Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-12981

_________________________

AMETEK, Inc.

(Exact name of registrant as specified in its charter)

_________________________

Delaware

(State or other jurisdiction of

incorporation or organization)

1100 Cassatt Road

Berwyn, Pennsylvania

(Address of principal executive offices)

14-1682544

(I.R.S. Employer

Identification No.)

19312-1177

(Zip Code)

Registrant’s telephone number, including area code: (610) 647-2121

_________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐ (Do not check if a smaller reporting company)	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

_________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange
on which registered

Common Stock

AME

New York Stock Exchange

The number of shares of the registrant’s common stock outstanding as of the latest practicable date was: Common Stock, $0.01 Par Value, outstanding at October 29, 2024 was 231,307,680 shares.

AMETEK, Inc.

Form 10-Q

Table of Contents


			Page

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

Consolidated Statement of Income for the three and nine months ended September 30, 2024 and 2023			3
Condensed Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023			4
Consolidated Balance Sheet at September 30, 2024 and December 31, 2023			5
Consolidated Statement of Stockholders’ Equity for the three and nine months ended September 30, 2024 and 2023			6
Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2024 and 2023			7
Notes to Consolidated Financial Statements			8

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations			20
Item 4.Controls and Procedures			24

PART II. OTHER INFORMATION


Item 2.Unregistered Sales of Equity Securities and Use of Proceeds			25
Item 5. Other Information			25
Item 6.Exhibits			26

SIGNATURES			27

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AMETEK, Inc.

Consolidated Statement of Income

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net sales	$	1,708,564	$	1,622,837	$	5,179,578	$	4,866,065
Cost of sales	1,092,754		1,020,920		3,347,860		3,096,635
Selling, general and administrative	169,959		163,782		521,137		506,963
Total operating expenses	1,262,713		1,184,702		3,868,997		3,603,598
Operating income	445,851		438,135		1,310,581		1,262,467
Interest expense	(25,118)		(18,386)		(90,962)		(57,678)
Other (expense) income, net	(1,888)		(6,256)		(2,435)		(15,313)
Income before income taxes	418,845		413,493		1,217,184		1,189,476
Provision for income taxes	78,604		73,123		228,317		219,152
Net income	$	340,241	$	340,370	$	988,867	$	970,324
Basic earnings per share	$	1.47	$	1.48	$	4.28	$	4.21
Diluted earnings per share	$	1.47	$	1.47	$	4.26	$	4.19
Weighted average common shares outstanding:
Basic shares	231,342		230,691		231,292		230,431
Diluted shares	232,224		231,751		232,188		231,414
Dividends declared and paid per share	$	0.28	$	0.25	$	0.84	$	0.75

See accompanying notes.

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AMETEK, Inc.

Condensed Consolidated Statement of Comprehensive Income

(In thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Total comprehensive income	$	405,095	$	294,757	$	1,016,270	$	977,660

See accompanying notes.

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AMETEK, Inc.

Consolidated Balance Sheet

(In thousands)


	September 30, 2024		December 31, 2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	396,266	$	409,804
Receivables, net	968,240		1,012,932
Inventories, net	1,084,622		1,132,471
Other current assets	284,562		269,461
Total current assets	2,733,690		2,824,668
Property, plant and equipment, net	822,609		891,293
Right of use assets, net	211,381		229,723
Goodwill	6,550,267		6,447,629
Other intangibles, net	3,950,989		4,165,317
Investments and other assets	498,703		464,903
Total assets	$	14,767,639	$	15,023,533

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	$	571,061	$	1,417,915
Accounts payable	511,680		516,588
Customer advanced payments	350,865		375,513
Income taxes payable	64,763		69,567
Accrued liabilities and other	468,556		502,990
Total current liabilities	1,966,925		2,882,573
Long-term debt, net	1,765,473		1,895,432
Deferred income taxes	792,540		836,695
Other long-term liabilities	692,478		678,642
Total liabilities	5,217,416		6,293,342
Stockholders’ equity:
Common stock	2,717		2,709
Capital in excess of par value	1,228,670		1,168,694
Retained earnings	10,735,140		9,940,343
Accumulated other comprehensive loss	(457,539)		(484,942)
Treasury stock	(1,958,765)		(1,896,613)
Total stockholders’ equity	9,550,223		8,730,191
Total liabilities and stockholders’ equity	$	14,767,639	$	15,023,533

See accompanying notes.

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AMETEK, Inc.

Consolidated Statement of Stockholders’ Equity

(In thousands)

(Unaudited)


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Capital stock

Common stock, $0.01 par value
Balance at the beginning of the period	$	2,716	$	2,707	$	2,709	$	2,700
Shares issued	1		1		8		8
Balance at the end of the period	2,717		2,708		2,717		2,708
Capital in excess of par value
Balance at the beginning of the period	1,210,414		1,123,920		1,168,694		1,094,236
Issuance of common stock under employee stock plans	5,513		11,274		25,069		18,098
Share-based compensation expense	12,743		12,913		34,907		35,773
Balance at the end of the period	1,228,670		1,148,107		1,228,670		1,148,107
Retained earnings
Balance at the beginning of the period	10,459,556		9,372,368		9,940,343		8,857,485
Net income	340,241		340,370		988,867		970,324
Cash dividends paid	(64,657)		(57,622)		(194,068)		(172,693)

Other	—		(2)		(2)		(2)
Balance at the end of the period	10,735,140		9,655,114		10,735,140		9,655,114
Accumulated other comprehensive (loss) income
Foreign currency translation:
Balance at the beginning of the period	(338,606)		(318,359)		(298,835)		(368,124)
Translation adjustments	91,052		(62,092)		40,231		568
Change in long-term intercompany notes	2,106		(6,994)		(1,942)		(1,091)
Net investment hedge instruments (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively	(29,464)		21,881		(14,366)		3,083
Balance at the end of the period	(274,912)		(365,564)		(274,912)		(365,564)
Defined benefit pension plans:
Balance at the beginning of the period	(183,787)		(203,637)		(186,107)		(206,821)
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , respectively	1,160		1,592		3,480		4,776
Balance at the end of the period	(182,627)		(202,045)		(182,627)		(202,045)
Accumulated other comprehensive loss at the end of the period	(457,539)		(567,609)		(457,539)		(567,609)
Treasury stock
Balance at the beginning of the period	(1,897,889)		(1,895,628)		(1,896,613)		(1,902,964)
Issuance of common stock under employee stock plans	(476)		(129)		5,843		13,731
Purchase of treasury stock	(60,400)		(54)		(67,995)		(6,578)
Balance at the end of the period	(1,958,765)		(1,895,811)		(1,958,765)		(1,895,811)
Total stockholders’ equity	$	9,550,223	$	8,342,509	$	9,550,223	$	8,342,509

See accompanying notes.

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AMETEK, Inc.

Condensed Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)


	Nine months ended September 30,
	2024		2023
Cash provided by (used for):
Operating activities:
Net income	$	988,867	$	970,324
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	287,049		245,713
Deferred income taxes	(28,970)		(67,525)
Share-based compensation expense	34,907		35,773

Gain on sale of facilities	(995)		—
Net change in assets and liabilities, net of acquisitions	20,675		27,266
Pension contributions	(4,433)		(3,927)
Other, net	(18,268)		(12,985)
Total operating activities	1,278,832		1,194,639
Investing activities:
Additions to property, plant and equipment	(75,350)		(76,506)
Purchases of businesses, net of cash acquired	—		(246,656)

Proceeds from sale of facilities	4,246		—
Other, net	1,580		(3,149)
Total investing activities	(69,524)		(326,311)
Financing activities:
Net change in short-term borrowings	(698,099)		(220,555)

Repayments of long-term borrowings	(300,000)		—
Repurchases of common stock	(67,995)		(6,578)
Cash dividends paid	(194,068)		(172,693)
Proceeds from stock option exercises	39,728		40,120
Other, net	(7,976)		(5,068)
Total financing activities	(1,228,410)		(364,774)
Effect of exchange rate changes on cash and cash equivalents	5,564		(7,039)
(Decrease) increase in cash and cash equivalents	(13,538)		496,515
Cash and cash equivalents:
Beginning of period	409,804		345,386
End of period	$	396,266	$	841,901

See accompanying notes.

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

1. Basis of Presentation

The accompanying consolidated financial statements are unaudited. AMETEK, Inc. (the “Company”) believes that all adjustments (which primarily consist of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company at September 30, 2024, the consolidated results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 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.

2. 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 the Company's annual period ending December 31, 2024, and for interim periods within the annual period ending December 31, 2025. The amendments in this ASU will be applied on a retrospective basis to all periods presented. ASU 2023-07 will require additional disclosures in the Reportable Segments footnote, but will not have a material impact on the Company's consolidated financial statements.

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. 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.

3. 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 – September 30	151,451		139,771
Change in contract assets – increase (decrease)	10,625		20,030
Contract liabilities – January 1	432,830		398,692
Contract liabilities – September 30	396,172		422,415
Change in contract liabilities – decrease (increase)	36,658		(23,723)
Net change	$	47,283	$	(3,693)

The net change for the nine months ended September 30, 2024 was primarily driven by contract liabilities, specifically lower advance payments from customers. For the nine months ended September 30, 2024 and 2023, the Company recognized revenue of $324.8 million and $297.7 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 September 30, 2024 and December 31, 2023, $45.3 million and $57.3 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets.

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

The remaining performance obligations not expected to be completed within one year as of September 30, 2024 and December 31, 2023 were $611.2 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 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 nine months ended September 30:


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	561,273	$	333,575	$	894,848	$	1,732,847	$	1,019,636	$	2,752,483
International(1):
United Kingdom	25,247		31,160		56,407		79,713		95,107		174,820
European Union countries	123,271		109,071		232,342		393,941		331,047		724,988
Asia	301,858		60,008		361,866		881,893		166,517		1,048,410
Other foreign countries	122,939		40,162		163,101		356,586		122,291		478,877
Total international	573,315		240,401		813,716		1,712,133		714,962		2,427,095
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578

________________

(1) Includes U.S. export sales of $465.1 million and $1,374.4 million for the three and nine months ended September 30, 2024, respectively.


