AMETEK (AME) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 25, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	AME
Entity Registrant Name	AMETEK INC/
Entity Central Index Key	1,037,868
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		232,419,106

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net sales	$ 977,706	$ 1,003,726	$ 1,922,104	$ 1,987,785
Operating expenses:
Cost of sales, excluding depreciation	621,584	633,925	1,226,940	1,269,890
Selling, general and administrative	118,959	112,702	231,153	223,586
Depreciation	18,127	16,780	36,452	33,038
Total operating expenses	758,670	763,407	1,494,545	1,526,514
Operating income	219,036	240,319	427,559	461,271
Other expenses:
Interest expense	(23,706)	(22,678)	(47,107)	(45,364)
Other, net	(4,769)	(2,493)	(6,849)	(3,973)
Income before income taxes	190,561	215,148	373,603	411,934
Provision for income taxes	52,368	59,635	101,240	114,314
Net income	$ 138,193	$ 155,513	$ 272,363	$ 297,620
Basic earnings per share	$ 0.59	$ 0.64	$ 1.16	$ 1.23
Diluted earnings per share	$ 0.59	$ 0.64	$ 1.16	$ 1.22
Weighted average common shares outstanding:
Basic shares	233,285	241,498	234,134	241,222
Diluted shares	234,790	243,621	235,503	243,209
Dividends declared and paid per share	$ 0.09	$ 0.09	$ 0.18	$ 0.18

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 85,409	$ 204,690	$ 254,685	$ 251,995

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 456,195	$ 381,005
Receivables, net	596,589	603,295
Inventories, net	536,971	514,451
Deferred income taxes	53,186	46,724
Other current assets	64,681	73,352
Total current assets	1,707,622	1,618,827
Property, plant and equipment, net	475,471	484,548
Goodwill	2,827,460	2,706,633
Other intangibles, net	1,767,465	1,672,961
Investments and other assets	177,762	177,481
Total assets	6,955,780	6,660,450
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	599,329	384,924
Accounts payable	358,423	365,355
Income taxes payable	25,121	32,738
Accrued liabilities	224,589	241,004
Total current liabilities	1,207,462	1,024,021
Long-term debt, net	1,542,823	1,553,116
Deferred income taxes	652,070	624,046
Other long-term liabilities	196,848	204,641
Total liabilities	3,599,203	3,405,824
Stockholders' equity:
Common stock	2,612	2,608
Capital in excess of par value	582,028	568,286
Retained earnings	4,205,199	3,974,793
Accumulated other comprehensive loss	(423,309)	(405,631)
Treasury stock	(1,009,953)	(885,430)
Total stockholders' equity	3,356,577	3,254,626
Total liabilities and stockholders' equity	$ 6,955,780	$ 6,660,450

Condensed Consolidated Statemen

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net income	$ 272,363	$ 297,620
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	80,937	72,317
Deferred income taxes	4,382	3,153
Share-based compensation expense	11,035	12,079
Net change in assets and liabilities, net of acquisitions	(26,331)	(48,533)
Pension contribution	(1,777)	(51,560)
Other	(50)	312
Total operating activities	340,559	285,388
Investing activities:
Additions to property, plant and equipment	(25,251)	(25,987)
Purchases of businesses, net of cash acquired	(293,468)	(198,806)
Proceeds from sale of facility		421
Other	500	(426)
Total investing activities	(318,219)	(224,798)
Financing activities:
Net change in short-term borrowings	221,901	(96,890)
Additional long-term borrowings		50,000
Reduction in long-term borrowings		(450)
Repurchases of common stock	(135,295)	(57,227)
Cash dividends paid	(41,956)	(43,343)
Excess tax benefits from share-based payments	4,196	18,716
Proceeds from employee stock plans and other	7,661	30,989
Total financing activities	56,507	(98,205)
Effect of exchange rate changes on cash and cash equivalents	(3,657)	(13,412)
Increase (decrease) in cash and cash equivalents	75,190	(51,027)
Cash and cash equivalents:
As of January 1	381,005	377,615
As of June 30	$ 456,195	$ 326,588

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying consolidated financial statements are unaudited. AMETEK, Inc. (the “Company”) believes that all adjustments (which primarily consist of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company at June 30, 2016, the consolidated results of its operations for the three and six months ended June 30, 2016 and 2015 and its cash flows for the six months ended June 30, 2016 and 2015 have been included. Quarterly results of operations are not necessarily indicative of results for the full year. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes presented in the Company’s Annual Report on Form 10-K

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 ASU 2014-09 ASU 2014-09 ASU 2014-09 ASU 2014-09 ASU 2014-09 In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 ASU 2015-02 ASU 2015-02 In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 ASU 2015-03 In April 2015, the FASB issued ASU No. 2015-05 , Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”). ASU 2015-05 ASU 2015-05 In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”), ASU 2015-11 ASU 2015-11 In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 ASU 2015-17 ASU 2015-17 ASU 2015-17 In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 ASU 2016-02 ASU 2016-02 In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 ASU 2016-09 ASU 2016-09

