Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 25, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AME | |
Entity Registrant Name | AMETEK INC/ | |
Entity Central Index Key | 1,037,868 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 232,115,972 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,192,962 | $ 1,084,799 | $ 3,574,544 | $ 3,157,085 |
Cost of sales | 782,994 | 722,127 | 2,351,042 | 2,091,720 |
Selling, general and administrative | 144,702 | 132,634 | 429,982 | 388,331 |
Total operating expenses | 927,696 | 854,761 | 2,781,024 | 2,480,051 |
Operating income | 265,266 | 230,038 | 793,520 | 677,034 |
Interest expense | (19,391) | (24,709) | (61,861) | (73,777) |
Other expense, net | (945) | (902) | (2,684) | (4,053) |
Income before income taxes | 244,930 | 204,427 | 728,975 | 599,204 |
Provision for income taxes | 53,717 | 50,896 | 162,562 | 156,266 |
Net income | $ 191,213 | $ 153,531 | $ 566,413 | $ 442,938 |
Basic earnings per share | $ 0.83 | $ 0.67 | $ 2.45 | $ 1.93 |
Diluted earnings per share | $ 0.82 | $ 0.66 | $ 2.43 | $ 1.91 |
Weighted average common shares outstanding: | ||||
Basic shares | 231,502 | 230,439 | 231,227 | 230,049 |
Diluted shares | 233,250 | 232,253 | 233,171 | 231,615 |
Dividends declared and paid per share | $ 0.14 | $ 0.09 | $ 0.42 | $ 0.27 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Total comprehensive income | $ 189,089 | $ 185,167 | $ 539,385 | $ 522,665 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 518,721 | $ 646,300 |
Receivables, net | 714,929 | 668,176 |
Inventories, net | 620,149 | 540,504 |
Other current assets | 144,816 | 79,675 |
Total current assets | 1,998,615 | 1,934,655 |
Property, plant and equipment, net | 487,425 | 493,296 |
Goodwill | 3,263,663 | 3,115,619 |
Other intangibles, net | 2,101,554 | 2,013,365 |
Investments and other assets | 256,786 | 239,129 |
Total assets | 8,108,043 | 7,796,064 |
Current liabilities: | ||
Short-term borrowings and current portion of long-term debt, net | 68,722 | 308,123 |
Accounts payable | 389,130 | 437,329 |
Customer advanced payments | 137,094 | |
Income taxes payable | 45,018 | 34,660 |
Accrued liabilities | 329,937 | 358,551 |
Total current liabilities | 969,901 | 1,138,663 |
Long-term debt, net | 1,832,547 | 1,866,166 |
Deferred income taxes | 554,044 | 512,526 |
Other long-term liabilities | 239,642 | 251,076 |
Total liabilities | 3,596,134 | 3,768,431 |
Stockholders' equity: | ||
Common stock | 2,640 | 2,631 |
Capital in excess of par value | 697,894 | 660,894 |
Retained earnings | 5,474,070 | 5,002,419 |
Accumulated other comprehensive loss | (456,204) | (429,176) |
Treasury stock | (1,206,491) | (1,209,135) |
Total stockholders' equity | 4,511,909 | 4,027,633 |
Total liabilities and stockholders' equity | $ 8,108,043 | $ 7,796,064 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net income | $ 566,413 | $ 442,938 |
Adjustments to reconcile net income to total operating activities: | ||
Depreciation and amortization | 145,907 | 131,005 |
Deferred income taxes | (5,574) | 20,492 |
Share-based compensation expense | 20,100 | 19,689 |
Gain on sale of facilities | (1,133) | |
Net change in assets and liabilities, net of acquisitions | (89,877) | 19,221 |
Pension contributions | (2,194) | (52,493) |
Other, net | (5,420) | 675 |
Total operating activities | 629,355 | 580,394 |
Investing activities: | ||
Additions to property, plant and equipment | (47,488) | (45,630) |
Purchases of businesses, net of cash acquired | (376,248) | (518,634) |
Proceeds from sale of facilities | 717 | 2,239 |
Other, net | (1,234) | (400) |
Total investing activities | (424,253) | (562,425) |
Financing activities: | ||
Net change in short-term borrowings | 921 | (9,601) |
Repayments of long-term borrowings | (240,000) | |
Repurchases of common stock | (4,034) | (6,730) |
Cash dividends paid | (97,027) | (62,003) |
Proceeds from stock option exercises | 28,661 | 35,345 |
Other, net | (5,749) | |
Total financing activities | (317,228) | (42,989) |
Effect of exchange rate changes on cash and cash equivalents | (15,453) | 44,176 |
(Decrease) increase in cash and cash equivalents | (127,579) | 19,156 |
Cash and cash equivalents: | ||
Beginning of period | 646,300 | 717,259 |
End of period | $ 518,721 | $ 736,415 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying consolidated financial statements are unaudited. AMETEK, Inc. (the “Company”) believes that all adjustments (which primarily consist of normal recurring accruals) necessary for a fair presentation of the consolidated financial position of the Company at September 30, 2018, the consolidated results of its operations for the three and nine months ended September 30, 2018 and 2017 and its cash flows for the nine months ended September 30, 2018 and 2017 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 As discussed below in Note 2, effective January 1, 2018, the Company adopted the requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09 Revenue from Contracts with Customers (“ASU 2014-09”) ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017-07”). Form 10-Q |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers ASU 2014-09 ASU 2014-09 ASU 2014-09 In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”) ASU No. 2018-11, Leases (“ASU 2018-11”). right-of-use right-of-use ASU 2016-02 ASU 2016-02 ASU 2018-11 ASU 2016-02. ASU 2016-02 In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 ASU 2017-01 ASU 2017-01 ASU 2017-01 In March 2017, the FASB issued ASU 2017-07, ASU 2017-07 ASU 2017-07 ASU 2017-07 In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting (“ASU 2017-09”). ASU 2017-09 ASU 2017-09 In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (“ASU 2018-13”), Fair Value Measurement ASU 2018-13 ASU 2018-13 ASU 2018-13 In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General (“ASU 2018-14”), Compensation – Retirement Benefits ASU 2018-14 ASU 2018-14 In August 2018, the FASB issued ASU No. 2018-15, Intangibles–Goodwill and Other–Internal-Use (“ASU 2018-15”), internal-use Intangibles–Goodwill and Other ASU 2018-15 ASU 2018-15 ASU 2018-15 |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 3. Revenues As discussed in Note 2, the Company adopted ASC 606 as of January 1, 2018 using the modified retrospective method. The cumulative adjustment made to the January 1, 2018 consolidated balance sheet for the adoption of ASC 606 was to increase Retained earnings by $4.2 million, increase Total assets by $7.9 million and increase Total liabilities by $3.7 million. For the three and nine months ended September 30, 2018, the effect of the changes in all financial statement line items impacted by ASC 606 was immaterial from the amount that would have been reported under the previous guidance. Updated disclosure of the Company’s significant accounting policy regarding revenue recognition is included in Part I, Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q. Revenue is derived from sales of products and services. The Company’s products and services are marketed and sold worldwide through two operating groups: EIG and EMG. EIG manufactures advanced instruments for the process, power and industrial, and aerospace markets. It provides process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries. EIG also provides instruments to the laboratory equipment, ultraprecision manufacturing, medical, and test and measurement markets. It makes power quality monitoring and metering devices, uninterruptible power supplies, programmable power equipment, electromagnetic compatibility test equipment and gas turbines sensors. EIG also provides dashboard instruments for heavy trucks and other vehicles, as well as instrumentation and controls for the food and beverage industries. It supplies the aerospace industry with aircraft and engine sensors, monitoring systems, power supplies, fuel and fluid measurement systems, and data acquisition systems. EMG is a differentiated supplier of automation solutions, thermal management systems, specialty metals and electrical interconnects. It manufactures highly engineered electrical connectors and electronic packaging used to protect sensitive electronic devices. EMG also makes precision motion control products for data storage, medical devices, business equipment, automation and other applications. It supplies high-purity powdered metals, strip and foil, specialty clad metals and metal matrix composites. EMG also manufactures motors used in commercial appliances, fitness equipment, food and beverage machines, hydraulic pumps and industrial blowers. It produces motor-blower systems and heat exchangers used in thermal management and other applications on a variety of military and commercial aircraft and military ground vehicles. EMG also operates a global network of aviation maintenance, repair and overhaul facilities. The majority of the Company’s revenues on product sales are recognized at a point in time when the customer obtains control of the product. The transfer in control of the product to the customer is typically evidenced by one or more of the following: the customer having legal title to the product, the Company’s present right to payment, the customer’s physical possession of the product, the customer accepting the product, or the customer has the benefits of ownership or risk of loss. Legal title transfers to the customer in accordance with the delivery terms of the order, usually upon shipment, which is the point that control transfers. For a small percentage of sales where title and risk of loss transfers at the point of delivery, the Company recognizes revenue upon delivery to the customer, which is the point that control transfers, assuming all other criteria for revenue recognition are met. Under ASC 606, the Company determined that revenues from certain of its customer contracts met the criteria of satisfying its performance obligations over time, primarily in the areas of the manufacture of custom-made equipment and for service repairs of customer-owned equipment. Prior to the adoption of the new standard, these revenues were recorded upon shipment or, in the case of those sales where title and risk of loss passes at the point of delivery, the Company recognized revenue upon delivery to the