AMETEK (AME) 10-Q 8 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		230,108,187

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 1,007,682	$ 944,398
Operating expenses:
Cost of sales	664,935	623,681
Selling, general and administrative	122,449	112,194
Total operating expenses	787,384	735,875
Operating income	220,298	208,523
Other expenses:
Interest expense	(24,516)	(23,401)
Other, net	(4,360)	(2,080)
Income before income taxes	191,422	183,042
Provision for income taxes	52,496	48,872
Net income	$ 138,926	$ 134,170
Basic earnings per share	$ 0.61	$ 0.57
Diluted earnings per share	$ 0.60	$ 0.57
Weighted average common shares outstanding:
Basic shares	229,548	234,983
Diluted shares	231,004	236,216
Dividends declared and paid per share	$ 0.09	$ 0.09

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 149,179	$ 169,276

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 570,233	$ 717,259
Receivables, net	603,900	592,326
Inventories, net	529,927	492,104
Deferred income taxes		50,004
Other current assets	83,383	76,497
Total current assets	1,787,443	1,928,190
Property, plant and equipment, net	482,908	473,230
Goodwill	2,975,039	2,818,950
Other intangibles, net	1,901,004	1,734,021
Investments and other assets	152,416	146,283
Total assets	7,298,810	7,100,674
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	337,951	278,921
Accounts payable	382,805	369,537
Income taxes payable	44,401	29,913
Accrued liabilities	251,641	246,070
Total current liabilities	1,016,798	924,441
Long-term debt, net	2,076,577	2,062,644
Deferred income taxes	582,838	621,776
Other long-term liabilities	218,362	235,300
Total liabilities	3,894,575	3,844,161
Stockholders' equity:
Common stock	2,622	2,615
Capital in excess of par value	623,520	604,143
Retained earnings	4,521,986	4,403,683
Accumulated other comprehensive loss	(532,136)	(542,389)
Treasury stock	(1,211,757)	(1,211,539)
Total stockholders' equity	3,404,235	3,256,513
Total liabilities and stockholders' equity	$ 7,298,810	$ 7,100,674

Condensed Consolidated Statemen

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities:
Net income	$ 138,926	$ 134,170
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	42,541	40,086
Deferred income taxes	4,767	5,063
Share-based compensation expense	5,328	5,079
Net change in assets and liabilities, net of acquisitions	1,510	(31,847)
Pension contribution	(50,853)	(1,157)
Other, net	225	225
Total operating activities	142,444	151,619
Investing activities:
Additions to property, plant and equipment	(13,385)	(11,115)
Purchases of businesses, net of cash acquired	(334,543)	(294,611)
Other, net	(324)
Total investing activities	(348,252)	(305,726)
Financing activities:
Net change in short-term borrowings	58,894	283,333
Repurchases of common stock	(172)	(116,659)
Cash dividends paid	(20,623)	(21,006)
Excess tax benefits from share-based payments		1,966
Proceeds from employee stock plans and other, net	13,785	2,004
Total financing activities	51,884	149,638
Effect of exchange rate changes on cash and cash equivalents	6,898	10,404
(Decrease) increase in cash and cash equivalents	(147,026)	5,935
Cash and cash equivalents:
Beginning of period	717,259	381,005
End of period	$ 570,233	$ 386,940

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017, and the consolidated results of its operations and its cash flows for the three months ended March 31, 2017 and 2016 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	3 Months Ended
	Mar. 31, 2017
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 is effective for interim and annual reporting periods beginning after December 15, 2017 and may be early adopted for interim and annual reporting periods beginning after December 15, 2016. The Company will adopt ASU 2014-09 The Company is currently evaluating the impact of the potential changes identified by its initial assessment work. The standard is expected to impact the Company’s revenue recognition processes, primarily in the areas of the allocation of contract revenues (such as installations, training and warranty services) and the timing of when certain revenues should be recognized (“over-time” or at a “point-in-time”). The Company is continuing to determine the impact ASU 2014-09 In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (“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. 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 In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 ASU 2017-01 ASU 2017-01 ASU 2017-01 ASU 2017-01 ASU 2017-01 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 ASU 2017-04 ASU 2017-04 In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”), ASU 2017-07 ASU 2017-07 ASU 2017-07