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share The calculation of basic earnings per share is based on the weighted average number of common shares considered outstanding during the periods. The calculation of diluted earnings per share reflects the effect of all potentially dilutive securities (principally outstanding stock options and restricted stock grants). The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In thousands) Weighted average shares: Basic shares 233,285 241,498 234,134 241,222 Equity-based compensation plans 1,505 2,123 1,369 1,987 Diluted shares 234,790 243,621 235,503 243,209

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	4. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 Foreign Defined Foreign Defined Currency Benefit Currency Benefit Items Pension Items Pension and Other Plans Total and Other Plans Total (In thousands) Balance at the beginning of the period $ (217,102 ) $ (153,423 ) $ (370,525 ) $ (221,132 ) $ (140,564 ) $ (361,696 ) Other comprehensive income (loss) before reclassifications: Translation adjustments (37,819 ) — (37,819 ) 27,714 — 27,714 Change in long-term intercompany notes (9,904 ) — (9,904 ) 14,648 — 14,648 Net investment hedges (10,271 ) — (10,271 ) 8,304 — 8,304 Gross amounts reclassified from accumulated other comprehensive income (loss) — 2,484 2,484 — 2,160 2,160 Income tax benefit (expense) 3,595 (869 ) 2,726 (2,907 ) (742 ) (3,649 ) Other comprehensive (loss) income, net of tax (54,399 ) 1,615 (52,784 ) 47,759 1,418 49,177 Balance at the end of the period $ (271,501 ) $ (151,808 ) $ (423,309 ) $ (173,373 ) $ (139,146 ) $ (312,519 ) Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Foreign Defined Foreign Defined Currency Benefit Currency Benefit Items Pension Items Pension and Other Plans Total and Other Plans Total (In thousands) Balance at the beginning of the period $ (250,593 ) $ (155,038 ) $ (405,631 ) $ (124,912 ) $ (141,982 ) $ (266,894 ) Other comprehensive income (loss) before reclassifications: Translation adjustments (16,140 ) — (16,140 ) (6,656 ) — (6,656 ) Change in long-term intercompany notes 3,799 — 3,799 (40,045 ) — (40,045 ) Net investment hedges (13,181 ) — (13,181 ) (2,707 ) — (2,707 ) Gross amounts reclassified from accumulated other comprehensive income (loss) — 4,968 4,968 — 4,320 4,320 Income tax benefit (expense) 4,614 (1,738 ) 2,876 947 (1,484 ) (537 ) Other comprehensive (loss) income, net of tax (20,908 ) 3,230 (17,678 ) (48,461 ) 2,836 (45,625 ) Balance at the end of the period $ (271,501 ) $ (151,808 ) $ (423,309 ) $ (173,373 ) $ (139,146 ) $ (312,519 ) Reclassifications for the amortization of defined benefit pension plans are included in Cost of sales, excluding depreciation in the consolidated statement of income. See Note 13 for further details.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, consistent with the fair value hierarchy: June 30, 2016 December 31, 2015 Fair Value Fair Value (In thousands) Fixed-income investments $ 9,027 $ 8,482 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 six months ended June 30, 2016, gains and losses on the investments noted above were not significant. No transfers between level 1 and level 2 investments occurred during the six months ended June 30, 2016. Financial Instruments Cash, cash equivalents and fixed-income investments are recorded at fair value at June 30, 2016 and December 31, 2015 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 June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Recorded Fair Value Recorded Fair Value (In thousands) Short-term borrowings, net $ (542,950 ) $ (542,950 ) $ (312,999 ) $ (312,999 ) Long-term debt, net (including current portion) (1,599,202 ) (1,706,214 ) (1,625,041 ) (1,683,523 ) The fair value of short-term

Hedging Activities

Hedging Activities	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Activities	6. Hedging Activities The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of June 30, 2016, these net investment hedges included British-pound-denominated long-term debt. These borrowings were designed to create net investment hedges in each of the designated foreign subsidiaries. The Company designated the British-pound-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 exchange rate. These net investment hedges are evidenced by management’s contemporaneous documentation supporting the hedge designation. Any gain or loss on the hedging instruments (the debt) following hedge designation is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the investment based on changes in the spot rate, which is used to measure hedge effectiveness. At June 30, 2016, the Company had $159.0 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. As a result of the British-pound-denominated loans being designated and 100% effective as net investment hedges, $18.1 million of currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income for the six months ended June 30, 2016.

Inventories, Net

Inventories, Net	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories, Net	7. Inventories, net June 30, December 31, (In thousands) Finished goods and parts $ 83,569 $ 83,229 Work in process 112,300 105,259 Raw materials and purchased parts 341,102 325,963 Total inventories, net $ 536,971 $ 514,451