customer. Recognizing revenue over time for custom-manufactured equipment is based on the Company’s judgment that, in certain contracts, the product does not have an alternative use and the Company has an enforceable right to payment for performance completed to date. This change in revenue recognition accelerated the revenue recognition and costs on the impacted contracts. Applying the practical expedient available under ASC 606, the Company recognizes incremental cost of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company would have otherwise recognized is one year or less. These costs are included in Selling, general and administrative expenses in the consolidated statement of income. Revenues associated with repairs of customer-owned assets were previously recorded upon completion and shipment of the repaired equipment to the customer. Under ASC 606, if the Company’s performance enhances an asset that the customer controls as the asset is enhanced, revenue must be recognized over time. The revenue associated with the repair of a customer-owned asset meets this criterion. The determination of the revenue to be recognized in a given period for performance obligations satisfied over time is based on the input method. The Company recognizes revenue over time as it performs on these contracts because the transfer of control to the customer occurs over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation. The Company generally uses the total cost-to-cost cost-to-cost Performance obligations also include post-delivery service, installation and training. Post-delivery service revenues are recognized over the contract term. Installation and training revenues are recognized over the period the service is provided. Warranty terms in customer contracts can also be considered separate performance obligations if the warranty provides services beyond assurance that a product complies with agreed-upon specification or if a warranty can be purchased separately. The Company does not incur significant obligations for customer returns and refunds. Payment terms generally begin upon shipment of the product. The Company does have contracts with multiple billing terms that are all due within one year from when the product is delivered. No significant financing component exists. Payment terms are generally 30-60 days The outstanding contract asset and (liability) accounts were as follows: Nine Months Ended September 30, 2018 Contract Assets Customer Advanced Payments (In thousands) Balance at September 30, 2018 $ 60,037 $ (145,247 ) Revenues recognized during the period from: Amounts in Customer advanced payments 290,010 Performance obligations satisfied 183,930 Transferred to Receivables from contract assets at the beginning of the period (166,391 ) Increase related to acquired businesses 9,679 (840 ) Increase due to cash received (320,030 ) Contract assets are reported as a component of Other current assets in the consolidated balance sheet. At September 30, 2018, $8.2 million of customer advanced payments were recorded in Other long-term liabilities in the consolidated balance sheet. In conjunction with the January 1, 2018 adoption of ASC 606, in the consolidated balance sheet, approximately $14 million was reclassified to contract assets that was previously reported in Other current assets at December 31, 2017. Also, at January 1, 2018, in the consolidated balance sheet, approximately $114 million was reclassified to Customer advanced payments that was previously reported in Accounts payable of approximately $76 million, Accrued liabilities of approximately $26 million and other of approximately $12 million at December 31, 2017. The Company applied the practical expedient to exclude the value of remaining performance obligations for contracts with an original expected term of one year or less. Remaining performance obligations exceeding one year as of September 30, 2018 were $176.5 million. Remaining performance obligations represent the transaction price of firm, noncancelable orders, with expected delivery dates to customers greater than one year from September 30, 2018, for which work has not been performed. The Company has certain contracts with variable consideration in the form of volume discounts, rebates and early payment options, which may affect the transaction price used as the basis for revenue recognition. In these contracts, the amount of the variable consideration is not considered constrained and is allocated among the various performance obligations in the customer contract based on the relative standalone selling price of each performance obligation to the total standalone value of all the performance obligations. Geographic Areas Information about the Company’s operations in different geographic areas is shown below. Net sales were attributed to geographic areas based on the location of the customer. Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 EIG EMG Total EIG EMG Total (In thousands) United States $ 358,335 $ 237,831 $ 596,166 $ 1,044,971 $ 710,630 $ 1,755,601 International: United Kingdom 17,646 33,364 51,010 46,974 101,913 148,887 European Union countries 93,248 97,595 190,843 281,328 303,994 585,322 Asia 193,986 51,136 245,122 576,640 157,634 734,274 Other foreign countries 78,826 30,995 109,821 253,012 97,448 350,460 Total international 383,706 213,090 596,796 1,157,954 660,989 1,818,943 Consolidated net sales $ 742,041 $ 450,921 $ 1,192,962 $ 2,202,925 $ 1,371,619 $ 3,574,544 Major Products and Services The Company’s major products and services in the reportable segments were as follows: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 514,513 $ — $ 514,513 $ 1,530,004 $ — $ 1,530,004 Aerospace and Power 227,528 112,578 340,106 672,921 334,638 1,007,559 Electromechanical devices — 338,343 338,343 — 1,036,981 1,036,981 Consolidated net sales $ 742,041 $ 450,921 $ 1,192,962 $ 2,202,925 $ 1,371,619 $ 3,574,544 Timing of Revenue Recognition The Company’s timing of revenue recognition was as follows: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 620,221 $ 414,666 $ 1,034,887 $ 1,848,828 $ 1,281,378 $ 3,130,206 Products and services transferred over time 121,820 36,255 158,075 354,097 90,241 444,338 Consolidated net sales $ 742,041 $ 450,921 $ 1,192,962 $ 2,202,925 $ 1,371,619 $ 3,574,544 Reportable Segments The Company’s operating segments are identified based on the existence of segment managers. Certain of the Company’s operating segments have been aggregated for segment reporting purposes primarily on the basis of product type, production processes, distribution methods and similarity of economic characteristics. At September 30, 2018, there were no significant changes in identifiable assets of reportable segments from the amounts disclosed at December 31, 2017, other than those described in the acquisitions footnote (Note 9), nor were there any significant changes in the basis of segmentation or in the measurement of segment operating results. Operating information relating to the Company’s reportable segments for the three and nine months ended September 30, 2018 and 2017 can be found in the table included in Part I, Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q. Product Warranties The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary among the Company’s operations, but generally do not exceed one year. The Company calculates its warranty expense provision based on its historical warranty experience and adjustments are made periodically to reflect actual warranty expenses. Product warranty obligations are reported as a component of Accrued liabilities in the consolidated balance sheet. Changes in the accrued product warranty obligation were as follows: Nine Months Ended September 30, 2018 2017 (In thousands) Balance at the beginning of the period $ 22,872 $ 22,007 Accruals for warranties issued during the period 8,166 12,235 Settlements made during the period (9,477 ) (13,690 ) Warranty accruals related to acquired businesses and other during the period 1,261 2,372 Balance at the end of the period $ 22,822 $ 22,924 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Weighted average shares: Basic shares 231,502 230,439 231,227 230,049 Equity-based compensation plans 1,748 1,814 1,944 1,566 Diluted shares 233,250 232,253 233,171 231,615 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 5. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Three Months Ended September 30, 2018 September 30, 2017 Foreign Currency Items and Other Defined Benefit Pension Plans Total Foreign Currency Items and Other Defined Benefit Pension Plans Total (In thousands) Balance at the beginning of the period $ (281,175 ) $ (172,905 ) $ (454,080 ) $ (294,922 ) $ (199,376 ) $ (494,298 ) Other comprehensive income (loss) before reclassifications: Translation adjustments (7,771 ) — (7,771 ) 37,642 — 37,642 Change in long-term intercompany notes (1,707 ) — (1,707 ) 12,035 — 12,035 Net investment hedge instruments 6,770 — 6,770 (32,422 ) — (32,422 ) Gross amounts reclassified from accumulated other comprehensive income (loss) — 2,952 2,952 — 3,512 3,512 Income tax benefit (expense) (1,649 ) (719 ) (2,368 ) 12,190 (1,321 ) 10,869 Other comprehensive income (loss), net of tax (4,357 ) 2,233 (2,124 ) 29,445 2,191 31,636 Balance at the end of the period $ (285,532 ) $ (170,672 ) $ (456,204 ) $ (265,477 ) $ (197,185 ) $ (462,662 ) Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Foreign Currency Items and Other Defined Benefit Pension Plans Total Foreign Currency Items and Other Defined Benefit Pension Plans Total (In thousands) Balance at the beginning of the period $ (251,805 ) $ (177,371 ) $ (429,176 ) $ (338,631 ) $ (203,758 ) $ (542,389 ) Other comprehensive income (loss) before reclassifications: Translation adjustments (48,407 ) — (48,407 ) 101,846 — 101,846 Change in long-term intercompany notes (11,009 ) — (11,009 ) 30,727 — 30,727 Net investment hedge instruments 33,963 — 33,963 (95,311 ) — (95,311 ) Gross amounts reclassified from accumulated other comprehensive income (loss) — 8,856 8,856 — 10,536 10,536 Income tax benefit (expense) (8,274 ) (2,157 ) (10,431 ) 35,892 (3,963 ) 31,929 Other comprehensive income (loss), net of tax (33,727 ) 6,699 (27,028 ) 73,154 6,573 79,727 Balance at the end of the period $ (285,532 ) $ (170,672 ) $ (456,204 ) $ (265,477 ) $ (197,185 ) $ (462,662 ) Reclassifications for the amortization of defined benefit pension plans are included in Other expense, net in the consolidated statement of income. See Note 14 for further details. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. 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. See Note 9 for discussion of acquisition date fair value of contingent payment liability. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the Company’s assets that are measured at fair value on a recurring basis, consistent with the fair value hierarchy, at September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Fair Value Fair Value (In thousands) Fixed-income investments $ 7,880 $ 8,060 The fair value of fixed-income investments, which are valued as level 1 investments, was based on quoted market prices. The fixed-income investments are shown as a component of long-term assets in the consolidated balance sheet. For the nine months ended September 30, 2018 and 2017, 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, 2018 and 2017. Financial Instruments Cash, cash equivalents and fixed-income investments are recorded at fair value at September 30, 2018 and December 31, 2017 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, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Recorded Fair Value Recorded Fair Value (In thousands) Long-term debt, net (including current portion) $( $ (1,879,074 ) $ (2,174,289 ) $ (2,210,466 ) The fair value of short-term Foreign Currency At September 30, 2018, the Company had no forward contracts outstanding. At December 31, 2017, the Company had a Canadian dollar forward contract for a total notional value of 83.0 million Canadian dollars ($1.5 million fair value unrealized gain at December 31, 2017) outstanding. For the three and nine months ended September 30, 2018, realized gains and losses on foreign currency forward contracts were not significant. The Company does not typically designate its foreign currency forward contracts as accounting hedges. |
Hedging Activities
Hedging Activities | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Activities | 7. 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, 2018, these net investment hedges included British-pound-and At September 30, 2018, the Company had $398.2 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, 2018, the Company had $581.3 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 being designated and 100% effective as net investment hedges, $34.0 million of pre-tax |
Inventories, net
Inventories, net | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, net | 8. Inventories, net September 30, December 31, 2018 2017 (In thousands) Finished goods and parts $ 93,226 $ 84,789 Work in process 133,316 107,362 Raw materials and purchased parts 393,607 348,353 Total inventories, net $ 620,149 $ 540,504 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | 9. Acquisitions The Company spent $376.2 million in cash, net of cash acquired, to acquire FMH Aerospace (“FMH”) in January 2018, SoundCom Systems (“SoundCom”) in April 2018 and Motec GmbH in June 2018. FMH is a provider of complex, highly-engineered solutions for the aerospace, defense and space industries. SoundCom provides design, integration, installation and support of clinical workflow and communication systems for healthcare facilities, educational institutions and corporations. SoundCom also serves as a value-added reseller for Rauland-Borg Corporation (“Rauland”) in the Midwest portion of the United States. Motec is a provider of integrated vision systems serving the high growth mobile machine vision market. Motec’s ruggedized vision products and integrated software solutions provide customers with improved operational efficiency and enhanced safety across a variety of critical mobile machine applications in transportation, agriculture, logistics and construction. FMH is part of EMG. SoundCom and Motec are part of EIG. The following table represents the preliminary allocation of the purchase price for the net assets of the 2018 acquisitions based on their estimated fair values at acquisition (in millions): Property, plant and equipment $ 15.2 Goodwill 172.2 Other intangible assets 182.9 Long-term liabilities (0.9 ) Deferred income taxes (38.4 ) Net working capital and other (1) 45.2 Total cash paid $ 376.2 (1) Includes $19.0 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal. The amount allocated to goodwill is reflective of the benefits the Company expects to realize from the 2018 acquisitions as follows: FMH’s products and solutions further broaden the Company’s differentiated product offerings in the aerospace and defense markets. SoundCom expands Rauland’s presence in the healthcare and education markets in the Midwest while providing customers with expanded value-added solutions and services. Motec’s vision systems complement the Company’s existing instrumentation businesses by expanding its portfolio of solutions to its customers. The Company expects approximately $75 million of the goodwill recorded relating to the 2018 acquisitions will be tax deductible in future years. At September 30, 2018, the purchase price allocated to other intangible assets of $182.9 million consists of $31.9 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $151.0 million of other intangible assets consists of $116.5 million of customer relationships, which are being amortized over a period of 18 to 20 years, and $34.5 million of purchased technology, which is being amortized over a period of ten to 18 years. Amortization expense for each of the next five years for the 2018 acquisitions is expected to approximate $9 million per year. The Company is in the process of finalizing the measurement of certain tangible and intangible assets and liabilities for its 2018 acquisitions including inventory, property, plant and equipment, goodwill, trade names, customer relationships and purchased technology and the accounting for income taxes. The 2018 acquisitions had an immaterial impact on reported net sales, net income and diluted earnings per share for the three and nine months ended September 30, 2018. Had the 2018 acquisitions been made at the beginning of 2018 or 2017, unaudited pro forma net sales, net income and diluted earnings per share for the three and nine months ended September 30, 2018 and 2017, respectively, would not have been materially different than the amounts reported. In February 2017, the Company acquired Rauland. The Rauland acquisition included a potential $30 million contingent payment due upon Rauland achieving a certain cumulative revenue target over the period October 1, 2016 to September 30, 2018. At the acquisition date, the estimated fair value of the contingent payment liability was $25.5 million, which was based on a probabilistic approach using level 3 inputs. At September 30, 2018, Rauland achieved the target. At June 30, 2018, the estimated fair value of the contingent payment liability was increased to $30.0 million. The $30.0 million contingent payment is expected to be made in the fourth quarter of 2018. Acquisitions Subsequent to September 30, 2018 In October 2018, the Company acquired Telular Corporation and Forza Silicon Corporation (“Forza”) for approximately $565 million in cash. Telular has annual sales of approximately $165 million. Telular is a leading provider of communication solutions for logistics management, tank monitoring and security applications. Forza has annual sales of approximately $20 million. Forza is a leader in the design and production of high-performance imaging sensors used in medical, defense and industrial applications. Telular and Forza will join EIG. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 10. Goodwill The changes in the carrying amounts of goodwill by segment were as follows: EIG EMG Total (In millions) Balance at December 31, 2017 $ 2,077.0 $ 1,038.6 $ 3,115.6 Goodwill acquired 62.4 109.8 172.2 Purchase price allocation adjustments and other (1.6 ) — (1.6 ) Foreign currency translation adjustments (11.0 ) (11.5 ) (22.5 ) Balance at September 30, 2018 $ 2,126.8 $ 1,136.9 $ 3,263.7 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes At September 30, 2018, the Company had gross unrecognized tax benefits of $70.9 million, of which $57.0 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, 2017 $ 60.3 Additions for tax positions 26.7 Reductions for tax positions (16.1 ) Balance at September 30, 2018 $ 70.9 Additions for tax positions were primarily driven by a change in measurement of a prior year tax position stemming from the planned implementation of prospective tax planning. Reductions for tax positions were primarily driven by the final closure of the 2014 tax year with no examination. See effective tax rate discussion below for further details. 