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	616,988	$	274,146	$	891,134	$	1,754,165	$	805,876	$	2,560,041
International(1):
United Kingdom	23,327		30,348		53,675		74,515		89,812		164,327
European Union countries	115,026		99,931		214,957		381,495		327,614		709,109
Asia	271,922		47,699		319,621		846,450		151,357		997,807
Other foreign countries	108,867		34,583		143,450		331,398		103,383		434,781
Total international	519,142		212,561		731,703		1,633,858		672,166		2,306,024
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

______________

(1) Includes U.S. export sales of $391.7 million and $1,265.0 million for the three and nine months ended September 30, 2023, respectively.

Major Products and Services

The Company’s major products and services in the reportable segments were as follows:

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	779,772	$	—	$	779,772	$	2,374,034	$	—	$	2,374,034
Aerospace and power	354,816		160,177		514,993		1,070,946		467,092		1,538,038
Automation and engineered solutions	—		413,799		413,799		—		1,267,506		1,267,506
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	801,027	$	—	$	801,027	$	2,394,127	$	—	$	2,394,127
Aerospace and power	335,103		146,843		481,946		993,896		439,685		1,433,581
Automation and engineered solutions	—		339,864		339,864		—		1,038,357		1,038,357
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

Timing of Revenue Recognition


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	904,622	$	515,035	$	1,419,657	$	2,776,552	$	1,557,412	$	4,333,964
Products and services transferred over time	229,966		58,941		288,907		668,428		177,186		845,614
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	937,382	$	437,542	$	1,374,924	$	2,809,624	$	1,314,761	$	4,124,385
Products and services transferred over time	198,748		49,165		247,913		578,399		163,281		741,680
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

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:

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)


	Nine Months Ended September 30,
	2024		2023
	(In thousands)
Balance at the beginning of the period	$	37,087	$	26,487
Accruals for warranties issued during the period	18,049		15,711
Settlements made during the period	(16,219)		(10,868)
Warranty accruals related to acquired businesses and other during the period	247		21
Balance at the end of the period	$	39,164	$	31,351

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 September 30, 2024, the Company had $968.2 million of accounts receivable, net of allowances of $14.3 million. Changes in the allowance were not material for the three and nine months ended September 30, 2024.

4. 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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(In thousands)
Weighted average shares:
Basic shares	231,342	230,691	231,292	230,431
Equity-based compensation plans	882	1,060	896	983
Diluted shares	232,224	231,751	232,188	231,414

The calculation of diluted earnings per share for the three and nine months ended September 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 nine months ended September 30, 2023.

5. Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

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 September 30, 2024 and December 31, 2023:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(In thousands)
Mutual fund investments	$	10,910	$	10,910	$	—	$	—
Foreign currency forward contracts	1,489		—		1,489		—


	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 nine months ended September 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 nine months ended September 30, 2024 and 2023.

Foreign Currency

At September 30, 2024, the Company had a Euro forward contract for a total notional value of 65.0 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 nine months ended September 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 September 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 September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt (including current portion)	$	(1,917,123)	$	(1,855,522)	$	(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.

6. Hedging Activities

The Company has designated certain foreign-currency-denominated long-term borrowings as hedges of the net investment in certain foreign operations. As of September 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

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

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 September 30, 2024, the Company had $301.4 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At September 30, 2024, the Company had $565.4 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, $19.0 million of pre-tax currency remeasurement losses have been included in the foreign currency translation component of other comprehensive income for the nine months ended September 30, 2024.

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

7. Inventories, net


	September 30, 2024		December 31, 2023
	(In thousands)
Finished goods and parts	$	123,401	$	136,003
Work in process	186,254		165,914
Raw materials and purchased parts	774,967		830,554
Total inventories, net	$	1,084,622	$	1,132,471

8. 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 nine months ended September 30, 2024 and 2023. The Company's leases have a weighted average remaining lease term of approximately seven years. Certain lease agreements contain provisions for future rent increases.

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Operating lease cost	$	17,493	$	15,901	$	52,894	$	46,483
Variable lease cost	3,001		2,501		9,334		8,447
Total lease cost	$	20,494	$	18,402	$	62,228	$	54,930

Supplemental balance sheet information related to leases was as follows:


	September 30, 2024		December 31, 2023
	(In thousands)
Right of use assets, net	$	211,381	$	229,723
Lease liabilities included in Accrued Liabilities and other	54,323		61,055
Lease liabilities included in Other long-term liabilities	166,472		182,436
Total lease liabilities	$	220,795	$	243,491

Maturities of lease liabilities as of September 30, 2024 were as follows:


Lease Liability Maturity Analysis	Operating Leases
	(In thousands)
Remaining 2024	$	15,421
2025	55,485
2026	45,902
2027	33,720
2028	24,626
Thereafter	76,123
Total lease payments	251,277
Less: imputed interest	30,482
	$	220,795

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

The Company does not have any significant leases that have not yet commenced.

9. Acquisitions

The initial accounting for the December 2023 Paragon Medical acquisition has been adjusted, including the measurement of the acquired tangible and intangible assets and liabilities, as well as the associated income tax considerations. The adjustments include an increase to goodwill of $60.8 million, a decrease to fixed assets of $40.7 million, a decrease to intangibles of $21.7 million, a decrease to inventory and other of $11.3 million, and a decrease to income taxes of $12.9 million. Any further adjustments are not expected to be material to the consolidated statement of income and balance sheet. The Company is in the process of finalizing the value of intangible assets, inventory, and accounting for income taxes.

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.

Acquisition Subsequent to September 30, 2024

In October 2024, the Company acquired Virtek Vision International ("Virtek"). Virtek has estimated annual sales of approximately $40 million. Virtek is a leading provider of advanced laser-based projection and inspection systems. Virtek will join EIG.

10. 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		61.2		86.7
Foreign currency translation adjustments	9.4		6.6		16.0
Balance at September 30, 2024	$	4,399.9	$	2,150.4	$	6,550.3

11. Income Taxes

At September 30, 2024, the Company had gross uncertain tax benefits of $271.5 million, of which $205.6 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	40.0
Reductions for tax positions	(2.0)
Balance at September 30, 2024	$	271.5

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 nine months ended September 30, 2024 and 2023 were not significant.

The effective tax rate for the three months ended September 30, 2024 was 18.8%, compared with 17.7% for the three months ended September 30, 2023. The higher tax rate in the third quarter of 2024 primarily reflects higher year over year tax cost on foreign sourced income.

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

12. Debt

In the third quarter of 2024, the Company paid in full, at maturity, a $300.0 million in aggregate principal amount of 3.73% senior notes.

13. 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Stock option expense	$	3,417	$	3,560	$	10,443	$	10,740
Restricted stock expense	5,106		5,578		15,232		15,875
Performance restricted stock unit expense	4,220		3,775		9,232		9,158
Total pre-tax expense	$	12,743	$	12,913	$	34,907	$	35,773

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:


	Nine Months Ended September 30, 2024			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

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

The following is a summary of the Company’s stock option activity and related information:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(Years)	(In millions)
Outstanding at December 31, 2023	2,741	$	101.20
Granted	231	181.93
Exercised	(482)	83.93
Forfeited	(44)	149.47
Outstanding at September 30, 2024	2,446	$	111.35	6.4	$	149.8
Exercisable at September 30, 2024	1,809	$	96.89	5.7	$	135.4

The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2024 was $43.1 million. The total fair value of stock options vested during the nine months ended September 30, 2024 was $14.8 million. As of September 30, 2024, there was approximately $19.3 million of expected future pre-tax compensation expense related to the 0.6 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 Average Grant Date Fair Value
	(In thousands)
Non-vested restricted stock outstanding at December 31, 2023	296	$	135.39
Granted	148	181.60
Vested	(141)	132.77
Forfeited	(22)	153.79
Non-vested restricted stock outstanding at September 30, 2024	281	$	159.52

The total fair value of restricted stock vested during the nine months ended September 30, 2024 was $18.7 million. As of September 30, 2024, there was approximately $32.3 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.

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

The following is a summary of the Company’s non-vested performance restricted stock activity and related information:


	Shares	Weighted Average Grant Date Fair Value
	(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	(99)	121.91
Forfeited	(6)	155.48
Non-vested performance restricted stock outstanding at September 30, 2024	235	$	150.93

_________________________________________

1 Reflects the number of PRSUs above target levels based on performance metrics.

As of September 30, 2024, there was approximately $8.9 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 less than one year.

14. Retirement and Pension Plans

The components of net periodic pension benefit expense (income) were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Defined benefit plans:
Service cost	$	737	$	751	$	2,194	$	2,240
Interest cost	7,043		7,588		21,010		22,655
Expected return on plan assets	(13,702)		(13,100)		(40,953)		(39,167)
Amortization of net actuarial loss and other	2,358		2,851		7,028		8,514
Pension income	(3,564)		(1,910)		(10,721)		(5,758)
Other plans:
Defined contribution plans	9,759		9,908		35,339		33,936
Foreign plans and other	2,275		2,011		6,251		6,581
Total other plans	12,034		11,919		41,590		40,517
Total net pension expense	$	8,470	$	10,009	$	30,869	$	34,759

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 nine months ended September 30, 2024 and 2023, contributions to the Company’s defined benefit pension plans were $4.4 million and $3.9 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.

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AMETEK, Inc.

