e10vq
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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þ |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2011
OR
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o |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-12981
AMETEK, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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14-1682544 |
(State or other jurisdiction of
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(I.R.S. Employer |
incorporation or organization)
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Identification No.) |
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1100 Cassatt Road |
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P.O. Box 1764 |
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Berwyn, Pennsylvania
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19312-1177 |
(Address of principal executive offices)
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(Zip Code) |
Registrants telephone number, including area code: (610) 647-2121
Indicate by check mark whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File required to be submitted and
posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12
months (or for such shorter period that the registrant was required to submit and post such files).
Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of
large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act.
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Large accelerated filer þ
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company o |
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(Do not check if a smaller reporting company)
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Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). Yes o No þ
The number of shares of the registrants common stock outstanding as of the latest
practicable date was: Common Stock, $0.01 Par Value, outstanding at April 28, 2011 was 160,818,317
shares.
AMETEK, Inc.
Form 10-Q
Table of Contents
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
AMETEK, Inc.
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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March 31, |
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2011 |
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2010 |
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Net sales |
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$ |
717,783 |
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$ |
556,662 |
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Operating expenses: |
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Cost of sales, excluding depreciation |
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472,804 |
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375,724 |
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Selling, general and administrative |
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81,492 |
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67,543 |
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Depreciation |
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11,467 |
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10,949 |
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Total operating expenses |
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565,763 |
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454,216 |
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Operating income |
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152,020 |
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102,446 |
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Other expenses: |
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Interest expense |
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(17,150 |
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(16,754 |
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Other, net |
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(1,485 |
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(515 |
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Income before income taxes |
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133,385 |
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85,177 |
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Provision for income taxes |
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42,950 |
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27,232 |
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Net income |
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$ |
90,435 |
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$ |
57,945 |
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Basic earnings per share |
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$ |
0.57 |
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$ |
0.36 |
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Diluted earnings per share |
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$ |
0.56 |
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$ |
0.36 |
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Weighted average common shares outstanding: |
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Basic shares |
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159,728 |
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159,928 |
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Diluted shares |
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162,186 |
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161,355 |
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Dividends declared and paid per share |
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$ |
0.06 |
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$ |
0.04 |
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See accompanying notes.
3
AMETEK, Inc.
Consolidated Balance Sheet
(In thousands)
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March 31, |
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December 31, |
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2011 |
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2010 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
155,009 |
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$ |
163,208 |
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Marketable securities |
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6,665 |
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5,645 |
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Receivables, less allowance for possible losses |
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434,517 |
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399,913 |
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Inventories |
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351,424 |
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335,253 |
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Deferred income taxes |
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32,868 |
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27,106 |
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Other current assets |
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42,343 |
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43,367 |
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Total current assets |
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1,022,826 |
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974,492 |
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Property, plant and equipment, net |
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317,635 |
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318,126 |
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Goodwill |
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1,591,779 |
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1,573,645 |
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Other intangibles, net of accumulated amortization |
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760,966 |
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761,556 |
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Investments and other assets |
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200,092 |
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191,096 |
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Total assets |
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$ |
3,893,298 |
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$ |
3,818,915 |
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Current liabilities: |
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Short-term borrowings and current portion of long-term debt |
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$ |
2,652 |
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$ |
97,152 |
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Accounts payable |
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261,579 |
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236,600 |
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Income taxes payable |
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61,340 |
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39,026 |
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Accrued liabilities |
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165,452 |
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178,081 |
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Total current liabilities |
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491,023 |
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550,859 |
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Long-term debt |
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1,080,696 |
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1,071,360 |
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Deferred income taxes |
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320,326 |
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311,466 |
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Other long-term liabilities |
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119,034 |
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110,026 |
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Total liabilities |
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2,011,079 |
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2,043,711 |
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Stockholders equity: |
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Common stock |
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1,682 |
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1,681 |
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Capital in excess of par value |
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271,221 |
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263,290 |
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Retained earnings |
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1,836,529 |
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1,755,742 |
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Accumulated other comprehensive loss |
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(73,661 |
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(91,958 |
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Treasury stock |
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(153,552 |
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(153,551 |
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Total stockholders equity |
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1,882,219 |
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1,775,204 |
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Total liabilities and stockholders equity |
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$ |
3,893,298 |
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$ |
3,818,915 |
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See accompanying notes.
