AMETEK (AME) 10-Q1 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-12981
Entity Registrant Name	AMETEK, Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1100 Cassatt Road
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Tax Identification Number	14-1682544
Entity Address, Postal Zip Code	19312-1177
City Area Code	610
Local Phone Number	647-2121
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	AME
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		231,535,965
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001037868
Current Fiscal Year End Date	--12-31

Consolidated Statement of Incom

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,734,834	$ 1,646,111	$ 3,471,014	$ 3,243,228
Cost of sales	1,110,425	1,053,190	2,255,106	2,075,715
Selling, general and administrative	176,895	174,130	351,178	343,181
Total operating expenses	1,287,320	1,227,320	2,606,284	2,418,896
Operating income	447,514	418,791	864,730	824,332
Interest expense	(30,590)	(18,723)	(65,844)	(39,292)
Other income (expense), net	86	(3,684)	(547)	(9,057)
Income before income taxes	417,010	396,384	798,339	775,983
Provision for income taxes	79,327	72,142	149,713	146,029
Net income	$ 337,683	$ 324,242	$ 648,626	$ 629,954
Basic earnings per share (in usd per share)	$ 1.46	$ 1.41	$ 2.80	$ 2.74
Diluted earnings per share (in usd per share)	$ 1.45	$ 1.40	$ 2.79	$ 2.72
Weighted average common shares outstanding:
Basic shares (in shares)	231,437	230,478	231,267	230,302
Diluted shares (in shares)	232,304	231,261	232,170	231,245
Dividends declared and paid per share (in usd per shares)	$ 0.28	$ 0.25	$ 0.56	$ 0.50

Condensed Consolidated Statemen

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 325,618	$ 350,692	$ 611,175	$ 682,903

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 396,573	$ 409,804
Receivables, net	976,442	1,012,932
Inventories, net	1,101,719	1,132,471
Other current assets	292,510	269,461
Total current assets	2,767,244	2,824,668
Property, plant and equipment, net	861,577	891,293
Right of use assets, net	217,469	229,723
Goodwill	6,453,513	6,447,629
Other intangibles, net	4,013,096	4,165,317
Investments and other assets	482,967	464,903
Total assets	14,795,866	15,023,533
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	827,967	1,417,915
Accounts payable	510,457	516,588
Customer advanced payments	378,256	375,513
Income taxes payable	46,653	69,567
Accrued liabilities and other	439,714	502,990
Total current liabilities	2,203,047	2,882,573
Long-term debt, net	1,823,410	1,895,432
Deferred income taxes	819,233	836,695
Other long-term liabilities	697,772	678,642
Total liabilities	5,543,462	6,293,342
Stockholders’ equity:
Common stock	2,716	2,709
Capital in excess of par value	1,210,414	1,168,694
Retained earnings	10,459,556	9,940,343
Accumulated other comprehensive loss	(522,393)	(484,942)
Treasury stock	(1,897,889)	(1,896,613)
Total stockholders’ equity	9,252,404	8,730,191
Total liabilities and stockholders’ equity	$ 14,795,866	$ 15,023,533

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital stock	Capital in excess of par value	Retained earnings	Accumulated foreign currency adjustment attributable to parent	Accumulated defined benefit plans adjustment attributable to parent	Accumulated other comprehensive (loss) income	Treasury stock
Balance at the beginning of the year at Dec. 31, 2022		$ 2,700	$ 1,094,236	$ 8,857,485	$ (368,124)	$ (206,821)		$ (1,902,964)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		7
Issuance of common stock under employee stock plans			6,824					13,860
Share-based compensation expense			22,860
Net income	$ 629,954			629,954
Cash dividends paid				(115,071)
Other				0
Translation adjustments					62,660
Change in long-term intercompany notes					5,903
Net investment hedge instruments gain (loss), net of tax of $(930) and $2,317 for the quarter ended June 30, 2024 and 2023, and $(4,917) and $6,122 for the six months ended June 30, 2024 and 2023, respectively					(18,798)
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended June 30, 2024 and 2023 and $(730) and $(1,036) for the six months ended June 30, 2024 and 2023 , respectively						3,184
Purchase of treasury stock								(6,524)
Balance at the end of the year at Jun. 30, 2023	8,081,371	2,707	1,123,920	9,372,368	(318,359)	(203,637)	$ (521,996)	(1,895,628)
Balance at the beginning of the year at Mar. 31, 2023		2,704	1,092,362	9,105,705	(343,217)	(205,229)		(1,895,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		3
Issuance of common stock under employee stock plans			18,977					(406)
Share-based compensation expense			12,581
Net income	324,242			324,242
Cash dividends paid				(57,579)
Other				0
Translation adjustments					29,840
Change in long-term intercompany notes					2,132
Net investment hedge instruments gain (loss), net of tax of $(930) and $2,317 for the quarter ended June 30, 2024 and 2023, and $(4,917) and $6,122 for the six months ended June 30, 2024 and 2023, respectively					(7,114)
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended June 30, 2024 and 2023 and $(730) and $(1,036) for the six months ended June 30, 2024 and 2023 , respectively						1,592
Purchase of treasury stock								(22)
Balance at the end of the year at Jun. 30, 2023	8,081,371	2,707	1,123,920	9,372,368	(318,359)	(203,637)	(521,996)	(1,895,628)
Balance at the beginning of the year at Dec. 31, 2023	8,730,191	2,709	1,168,694	9,940,343	(298,835)	(186,107)		(1,896,613)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		7
Issuance of common stock under employee stock plans			19,556					6,319
Share-based compensation expense			22,164
Net income	648,626			648,626
Cash dividends paid				(129,411)
Other				(2)
Translation adjustments					(50,821)
Change in long-term intercompany notes					(4,048)
Net investment hedge instruments gain (loss), net of tax of $(930) and $2,317 for the quarter ended June 30, 2024 and 2023, and $(4,917) and $6,122 for the six months ended June 30, 2024 and 2023, respectively					15,098
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended June 30, 2024 and 2023 and $(730) and $(1,036) for the six months ended June 30, 2024 and 2023 , respectively						2,320
Purchase of treasury stock								(7,595)
Balance at the end of the year at Jun. 30, 2024	9,252,404	2,716	1,210,414	10,459,556	(338,606)	(183,787)	(522,393)	(1,897,889)
Balance at the beginning of the year at Mar. 31, 2024		2,715	1,186,132	10,186,621	(325,381)	(184,947)		(1,896,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		1
Issuance of common stock under employee stock plans			11,059					(284)
Share-based compensation expense			13,223
Net income	337,683			337,683
Cash dividends paid				(64,747)
Other				(1)
Translation adjustments					(16,706)
Change in long-term intercompany notes					625
Net investment hedge instruments gain (loss), net of tax of $(930) and $2,317 for the quarter ended June 30, 2024 and 2023, and $(4,917) and $6,122 for the six months ended June 30, 2024 and 2023, respectively					2,856
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended June 30, 2024 and 2023 and $(730) and $(1,036) for the six months ended June 30, 2024 and 2023 , respectively						1,160
Purchase of treasury stock								(680)
Balance at the end of the year at Jun. 30, 2024	$ 9,252,404	$ 2,716	$ 1,210,414	$ 10,459,556	$ (338,606)	$ (183,787)	$ (522,393)	$ (1,897,889)