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Acquisitions	8. Acquisitions The Company spent $293.5 million in cash, net of cash acquired, to acquire Brookfield Engineering Laboratories (“Brookfield”) and ESP/SurgeX in January 2016. Brookfield is a manufacturer of viscometers and rheometers, as well as instrumentation to analyze texture and powder flow. ESP/SurgeX is a manufacturer of energy intelligence and power protection, monitoring and diagnostic solutions. Brookfield and ESP/SurgeX are part of AMETEK’s Electronic Instruments Group. 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 $ 8.9 Goodwill 139.9 Other intangible assets 145.1 Deferred income taxes, net (13.4 ) Long-term liabilities (2.4 ) Net working capital and other (1) 15.4 Total purchase price $ 293.5 (1) Includes $10.4 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: Brookfield’s viscosity measurement instrumentation products and technologies complement the Company’s existing laboratory instrumentation businesses and provides the Company with opportunities to expand that business platform into a broader range of markets and applications. ESP/SurgeX’s patented technology is widely used by the business equipment, imaging, audio visual, information technology, gaming and vending industries and is a strategic fit with the Company’s existing power protection platform to accelerate product innovation and market expansion worldwide. The Company expects approximately $100 million of the goodwill recorded in connection with the 2016 acquisitions will be tax deductible in future years. At June 30, 2016, purchase price allocated to other intangible assets of $145.1 million consists of $23.5 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $121.6 million of other intangible assets consists of $97.1 million of customer relationships, which are being amortized over a period of 19 years and $24.5 million of purchased technology, which is being amortized over a period of 15 years. Amortization expense for each of the next five years for the 2016 acquisitions listed above is expected to approximate $7 million per year. The Company is in the process of finalizing the measurement of certain tangible and intangible assets and liabilities for its 2016 acquisitions, including property, plant and equipment, goodwill, customer relationships, trade names, purchased technology and the accounting for income taxes. The 2016 acquisitions noted above had an immaterial impact on reported net sales, net income and diluted earnings per share for the three and six months ended June 30, 2016. Had the 2016 acquisitions been made at the beginning of 2016 or 2015, unaudited pro forma net sales, net income and diluted earnings per share for the three and six months ended June 30, 2016 and 2015, 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 2016 or 2015. Acquisitions Subsequent to June 30, 2016 In July 2016, the Company acquired HS Foils and Nu Instruments for approximately $65 million. HS Foils develops and manufactures key components used in radiation detectors including ultra-thin radiation windows, silicon drift detectors and x-ray

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	9. Goodwill The changes in the carrying amounts of goodwill by segment were as follows: Electronic Electro- Total (In millions) Balance at December 31, 2015 $ 1,678.2 $ 1,028.4 $ 2,706.6 Goodwill acquired 139.9 — 139.9 Purchase price allocation adjustments and other 0.3 (0.1 ) 0.2 Foreign currency translation adjustments (5.3 ) (13.9 ) (19.2 ) Balance at June 30, 2016 $ 1,813.1 $ 1,014.4 $ 2,827.5

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes At June 30, 2016, the Company had gross unrecognized tax benefits of $64.2 million, of which $54.3 million, if recognized, would impact the effective tax rate. The following is a reconciliation of the liability for uncertain tax positions (in millions): Balance at December 31, 2015 $ 63.8 Additions for tax positions 4.1 Reductions for tax positions (3.7 ) Balance at June 30, 2016 $ 64.2 The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. The amounts recognized in income tax expense for interest and penalties during the three and six months ended June 30, 2016 and 2015 were not significant.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	11. Debt In March 2016, the Company along with certain of its foreign subsidiaries amended and restated its credit agreement dated as of September 22, 2011 (the “Credit Agreement”). The Credit Agreement amends and restates the Company’s existing $700 million revolving credit facility, which was due to expire in December 2018. The Credit Agreement consists of a five-year revolving credit facility in an aggregate principal amount of $850 million with a final maturity date in March 2021. The revolving credit facility total borrowing capacity excludes an accordion feature that permits the Company to request up to an additional $300 million in revolving credit commitments at any time during the life of the Credit Agreement under certain conditions. The Credit Agreement places certain restrictions on allowable additional indebtedness. 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 June 30, 2016, the Company had available borrowing capacity of $571.2 million under its revolving credit facility, including the $300 million accordion feature.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	12. Share-Based Compensation Total share-based compensation expense was as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In thousands) Stock option expense $ 3,224 $ 4,292 $ 5,323 $ 6,187 Restricted stock expense 2,732 2,925 5,712 5,892 Total pre-tax expense 5,956 7,217 11,035 12,079 Related tax benefit (1,856 ) (2,448 ) (3,532 ) (4,026 ) Reduction of net income $ 4,100 $ 4,769 $ 7,503 $ 8,053 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 fair value of each stock option grant is estimated on the date of grant using a Black-Scholes-Merton Black-Scholes-Merton Six Months Ended Year Ended Expected volatility 21.8 % 22.3 % Expected term (years) 5.0 5.0 Risk-free interest rate 1.23 % 1.58 % Expected dividend yield 0.77 % 0.69 % Black-Scholes-Merton fair value per stock option granted $ 9.14 $ 10.89 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 expected term 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. The following is a summary of the Company’s stock option activity and related information: Shares Weighted Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (In thousands) (Years) (In millions) Outstanding at December 31, 2015 5,659 $ 39.49 Granted 1,471 46.97 Exercised (413 ) 22.42 Forfeited (234 ) 49.57 Expired (8 ) 51.59 Outstanding at June 30, 2016 6,475 $ 41.90 4.3 $ 42.0 Exercisable at June 30, 2016 3,553 $ 36.11 2.9 $ 40.9 The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2016 was $10.9 million. The total fair value of stock options vested during the six months ended June 30, 2016 was $10.6 million. As of June 30, 2016, there was approximately $24.0 million of expected future pre-tax The following is a summary of the Company’s nonvested restricted stock activity and related information: Shares Weighted Average Grant Date Fair Value (In thousands) Nonvested restricted stock outstanding at December 31, 2015 1,061 $ 46.32 Granted 364 46.98 Vested (281 ) 37.98 Forfeited (78 ) 48.33 Nonvested restricted stock outstanding at June 30, 2016 1,066 $ 48.60 The total fair value of restricted stock vested during the six months ended June 30, 2016 was $10.7 million. As of June 30, 2016, there was approximately $35.3 million of expected future pre-tax