4
AMETEK, Inc.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
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Three Months Ended |
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March 31, |
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2011 |
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2010 |
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Cash provided by (used for): |
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Operating activities: |
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Net income |
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$ |
90,435 |
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$ |
57,945 |
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Adjustments to reconcile net income to total operating activities: |
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Depreciation and amortization |
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19,854 |
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16,787 |
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Deferred income tax expense |
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2,869 |
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3,862 |
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Share-based compensation expense |
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4,332 |
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3,601 |
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Net change in assets and liabilities, net of acquisitions |
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(13,240 |
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10,053 |
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Pension contribution and other |
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(610 |
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(385 |
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Total operating activities |
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103,640 |
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91,863 |
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Investing activities: |
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Additions to property, plant and equipment |
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(10,371 |
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(5,811 |
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Purchases of businesses, net of cash acquired and other |
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(3,166 |
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(3,225 |
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Total investing activities |
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(13,537 |
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(9,036 |
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Financing activities: |
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Net change in short-term borrowings |
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(94,499 |
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(797 |
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Reduction in long-term borrowings |
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(627 |
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Repurchases of common stock |
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(67,345 |
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Cash dividends paid |
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(9,559 |
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(6,348 |
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Excess tax benefits from share-based payments |
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970 |
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1,584 |
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Proceeds from employee stock plans |
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2,316 |
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2,486 |
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Total financing activities |
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(101,399 |
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(70,420 |
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Effect of exchange rate changes on cash and cash equivalents |
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3,097 |
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(3,131 |
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(Decrease) increase in cash and cash equivalents |
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(8,199 |
) |
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9,276 |
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Cash and cash equivalents: |
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As of January 1 |
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163,208 |
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246,356 |
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As of March 31 |
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$ |
155,009 |
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$ |
255,632 |
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See accompanying notes.
5
AMETEK, Inc.
Notes to Consolidated Financial Statements
March 31, 2011
(Unaudited)
1. Basis of Presentation
The accompanying consolidated financial statements are unaudited. AMETEK, Inc. (the Company)
believes that all adjustments (which primarily consist of normal recurring accruals) necessary for
a fair presentation of the consolidated financial position of the Company at March 31, 2011, the
consolidated results of its operations and its cash flows for the three months ended March 31, 2011
and 2010 have been included. Quarterly results of operations are not necessarily indicative of
results for the full year. The accompanying financial statements should be read in conjunction with
the financial statements and related notes presented in the Companys Annual Report on Form 10-K
for the year ended December 31, 2010 as filed with the Securities and Exchange Commission.
2. Recent Accounting Pronouncements
In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards
Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures (ASU 2010-06). ASU 2010-06
provides amendments that clarify existing disclosures and require new disclosures related to fair
value measurements, providing greater disaggregated information on each class of assets and
liabilities and more robust disclosures on transfers between levels 1 and 2, and activity in level
3 fair value measurements. The Company adopted the applicable provisions within ASU 2010-06
effective January 1, 2010. The Company adopted the level 3 disclosure requirements of ASU 2010-06
that are effective for fiscal years beginning after December 15, 2010 and for interim periods
within those fiscal years as of January 1, 2011. See Note 5. The adoption of ASU 2010-06 did not
have a significant impact on the Companys fair value disclosures.
In April 2010, the FASB issued ASU No. 2010-17, Revenue Recognition Milestone Method (ASU
2010-17). ASU 2010-17 establishes criteria for a milestone to be considered substantive and
allows revenue recognition when the milestone is achieved in research or development arrangements.
In addition, it requires disclosure of certain information with respect to arrangements that
contain milestones. ASU 2010-17 was effective on January 1, 2011 for the Company and the adoption
did not have a significant impact on the Companys consolidated results of operations, financial
position or cash flows.