Notes to Consolidated Financial Statements

September 30, 2024

(Unaudited)

15. 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 September 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 September 30, 2024 and December 31, 2023 were $30.6 million and $37.1 million, respectively, for both non-owned and owned sites. For the nine months ended September 30, 2024, the Company recorded $7.8 million in reserves. Additionally, the Company spent $14.3 million on environmental matters for the nine months ended September 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.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

The following table sets forth net sales and income by reportable segment and on a consolidated basis:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Net sales:
Electronic Instruments	$	1,134,588	$	1,136,130	$	3,444,980	$	3,388,023
Electromechanical	573,976		486,707		1,734,598		1,478,042
Consolidated net sales	$	1,708,564	$	1,622,837	$	5,179,578	$	4,866,065
Operating income and income before income taxes:
Segment operating income:
Electronic Instruments	$	338,963	$	335,171	$	1,041,760	$	951,970
Electromechanical	131,519		127,534		345,312		384,253
Total segment operating income	470,482		462,705		1,387,072		1,336,223
Corporate administrative expenses	(24,631)		(24,570)		(76,491)		(73,756)
Consolidated operating income	445,851		438,135		1,310,581		1,262,467
Interest expense	(25,118)		(18,386)		(90,962)		(57,678)
Other income (expense), net	(1,888)		(6,256)		(2,435)		(15,313)
Consolidated income before income taxes	$	418,845	$	413,493	$	1,217,184	$	1,189,476

For the quarter ended September 30, 2024, the Company posted strong orders, sales, and operating income. Contributions from the acquisitions of Amplifier Research Corp. ("Amplifier Research") in October 2023, and Paragon Medical ("Paragon") in December 2023, as well as our Operational Excellence initiatives, all of which had a positive impact on the third quarter of 2024 results. In the first quarter of 2024, the Company recorded pre-tax integration costs related to the Paragon acquisition totaling $29.2 million, of which $22.4 million was employee severance. The integration costs reduced net income by $22.2 million in the year-to-date period. For the first nine months of 2024, EMG experienced customer inventory normalization in our automation and engineered solutions core businesses. The full year impact of the 2023 acquisitions, including the continued integration of Paragon, and focus on and implementation of our Operational Excellence initiatives are expected to have a positive impact on the remainder of our 2024 results.

Results of operations for the third quarter of 2024 compared with the third quarter of 2023

Net sales for the third quarter of 2024 were $1,708.6 million, an increase of $85.8 million or 5.3%, compared with net sales of $1,622.8 million for the third quarter of 2023. The increase in net sales for the third quarter of 2024 was due to a 7% increase from acquisitions, partially offset by a 2% organic sales decline.

Total international sales for the third quarter of 2024 were $813.5 million or 47.6% of net sales, an increase of $81.8 million or 11.2%, compared with international sales of $731.7 million or 45.1% of net sales for the third quarter of 2023. The increase in international sales was primarily driven by strong demand in Europe and Asia as well as contributions from the 2023 acquisitions.

Orders for the third quarter of 2024 were $1,743.4 million, an increase of $192.8 million or 12.4%, compared with $1,550.6 million for the third quarter of 2023. The increase in orders for the third quarter of 2024 was due to a 7% increase from acquisitions, a 2% organic order increase, as well as a 4% favorable effect of foreign currency translation. The Company's backlog of unfilled orders at September 30, 2024 was $3,437.8 million, a decrease of $96.3 million or 2.7% compared with $3,534.1 million at December 31, 2023.

Cost of sales for the third quarter of 2024 was $1,092.8 million or 64.0% of net sales, an increase of $71.9 million or 7.0%, compared with $1,020.9 million or 62.9% of net sales for the third quarter of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.

Segment operating income for the third quarter of 2024 was $470.5 million, an increase of $7.8 million or 1.7%, compared with segment operating income of $462.7 million for the third quarter of 2023. Segment operating margins, as a

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percentage of net sales, decreased to 27.5% for the third quarter of 2024, compared with 28.5% for the third quarter of 2023. Segment operating margins were negatively impacted in the third quarter of 2024 by the dilutive impact of the 2023 acquisitions and the effect of foreign currency translation. In the third quarter of 2024, the dilutive impact of recent acquisitions negatively impacted segment operating margins by 100 basis points. Foreign currency exchange headwinds in the third quarter of 2024 negatively impacted margins by 50 basis points. Excluding the dilutive impact of recent acquisitions and the effect of foreign currency translation, segment operating margins increased 50 basis points compared to the third quarter of 2023.

Selling, general and administrative expenses for the third quarter of 2024 were $170.0 million or 9.9% of net sales, an increase of $6.2 million or 3.8%, compared with $163.8 million or 10.1% of net sales for the third quarter of 2023. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the third quarter of 2024 were flat at $24.6 million, compared to the third quarter of 2023.

Consolidated operating income was $445.9 million or 26.1% of net sales for the third quarter of 2024, an increase of $7.8 million or 1.8%, compared with $438.1 million or 27.0% of net sales for the third quarter of 2023. Operating margins were negatively impacted in the third quarter of 2024 by the dilutive impact of the 2023 acquisitions and the effect of foreign currency translation. In the third quarter of 2024, the dilutive impact of recent acquisitions negatively impacted operating margins by 90 basis points. Foreign currency exchange headwinds in the third quarter of 2024 negatively impacted margins by 40 basis points. Excluding the dilutive impact of these acquisitions and the effect of foreign currency translation, operating margins increased 40 basis points compared to the third quarter of 2023.

Interest expense for the third quarter of 2024 was $25.1 million, an increase of $6.7 million or 36.6%, compared with $18.4 million for the third quarter of 2023. The increase in the third quarter of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.

Other expense, net was $1.9 million for the third quarter of 2024, compared with $6.3 million of other expense, net for the third quarter of 2023. The decrease of $4.4 million of other expense in the third quarter of 2024 includes higher pension income of $1.6 million and lower acquisition-related due diligence expense compared to the third quarter of 2023.

The effective tax rate for the third quarter of 2024 was 18.8%, compared with 17.7% for the third quarter of 2023. The higher tax rate in the third quarter of 2024 primarily reflects higher year over year tax cost on foreign sourced income.

Net income for the third quarter of 2024 was flat at $340.2 million, compared with $340.4 million for the third quarter of 2023.

Diluted earnings per share for the third quarter of 2024 were flat at $1.47, compared with the third quarter of 2023.

Segment Results

EIG’s net sales totaled $1,134.6 million for the third quarter of 2024, a decrease of $1.5 million or 0.1%, compared with $1,136.1 million for the third quarter of 2023. The net sales decrease was due to a 2% organic sales decline, offset by a 2% increase from the 2023 acquisitions. The organic sales decrease for the third quarter of 2024 is due to temporary delays in project spending across parts of our EIG business.

EIG’s operating income was $339.0 million for the third quarter of 2024, an increase of $3.8 million or 1.1%, compared with $335.2 million for the third quarter of 2023. EIG’s operating margins were 29.9% of net sales for the third quarter of 2024, compared with 29.5% for the third quarter of 2023. Foreign currency exchange headwinds negatively impacted EIG's operating margins in the third quarter of 2024 by 40 basis points. EIG's operating margins increased in the third quarter of 2024 compared to the third quarter of 2023 due to the continued benefits from the Company's Operational Excellence initiatives.

EMG’s net sales totaled $574.0 million for the third quarter of 2024, an increase of $87.3 million or 17.9%, compared with $486.7 million for the third quarter of 2023. The net sales increase was due to a 21% increase from the recent acquisitions, partially offset by a 3% organic sales decrease. The organic sales decrease for the third quarter of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

EMG’s operating income was $131.5 million for the third quarter of 2024, an increase of $4.0 million or 3.1%, compared with $127.5 million for the third quarter of 2023. EMG’s operating margins were 22.9% of net sales for the third quarter of 2024, compared with 26.2% for the third quarter of 2023. EMG's operating income and operating margins were negatively impacted in the third quarter of 2024 by the dilutive impact of the 2023 acquisitions and the effect of foreign

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currency translation. The dilutive impact of recent acquisitions in the third quarter of 2024 negatively impacted EMG's operating margins by 270 basis points. Foreign currency exchange headwinds negatively impacted EMG's margins in the third quarter of 2024 by 50 basis points. Excluding the dilutive impact of the 2023 acquisitions and the effect of foreign currency translation, EMG's operating margins decreased 10 basis points compared to the third quarter of 2023.

Results of operations for the first nine months of 2024 compared with the first nine months of 2023

Net sales for the first nine months of 2024 were $5,179.6 million, an increase of $313.5 million or 6.4%, compared with net sales of $4,866.1 million for the first nine months of 2023. The increase in net sales for the first nine months of 2024 was due to an 8% increase from acquisitions, partially offset by a 2% organic sales decline.

Total international sales for the first nine months of 2024 were $2,426.9 million or 46.9% of net sales, an increase of $120.9 million or 5.2%, compared with international sales of $2,306.0 million or 47.4% of net sales for the first nine months of 2023. The increase in international sales was primarily driven by contributions from the 2023 acquisitions.

Orders for the first nine months of 2024 were $5,083.3 million, an increase of $66.2 million or 1.3%, compared with $5,017.1 million for the first nine months of 2023. The increase in orders for the first nine months of 2024 was due to a 5% increase from acquisitions, partially offset by a 4% organic order decline. The organic orders decrease for the first nine months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

Cost of sales for the first nine months of 2024 was $3,347.9 million or 64.6% of net sales, an increase of $251.3 million or 8.1%, compared with $3,096.6 million or 63.6% of net sales for the first nine months of 2023. The cost of sales increase was primarily due to the net sales increase discussed above.

Segment operating income for the first nine months of 2024 was $1,387.1 million, an increase of $50.9 million or 3.8%, compared with segment operating income of $1,336.2 million for the first nine months of 2023. Segment operating margins, as a percentage of net sales, decreased to 26.8% for the first nine months of 2024, compared with 27.5% for the first nine months of 2023. Segment operating income and operating margins for the first nine months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 50 basis points. The dilutive impact of the 2023 acquisitions negatively impacted segment operating margins by 140 basis points in the first nine months of 2024. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins increased 120 basis points compared to the first nine months of 2023, due to the continued benefits from the Company's Operational Excellence initiatives.