Retirement and Pension Plans

Retirement and Pension Plans	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement and Pension Plans	13. Retirement and Pension Plans The components of net periodic pension benefit expense (income) were as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In thousands) Defined benefit plans: Service cost $ 1,669 $ 1,800 $ 3,328 $ 3,549 Interest cost 7,627 7,091 15,240 13,780 Expected return on plan assets (12,977 ) (13,669 ) (25,946 ) (26,673 ) Amortization of net actuarial loss and other 2,484 2,160 4,968 4,320 Pension income (1,197 ) (2,618 ) (2,410 ) (5,024 ) Other plans: Defined contribution plans 5,835 6,006 12,877 12,500 Foreign plans and other 1,342 1,238 2,678 2,486 Total other plans 7,177 7,244 15,555 14,986 Total net pension expense $ 5,980 $ 4,626 $ 13,145 $ 9,962 For the six months ended June 30, 2016 and 2015, contributions to the Company’s defined benefit pension plans were $1.8 million and $51.6 million, respectively. The Company’s current estimate of 2016 contributions to its worldwide defined benefit pension plans is in line with the range disclosed in the Company’s Annual Report on Form 10-K

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2016
Guarantees [Abstract]
Product Warranties	14. 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 six months ended June 30, 2015 has been adjusted to disclose gross accruals for warranties issued during the period and gross settlements made during the period to conform to the current period presentation. Changes in the accrued product warranty obligation were as follows: Six Months Ended 2016 2015 (In thousands) Balance at the beginning of the period $ 22,761 $ 29,764 Accruals for warranties issued during the period 6,734 8,350 Settlements made during the period (8,620 ) (9,824 ) Warranty accruals related to acquired businesses and other during the period 984 (479 ) Balance at the end of the period $ 21,859 $ 27,811 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	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	15. 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 June 30, 2016, 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 June 30, 2016 and December 31, 2015 were $28.1 million and $30.5 million, respectively, for both non-owned and owned sites. For the six months ended June 30, 2016, the Company recorded $1.4 million in reserves. Additionally, the Company spent $3.4 million on environmental matters and had $0.4 million due to foreign currency translation losses for the six months ended June 30, 2016. The Company’s reserves for environmental liabilities at June 30, 2016 and December 31, 2015 include reserves of $12.7 million and $11.5 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 June 30, 2016, the Company had $11.8 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.

Reportable Segments

Reportable Segments	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Reportable Segments	16. Reportable Segments The Company has two reportable segments, Electronic Instruments Group (“EIG”) and Electromechanical Group (“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. At June 30, 2016, there were no significant changes in identifiable assets of reportable segments from the amounts disclosed at December 31, 2015, other than those described in the acquisitions footnote (Note 8), nor were there any significant changes in the basis of segmentation or in the measurement of segment operating results. Operating information relating to the Company’s reportable segments for the three and six months ended June 30, 2016 and 2015 can be found in the table included in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity	17. Stockholders’ Equity For the six months ended June 30, 2016, the Company repurchased approximately 2,824,000 shares of its common stock for $135.3 million in cash under its share repurchase authorization. At June 30, 2016, $176.4 million was available under the Company’s Board of Directors authorization for future share repurchases. In July 2016, the Company repurchased an additional 1.0 million shares of its common stock for $45.0 million. As of July 31, 2016, $131.5 million was available under the Company’s Board of Directors authorization for future share repurchases.

2015 Restructuring Charges

2015 Restructuring Charges	6 Months Ended
	Jun. 30, 2016
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 impact of 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 second 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 impact of 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 through the end 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, 2015 $ 5.0 $ 19.3 $ 24.3 Pre-tax charges — — — Utilization (2.3 ) (4.8 ) (7.1 ) Foreign currency translation and other 0.2 (0.5 ) (0.3 ) Balance at June 30, 2016 $ 2.9 $ 14.0 $ 16.9

Recent Accounting Pronounceme24

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Revenue from Contracts with Customers	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 ASU 2014-09 ASU 2014-09 ASU 2014-09 ASU 2014-09 ASU 2014-09
Amendments to the Consolidation Analysis	In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 ASU 2015-02 ASU 2015-02
Simplifying the Presentation of Debt Issuance Costs	In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 ASU 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 (“ASU 2015-05”). ASU 2015-05 ASU 2015-05
Simplifying the Measurement of Inventory	In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”), ASU 2015-11 ASU 2015-11
Balance Sheet Classification of Deferred Taxes	In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 ASU 2015-17 ASU 2015-17 ASU 2015-17
Leases	In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 ASU 2016-02 ASU 2016-02
Improvements to Employee Share-Based Payment Accounting	In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 ASU 2016-09 ASU 2016-09

