QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | |||||||||
Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Page | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other (expense) income, net | ( | ( | |||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic shares | |||||||||||||||||||||||
Diluted shares | |||||||||||||||||||||||
Dividends declared and paid per share | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Inventories, net | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Right of use assets, net | |||||||||||
Goodwill | |||||||||||
Other intangibles, net | |||||||||||
Investments and other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings and current portion of long-term debt, net | $ | $ | |||||||||
Accounts payable | |||||||||||
Customer advanced payments | |||||||||||
Income taxes payable | |||||||||||
Accrued liabilities and other | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net | |||||||||||
Deferred income taxes | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Capital stock | |||||||||||||||||||||||
Preferred stock, $ | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Common stock, $ | |||||||||||||||||||||||
Balance at the beginning of the period | |||||||||||||||||||||||
Shares issued | |||||||||||||||||||||||
Balance at the end of the period | |||||||||||||||||||||||
Capital in excess of par value | |||||||||||||||||||||||
Balance at the beginning of the period | |||||||||||||||||||||||
Issuance of common stock under employee stock plans | |||||||||||||||||||||||
Share-based compensation expense | |||||||||||||||||||||||
Balance at the end of the period | |||||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Balance at the beginning of the period | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Cash dividends paid | ( | ( | ( | ( | |||||||||||||||||||
— | — | — | ( | ||||||||||||||||||||
Balance at the end of the period | |||||||||||||||||||||||
Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Foreign currency translation: | |||||||||||||||||||||||
Balance at the beginning of the period | ( | ( | ( | ( | |||||||||||||||||||
Translation adjustments | ( | ( | |||||||||||||||||||||
Change in long-term intercompany notes | ( | ( | |||||||||||||||||||||
Net investment hedge instruments (loss) gain, net of tax of $ | ( | ( | |||||||||||||||||||||
Balance at the end of the period | ( | ( | ( | ( | |||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Balance at the beginning of the period | ( | ( | ( | ( | |||||||||||||||||||
Amortization of net actuarial loss and other, net of tax of $( | |||||||||||||||||||||||
Balance at the end of the period | ( | ( | ( | ( | |||||||||||||||||||
Accumulated other comprehensive loss at the end of the period | ( | ( | ( | ( | |||||||||||||||||||
Treasury stock | |||||||||||||||||||||||
Balance at the beginning of the period | ( | ( | ( | ( | |||||||||||||||||||
Issuance of common stock under employee stock plans | ( | ( | |||||||||||||||||||||
Purchase of treasury stock | ( | ( | ( | ( | |||||||||||||||||||
Balance at the end of the period | ( | ( | ( | ( | |||||||||||||||||||
Total stockholders’ equity | $ | $ | $ | $ |
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash provided by (used for): | |||||||||||
Operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to total operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | ( | ||||||||||
Share-based compensation expense | |||||||||||
Gain on sale of business | ( | ||||||||||
Gain on sale of facilities | ( | ||||||||||
Net change in assets and liabilities, net of acquisitions | ( | ||||||||||
Pension contributions | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Total operating activities | |||||||||||
Investing activities: | |||||||||||
Additions to property, plant and equipment | ( | ( | |||||||||
Purchases of businesses, net of cash acquired | ( | ( | |||||||||
Proceeds from sale of business | |||||||||||
Proceeds from sale of facilities | |||||||||||
Other, net | ( | ( | |||||||||
Total investing activities | ( | ||||||||||
Financing activities: | |||||||||||
Net change in short-term borrowings | ( | ||||||||||
Proceeds from long-term borrowings | |||||||||||
Repurchases of common stock | ( | ( | |||||||||
Cash dividends paid | ( | ( | |||||||||
Proceeds from stock option exercises | |||||||||||
Other, net | ( | ( | |||||||||
Total financing activities | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
(Decrease) Increase in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | |||||||||||
End of period | $ | $ |
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Contract assets—January 1 | $ | $ | |||||||||
Contract assets – June 30 | |||||||||||
Change in contract assets – increase (decrease) | ( | ||||||||||
Contract liabilities – January 1 | |||||||||||
Contract liabilities – June 30 | |||||||||||
Change in contract liabilities – increase | ( | ( | |||||||||
Net change | $ | ( | $ | ( |
Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
EIG | EMG | Total | EIG | EMG | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
International(1): | |||||||||||||||||||||||||||||||||||
United Kingdom | |||||||||||||||||||||||||||||||||||
European Union countries | |||||||||||||||||||||||||||||||||||
Asia | |||||||||||||||||||||||||||||||||||
Other foreign countries | |||||||||||||||||||||||||||||||||||
Total international | |||||||||||||||||||||||||||||||||||
Consolidated net sales | $ | $ | $ | $ | $ | $ |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
EIG | EMG | Total | EIG | EMG | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
International(1): | |||||||||||||||||||||||||||||||||||
United Kingdom | |||||||||||||||||||||||||||||||||||
European Union countries | |||||||||||||||||||||||||||||||||||
Asia | |||||||||||||||||||||||||||||||||||