In December 2010, the FASB issued ASU No. 2010-29, Business Combinations (ASU 2010-29). ASU
2010-29 addresses diversity in practice about the interpretation of the pro forma disclosure
requirement for business combinations. ASU 2010-29 requires disclosure of pro forma revenue and
earnings for the current reporting period as though the acquisition date for all business
combinations that occurred during the year had been as of the beginning of the annual reporting
period for both the current and any comparable periods reported. The Company adopted the
disclosure requirements of ASU 2010-29 effective January 1, 2011.
3. 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 common 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:
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Three Months Ended |
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March 31, |
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2011 |
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2010 |
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(In thousands) |
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Weighted average shares: |
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Basic shares |
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159,728 |
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159,928 |
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Stock option and award plans |
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2,458 |
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1,427 |
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Diluted shares |
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162,186 |
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161,355 |
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6
AMETEK, Inc.
Notes to Consolidated Financial Statements
March 31, 2011
(Unaudited)
4. Comprehensive Income
Comprehensive income includes all changes in stockholders equity during a period except those
resulting from investments by and distributions to stockholders. The components of comprehensive
income were as follows:
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Three Months Ended |
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March 31, |
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2011 |
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2010 |
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(In thousands) |
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Net income |
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$ |
90,435 |
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$ |
57,945 |
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Foreign currency translation adjustment |
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14,496 |
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(29,107 |
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Foreign currency net investment hedge* |
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3,695 |
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(4,393 |
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Other |
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106 |
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233 |
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Total comprehensive income |
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$ |
108,732 |
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$ |
24,678 |
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* |
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Represents the net gains and losses on the Companys investment in certain foreign operations
in excess of the net gains and losses from the non-derivative foreign-currency-denominated
long-term debt. These debt instruments were designated as hedging instruments to offset foreign
exchange gains or losses on the net investment in certain foreign operations. |
5. Fair Value Measurements
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 Companys own assumptions used to measure assets and
liabilities at fair value. A financial asset or liabilitys classification within the hierarchy is
determined based on the lowest level input that is significant to the fair value measurement.
At March 31, 2011, $1.8 million of the Companys marketable securities are valued as level 1
investments. In addition, the Company held $4.9 million of marketable securities in an
institutional diversified equity securities mutual fund. These securities are valued as level 2
investments. The marketable securities are shown as a separate line on the consolidated balance
sheet. For the three months ended March 31, 2011, gains and losses on the investments noted above
were not significant. No transfers between level 1 and level 2 investments occurred during the
three months ended March 31, 2011.
Fair value of the institutional equity securities mutual fund was estimated using the net
asset value of the Companys ownership interests in the funds capital. The mutual fund seeks to
provide long-term growth of capital by investing primarily in equity securities traded on U.S.
exchanges and issued by large, established companies across many business sectors. Fair value of
the fixed-income securities was estimated using observable market inputs and the securities are
primarily corporate debt instruments and U.S. Government securities. There are no restrictions on
the Companys ability to redeem these equity and fixed-income securities investments.
7
AMETEK, Inc.
Notes to Consolidated Financial Statements
March 31, 2011
(Unaudited)
6. Hedging Activities
The Company has designated certain foreign-currency-denominated long-term borrowings as hedges
of the net investment in certain foreign operations. These net investment hedges are the Companys
British-pound-denominated long-term debt and Euro-denominated long-term debt, pertaining to certain
European acquisitions whose functional currencies are either the British pound or the Euro. These
acquisitions were financed by foreign-currency-denominated borrowings under the Companys revolving
credit facility and subsequently refinanced with long-term private placement debt. These
borrowings were designed to create net investment hedges in each of the foreign subsidiaries on
their respective dates of acquisition. On the respective dates of acquisition, the Company
designated the British pound- and Euro-denominated loans referred to above as hedging instruments
to offset foreign exchange gains or losses on the net investment in the acquired business due to
changes in the British pound and Euro exchange rates. These net investment hedges were evidenced
by managements documentation supporting the contemporaneous hedge designation on the acquisition
dates. Any gain or loss on the hedging instrument (the debt) following hedge designation, is
reported in accumulated other comprehensive income in the same manner as the translation adjustment
on the investment based on changes in the spot rate, which is used to measure hedge effectiveness.