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, 2018 and 2017 were not significant. The effective tax rate for the three months ended September 30, 2018 was 21.9%, compared with 24.9% for the three months ended September 30, 2017. The effective tax rate for the nine months ended September 30, 2018 was 22.3%, compared with 26.1% for the nine months ended September 30, 2017. The three and nine months ended September 30, 2018 effective tax rates primarily reflect the impact of the recently enacted U.S. Tax Cuts and Jobs Act (the “Tax Act”) including the reduction of the U.S. corporate income tax rate and the current impact of the global intangible low-taxed In the fourth quarter of 2017, the Company recorded a net benefit of $91.6 million in the consolidated statement of income as a component of Provision for income taxes related to the impact of the Tax Act. The $91.6 million net benefit consisted of a $185.8 million benefit resulting from the remeasurement of the Company’s net deferred tax liabilities in the U.S. based on the new lower corporate income tax rate and $94.2 million expense mostly relating to the one-time non-U.S. Although the $91.6 million net benefit represents what the Company believes is a reasonable estimate of the impact of the income tax effects of the Tax Act on the Company’s consolidated financial statements as of December 31, 2017, it should be considered provisional. As of September 30, 2018, the Company has not materially changed its estimate of the December 31, 2017 impact of the income tax effects of the Tax Act. As additional guidance from the U.S. Department of Treasury is provided, the Company may need to adjust the provisional amounts after it finalizes the 2017 U.S. tax return and is able to conclude whether any further adjustments are required to its U.S. portion of net deferred tax liability of $390.4 million as of December 31, 2017, as well as to the liability associated with the one-time |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 12. Debt In the third quarter of 2018, the Company paid in full, at maturity, $80 million in aggregate principal amount of 6.35% private placement senior notes and $160 million in aggregate principal amount of 7.08% private placement senior notes. In October 2018, the Company along with certain of its foreign subsidiaries amended and restated its credit agreement dated as of September 22, 2011, as amended and restated as of March 10, 2016 (the “Credit Agreement”). The Credit Agreement amends and restates the Company’s existing $850 million revolving credit facility, which was due to expire in March 2021. The Credit Agreement consists of a five-year revolving credit facility in an aggregate principal amount of $1.5 billion with a final maturity date in October 2023. The revolving credit facility total borrowing capacity excludes an accordion feature that permits the Company to request up to an additional $500 million in revolving credit commitments at any time during the life of the Credit Agreement under certain conditions. The Credit Agreement places certain restrictions on allowable additional indebtedness. At October 31, 2018, the Company had available borrowing capacity of $1.7 billion under its revolving credit facility, including the $500 million accordion feature. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 13. Share-Based Compensation Under the terms of the Company’s stockholder-approved share-based plans, performance restricted stock units (“PRSUs”), incentive and non-qualified one-fourth one-third one-third non-employee In March 2018, the Company granted PRSUs to officers and certain key management-level employees an aggregate target award of approximately 52,000 shares of its common stock. The PRSUs vest 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, 2018 through December 31, 2020. 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. The grant date fair value of these PRSUs are recognized as compensation expense over the vesting period based on the number of awards expected 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. The Company recognizes the grant date fair value of these awards as compensation expense ratably over the vesting period. Total share-based compensation expense was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Stock option expense $ 2,924 $ 2,482 $ 8,467 $ 7,449 Restricted stock expense 3,738 3,094 10,586 12,240 PRSU expense 483 — 1,047 — Total pre-tax $ 7,145 $ 5,576 $ 20,100 $ 19,689 Pre-tax pre-tax The fair value of each stock option grant is estimated on the grant date using a Black-Scholes-Merton Black-Scholes-Merton Nine Months Ended Year Ended September 30, 2018 December 31, 2017 Expected volatility 17.3 % 18.0 % Expected term (years) 5.0 5.0 Risk-free interest rate 2.81 % 1.94 % Expected dividend yield 0.76 % 0.60 % Black-Scholes-Merton fair value per stock option granted $ 14.12 $ 11.05 Expected volatility is based on the historical volatility of the Company’s stock over the stock options’ expected term. The Company used historical exercise data to estimate the stock options’ expected term, which represents the period of time that the stock options granted are expected to be outstanding. Management anticipates that the future stock option holding periods will be similar to the historical stock option holding periods. The risk-free interest rate for periods within the expected term of the stock option is based on the U.S. Treasury yield curve at the time of grant. The expected dividend yield is calculated by dividing the Company’s annual dividend, based on the most recent quarterly dividend rate, by the Company’s closing common stock price on the grant date. Compensation expense recognized for all share-based awards is net of estimated forfeitures. The Company’s estimated forfeiture rates are based on its historical experience. The following is a summary of the Company’s stock option activity and related information: Shares Weighted Price Weighted Life Aggregate Value (In thousands) (Years) (In millions) Outstanding at December 31, 2017 5,583 $ 48.99 Granted 885 73.45 Exercised (665 ) 42.21 Forfeited (119 ) 56.17 Outstanding at September 30, 2018 5,684 $ 53.44 4.5 $ 146.0 Exercisable at September 30, 2018 3,168 $ 47.17 2.9 $ 101.2 The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2018 was $23.0 million. The total fair value of stock options vested during the nine months ended September 30, 2018 was $10.1 million. As of September 30, 2018, there was approximately $23 million of expected future pre-tax The fair value of restricted shares under the Company’s restricted stock arrangement is determined by the product of the number of shares granted and the Company’s closing common stock price on the grant date. Upon the grant of restricted stock, the fair value of the restricted shares (unearned compensation) at the grant date is charged as a reduction of capital in excess of par value in the Company’s consolidated balance sheet and is amortized to expense on a straight-line basis over the vesting period, which is the same as the calculated derived service period as determined on the grant date. The following is a summary of the Company’s nonvested restricted stock activity and related information: Shares Weighted Average Fair Value (In thousands) Nonvested restricted stock outstanding at December 31, 2017 932 $ 53.53 Granted 232 73.64 Vested (214 ) 52.75 Forfeited (49 ) 55.05 Nonvested restricted stock outstanding at September 30, 2018 901 $ 58.86 The total fair value of restricted stock vested during the nine months ended September 30, 2018 was $11.3 million. As of September 30, 2018, there was approximately $32 million of expected future pre-tax |
Retirement and Pension Plans
Retirement and Pension Plans | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement and Pension Plans | 14. Retirement and Pension Plans The components of net periodic pension benefit expense (income) were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Defined benefit plans: Service cost $ 1,766 $ 1,919 $ 5,373 $ 5,657 Interest cost 6,311 6,904 19,214 20,566 Expected return on plan assets (14,734 ) (13,343 ) (44,581 ) (39,884 ) Amortization of net actuarial loss and other 2,952 3,512 8,856 10,536 Pension income (3,705 ) (1,008 ) (11,138 ) (3,125 ) Other plans: Defined contribution plans 6,877 5,830 22,220 18,788 Foreign plans and other 1,505 1,435 4,688 4,323 Total other plans 8,382 7,265 26,908 23,111 Total net pension expense $ 4,677 $ 6,257 $ 15,770 $ 19,986 For the nine months ended September 30, 2018 and 2017, contributions to the Company’s defined benefit pension plans were $2.2 million and $52.5 million, respectively. The Company’s current estimate of 2018 contributions to its worldwide defined benefit pension plans is in line with the range disclosed in the Company’s Annual Report on Form 10-K |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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 non-AMETEK-owned “non-owned” agreed-to non-de non-owned Total environmental reserves at September 30, 2018 and December 31, 2017 were $27.8 million and $30.1 million, respectively, for both non-owned The Company has agreements with other former owners of certain of its acquired businesses, as well as new owners of previously owned businesses. Under certain of the agreements, the former or new owners retained, or assumed and agreed to indemnify the Company against, certain environmental and other liabilities under certain circumstances. The Company and some of these other parties also carry insurance coverage for some environmental matters. To date, these parties have met their obligations in all material respects. The Company believes it has established reserves for the environmental matters described above, which are sufficient to perform all known responsibilities under existing claims and consent orders. The Company has no reason to believe that other third parties would fail to perform their obligations in the future. In the opinion of management, based on presently available information and the Company’s historical experience related to such matters, an adequate provision for probable costs has been made and the ultimate cost resulting from these actions is not expected to materially affect the consolidated results of operations, financial position or cash flows of the Company. The Company has been remediating groundwater contamination for several contaminants, including trichloroethylene (“TCE”), at a formerly owned site in El Cajon, California. Several lawsuits have been filed against the Company alleging damages resulting from the groundwater contamination, including property damages and personal injury, and seeking compensatory and punitive damages. The Company believes that it has good and valid defenses to each of these claims and intends to defend them vigorously. The Company believes it has established reserves for these lawsuits that are sufficient to satisfy its expected exposure. The Company does not expect the outcome of these matters, either individually or in the aggregate, to materially affect the consolidated results of operations, financial position or cash flows of the Company. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 16. Restructuring Charges During the fourth quarter of 2016, the Company recorded pre-tax During the fourth quarter of 2015, the Company recorded pre-tax Accrued liabilities in the Company’s consolidated balance sheet included amounts related to the fourth quarters of 2016 and 2015 restructuring charges as follows (in millions): Fourth Quarter of 2016 Fourth Quarter of 2015 Balance at December 31, 2017 $ 12.8 $ 6.7 Utilization (4.6 ) (0.6 ) Foreign currency translation adjustments and other — (0.6 ) Balance at September 30, 2018 $ 8.2 $ 5.5 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Revenue from Contracts with Customers | In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers ASU 2014-09 ASU 2014-09 ASU 2014-09 |
