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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 10-Q
_________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                     
Commission File Number 1-12981
_________________________
AMETEK, Inc.
(Exact name of registrant as specified in its charter)
_________________________
Delaware
(State or other jurisdiction of
incorporation or organization)

1100 Cassatt Road
Berwyn, Pennsylvania
(Address of principal executive offices)
14-1682544
(I.R.S. Employer
Identification No.)

19312-1177
(Zip Code)
Registrant’s telephone number, including area code: (610647-2121
_________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
(Do not check if a smaller reporting company)
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
_________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common StockAMENew York Stock Exchange
The number of shares of the registrant’s common stock outstanding as of the latest practicable date was: Common Stock, $0.01 Par Value, outstanding at July 24, 2020 was 229,630,395 shares.



AMETEK, Inc.
Form 10-Q
Table of Contents
Page
2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
AMETEK, Inc.
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net sales$1,011,922  $1,289,412  $2,214,140  $2,577,103  
Cost of sales669,195  838,153  1,493,842  1,689,460  
Selling, general and administrative115,737  155,849  261,268  308,974  
Total operating expenses784,932  994,002  1,755,110  1,998,434  
Operating income226,990  295,410  459,030  578,669  
Interest expense(22,669) (21,475) (45,410) (44,128) 
Other income (expense), net2,131  (3,336) 143,907  (7,004) 
Income before income taxes206,452  270,599  557,527  527,537  
Provision for income taxes40,235  55,096  110,694  107,766  
Net income$166,217  $215,503  $446,833  $419,771  
Basic earnings per share$0.73  $0.95  $1.95  $1.85  
Diluted earnings per share$0.72  $0.94  $1.94  $1.83  
Weighted average common shares outstanding:
Basic shares229,225  227,577  229,094  227,219  
Diluted shares230,381  229,328  230,626  229,007  
Dividends declared and paid per share$0.18  $0.14  $0.36  $0.28  
See accompanying notes.
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AMETEK, Inc.
Condensed Consolidated Statement of Comprehensive Income
(In thousands)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Total comprehensive income$183,178  $219,752  $421,195  $435,033  
See accompanying notes.
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AMETEK, Inc.
Consolidated Balance Sheet
(In thousands)
June 30,
2020
December 31,
2019
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,130,975  $393,030  
Receivables, net620,160  744,760  
Inventories, net621,518  624,567  
Other current assets144,482  263,414  
Total current assets2,517,135  2,025,771  
Property, plant and equipment, net516,575  548,908  
Right of use assets, net164,216  179,679  
Goodwill4,155,636  4,047,539  
Other intangibles, net2,667,816  2,762,872  
Investments and other assets289,794  279,790  
Total assets$10,311,172  $9,844,559  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt, net$115,880  $497,449  
Accounts payable337,465  377,219  
Customer advanced payments180,613  156,818  
Income taxes payable37,938  30,292  
Accrued liabilities and other345,557  364,080  
Total current liabilities1,017,453  1,425,858  
Long-term debt, net2,753,254  2,271,292  
Deferred income taxes556,418  536,140  
Other long-term liabilities497,607  495,777  
Total liabilities4,824,732  4,729,067  
Stockholders’ equity:
Common stock2,668  2,662  
Capital in excess of par value860,771  832,821  
Retained earnings6,751,686  6,387,612  
Accumulated other comprehensive loss(558,777) (533,139) 
Treasury stock(1,569,908) (1,574,464) 
Total stockholders’ equity5,486,440  5,115,492  
Total liabilities and stockholders’ equity$10,311,172  $9,844,559  
See accompanying notes.
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AMETEK, Inc.