Selling, general and administrative expenses for the first nine months of 2024 were $521.1 million or 10.1% of net sales, an increase of $14.1 million or 2.8%, compared with $507.0 million or 10.4% of net sales for the first nine months of 2023. Selling expenses increased primarily due to the net sales increase discussed above. General and administrative expenses for the first nine months of 2024 were $76.5 million, compared with $73.8 million for the first nine months of 2023.

Consolidated operating income was $1,310.6 million or 25.3% of net sales for the first nine months of 2024, an increase of $48.1 million or 3.8%, compared with $1,262.5 million or 25.9% of net sales for the first nine months of 2023.

Interest expense for the first nine months of 2024 was $91.0 million, an increase of $33.3 million or 57.7%, compared with $57.7 million for the first nine months of 2023. The increase in the first nine months of 2024 is primarily driven by higher borrowings under the revolving credit facility, related to the 2023 acquisitions.

Other expense, net was $2.4 million for the first nine months of 2024, compared with $15.3 million of other expense, net for the first nine months of 2023, a decrease of $12.9 million of other expense. The first nine months of 2024 includes $4.7 million of higher pension income, foreign exchange gains of $3.7 million, and lower acquisition-related due diligence expense, compared to the first nine months of 2023.

The effective tax rate for the first nine months of 2024 was 18.8%, compared with 18.4% for the first nine months of 2023. The higher tax rate in the first nine months of 2024 primarily reflects higher year over year tax cost on foreign sourced income.

Net income for the first nine months of 2024 was $988.9 million, an increase of $18.6 million or 1.9%, compared with $970.3 million for the first nine months of 2023.

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Diluted earnings per share for the first nine months of 2024 were $4.26, an increase of $0.07 or 1.7%, compared with $4.19 per diluted share for the first nine months of 2023.

Segment Results

EIG’s net sales totaled $3,445.0 million for the first nine months of 2024, an increase of $57.0 million or 1.7%, compared with $3,388.0 million for the first nine months of 2023. The net sales increase was due to a 2% increase from acquisitions.

EIG’s operating income was $1,041.8 million for the first nine months of 2024, an increase of $89.8 million or 9.4%, compared with $952.0 million for the first nine months of 2023. EIG’s operating margins were 30.2% of net sales for the first nine months of 2024, compared with 28.1% for the first nine months of 2023. EIG operating margins increased in the first nine months of 2024 compared to the first nine months of 2023, due to the increase in net sales discussed above, as well as continued benefits from the Company's Operational Excellence initiatives.

EMG’s net sales totaled $1,734.6 million for the first nine months of 2024, an increase of $256.6 million or 17.4%, compared with $1,478.0 million for the first nine months of 2023. The net sales increase was due to a 22% increase from acquisitions, partially offset by a 4% organic sales decrease. The organic sales decrease for the first nine months of 2024 is due to customer inventory normalization in our automation and engineered solutions core businesses.

EMG’s operating income was $345.3 million for the first nine months of 2024, a decrease of $39.0 million or 10.1%, compared with $384.3 million for the first nine months of 2023. EMG’s operating margins were 19.9% of net sales for the first nine months of 2024, compared with 26.0% for the first nine months of 2023. EMG's operating income and operating margins for the first nine months of 2024 included $29.2 million of integration costs related to the Paragon acquisition, which negatively impacted segment operating margins by 170 basis points. Segment operating margins were also negatively impacted in the first nine months of 2024 by the dilutive impact of the 2023 acquisitions. Excluding the dilutive impact of the 2023 acquisitions and the Paragon integration costs, segment operating margins decreased 110 basis points compared to the first nine months of 2023, due to the organic sales decrease discussed above.

Financial Condition

Liquidity and Capital Resources

Cash provided by operating activities totaled $1,278.8 million for the first nine months of 2024, an increase of $84.2 million or 7.0%, compared with $1,194.6 million for the first nine months of 2023. The increase in cash provided by operating activities for the first nine months of 2024 was primarily due to higher net income, net of higher noncash depreciation and amortization expense related to recent acquisitions, and improved working capital management.

Free cash flow (cash flow provided by operating activities less capital expenditures) was $1,203.5 million for the first nine months of 2024, compared with $1,118.1 million for the first nine months of 2023. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $1,590.5 million for the first nine months of 2024, compared with $1,488.3 million for the first nine months of 2023. Free cash flow and EBITDA are presented because the Company is aware that they are measures used by third parties in evaluating the Company.

Cash used by investing activities totaled $69.5 million for the first nine months of 2024, compared with cash used by investing activities of $326.3 million for the first nine months of 2023. For the first nine months of 2023, the Company paid $246.7 million, net of cash acquired, to purchase United Electronic Industries and Bison Gear & Engineering Corp. For the first nine months of 2024, the Company received $4.2 million from the sale of a facility. Additions to property, plant and equipment totaled $75.4 million for the first nine months of 2024, compared with $76.5 million for the first nine months of 2023.

Cash used by financing activities totaled $1,228.4 million for the first nine months of 2024, compared with cash used by financing activities of $364.8 million for the first nine months of 2023. At September 30, 2024, total debt, net was $2,336.5 million, compared with $3,313.3 million at December 31, 2023. For the first nine months of 2024, total borrowings decreased by $998.1 million compared with a $220.6 million decrease for the first nine months of 2023. At September 30, 2024, the Company had available borrowing capacity of $2,520.3 million under its revolving credit facility, including the $700 million accordion feature.

In the third quarter of 2024, the Company paid in full, at maturity, a $300 million in aggregate principal amount of 3.73% senior notes. The debt-to-capital ratio was 19.7% at September 30, 2024, compared with 27.5% at December 31, 2023.

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The net debt-to-capital ratio (total debt, net less cash and cash equivalents divided by the sum of net debt and stockholders’ equity) was 16.9% at September 30, 2024, compared with 25.0% at December 31, 2023. The net debt-to-capital ratio is presented because the Company is aware that this measure is used by third parties in evaluating the Company.

Additional financing activities for the first nine months of 2024 included cash dividends paid of $194.1 million, compared with $172.7 million for the first nine months of 2023. Effective February 9, 2024, the Company’s Board of Directors approved a 12% increase in the quarterly cash dividend on the Company’s common stock to $0.28 per common share from $0.25 per common share. The Company repurchased $68.0 million of its common stock for the first nine months of 2024, compared with $6.6 million for the first nine months of 2023. Proceeds from stock option exercises were $39.7 million for the first nine months of 2024, compared with $40.1 million for the first nine months of 2023.

As a result of all of the Company’s cash flow activities for the first nine months of 2024, cash and cash equivalents at September 30, 2024 totaled $396.3 million, compared with $409.8 million at December 31, 2023. At September 30, 2024, the Company had $365.2 million in cash outside the United States, compared with $375.9 million at December 31, 2023. The Company utilizes this cash to fund its international operations, as well as to acquire international businesses. The Company is in compliance with all covenants, including financial covenants, for all of its debt agreements. The Company believes it has sufficient cash-generating capabilities from domestic and unrestricted foreign sources, available credit facilities and access to long-term capital funds to enable it to meet its operating needs and contractual obligations in the foreseeable future.

Critical Accounting Policies

The Company’s critical accounting policies are detailed in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition of its Annual Report on Form 10-K for the year ended December 31, 2023. Primary disclosure of the Company’s significant accounting policies is also included in Note 1 to the Consolidated Financial Statements included in Part II, Item 8 of its Annual Report on Form 10-K.

Forward-Looking Information

Information contained in this discussion, other than historical information, is considered “forward-looking statements” and is subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include risks related to the Company’s ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations, including supply chain disruptions; the Company’s ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in the Company’s markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries the Company serves. A detailed discussion of these and other factors that may affect the Company’s future results is contained in AMETEK’s filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q, and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements, unless required by the securities laws to do so.

Item 4. Controls and Procedures

The Company maintains a system of disclosure controls and procedures that is designed to provide reasonable assurance that information, which is required to be disclosed, is accumulated and communicated to management in a timely manner. Under the supervision and with the participation of our management, including the Company’s principal executive officer and principal financial officer, we have evaluated the effectiveness of our system of disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of September 30, 2024. Based on that evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures are effective at the reasonable assurance level.

Such evaluation did not identify any change in the Company’s internal control over financial reporting during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table reflects purchases of AMETEK, Inc. common stock by the Company during the three months ended September 30, 2024:


Period	Total Number of Shares Purchased (1)(2)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan (2)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
July 1, 2024 to July 31, 2024	—	$	—	—	$	808,535,864
August 1, 2024 to August 31, 2024	310,843	162.13		310,843	758,140,398
September 1, 2024 to September 30, 2024	60,902	164.28		60,902	748,135,553
Total	371,745	$	162.48	371,745

________________

(1) Represents shares surrendered to the Company to satisfy tax withholding obligations in connection with employees’ share-based compensation awards.

(2) Consists of the number of shares purchased pursuant to the Company’s Board of Directors $1 billion authorization for the repurchase of its common stock announced in May 2022. Such purchases may be effected from time to time in the open market or in private transactions, subject to market conditions and at management’s discretion.

Item 5. Other Information

Insider Trading Arrangements and Policies

During the quarter ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits


Exhibit Number						Description


31.1*						Certification of Chief Executive Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*						Certification of Chief Financial Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*						Certification of Chief Executive Officer, Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*						Certification of Chief Financial Officer, Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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).

________________

* Filed electronically herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		AMETEK, Inc.


	By:	/s/ THOMAS M. MONTGOMERY
		Thomas M. Montgomery
		Senior Vice President – Comptroller
		(Principal Accounting Officer)
October 31, 2024

Exhibit 31.1

CERTIFICATIONS

I, David A. Zapico, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of AMETEK, Inc. (the “registrant”);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 31, 2024


			/s/ DAVID A. ZAPICO
			David A. Zapico
			Chairman of the Board and Chief Executive Officer

Exhibit 31.2

CERTIFICATIONS

I, Dalip M. Puri, certify that:

1.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

2.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

3.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

a)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

b)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 31, 2024


			/s/ DALIP M. PURI
			Dalip M. Puri
			Executive Vice President – Chief Financial Officer

Exhibit 32.1

AMETEK, Inc.