Consolidated Statement of Sto_2

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Tax related to investment hedge instruments gain (loss)	$ (930)	$ 2,317	$ 6,122	$ (4,917)
Tax related to amortization of net actuarial loss (gain)	$ (365)	$ (518)	$ (730)	$ (1,036)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 648,626	$ 629,954
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	196,681	163,935
Deferred income taxes	(21,946)	(38,144)
Share-based compensation expense	22,164	22,860
Gain on sale of facilities	(995)	0
Net change in assets and liabilities, net of acquisitions	(41,144)	(51,627)
Pension contributions	(2,924)	(2,880)
Other, net	(8,800)	(2,315)
Total operating activities	791,662	721,783
Investing activities:
Additions to property, plant and equipment	(49,068)	(47,835)
Purchases of businesses, net of cash acquired	0	(99,266)
Proceeds from sale of business/investment	657	0
Proceeds from sale of facilities	4,246	0
Other, net	616	(2,886)
Total investing activities	(43,549)	(149,987)
Financing activities:
Net change in short-term borrowings	(640,611)	(219,610)
Repurchases of common stock	(7,595)	(6,524)
Cash dividends paid	(129,411)	(115,071)
Proceeds from stock option exercises	34,524	29,055
Other, net	(8,557)	(4,941)
Total financing activities	(751,650)	(317,091)
Effect of exchange rate changes on cash and cash equivalents	(9,694)	5,496
(Decrease) increase in cash and cash equivalents	(13,231)	260,201
Cash and cash equivalents:
Beginning of period	409,804	345,386
End of period	$ 396,573	$ 605,587

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2024, the consolidated results of its operations for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023 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, 2023 as filed with the U.S. Securities and Exchange Commission.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant segment expenses and other segment items on an annual and interim basis under ASC 280. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. 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 2023-07 may have on the Company’s financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The Company has not determined the impact ASU 2023-09 may have on the Company’s financial statement disclosures.