Other foreign countries | |||||||||||||||||||||||||||||||||||
Total international | |||||||||||||||||||||||||||||||||||
Consolidated net sales | $ | $ | $ | $ | $ | $ |
Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
EIG | EMG | Total | EIG | EMG | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Process and analytical instrumentation | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Aerospace and power | |||||||||||||||||||||||||||||||||||
Automation and engineered solutions | |||||||||||||||||||||||||||||||||||
Consolidated net sales | $ | $ | $ | $ | $ | $ |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
EIG | EMG | Total | EIG | EMG | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Process and analytical instrumentation | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Aerospace and power | |||||||||||||||||||||||||||||||||||
Automation and engineered solutions | |||||||||||||||||||||||||||||||||||
Consolidated net sales | $ | $ | $ | $ | $ | $ |
Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
EIG | EMG | Total | EIG | EMG | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Products transferred at a point in time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Products and services transferred over time | |||||||||||||||||||||||||||||||||||
Consolidated net sales | $ | $ | $ | $ | $ | $ |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
EIG | EMG | Total | EIG | EMG | Total | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Products transferred at a point in time | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Products and services transferred over time | |||||||||||||||||||||||||||||||||||
Consolidated net sales | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Balance at the beginning of the period | $ | $ | |||||||||
Accruals for warranties issued during the period | |||||||||||
Settlements made during the period | ( | ( | |||||||||
Warranty accruals related to acquired businesses and other during the period | |||||||||||
Balance at the end of the period | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Weighted average shares: | |||||||||||||||||||||||
Basic shares | |||||||||||||||||||||||
Equity-based compensation plans | |||||||||||||||||||||||
Diluted shares |
June 30, 2021 | December 31, 2020 | ||||||||||
Fair Value | Fair Value | ||||||||||
(In thousands) | |||||||||||
Mutual fund investments | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Recorded Amount | Fair Value | Recorded Amount | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Long-term debt, net (including current portion) | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Finished goods and parts | $ | $ | |||||||||
Work in process | |||||||||||
Raw materials and purchased parts | |||||||||||
Total inventories, net | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Right of use assets, net | $ | $ | |||||||||
Total lease liabilities | $ | $ |
Lease Liability Maturity Analysis | Operating Leases | ||||
(In thousands) | |||||
Remaining 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: imputed interest | |||||
$ |
Abaco | Other Acquisitions | Total | |||||||||
Property, plant and equipment | $ | $ | $ | ||||||||
Goodwill | |||||||||||
Other intangible assets | |||||||||||
Deferred income taxes | ( | ( | ( | ||||||||
Net working capital and other(1) | ( | ||||||||||
Total cash paid | $ | $ | $ |
EIG | EMG | Total | |||||||||||||||
(In millions) | |||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ||||||||||||||
Goodwill acquired | |||||||||||||||||
Purchase price allocation adjustments and other | |||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||
Balance at June 30, 2021 | $ | $ | $ |
Balance at December 31, 2020 | $ | ||||
Additions for tax positions | |||||
Reductions for tax positions | ( | ||||
Balance at June 30, 2021 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Stock option expense | $ | $ | $ | $ | |||||||||||||||||||
Restricted stock expense | |||||||||||||||||||||||
Performance restricted stock unit expense | |||||||||||||||||||||||
Total pre-tax expense | $ | $ | $ | $ |
Six Months Ended June 30, 2021 | Year Ended December 31, 2020 | ||||||||||
Expected volatility | % | % | |||||||||
Expected term (years) | |||||||||||
Risk-free interest rate | % | % | |||||||||
Expected dividend yield | % | % | |||||||||
Black-Scholes-Merton fair value per stock option granted | $ | $ |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | ||||||||||||||||||||
(In thousands) | (Years) | (In millions) | |||||||||||||||||||||
Outstanding at December 31, 2020 | $ | ||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Outstanding at June 30, 2021 | $ | $ | |||||||||||||||||||||
Exercisable at June 30, 2021 | $ | $ |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
(In thousands) | |||||||||||
Non-vested restricted stock outstanding at December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested restricted stock outstanding at June 30, 2021 | $ |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
(In thousands) | |||||||||||
Non-vested performance restricted stock outstanding at December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Performance assumption change 1 | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested performance restricted stock outstanding at June 30, 2021 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of net actuarial loss and other | |||||||||||||||||||||||
Pension income | ( | ( | ( | ( | |||||||||||||||||||
Other plans: | |||||||||||||||||||||||
Defined contribution plans | |||||||||||||||||||||||
Foreign plans and other | |||||||||||||||||||||||
Total other plans | |||||||||||||||||||||||
Total net pension expense | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||
Electronic Instruments | $ | 933,934 | $ | 647,882 | $ | 1,724,858 | $ | 1,422,107 | |||||||||||||||