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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 2017 2016 (In thousands) Weighted average shares: Basic shares 229,548 234,983 Equity-based compensation plans 1,456 1,233 Diluted shares 231,004 236,216

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Three Months Ended March 31, 2016 Foreign Currency Items and Other Defined Benefit Pension Plans Total Foreign Currency Items and Other Defined Benefit Pension Plans Total (In thousands) Balance at the beginning of the period $ (338,631 ) $ (203,758 ) $ (542,389 ) $ (250,593 ) $ (155,038 ) $ (405,631 ) Other comprehensive income (loss) before reclassifications: Translation adjustments 4,679 — 4,679 21,679 — 21,679 Change in long-term intercompany notes 2,704 — 2,704 13,703 — 13,703 Net investment hedges 1,044 — 1,044 (2,910 ) — (2,910 ) Gross amounts reclassified from accumulated other comprehensive income (loss) — 3,512 3,512 — 2,484 2,484 Income tax benefit (expense) (365 ) (1,321 ) (1,686 ) 1,019 (869 ) 150 Other comprehensive (loss) income, net of tax 8,062 2,191 10,253 33,491 1,615 35,106 Balance at the end of the period $ (330,569 ) $ (201,567 ) $ (532,136 ) $ (217,102 ) $ (153,423 ) $ (370,525 ) Reclassifications for the amortization of defined benefit pension plans are included in Cost of sales in the consolidated statement of income. See Note 11 for further details.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, consistent with the fair value hierarchy: March 31, 2017 December 31, 2016 Fair Value Fair Value (In thousands) Fixed-income investments $ 7,623 $ 7,317 The fair value of fixed-income investments, which are valued as level 1 investments, was based on quoted market prices. The fixed-income investments are shown as a component of long-term assets on the consolidated balance sheet. For the three months ended March 31, 2017, gains and losses on the investments noted above were not significant. No transfers between level 1 and level 2 investments occurred during the three months ended March 31, 2017. Financial Instruments Cash, cash equivalents and fixed-income investments are recorded at fair value at March 31, 2017 and December 31, 2016 in the accompanying consolidated balance sheet. The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Recorded Fair Value Recorded Fair Value (In thousands) Short-term borrowings, net $ (58,192 ) $ (58,192 ) $ — $ — Long-term debt, net (including current portion) (2,356,336 ) (2,400,520 ) (2,341,565 ) (2,386,901 ) The fair value of short-term

Hedging Activities

Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Activities	6. Hedging Activities The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of March 31, 2017, these net investment hedges included British-pound-and At March 31, 2017, the Company had $382.3 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At March 31, 2017, the Company had $534.9 million in Euro-denominated loans, which were designated as a hedge against the net investment in Euro functional currency foreign subsidiaries. As a result of the British-pound-and

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories, Net	7. Inventories, net March 31, December 31, 2017 2016 (In thousands) Finished goods and parts $ 88,893 $ 75,827 Work in process 109,653 101,484 Raw materials and purchased parts 331,381 314,793 Total inventories, net $ 529,927 $ 492,104