At March 31, 2011, the Company had $192.5 million of British-pound-denominated loans, which
are designated as a hedge against the net investment in foreign subsidiaries acquired in 2008,
2006, 2004 and 2003. At March 31, 2011, the Company had $70.9 million of Euro-denominated loans,
which were designated as a hedge against the net investment in a foreign subsidiary acquired in
2005. As a result of these British-pound- and Euro-denominated loans being designated and
effective as net investment hedges, $9.3 million of currency remeasurement losses have been
included in the foreign currency translation component of other comprehensive income at March 31,
2011.
7. Inventories
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March 31, |
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December 31, |
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|
2011 |
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|
2010 |
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(In thousands) |
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Finished goods and parts |
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$ |
53,229 |
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$ |
46,953 |
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Work in process |
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73,388 |
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73,556 |
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Raw materials and purchased parts |
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224,807 |
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214,744 |
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Total inventories |
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$ |
351,424 |
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$ |
335,253 |
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8. Goodwill
The changes in the carrying amounts of goodwill by segment were as follows:
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EIG |
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EMG |
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Total |
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(In millions) |
|
|
|
|
|
Balance at December 31, 2010 |
|
$ |
864.4 |
|
|
$ |
709.2 |
|
|
$ |
1,573.6 |
|
Purchase price allocation adjustments and other |
|
|
2.9 |
|
|
|
(0.6 |
) |
|
|
2.3 |
|
Foreign currency translation adjustments |
|
|
11.7 |
|
|
|
4.2 |
|
|
|
15.9 |
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2011 |
|
$ |
879.0 |
|
|
$ |
712.8 |
|
|
$ |
1,591.8 |
|
|
|
|
|
|
|
|
|
|
|
8
AMETEK, Inc.
Notes to Consolidated Financial Statements
March 31, 2011
(Unaudited)
9. Income Taxes
At March 31, 2011, the Company had gross unrecognized tax benefits of $25.8 million, of which
$21.2 million, if recognized, would impact the effective tax rate.
The following is a reconciliation of the liability for uncertain tax positions (in millions):
|
|
|
|
|
Balance at December 31, 2010 |
|
$ |
22.8 |
|
Additions for tax positions |
|
|
4.1 |
|
Reductions for tax positions |
|
|
(1.1 |
) |
|
|
|
|
Balance at March 31, 2011 |
|
$ |
25.8 |
|
|
|
|
|
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 months ended March 31, 2011 and 2010 were not significant.
10. Financial Instruments
The estimated fair values of the Companys financial instruments are compared below to the
recorded amounts at March 31, 2011 and December 31, 2010. Cash, cash equivalents and marketable
securities are recorded at fair value at March 31, 2011 and December 31, 2010 in the accompanying
consolidated balance sheet.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset (Liability) |
|
|
March 31, 2011 |
|
December 31, 2010 |
|
|
Recorded |
|
|
|
|
|
Recorded |
|
|
|
|
Amount |
|
Fair Value |
|
Amount |
|
Fair Value |
|
|
(In thousands) |
Short-term borrowings |
|
$ |
|
|
|
$ |
|
|
|
$ |
(95,904 |
) |
|
$ |
(95,904 |
) |
Long-term debt (including current portion) |
|
|
(1,083,348 |
) |
|
|
(1,174,654 |
) |
|
|
(1,072,608 |
) |
|
|
(1,176,399 |
) |
The fair value of short-term borrowings approximates the carrying value. The Companys long-term
debt is all privately held with no public market for this debt, therefore, the fair value of
long-term debt was computed based on comparable current market data for similar debt instruments.
9
AMETEK, Inc.
Notes to Consolidated Financial Statements
March 31, 2011
(Unaudited)
11. Share-Based Compensation
Total share-based compensation expense was as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(In thousands) |
|
Stock option expense |
|
$ |
1,831 |
|
|
$ |
1,638 |
|
Restricted stock expense |
|
|
2,501 |
|
|
|
1,963 |
|
|
|
|
|
|
|
|
Total pre-tax expense |
|
|
4,332 |
|
|
|
3,601 |
|
Related tax benefit |
|
|
(1,389 |
) |
|
|
(1,007 |
) |
|
|
|
|
|
|
|
Reduction of net income |
|
$ |
2,943 |
|
|
$ |
2,594 |
|
|
|
|
|
|
|
|
Pre-tax share-based compensation expense is included in either cost of sales, or selling,
general and administrative expenses, depending on where the recipients cash compensation is
reported.