Electromechanical | 452,412 | 364,040 | 877,230 | 792,033 | |||||||||||||||||||
Consolidated net sales | $ | 1,386,346 | $ | 1,011,922 | $ | 2,602,088 | $ | 2,214,140 | |||||||||||||||
Operating income and income before income taxes: | |||||||||||||||||||||||
Segment operating income: | |||||||||||||||||||||||
Electronic Instruments | $ | 226,637 | $ | 159,593 | $ | 433,534 | $ | 330,864 | |||||||||||||||
Electromechanical | 112,434 | 84,287 | 217,467 | 160,851 | |||||||||||||||||||
Total segment operating income | 339,071 | 243,880 | 651,001 | 491,715 | |||||||||||||||||||
Corporate administrative expenses | (22,460) | (16,890) | (41,045) | (32,685) | |||||||||||||||||||
Consolidated operating income | 316,611 | 226,990 | 609,956 | 459,030 | |||||||||||||||||||
Interest expense | (20,442) | (22,669) | (39,389) | (45,410) | |||||||||||||||||||
Other (expense) income, net | (4,414) | 2,131 | (6,356) | 143,907 | |||||||||||||||||||
Consolidated income before income taxes | $ | 291,755 | $ | 206,452 | $ | 564,211 | $ | 557,527 |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan | |||||||||||||||||||
April 1, 2021 to April 30, 2021 | 503 | $ | 131.29 | 503 | $ | 476,377,916 | |||||||||||||||||
May 1, 2021 to May 31, 2021 | 35,123 | 137.09 | 35,123 | 471,563,018 | |||||||||||||||||||
June 1, 2021 to June 30, 2021 | — | — | — | 471,563,018 | |||||||||||||||||||
Total | 35,626 | $ | 137.00 | 35,626 |
Exhibit Number | Description | |||||||
101.INS* | XBRL Instance Document. | |||||||
101.SCH* | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |
AMETEK, Inc. | ||||||||
(Registrant) | ||||||||
By: | /s/ THOMAS M. MONTGOMERY | |||||||
Thomas M. Montgomery | ||||||||
Senior Vice President – Comptroller | ||||||||
(Principal Accounting Officer) | ||||||||
August 3, 2021 |
/s/ DAVID A. ZAPICO | |||||
David A. Zapico | |||||
Chairman of the Board and Chief Executive Officer |
/s/ WILLIAM J. BURKE | |||||
William J. Burke | |||||
Executive Vice President – Chief Financial Officer |
/s/ DAVID A. ZAPICO | |||||
David A. Zapico | |||||
Chairman of the Board and Chief Executive Officer |
/s/ WILLIAM J. BURKE | |||||
William J. Burke | |||||
Executive Vice President – Chief Financial Officer |
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement [Abstract] | ||||
Net sales | $ 1,386,346 | $ 1,011,922 | $ 2,602,088 | $ 2,214,140 |
Cost of sales | 912,712 | 669,195 | 1,702,104 | 1,493,842 |
Selling, general and administrative | 157,023 | 115,737 | 290,028 | 261,268 |
Total operating expenses | 1,069,735 | 784,932 | 1,992,132 | 1,755,110 |
Operating income | 316,611 | 226,990 | 609,956 | 459,030 |
Interest expense | (20,442) | (22,669) | (39,389) | (45,410) |
Other (expense) income, net | (4,414) | 2,131 | (6,356) | 143,907 |
Income before income taxes | 291,755 | 206,452 | 564,211 | 557,527 |
Provision for income taxes | 60,076 | 40,235 | 113,299 | 110,694 |
Net income | $ 231,679 | $ 166,217 | $ 450,912 | $ 446,833 |
Basic earnings per share (in usd per share) | $ 1.00 | $ 0.73 | $ 1.96 | $ 1.95 |
Diluted earnings per share (in usd per share) | $ 1.00 | $ 0.72 | $ 1.94 | $ 1.94 |
Weighted average common shares outstanding: | ||||
Basic shares | 230,828 | 229,225 | 230,632 | 229,094 |
Diluted shares | 232,841 | 230,381 | 232,569 | 230,626 |
Dividends declared and paid per share (in usd per shares) | $ 0.20 | $ 0.18 | $ 0.40 | $ 0.36 |
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Total comprehensive income | $ 237,673 | $ 183,178 | $ 448,499 | $ 421,195 |
Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Accounting standards update | us-gaap:AccountingStandardsUpdate201613Member | |||
Tax related to investment hedge instruments gain (loss) | $ 1,459 | $ 2,339 | $ (4,479) | $ (6,778) |
Tax related to amortization of net actuarial loss (gain) | $ (527) | $ (531) | $ (1,054) | $ (1,062) |
Basis of Presentation |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe 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, 2021, the consolidated results of its operations for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020 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, 2020 as filed with the U.S. Securities and Exchange Commission. |
Recent Accounting Pronouncements |
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Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted 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. The Company prospectively adopted ASU 2019-12, effective January 1, 2021, 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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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues The outstanding contract asset and liability accounts were as follows:
The net change for the six months ended June 30, 2021 was primarily driven by contract liabilities from the 2021 acquisitions' advance payments from customers. For the six months ended June 30, 2021 and 2020, the Company recognized revenue of $145.2 million and $105.3 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, 2021 and December 31, 2020, $39.4 million and $20.5 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets. The remaining performance obligations exceeding one year as of June 30, 2021 and December 31, 2020 were $422.3 million and $300.8 million, respectively. The increase was primarily driven by the 2021 acquisitions. 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 to three years. Geographic Areas Net sales were attributed to geographic areas based on the location of the customer. Information about the Company’s operations in different geographic areas was as follows for the three and six months ended June 30:
________________ (1) Includes U.S. export sales of $365.5 million and $696.4 million for the three and six months ended June 30, 2021, respectively.