Revenues

Revenues	6 Months Ended
Revenues	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The outstanding contract asset and liability accounts were as follows: 2024 2023 (In thousands) Contract assets—January 1 $ 140,826 $ 119,741 Contract assets – June 30 149,674 137,444 Change in contract assets – increase (decrease) 8,848 17,703 Contract liabilities – January 1 432,830 398,692 Contract liabilities – June 30 425,617 443,768 Change in contract liabilities – decrease (increase) 7,213 (45,076) Net change $ 16,061 $ (27,373) For the six months ended June 30, 2024 and 2023, the Company recognized revenue of $285.5 million and $268.0 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, 2024 and December 31, 2023, $47.4 million and $57.3 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets. The remaining performance obligations not expected to be completed within one year as of June 30, 2024 and December 31, 2023 were $597.7 million and $607.5 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 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: Three months ended June 30, 2024 Six months ended June 30, 2024 EIG EMG Total EIG EMG Total (In thousands) United States $ 602,677 $ 342,201 $ 944,878 $ 1,171,574 $ 686,061 $ 1,857,635 International (1) : United Kingdom 27,759 35,755 63,514 54,466 63,947 118,413 European Union countries 128,428 106,990 235,418 270,670 221,976 492,646 Asia 281,990 56,310 338,300 580,035 106,509 686,544 Other foreign countries 112,759 39,965 152,724 233,647 82,129 315,776 Total international 550,936 239,020 789,956 1,138,818 474,561 1,613,379 Consolidated net sales $ 1,153,613 $ 581,221 $ 1,734,834 $ 2,310,392 $ 1,160,622 $ 3,471,014 ________________ (1) Includes U.S. export sales of $435.6 million and $909.3 million for the three and six months ended June 30, 2024, respectively. Three months ended June 30, 2023 Six months ended June 30, 2023 EIG EMG Total EIG EMG Total (In thousands) United States $ 575,281 $ 284,611 $ 859,892 $ 1,137,177 $ 531,730 $ 1,668,907 International (1) : United Kingdom 23,150 28,402 51,552 51,188 59,464 110,652 European Union countries 130,811 110,876 241,687 266,469 227,683 494,152 Asia 290,636 52,753 343,389 574,528 103,658 678,186 Other foreign countries 114,768 34,823 149,591 222,531 68,800 291,331 Total international 559,365 226,854 786,219 1,114,716 459,605 1,574,321 Consolidated net sales $ 1,134,646 $ 511,465 $ 1,646,111 $ 2,251,893 $ 991,335 $ 3,243,228 ______________ (1) Includes U.S. export sales of $439.1 million and $873.3 million for the three and six months ended June 30, 2023, respectively. Major Products and Services The Company’s major products and services in the reportable segments were as follows: Three months ended June 30, 2024 Six months ended June 30, 2024 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 802,724 $ — $ 802,724 $ 1,594,262 $ — $ 1,594,262 Aerospace and power 350,889 154,463 505,352 716,130 306,915 1,023,045 Automation and engineered solutions — 426,758 426,758 — 853,707 853,707 Consolidated net sales $ 1,153,613 $ 581,221 $ 1,734,834 $ 2,310,392 $ 1,160,622 $ 3,471,014 Three months ended June 30, 2023 Six months ended June 30, 2023 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 798,667 $ — $ 798,667 $ 1,593,100 $ — $ 1,593,100 Aerospace and power 335,979 149,792 485,771 658,793 292,842 951,635 Automation and engineered solutions — 361,673 361,673 — 698,493 698,493 Consolidated net sales $ 1,134,646 $ 511,465 $ 1,646,111 $ 2,251,893 $ 991,335 $ 3,243,228 Timing of Revenue Recognition Three months ended June 30, 2024 Six months ended June 30, 2024 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 925,932 $ 493,999 $ 1,419,931 $ 1,871,930 $ 997,584 $ 2,869,514 Products and services transferred over time 227,681 87,222 314,903 438,462 163,038 601,500 Consolidated net sales $ 1,153,613 $ 581,221 $ 1,734,834 $ 2,310,392 $ 1,160,622 $ 3,471,014 Three months ended June 30, 2023 Six months ended June 30, 2023 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 936,934 $ 463,618 $ 1,400,552 $ 1,872,242 $ 877,219 $ 2,749,461 Products and services transferred over time 197,712 47,847 245,559 379,651 114,116 493,767 Consolidated net sales $ 1,134,646 $ 511,465 $ 1,646,111 $ 2,251,893 $ 991,335 $ 3,243,228 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: Six Months Ended June 30, 2024 2023 (In thousands) Balance at the beginning of the period $ 37,087 $ 26,487 Accruals for warranties issued during the period 10,648 9,397 Settlements made during the period (11,073) (7,289) Warranty accruals related to acquired businesses and other during the period (30) 244 Balance at the end of the period $ 36,632 $ 28,839 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, 2024, the Company had $976.4 million of accounts receivable, net of allowances of $14.3 million. Changes in the allowance were not material for the three and six months ended June 30, 2024.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
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). The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Weighted average shares: Basic shares 231,437 230,478 231,267 230,302 Equity-based compensation plans 867 783 903 943 Diluted shares 232,304 231,261 232,170 231,245 The calculation of diluted earnings per share for the three and six months ended June 30, 2024 excluded an immaterial number of stock options because the exercise prices of these stock options exceeded the average market price of the Company’s common shares, and the effect of their inclusion would have been antidilutive. There were no antidilutive shares for the three and six months ended June 30, 2023.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
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, 2024 and December 31, 2023: June 30, 2024 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 12,018 $ 12,018 $ — $ — Foreign currency forward contracts (276) — (276) — December 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 11,922 $ 11,922 $ — $ — Foreign currency forward contracts 2,035 — 2,035 — The fair value of mutual fund investments is 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, 2024 and 2023, 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, 2024 and 2023. Foreign Currency At June 30, 2024, the Company had a Euro forward contract for a total notional value of 60.0 million Euros. The foreign currency forward contract is valued as a level 2 liability as it is corroborated by foreign currency exchange rates and shown as a component of other current liabilities on the consolidated balance sheet. For the six months ended June 30, 2024, realized and unrealized gains and losses on the foreign currency forward contracts were not significant. Financial Instruments Cash, cash equivalents and mutual fund investments are recorded at fair value at June 30, 2024 and December 31, 2023 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, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt (including current portion) $ (2,175,213) $ (2,068,035) $ (2,197,538) $ (2,087,607) The fair value of net short-term borrowings approximates the carrying value. 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.

Hedging Activities

Hedging Activities	6 Months Ended
Hedging Activities	Jun. 30, 2024
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, 2024, 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 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, 2024, the Company had $284.3 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At June 30, 2024, the Company had $545.4 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, $20.0 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, 2024.

Inventories, net

Inventories, net	6 Months Ended
Inventories, net	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net June 30, December 31, (In thousands) Finished goods and parts $ 140,228 $ 136,003 Work in process 179,778 165,914 Raw materials and purchased parts 781,713 830,554 Total inventories, net $ 1,101,719 $ 1,132,471

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2024
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, 2024 and 2023. The Company's leases have a weighted average remaining lease term of approximately 7 years. Certain lease agreements contain provisions for future rent increases. The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Operating lease cost $ 17,797 $ 15,905 $ 35,401 $ 30,582 Variable lease cost 3,142 2,716 6,333 5,946 Total lease cost $ 20,939 $ 18,621 $ 41,734 $ 36,528 Supplemental balance sheet information related to leases was as follows: June 30, December 31, (In thousands) Right of use assets, net $ 217,469 $ 229,723 Lease liabilities included in Accrued Liabilities and other 58,713 61,055 Lease liabilities included in Other long-term liabilities 172,546 182,436 Total lease liabilities $ 231,259 $ 243,491 Maturities of lease liabilities as of June 30, 2024 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2024 $ 29,280 2025 52,822 2026 43,098 2027 31,611 2028 23,314 Thereafter 79,249 Total lease payments 259,374 Less: imputed interest 28,115 $ 231,259 The Company does not have any significant leases that have not yet commenced.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions The initial accounting for the December 2023 Paragon Medical acquisition is being finalized, including the measurement of the acquired tangible and intangible assets and liabilities, as well as, the associated income tax considerations. Amounts for fixed assets, intangibles, and income taxes could change, potentially materially, as there is significant additional information that the Company must obtain to finalize the valuations of the assets acquired and liabilities assumed, and to finalize the value of the intangible assets. The Company finalized its measurements of tangible and intangible assets and liabilities for its August 2023 acquisition of United Electronic Industries, which had no material impact to the consolidated statement of income and balance sheet. The Company is in the process of finalizing the accounting for income taxes for its October 2023 acquisition of Amplifier Research Corp.