Subsequent Event
Restricted stock awards are subject to accelerated vesting due to certain events, including
doubling of the grant price of the Companys common stock as of the close of business during any
five consecutive trading days. On April 6, 2011, 509,709 shares of restricted stock, which were
granted on April 23, 2009, vested under this accelerated vesting provision. The pre-tax charge to
income due to the accelerated vesting of these shares was $5.2 million ($3.6 million net after-tax
charge) for the three months ending June 30, 2011.
12. Retirement and Pension Plans
The components of net periodic pension benefit expense were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(In thousands) |
|
Defined benefit plans: |
|
|
|
|
|
|
|
|
Service cost |
|
$ |
1,088 |
|
|
$ |
1,186 |
|
Interest cost |
|
|
7,067 |
|
|
|
6,897 |
|
Expected return on plan assets |
|
|
(11,266 |
) |
|
|
(10,219 |
) |
Amortization of net actuarial loss and other |
|
|
1,138 |
|
|
|
1,993 |
|
|
|
|
|
|
|
|
Pension income |
|
|
(1,973 |
) |
|
|
(143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other plans: |
|
|
|
|
|
|
|
|
Defined contribution plans |
|
|
4,070 |
|
|
|
3,056 |
|
Foreign plans and other |
|
|
1,173 |
|
|
|
1,057 |
|
|
|
|
|
|
|
|
Total other plans |
|
|
5,243 |
|
|
|
4,113 |
|
|
|
|
|
|
|
|
|
Total net pension expense |
|
$ |
3,270 |
|
|
$ |
3,970 |
|
|
|
|
|
|
|
|
For the three months ended March 31, 2011 and 2010, contributions to our defined benefit
pension plans were not significant.
10
AMETEK, Inc.
Notes to Consolidated Financial Statements
March 31, 2011
(Unaudited)
13. Product Warranties
The Company provides limited warranties in connection with the sale of its products. The
warranty periods for products sold vary widely among the Companys operations, but for the most
part do not exceed one year. The Company calculates its warranty expense provision based on past
warranty experience and adjustments are made periodically to reflect actual warranty expenses.
Changes in the accrued product warranty obligation were as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(In thousands) |
|
Balance at the beginning of the period |
|
$ |
18,347 |
|
|
$ |
16,035 |
|
Accruals for warranties issued during the period |
|
|
3,569 |
|
|
|
2,723 |
|
Settlements made during the period |
|
|
(2,748 |
) |
|
|
(2,732 |
) |
Warranty accruals related to new businesses and other |
|
|
278 |
|
|
|
(350 |
) |
|
|
|
|
|
|
|
Balance at the end of the period |
|
$ |
19,446 |
|
|
$ |
15,676 |
|
|
|
|
|
|
|
|
Certain settlements of warranties made during the period were for specific nonrecurring
warranty obligations. Product warranty obligations are reported as current liabilities in the
consolidated balance sheet.
14. Contingencies
Asbestos Litigation
The Company (including its subsidiaries) has been named as a defendant, along with many other
companies, in a number of asbestos-related lawsuits. Many of these lawsuits either relate to
businesses which were acquired by the Company and do not involve products which were manufactured
or sold by the Company or relate to previously owned businesses of the Company which are under new
ownership. In connection with many of these lawsuits, the sellers or new owners of such
businesses, as the case may be, have agreed to indemnify the Company against these claims (the
Indemnified Claims). The Indemnified Claims have been tendered to, and are being defended by,
such sellers and new owners. These sellers and new owners have met their obligations, in all
respects, and the Company does not have any reason to believe such parties would fail to fulfill
their obligations in the future; however, one of these companies filed for bankruptcy liquidation
in 2007. To date, no judgments have been rendered against the Company as a result of any
asbestos-related lawsuit. The Company believes it has strong defenses to the claims being asserted
and intends to continue to vigorously defend itself in these matters.