______________ (1) Includes U.S. export sales of $257.9 million and $563.1 million for the three and six months ended June 30, 2020, respectively. Major Products and Services The Company’s major products and services in the reportable segments were as follows:
Timing of Revenue Recognition
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 the majority 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. Product warranty obligations are reported as a component of Accrued liabilities and other in the consolidated balance sheet. Changes in the accrued product warranty obligation were as follows:
Accounts Receivable The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations to the Company. The Company recognizes an allowance for credit losses, on all accounts receivable and contract assets, which considers risk of future credit losses based on factors such as historical experience, contract terms, as well as general and market business conditions, country, and political risk. Balances are written off when determined to be uncollectible. At June 30, 2021, the Company had $754.0 million of accounts receivable, net of allowances of $12.1 million. Changes in the allowance were not material for the three and six months ended June 30, 2021.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The calculation of basic earnings per share is based on the weighted average number of common shares considered outstanding during the periods. The calculation of diluted earnings per share reflects the effect of all potentially dilutive securities (principally outstanding stock options and restricted stock grants). Securities that are anti-dilutive have been excluded and are not significant. The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows:
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Fair Value Measurements |
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Fair Value Measurements | 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, consistent with the fair value hierarchy, at June 30, 2021 and December 31, 2020:
The fair value of mutual fund investments, which are valued as level 1 investments, was based on quoted market prices. The mutual fund investments are shown as a component of investments and other assets on the consolidated balance sheet. For the six months ended June 30, 2021 and 2020, 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, 2021 and 2020. Financial Instruments Cash, cash equivalents and mutual fund investments are recorded at fair value at June 30, 2021 and December 31, 2020 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, 2021 and December 31, 2020:
The fair value of net short-term borrowings approximates the carrying value. Net short-term borrowings are valued as level 2 liabilities as they are corroborated by observable market data. The Company’s net long-term debt is all privately held with no public market for this debt, therefore, the fair value of net long-term debt was computed based on comparable current market data for similar debt instruments and is considered a level 3 liability. Foreign Currency At June 30, 2020, the Company had a Canadian dollar forward contract for a total notional value of 24.0 million Canadian dollars and four British pound forward contracts for a total notional value of 40.0 million British pounds. For the six months ended June 30, 2020, realized and unrealized gains and losses on foreign currency forward contracts were not significant. The Company does not typically designate its foreign currency forward contracts as hedges.
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Hedging Activities |
6 Months Ended |
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Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Activities | 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, 2021, these net investment hedges included British-pound-and Euro-denominated long-term debt. These borrowings were designed to create net investment hedges in certain designated foreign subsidiaries. The Company designated the British-pound- and Euro-denominated loans referred to above as hedging instruments to offset translation gains or losses on the net investment due to changes in the British pound and Euro exchange rates. These net investment hedges are evidenced by management’s contemporaneous documentation supporting the hedge designation. Any gain or loss on the hedging instruments (the debt) following hedge designation is reported in accumulated other comprehensive income in the same manner as the translation adjustment on the hedged investment based on changes in the spot rate, which is used to measure hedge effectiveness. At June 30, 2021, the Company had $310.7 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At June 30, 2021, the Company had $681.4 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 Euro-denominated loans designated and 100% effective as net investment hedges, $18.3 million of pre-tax currency remeasurement gains have been included in the foreign currency translation component of other comprehensive income for the six months ended June 30, 2021.
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Inventories, net |
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Inventories, net | Inventories, net
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has commitments under operating leases for certain facilities, vehicles and equipment used in its operations. Cash used in operations for operating leases was not materially different from operating lease expense for the six months ended June 30, 2021 and June 30, 2020. The Company's leases have initial lease terms ranging from one month to 14 years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows:
Supplemental balance sheet information related to leases was as follows:
Maturities of lease liabilities as of June 30, 2021 were as follows:
The Company does not have any significant leases that have not yet commenced.