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Number of Weighted Average Shares	The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In thousands) Weighted average shares: Basic shares 233,285 241,498 234,134 241,222 Equity-based compensation plans 1,505 2,123 1,369 1,987 Diluted shares 234,790 243,621 235,503 243,209

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 Foreign Defined Foreign Defined Currency Benefit Currency Benefit Items Pension Items Pension and Other Plans Total and Other Plans Total (In thousands) Balance at the beginning of the period $ (217,102 ) $ (153,423 ) $ (370,525 ) $ (221,132 ) $ (140,564 ) $ (361,696 ) Other comprehensive income (loss) before reclassifications: Translation adjustments (37,819 ) — (37,819 ) 27,714 — 27,714 Change in long-term intercompany notes (9,904 ) — (9,904 ) 14,648 — 14,648 Net investment hedges (10,271 ) — (10,271 ) 8,304 — 8,304 Gross amounts reclassified from accumulated other comprehensive income (loss) — 2,484 2,484 — 2,160 2,160 Income tax benefit (expense) 3,595 (869 ) 2,726 (2,907 ) (742 ) (3,649 ) Other comprehensive (loss) income, net of tax (54,399 ) 1,615 (52,784 ) 47,759 1,418 49,177 Balance at the end of the period $ (271,501 ) $ (151,808 ) $ (423,309 ) $ (173,373 ) $ (139,146 ) $ (312,519 ) Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Foreign Defined Foreign Defined Currency Benefit Currency Benefit Items Pension Items Pension and Other Plans Total and Other Plans Total (In thousands) Balance at the beginning of the period $ (250,593 ) $ (155,038 ) $ (405,631 ) $ (124,912 ) $ (141,982 ) $ (266,894 ) Other comprehensive income (loss) before reclassifications: Translation adjustments (16,140 ) — (16,140 ) (6,656 ) — (6,656 ) Change in long-term intercompany notes 3,799 — 3,799 (40,045 ) — (40,045 ) Net investment hedges (13,181 ) — (13,181 ) (2,707 ) — (2,707 ) Gross amounts reclassified from accumulated other comprehensive income (loss) — 4,968 4,968 — 4,320 4,320 Income tax benefit (expense) 4,614 (1,738 ) 2,876 947 (1,484 ) (537 ) Other comprehensive (loss) income, net of tax (20,908 ) 3,230 (17,678 ) (48,461 ) 2,836 (45,625 ) Balance at the end of the period $ (271,501 ) $ (151,808 ) $ (423,309 ) $ (173,373 ) $ (139,146 ) $ (312,519 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015, consistent with the fair value hierarchy: June 30, 2016 December 31, 2015 Fair Value Fair Value (In thousands) Fixed-income investments $ 9,027 $ 8,482
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 June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Recorded Fair Value Recorded Fair Value (In thousands) Short-term borrowings, net $ (542,950 ) $ (542,950 ) $ (312,999 ) $ (312,999 ) Long-term debt, net (including current portion) (1,599,202 ) (1,706,214 ) (1,625,041 ) (1,683,523 )

Inventories, Net (Tables)

Inventories, Net (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	June 30, December 31, (In thousands) Finished goods and parts $ 83,569 $ 83,229 Work in process 112,300 105,259 Raw materials and purchased parts 341,102 325,963 Total inventories, net $ 536,971 $ 514,451

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2016
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 $ 8.9 Goodwill 139.9 Other intangible assets 145.1 Deferred income taxes, net (13.4 ) Long-term liabilities (2.4 ) Net working capital and other (1) 15.4 Total purchase price $ 293.5 (1) Includes $10.4 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amounts of Goodwill by Segment	The changes in the carrying amounts of goodwill by segment were as follows: Electronic Electro- Total (In millions) Balance at December 31, 2015 $ 1,678.2 $ 1,028.4 $ 2,706.6 Goodwill acquired 139.9 — 139.9 Purchase price allocation adjustments and other 0.3 (0.1 ) 0.2 Foreign currency translation adjustments (5.3 ) (13.9 ) (19.2 ) Balance at June 30, 2016 $ 1,813.1 $ 1,014.4 $ 2,827.5

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Reconciliation of Liability for Uncertain Tax Positions	The following is a reconciliation of the liability for uncertain tax positions (in millions): Balance at December 31, 2015 $ 63.8 Additions for tax positions 4.1 Reductions for tax positions (3.7 ) Balance at June 30, 2016 $ 64.2