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of AMETEK, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David A. Zapico, Chairman of the Board and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ DAVID A. ZAPICO
David A. Zapico
Chairman of the Board and Chief Executive Officer

Date: October 31, 2024

A signed original of this written statement required by Section 906 has been provided to AMETEK, Inc. and will be retained by AMETEK, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

AMETEK, Inc.

Certification Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of AMETEK, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dalip M. Puri, Executive Vice President – Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ DALIP M. PURI
Dalip M. Puri
Executive Vice President – Chief Financial Officer

Date: October 31, 2024

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		231,307,680
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001037868
Current Fiscal Year End Date	--12-31

Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,708,564	$ 1,622,837	$ 5,179,578	$ 4,866,065
Cost of sales	1,092,754	1,020,920	3,347,860	3,096,635
Selling, general and administrative	169,959	163,782	521,137	506,963
Total operating expenses	1,262,713	1,184,702	3,868,997	3,603,598
Operating income	445,851	438,135	1,310,581	1,262,467
Interest expense	(25,118)	(18,386)	(90,962)	(57,678)
Other (expense) income, net	(1,888)	(6,256)	(2,435)	(15,313)
Income before income taxes	418,845	413,493	1,217,184	1,189,476
Provision for income taxes	78,604	73,123	228,317	219,152
Net income	$ 340,241	$ 340,370	$ 988,867	$ 970,324
Basic earnings per share (in usd per share)	$ 1.47	$ 1.48	$ 4.28	$ 4.21
Diluted earnings per share (in usd per share)	$ 1.47	$ 1.47	$ 4.26	$ 4.19
Weighted average common shares outstanding:
Basic shares (in shares)	231,342	230,691	231,292	230,431
Diluted shares (in shares)	232,224	231,751	232,188	231,414
Dividends declared and paid per share (in usd per shares)	$ 0.28	$ 0.25	$ 0.84	$ 0.75

Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Total comprehensive income	$ 405,095	$ 294,757	$ 1,016,270	$ 977,660

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 396,266	$ 409,804
Receivables, net	968,240	1,012,932
Inventories, net	1,084,622	1,132,471
Other current assets	284,562	269,461
Total current assets	2,733,690	2,824,668
Property, plant and equipment, net	822,609	891,293
Right of use assets, net	211,381	229,723
Goodwill	6,550,267	6,447,629
Other intangibles, net	3,950,989	4,165,317
Investments and other assets	498,703	464,903
Total assets	14,767,639	15,023,533
Current liabilities:
Short-term borrowings and current portion of long-term debt, net	571,061	1,417,915
Accounts payable	511,680	516,588
Customer advanced payments	350,865	375,513
Income taxes payable	64,763	69,567
Accrued liabilities and other	468,556	502,990
Total current liabilities	1,966,925	2,882,573
Long-term debt, net	1,765,473	1,895,432
Deferred income taxes	792,540	836,695
Other long-term liabilities	692,478	678,642
Total liabilities	5,217,416	6,293,342
Stockholders’ equity:
Common stock	2,717	2,709
Capital in excess of par value	1,228,670	1,168,694
Retained earnings	10,735,140	9,940,343
Accumulated other comprehensive loss	(457,539)	(484,942)
Treasury stock	(1,958,765)	(1,896,613)
Total stockholders’ equity	9,550,223	8,730,191
Total liabilities and stockholders’ equity	$ 14,767,639	$ 15,023,533

Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital stock	Capital in excess of par value	Retained earnings	Accumulated other comprehensive (loss) income	Accumulated other comprehensive (loss) income, Foreign currency translation	Accumulated other comprehensive (loss) income, Defined benefit pension plans	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		8
Issuance of common stock under employee stock plans			18,098					13,731
Share-based compensation expense			35,773
Net income	$ 970,324			970,324
Cash dividends paid				(172,693)
Other				(2)
Translation adjustments						568
Change in long-term intercompany notes						(1,091)
Net investment hedge instruments (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively						3,083
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , respectively							4,776
Purchase of treasury stock								(6,578)
Balance at the end of the year at Sep. 30, 2023	8,342,509	2,708	1,148,107	9,655,114	$ (567,609)	(365,564)	(202,045)	(1,895,811)
Balance at the beginning of the year at Jun. 30, 2023		2,707	1,123,920	9,372,368		(318,359)	(203,637)	(1,895,628)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		1
Issuance of common stock under employee stock plans			11,274					(129)
Share-based compensation expense			12,913
Net income	340,370			340,370
Cash dividends paid				(57,622)
Other				(2)
Translation adjustments						(62,092)
Change in long-term intercompany notes						(6,994)
Net investment hedge instruments (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively						21,881
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , respectively							1,592
Purchase of treasury stock								(54)
Balance at the end of the year at Sep. 30, 2023	8,342,509	2,708	1,148,107	9,655,114	(567,609)	(365,564)	(202,045)	(1,895,811)
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		8
Issuance of common stock under employee stock plans			25,069					5,843
Share-based compensation expense			34,907
Net income	988,867			988,867
Cash dividends paid				(194,068)
Other				(2)
Translation adjustments						40,231
Change in long-term intercompany notes						(1,942)
Net investment hedge instruments (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively						(14,366)
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , respectively							3,480
Purchase of treasury stock								(67,995)
Balance at the end of the year at Sep. 30, 2024	9,550,223	2,717	1,228,670	10,735,140	(457,539)	(274,912)	(182,627)	(1,958,765)
Balance at the beginning of the year at Jun. 30, 2024		2,716	1,210,414	10,459,556		(338,606)	(183,787)	(1,897,889)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		1
Issuance of common stock under employee stock plans			5,513					(476)
Share-based compensation expense			12,743
Net income	340,241			340,241
Cash dividends paid				(64,657)
Other				0
Translation adjustments						91,052
Change in long-term intercompany notes						2,106
Net investment hedge instruments (loss) gain , net of tax of $9,595 and $(7,126) for the quarter ended September 30, 2024 and 2023, and $4,678 and $(1,004) for the nine months ended September 30, 2024 and 2023, respectively						(29,464)
Amortization of net actuarial loss and other, net of tax of $(365) and $(518) for the quarter ended September 30, 2024 and 2023 and $(1,095) and $(1,554) for the nine months ended September 30, 2024 and 2023 , respectively							1,160
Purchase of treasury stock								(60,400)
Balance at the end of the year at Sep. 30, 2024	$ 9,550,223	$ 2,717	$ 1,228,670	$ 10,735,140	$ (457,539)	$ (274,912)	$ (182,627)	$ (1,958,765)

Consolidated Statement of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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 (loss) gain	$ 9,595	$ (7,126)	$ 4,678	$ (1,004)
Tax related to amortization of net actuarial loss	$ (365)	$ (518)	$ (1,095)	$ (1,554)

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 988,867	$ 970,324
Adjustments to reconcile net income to total operating activities:
Depreciation and amortization	287,049	245,713
Deferred income taxes	(28,970)	(67,525)
Share-based compensation expense	34,907	35,773
Gain on sale of facilities	(995)	0
Net change in assets and liabilities, net of acquisitions	20,675	27,266
Pension contributions	(4,433)	(3,927)
Other, net	(18,268)	(12,985)
Total operating activities	1,278,832	1,194,639
Investing activities:
Additions to property, plant and equipment	(75,350)	(76,506)
Purchases of businesses, net of cash acquired	0	(246,656)
Proceeds from sale of facilities	4,246	0
Other, net	1,580	(3,149)
Total investing activities	(69,524)	(326,311)
Financing activities:
Net change in short-term borrowings	(698,099)	(220,555)
Repayments of long-term borrowings	(300,000)	0
Repurchases of common stock	(67,995)	(6,578)
Cash dividends paid	(194,068)	(172,693)
Proceeds from stock option exercises	39,728	40,120
Other, net	(7,976)	(5,068)
Total financing activities	(1,228,410)	(364,774)
Effect of exchange rate changes on cash and cash equivalents	5,564	(7,039)
(Decrease) increase in cash and cash equivalents	(13,538)	496,515
Cash and cash equivalents:
Beginning of period	409,804	345,386
End of period	$ 396,266	$ 841,901

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 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 September 30, 2024, the consolidated results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 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 Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 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 the Company's annual period ending December 31, 2024, and for interim periods within the annual period ending December 31, 2025. The amendments in this ASU will be applied on a retrospective basis to all periods presented. ASU 2023-07 will require additional disclosures in the Reportable Segments footnote, but will not have a material impact on the Company's consolidated financial statements. 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. 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

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

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 – September 30	151,451		139,771
Change in contract assets – increase (decrease)	10,625		20,030
Contract liabilities – January 1	432,830		398,692
Contract liabilities – September 30	396,172		422,415
Change in contract liabilities – decrease (increase)	36,658		(23,723)
Net change	$	47,283	$	(3,693)

Geographic Areas


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	561,273	$	333,575	$	894,848	$	1,732,847	$	1,019,636	$	2,752,483
International(1):
United Kingdom	25,247		31,160		56,407		79,713		95,107		174,820
European Union countries	123,271		109,071		232,342		393,941		331,047		724,988
Asia	301,858		60,008		361,866		881,893		166,517		1,048,410
Other foreign countries	122,939		40,162		163,101		356,586		122,291		478,877
Total international	573,315		240,401		813,716		1,712,133		714,962		2,427,095
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578

________________

(1) Includes U.S. export sales of $465.1 million and $1,374.4 million for the three and nine months ended September 30, 2024, respectively.