Goodwill

Goodwill	6 Months Ended
Goodwill	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The changes in the carrying amounts of goodwill by segment were as follows: EIG EMG Total (In millions) Balance at December 31, 2023 $ 4,365.0 $ 2,082.6 $ 6,447.6 Purchase price allocation adjustments and other 25.5 6.5 32.0 Foreign currency translation adjustments (19.6) (6.5) (26.1) Balance at June 30, 2024 $ 4,370.9 $ 2,082.6 $ 6,453.5

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At June 30, 2024, the Company had gross uncertain tax benefits of $260.9 million, of which $211.2 million, if recognized, would impact the effective tax rate. The following is a reconciliation of the liability for uncertain tax positions (in millions): Balance at December 31, 2023 $ 233.5 Additions for tax positions 28.8 Reductions for tax positions (1.4) Balance at June 30, 2024 $ 260.9 The additions above primarily reflect the tax positions for foreign tax planning initiatives. 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, 2024 and 2023 were not significant.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2024
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, 2023. Share Based Compensation Expense Total share-based compensation expense was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Stock option expense $ 3,517 $ 3,596 $ 7,026 $ 7,180 Restricted stock expense 5,329 5,257 10,126 10,297 Performance restricted stock unit expense 4,377 3,728 5,012 5,383 Total pre-tax expense $ 13,223 $ 12,581 $ 22,164 $ 22,860 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: Six Months Ended Year Ended December 31, 2023 Expected volatility 28.2 % 26.0 % Expected term (years) 5.0 5.0 Risk-free interest rate 4.31 % 3.54 % Expected dividend yield 0.62 % 0.72 % Black-Scholes-Merton fair value per stock option granted $ 56.42 $ 38.11 The following is a summary of the Company’s stock option activity and related information: Shares Weighted Weighted Aggregate (In thousands) (Years) (In millions) Outstanding at December 31, 2023 2,741 $ 101.20 Granted 231 181.93 Exercised (428) 81.35 Forfeited (22) 145.90 Outstanding at June 30, 2024 2,522 $ 111.57 6.7 $ 142.5 Exercisable at June 30, 2024 1,860 $ 97.05 6.0 $ 129.6 The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2024 was $39.6 million. The total fair value of stock options vested during the six months ended June 30, 2024 was $14.7 million. As of June 30, 2024, there was approximately $22.9 million of expected future pre-tax compensation expense related to the 0.7 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: Shares Weighted (In thousands) Non-vested restricted stock outstanding at December 31, 2023 296 $ 135.39 Granted 148 181.60 Vested (137) 132.72 Forfeited (12) 151.02 Non-vested restricted stock outstanding at June 30, 2024 295 $ 159.09 The total fair value of restricted stock vested during the six months ended June 30, 2024 was $18.1 million. As of June 30, 2024, there was approximately $38.1 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 approximately two years. Performance Restricted Stock Units In March 2024, 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: Shares Weighted (In thousands) Non-vested performance restricted stock outstanding at December 31, 2023 239 $ 131.90 Granted 77 181.93 Performance assumption change 1 24 121.91 Vested (61) 121.91 Forfeited (40) 149.90 Non-vested performance restricted stock outstanding at June 30, 2024 239 $ 151.06 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics. As of June 30, 2024, there was approximately $13.5 million of expected future pre-tax compensation expense related to the 0.2 million non-vested restricted shares outstanding, which is expected to be recognized over a weighted average period of approximately one year.

Retirement and Pension Plans

Retirement and Pension Plans	6 Months Ended
Retirement and Pension Plans	Jun. 30, 2024
Retirement Benefits [Abstract]
Retirement and Pension Plans	Retirement and Pension Plans The components of net periodic pension benefit expense (income) were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Defined benefit plans: Service cost $ 727 $ 749 $ 1,457 $ 1,489 Interest cost 6,978 7,566 13,967 15,067 Expected return on plan assets (13,619) (13,071) (27,251) (26,067) Amortization of net actuarial loss and other 2,333 2,842 4,670 5,663 Pension income (3,581) (1,914) (7,157) (3,848) Other plans: Defined contribution plans 10,985 10,512 25,580 24,028 Foreign plans and other 2,287 1,999 3,976 4,570 Total other plans 13,272 12,511 29,556 28,598 Total net pension expense $ 9,691 $ 10,597 $ 22,399 $ 24,750 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, 2024 and 2023, contributions to the Company’s defined benefit pension plans were $2.9 million and $2.9 million, respectively. The Company’s current estimate of 2024 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, 2023.

Contingencies

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2024
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, 2024, the Company is named a Potentially Responsible Party (“PRP”) at 12 non-AMETEK-owned former waste disposal or treatment sites (the “non-owned” sites). The Company is identified as a “de minimis” party in a majority of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. 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, 2024 and December 31, 2023 were $30.6 million and $37.1 million, respectively, for both non-owned and owned sites. For the six months ended June 30, 2024, the Company recorded $4.5 million in reserves. Additionally, the Company spent $11.0 million on environmental matters for the six months ended June 30, 2024. 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. 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. 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 337,683	$ 324,242	$ 648,626	$ 629,954