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total Share-Based Compensation Expense	Total share-based compensation expense was as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In thousands) Stock option expense $ 3,224 $ 4,292 $ 5,323 $ 6,187 Restricted stock expense 2,732 2,925 5,712 5,892 Total pre-tax expense 5,956 7,217 11,035 12,079 Related tax benefit (1,856 ) (2,448 ) (3,532 ) (4,026 ) Reduction of net income $ 4,100 $ 4,769 $ 7,503 $ 8,053
Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted	The following weighted average assumptions were used in the Black-Scholes-Merton Six Months Ended Year Ended Expected volatility 21.8 % 22.3 % Expected term (years) 5.0 5.0 Risk-free interest rate 1.23 % 1.58 % Expected dividend yield 0.77 % 0.69 % Black-Scholes-Merton fair value per stock option granted $ 9.14 $ 10.89
Summary of Stock Option Activity and Related Information	The following is a summary of the Company’s stock option activity and related information: Shares Weighted Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (In thousands) (Years) (In millions) Outstanding at December 31, 2015 5,659 $ 39.49 Granted 1,471 46.97 Exercised (413 ) 22.42 Forfeited (234 ) 49.57 Expired (8 ) 51.59 Outstanding at June 30, 2016 6,475 $ 41.90 4.3 $ 42.0 Exercisable at June 30, 2016 3,553 $ 36.11 2.9 $ 40.9
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: Shares Weighted Average Grant Date Fair Value (In thousands) Nonvested restricted stock outstanding at December 31, 2015 1,061 $ 46.32 Granted 364 46.98 Vested (281 ) 37.98 Forfeited (78 ) 48.33 Nonvested restricted stock outstanding at June 30, 2016 1,066 $ 48.60

Retirement and Pension Plans (T

Retirement and Pension Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Pension Benefit Expense (Income)	The components of net periodic pension benefit expense (income) were as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 (In thousands) Defined benefit plans: Service cost $ 1,669 $ 1,800 $ 3,328 $ 3,549 Interest cost 7,627 7,091 15,240 13,780 Expected return on plan assets (12,977 ) (13,669 ) (25,946 ) (26,673 ) Amortization of net actuarial loss and other 2,484 2,160 4,968 4,320 Pension income (1,197 ) (2,618 ) (2,410 ) (5,024 ) Other plans: Defined contribution plans 5,835 6,006 12,877 12,500 Foreign plans and other 1,342 1,238 2,678 2,486 Total other plans 7,177 7,244 15,555 14,986 Total net pension expense $ 5,980 $ 4,626 $ 13,145 $ 9,962

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2016
Guarantees [Abstract]
Changes in Accrued Product Warranty Obligation	Changes in the accrued product warranty obligation were as follows: Six Months Ended 2016 2015 (In thousands) Balance at the beginning of the period $ 22,761 $ 29,764 Accruals for warranties issued during the period 6,734 8,350 Settlements made during the period (8,620 ) (9,824 ) Warranty accruals related to acquired businesses and other during the period 984 (479 ) Balance at the end of the period $ 21,859 $ 27,811

2015 Restructuring Charges (Tab

2015 Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2015 $ 5.0 $ 19.3 $ 24.3 Pre-tax charges — — — Utilization (2.3 ) (4.8 ) (7.1 ) Foreign currency translation and other 0.2 (0.5 ) (0.3 ) Balance at June 30, 2016 $ 2.9 $ 14.0 $ 16.9

Earnings Per Share - Number of

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Weighted average shares:
Basic shares	233,285	241,498	234,134	241,222
Equity-based compensation plans	1,505	2,123	1,369	1,987
Diluted shares	234,790	243,621	235,503	243,209

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	$ (370,525)	$ (361,696)	$ (405,631)	$ (266,894)
Other comprehensive income (loss) before reclassifications:
Translation adjustments	(37,819)	27,714	(16,140)	(6,656)
Change in long-term intercompany notes	(9,904)	14,648	3,799	(40,045)
Net investment hedges	(10,271)	8,304	(13,181)	(2,707)
Gross amounts reclassified from accumulated other comprehensive income (loss)	2,484	2,160	4,968	4,320
Income tax benefit (expense)	2,726	(3,649)	2,876	(537)
Other comprehensive (loss) income, net of tax	(52,784)	49,177	(17,678)	(45,625)
Accumulated other comprehensive income (loss), ending balance	(423,309)	(312,519)	(423,309)	(312,519)
Foreign Currency Items and Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(217,102)	(221,132)	(250,593)	(124,912)
Other comprehensive income (loss) before reclassifications:
Translation adjustments	(37,819)	27,714	(16,140)	(6,656)
Change in long-term intercompany notes	(9,904)	14,648	3,799	(40,045)
Net investment hedges	(10,271)	8,304	(13,181)	(2,707)
Income tax benefit (expense)	3,595	(2,907)	4,614	947
Other comprehensive (loss) income, net of tax	(54,399)	47,759	(20,908)	(48,461)
Accumulated other comprehensive income (loss), ending balance	(271,501)	(173,373)	(271,501)	(173,373)
Defined Benefit Pension Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(153,423)	(140,564)	(155,038)	(141,982)
Other comprehensive income (loss) before reclassifications:
Gross amounts reclassified from accumulated other comprehensive income (loss)	2,484	2,160	4,968	4,320
Income tax benefit (expense)	(869)	(742)	(1,738)	(1,484)
Other comprehensive (loss) income, net of tax	1,615	1,418	3,230	2,836
Accumulated other comprehensive income (loss), ending balance	$ (151,808)	$ (139,146)	$ (151,808)	$ (139,146)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed-income investments	$ 9,027	$ 8,482

