estimated future employer contributions in next fiscal year | $ 7,000,000 | ||
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 7.75% | 7.75% | 7.75% |
Assumed rate of return next year | 7.75% | ||
United States Pension Plan of US Entity [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 50.00% | ||
United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 20.00% | ||
United States Pension Plan of US Entity [Member] | Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocations for the U.S. and foreign benefits plans | 30.00% | ||
Foreign Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term return on plan assets | 6.92% | 6.93% | 6.91% |
Assumed rate of return next year | 6.95% | ||
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 Po73
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in projected benefit obligation: | |||
Net projected benefit obligation at the beginning of the year | $ 689,044 | ||
Service cost | 7,000 | $ 6,153 | $ 6,323 |
Interest cost | 28,670 | 28,931 | 26,000 |
Net projected benefit obligation at the end of the year | 716,401 | 689,044 | |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 658,830 | ||
Fair value of plan assets at the end of the year | 722,071 | 658,830 | |
United States Pension Plan of US Entity [Member] | |||
Change in projected benefit obligation: | |||
Net projected benefit obligation at the beginning of the year | 491,373 | 428,675 | |
Service cost | 3,924 | 3,208 | |
Interest cost | 20,761 | 21,000 | |
Actuarial (gains) losses | (27,605) | 65,417 | |
Gross benefits paid | (27,930) | (26,927) | |
Acquisition | 11,954 | ||
Net projected benefit obligation at the end of the year | 472,477 | 491,373 | 428,675 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 498,923 | 518,388 | |
Actual return on plan assets | (21,020) | 7,094 | |
Employer contributions | 50,726 | 368 | |
Gross benefits paid | (27,930) | (26,927) | |
Acquisition | 8,076 | ||
Fair value of plan assets at the end of the year | 508,775 | 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 | 197,671 | 185,178 | |
Service cost | 3,076 | 2,945 | |
Interest cost | 7,910 | 7,931 | |
Foreign currency translation adjustment | (14,337) | (15,961) | |
Employee contributions | 303 | 339 | |
Actuarial (gains) losses | (6,892) | 23,903 | |
Expenses paid from assets | (610) | ||
Gross benefits paid | (8,064) | (6,664) | |
Acquisition | 64,867 | ||
Net projected benefit obligation at the end of the year | 243,924 | 197,671 | 185,178 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 159,907 | 165,420 | |
Actual return on plan assets | 7,471 | 6,628 | |
Employer contributions | 4,490 | 5,361 | |
Employee contributions | 303 | 339 | |
Foreign currency translation adjustment | (10,584) | (11,177) | |
Expenses paid from assets | (610) | ||
Gross benefits paid | (8,064) | (6,664) | |
Acquisition | 60,383 | ||
Fair value of plan assets at the end of the year | $ 213,296 | $ 159,907 | $ 165,420 |
Retirement Plans and Other Po74
Retirement Plans and Other Postretirement Benefits - Accumulated Benefit Obligation ("ABO") (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 459,979 | $ 477,875 |
United States Pension Plan of US Entity [Member] | Funded Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 454,498 | 471,960 |
United States Pension Plan of US Entity [Member] | Unfunded Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 5,481 | 5,915 |
Foreign Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 233,556 | 187,045 |
Foreign Defined Benefit Pension Plans [Member] | Funded Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 203,229 | 154,200 |
Foreign Defined Benefit Pension Plans [Member] | Unfunded Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 30,327 | $ 32,845 |
Retirement Plans and Other Po75
Retirement Plans and Other Postretirement Benefits - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.80% | 4.20% |
Rate of compensation increase (where applicable) | 3.75% | 3.75% |
Foreign Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.62% | 3.44% |
Rate of compensation increase (where applicable) | 2.88% | 2.88% |
Retirement Plans and Other Po76
Retirement Plans and Other Postretirement Benefits - Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 722,071 | $ 658,830 | |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 508,775 | 498,923 | $ 518,388 |
United States Pension Plan of US Entity [Member] | Cash and Temporary Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,542 | 2,413 | |