Environmental Matters
Certain historic processes in the manufacture of products have resulted in environmentally
hazardous waste by-products as defined by federal and state laws and regulations. At March 31,
2011, the Company is named a Potentially Responsible Party (PRP) at 16 non-AMETEK-owned former
waste disposal or treatment sites (the non-owned sites). The Company is identified as a de
minimis party in 14 of these sites based on the low volume of waste attributed to the Company
relative to the amounts attributed to other named PRPs. In ten of these sites, the Company has
reached a tentative agreement on the cost of the de minimis settlement to satisfy its obligation
and is awaiting executed agreements. The tentatively agreed-to settlement amounts are fully
reserved. In the other four sites, the Company is continuing to investigate the accuracy of the
alleged volume attributed to the Company as estimated by the parties primarily responsible for
remedial activity at the sites to establish an appropriate settlement amount. In the two remaining
sites where the Company is a non-de minimis PRP, the Company is participating in the investigation
and/or related required remediation as part of a PRP Group and reserves have been established
sufficient to satisfy the Companys expected obligations. The Company historically has resolved
these issues within established reserve levels and reasonably expects this result will continue.
In addition to these non-owned sites, the Company has an ongoing practice of providing reserves for
probable remediation activities at certain of its current or previously owned manufacturing
locations (the owned sites). For claims and
11
AMETEK, Inc.
Notes to Consolidated Financial Statements
March 31, 2011
(Unaudited)
proceedings against the Company with respect to
other environmental matters, reserves are established once the Company has determined that a loss
is probable and estimable. This estimate is refined as the Company moves through the various
stages of investigation, risk assessment, feasibility study and corrective action processes. In
certain instances, the Company has developed a range of estimates for such costs and has recorded a
liability based on the low end of the range. It is reasonably possible that the actual cost of
remediation of the individual sites could vary from the current estimates and the amounts accrued
in the consolidated financial statements; however, the amounts of such variances are not expected
to result in a material change to the consolidated financial statements. In estimating the
Companys liability for remediation, the Company also considers the likely proportionate share
of the anticipated remediation expense and the ability of the other PRPs to fulfill their
obligations.
Total environmental reserves at March 31, 2011 and December 31, 2010 were $31.2 million and
$31.3 million, respectively, for both non-owned and owned sites. For the three months ended March
31, 2011, the Company recorded $1.0 million in additional reserves. Additionally, the Company spent
$1.1 million on environmental matters for the three months ended March 31, 2011. The Companys
reserves for environmental liabilities at March 31, 2011 and December 31, 2010 include reserves of
$19.5 million and $18.9 million, respectively, for an owned site acquired in connection with the
2005 acquisition of HCC Industries (HCC). The Company is the designated performing party for the
performance of remedial activities for one of several operating units making up a large Superfund
site in the San Gabriel Valley of California. The Company has obtained indemnifications and other
financial assurances from the former owners of HCC related to the costs of the required remedial
activities. At March 31, 2011, the Company had $14.8 million in receivables related to HCC for
probable recoveries from third-party escrow funds and other committed third-party funds to support
the required remediation. Also, the Company is indemnified by HCCs former owners for
approximately $19.0 million of additional costs.
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; however, one of these companies filed for bankruptcy
liquidation in 2007 and, as a result, the Company is performing investigation and remediation of a
formerly owned site under a Stipulation and Settlement Agreement.
The Company believes it has established reserves 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 upon presently available information and past 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.
15. Reportable Segments
The Company has two reportable segments, Electronic Instruments Group (EIG) and
Electromechanical Group (EMG). The Company manages, evaluates and aggregates its operating
segments for segment reporting purposes primarily on the basis of product type, production
processes, distribution methods and management organizations.
At March 31, 2011, there were no significant changes in identifiable assets of reportable
segments from the amounts disclosed at December 31, 2010, nor were there any significant changes in
the basis of segmentation or in the measurement of segment operating results. Operating information
relating to the Companys reportable segments for the three months ended March 31, 2011 and 2010
can be found in the table included in Part I, Item 2. Managements Discussion and Analysis of
Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q.
12
AMETEK, Inc.