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jun. 30, 2024
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, 2024, the consolidated results of its operations for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023 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, 2023 as filed with the U.S. Securities and Exchange Commission.
Recently Adopted Accounting Pronouncement	Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant segment expenses and other segment items on an annual and interim basis under ASC 280. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. 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 2023-07 may have on the Company’s financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. The Company has not determined the impact ASU 2023-09 may have on the Company’s financial statement disclosures.
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.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
Revenues (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Outstanding Contract Asset and (Liability) Accounts	The outstanding contract asset and liability accounts were as follows: 2024 2023 (In thousands) Contract assets—January 1 $ 140,826 $ 119,741 Contract assets – June 30 149,674 137,444 Change in contract assets – increase (decrease) 8,848 17,703 Contract liabilities – January 1 432,830 398,692 Contract liabilities – June 30 425,617 443,768 Change in contract liabilities – decrease (increase) 7,213 (45,076) Net change $ 16,061 $ (27,373)
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: Three months ended June 30, 2024 Six months ended June 30, 2024 EIG EMG Total EIG EMG Total (In thousands) United States $ 602,677 $ 342,201 $ 944,878 $ 1,171,574 $ 686,061 $ 1,857,635 International (1) : United Kingdom 27,759 35,755 63,514 54,466 63,947 118,413 European Union countries 128,428 106,990 235,418 270,670 221,976 492,646 Asia 281,990 56,310 338,300 580,035 106,509 686,544 Other foreign countries 112,759 39,965 152,724 233,647 82,129 315,776 Total international 550,936 239,020 789,956 1,138,818 474,561 1,613,379 Consolidated net sales $ 1,153,613 $ 581,221 $ 1,734,834 $ 2,310,392 $ 1,160,622 $ 3,471,014 ________________ (1) Includes U.S. export sales of $435.6 million and $909.3 million for the three and six months ended June 30, 2024, respectively. Three months ended June 30, 2023 Six months ended June 30, 2023 EIG EMG Total EIG EMG Total (In thousands) United States $ 575,281 $ 284,611 $ 859,892 $ 1,137,177 $ 531,730 $ 1,668,907 International (1) : United Kingdom 23,150 28,402 51,552 51,188 59,464 110,652 European Union countries 130,811 110,876 241,687 266,469 227,683 494,152 Asia 290,636 52,753 343,389 574,528 103,658 678,186 Other foreign countries 114,768 34,823 149,591 222,531 68,800 291,331 Total international 559,365 226,854 786,219 1,114,716 459,605 1,574,321 Consolidated net sales $ 1,134,646 $ 511,465 $ 1,646,111 $ 2,251,893 $ 991,335 $ 3,243,228 ______________ (1) Includes U.S. export sales of $439.1 million and $873.3 million for the three and six months ended June 30, 2023, respectively.
Schedule of Revenue From External Customers by Products and Services	The Company’s major products and services in the reportable segments were as follows: Three months ended June 30, 2024 Six months ended June 30, 2024 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 802,724 $ — $ 802,724 $ 1,594,262 $ — $ 1,594,262 Aerospace and power 350,889 154,463 505,352 716,130 306,915 1,023,045 Automation and engineered solutions — 426,758 426,758 — 853,707 853,707 Consolidated net sales $ 1,153,613 $ 581,221 $ 1,734,834 $ 2,310,392 $ 1,160,622 $ 3,471,014 Three months ended June 30, 2023 Six months ended June 30, 2023 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 798,667 $ — $ 798,667 $ 1,593,100 $ — $ 1,593,100 Aerospace and power 335,979 149,792 485,771 658,793 292,842 951,635 Automation and engineered solutions — 361,673 361,673 — 698,493 698,493 Consolidated net sales $ 1,134,646 $ 511,465 $ 1,646,111 $ 2,251,893 $ 991,335 $ 3,243,228
Schedule of Disaggregation of Revenue	Three months ended June 30, 2024 Six months ended June 30, 2024 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 925,932 $ 493,999 $ 1,419,931 $ 1,871,930 $ 997,584 $ 2,869,514 Products and services transferred over time 227,681 87,222 314,903 438,462 163,038 601,500 Consolidated net sales $ 1,153,613 $ 581,221 $ 1,734,834 $ 2,310,392 $ 1,160,622 $ 3,471,014 Three months ended June 30, 2023 Six months ended June 30, 2023 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 936,934 $ 463,618 $ 1,400,552 $ 1,872,242 $ 877,219 $ 2,749,461 Products and services transferred over time 197,712 47,847 245,559 379,651 114,116 493,767 Consolidated net sales $ 1,134,646 $ 511,465 $ 1,646,111 $ 2,251,893 $ 991,335 $ 3,243,228
Schedule of Product Warranty Liability	Changes in the accrued product warranty obligation were as follows: Six Months Ended June 30, 2024 2023 (In thousands) Balance at the beginning of the period $ 37,087 $ 26,487 Accruals for warranties issued during the period 10,648 9,397 Settlements made during the period (11,073) (7,289) Warranty accruals related to acquired businesses and other during the period (30) 244 Balance at the end of the period $ 36,632 $ 28,839

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2024
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: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Weighted average shares: Basic shares 231,437 230,478 231,267 230,302 Equity-based compensation plans 867 783 903 943 Diluted shares 232,304 231,261 232,170 231,245

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
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, 2024 and December 31, 2023: June 30, 2024 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 12,018 $ 12,018 $ — $ — Foreign currency forward contracts (276) — (276) — December 31, 2023 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 11,922 $ 11,922 $ — $ — Foreign currency forward contracts 2,035 — 2,035 —
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, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Recorded Amount Fair Value Recorded Amount Fair Value (In thousands) Long-term debt (including current portion) $ (2,175,213) $ (2,068,035) $ (2,197,538) $ (2,087,607)

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
Inventories, net (Tables)	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	June 30, December 31, (In thousands) Finished goods and parts $ 140,228 $ 136,003 Work in process 179,778 165,914 Raw materials and purchased parts 781,713 830,554 Total inventories, net $ 1,101,719 $ 1,132,471

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2024
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Operating lease cost $ 17,797 $ 15,905 $ 35,401 $ 30,582 Variable lease cost 3,142 2,716 6,333 5,946 Total lease cost $ 20,939 $ 18,621 $ 41,734 $ 36,528
Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information related to leases was as follows: June 30, December 31, (In thousands) Right of use assets, net $ 217,469 $ 229,723 Lease liabilities included in Accrued Liabilities and other 58,713 61,055 Lease liabilities included in Other long-term liabilities 172,546 182,436 Total lease liabilities $ 231,259 $ 243,491
Maturities of Lease Liabilities	Maturities of lease liabilities as of June 30, 2024 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2024 $ 29,280 2025 52,822 2026 43,098 2027 31,611 2028 23,314 Thereafter 79,249 Total lease payments 259,374 Less: imputed interest 28,115 $ 231,259