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Acquisitions and Divestiture |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Divestiture | Acquisitions and Divestiture Acquisitions The Company spent $1,840.8 million in cash, net of cash acquired, to acquire Magnetrol International ("Magnetrol"), Crank Software, and EGS Automation ("EGS") in March 2021, and NSI-MI Technologies ("NSI-MI") and Abaco Systems, Inc. ("Abaco") in April 2021. Magnetrol is a leading provider of level and flow control solutions for challenging process applications across a diverse set of end markets including medical, pharmaceutical, oil and gas, food and beverage, and general industrial. Crank Software is a leading provider of embedded graphical user interface software and services. EGS is an automation solutions provider that designs and manufactures highly engineered, customized robotic solutions used in critical applications for the medical, food and beverage, and general industrial markets. NSI-MI is a leading provider of radio frequency and microwave test and measurement systems for niche applications across the aerospace, defense, automotive, wireless communications, and research markets. Abaco specializes in open-architecture computing and electronic systems for aerospace, defense, and specialized industrial markets and is a leading provider of mission critical embedded computing systems. Magnetrol, Crank Software, NSI-MI, and Abaco are part of EIG. EGS is part of EMG. The following table represents the allocation of the purchase price for the net assets of the acquisitions based on the estimated fair values at acquisition (in millions):
________________ (1)Includes $66.8 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 2021 acquisitions. Abaco's computing and electronic solutions expand and complement the Company's existing aerospace and defense businesses. NSI-MI strengthens the Company's test and measurement platform. Magnetrol's solutions combined with the Company’s existing Sensors, Test and Calibration business, becomes an industry leading differentiated sensor platform with a broad range of level and flow measurement solutions. Crank Software expands the Company's growing portfolio of software solutions. EGS complements the Company's existing Dunkermotoren business providing highly customizable engineering design and automation capabilities. The Company expects approximately $106 million of the goodwill relating to the 2021 acquisitions will be tax deductible in future years. At June 30, 2021, the purchase price allocated to other intangible assets of $942.3 million consists of $145.3 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $797.0 million of other intangible assets consists of $632.1 million of customer relationships, which are being amortized over a period of 15 to 20 years, and $164.9 million of purchased technology, which is being amortized over a period of 11 to 20 years. Amortization expense for each of the next five years for the 2021 acquisitions is expected to approximate $47 million per year. The Company is in the process of finalizing the measurement of certain tangible and intangible assets and liabilities for its 2021 acquisitions including inventory, property, plant and equipment, goodwill, trade names, customer relationships and purchased technology, and the accounting for income taxes. The acquisitions had an immaterial impact on reported net income and diluted earnings per share for the three and six months ended June 30, 2021. Had the acquisitions been made at the beginning of 2021 or 2020, pro forma net income and diluted earnings per share for the three and six months ended June 30, 2021 and 2020, would not have been materially different than the amounts reported. Pro forma net sales would not have been materially different than the amounts reported for the three and six months ended June 30, 2021 and would have been approximately 10% higher than the reported amounts for the three and six months ended June 30, 2020. Divestiture The Company completed its sale of Reading Alloys to Kymera International in March 2020 for net cash proceeds of $245.3 million. The sale resulted in a pretax gain of $141.0 million, recorded in Other income, net in the Consolidated Statement of Income, and income tax expense of approximately $31.4 million in connection with the sale. Reading Alloys revenue and costs were reported within the EMG segment through the date of sale.
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Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill The changes in the carrying amounts of goodwill by segment were as follows:
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Income Taxes |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Income Taxes | Income Taxes At June 30, 2021, the Company had gross uncertain tax benefits of $132.3 million, of which $81.4 million, if recognized, would impact the effective tax rate. The following is a reconciliation of the liability for uncertain tax positions (in millions):
The additions above primarily reflect the tax positions included as a component of goodwill for businesses recently acquired. 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, 2021 and 2020 were not significant. The effective tax rate for the three months ended June 30, 2021 was 20.6%, compared with 19.5% for the three months ended June 30, 2020.