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	8. Acquisitions The Company spent $334.5 million in cash, net of cash acquired, plus a potential $30 million contingent payment due upon the achievement of certain milestones to acquire Rauland-Borg The following table represents the preliminary allocation of the aggregate purchase price for the net assets of the above acquisition based on their estimated fair values at acquisition (in millions): Property, plant and equipment $ 13.3 Goodwill 146.0 Other intangible assets 184.5 Long-term liabilities (9.4 ) Net working capital and other (1) 25.6 Total purchase price 360.0 Less: Contingent payment liability (25.5 ) Total cash paid $ 334.5 (1) Includes $22.3 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 acquisition as follows: Rauland provides the Company with an attractive new growth segment within the medical technology market, strong growth opportunities in its core markets and incremental growth opportunities through acquisitions and international expansion. The Company expects approximately $146 million of the goodwill recorded in connection with the Rauland acquisition will be tax deductible in future years. At March 31, 2017, purchase price allocated to other intangible assets of $184.5 million consists of $36.6 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $147.9 million of other intangible assets consists of a $111.0 million customer relationship, which is being amortized over a period of 20 years and $36.9 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 Rauland acquisition is expected to approximate $8 million per year. The Company is in the process of finalizing the measurement of certain tangible and intangible assets and liabilities for its Rauland acquisition, including inventory, property, plant and equipment, goodwill, customer relationships, trade names, purchased technology, and the accounting for income taxes and certain long-term The above mentioned contingent payment is based on Rauland achieving a certain cumulative revenue target over the period October 1, 2016 to September 30, 2018. If Rauland achieves the target, the $30 million contingent payment will be made; however, if the target is not achieved, no payment will be made. At the acquisition date, the estimated fair value of the contingent payment liability was $25.5 million, which was based on a probabilistic approach using level 3 inputs. The Rauland acquisition had an immaterial impact on reported net sales, net income and diluted earnings per share for the three months ended March 31, 2017. Had the Rauland acquisition been made at the beginning of 2017 or 2016, unaudited pro forma net sales, net income and diluted earnings per share for the three months ended March 31, 2017 and 2016, respectively, would not have been materially different than the amounts reported. Subsequent Event In April 2017, the Company entered into a definitive merger agreement under which AMETEK will acquire all of the outstanding shares of common stock of MOCON, Inc. The aggregate enterprise value of the transaction is approximately $182 million, including MOCON’s outstanding equity awards and net cash to be acquired in the transaction. For the calendar year ended December 31, 2016, MOCON had sales of approximately $63 million. MOCON is a provider of laboratory and field gas analysis instrumentation to research laboratories, production facilities and quality control departments in food and beverage, pharmaceutical and industrial applications and will join AMETEK’s Electronic Instruments Group. The closing of the definitive merger agreement is subject to customary closing conditions, including the approval of MOCON’s shareholders and applicable regulatory approvals. The transaction is expected to be completed towards the end of the second quarter or the beginning of the third quarter of 2017.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2017
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, 2016 $ 1,817.0 $ 1,002.0 $ 2,819.0 Goodwill acquired 146.0 — 146.0 Purchase price allocation adjustments and other — 0.6 0.6 Foreign currency translation adjustments 5.0 4.4 9.4 Balance at March 31, 2017 $ 1,968.0 $ 1,007.0 $ 2,975.0

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes At March 31, 2017, the Company had gross unrecognized tax benefits of $59.2 million, of which $49.9 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, 2016 $ 57.9 Additions for tax positions 1.3 Reductions for tax positions — Balance at March 31, 2017 $ 59.2 The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. The amounts recognized in income tax expense for interest and penalties during the three months ended March 31, 2017 and 2016 were not significant.

Retirement and Pension Plans

Retirement and Pension Plans	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Retirement and Pension Plans	11. Retirement and Pension Plans The components of net periodic pension benefit expense (income) were as follows: Three Months Ended 2017 2016 (In thousands) Defined benefit plans: Service cost $ 1,855 $ 1,659 Interest cost 6,805 7,613 Expected return on plan assets (13,238 ) (12,969 ) Amortization of net actuarial loss and other 3,512 2,484 Pension income (1,066 ) (1,213 ) Other plans: Defined contribution plans 7,034 7,042 Foreign plans and other 1,476 1,336 Total other plans 8,510 8,378 Total net pension expense $ 7,444 $ 7,165 For the three months ended March 31, 2017 and 2016, contributions to the Company’s defined benefit pension plans were $50.9 million and $1.2 million, respectively. The Company’s current estimate of 2017 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	3 Months Ended
	Mar. 31, 2017
Guarantees [Abstract]
Product Warranties	12. Product Warranties The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary among the Company’s operations, but generally do not exceed one year. The Company calculates its warranty expense provision based on its historical warranty experience and adjustments are made periodically to reflect actual warranty expenses. Changes in the accrued product warranty obligation were as follows: Three Months Ended March 31, 2017 2016 (In thousands) Balance at the beginning of the period $ 22,007 $ 22,761 Accruals for warranties issued during the period 3,505 3,104 Settlements made during the period (3,210 ) (4,010 ) Warranty accruals related to acquired businesses and other during the period 1,470 729 Balance at the end of the period $ 23,772 $ 22,584 Certain settlements of warranties made during the period were for specific nonrecurring warranty obligations. Product warranty obligations are reported as current liabilities in the consolidated balance sheet.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	13. Contingencies Asbestos Litigation The Company (including its subsidiaries) has been named as a defendant in a number of asbestos-related lawsuits. Certain of these lawsuits relate to a business which was acquired by the Company and do not involve products which were manufactured or sold by the Company. In connection with these lawsuits, the seller of such business has agreed to indemnify the Company against these claims (the “Indemnified Claims”). The Indemnified Claims have been tendered to, and are being defended by, such seller. The seller has met its obligations, in all respects, and the Company does not have any reason to believe such party would fail to fulfill its obligations in the future. To date, no judgments have been rendered against the Company as a result of any asbestos-related lawsuit. The Company believes 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 non-AMETEK-owned “non-owned” agreed-to non-de non-owned Total environmental reserves at March 31, 2017 and December 31, 2016 were $28.2 million and $28.4 million, respectively, for both non-owned 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 on presently available information and the Company’s historical experience related to such matters, an adequate provision for probable costs has been made and the ultimate cost resulting from these actions is not expected to materially affect the consolidated results of operations, financial position or cash flows of the Company.