Leases | In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”) ASU No. 2018-11, Leases (“ASU 2018-11”). right-of-use right-of-use ASU 2016-02 ASU 2016-02 ASU 2018-11 ASU 2016-02. ASU 2016-02 |
Clarifying the Definition of a Business | In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 ASU 2017-01 ASU 2017-01 ASU 2017-01 |
Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost | In March 2017, the FASB issued ASU 2017-07, ASU 2017-07 ASU 2017-07 ASU 2017-07 |
Scope of Modification Accounting | In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting (“ASU 2017-09”). ASU 2017-09 ASU 2017-09 |
Fair Value Measurement | In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (“ASU 2018-13”), Fair Value Measurement ASU 2018-13 ASU 2018-13 ASU 2018-13 |
Compensation-Retirement Benefits-Defined Benefit Plans-General | In August 2018, the FASB issued ASU No. 2018-14, Compensation–Retirement Benefits–Defined Benefit Plans–General (“ASU 2018-14”), Compensation – Retirement Benefits ASU 2018-14 ASU 2018-14 |
Intangibles-Goodwill and Other-Internal-Use Software | In August 2018, the FASB issued ASU No. 2018-15, Intangibles–Goodwill and Other–Internal-Use (“ASU 2018-15”), internal-use Intangibles–Goodwill and Other ASU 2018-15 ASU 2018-15 ASU 2018-15 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Outstanding Contract Asset and (Liability) Accounts | The outstanding contract asset and (liability) accounts were as follows: Nine Months Ended September 30, 2018 Contract Assets Customer Advanced Payments (In thousands) Balance at September 30, 2018 $ 60,037 $ (145,247 ) Revenues recognized during the period from: Amounts in Customer advanced payments 290,010 Performance obligations satisfied 183,930 Transferred to Receivables from contract assets at the beginning of the period (166,391 ) Increase related to acquired businesses 9,679 (840 ) Increase due to cash received (320,030 ) |
Information about Operations in Different Geographic Areas | Information about the Company’s operations in different geographic areas is shown below. Net sales were attributed to geographic areas based on the location of the customer. Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 EIG EMG Total EIG EMG Total (In thousands) United States $ 358,335 $ 237,831 $ 596,166 $ 1,044,971 $ 710,630 $ 1,755,601 International: United Kingdom 17,646 33,364 51,010 46,974 101,913 148,887 European Union countries 93,248 97,595 190,843 281,328 303,994 585,322 Asia 193,986 51,136 245,122 576,640 157,634 734,274 Other foreign countries 78,826 30,995 109,821 253,012 97,448 350,460 Total international 383,706 213,090 596,796 1,157,954 660,989 1,818,943 Consolidated net sales $ 742,041 $ 450,921 $ 1,192,962 $ 2,202,925 $ 1,371,619 $ 3,574,544 |
Major Products and Services in Reportable Segments | The Company’s major products and services in the reportable segments were as follows: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 EIG EMG Total EIG EMG Total (In thousands) Process and analytical instrumentation $ 514,513 $ — $ 514,513 $ 1,530,004 $ — $ 1,530,004 Aerospace and Power 227,528 112,578 340,106 672,921 334,638 1,007,559 Electromechanical devices — 338,343 338,343 — 1,036,981 1,036,981 Consolidated net sales $ 742,041 $ 450,921 $ 1,192,962 $ 2,202,925 $ 1,371,619 $ 3,574,544 |
Timing of Revenue Recognition | The Company’s timing of revenue recognition was as follows: Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 EIG EMG Total EIG EMG Total (In thousands) Products transferred at a point in time $ 620,221 $ 414,666 $ 1,034,887 $ 1,848,828 $ 1,281,378 $ 3,130,206 Products and services transferred over time 121,820 36,255 158,075 354,097 90,241 444,338 Consolidated net sales $ 742,041 $ 450,921 $ 1,192,962 $ 2,202,925 $ 1,371,619 $ 3,574,544 |
Changes in Accrued Product Warranty Obligation | Changes in the accrued product warranty obligation were as follows: Nine Months Ended September 30, 2018 2017 (In thousands) Balance at the beginning of the period $ 22,872 $ 22,007 Accruals for warranties issued during the period 8,166 12,235 Settlements made during the period (9,477 ) (13,690 ) Warranty accruals related to acquired businesses and other during the period 1,261 2,372 Balance at the end of the period $ 22,822 $ 22,924 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Number of Weighted Average Shares | The number of weighted average shares used in the calculation of basic earnings per share and diluted earnings per share was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Weighted average shares: Basic shares 231,502 230,439 231,227 230,049 Equity-based compensation plans 1,748 1,814 1,944 1,566 Diluted shares 233,250 232,253 233,171 231,615 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) consisted of the following: Three Months Ended Three Months Ended September 30, 2018 September 30, 2017 Foreign Currency Items and Other Defined Benefit Pension Plans Total Foreign Currency Items and Other Defined Benefit Pension Plans Total (In thousands) Balance at the beginning of the period $ (281,175 ) $ (172,905 ) $ (454,080 ) $ (294,922 ) $ (199,376 ) $ (494,298 ) Other comprehensive income (loss) before reclassifications: Translation adjustments (7,771 ) — (7,771 ) 37,642 — 37,642 Change in long-term intercompany notes (1,707 ) — (1,707 ) 12,035 — 12,035 Net investment hedge instruments 6,770 — 6,770 (32,422 ) — (32,422 ) Gross amounts reclassified from accumulated other comprehensive income (loss) — 2,952 2,952 — 3,512 3,512 Income tax benefit (expense) (1,649 ) (719 ) (2,368 ) 12,190 (1,321 ) 10,869 Other comprehensive income (loss), net of tax (4,357 ) 2,233 (2,124 ) 29,445 2,191 31,636 Balance at the end of the period $ (285,532 ) $ (170,672 ) $ (456,204 ) $ (265,477 ) $ (197,185 ) $ (462,662 ) Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2017 Foreign Currency Items and Other Defined Benefit Pension Plans Total Foreign Currency Items and Other Defined Benefit Pension Plans Total (In thousands) Balance at the beginning of the period $ (251,805 ) $ (177,371 ) $ (429,176 ) $ (338,631 ) $ (203,758 ) $ (542,389 ) Other comprehensive income (loss) before reclassifications: Translation adjustments (48,407 ) — (48,407 ) 101,846 — 101,846 Change in long-term intercompany notes (11,009 ) — (11,009 ) 30,727 — 30,727 Net investment hedge instruments 33,963 — 33,963 (95,311 ) — (95,311 ) Gross amounts reclassified from accumulated other comprehensive income (loss) — 8,856 8,856 — 10,536 10,536 Income tax benefit (expense) (8,274 ) (2,157 ) (10,431 ) 35,892 (3,963 ) 31,929 Other comprehensive income (loss), net of tax (33,727 ) 6,699 (27,028 ) 73,154 6,573 79,727 Balance at the end of the period $ (285,532 ) $ (170,672 ) $ (456,204 ) $ (265,477 ) $ (197,185 ) $ (462,662 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets Measured on Recurring Basis | The following table provides the Company’s assets that are measured at fair value on a recurring basis, consistent with the fair value hierarchy, at September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Fair Value Fair Value (In thousands) Fixed-income investments $ 7,880 $ 8,060 |
Fair Value Disclosures of Financial Instrument Liabilities | The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts at September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Recorded Fair Value Recorded Fair Value (In thousands) Long-term debt, net (including current portion) $( $ (1,879,074 ) $ (2,174,289 ) $ (2,210,466 ) |
Inventories, net (Tables)
Inventories, net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | September 30, December 31, 2018 2017 (In thousands) Finished goods and parts $ 93,226 $ 84,789 Work in process 133,316 107,362 Raw materials and purchased parts 393,607 348,353 Total inventories, net $ 620,149 $ 540,504 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Allocation of Purchase Price of Acquired Net Assets | The following table represents the preliminary allocation of the purchase price for the net assets of the 2018 acquisitions based on their estimated fair values at acquisition (in millions): Property, plant and equipment $ 15.2 Goodwill 172.2 Other intangible assets 182.9 Long-term liabilities (0.9 ) Deferred income taxes (38.4 ) Net working capital and other (1) 45.2 Total cash paid $ 376.2 (1) Includes $19.0 million in accounts receivable, whose fair value, contractual cash flows and expected cash flows are approximately equal. |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amounts of Goodwill by Segment | The changes in the carrying amounts of goodwill by segment were as follows: EIG EMG Total (In millions) Balance at December 31, 2017 $ 2,077.0 $ 1,038.6 $ 3,115.6 Goodwill acquired 62.4 109.8 172.2 Purchase price allocation adjustments and other (1.6 ) — (1.6 ) Foreign currency translation adjustments (11.0 ) (11.5 ) (22.5 ) Balance at September 30, 2018 $ 2,126.8 $ 1,136.9 $ 3,263.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Liability for Uncertain Tax Positions | The following is a reconciliation of the liability for uncertain tax positions (in millions): Balance at December 31, 2017 $ 60.3 Additions for tax positions 26.7 Reductions for tax positions (16.1 ) Balance at September 30, 2018 $ 70.9 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Stock option expense $ 2,924 $ 2,482 $ 8,467 $ 7,449 Restricted stock expense 3,738 3,094 10,586 12,240 PRSU expense 483 — 1,047 — Total pre-tax $ 7,145 $ 5,576 $ 20,100 $ 19,689 |
Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted | The fair value of each stock option grant is estimated on the grant date using a Black-Scholes-Merton Black-Scholes-Merton Nine Months Ended Year Ended September 30, 2018 December 31, 2017 Expected volatility 17.3 % 18.0 % Expected term (years) 5.0 5.0 Risk-free interest rate 2.81 % 1.94 % Expected dividend yield 0.76 % 0.60 % Black-Scholes-Merton fair value per stock option granted $ 14.12 $ 11.05 |