Consolidated Statement of Stockholders’ Equity
(In thousands)
(Unaudited)
Three months ended June 30,Six months ended June 30,
2020201920202019
Capital stock
Preferred stock, $0.01 par value
$—  $—  $—  $—  
Common stock, $0.01 par value
Balance at the beginning of the period2,664  2,647  2,662  2,640  
Shares issued4  7  6  14  
Balance at the end of the period2,668  2,654  2,668  2,654  
Capital in excess of par value
Balance at the beginning of the period837,755  738,173  832,821  706,743  
Issuance of common stock under employee stock plans11,811  13,277  8,897  37,586  
Share-based compensation costs11,205  8,325  19,053  15,446  
Balance at the end of the period860,771  759,775  860,771  759,775  
Retained earnings
Balance at the beginning of the period6,626,703  5,826,313  6,387,612  5,653,811  
Net income166,217  215,503  446,833  419,771  
Cash dividends paid(41,234) (31,849) (82,399) (63,615) 
Adoption of ASU 2016-13  —  (360) —  
Other—  1  —  1  
Balance at the end of the period6,751,686  6,009,968  6,751,686  6,009,968  
Accumulated other comprehensive (loss) income
Foreign currency translation:
Balance at the beginning of the period(330,530) (294,082) (286,248) (302,138) 
Translation adjustments18,064  (2,789) (49,025) 6,175  
Change in long-term intercompany notes4,477  3,396  (1,024) (1,020) 
Net investment hedge instruments gain (loss), net of tax of $2,339 and $(220) for the quarter ended June 30, 2020 and 2019 and $(6,778) and $(1,350) for the six months ended June 30, 2020 and 2019, respectively
(7,263) 685  21,045  4,193  
Balance at the end of the period(315,252) (292,790) (315,252) (292,790) 
Defined benefit pension plans:
Balance at the beginning of the period(245,208) (245,993) (246,891) (248,950) 
Amortization of net actuarial loss (gain) and other, net of tax of $(531) and $(873) for the quarter ended June 30, 2020 and 2019, and $(1,062) and $(1,746) for the six months ended June 30, 2020 and 2019, respectively
1,683  2,957  3,366  5,914  
Balance at the end of the period(243,525) (243,036) (243,525) (243,036) 
Accumulated other comprehensive loss at the end of the period(558,777) (535,826) (558,777) (535,826) 
Treasury stock
Balance at the beginning of the period(1,565,381) (1,570,437) (1,574,464) (1,570,184) 
Issuance of common stock under employee stock plans(132) 6,832  9,052  6,716  
Purchase of treasury stock(4,395) (6,185) (4,496) (6,322) 
Balance at the end of the period(1,569,908) (1,569,790) (1,569,908) (1,569,790) 
Total stockholders’ equity$5,486,440  $4,666,781  $5,486,440  $4,666,781  
See accompanying notes.
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AMETEK, Inc.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Six months ended June 30,
20202019
Cash provided by (used for):
Operating activities:
Net income$446,833  $419,771  
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization127,404  114,673  
Deferred income taxes(2,976) 7,347  
Share-based compensation expense19,053  15,446  
Gain on sale of business(141,020)   
Gain on sale of facilities(4,592) (735) 
Net change in assets and liabilities, net of acquisitions145,473  (110,690) 
Pension contributions(3,209) (1,534) 
Other, net(1,598) (1,700) 
Total operating activities585,368  442,578  
Investing activities:
Additions to property, plant and equipment(27,017) (43,278) 
Purchases of businesses, net of cash acquired(116,509)   
Proceeds from sale of business245,311    
Proceeds from sale of facilities5,463  765  
Other, net(2,457) 2,902  
Total investing activities104,791  (39,611) 
Financing activities:
Net change in short-term borrowings(374,771) (260,802) 
Proceeds from long-term borrowings500,000  100,000  
Repurchases of common stock(4,496) (6,322) 
Cash dividends paid(82,399) (63,615) 
Proceeds from stock option exercises20,676  45,830  
Other, net(2,614) (6,613) 
Total financing activities56,396  (191,522) 
Effect of exchange rate changes on cash and cash equivalents(8,610) 2,492  
Increase in cash and cash equivalents737,945  213,937  
Cash and cash equivalents:
Beginning of period393,030  353,975  
End of period$1,130,975  $567,912  
See accompanying notes.
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AMETEK, Inc.
Notes to Consolidated Financial Statements
June 30, 2020
(Unaudited)

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, 2020, the consolidated results of its operations for the three and six months ended June 30, 2020 and 2019 and its cash flows for the six months ended June 30, 2020 and 2019 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 audited consolidated financial statements and related notes presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the U.S. Securities and Exchange Commission.