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Debt |
6 Months Ended |
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Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | DebtOn April 26, 2021, the Company along with certain of its foreign subsidiaries amended and restated its credit agreement dated as of September 22, 2011, as amended and restated as of March 10, 2016 and as further amended and restated as of October 30, 2018, with the lenders, JPMorgan Chase Bank, N.A., as Administrative Agent and Bank of America, N.A., PNC Bank, National Association, Truist Bank and Wells Fargo Bank, National Association, as Co-Syndication Agents. The credit agreement amends and restates the Company’s existing revolving credit facility to add a new five-year, delayed draw, term loan for up to $800 million. The credit agreement places certain restrictions on allowable additional indebtedness. At June 30, 2021, the Company had $150.0 million outstanding on the term loan. |
Share-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation The Company's share-based compensation plans are described in Note 11, Share-Based Compensation, to the consolidated financial statements in Part II, Item 8, filed on the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Share Based Compensation Expense Total share-based compensation expense was as follows:
Pre-tax share-based compensation expense is included in the consolidated statement of income in either Cost of sales or Selling, general and administrative expenses, depending on where the recipient’s cash compensation is reported. Stock Options The fair value of each stock option grant is estimated on the grant date using a Black-Scholes-Merton option pricing model. The following weighted average assumptions were used in the Black-Scholes-Merton model to estimate the fair values of stock options granted during the periods indicated:
The following is a summary of the Company’s stock option activity and related information:
The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2021 was $30.5 million. The total fair value of stock options vested during the six months ended June 30, 2021 was $13.6 million. As of June 30, 2021, there was approximately $22.6 million of expected future pre-tax compensation expense related to the 1.4 million non-vested stock options outstanding, which is expected to be recognized over a weighted average period of approximately two years. Restricted Stock The following is a summary of the Company’s non-vested restricted stock activity and related information:
The total fair value of restricted stock vested during the six months ended June 30, 2021 was $23.6 million. As of June 30, 2021, there was approximately $37.0 million of expected future pre-tax compensation expense related to the 0.5 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of approximately two years. Performance Restricted Stock Units In March 2021, the Company granted performance restricted stock units ("PRSU") to officers and certain key management-level employees. The PRSUs vest over a period up to three years from the grant date based on continuous service, with the number of shares earned (0% to 200% of the target award) depending upon the extent to which the Company achieves certain financial and market performance targets measured over the period from January 1 of the year of grant to December 31 of the third year. Half of the PRSUs were valued in a manner similar to restricted stock as the financial targets are based on the Company’s operating results, which represents a performance condition. The grant date fair value of these PRSUs are recognized as compensation expense over the vesting period based on the probable number of awards to vest at each reporting date. The other half of the PRSUs were valued using a Monte Carlo model as the performance target is related to the Company’s total shareholder return compared to a group of peer companies, which represents a market condition. The Company recognizes the grant date fair value of these awards as compensation expense ratably over the vesting period. The following is a summary of the Company’s non-vested performance restricted stock activity and related information:
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics. As of June 30, 2021, there was approximately $9.7 million of expected future pre-tax compensation expense related to the 0.3 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of less than one year.
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Retirement and Pension Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement and Pension Plans | Retirement and Pension Plans The components of net periodic pension benefit expense (income) were as follows:
For defined benefit plans, the net periodic benefit income, other than the service cost component, is included in “Other (expense) income, net” in the consolidated statement of income. For the six months ended June 30, 2021 and 2020, contributions to the Company’s defined benefit pension plans were $4.1 million and $3.2 million, respectively. The Company’s current estimate of 2021 contributions to its worldwide defined benefit pension plans is in line with the range disclosed in Note 12 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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 that it has good and valid defenses to each of these claims and intends to defend them vigorously. 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, 2021, the Company is named a Potentially Responsible Party (“PRP”) at 13 non-AMETEK-owned former waste disposal or treatment sites (the “non-owned” sites). The Company is identified as a “de minimis” party in 12 of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. In eight 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 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 best estimate. 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, 2021 and December 31, 2020 were $33.8 million and $32.4 million, respectively, for both non-owned and owned sites. For the six months ended June 30, 2021, the Company recorded $4.5 million in reserves. Additionally, the Company spent $3.1 million on environmental matters for the six months ended June 30, 2021. The Company’s reserves for environmental liabilities at June 30, 2021 and December 31, 2020 included reserves of $6.3 million and $7.4 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. 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 for the environmental matters described above, 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.The Company has been remediating groundwater contamination for several contaminants, including trichloroethylene (“TCE”), at a formerly owned site in El Cajon, California. Several lawsuits have been filed against the Company alleging damages resulting from the groundwater contamination, including property damages and funds for medical monitoring to detect causally related personal injury, and seeking compensatory and punitive damages. While the Company believes that it has good and valid defenses to each of these claims and intends to defend them vigorously if pursued through trial, the parties agreed to terms to globally settle the cases. After extensive negotiations, the Company finalized and paid in April 2021 a global settlement of these lawsuits for an aggregate amount of $6.8 million, for which the Company had previously established reserves sufficient to cover this settlement.
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Recent Accounting Pronouncements (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
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, 2021, the consolidated results of its operations for the three and six months ended June 30, 2021 and 2020 and its cash flows for the six months ended June 30, 2021 and 2020 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, 2020 as filed with the U.S. Securities and Exchange Commission. |
Recently Adopted Accounting Pronouncements | Recently Adopted 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. The Company prospectively adopted ASU 2019-12, effective January 1, 2021, 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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Accounts Receivable | Accounts Receivable The Company maintains allowances for estimated losses resulting from the inability of customers to meet their financial obligations to the Company. The Company recognizes an allowance for credit losses, on all accounts receivable and contract assets, which considers risk of future credit losses based on factors such as historical experience, contract terms, as well as general and market business conditions, country, and political risk. Balances are written off when determined to be uncollectible.