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2016USD ($)
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 - Fai40

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Recorded Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term borrowings, net	$ (542,950)	$ (312,999)
Long-term debt, net (including current portion)	(1,599,202)	(1,625,041)
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term borrowings, net	(542,950)	(312,999)
Long-term debt, net (including current portion)	$ (1,706,214)	$ (1,683,523)

Hedging Activities - Additional

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract [Member] - Designated as Hedging Instrument [Member] $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasurement gains	$ 18.1
British-Pound-Denominated Loans [Member]
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 159

Inventories, Net - Inventories

Inventories, Net - Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished goods and parts	$ 83,569	$ 83,229
Work in process	112,300	105,259
Raw materials and purchased parts	341,102	325,963
Total inventories, net	$ 536,971	$ 514,451

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Amount of cash paid for acquisitions		$ 293,468	$ 198,806
Total other intangible assets acquired		145,100
Indefinite-lived intangible trade names acquired		23,500
Finite-lived intangible assets acquired		121,600
Customer Relationships [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 97,100
Amortization period for finite-lived intangible asset		19 years
Purchased Technology [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 24,500
Amortization period for finite-lived intangible asset		15 years
Brookfield Engineering Laboratories and ESP/SurgeX [Member]
Business Acquisition [Line Items]
Amount of cash paid for acquisitions		$ 293,500
Total other intangible assets acquired		145,100
Future amortization expense, 2016		7,000
Future amortization expense, 2017		7,000
Future amortization expense, 2018		7,000
Future amortization expense, 2019		7,000
Future amortization expense, 2020		7,000
2016 Acquisitions [Member]
Business Acquisition [Line Items]
Goodwill recorded in connection with acquisitions		$ 100,000
HS Foils and Nu Instruments [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Amount of cash paid for acquisitions	$ 65,000

Acquisitions - Allocation of Ag

Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Goodwill	$ 2,827,460	$ 2,706,633
Other intangible assets	145,100
Brookfield Engineering Laboratories and ESP/SurgeX [Member]
Business Acquisition [Line Items]
Property, plant and equipment	8,900
Goodwill	139,900
Other intangible assets	145,100
Deferred income taxes, net	(13,400)
Long-term liabilities	(2,400)
Net working capital and other	15,400
Total purchase price	$ 293,500

Acquisitions - Allocation of 45

Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Parenthetical) (Detail) $ in Millions	Jun. 30, 2016USD ($)
Business Combinations [Abstract]
Accounts receivable included in purchase price	$ 10.4

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 2,706,633
Goodwill acquired	139,900
Purchase price allocation adjustments and other	200
Foreign currency translation adjustments	(19,200)
Goodwill, ending balance	2,827,460
Electronic Instruments Group [Member]
Goodwill [Line Items]
Goodwill, beginning balance	1,678,200
Goodwill acquired	139,900
Purchase price allocation adjustments and other	300
Foreign currency translation adjustments	(5,300)
Goodwill, ending balance	1,813,100
Electromechanical Group [Member]
Goodwill [Line Items]
Goodwill, beginning balance	1,028,400
Purchase price allocation adjustments and other	(100)
Foreign currency translation adjustments	(13,900)
Goodwill, ending balance	$ 1,014,400

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 64.2	$ 63.8
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 54.3

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Income Tax Disclosure [Abstract]
Balance at December 31, 2015	$ 63.8
Additions for tax positions	4.1
Reductions for tax positions	(3.7)
Balance at June 30, 2016	$ 64.2

Debt - Additional Information (

Debt - Additional Information (Detail) - Revolving Credit Loan [Member] - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Debt Instrument [Line Items]
Total borrowing capacity under revolving credit facility	$ 850,000,000	$ 700,000,000
Revolving credit facility expiration date	Mar. 31, 2021	Dec. 31, 2018
Revolving credit facility expiration period	5 years
Additional borrowing capacity under revolving credit facility			$ 300,000,000
Available borrowing capacity under revolving credit facility			$ 571,200,000

Share-Based Compensation - Tota

Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option expense	$ 3,224	$ 4,292	$ 5,323	$ 6,187
Restricted stock expense	2,732	2,925	5,712	5,892
Total pre-tax expense	5,956	7,217	11,035	12,079
Related tax benefit	(1,856)	(2,448)	(3,532)	(4,026)
Reduction of net income	$ 4,100	$ 4,769	$ 7,503	$ 8,053

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	21.80%	22.30%
Expected term (years)	5 years	5 years
Risk-free interest rate	1.23%	1.58%
Expected dividend yield	0.77%	0.69%
Black-Scholes-Merton fair value per stock option granted	$ 9.14	$ 10.89