COVID-19
On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. As a result of market and economic conditions, in accordance with the guidelines set forth in ASC 350 and ASC 360, the Company performed an analysis for potential interim impairment indicators of its intangible and other long-lived assets. As of June 30, 2020, the Company concluded there were no indicators of impairment that resulted in a triggering event to perform an interim test of impairment of goodwill, other indefinite-lived intangibles, or long-lived assets. The Company will continue to monitor its assets for potential impairment through the remainder of 2020.
2. Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Effective January 1, 2020, the Company adopted ASU No. 2016-13,  Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments  (“ASU 2016-13”), using the modified retrospective transition method. ASU 2016-13  provides guidance on the estimation of current expected credit losses on financial instruments, including trade receivables. ASU 2016-13  requires entities to consider a broad range of information to estimate expected credit losses, including increased forward-looking information, which may result in earlier recognition of losses when compared to prior standards. The adoption of ASU 2016-13  was a decrease to net Accounts Receivable and a decrease to Retained Earnings of $0.4 million. See Note 3 - Revenues, for further discussion.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (“ASU 2018-13”), which changes the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurement (“ASC 820”), by eliminating, modifying and adding to those requirements. ASU 2018-13 also modifies the disclosure objective paragraphs of ASC 820 to eliminate (1) “at a minimum” from the phrase “an entity shall disclose at a minimum” and (2) other similar “open ended” disclosure requirements to promote the appropriate exercise of discretion by entities. The Company prospectively adopted ASU 2018-13, effective January 1, 2020, and the adoption did not have a significant impact on the Company’s consolidated results of operations, financial position, cash flows and financial statement disclosures.
In August 2018, the FASB issued ASU No. 2018-15, Intangibles–Goodwill and Other–Internal-Use Software (“ASU 2018-15”), that requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customer in a software licensing arrangement under the internal-use software guidance in ASC Topic 350, Intangibles–Goodwill and Other. ASU 2018-15 requires a customer to disclose the nature of its hosting arrangements that are service contracts and provide disclosures as if the deferred implementation costs were a separate, major depreciable asset class. The Company adopted ASU 2018-15, effective January 1, 2020, and the adoption did not have a significant impact on the Company’s consolidated results of operations, financial position, cash flows and financial statement disclosures.
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AMETEK, Inc.
Notes to Consolidated Financial Statements
June 30, 2020
(Unaudited)
Recent Accounting Pronouncements
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted and the amendments in this ASU should be applied on a retrospective basis to all periods presented. The Company has not determined the impact ASU 2019-12 may have on the Company’s consolidated results of operations, financial position, cash flows or financial statement disclosures.
In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General (“ASU 2018-14”), which changes the disclosure requirements of ASC Topic 715, Compensation – Retirement Benefits, by eliminating, modifying and adding to those requirements. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted and the amendments in this ASU should be applied on a retrospective basis to all periods presented. The Company has not determined the impact ASU 2018-14 may have on the Company’s consolidated financial statement disclosures.
3. Revenues
The outstanding contract asset and liability accounts were as follows:
20202019
(In thousands)
Contract assets—January 1$73,039  $58,266  
Contract assets – June 3067,804  82,063  
Change in contract assets – (decrease) increase(5,235) 23,797  
Contract liabilities – January 1167,306  146,162  
Contract liabilities – June 30199,967  151,447  
Change in contract liabilities – increase(32,661) (5,285) 
Net change$(37,896) $18,512  
The net change for the six months ended June 30, 2020 was primarily driven by the receipt of advance payments from customers exceeding the recognition of revenue as performance obligations were satisfied prior to billing. For the six months  ended June 30, 2020 and 2019, the Company recognized revenue of $105.3 million and $110.3 million, respectively, that was previously included in the beginning balance of contract liabilities.
Contract assets are reported as a component of Other current assets in the consolidated balance sheet. At June 30, 2020 and December 31, 2019, $19.4 million and $10.6 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets.