Reportable Segments

Reportable Segments	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Reportable Segments	14. Reportable Segments The Company has two reportable segments, Electronic Instruments Group (“EIG”) and Electromechanical Group (“EMG”). The Company’s operating 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 March 31, 2017, there were no significant changes in identifiable assets of reportable segments from the amounts disclosed at December 31, 2016, 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 months ended March 31, 2017 and 2016 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.

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring Charges	15. Restructuring Charges During the fourth quarter of 2016, the Company recorded pre-tax restructuring charges totaling $25.6 million, which had the effect of reducing net income by $17.0 million. The restructuring charges were reported in the consolidated statement of income as follows: $24.0 million in Cost of sales and $1.6 million in Selling, general and administrative expenses. The restructuring charges were reported in segment operating income as follows: $12.4 million in EIG, $11.6 million in EMG and $1.6 million in corporate administrative expenses. The restructuring actions primarily related to $19.3 million in severance costs for a reduction in workforce and $6.2 million of asset write-downs in response to the impact of a 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 2017, with most actions expected to be completed in 2018. 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. The restructuring charges were reported in the consolidated statement of income as follows: $20.0 million in Cost of sales 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 a 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 2017. Accrued liabilities in the Company’s consolidated balance sheet included amounts related to the 2016 and 2015 restructuring charges as follows (in millions): Fourth Quarter of 2016 Fourth Quarter of 2015 Balance at December 31, 2016 $ 19.2 $ 9.2 Utilization (1.9 ) (1.0 ) Foreign currency translation adjustments and other (0.2 ) — Balance at March 31, 2017 $ 17.1 $ 8.2

Recent Accounting Pronounceme21

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2017
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 is effective for interim and annual reporting periods beginning after December 15, 2017 and may be early adopted for interim and annual reporting periods beginning after December 15, 2016. The Company will adopt ASU 2014-09 The Company is currently evaluating the impact of the potential changes identified by its initial assessment work. The standard is expected to impact the Company’s revenue recognition processes, primarily in the areas of the allocation of contract revenues (such as installations, training and warranty services) and the timing of when certain revenues should be recognized (“over-time” or at a “point-in-time”). The Company is continuing to determine the impact ASU 2014-09
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
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.
Leases	In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). right-of-use right-of-use 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
Clarifying the Definition of a Business	In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 ASU 2017-01 ASU 2017-01 ASU 2017-01 ASU 2017-01 ASU 2017-01
Simplifying the Test for Goodwill Impairment	In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 ASU 2017-04 ASU 2017-04
Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost	In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”), ASU 2017-07 ASU 2017-07 ASU 2017-07

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 2017 2016 (In thousands) Weighted average shares: Basic shares 229,548 234,983 Equity-based compensation plans 1,456 1,233 Diluted shares 231,004 236,216