Summary of Stock Option Activity and Related Information | The following is a summary of the Company’s stock option activity and related information: Shares Weighted Price Weighted Life Aggregate Value (In thousands) (Years) (In millions) Outstanding at December 31, 2017 5,583 $ 48.99 Granted 885 73.45 Exercised (665 ) 42.21 Forfeited (119 ) 56.17 Outstanding at September 30, 2018 5,684 $ 53.44 4.5 $ 146.0 Exercisable at September 30, 2018 3,168 $ 47.17 2.9 $ 101.2 |
Summary of Nonvested Restricted Stock Activity and Related Information | The following is a summary of the Company’s nonvested restricted stock activity and related information: Shares Weighted Average Fair Value (In thousands) Nonvested restricted stock outstanding at December 31, 2017 932 $ 53.53 Granted 232 73.64 Vested (214 ) 52.75 Forfeited (49 ) 55.05 Nonvested restricted stock outstanding at September 30, 2018 901 $ 58.86 |
Retirement and Pension Plans (T
Retirement and Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension Benefit Expense (Income) | The components of net periodic pension benefit expense (income) were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Defined benefit plans: Service cost $ 1,766 $ 1,919 $ 5,373 $ 5,657 Interest cost 6,311 6,904 19,214 20,566 Expected return on plan assets (14,734 ) (13,343 ) (44,581 ) (39,884 ) Amortization of net actuarial loss and other 2,952 3,512 8,856 10,536 Pension income (3,705 ) (1,008 ) (11,138 ) (3,125 ) Other plans: Defined contribution plans 6,877 5,830 22,220 18,788 Foreign plans and other 1,505 1,435 4,688 4,323 Total other plans 8,382 7,265 26,908 23,111 Total net pension expense $ 4,677 $ 6,257 $ 15,770 $ 19,986 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Accrued Liabilities in Company's Consolidated Balance Sheet Included Amounts Related to Restructuring Charges | Accrued liabilities in the Company’s consolidated balance sheet included amounts related to the fourth quarters of 2016 and 2015 restructuring charges as follows (in millions): Fourth Quarter of 2016 Fourth Quarter of 2015 Balance at December 31, 2017 $ 12.8 $ 6.7 Utilization (4.6 ) (0.6 ) Foreign currency translation adjustments and other — (0.6 ) Balance at September 30, 2018 $ 8.2 $ 5.5 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Additional Information (Detail) - Accounting Standards Update 2017-07 [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Other Expense, Net [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit restatement adjustments | $ (2.8) | $ (8.5) |
Corporate Administrative Expenses [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit restatement adjustments | 0.4 | 1.2 |
Cost of Sales [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit restatement adjustments | 2.4 | 7.3 |
Selling, General and Administrative Expenses [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit restatement adjustments | 0.4 | 1.2 |
Electronic Instruments Group [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit restatement adjustments | 1.5 | 4.4 |
Electromechanical Group [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit restatement adjustments | $ 0.9 | $ 2.9 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)Operations | Jan. 01, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of operating groups | Operations | 2 | |
Customer advanced payments | $ 137,094 | $ 114,000 |
Revenue, remaining performance obligation | $ 176,500 | |
Product warranty description | The Company provides limited warranties in connection with the sale of its products. The warranty periods for products sold vary among the Company's operations, but generally do not exceed one year. | |
Product warranty period | 1 year | |
Other Current Assets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 14,000 | |
Accounts Payable [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Customer advanced payments | 76,000 | |
Accrued Liabilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Customer advanced payments | 26,000 | |
Other Noncurrent Liabilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Customer advanced payments | 8,200 | |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Customer advanced payments | 12,000 | |
ASC 606 [Member] | Total Assets [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Cumulative effect of adoption of ASC 606 | 7,900 | |
ASC 606 [Member] | Total Liabilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Cumulative effect of adoption of ASC 606 | 3,700 | |
ASC 606 [Member] | Retained Earnings [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Cumulative effect of adoption of ASC 606 | $ 4,200 |
Revenues - Outstanding Contract
Revenues - Outstanding Contract Asset and (Liability) Accounts (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Contract with Customer, Asset and Liability [Abstract] | |
Contract Assets, September 30, 2018 | $ 60,037 |
Revenues recognized during the period from: | |
Contract Assets, Performance obligations satisfied | 183,930 |
Contract Assets, Transferred to Receivables from contract assets at the beginning of the period | (166,391) |
Contract Assets, Increase related to acquired businesses | 9,679 |
Customer Advanced Payments, Balance at September 30, 2018 | (145,247) |
Revenues recognized during the period from: | |
Customer Advanced Payments, Amounts in Customer advanced payments | 290,010 |
Customer Advanced Payments, Increase related to acquired businesses | (840) |
Customer Advanced Payments, Increase due to cash received | $ (320,030) |
Revenues - Information about Op
Revenues - Information about Operations in Different Geographic Areas (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,192,962 | $ 1,084,799 | $ 3,574,544 | $ 3,157,085 |
United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 596,166 | 1,755,601 | ||
United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 51,010 | 148,887 | ||
European Union Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 190,843 | 585,322 | ||
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 245,122 | 734,274 | ||
Other Foreign Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 109,821 | 350,460 | ||
Total International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 596,796 | 1,818,943 | ||
Electronic Instruments Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 742,041 | 2,202,925 | ||
Electronic Instruments Group [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 358,335 | 1,044,971 | ||
Electronic Instruments Group [Member] | United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 17,646 | 46,974 | ||
Electronic Instruments Group [Member] | European Union Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 93,248 | 281,328 | ||
Electronic Instruments Group [Member] | Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 193,986 | 576,640 | ||
Electronic Instruments Group [Member] | Other Foreign Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 78,826 | 253,012 | ||
Electronic Instruments Group [Member] | Total International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 383,706 | 1,157,954 | ||
Electromechanical Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 450,921 | 1,371,619 | ||
Electromechanical Group [Member] | United States [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 237,831 | 710,630 | ||
Electromechanical Group [Member] | United Kingdom [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 33,364 | 101,913 | ||
Electromechanical Group [Member] | European Union Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 97,595 | 303,994 | ||
Electromechanical Group [Member] | Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 51,136 | 157,634 | ||
Electromechanical Group [Member] | Other Foreign Countries [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 30,995 | 97,448 | ||
Electromechanical Group [Member] | Total International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 213,090 | $ 660,989 |
Revenues - Major Products and S
Revenues - Major Products and Services in Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 1,192,962 | $ 1,084,799 | $ 3,574,544 | $ 3,157,085 |
Process and Analytical Instrumentation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 514,513 | 1,530,004 | ||
Aerospace and Power [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 340,106 | 1,007,559 | ||
Electromechanical Devices [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 338,343 | 1,036,981 | ||
Electronic Instruments Group [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 742,041 | 2,202,925 | ||
Electronic Instruments Group [Member] | Process and Analytical Instrumentation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 514,513 | 1,530,004 | ||
Electronic Instruments Group [Member] | Aerospace and Power [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 227,528 | 672,921 | ||
Electromechanical Group [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 450,921 | 1,371,619 | ||
Electromechanical Group [Member] | Aerospace and Power [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 112,578 | 334,638 | ||
Electromechanical Group [Member] | Electromechanical Devices [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 338,343 | $ 1,036,981 |
Revenues - Timing of Revenue Re
Revenues - Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | $ 1,192,962 | $ 1,084,799 | $ 3,574,544 | $ 3,157,085 |
Products Transferred at a Point in Time [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | 1,034,887 | 3,130,206 | ||
Products and Services Transferred over Time [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | 158,075 | 444,338 | ||
Electronic Instruments Group [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | 742,041 | 2,202,925 | ||
Electronic Instruments Group [Member] | Products Transferred at a Point in Time [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | 620,221 | 1,848,828 | ||
Electronic Instruments Group [Member] | Products and Services Transferred over Time [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | 121,820 | 354,097 | ||
Electromechanical Group [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | 450,921 | 1,371,619 | ||
Electromechanical Group [Member] | Products Transferred at a Point in Time [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | 414,666 | 1,281,378 | ||