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	616,988	$	274,146	$	891,134	$	1,754,165	$	805,876	$	2,560,041
International(1):
United Kingdom	23,327		30,348		53,675		74,515		89,812		164,327
European Union countries	115,026		99,931		214,957		381,495		327,614		709,109
Asia	271,922		47,699		319,621		846,450		151,357		997,807
Other foreign countries	108,867		34,583		143,450		331,398		103,383		434,781
Total international	519,142		212,561		731,703		1,633,858		672,166		2,306,024
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

______________

(1) Includes U.S. export sales of $391.7 million and $1,265.0 million for the three and nine months ended September 30, 2023, respectively.

Major Products and Services

The Company’s major products and services in the reportable segments were as follows:


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	779,772	$	—	$	779,772	$	2,374,034	$	—	$	2,374,034
Aerospace and power	354,816		160,177		514,993		1,070,946		467,092		1,538,038
Automation and engineered solutions	—		413,799		413,799		—		1,267,506		1,267,506
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	801,027	$	—	$	801,027	$	2,394,127	$	—	$	2,394,127
Aerospace and power	335,103		146,843		481,946		993,896		439,685		1,433,581
Automation and engineered solutions	—		339,864		339,864		—		1,038,357		1,038,357
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

Timing of Revenue Recognition


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	904,622	$	515,035	$	1,419,657	$	2,776,552	$	1,557,412	$	4,333,964
Products and services transferred over time	229,966		58,941		288,907		668,428		177,186		845,614
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	937,382	$	437,542	$	1,374,924	$	2,809,624	$	1,314,761	$	4,124,385
Products and services transferred over time	198,748		49,165		247,913		578,399		163,281		741,680
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

Product Warranties

Changes in the accrued product warranty obligation were as follows:


	Nine Months Ended September 30,
	2024		2023
	(In thousands)
Balance at the beginning of the period	$	37,087	$	26,487
Accruals for warranties issued during the period	18,049		15,711
Settlements made during the period	(16,219)		(10,868)
Warranty accruals related to acquired businesses and other during the period	247		21
Balance at the end of the period	$	39,164	$	31,351

Accounts Receivable

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(In thousands)
Weighted average shares:
Basic shares	231,342	230,691	231,292	230,431
Equity-based compensation plans	882	1,060	896	983
Diluted shares	232,224	231,751	232,188	231,414

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 September 30, 2024 and December 31, 2023:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(In thousands)
Mutual fund investments	$	10,910	$	10,910	$	—	$	—
Foreign currency forward contracts	1,489		—		1,489		—


	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.

Foreign Currency

Financial Instruments

Cash, cash equivalents and mutual fund investments are recorded at fair value at September 30, 2024 and December 31, 2023 in the accompanying consolidated balance sheet.


	September 30, 2024				December 31, 2023
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt (including current portion)	$	(1,917,123)	$	(1,855,522)	$	(2,197,538)	$	(2,087,607)

Hedging Activities	9 Months Ended
Hedging Activities	Sep. 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 September 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 September 30, 2024, the Company had $301.4 million of British-pound-denominated loans, which were designated as a hedge against the net investment in British pound functional currency foreign subsidiaries. At September 30, 2024, the Company had $565.4 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, $19.0 million of pre-tax currency remeasurement losses have been included in the foreign currency translation component of other comprehensive income for the nine months ended September 30, 2024.

Inventories, net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, net


	September 30, 2024		December 31, 2023
	(In thousands)
Finished goods and parts	$	123,401	$	136,003
Work in process	186,254		165,914
Raw materials and purchased parts	774,967		830,554
Total inventories, net	$	1,084,622	$	1,132,471

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Operating lease cost	$	17,493	$	15,901	$	52,894	$	46,483
Variable lease cost	3,001		2,501		9,334		8,447
Total lease cost	$	20,494	$	18,402	$	62,228	$	54,930

Supplemental balance sheet information related to leases was as follows:


	September 30, 2024		December 31, 2023
	(In thousands)
Right of use assets, net	$	211,381	$	229,723
Lease liabilities included in Accrued Liabilities and other	54,323		61,055
Lease liabilities included in Other long-term liabilities	166,472		182,436
Total lease liabilities	$	220,795	$	243,491

Maturities of lease liabilities as of September 30, 2024 were as follows:


Lease Liability Maturity Analysis	Operating Leases
	(In thousands)
Remaining 2024	$	15,421
2025	55,485
2026	45,902
2027	33,720
2028	24,626
Thereafter	76,123
Total lease payments	251,277
Less: imputed interest	30,482
	$	220,795

The Company does not have any significant leases that have not yet commenced.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions The initial accounting for the December 2023 Paragon Medical acquisition has been adjusted, including the measurement of the acquired tangible and intangible assets and liabilities, as well as the associated income tax considerations. The adjustments include an increase to goodwill of $60.8 million, a decrease to fixed assets of $40.7 million, a decrease to intangibles of $21.7 million, a decrease to inventory and other of $11.3 million, and a decrease to income taxes of $12.9 million. Any further adjustments are not expected to be material to the consolidated statement of income and balance sheet. The Company is in the process of finalizing the value of intangible assets, inventory, and accounting for income taxes. 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. Acquisition Subsequent to September 30, 2024 In October 2024, the Company acquired Virtek Vision International ("Virtek"). Virtek has estimated annual sales of approximately $40 million. Virtek is a leading provider of advanced laser-based projection and inspection systems. Virtek will join EIG

Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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		61.2		86.7
Foreign currency translation adjustments	9.4		6.6		16.0
Balance at September 30, 2024	$	4,399.9	$	2,150.4	$	6,550.3

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

At September 30, 2024, the Company had gross uncertain tax benefits of $271.5 million, of which $205.6 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	40.0
Reductions for tax positions	(2.0)
Balance at September 30, 2024	$	271.5

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt In the third quarter of 2024, the Company paid in full, at maturity, a $300.0 million in aggregate principal amount of 3.73% senior notes.

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share Based Compensation Expense

Total share-based compensation expense was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Stock option expense	$	3,417	$	3,560	$	10,443	$	10,740
Restricted stock expense	5,106		5,578		15,232		15,875
Performance restricted stock unit expense	4,220		3,775		9,232		9,158
Total pre-tax expense	$	12,743	$	12,913	$	34,907	$	35,773

Stock Options


	Nine Months Ended September 30, 2024			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 Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(Years)	(In millions)
Outstanding at December 31, 2023	2,741	$	101.20
Granted	231	181.93
Exercised	(482)	83.93
Forfeited	(44)	149.47
Outstanding at September 30, 2024	2,446	$	111.35	6.4	$	149.8
Exercisable at September 30, 2024	1,809	$	96.89	5.7	$	135.4

Restricted Stock

The following is a summary of the Company’s non-vested restricted stock activity and related information:


	Shares	Weighted Average Grant Date Fair Value
	(In thousands)
Non-vested restricted stock outstanding at December 31, 2023	296	$	135.39
Granted	148	181.60
Vested	(141)	132.77
Forfeited	(22)	153.79
Non-vested restricted stock outstanding at September 30, 2024	281	$	159.52

Performance Restricted Stock Units

The following is a summary of the Company’s non-vested performance restricted stock activity and related information:


	Shares	Weighted Average Grant Date Fair Value
	(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	(99)	121.91
Forfeited	(6)	155.48
Non-vested performance restricted stock outstanding at September 30, 2024	235	$	150.93

_________________________________________

1 Reflects the number of PRSUs above target levels based on performance metrics.

Retirement and Pension Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Retirement and Pension Plans

The components of net periodic pension benefit expense (income) were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Defined benefit plans:
Service cost	$	737	$	751	$	2,194	$	2,240
Interest cost	7,043		7,588		21,010		22,655
Expected return on plan assets	(13,702)		(13,100)		(40,953)		(39,167)
Amortization of net actuarial loss and other	2,358		2,851		7,028		8,514
Pension income	(3,564)		(1,910)		(10,721)		(5,758)
Other plans:
Defined contribution plans	9,759		9,908		35,339		33,936
Foreign plans and other	2,275		2,011		6,251		6,581
Total other plans	12,034		11,919		41,590		40,517
Total net pension expense	$	8,470	$	10,009	$	30,869	$	34,759

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.

Contingencies	9 Months Ended
Contingencies	Sep. 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 September 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 September 30, 2024 and December 31, 2023 were $30.6 million and $37.1 million, respectively, for both non-owned and owned sites. For the nine months ended September 30, 2024, the Company recorded $7.8 million in reserves. Additionally, the Company spent $14.3 million on environmental matters for the nine months ended September 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 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 340,241	$ 340,370	$ 988,867	$ 970,324

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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 Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 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 September 30, 2024, the consolidated results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 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 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 the Company's annual period ending December 31, 2024, and for interim periods within the annual period ending December 31, 2025. The amendments in this ASU will be applied on a retrospective basis to all periods presented. ASU 2023-07 will require additional disclosures in the Reportable Segments footnote, but will not have a material impact on the Company's consolidated financial statements. 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. 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)

9 Months Ended

Sep. 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 – September 30	151,451		139,771
Change in contract assets – increase (decrease)	10,625		20,030
Contract liabilities – January 1	432,830		398,692
Contract liabilities – September 30	396,172		422,415
Change in contract liabilities – decrease (increase)	36,658		(23,723)
Net change	$	47,283	$	(3,693)

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 nine months ended September 30:


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	561,273	$	333,575	$	894,848	$	1,732,847	$	1,019,636	$	2,752,483
International(1):
United Kingdom	25,247		31,160		56,407		79,713		95,107		174,820
European Union countries	123,271		109,071		232,342		393,941		331,047		724,988
Asia	301,858		60,008		361,866		881,893		166,517		1,048,410
Other foreign countries	122,939		40,162		163,101		356,586		122,291		478,877
Total international	573,315		240,401		813,716		1,712,133		714,962		2,427,095
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578

________________

(1) Includes U.S. export sales of $465.1 million and $1,374.4 million for the three and nine months ended September 30, 2024, respectively.