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income (loss) consisted of the following: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Foreign Currency Items and Other Defined Benefit Pension Plans Total Foreign Currency Items and Other Defined Benefit Pension Plans Total (In thousands) Balance at the beginning of the period $ (338,631 ) $ (203,758 ) $ (542,389 ) $ (250,593 ) $ (155,038 ) $ (405,631 ) Other comprehensive income (loss) before reclassifications: Translation adjustments 4,679 — 4,679 21,679 — 21,679 Change in long-term intercompany notes 2,704 — 2,704 13,703 — 13,703 Net investment hedges 1,044 — 1,044 (2,910 ) — (2,910 ) Gross amounts reclassified from accumulated other comprehensive income (loss) — 3,512 3,512 — 2,484 2,484 Income tax benefit (expense) (365 ) (1,321 ) (1,686 ) 1,019 (869 ) 150 Other comprehensive (loss) income, net of tax 8,062 2,191 10,253 33,491 1,615 35,106 Balance at the end of the period $ (330,569 ) $ (201,567 ) $ (532,136 ) $ (217,102 ) $ (153,423 ) $ (370,525 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Assets Measured on Recurring Basis	The following table provides the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, consistent with the fair value hierarchy: March 31, 2017 December 31, 2016 Fair Value Fair Value (In thousands) Fixed-income investments $ 7,623 $ 7,317
Fair Value Disclosures of Financial Instrument Liabilities	The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Recorded Fair Value Recorded Fair Value (In thousands) Short-term borrowings, net $ (58,192 ) $ (58,192 ) $ — $ — Long-term debt, net (including current portion) (2,356,336 ) (2,400,520 ) (2,341,565 ) (2,386,901 )

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories	March 31, December 31, 2017 2016 (In thousands) Finished goods and parts $ 88,893 $ 75,827 Work in process 109,653 101,484 Raw materials and purchased parts 331,381 314,793 Total inventories, net $ 529,927 $ 492,104

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2017
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 acquisition based on their estimated fair values at acquisition (in millions): Property, plant and equipment $ 13.3 Goodwill 146.0 Other intangible assets 184.5 Long-term liabilities (9.4 ) Net working capital and other (1) 25.6 Total purchase price 360.0 Less: Contingent payment liability (25.5 ) Total cash paid $ 334.5 (1) Includes $22.3 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2016 $ 1,817.0 $ 1,002.0 $ 2,819.0 Goodwill acquired 146.0 — 146.0 Purchase price allocation adjustments and other — 0.6 0.6 Foreign currency translation adjustments 5.0 4.4 9.4 Balance at March 31, 2017 $ 1,968.0 $ 1,007.0 $ 2,975.0

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2016 $ 57.9 Additions for tax positions 1.3 Reductions for tax positions — Balance at March 31, 2017 $ 59.2

Retirement and Pension Plans (T

Retirement and Pension Plans (Tables)	3 Months Ended
	Mar. 31, 2017
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 2017 2016 (In thousands) Defined benefit plans: Service cost $ 1,855 $ 1,659 Interest cost 6,805 7,613 Expected return on plan assets (13,238 ) (12,969 ) Amortization of net actuarial loss and other 3,512 2,484 Pension income (1,066 ) (1,213 ) Other plans: Defined contribution plans 7,034 7,042 Foreign plans and other 1,476 1,336 Total other plans 8,510 8,378 Total net pension expense $ 7,444 $ 7,165

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2017
Guarantees [Abstract]
Changes in Accrued Product Warranty Obligation	Changes in the accrued product warranty obligation were as follows: Three Months Ended March 31, 2017 2016 (In thousands) Balance at the beginning of the period $ 22,007 $ 22,761 Accruals for warranties issued during the period 3,505 3,104 Settlements made during the period (3,210 ) (4,010 ) Warranty accruals related to acquired businesses and other during the period 1,470 729 Balance at the end of the period $ 23,772 $ 22,584

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2017
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 2016 and 2015 restructuring charges as follows (in millions): Fourth Quarter of 2016 Fourth Quarter of 2015 Balance at December 31, 2016 $ 19.2 $ 9.2 Utilization (1.9 ) (1.0 ) Foreign currency translation adjustments and other (0.2 ) — Balance at March 31, 2017 $ 17.1 $ 8.2