Electromechanical Group [Member] | Products and Services Transferred over Time [Member] | ||||
Revenue Recognition, Milestone Method [Line Items] | ||||
Net sales | $ 36,255 | $ 90,241 |
Revenues - Changes in Accrued P
Revenues - Changes in Accrued Product Warranty Obligation (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Contract with Customer, Right to Recover Product [Abstract] | ||
Balance at the beginning of the period | $ 22,872 | $ 22,007 |
Accruals for warranties issued during the period | 8,166 | 12,235 |
Settlements made during the period | (9,477) | (13,690) |
Warranty accruals related to acquired businesses and other during the period | 1,261 | 2,372 |
Balance at the end of the period | $ 22,822 | $ 22,924 |
Earnings Per Share - Number of
Earnings Per Share - Number of Weighted Average Shares (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Weighted average shares: | ||||
Basic shares | 231,502 | 230,439 | 231,227 | 230,049 |
Equity-based compensation plans | 1,748 | 1,814 | 1,944 | 1,566 |
Diluted shares | 233,250 | 232,253 | 233,171 | 231,615 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | $ 4,027,633 | |||
Other comprehensive income (loss) before reclassifications: | ||||
Translation adjustments | $ (7,771) | $ 37,642 | (48,407) | $ 101,846 |
Change in long-term intercompany notes | (1,707) | 12,035 | (11,009) | 30,727 |
Net investment hedge instruments | 6,770 | (32,422) | 33,963 | (95,311) |
Gross amounts reclassified from accumulated other comprehensive income (loss) | 2,952 | 3,512 | 8,856 | 10,536 |
Income tax benefit (expense) | (2,368) | 10,869 | (10,431) | 31,929 |
Other comprehensive income (loss), net of tax | (2,124) | 31,636 | (27,028) | 79,727 |
Balance at the end of the period | 4,511,909 | 4,511,909 | ||
Foreign Currency Items and Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (281,175) | (294,922) | (251,805) | (338,631) |
Other comprehensive income (loss) before reclassifications: | ||||
Translation adjustments | (7,771) | 37,642 | (48,407) | 101,846 |
Change in long-term intercompany notes | (1,707) | 12,035 | (11,009) | 30,727 |
Net investment hedge instruments | 6,770 | (32,422) | 33,963 | (95,311) |
Income tax benefit (expense) | (1,649) | 12,190 | (8,274) | 35,892 |
Other comprehensive income (loss), net of tax | (4,357) | 29,445 | (33,727) | 73,154 |
Balance at the end of the period | (285,532) | (265,477) | (285,532) | (265,477) |
Defined Benefit Pension Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (172,905) | (199,376) | (177,371) | (203,758) |
Other comprehensive income (loss) before reclassifications: | ||||
Gross amounts reclassified from accumulated other comprehensive income (loss) | 2,952 | 3,512 | 8,856 | 10,536 |
Income tax benefit (expense) | (719) | (1,321) | (2,157) | (3,963) |
Other comprehensive income (loss), net of tax | 2,233 | 2,191 | 6,699 | 6,573 |
Balance at the end of the period | (170,672) | (197,185) | (170,672) | (197,185) |
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at the beginning of the period | (454,080) | (494,298) | (429,176) | (542,389) |
Other comprehensive income (loss) before reclassifications: | ||||
Balance at the end of the period | $ (456,204) | $ (462,662) | $ (456,204) | $ (462,662) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed-income investments | $ 7,880 | $ 8,060 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($)Contract | Dec. 31, 2017CAD ($) | Sep. 30, 2017USD ($) | |
Derivative [Line Items] | ||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | ||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 | $ 0 | ||
Number of forward contracts outstanding | Contract | 0 | |||
Foreign Exchange Forward [Member] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 83 | |||
Fair value unrealized gain | $ 1,500,000 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Disclosures of Financial Instrument Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Recorded Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net (including current portion) | $ (1,901,269) | $ (2,174,289) |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, net (including current portion) | $ (1,879,074) | $ (2,210,466) |
Hedging Activities - Additional
Hedging Activities - Additional Information (Detail) - Foreign Exchange Contract [Member] - Designated as Hedging Instrument [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Derivative [Line Items] | |
Percentage of effectiveness on net investment hedges | 100.00% |
Currency remeasuresment gains (losses) | $ 34 |
British-Pound-Denominated Loans [Member] | |
Derivative [Line Items] | |
Hedge against net investment in foreign subsidiaries | 398.2 |
Euro Loan [Member] | |
Derivative [Line Items] | |
Hedge against net investment in foreign subsidiaries | $ 581.3 |
Inventories, net - Inventories
Inventories, net - Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Finished goods and parts | $ 93,226 | $ 84,789 |
Work in process | 133,316 | 107,362 |
Raw materials and purchased parts | 393,607 | 348,353 |
Total inventories, net | $ 620,149 | $ 540,504 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Feb. 28, 2017 | |
Business Acquisition [Line Items] | |||||
Purchases of businesses, net of cash acquired | $ 376,248 | $ 518,634 | |||
2018 Consolidated Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchases of businesses, net of cash acquired | 376,200 | ||||
Business acquisition, goodwill, expected tax deductible amount | 75,000 | ||||
Total other intangible assets acquired | 182,900 | ||||
Finite-lived intangible assets acquired | 151,000 | ||||
Future amortization expense, year one | 9,000 | ||||
Future amortization expense, year two | 9,000 | ||||
Future amortization expense, year three | 9,000 | ||||
Future amortization expense, year four | 9,000 | ||||
Future amortization expense, year five | 9,000 | ||||
2018 Consolidated Acquisition [Member] | Customer Relationship [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | $ 116,500 | ||||
2018 Consolidated Acquisition [Member] | Customer Relationship [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortization period for finite-lived intangible asset | 18 years | ||||
2018 Consolidated Acquisition [Member] | Customer Relationship [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortization period for finite-lived intangible asset | 20 years | ||||
2018 Consolidated Acquisition [Member] | Purchased Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets acquired | $ 34,500 | ||||
2018 Consolidated Acquisition [Member] | Purchased Technology [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortization period for finite-lived intangible asset | 10 years | ||||
2018 Consolidated Acquisition [Member] | Purchased Technology [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortization period for finite-lived intangible asset | 18 years | ||||
2018 Consolidated Acquisition [Member] | Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Indefinite-lived intangible trade names acquired | $ 31,900 | ||||
Rauland-Borg [Member] | |||||
Business Acquisition [Line Items] | |||||
Maximum contingent payment for acquisition | $ 30,000 | ||||
Rauland-Borg [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Business Acquisition [Line Items] | |||||
Contingent payment liability | $ 25,500 | ||||
Telular Corporation and Forza Silicon Corporation ("Forza") [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchases of businesses, net of cash acquired | $ 565,000 | ||||
Telular Corporation and Forza Silicon Corporation ("Forza") [Member] | Telular Corporation [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, annual sales | 165,000 | ||||
Telular Corporation and Forza Silicon Corporation ("Forza") [Member] | Forza Silicon Corporation [Member] | Subsequent Event [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, annual sales | $ 20,000 |
Acquisitions - Allocation of Ag
Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,263,663 | $ 3,115,619 | |
Total cash paid | 376,248 | $ 518,634 | |
2018 Consolidated Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment | 15,200 | ||
Goodwill | 172,200 | ||
Other intangible assets | 182,900 | ||
Long-term liabilities | (900) | ||
Deferred income taxes | (38,400) | ||
Net working capital and other | 45,200 | ||
Total cash paid | $ 376,200 |
Acquisitions - Allocation of _2
Acquisitions - Allocation of Aggregate Purchase Price of Acquired Net Assets (Parenthetical) (Detail) $ in Millions | Sep. 30, 2018USD ($) |
2018 Consolidated Acquisition [Member] | |
Business Acquisition [Line Items] | |
Accounts receivable included in purchase price | $ 19 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amounts of Goodwill by Segment (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 3,115,619 |
Goodwill acquired | 172,200 |
Purchase price allocation adjustments and other | (1,600) |
Foreign currency translation adjustments | (22,500) |
Goodwill, ending balance | 3,263,663 |
Electronic Instruments Group [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 2,077,000 |
Goodwill acquired | 62,400 |
Purchase price allocation adjustments and other | (1,600) |
Foreign currency translation adjustments | (11,000) |
Goodwill, ending balance | 2,126,800 |
Electromechanical Group [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 1,038,600 |
Goodwill acquired | 109,800 |
Foreign currency translation adjustments | (11,500) |
Goodwill, ending balance | $ 1,136,900 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Contingency [Line Items] | |||||
Gross unrecognized tax benefits | $ 70.9 | $ 60.3 | $ 70.9 | ||
The total amount of unrecognized tax benefits that would impact tax rate, if recognized | $ 57 | $ 57 | |||
Effective tax rate | 21.90% | 24.90% | 22.30% | 26.10% | |
Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Income Tax Expense (Benefit), Remeasurement, Uncertain Tax Positions | $ 16 | ||||
Unrecognized Tax Benefits, Resulting from Lapse of Applicable Statute of Limitations | $ 11.4 | $ 8.1 | |||
Income tax benefit | 91.6 | ||||
Tax liability | 94.2 | ||||
Federal [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit from remeasurement of net deferred tax liabilities | 185.8 | ||||