United States Pension Plan of US Entity [Member] | AMETEK Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,515 | 26,979 | |
United States Pension Plan of US Entity [Member] | U.S. Small Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,780 | 31,629 | |
United States Pension Plan of US Entity [Member] | U.S. Large Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 101,709 | 105,288 | |
United States Pension Plan of US Entity [Member] | Diversified Common Stocks - Global [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 91,590 | 93,558 | |
United States Pension Plan of US Entity [Member] | U.S. Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,470 | 24,162 | |
United States Pension Plan of US Entity [Member] | U.S. Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,327 | 4,917 | |
United States Pension Plan of US Entity [Member] | Global Asset Allocation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 221,842 | 187,202 | |
United States Pension Plan of US Entity [Member] | Inflation Related Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,729 | ||
United States Pension Plan of US Entity [Member] | Inflation Related Pooled Investment Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,046 | ||
Level 1 [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 305,089 | 249,082 | |
Level 1 [Member] | United States Pension Plan of US Entity [Member] | AMETEK Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,515 | 26,979 | |
Level 1 [Member] | United States Pension Plan of US Entity [Member] | U.S. Small Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 31,780 | 31,629 | |
Level 1 [Member] | United States Pension Plan of US Entity [Member] | U.S. Large Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 61,331 | 67,484 | |
Level 1 [Member] | United States Pension Plan of US Entity [Member] | U.S. Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,660 | 7,290 | |
Level 1 [Member] | United States Pension Plan of US Entity [Member] | U.S. Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,308 | 3,840 | |
Level 1 [Member] | United States Pension Plan of US Entity [Member] | Global Asset Allocation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 170,495 | 111,860 | |
Level 2 [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 203,686 | 240,795 | |
Level 2 [Member] | United States Pension Plan of US Entity [Member] | Cash and Temporary Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,542 | 2,413 | |
Level 2 [Member] | United States Pension Plan of US Entity [Member] | U.S. Large Cap Common Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40,378 | 37,804 | |
Level 2 [Member] | United States Pension Plan of US Entity [Member] | Diversified Common Stocks - Global [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 91,590 | 93,558 | |
Level 2 [Member] | United States Pension Plan of US Entity [Member] | U.S. Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14,810 | 16,872 | |
Level 2 [Member] | United States Pension Plan of US Entity [Member] | U.S. Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,019 | 1,077 | |
Level 2 [Member] | United States Pension Plan of US Entity [Member] | Global Asset Allocation [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 51,347 | 75,342 | |
Level 2 [Member] | United States Pension Plan of US Entity [Member] | Inflation Related Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 13,729 |
Retirement Plans and Other Po77
Retirement Plans and Other Postretirement Benefits - Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | $ 658,830 | |
Actual return on assets: | ||
Fair value of plan assets at the end of the year | 722,071 | $ 658,830 |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 498,923 | 518,388 |
Actual return on assets: | ||
Fair value of plan assets at the end of the year | 508,775 | 498,923 |
Level 3 [Member] | United States Pension Plan of US Entity [Member] | Alternative Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 9,046 | 12,163 |
Actual return on assets: | ||
Unrealized (losses) relating to instruments still held at the end of the year | (600) | (3,117) |
Realized gains (losses) relating to assets sold during the year | 0 | 0 |
Purchases, sales, issuances and settlements, net | $ (8,446) | |
Fair value of plan assets at the end of the year | $ 9,046 |
Retirement Plans and Other Po78
Retirement Plans and Other Postretirement Benefits - Fair Value of Plan Assets for Foreign Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 722,071 | $ 658,830 | |