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning balance, Outstanding, Shares | shares	5,659
Granted, Shares | shares	1,471
Exercised, Shares | shares	(413)
Forfeited, Shares | shares	(234)
Expired, Shares | shares	(8)
Ending balance, Outstanding, Shares | shares	6,475
Ending balance, Exercisable, Shares | shares	3,553
Beginning balance, Outstanding, Weighted Average Exercise Price | $ / shares	$ 39.49
Granted, Weighted Average Exercise Price | $ / shares	46.97
Exercised, Weighted Average Exercise Price | $ / shares	22.42
Forfeited, Weighted Average Exercise Price | $ / shares	49.57
Expired, Weighted Average Exercise Price | $ / shares	51.59
Ending balance, Outstanding, Weighted Average Exercise Price | $ / shares	41.90
Ending balance, Exercisable, Weighted Average Exercise Price | $ / shares	$ 36.11
Ending balance, Outstanding, Weighted Average Remaining Contractual Life (Years)	4 years 3 months 18 days
Ending balance, Exercisable, Weighted Average Remaining Contractual Life (Years)	2 years 10 months 24 days
Ending balance, Outstanding, Aggregate Intrinsic Value | $	$ 42
Ending balance, Exercisable, Aggregate Intrinsic Value | $	$ 40.9

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised	$ 10.9
Total fair value of stock options vested	10.6
Expected future pre-tax compensation expense, nonvested stock options	$ 24
Nonvested stock options outstanding	2,900
Weighted average period to recognize expected future pre-tax compensation expense (in years)	2 years
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
Total fair value of vested restricted stock	$ 10.7
Expected future pre-tax compensation expense, nonvested restricted shares	$ 35.3
Nonvested restricted stock outstanding	1,066	1,061

Share-Based Compensation - Su54

Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) - Restricted Shares [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Nonvested restricted stock outstanding, Shares | shares	1,061
Granted, Shares | shares	364
Vested, Shares | shares	(281)
Forfeited, Shares | shares	(78)
Ending balance, Nonvested restricted stock outstanding, Shares | shares	1,066
Beginning balance, Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 46.32
Granted, Weighted Average Grant Date Fair Value | $ / shares	46.98
Vested, Weighted Average Grant Date Fair Value | $ / shares	37.98
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	48.33
Ending balance, Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $ / shares	$ 48.60

Retirement and Pension Plans -

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Defined benefit plans:
Service cost	$ 1,669	$ 1,800	$ 3,328	$ 3,549
Interest cost	7,627	7,091	15,240	13,780
Expected return on plan assets	(12,977)	(13,669)	(25,946)	(26,673)
Amortization of net actuarial loss and other	2,484	2,160	4,968	4,320
Pension income	(1,197)	(2,618)	(2,410)	(5,024)
Other plans:
Defined contribution plans	5,835	6,006	12,877	12,500
Foreign plans and other	1,342	1,238	2,678	2,486
Total other plans	7,177	7,244	15,555	14,986
Total net pension expense	$ 5,980	$ 4,626	$ 13,145	$ 9,962

Retirement and Pension Plans 56

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Defined benefit pension plan contributions	$ 1.8	$ 51.6

Product Warranties - Additional

Product Warranties - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016
Guarantees [Abstract]
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.

Product Warranties - Changes in

Product Warranties - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Guarantees [Abstract]
Balance at the beginning of the period	$ 22,761	$ 29,764
Accruals for warranties issued during the period	6,734	8,350
Settlements made during the period	(8,620)	(9,824)
Warranty accruals related to acquired businesses and other during the period	984	(479)
Balance at the end of the period	$ 21,859	$ 27,811

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2016USD ($)site	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
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	$ 28.1	$ 28.1	$ 30.5
Increase (decrease) in environmental reserves		1.4
Total expenses related to environmental matters		3.4
Foreign currency translation losses		0.4
HCC Industries [Member]
Site Contingency [Line Items]
Reserves related to an owned site acquired	12.7	12.7	$ 11.5
Receivables related to HCC for probable recoveries from third-party funds	11.8	$ 11.8
Amount for which the Company is indemnified by HCC's former owners	$ 19

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2016	Jun. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, shares		2,824,000
Repurchase of common stock under share repurchase authorization		$ 135,300,000
Remaining authorization for future share repurchases		$ 176,400,000
Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, shares	1,000,000
Repurchase of common stock under share repurchase authorization	$ 45,000,000
Remaining authorization for future share repurchases	$ 131,500,000

2015 Restructuring Charges - Ad

2015 Restructuring Charges - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Mar. 31, 2015	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Reduction in net income due to restructuring charges	$ 13.9	$ 10.8
Reduction in earning per share diluted due to restructuring charges	$ 0.06	$ 0.04
Restructuring charges	$ 20.7	$ 15.9	$ 0
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		6 Months Ended
	Dec. 31, 2015	Mar. 31, 2015	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance			$ 24.3
Pre-tax charges	$ 20.7	$ 15.9	0
Utilization			(7.1)
Foreign currency translation and other			(0.3)
Restructuring reserve, ending balance	24.3		16.9
First Quarter of 2015 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance			5
Pre-tax charges			0
Utilization			(2.3)
Foreign currency translation and other			0.2
Restructuring reserve, ending balance	5		2.9
Fourth Quarter of 2015 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance			19.3
Pre-tax charges			0
Utilization			(4.8)
Foreign currency translation and other			(0.5)
Restructuring reserve, ending balance	$ 19.3		$ 14