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
Goodwill (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amounts of Goodwill by Segment	The changes in the carrying amounts of goodwill by segment were as follows: EIG EMG Total (In millions) Balance at December 31, 2023 $ 4,365.0 $ 2,082.6 $ 6,447.6 Purchase price allocation adjustments and other 25.5 6.5 32.0 Foreign currency translation adjustments (19.6) (6.5) (26.1) Balance at June 30, 2024 $ 4,370.9 $ 2,082.6 $ 6,453.5

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Reconciliation of Liability for Uncertain Tax Positions	The following is a reconciliation of the liability for uncertain tax positions (in millions): Balance at December 31, 2023 $ 233.5 Additions for tax positions 28.8 Reductions for tax positions (1.4) Balance at June 30, 2024 $ 260.9

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
Share-Based Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Total Share-Based Compensation Expense	Total share-based compensation expense was as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Stock option expense $ 3,517 $ 3,596 $ 7,026 $ 7,180 Restricted stock expense 5,329 5,257 10,126 10,297 Performance restricted stock unit expense 4,377 3,728 5,012 5,383 Total pre-tax expense $ 13,223 $ 12,581 $ 22,164 $ 22,860
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: Six Months Ended Year Ended December 31, 2023 Expected volatility 28.2 % 26.0 % Expected term (years) 5.0 5.0 Risk-free interest rate 4.31 % 3.54 % Expected dividend yield 0.62 % 0.72 % Black-Scholes-Merton fair value per stock option granted $ 56.42 $ 38.11
Summary of Stock Option Activity and Related Information	The following is a summary of the Company’s stock option activity and related information: Shares Weighted Weighted Aggregate (In thousands) (Years) (In millions) Outstanding at December 31, 2023 2,741 $ 101.20 Granted 231 181.93 Exercised (428) 81.35 Forfeited (22) 145.90 Outstanding at June 30, 2024 2,522 $ 111.57 6.7 $ 142.5 Exercisable at June 30, 2024 1,860 $ 97.05 6.0 $ 129.6
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: Shares Weighted (In thousands) Non-vested restricted stock outstanding at December 31, 2023 296 $ 135.39 Granted 148 181.60 Vested (137) 132.72 Forfeited (12) 151.02 Non-vested restricted stock outstanding at June 30, 2024 295 $ 159.09 The following is a summary of the Company’s non-vested performance restricted stock activity and related information: Shares Weighted (In thousands) Non-vested performance restricted stock outstanding at December 31, 2023 239 $ 131.90 Granted 77 181.93 Performance assumption change 1 24 121.91 Vested (61) 121.91 Forfeited (40) 149.90 Non-vested performance restricted stock outstanding at June 30, 2024 239 $ 151.06 _________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

Retirement and Pension Plans (T

Retirement and Pension Plans (Tables)	6 Months Ended
Retirement and Pension Plans (Tables)	Jun. 30, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Pension Benefit Expense (Income)	The components of net periodic pension benefit expense (income) were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Defined benefit plans: Service cost $ 727 $ 749 $ 1,457 $ 1,489 Interest cost 6,978 7,566 13,967 15,067 Expected return on plan assets (13,619) (13,071) (27,251) (26,067) Amortization of net actuarial loss and other 2,333 2,842 4,670 5,663 Pension income (3,581) (1,914) (7,157) (3,848) Other plans: Defined contribution plans 10,985 10,512 25,580 24,028 Foreign plans and other 2,287 1,999 3,976 4,570 Total other plans 13,272 12,511 29,556 28,598 Total net pension expense $ 9,691 $ 10,597 $ 22,399 $ 24,750

Revenues - Outstanding Contract

Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 149,674	$ 137,444	$ 140,826	$ 119,741
Change in contract assets – increase (decrease)	8,848	17,703
Contract liabilities	425,617	443,768	$ 432,830	$ 398,692
Change in contract liabilities – decrease (increase)	7,213	(45,076)
Net change	$ 16,061	$ (27,373)

Revenues - Additional Informati

Revenues - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue recognized from contract liabilities	$ 285,500	$ 268,000
Customer advanced payments	47,400		$ 57,300
Accounts and notes receivable, net	976,442		1,012,932
Allowance for notes and loans receivable	14,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, remaining performance obligation			$ 607,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, remaining performance obligation	$ 597,700
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Performance obligation, expected timing of satisfaction, period			2 years
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Performance obligation, expected timing of satisfaction, period	2 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Performance obligation, expected timing of satisfaction, period			3 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Performance obligation, expected timing of satisfaction, period	3 years