Foreign Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 213,296 | 159,907 | $ 165,420 |
Foreign Defined Benefit Pension Plans [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,270 | 5,153 | |
Foreign Defined Benefit Pension Plans [Member] | U.S. Mutual Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,927 | 15,400 | |
Foreign Defined Benefit Pension Plans [Member] | Foreign Mutual Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36,463 | 94,444 | |
Foreign Defined Benefit Pension Plans [Member] | Global Mixed Asset Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96,284 | ||
Foreign Defined Benefit Pension Plans [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,266 | 4,032 | |
Foreign Defined Benefit Pension Plans [Member] | Mutual Bond Funds - Global [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 38,600 | 31,990 | |
Foreign Defined Benefit Pension Plans [Member] | Life Insurance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,486 | 8,888 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 192,810 | 151,019 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,270 | 5,153 | |
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 | 8,927 | 15,400 | |
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 | 36,463 | 94,444 | |
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | Global Mixed Asset Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96,284 | ||
Level 2 [Member] | Foreign Defined Benefit Pension Plans [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,266 | 4,032 | |
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 | $ 38,600 | $ 31,990 |
Retirement Plans and Other Po79
Retirement Plans and Other Postretirement Benefits - Summary of Changes of Fair Value of Foreign Plans' Investments Using Significant Unobservable Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | $ 658,830 | |
Actual return on assets: | ||
Fair value of plan assets at the end of the year | 722,071 | $ 658,830 |
Foreign Defined Benefit Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at the beginning of the year | 159,907 | 165,420 |
Actual return on assets: | ||
Fair value of plan assets at the end of the year | 213,296 | 159,907 |
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 | 8,888 | |
Actual return on assets: | ||
Fair value of plan assets at the end of the year | 20,486 | 8,888 |
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 | 8,888 | 13,971 |
Actual return on assets: | ||
Unrealized (losses) relating to instruments still held at the end of the year | (980) | (5,083) |
Realized gains (losses) relating to assets sold during the year | 0 | 0 |
Purchases, sales, issuances and settlements, net | 12,578 | |
Fair value of plan assets at the end of the year | $ 20,486 | $ 8,888 |
Retirement Plans and Other Po80
Retirement Plans and Other Postretirement Benefits - Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected Benefit Obligation Exceeds Fair Value of Assets, Projected Benefit Obligation | $ 5,481 | $ 25,790 |
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 | 5,481 | 25,790 |
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 | 161,711 | 111,095 |
Projected Benefit Obligation Exceeds Fair Value of Assets, Fair Value of Plan Assets | 119,045 | 63,496 |
Accumulated Benefit Obligation Exceeds Fair Value of Assets, Projected Benefit Obligation | 155,169 | 104,196 |
Accumulated Benefit Obligation Exceeds Fair Value of Assets, Fair Value of Plan Assets | $ 119,045 | $ 63,496 |
Retirement Plans and Other Po81
Retirement Plans and Other Postretirement Benefits - Funded Status of Plan and Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Funded status asset (liability): | ||
Fair value of plan assets | $ 722,071 | $ 658,830 |
Projected benefit obligation | (716,401) | (689,044) |
Funded status at the end of the year | 5,670 | (30,214) |
Amounts recognized in the consolidated balance sheet consisted of: | ||
Noncurrent asset for pension benefits (other assets) | 53,817 | 25,993 |
Current liabilities for pension benefits | (1,001) | (1,139) |
Noncurrent liability for pension benefits | (47,146) | (55,068) |
Net amount recognized at the end of the year | $ 5,670 | $ (30,214) |
Retirement Plans and Other Po82
Retirement Plans and Other Postretirement Benefits - Amounts Recognized in Accumulated Other Comprehensive Income, Net of Taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total recognized | $ 155,038 | $ 141,982 |
Net Actuarial Loss [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total recognized | 156,351 | 143,380 |