Recent Accounting Pronounceme32

Recent Accounting Pronouncements - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes related to the tax effects of share-based payment transactions	$ 5.8

Earnings Per Share - Number of

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted average shares:
Basic shares	229,548	234,983
Equity-based compensation plans	1,456	1,233
Diluted shares	231,004	236,216

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	$ (542,389)	$ (405,631)
Other comprehensive income (loss) before reclassifications:
Translation adjustments	4,679	21,679
Change in long-term intercompany notes	2,704	13,703
Net investment hedges	1,044	(2,910)
Gross amounts reclassified from accumulated other comprehensive income (loss)	3,512	2,484
Income tax benefit (expense)	(1,686)	150
Other comprehensive (loss) income, net of tax	10,253	35,106
Accumulated other comprehensive income (loss), ending balance	(532,136)	(370,525)
Foreign Currency Items and Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(338,631)	(250,593)
Other comprehensive income (loss) before reclassifications:
Translation adjustments	4,679	21,679
Change in long-term intercompany notes	2,704	13,703
Net investment hedges	1,044	(2,910)
Income tax benefit (expense)	(365)	1,019
Other comprehensive (loss) income, net of tax	8,062	33,491
Accumulated other comprehensive income (loss), ending balance	(330,569)	(217,102)
Defined Benefit Pension Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(203,758)	(155,038)
Other comprehensive income (loss) before reclassifications:
Gross amounts reclassified from accumulated other comprehensive income (loss)	3,512	2,484
Income tax benefit (expense)	(1,321)	(869)
Other comprehensive (loss) income, net of tax	2,191	1,615
Accumulated other comprehensive income (loss), ending balance	$ (201,567)	$ (153,423)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed-income investments	$ 7,623	$ 7,317

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Mar. 31, 2017USD ($)
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 - Fai37

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Recorded Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term borrowings, net	$ (58,192)
Long-term debt, net (including current portion)	(2,356,336)	$ (2,341,565)
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term borrowings, net	(58,192)
Long-term debt, net (including current portion)	$ (2,400,520)	$ (2,386,901)

Hedging Activities - Additional

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract [Member] - Designated as Hedging Instrument [Member] $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasurement losses	$ (13.1)
British-Pound-Denominated Loans [Member]
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	382.3
Euro Loan [Member]
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 534.9

Inventories, Net - Inventories

Inventories, Net - Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Finished goods and parts	$ 88,893	$ 75,827
Work in process	109,653	101,484
Raw materials and purchased parts	331,381	314,793
Total inventories, net	$ 529,927	$ 492,104

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Apr. 30, 2017
Business Acquisition [Line Items]
Amount of cash paid for acquisitions		$ 334,543,000	$ 294,611,000
Total other intangible assets acquired		184,500,000
Indefinite-lived intangible trade names acquired		36,600,000
Finite-lived intangible assets acquired		147,900,000
Customer Relationship [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 111,000,000
Amortization period for finite-lived intangible asset		20 years
Purchased Technology [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 36,900,000
Amortization period for finite-lived intangible asset		15 years
Rauland-Borg [Member]
Business Acquisition [Line Items]
Amount of cash paid for acquisitions	$ 334,500,000
Maximum contingent payment for acquisition	$ 30,000,000	$ 30,000,000
Goodwill recorded in connection with acquisitions		146,000,000
Total other intangible assets acquired		184,500,000
Future amortization expense, 2017		8,000,000
Future amortization expense, 2018		8,000,000
Future amortization expense, 2019		8,000,000
Future amortization expense, 2020		8,000,000
Future amortization expense, 2021		8,000,000
Minimum contingent payment for acquisition		0
Contingent payment liability		25,500,000
Rauland-Borg [Member] | Fair Value, Inputs, Level 3 [Member]
Business Acquisition [Line Items]
Contingent payment liability		$ 25,500,000
Mocon [Member]
Business Acquisition [Line Items]
Estimated annual sales				$ 63,000,000
Mocon [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Cost of acquisition					$ 182,000,000