Revenues - Information About Op

Revenues - Information About Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,734,834	$ 1,646,111	$ 3,471,014	$ 3,243,228
United States
Segment Reporting Information [Line Items]
Net sales	944,878	859,892	1,857,635	1,668,907
United Kingdom
Segment Reporting Information [Line Items]
Net sales	63,514	51,552	118,413	110,652
European Union countries
Segment Reporting Information [Line Items]
Net sales	235,418	241,687	492,646	494,152
Asia
Segment Reporting Information [Line Items]
Net sales	338,300	343,389	686,544	678,186
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	152,724	149,591	315,776	291,331
International
Segment Reporting Information [Line Items]
Net sales	789,956	786,219	1,613,379	1,574,321
Non-US
Segment Reporting Information [Line Items]
Net sales	435,600	439,100	909,300	873,300
Electronic Instruments Group
Segment Reporting Information [Line Items]
Net sales	1,153,613	1,134,646	2,310,392	2,251,893
Electronic Instruments Group \| United States
Segment Reporting Information [Line Items]
Net sales	602,677	575,281	1,171,574	1,137,177
Electronic Instruments Group \| United Kingdom
Segment Reporting Information [Line Items]
Net sales	27,759	23,150	54,466	51,188
Electronic Instruments Group \| European Union countries
Segment Reporting Information [Line Items]
Net sales	128,428	130,811	270,670	266,469
Electronic Instruments Group \| Asia
Segment Reporting Information [Line Items]
Net sales	281,990	290,636	580,035	574,528
Electronic Instruments Group \| Other foreign countries
Segment Reporting Information [Line Items]
Net sales	112,759	114,768	233,647	222,531
Electronic Instruments Group \| International
Segment Reporting Information [Line Items]
Net sales	550,936	559,365	1,138,818	1,114,716
Electromechanical Group
Segment Reporting Information [Line Items]
Net sales	581,221	511,465	1,160,622	991,335
Electromechanical Group \| United States
Segment Reporting Information [Line Items]
Net sales	342,201	284,611	686,061	531,730
Electromechanical Group \| United Kingdom
Segment Reporting Information [Line Items]
Net sales	35,755	28,402	63,947	59,464
Electromechanical Group \| European Union countries
Segment Reporting Information [Line Items]
Net sales	106,990	110,876	221,976	227,683
Electromechanical Group \| Asia
Segment Reporting Information [Line Items]
Net sales	56,310	52,753	106,509	103,658
Electromechanical Group \| Other foreign countries
Segment Reporting Information [Line Items]
Net sales	39,965	34,823	82,129	68,800
Electromechanical Group \| International
Segment Reporting Information [Line Items]
Net sales	$ 239,020	$ 226,854	$ 474,561	$ 459,605

Revenues - Major Products and S

Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,734,834	$ 1,646,111	$ 3,471,014	$ 3,243,228
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	802,724	798,667	1,594,262	1,593,100
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	505,352	485,771	1,023,045	951,635
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	426,758	361,673	853,707	698,493
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	1,153,613	1,134,646	2,310,392	2,251,893
Electronic Instruments Group \| Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	802,724	798,667	1,594,262	1,593,100
Electronic Instruments Group \| Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	350,889	335,979	716,130	658,793
Electronic Instruments Group \| Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	581,221	511,465	1,160,622	991,335
Electromechanical Group \| Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
Electromechanical Group \| Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	154,463	149,792	306,915	292,842
Electromechanical Group \| Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 426,758	$ 361,673	$ 853,707	$ 698,493

Revenues - Timing of Revenue Re

Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,734,834	$ 1,646,111	$ 3,471,014	$ 3,243,228
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,419,931	1,400,552	2,869,514	2,749,461
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	314,903	245,559	601,500	493,767
Electronic Instruments Group
Disaggregation of Revenue [Line Items]
Net sales	1,153,613	1,134,646	2,310,392	2,251,893
Electronic Instruments Group \| Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	925,932	936,934	1,871,930	1,872,242
Electronic Instruments Group \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	227,681	197,712	438,462	379,651
Electromechanical Group
Disaggregation of Revenue [Line Items]
Net sales	581,221	511,465	1,160,622	991,335
Electromechanical Group \| Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	493,999	463,618	997,584	877,219
Electromechanical Group \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 87,222	$ 47,847	$ 163,038	$ 114,116

Revenues - Changes in Accrued P

Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the period	$ 37,087	$ 26,487
Accruals for warranties issued during the period	10,648	9,397
Settlements made during the period	(11,073)	(7,289)
Warranty accruals related to acquired businesses and other during the period	(30)	244
Balance at the end of the period	$ 36,632	$ 28,839

Earnings Per Share - Number of

Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted average common shares outstanding:
Basic shares	231,437	230,478	231,267	230,302
Equity-based compensation plans	867	783	903	943
Diluted shares	232,304	231,261	232,170	231,245

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 12,018	$ 11,922
Foreign currency forward contracts	(276)
Foreign currency forward contracts		2,035
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	12,018	11,922
Foreign currency forward contracts	0
Foreign currency forward contracts		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	0	0
Foreign currency forward contracts	(276)
Foreign currency forward contracts		2,035
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	0	0
Foreign currency forward contracts	$ 0
Foreign currency forward contracts		$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) € in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, transfers, net \| $	$ 0	$ 0
Euro Forward Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency forward contracts \| €			€ 60

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Recorded Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,175,213)	$ (2,197,538)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, net (including current portion)	$ (2,068,035)	$ (2,087,607)

Hedging Activities - Additional

Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100%
Currency remeasurement gain	$ 20
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	284.3
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 545.4

Inventories, net - Inventories

Inventories, net - Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods and parts	$ 140,228	$ 136,003
Work in process	179,778	165,914
Raw materials and purchased parts	781,713	830,554
Total inventories, net	$ 1,101,719	$ 1,132,471

Leases - Additional Information

Leases - Additional Information (Details)	Jun. 30, 2024
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	7 years

Leases- Components of Lease Exp

Leases- Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 17,797	$ 15,905	$ 35,401	$ 30,582
Variable lease cost	3,142	2,716	6,333	5,946
Total lease cost	$ 20,939	$ 18,621	$ 41,734	$ 36,528

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use assets, net	$ 217,469	$ 229,723
Operating lease, liability, current, statement of financial position	Accrued liabilities and other	Accrued liabilities and other
Lease liabilities included in Accrued Liabilities and other	$ 58,713	$ 61,055
Operating lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities
Lease liabilities included in Other long-term liabilities	$ 172,546	$ 182,436
Total lease liabilities	$ 231,259	$ 243,491

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2024	$ 29,280
2025	52,822
2026	43,098
2027	31,611
2028	23,314
Thereafter	79,249
Total lease payments	259,374
Less: imputed interest	28,115
Total lease liabilities	$ 231,259	$ 243,491

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 6,447,629
Purchase price allocation adjustments and other	32,000
Foreign currency translation adjustments	(26,100)
Goodwill, ending balance	6,453,513
Electronic Instruments Group
Goodwill [Roll Forward]
Goodwill, beginning balance	4,365,000
Purchase price allocation adjustments and other	25,500
Foreign currency translation adjustments	(19,600)
Goodwill, ending balance	4,370,900
Electromechanical Group
Goodwill [Roll Forward]
Goodwill, beginning balance	2,082,600
Purchase price allocation adjustments and other	6,500
Foreign currency translation adjustments	(6,500)
Goodwill, ending balance	$ 2,082,600