Prior Service Costs [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total recognized | (1,321) | (1,407) |
Transition Asset [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total recognized | $ 8 | $ 9 |
Retirement Plans and Other Po83
Retirement Plans and Other Postretirement Benefits - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined benefit plans: | |||
Service cost | $ 7,000 | $ 6,153 | $ 6,323 |
Interest cost | 28,670 | 28,931 | 26,000 |
Expected return on plan assets | (54,819) | (50,196) | (45,008) |
Amortization of: | |||
Net actuarial loss | 9,383 | 4,483 | 13,484 |
Prior service costs | (55) | (51) | (35) |
Transition asset | 1 | 1 | (1) |
Total net periodic benefit (income) expense | (9,820) | (10,679) | 763 |
Other plans: | |||
Defined contribution plans | 22,750 | 20,714 | 18,195 |
Foreign plans and other | 4,800 | 5,325 | 5,151 |
Total other plans | 27,550 | 26,039 | 23,346 |
Total net pension expense | $ 17,730 | $ 15,360 | $ 24,109 |
Retirement Plans and Other Po84
Retirement Plans and Other Postretirement Benefits - Weighted Average Assumptions Used to Determine Net Periodic Pension Benefit Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.20% | 5.00% | 4.10% |
Expected return on plan assets | 7.75% | 7.75% | 7.75% |
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 | 3.44% | 4.38% | 4.44% |
Expected return on plan assets | 6.92% | 6.93% | 6.91% |
Rate of compensation increase (where applicable) | 2.88% | 2.92% | 2.89% |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Guarantees [Abstract] | |
Future payment obligations of various guarantees, Maximum amount | $ 67,700,000 |
Outstanding liability of guarantees | $ 11,500,000 |
Product warranty description | 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. |
Guarantees - Changes in Accrued
Guarantees - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantees [Abstract] | |||
Balance at the beginning of the year | $ 29,764 | $ 28,036 | $ 27,792 |
Accruals for warranties issued during the year | 14,817 | 16,463 | 15,143 |
Settlements made during the year | (19,905) | (17,636) | (17,039) |
Warranty accruals related to acquired businesses and other during the year | (1,915) | 2,901 | 2,140 |
Balance at the end of the year | $ 22,761 | $ 29,764 | $ 28,036 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($)site | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Site Contingency [Line Items] | |||
Number of non-owned sites Company is named Potentially Responsible Party | site | 14 | ||
Number of non-owned sites the Company is identified as a de minimis party | site | 13 | ||
Number of non-owned sites Company has reached tentative settlement agreement | site | 9 | ||
Number of non-owned sites Company is still working to establish settlement amount | site | 4 | ||
Total environmental reserves | $ 30.5 | $ 30.5 | $ 26.6 |
Increase (decrease) in environmental reserves | 9.2 | ||
Total expenses related to environmental matters | 5.1 | ||
HCC Industries [Member] | |||
Site Contingency [Line Items] | |||
Reserves related to an owned site acquired | 11.5 | 11.5 | $ 11.7 |
Receivables related to HCC for probable recoveries from third-party funds | 10 | 10 | |
Amount for which the Company is indemnified by HCC's former owners | $ 19 | ||
Global Tubes [Member] | |||
Site Contingency [Line Items] | |||
Increase (decrease) in environmental reserves | $ 8.4 |
Leases and Other Commitments -
Leases and Other Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Minimum aggregate rental commitments under noncancellable leases | $ 137.3 | ||
Future minimum rental payments in 2016 | 34.2 | ||
Future minimum rental payments in 2017 | 22.4 | ||
Future minimum rental payments in 2018 | 17 | ||
Future minimum rental payments in 2019 | 13.2 | ||
Future minimum rental payments in 2020 | 9.7 | ||
Future minimum rental payments thereafter | 40.8 | ||
Rental expenses under non-cancelable leases | 43.6 | $ 44.6 | $ 39.5 |
Purchase obligations outstanding | $ 321.7 | $ 388.7 | |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Leases expiration | 2,016 | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Leases expiration | 2,082 |
Reportable Segments and Geogr89
Reportable Segments and Geographic Areas Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Reportable Segments and Geogr90
Reportable Segments and Geographic Areas Information - Reportable Segment Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales: | |||||||||||