Acquisitions - Allocation of Ag

Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 2,975,039	$ 2,818,950
Other intangible assets	184,500
Rauland-Borg [Member]
Business Acquisition [Line Items]
Property, plant and equipment	13,300
Goodwill	146,000
Other intangible assets	184,500
Long-term liabilities	(9,400)
Net working capital and other	25,600
Total purchase price	360,000
Less: Contingent payment liability	(25,500)
Total cash paid	$ 334,500

Acquisitions - Allocation of 42

Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Parenthetical) (Detail) $ in Millions	Mar. 31, 2017USD ($)
Business Combinations [Abstract]
Accounts receivable included in purchase price	$ 22.3

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 2,818,950
Goodwill acquired	146,000
Purchase price allocation adjustments and other	600
Foreign currency translation adjustments	9,400
Goodwill, ending balance	2,975,039
Electronic Instruments Group [Member]
Goodwill [Line Items]
Goodwill, beginning balance	1,817,000
Goodwill acquired	146,000
Foreign currency translation adjustments	5,000
Goodwill, ending balance	1,968,000
Electromechanical Group [Member]
Goodwill [Line Items]
Goodwill, beginning balance	1,002,000
Purchase price allocation adjustments and other	600
Foreign currency translation adjustments	4,400
Goodwill, ending balance	$ 1,007,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 59.2	$ 57.9
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 49.9

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Balance at December 31, 2016	$ 57.9
Additions for tax positions	1.3
Reductions for tax positions
Balance at March 31, 2017	$ 59.2

Retirement and Pension Plans -

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Defined benefit plans:
Service cost	$ 1,855	$ 1,659
Interest cost	6,805	7,613
Expected return on plan assets	(13,238)	(12,969)
Amortization of net actuarial loss and other	3,512	2,484
Pension income	(1,066)	(1,213)
Other plans:
Defined contribution plans	7,034	7,042
Foreign plans and other	1,476	1,336
Total other plans	8,510	8,378
Total net pension expense	$ 7,444	$ 7,165

Retirement and Pension Plans 47

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Defined benefit pension plan contributions	$ 50.9	$ 1.2

Product Warranties - Additional

Product Warranties - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017
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 among the Company's operations, but generally do not exceed one year.

Product Warranties - Changes in

Product Warranties - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Guarantees [Abstract]
Balance at the beginning of the period	$ 22,007	$ 22,761
Accruals for warranties issued during the period	3,505	3,104
Settlements made during the period	(3,210)	(4,010)
Warranty accruals related to acquired businesses and other during the period	1,470	729
Balance at the end of the period	$ 23,772	$ 22,584

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2017USD ($)site	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Site Contingency [Line Items]
Number of non-owned sites Company is named Potentially Responsible Party | site	13
Number of non-owned sites the Company is identified as a de minimis party | site	12
Number of non-owned sites Company has reached tentative settlement agreement | site	8
Number of non-owned sites Company is still working to establish settlement amount | site	4
Total environmental reserves	$ 28.2	$ 28.2	$ 28.4
Increase (decrease) in environmental reserves		1.2
Total expenses related to environmental matters		1.5
Foreign currency translation		0.1
HCC Industries [Member]
Site Contingency [Line Items]
Reserves related to an owned site acquired	12.5	12.5	$ 12.4
Receivables related to HCC for probable recoveries from third-party funds	11.9	$ 11.9
Amount for which the Company is indemnified by HCC's former owners	$ 19

Reportable Segments - Additiona

Reportable Segments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Reduction in net income due to restructuring charges	$ 17	$ 13.9
Restructuring charges	25.6	20.7
Severance cost	19.3
Asset write-downs	6.2
Electronic Instruments Group [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	12.4	9.3
Electromechanical Group [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	11.6	10.8
Cost of Sales, Excluding Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	24	20
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1.6	0.7
Corporate Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.6	$ 0.7

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Accrued Liabilities in Company's Consolidated Balance Sheet Included Amounts Related to Restructuring Charges (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Fourth Quarter of 2016 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	$ 19.2
Utilization	(1.9)
Foreign currency translation adjustments and other	(0.2)
Restructuring reserve, ending balance	17.1
Fourth Quarter of 2015 Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	9.2
Utilization	(1)
Restructuring reserve, ending balance	$ 8.2