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 260.9		$ 233.5
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 211.2
Effective tax rate	19%	18.20%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 233.5
Additions for tax positions	28.8
Reductions for tax positions	(1.4)
Balance at the end of the year	$ 260.9

Share-Based Compensation - Tota

Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock option expense	$ 3,517	$ 3,596	$ 7,026	$ 7,180
Restricted stock expense	5,329	5,257	10,126	10,297
Performance restricted stock unit expense	4,377	3,728	5,012	5,383
Total pre-tax expense	$ 13,223	$ 12,581	$ 22,164	$ 22,860

Share-Based Compensation - Weig

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares	6 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Expected volatility	28.20%	26%
Expected term (years)	5 years	5 years
Risk-free interest rate	4.31%	3.54%
Expected dividend yield	0.62%	0.72%
Black-Scholes-Merton fair value per stock option granted (in usd per share)	$ 56.42	$ 38.11

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, outstanding (in shares) \| shares	2,741
Granted (in shares) \| shares	231
Exercised (in shares) \| shares	(428)
Forfeited (in shares) \| shares	(22)
Ending balance, outstanding (in shares) \| shares	2,522
Ending balance, exercisable (in shares) \| shares	1,860
Weighted Average Exercise Price
Beginning balance, outstanding, weighted average exercise price (in usd per share) \| $ / shares	$ 101.20
Granted, weighted average exercise price (in usd per share) \| $ / shares	181.93
Exercised, weighted average exercise price (in usd per share) \| $ / shares	81.35
Forfeited, weighted average exercise price (in usd per share) \| $ / shares	145.90
Ending balance, outstanding, weighted average exercise price (in shares) \| $ / shares	111.57
Ending balance, exercisable, weighted average exercise price (in usd per share) \| $ / shares	$ 97.05
Weighted Average Remaining Contractual Life
Ending balance, outstanding, weighted average remaining contractual life	6 years 8 months 12 days
Ending balance, exercisable, weighted average remaining contractual life	6 years
Aggregate Intrinsic Value
Ending balance, outstanding, aggregate intrinsic value \| $	$ 142.5
Ending balance, exercisable, aggregate intrinsic value \| $	$ 129.6

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 39.6
Total fair value of stock options vested		14.7
Expected future pre-tax compensation expense, nonvested stock options		$ 22.9
Weighted average period to recognize expected future pre-tax compensation expense		2 years
Nonvested restricted stock outstanding (in shares)		300
Share-based payment arrangement, nonvested award, cost not yet recognized, amount		$ 13.5
Share-based payment award, options, outstanding (in shares)		2,522	2,741
Non vested Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding (in shares)		700
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize expected future pre-tax compensation expense		2 years
Total fair value of vested restricted stock		$ 18.1
Expected future pre-tax compensation expense, nonvested restricted shares		$ 38.1
Nonvested restricted stock outstanding (in shares)		295	296
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period to recognize expected future pre-tax compensation expense		1 year
Nonvested restricted stock outstanding (in shares)		239	239
Share-based payment award, options, outstanding (in shares)		200
Officers And Key Management Employees \| Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period	3 years
Minimum \| Officers And Key Management Employees \| Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	0%
Maximum \| Officers And Key Management Employees \| Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting rate	200%

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Non-vested restricted stock outstanding at end of period (in shares)	300
Restricted Shares
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	296
Granted (in shares)	148
Vested (in shares)	(137)
Forfeited (in shares)	(12)
Non-vested restricted stock outstanding at end of period (in shares)	295
Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) \| $ / shares	$ 135.39
Granted (in usd per share) \| $ / shares	181.60
Vested (in usd per share) \| $ / shares	132.72
Forfeited (in usd per share) \| $ / shares	151.02
Non-vested restricted stock outstanding at end of period (in usd per share) \| $ / shares	$ 159.09
Performance Restricted Stock Units
Shares
Non-vested restricted stock outstanding at beginning of period (in shares)	239
Granted (in shares)	77
Performance assumption change (in shares)	24
Vested (in shares)	(61)
Forfeited (in shares)	(40)
Non-vested restricted stock outstanding at end of period (in shares)	239
Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at beginning of period (in usd per share) \| $ / shares	$ 131.90
Granted (in usd per share) \| $ / shares	181.93
Performance assumption change (in usd per share) \| $ / shares	121.91
Vested (in usd per share) \| $ / shares	121.91
Forfeited (in usd per share) \| $ / shares	149.90
Non-vested restricted stock outstanding at end of period (in usd per share) \| $ / shares	$ 151.06

Retirement and Pension Plans -

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined benefit plans:
Service cost	$ 727	$ 749	$ 1,457	$ 1,489
Interest cost	6,978	7,566	13,967	15,067
Expected return on plan assets	(13,619)	(13,071)	(27,251)	(26,067)
Amortization of net actuarial loss and other	2,333	2,842	4,670	5,663
Pension income	(3,581)	(1,914)	(7,157)	(3,848)
Other plans:
Defined contribution plans	10,985	10,512	25,580	24,028
Foreign plans and other	2,287	1,999	3,976	4,570
Total other plans	13,272	12,511	29,556	28,598
Total net pension expense	$ 9,691	$ 10,597	$ 22,399	$ 24,750

Retirement and Pension Plans _2

Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined benefit pension plan contributions	$ 2.9	$ 2.9

Contingencies - Additional Info

Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) site	Dec. 31, 2023 USD ($)
Site Contingency [Line Items]
Number of non-owned sites company is named potentially responsible party \| site	12
Total environmental reserves	$ 30.6	$ 37.1
Payments for environmental matters	11
HCC Industries
Site Contingency [Line Items]
Environmental expense	$ 4.5