Net sales | $ 987,983 | $ 998,527 | $ 1,003,726 | $ 984,059 | $ 1,024,143 | $ 1,031,811 | $ 990,718 | $ 975,292 | $ 3,974,295 | $ 4,021,964 | $ 3,594,136 |
Segment operating income: | |||||||||||
Operating income | 208,830 | $ 237,615 | $ 240,319 | $ 220,952 | 227,084 | $ 218,143 | $ 231,728 | $ 221,631 | 907,716 | 898,586 | 815,079 |
Interest and other expenses, net | (101,336) | (93,754) | (90,284) | ||||||||
Income before income taxes | 806,380 | 804,832 | 724,795 | ||||||||
Assets: | |||||||||||
Assets | 6,664,530 | 6,420,963 | 6,664,530 | 6,420,963 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 122,559 | 133,157 | 75,643 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 149,460 | 138,584 | 118,657 | ||||||||
Operating Segments [Member] | |||||||||||
Segment operating income: | |||||||||||
Operating income | 957,497 | 948,038 | 861,512 | ||||||||
Assets: | |||||||||||
Assets | 6,368,435 | 6,118,330 | 6,368,435 | 6,118,330 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 120,438 | 131,191 | 72,622 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 148,371 | 137,134 | 117,796 | ||||||||
Operating Segments [Member] | Electronic Instruments Group [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 2,417,192 | 2,421,638 | 2,034,594 | ||||||||
Segment operating income: | |||||||||||
Operating income | 639,399 | 612,992 | 552,110 | ||||||||
Assets: | |||||||||||
Assets | 3,827,182 | 3,752,247 | 3,827,182 | 3,752,247 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 32,069 | 95,787 | 37,597 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 83,832 | 75,364 | 57,808 | ||||||||
Operating Segments [Member] | Electromechanical Group [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 1,557,103 | 1,600,326 | 1,559,542 | ||||||||
Segment operating income: | |||||||||||
Operating income | 318,098 | 335,046 | 309,402 | ||||||||
Assets: | |||||||||||
Assets | 2,541,253 | 2,366,083 | 2,541,253 | 2,366,083 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 88,369 | 35,404 | 35,025 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | 64,539 | 61,770 | 59,988 | ||||||||
Corporate [Member] | |||||||||||
Segment operating income: | |||||||||||
Corporate administrative and other expenses | (49,781) | (49,452) | (46,433) | ||||||||
Assets: | |||||||||||
Assets | $ 296,095 | $ 302,633 | 296,095 | 302,633 | |||||||
Additions to property, plant and equipment: | |||||||||||
Additions to property, plant and equipment | 2,121 | 1,966 | 3,021 | ||||||||
Depreciation and amortization: | |||||||||||
Depreciation and amortization | $ 1,089 | $ 1,450 | $ 861 |
Reportable Segments and Geogr91
Reportable Segments and Geographic Areas Information - Reportable Segment Financial Information (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||
Additions to property, plant and equipment from acquired business | $ 53.4 | $ 61.8 | $ 12.3 |
Reportable Segments and Geogr92
Reportable Segments and Geographic Areas Information - Information about Company's Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales: | |||||||||||
Net sales | $ 987,983 | $ 998,527 | $ 1,003,726 | $ 984,059 | $ 1,024,143 | $ 1,031,811 | $ 990,718 | $ 975,292 | $ 3,974,295 | $ 4,021,964 | $ 3,594,136 |
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 484,548 | 448,446 | 484,548 | 448,446 | |||||||
United States [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 1,919,611 | 1,825,799 | 1,609,661 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 313,733 | 289,080 | 313,733 | 289,080 | |||||||
United Kingdom [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 201,192 | 220,877 | 201,543 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 68,396 | 34,736 | 68,396 | 34,736 | |||||||
European Union Countries [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 615,956 | 674,608 | 627,116 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 66,635 | 76,542 | 66,635 | 76,542 | |||||||
Asia [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 789,435 | 806,926 | 679,490 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 13,928 | 22,314 | 13,928 | 22,314 | |||||||
Other Foreign Countries [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 448,101 | 493,754 | 476,326 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | 21,856 | 25,774 | 21,856 | 25,774 | |||||||
Total International [Member] | |||||||||||
Net sales: | |||||||||||
Net sales | 2,054,684 | 2,196,165 | $ 1,984,475 | ||||||||
Long-lived assets from continuing operations (excluding intangible assets): | |||||||||||