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
United States	$	616,988	$	274,146	$	891,134	$	1,754,165	$	805,876	$	2,560,041
International(1):
United Kingdom	23,327		30,348		53,675		74,515		89,812		164,327
European Union countries	115,026		99,931		214,957		381,495		327,614		709,109
Asia	271,922		47,699		319,621		846,450		151,357		997,807
Other foreign countries	108,867		34,583		143,450		331,398		103,383		434,781
Total international	519,142		212,561		731,703		1,633,858		672,166		2,306,024
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

______________

(1) Includes U.S. export sales of $391.7 million and $1,265.0 million for the three and nine months ended September 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 September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	779,772	$	—	$	779,772	$	2,374,034	$	—	$	2,374,034
Aerospace and power	354,816		160,177		514,993		1,070,946		467,092		1,538,038
Automation and engineered solutions	—		413,799		413,799		—		1,267,506		1,267,506
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Process and analytical instrumentation	$	801,027	$	—	$	801,027	$	2,394,127	$	—	$	2,394,127
Aerospace and power	335,103		146,843		481,946		993,896		439,685		1,433,581
Automation and engineered solutions	—		339,864		339,864		—		1,038,357		1,038,357
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

Schedule of Disaggregation of Revenue


	Three months ended September 30, 2024						Nine months ended September 30, 2024
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	904,622	$	515,035	$	1,419,657	$	2,776,552	$	1,557,412	$	4,333,964
Products and services transferred over time	229,966		58,941		288,907		668,428		177,186		845,614
Consolidated net sales	$	1,134,588	$	573,976	$	1,708,564	$	3,444,980	$	1,734,598	$	5,179,578


	Three months ended September 30, 2023						Nine months ended September 30, 2023
	EIG		EMG		Total		EIG		EMG		Total
	(In thousands)
Products transferred at a point in time	$	937,382	$	437,542	$	1,374,924	$	2,809,624	$	1,314,761	$	4,124,385
Products and services transferred over time	198,748		49,165		247,913		578,399		163,281		741,680
Consolidated net sales	$	1,136,130	$	486,707	$	1,622,837	$	3,388,023	$	1,478,042	$	4,866,065

Schedule of Product Warranty Liability

Changes in the accrued product warranty obligation were as follows:


	Nine Months Ended September 30,
	2024		2023
	(In thousands)
Balance at the beginning of the period	$	37,087	$	26,487
Accruals for warranties issued during the period	18,049		15,711
Settlements made during the period	(16,219)		(10,868)
Warranty accruals related to acquired businesses and other during the period	247		21
Balance at the end of the period	$	39,164	$	31,351

Earnings Per Share (Tables)

9 Months Ended

Sep. 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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
	(In thousands)
Weighted average shares:
Basic shares	231,342	230,691	231,292	230,431
Equity-based compensation plans	882	1,060	896	983
Diluted shares	232,224	231,751	232,188	231,414

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of 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 September 30, 2024 and December 31, 2023:


	September 30, 2024
	Total		Level 1		Level 2		Level 3
	(In thousands)
Mutual fund investments	$	10,910	$	10,910	$	—	$	—
Foreign currency forward contracts	1,489		—		1,489		—


	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		—

Schedule of Fair Value Disclosures of Financial Instrument Liabilities


	September 30, 2024				December 31, 2023
	Recorded Amount		Fair Value		Recorded Amount		Fair Value
	(In thousands)
Long-term debt (including current portion)	$	(1,917,123)	$	(1,855,522)	$	(2,197,538)	$	(2,087,607)

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories


	September 30, 2024		December 31, 2023
	(In thousands)
Finished goods and parts	$	123,401	$	136,003
Work in process	186,254		165,914
Raw materials and purchased parts	774,967		830,554
Total inventories, net	$	1,084,622	$	1,132,471

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Operating lease cost	$	17,493	$	15,901	$	52,894	$	46,483
Variable lease cost	3,001		2,501		9,334		8,447
Total lease cost	$	20,494	$	18,402	$	62,228	$	54,930

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:


	September 30, 2024		December 31, 2023
	(In thousands)
Right of use assets, net	$	211,381	$	229,723
Lease liabilities included in Accrued Liabilities and other	54,323		61,055
Lease liabilities included in Other long-term liabilities	166,472		182,436
Total lease liabilities	$	220,795	$	243,491

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2024 were as follows:


Lease Liability Maturity Analysis	Operating Leases
	(In thousands)
Remaining 2024	$	15,421
2025	55,485
2026	45,902
2027	33,720
2028	24,626
Thereafter	76,123
Total lease payments	251,277
Less: imputed interest	30,482
	$	220,795

Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of 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		61.2		86.7
Foreign currency translation adjustments	9.4		6.6		16.0
Balance at September 30, 2024	$	4,399.9	$	2,150.4	$	6,550.3

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Unrecognized Tax Benefits Roll Forward

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	40.0
Reductions for tax positions	(2.0)
Balance at September 30, 2024	$	271.5

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

Total share-based compensation expense was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Stock option expense	$	3,417	$	3,560	$	10,443	$	10,740
Restricted stock expense	5,106		5,578		15,232		15,875
Performance restricted stock unit expense	4,220		3,775		9,232		9,158
Total pre-tax expense	$	12,743	$	12,913	$	34,907	$	35,773

Schedule of 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:


	Nine Months Ended September 30, 2024			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

Schedule of Stock Option Activity and Related Information

The following is a summary of the Company’s stock option activity and related information:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(Years)	(In millions)
Outstanding at December 31, 2023	2,741	$	101.20
Granted	231	181.93
Exercised	(482)	83.93
Forfeited	(44)	149.47
Outstanding at September 30, 2024	2,446	$	111.35	6.4	$	149.8
Exercisable at September 30, 2024	1,809	$	96.89	5.7	$	135.4

Schedule 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 Average Grant Date Fair Value
	(In thousands)
Non-vested restricted stock outstanding at December 31, 2023	296	$	135.39
Granted	148	181.60
Vested	(141)	132.77
Forfeited	(22)	153.79
Non-vested restricted stock outstanding at September 30, 2024	281	$	159.52

The following is a summary of the Company’s non-vested performance restricted stock activity and related information:


	Shares	Weighted Average Grant Date Fair Value
	(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	(99)	121.91
Forfeited	(6)	155.48
Non-vested performance restricted stock outstanding at September 30, 2024	235	$	150.93

_________________________________________

1 Reflects the number of PRSUs above target levels based on performance metrics.

Retirement and Pension Plans (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Components Net Periodic Pension Benefit Expense (Income)

The components of net periodic pension benefit expense (income) were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Defined benefit plans:
Service cost	$	737	$	751	$	2,194	$	2,240
Interest cost	7,043		7,588		21,010		22,655
Expected return on plan assets	(13,702)		(13,100)		(40,953)		(39,167)
Amortization of net actuarial loss and other	2,358		2,851		7,028		8,514
Pension income	(3,564)		(1,910)		(10,721)		(5,758)
Other plans:
Defined contribution plans	9,759		9,908		35,339		33,936
Foreign plans and other	2,275		2,011		6,251		6,581
Total other plans	12,034		11,919		41,590		40,517
Total net pension expense	$	8,470	$	10,009	$	30,869	$	34,759

Revenues - Outstanding Contract Asset and (Liability) Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 151,451	$ 139,771	$ 140,826	$ 119,741
Change in contract assets – increase (decrease)	10,625	20,030
Contract liabilities	396,172	422,415	$ 432,830	$ 398,692
Change in contract liabilities – decrease (increase)	36,658	(23,723)
Net change	$ 47,283	$ (3,693)

Revenues - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liabilities	$ 324,800	$ 297,700
Customer advanced payments	45,300		$ 57,300
Disaggregation of Revenue [Line Items]
Accounts and notes receivable, net	968,240		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
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation			$ 607,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation	$ 611,200
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Performance obligation, expected timing of satisfaction, period			2 years
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Performance obligation, expected timing of satisfaction, period	2 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Performance obligation, expected timing of satisfaction, period			3 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Performance obligation, expected timing of satisfaction, period	3 years

Revenues - Information About Operations in Different Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,708,564	$ 1,622,837	$ 5,179,578	$ 4,866,065
United States
Segment Reporting Information [Line Items]
Net sales	894,848	891,134	2,752,483	2,560,041
International
Segment Reporting Information [Line Items]
Net sales	813,716	731,703	2,427,095	2,306,024
United Kingdom
Segment Reporting Information [Line Items]
Net sales	56,407	53,675	174,820	164,327
European Union countries
Segment Reporting Information [Line Items]
Net sales	232,342	214,957	724,988	709,109
Asia
Segment Reporting Information [Line Items]
Net sales	361,866	319,621	1,048,410	997,807
Other foreign countries
Segment Reporting Information [Line Items]
Net sales	163,101	143,450	478,877	434,781
Non-US
Segment Reporting Information [Line Items]
Net sales	465,100	391,700	1,374,400	1,265,000
EIG
Segment Reporting Information [Line Items]
Net sales	1,134,588	1,136,130	3,444,980	3,388,023
EIG \| United States
Segment Reporting Information [Line Items]
Net sales	561,273	616,988	1,732,847	1,754,165
EIG \| International
Segment Reporting Information [Line Items]
Net sales	573,315	519,142	1,712,133	1,633,858
EIG \| United Kingdom
Segment Reporting Information [Line Items]
Net sales	25,247	23,327	79,713	74,515
EIG \| European Union countries
Segment Reporting Information [Line Items]
Net sales	123,271	115,026	393,941	381,495
EIG \| Asia
Segment Reporting Information [Line Items]
Net sales	301,858	271,922	881,893	846,450
EIG \| Other foreign countries
Segment Reporting Information [Line Items]
Net sales	122,939	108,867	356,586	331,398
EMG
Segment Reporting Information [Line Items]
Net sales	573,976	486,707	1,734,598	1,478,042
EMG \| United States
Segment Reporting Information [Line Items]
Net sales	333,575	274,146	1,019,636	805,876
EMG \| International
Segment Reporting Information [Line Items]
Net sales	240,401	212,561	714,962	672,166
EMG \| United Kingdom
Segment Reporting Information [Line Items]
Net sales	31,160	30,348	95,107	89,812
EMG \| European Union countries
Segment Reporting Information [Line Items]
Net sales	109,071	99,931	331,047	327,614
EMG \| Asia
Segment Reporting Information [Line Items]
Net sales	60,008	47,699	166,517	151,357
EMG \| Other foreign countries
Segment Reporting Information [Line Items]
Net sales	$ 40,162	$ 34,583	$ 122,291	$ 103,383