Applying the practical expedient available under ASC 606, the remaining performance obligations exceeding one year as of June 30, 2020 and December 31, 2019 were $340.0 million and $233.3 million, respectively. Remaining performance obligations represent the transaction price of firm, non-cancelable orders, with expected delivery dates to customers greater than one year from the balance sheet date, for which the performance obligation is unsatisfied or partially unsatisfied. These performance obligations will be substantially satisfied within two to three years.
Geographic Areas
Information about the Company’s operations in different geographic areas for the three and six months ended June 30, 2020 is shown below. Net sales were attributed to geographic areas based on the location of the customer.
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AMETEK, Inc.
Notes to Consolidated Financial Statements
June 30, 2020
(Unaudited)
Three months ended June 30, 2020Six months ended June 30, 2020
EIG
EMG
Total
EIGEMGTotal
(In thousands)
United States$338,757  $189,369  $528,126  $745,302  $424,058  $1,169,360  
International(1):
United Kingdom13,427  22,752  36,179  28,220  55,890  84,110  
European Union countries79,901  79,327  159,228  185,577  168,093  353,670  
Asia161,190  47,536  208,726  325,935  91,366  417,301  
Other foreign countries54,607  25,056  79,663  137,073  52,626  189,699  
Total international309,125  174,671  483,796  676,805  367,975  1,044,780  
Consolidated net sales$647,882  $364,040  $1,011,922  $1,422,107  $792,033  $2,214,140  
________________
(1) Includes U.S. export sales of $563.1 million and $868.4 million for the three and six months ended June 30, 2020, respectively.
Information about the Company’s operations in different geographic areas for the three and six months ended June 30, 2019 is shown below. Net sales were attributed to geographic areas based on the location of the customer.
Three months ended June 30, 2019Six months ended June 30, 2019
EIGEMGTotalEIGEMGTotal
(In thousands)
United States$425,543  $250,904  $676,447  $828,935  $511,658  $1,340,593  
International(1):
United Kingdom12,920  32,450  45,370  28,347  66,338  94,685  
European Union countries100,835  103,362  204,197  203,620  209,781  413,401  
Asia185,287  48,577  233,864  379,134  95,688  474,822  
Other foreign countries95,662  33,872  129,534  187,122  66,480  253,602  
Total international394,704  218,261  612,965  798,223  438,287  1,236,510  
Consolidated net sales$820,247  $469,165  $1,289,412  $1,627,158  $949,945  $2,577,103  
______________
(1) Includes U.S. export sales of $322.1 million and $647.5 million for the three and six months ended June 30, 2019, respectively.
Major Products and Services
The Company’s major products and services in the reportable segments were as follows:
Three months ended June 30, 2020Six months ended June 30, 2020
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$483,540  $—  $483,540  $1,031,980  $—  $1,031,980  
Aerospace and power164,342  104,133  268,475  390,127  231,384  621,511  
Automation and engineered solutions—  259,907  259,907  —  560,649  560,649  
Consolidated net sales$647,882  $364,040  $1,011,922  $1,422,107  $792,033  $2,214,140  

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AMETEK, Inc.
Notes to Consolidated Financial Statements
June 30, 2020
(Unaudited)
Three months ended June 30, 2019Six months ended June 30, 2019
EIGEMGTotalEIGEMGTotal
(In thousands)
Process and analytical instrumentation$583,938  $—  $583,938  $1,161,278  $—  $1,161,278  
Aerospace and power236,309  120,392  356,701  465,880  239,270  705,150  
Automation and engineered solutions348,773  348,773  710,675  710,675  
Consolidated net sales$820,247  $469,165  $1,289,412  $1,627,158  $949,945  $2,577,103  
Timing of Revenue Recognition
Three months ended June 30, 2020Six months ended June 30, 2020
EIG
EMG
Total
EIGEMGTotal
(In thousands)
Products transferred at a point in time$525,168  $324,502  $849,670  $1,158,708  $703,561  $1,862,269  
Products and services transferred over time122,714  39,538  162,252  263,399  88,472  351,871  
Consolidated net sales$647,882  $364,040  $1,011,922  $1,422,107  $792,033  $2,214,140  

Three months ended June 30, 2019Six months ended June 30, 2019
EIG
EMG
Total
EIGEMGTotal
(In thousands)