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Revenues (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Contract Asset and (Liability) Accounts | The outstanding contract asset and liability accounts were as follows:
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Schedule of Revenue From External Customers by Geographic Areas | Information about the Company’s operations in different geographic areas was as follows for the three and six months ended June 30:
________________ (1) Includes U.S. export sales of $365.5 million and $696.4 million for the three and six months ended June 30, 2021, respectively.
______________ (1) Includes U.S. export sales of $257.9 million and $563.1 million for the three and six months ended June 30, 2020, respectively.
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Schedule of Revenue From External Customers by Products and Services | The Company’s major products and services in the reportable segments were as follows:
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Schedule of Disaggregation of Revenue |
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Schedule of Product Warranty Liability | Changes in the accrued product warranty obligation were as follows:
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, consistent with the fair value hierarchy, at June 30, 2021 and December 31, 2020:
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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, 2021 and December 31, 2020:
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Inventories, net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | The components of lease expense were as follows:
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Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
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Maturities of Lease Liabilities | Maturities of lease liabilities as of June 30, 2021 were as follows:
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Acquisitions and Divestiture (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of Aggregate Purchase Price of Acquired Net Assets | The following table represents the allocation of the purchase price for the net assets of the acquisitions based on the estimated fair values at acquisition (in millions):
________________ (1)Includes $66.8 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal.
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Goodwill (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||
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):
|
Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
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Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted | The following weighted average assumptions were used in the Black-Scholes-Merton model to estimate the fair values of stock options granted during the periods indicated:
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Summary of Stock Option Activity and Related Information | The following is a summary of the Company’s stock option activity and related information:
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Summary of Nonvested Restricted Stock Activity and Related Information | The following is a summary of the Company’s non-vested restricted stock activity and related information:
The following is a summary of the Company’s non-vested performance restricted stock activity and related information:
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.
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Retirement and Pension Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Pension Benefit Expense (Income) | The components of net periodic pension benefit expense (income) were as follows:
|
Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Revenue from Contract with Customer [Abstract] | ||||
Contract assets | $ 73,853 | $ 67,804 | $ 68,971 | $ 73,039 |
Change in contract assets – increase (decrease) | 4,882 | (5,235) | ||
Contract liabilities | 333,409 | 199,967 | $ 215,093 | $ 167,306 |
Change in contract liabilities – increase | (118,316) | (32,661) | ||
Net change | $ (113,434) | $ (37,896) |
Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at the beginning of the period | $ 27,839 | $ 27,611 |
Accruals for warranties issued during the period | 5,964 | 6,874 |
Settlements made during the period | (6,620) | (7,605) |
Warranty accruals related to acquired businesses and other during the period | 2,169 | 326 |
Balance at the end of the period | $ 29,352 | $ 27,206 |
Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Weighted average common shares outstanding: | ||||
Basic shares | 230,828 | 229,225 | 230,632 | 229,094 |
Equity-based compensation plans | 2,013 | 1,156 | 1,937 | 1,532 |
Diluted shares | 232,841 | 230,381 | 232,569 | 230,626 |
Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual fund investments | $ 10,085 | $ 8,969 |
Fair Value Measurements - Additional Information (Detail) |
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2020
CAD ($)
|
Jun. 30, 2020
GBP (£)
|
---|---|---|---|---|
Derivative [Line Items] | ||||
Significant transfers from level 1 to level 2 | $ 0 | $ 0 | ||
Significant transfers from level 2 to level 1 | $ 0 | $ 0 | ||
Foreign Exchange Forward | Canada, Dollars | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 24,000,000.0 | |||
Foreign Exchange Forward | United Kingdom, Pounds | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | £ | £ 40,000,000.0 |
Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Recorded Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net (including current portion) | $ (2,326,547) | $ (2,347,587) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net (including current portion) | $ (2,485,398) | $ (2,550,956) |
Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Derivative [Line Items] | |
Percentage of effectiveness on net investment hedges | 100.00% |
Currency remeasurement gain | $ 18.3 |
British-Pound-Denominated Loans | |
Derivative [Line Items] | |
Hedge against net investment in foreign subsidiaries | 310.7 |
Euro Loan | |
Derivative [Line Items] | |
Hedge against net investment in foreign subsidiaries | $ 681.4 |
Inventories, net - Inventories (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods and parts | $ 97,921 | $ 81,619 |
Work in process | 138,949 | 102,945 |
Raw materials and purchased parts | 474,750 | 374,607 |
Total inventories, net | $ 711,620 | $ 559,171 |
Leases - Additional Information (Details) |
Jun. 30, 2021 |
---|---|
Minimum | |
Lessee, Lease, Description [Line Items] | |
Initial lease term | 1 month |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Initial lease term | 14 years |
Leases- Components of Lease Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 12,006 | $ 10,284 | $ 23,523 | $ 20,989 |
Variable lease cost | 1,402 | 976 | 2,872 | 2,090 |
Total lease cost | $ 13,408 | $ 11,260 | $ 26,395 | $ 23,079 |
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Right of use assets, net | $ 178,698 | $ 167,233 |
Lease liabilities included in Accrued Liabilities and other | $ 48,159 | $ 44,948 |
Operating lease, liability, current, statement of financial position | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent |
Lease liabilities included in Other long-term liabilities | $ 135,930 | $ 128,173 |
Operating lease, liability, noncurrent, statement of financial position | Other long-term liabilities | Other long-term liabilities |
Total lease liabilities | $ 184,089 | $ 173,121 |
Leases - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remaining 2021 | $ 26,820 | |
2022 | 47,870 | |
2023 | 38,592 | |
2024 | 26,227 | |
2025 | 19,084 | |
Thereafter | 35,419 | |
Total lease payments | 194,012 | |
Less: imputed interest | 9,923 | |
Total lease liabilities | $ 184,089 | $ 173,121 |
Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 4,224,906 |
Goodwill acquired | 922,800 |
Purchase price allocation adjustments and other | 1,900 |
Foreign currency translation adjustments | (9,800) |
Goodwill, ending balance | 5,139,807 |
Electronic Instruments Group | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 3,050,300 |
Goodwill acquired | 916,900 |
Purchase price allocation adjustments and other | 1,900 |
Foreign currency translation adjustments | (6,100) |
Goodwill, ending balance | 3,963,000 |
Electromechanical Group | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,174,600 |
Goodwill acquired | 5,900 |
Purchase price allocation adjustments and other | 0 |
Foreign currency translation adjustments | (3,700) |
Goodwill, ending balance | $ 1,176,800 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits | $ 132.3 | $ 100.7 | |
The total amount of unrecognized tax benefits that would impact tax rate, if recognized | $ 81.4 | ||
Effective tax rate | 20.60% | 19.50% |
Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance at the beginning of the year | $ 100.7 |
Additions for tax positions | 32.4 |
Reductions for tax positions | (0.8) |
Balance at the end of the year | $ 132.3 |
Debt (Details) - Secured Debt - USD ($) $ in Millions |
Apr. 26, 2021 |
Jun. 30, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt instrument, term | 5 years | |
Debt instrument, face amount | $ 800.0 | |
Long-term debt, gross | $ 150.0 |
Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||||
Stock option expense | $ 3,326 | $ 3,626 | $ 7,249 | $ 6,999 |
Restricted stock expense | 5,690 | 4,586 | 11,917 | 8,128 |
Performance restricted stock unit expense | 3,137 | 2,993 | 4,427 | 3,926 |
Total pre-tax expense | $ 12,153 | $ 11,205 | $ 23,593 | $ 19,053 |
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, 2021 |
Dec. 31, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||
Expected volatility | 24.20% | 22.20% |
Expected term (years) | 5 years | 5 years |
Risk-free interest rate | 0.85% | 0.52% |
Expected dividend yield | 0.66% | 1.14% |
Black-Scholes-Merton fair value per stock option granted (in usd per share) | $ 25.63 | $ 11.01 |
Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Defined benefit plans: | ||||
Service cost | $ 2,030 | $ 1,929 | $ 4,051 | $ 3,879 |
Interest cost | 4,581 | 5,600 | 9,148 | 11,236 |
Expected return on plan assets | (14,221) | (13,558) | (28,395) | (27,208) |
Amortization of net actuarial loss and other | 4,379 | 3,931 | 8,732 | 7,907 |
Pension income | (3,231) | (2,098) | (6,464) | (4,186) |
Other plans: | ||||
Defined contribution plans | 7,961 | 6,882 | 16,416 | 16,907 |
Foreign plans and other | 2,123 | 1,832 | 4,357 | 3,873 |
Total other plans | 10,084 | 8,714 | 20,773 | 20,780 |
Total net pension expense | $ 6,853 | $ 6,616 | $ 14,309 | $ 16,594 |
Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Retirement Benefits [Abstract] | ||
Defined benefit pension plan contributions | $ 4.1 | $ 3.2 |
Contingencies - Additional Information (Detail) $ in Millions |
1 Months Ended | 6 Months Ended | |
---|---|---|---|
Apr. 30, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
site
|
Dec. 31, 2020
USD ($)
|
|
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 is in agreement on amount of de minimis settlement | site | 8 | ||
Number of non-owned sites company is continuing to investigate | site | 4 | ||
Total environmental reserves | $ 33.8 | $ 32.4 | |
Payments for environmental liabilities | (3.1) | ||
Loss contingency accrual, payments | $ 6.8 | ||
HCC Industries | |||
Site Contingency [Line Items] | |||
Environmental expense | 4.5 | ||
Reserves related to an owned site acquired | $ 6.3 | $ 7.4 |
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