Revenues - Major Products and Services in Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,708,564	$ 1,622,837	$ 5,179,578	$ 4,866,065
Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	779,772	801,027	2,374,034	2,394,127
Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	514,993	481,946	1,538,038	1,433,581
Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	413,799	339,864	1,267,506	1,038,357
EIG
Disaggregation of Revenue [Line Items]
Net sales	1,134,588	1,136,130	3,444,980	3,388,023
EIG \| Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	779,772	801,027	2,374,034	2,394,127
EIG \| Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	354,816	335,103	1,070,946	993,896
EIG \| Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
EMG
Disaggregation of Revenue [Line Items]
Net sales	573,976	486,707	1,734,598	1,478,042
EMG \| Process and analytical instrumentation
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
EMG \| Aerospace and power
Disaggregation of Revenue [Line Items]
Net sales	160,177	146,843	467,092	439,685
EMG \| Automation and engineered solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 413,799	$ 339,864	$ 1,267,506	$ 1,038,357

Revenues - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,708,564	$ 1,622,837	$ 5,179,578	$ 4,866,065
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,419,657	1,374,924	4,333,964	4,124,385
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	288,907	247,913	845,614	741,680
EIG
Disaggregation of Revenue [Line Items]
Net sales	1,134,588	1,136,130	3,444,980	3,388,023
EIG \| Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	904,622	937,382	2,776,552	2,809,624
EIG \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	229,966	198,748	668,428	578,399
EMG
Disaggregation of Revenue [Line Items]
Net sales	573,976	486,707	1,734,598	1,478,042
EMG \| Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	515,035	437,542	1,557,412	1,314,761
EMG \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	$ 58,941	$ 49,165	$ 177,186	$ 163,281

Revenues - Changes in Accrued Product Warranty Obligation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 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	18,049	15,711
Settlements made during the period	(16,219)	(10,868)
Warranty accruals related to acquired businesses and other during the period	247	21
Balance at the end of the period	$ 39,164	$ 31,351

Earnings Per Share - Number of Weighted Average Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Weighted average shares:
Basic shares (in shares)	231,342,000	230,691,000	231,292,000	230,431,000
Equity-based compensation plans (in shares)	882,000	1,060,000	896,000	983,000
Diluted shares (in shares)	232,224,000	231,751,000	232,188,000	231,414,000
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		0		0

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	$ 10,910	$ 11,922
Foreign currency forward contracts	1,489	2,035
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund investments	10,910	11,922
Foreign currency forward contracts	0	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	1,489	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	$ 0

Fair Value Measurements - Additional Information (Details) € in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 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 \| €			€ 65.0

Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Recorded Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt (including current portion)	$ (1,917,123)	$ (2,197,538)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt (including current portion)	$ (1,855,522)	$ (2,087,607)

Hedging Activities - Additional Information (Details) - Foreign Exchange Contract - Designated as Hedging Instrument $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Percentage of effectiveness on net investment hedges	100.00%
Currency remeasurement losses	$ 19.0
British-Pound-Denominated Loans
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	301.4
Euro Loan
Derivative [Line Items]
Hedge against net investment in foreign subsidiaries	$ 565.4

Inventories, net - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods and parts	$ 123,401	$ 136,003
Work in process	186,254	165,914
Raw materials and purchased parts	774,967	830,554
Total inventories, net	$ 1,084,622	$ 1,132,471

Leases - Additional Information (Details)	Sep. 30, 2024
Leases [Abstract]
Operating lease, weighted average remaining lease term	7 years

Leases- Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 17,493	$ 15,901	$ 52,894	$ 46,483
Variable lease cost	3,001	2,501	9,334	8,447
Total lease cost	$ 20,494	$ 18,402	$ 62,228	$ 54,930

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use assets, net	$ 211,381	$ 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	$ 54,323	$ 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	$ 166,472	$ 182,436
Total lease liabilities	$ 220,795	$ 243,491

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remaining 2024	$ 15,421
2025	55,485
2026	45,902
2027	33,720
2028	24,626
Thereafter	76,123
Total lease payments	251,277
Less: imputed interest	30,482
Total lease liabilities	$ 220,795	$ 243,491

Acquisitions (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Oct. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Adjustments to goodwill			$ 86.7
Paragon Medical
Business Acquisition [Line Items]
Adjustments to goodwill		$ 60.8
Adjustment of fixed assets		40.7
Adjustment of intangibles		21.7
Adjustment of inventories		11.3
Adjustment of income taxes		$ 12.9
Virtek \| Subsequent Event
Business Acquisition [Line Items]
Business acquisition, estimated annual sales	$ 40.0

Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 6,447,629
Purchase price allocation adjustments and other	86,700
Foreign currency translation adjustments	16,000
Goodwill, ending balance	6,550,267
EIG
Goodwill [Roll Forward]
Goodwill, beginning balance	4,365,000
Purchase price allocation adjustments and other	25,500
Foreign currency translation adjustments	9,400
Goodwill, ending balance	4,399,900
EMG
Goodwill [Roll Forward]
Goodwill, beginning balance	2,082,600
Purchase price allocation adjustments and other	61,200
Foreign currency translation adjustments	6,600
Goodwill, ending balance	$ 2,150,400

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 271.5		$ 233.5
The total amount of unrecognized tax benefits that would impact tax rate, if recognized	$ 205.6
Effective tax rate	18.80%	17.70%

Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Details) $ in Millions	9 Months Ended
	Sep. 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	40.0
Reductions for tax positions	(2.0)
Balance at the end of the year	$ 271.5

Debt (Details) - Senior Notes - Senior Notes, Three Point Seven Three Percent Due September Two Thousand Twenty Four $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Repayment of aggregate principal amount	$ 300.0
Interest rate on senior notes	3.73%

Share-Based Compensation - Total Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock option expense	$ 3,417	$ 3,560	$ 10,443	$ 10,740
Restricted stock expense	5,106	5,578	15,232	15,875
Performance restricted stock unit expense	4,220	3,775	9,232	9,158
Total pre-tax expense	$ 12,743	$ 12,913	$ 34,907	$ 35,773

Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Expected volatility	28.20%	26.00%
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 - Schedule of Stock Option Activity and Related Information (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 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	(482)
Forfeited (in shares) \| shares	(44)
Ending balance, outstanding (in shares) \| shares	2,446
Ending balance, exercisable (in shares) \| shares	1,809
Weighted Average Exercise Price
Beginning balance, outstanding, weighted average exercise price (in usd per share) \| $ / shares	$ 101.20
Granted (in usd per share) \| $ / shares	181.93
Exercised (in usd per share) \| $ / shares	83.93
Forfeited (in usd per share) \| $ / shares	149.47
Ending balance, outstanding, weighted average exercise price (in shares) \| $ / shares	111.35
Ending balance, exercisable, weighted average exercise price (in usd per share) \| $ / shares	$ 96.89
Weighted Average Remaining Contractual Life
Ending balance, outstanding, weighted average remaining contractual life	6 years 4 months 24 days
Ending balance, exercisable, weighted average remaining contractual life	5 years 8 months 12 days
Aggregate Intrinsic Value
Ending balance, outstanding, aggregate intrinsic value \| $	$ 149.8
Ending balance, exercisable, aggregate intrinsic value \| $	$ 135.4

Share-Based Compensation - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised		$ 43.1
Total fair value of stock options vested		14.8
Expected future pre-tax compensation expense, nonvested stock options		$ 19.3
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		$ 8.9
Share-based payment award, options, outstanding (in shares)		2,446	2,741
Non vested Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock options outstanding (in shares)		600
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		$ 18.7
Expected future pre-tax compensation expense, nonvested restricted shares		$ 32.3
Nonvested restricted stock outstanding (in shares)		281	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)		235	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	0.00%
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	200.00%

Share-Based Compensation - Schedule of Nonvested Restricted Stock Activity and Related Information (Details) shares in Thousands	9 Months Ended
	Sep. 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)	(141)
Forfeited (in shares)	(22)
Non-vested restricted stock outstanding at end of period (in shares)	281
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	132.77
Forfeited (in usd per share) \| $ / shares	153.79
Non-vested restricted stock outstanding at end of period (in usd per share) \| $ / shares	$ 159.52
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)	(99)
Forfeited (in shares)	(6)
Non-vested restricted stock outstanding at end of period (in shares)	235
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	155.48
Non-vested restricted stock outstanding at end of period (in usd per share) \| $ / shares	$ 150.93

Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined benefit plans:
Service cost	$ 737	$ 751	$ 2,194	$ 2,240
Interest cost	7,043	7,588	21,010	22,655
Expected return on plan assets	(13,702)	(13,100)	(40,953)	(39,167)
Amortization of net actuarial loss and other	2,358	2,851	7,028	8,514
Pension income	(3,564)	(1,910)	(10,721)	(5,758)
Other plans:
Defined contribution plans	9,759	9,908	35,339	33,936
Foreign plans and other	2,275	2,011	6,251	6,581
Total other plans	12,034	11,919	41,590	40,517
Total net pension expense	$ 8,470	$ 10,009	$ 30,869	$ 34,759

Retirement and Pension Plans - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Defined benefit pension plan contributions	$ 4.4	$ 3.9

Contingencies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 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	14.3
HCC Industries
Site Contingency [Line Items]
Environmental expense	$ 7.8