Long-lived assets from continuing operations (excluding intangible assets) | $ 170,815 | $ 159,366 | $ 170,815 | $ 159,366 |
Reportable Segments and Geogr93
Reportable Segments and Geographic Areas Information - Information about Company's Operations in Different Geographic Areas (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||
Revenue from U.S. export sales | $ 1,090.7 | $ 1,148.1 | $ 1,037 |
Additional Consolidated Incom94
Additional Consolidated Income Statement and Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidating Financial Information [Abstract] | |||
Interest and other investment income | $ 0.7 | $ 1.1 | $ 1 |
Income taxes paid | 157.8 | 211.6 | 173.4 |
Cash paid for interest | $ 90.8 | $ 74.9 | $ 72.7 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2015USD ($)Rightshares | Dec. 31, 2014USD ($)shares | Apr. 01, 2015USD ($) | Nov. 05, 2014USD ($) | Nov. 04, 2014USD ($) | |
Statement of Stockholders' Equity [Abstract] | |||||
Repurchase of common stock, shares | shares | 7,978,000 | 4,755,000 | |||
Repurchase of common stock under share repurchase authorization | $ 435,400,000 | $ 245,300,000 | |||
Remaining authorization for future share repurchases | $ 311,700,000 | $ 47,100,000 | |||
Authorization for repurchase of common stock | $ 350,000,000 | $ 200,000,000 | $ 350,000,000 | ||
Treasury stock, shares | shares | 25,203,699 | 17,495,583 | |||
Treasury stock, cost | $ 885,430,000 | $ 457,807,000 | |||
Number of shares outstanding | shares | 235,500,000 | 241,300,000 | |||
Stockholders right expiration date | 2017-06 | ||||
Number of rights per common share | Right | 1 |
2015 Restructuring Charges - Ad
2015 Restructuring Charges - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Reduction in net income due to restructuring charges | $ 13.9 | $ 10.8 | $ 24.7 |
Reduction in earning per share diluted due to restructuring charges | $ 0.06 | $ 0.04 | $ 0.10 |
Restructuring charges | $ 20.7 | $ 15.9 | $ 36.6 |
Electronic Instruments Group [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 9.3 | 9.3 | |
Electromechanical Group [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 10.8 | 6.5 | |
Cost of Sales, Excluding Depreciation [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 20 | 15.8 | |
Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.7 | 0.1 | |
Corporate Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0.7 | $ 0.1 |
2015 Restructuring Charges - Sc
2015 Restructuring Charges - Schedule of Accrued Liabilities in Company's Consolidated Balance Sheet Included Amounts Related to Restructuring Charges (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |||
Pre-tax charges | $ 20.7 | $ 15.9 | $ 36.6 |
Utilization | (1.4) | (10.8) | (12.2) |
Foreign currency translation and other | (0.1) | (0.1) | |
Balance at December 31, 2015 | $ 24.3 | $ 5 | $ 24.3 |
Quarterly Financial Data - Quar
Quarterly Financial Data - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 987,983 | $ 998,527 | $ 1,003,726 | $ 984,059 | $ 1,024,143 | $ 1,031,811 | $ 990,718 | $ 975,292 | $ 3,974,295 | $ 4,021,964 | $ 3,594,136 |
Operating income | 208,830 | 237,615 | 240,319 | 220,952 | 227,084 | 218,143 | 231,728 | 221,631 | 907,716 | 898,586 | 815,079 |
Net income | $ 136,841 | $ 156,398 | $ 155,513 | $ 142,107 | $ 152,000 | $ 141,811 | $ 150,063 | $ 140,586 | $ 590,859 | $ 584,460 | $ 516,999 |
Basic earnings per share | $ 0.58 | $ 0.65 | $ 0.64 | $ 0.59 | $ 0.62 | $ 0.58 | $ 0.61 | $ 0.57 | $ 2.46 | $ 2.39 | $ 2.12 |
Diluted earnings per share | 0.57 | 0.65 | 0.64 | 0.59 | 0.62 | 0.57 | 0.61 | 0.57 | 2.45 | 2.37 | $ 2.10 |
Dividends paid per share | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.06 | $ 0.36 | $ 0.33 |
Quarterly Financial Data - Qu99
Quarterly Financial Data - Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Line Items] | ||||||
Restructuring charges | $ 20.7 | $ 15.9 | $ 36.6 | |||
Reduction in net income due to restructuring charges | $ 13.9 | $ 10.8 | $ 24.7 | |||
Reduction in earning per share diluted due to restructuring charges | $ 0.06 | $ 0.04 | $ 0.10 | |||
Zygo Corporation [Member] | ||||||
Quarterly Financial Data [Line Items] | ||||||
Integration costs | $ 5.2 | $ 13.7 | $ 18.9 | |||
Severance charges | 1.3 | 9.1 | 10.4 | |||
Fair value inventory adjustment | 4.5 | |||||
Other charges | 4 | |||||
Reduction in net income due to integration costs | $ 3.2 | $ 10.7 | $ 13.9 | |||
Reduction in earning per share diluted due to integration costs | $ 0.01 | $ 0.05 | $ 0.05 |