Net deferred tax liability | $ 390.4 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Liability for Uncertain Tax Positions (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Balance at December 31, 2017 | $ 60.3 |
Additions for tax positions | 26.7 |
Reductions for tax positions | (16.1) |
Balance at September 30, 2018 | $ 70.9 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | |
Oct. 31, 2018 | Sep. 30, 2018 | |
6.35% Senior Notes Due September 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 80,000,000 | |
Interest rate on senior notes | 6.35% | |
7.08% Senior Notes Due September 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total debt, net | $ 160,000,000 | |
Interest rate on senior notes | 7.08% | |
Revolving Credit Facility Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Additional borrowing capacity under revolving credit facility | $ 500,000,000 | |
Available borrowing capacity under revolving credit facility | 1,700,000,000 | |
Revolving Credit Facility Borrowings [Member] | Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowing capacity under revolving credit facility | $ 1,500,000,000 | |
Revolving credit facility expiration date | Oct. 31, 2023 | |
Revolving credit facility expiration period | 5 years | |
Revolving Credit Facility Borrowings [Member] | Amended and Restated Credit Agreement [Member] | Subsequent Event [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowing capacity under revolving credit facility | $ 850,000,000 | |
Revolving credit facility expiration date | Mar. 31, 2021 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of stock options exercised | $ 23 | |||
Total fair value of stock options vested | 10.1 | |||
Expected future pre-tax compensation expense, nonvested stock options | $ 23 | |||
Nonvested stock options outstanding | 2,500,000 | |||
Weighted average period to recognize expected future pre-tax compensation expense (in years) | 2 years | |||
Stock Options Granted Prior Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, vesting rate | 25.00% | |||
Contractual term of stock options | 7 years | |||
Beginning in 2018 Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, vesting rate | 33.30% | |||
Contractual term of stock options | 10 years | |||
Restricted Stock Granted Prior Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cliff vesting period | 4 years | |||
Beginning in 2018, Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, vesting rate | 33.30% | |||
Non-Employee Directors Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cliff vesting period | 2 years | |||
Executive Chairman of the Board of Directors [Member] | Corporate Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax share-based compensation expense | $ 2.5 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | Restricted stock granted to non-employee directors generally vests two years after the grant date (cliff vesting) and is subject to accelerated vesting due to certain events, including doubling of the grant price of the Company's common stock as of the close of business during any five consecutive trading days. | |||
Awards granted, shares | 232,000 | |||
Weighted average period to recognize expected future pre-tax compensation expense (in years) | 2 years | |||
Total fair value of vested restricted stock | $ 11.3 | |||
Expected future pre-tax compensation expense, nonvested restricted shares | $ 32 | |||
Nonvested restricted stock outstanding | 901,000 | 932,000 | ||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | Restricted stock granted to employees prior to 2018 generally vests four years after the grant date (cliff vesting) and is subject to accelerated vesting due to certain events, including doubling of the grant price of the Company's common stock as of the close of business during any five consecutive trading days. | |||
Performance Restricted Stock Units [Member] | Officers And Key Management Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cliff vesting period | 3 years | |||
Awards granted, shares | 52,000 | |||
Performance Restricted Stock Units [Member] | Officers And Key Management Employees [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, vesting rate | 0.00% | |||
Performance Restricted Stock Units [Member] | Officers And Key Management Employees [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, vesting rate | 200.00% |
Share-Based Compensation - Tota
Share-Based Compensation - Total Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option expense | $ 2,924 | $ 2,482 | $ 8,467 | $ 7,449 |
Restricted stock expense | 3,738 | 3,094 | 10,586 | 12,240 |
PRSU expense | 483 | 1,047 | ||
Total pre-tax expense | $ 7,145 | $ 5,576 | $ 20,100 | $ 19,689 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted (Detail) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 17.30% | 18.00% |
Expected term (years) | 5 years | 5 years |
Risk-free interest rate | 2.81% | 1.94% |
Expected dividend yield | 0.76% | 0.60% |
Black-Scholes-Merton fair value per stock option granted | $ 14.12 | $ 11.05 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning balance, Outstanding, Shares | shares | 5,583 |
Granted, Shares | shares | 885 |
Exercised, Shares | shares | (665) |
Forfeited, Shares | shares | (119) |
Ending balance, Outstanding, Shares | shares | 5,684 |
Ending balance, Exercisable, Shares | shares | 3,168 |
Beginning balance, Outstanding, Weighted Average Exercise Price | $ / shares | $ 48.99 |
Granted, Weighted Average Exercise Price | $ / shares | 73.45 |
Exercised, Weighted Average Exercise Price | $ / shares | 42.21 |
Forfeited, Weighted Average Exercise Price | $ / shares | 56.17 |
Ending balance, Outstanding, Weighted Average Exercise Price | $ / shares | 53.44 |
Ending balance, Exercisable, Weighted Average Exercise Price | $ / shares | $ 47.17 |
Ending balance, Outstanding, Weighted Average Remaining Contractual Life (Years) | 4 years 6 months |
Ending balance, Exercisable, Weighted Average Remaining Contractual Life (Years) | 2 years 10 months 24 days |
Ending balance, Outstanding, Aggregate Intrinsic Value | $ | $ 146 |
Ending balance, Exercisable, Aggregate Intrinsic Value | $ | $ 101.2 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Nonvested Restricted Stock Activity and Related Information (Detail) - Restricted Stock [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Nonvested restricted stock outstanding, Shares | shares | 932 |
Granted, Shares | shares | 232 |
Vested, Shares | shares | (214) |
Forfeited, Shares | shares | (49) |
Ending balance, Nonvested restricted stock outstanding, Shares | shares | 901 |
Beginning balance, Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $ / shares | $ 53.53 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 73.64 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 52.75 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 55.05 |
Ending balance, Nonvested restricted stock outstanding, Weighted Average Grant Date Fair Value | $ / shares | $ 58.86 |
Retirement and Pension Plans -
Retirement and Pension Plans - Components of Net Periodic Pension Benefit Expense (Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined benefit plans: | ||||
Service cost | $ 1,766 | $ 1,919 | $ 5,373 | $ 5,657 |
Interest cost | 6,311 | 6,904 | 19,214 | 20,566 |
Expected return on plan assets | (14,734) | (13,343) | (44,581) | (39,884) |
Amortization of net actuarial loss and other | 2,952 | 3,512 | 8,856 | 10,536 |
Pension income | (3,705) | (1,008) | (11,138) | (3,125) |
Other plans: | ||||
Defined contribution plans | 6,877 | 5,830 | 22,220 | 18,788 |
Foreign plans and other | 1,505 | 1,435 | 4,688 | 4,323 |
Total other plans | 8,382 | 7,265 | 26,908 | 23,111 |
Total net pension expense | $ 4,677 | $ 6,257 | $ 15,770 | $ 19,986 |
Retirement and Pension Plans _2
Retirement and Pension Plans - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Retirement Benefits [Abstract] | ||
Defined benefit pension plan contributions | $ 2.2 | $ 52.5 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | Sep. 30, 2018USD ($)site | Sep. 30, 2018USD ($)site | Dec. 31, 2017USD ($) |
Site Contingency [Line Items] | |||
Number of non-owned sites Company is named Potentially Responsible Party | site | 13 | 13 | |
Number of non-owned sites the Company is identified as a de minimis party | site | 12 | 12 | |
Number of non-owned sites Company has reached tentative settlement agreement | site | 8 | 8 | |
Number of non-owned sites Company is still working to establish settlement amount | site | 4 | 4 | |
Total environmental reserves | $ 27.8 | $ 27.8 | $ 30.1 |
Increase (decrease) in environmental reserves | 3 | ||
Total expenses related to environmental matters | 5.2 | ||
Foreign currency translation | 0.1 | ||
HCC Industries [Member] | |||
Site Contingency [Line Items] | |||
Reserves related to an owned site acquired | 10.2 | 10.2 | $ 11.6 |
Receivables related to HCC for probable recoveries from third-party funds | 12.1 | $ 12.1 | |
Amount for which the Company is indemnified by HCC's former owners | $ 19 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Reduction in net income due to restructuring charges | $ 17 | $ 13.9 |
Restructuring charges | 25.6 | 20.7 |
Severance cost | 19.3 | |
Asset write-downs | 6.2 | |
Electronic Instruments Group [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 12.4 | 9.3 |
Electromechanical Group [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 11.6 | 10.8 |
Cost of Sales [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 24 | 20 |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1.6 | 0.7 |
Corporate Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 1.6 | $ 0.7 |
Restructuring Charges - Schedul
Restructuring Charges - Schedule of Accrued Liabilities in Company's Consolidated Balance Sheet Included Amounts Related to Restructuring Charges (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Fourth Quarter of 2016 Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserve, beginning balance | $ 12.8 |
Utilization | (4.6) |
Restructuring reserve, ending balance | 8.2 |
Fourth Quarter of 2015 Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserve, beginning balance | 6.7 |
Utilization | (0.6) |
Foreign currency translation adjustments and other | (0.6) |
Restructuring reserve, ending balance | $ 5.5 |