Notes to Consolidated Financial Statements
March 31, 2011
(Unaudited)
16. Fourth Quarter of 2008 Restructuring Charges and Asset Write-Downs
During the fourth quarter of 2008, the Company recorded pre-tax charges totaling $40.0
million, which had the effect of reducing net income by $27.3 million ($0.17 per diluted share).
These charges included restructuring costs for employee reductions and facility closures ($32.6
million), as well as asset write-downs ($7.4 million). The charges included $30.1 million for
severance costs for more than 10% of the Companys workforce and $1.5 million for lease termination
costs associated with the closure of certain facilities. Of the $40.0 million in charges, $32.9
million of the restructuring charges and asset write-downs were recorded in cost of sales and $7.1
million of the restructuring charges and asset write-downs were recorded in Selling, general and
administrative expenses. The restructuring charges and asset write-downs were reported in 2008
segment operating income as follows: $20.4 million in EIG, $19.4 million in EMG and $0.2 million in
Corporate administrative and other expenses. The restructuring costs for employee reductions and
facility closures relate to plans established by the Company in 2008 as part of cost reduction
initiatives that were broadly implemented across the Companys various businesses during fiscal
2009. The restructuring costs resulted from the consolidation of manufacturing facilities, the
migration of production to low-cost locales and a general reduction in workforce in response to
lower levels of expected sales volumes in certain of the Companys businesses.
The following table provides a rollforward of the remaining accruals established in the fourth
quarter of 2008 for restructuring charges and asset write-downs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
Facility |
|
|
|
|
|
|
Severance |
|
|
Closures |
|
|
Total |
|
|
|
(In millions) |
|
Restructuring accruals at December 31, 2010 |
|
$ |
6.6 |
|
|
$ |
0.3 |
|
|
$ |
6.9 |
|
Utilization |
|
|
(0.9 |
) |
|
|
(0.1 |
) |
|
|
(1.0 |
) |
Foreign currency translation and other |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
Restructuring accruals at March 31, 2011 |
|
$ |
5.9 |
|
|
$ |
0.3 |
|
|
$ |
6.2 |
|
|
|
|
|
|
|
|
|
|
|
17. Subsequent Event
In April 2011, the Company acquired Avicenna Technology, Inc. (Avicenna), a privately held
supplier of custom, fine-featured components used in the medical device industry with estimated
annual sales of approximately $25 million. Avicenna provides the Company with additional expertise
in producing fine-featured catheter and other medical components for leads, guide wires and custom
medical assemblies. Avicenna complements the Companys medical device market businesses and is an
excellent fit with its Technical Services for Electronics business, which was acquired in 2010.
The combination of these two businesses positions AMETEK as the only medical interconnects provider
with integrated capabilities for the catheter, cardiac and neurostimulation markets. Avicenna will
join AMETEKs Electromechanical Group.
13
|
|
|
Item 2. |
|
Managements Discussion and Analysis of Financial Condition and Results of Operations |
Results of Operations
The following table sets forth net sales and income by reportable segment and on a
consolidated basis:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(In thousands) |
|
Net sales(1): |
|
|
|
|
|
|
|
|
Electronic Instruments |
|
$ |
388,842 |
|
|
$ |
298,664 |
|
Electromechanical |
|
|
328,941 |
|
|
|
257,998 |
|
|
|
|
|
|
|
|
Consolidated net sales |
|
$ |
717,783 |
|
|
$ |
556,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income and income before income taxes: |
|
|
|
|
|
|
|
|
Segment operating income(2): |
|
|
|
|
|
|
|
|
Electronic Instruments |
|
$ |
99,960 |
|
|
$ |
69,066 |
|
Electromechanical |
|
|
62,926 |
|
|
|
43,364 |
|
|
|
|
|
|
|
|
Total segment operating income |
|
|
162,886 |
|
|
|
112,430 |
|
Corporate administrative and other expenses |
|
|
(10,866 |
) |
|
|
(9,984 |
) |
|
|
|
|
|
|
|
Consolidated operating income |
|
|
152,020 |
|
|
|
102,446 |
|
Interest and other expenses, net |
|
|
(18,635 |
) |
|
|
(17,269 |
) |
|
|
|
|
|
|
|
Consolidated income before income taxes |
|
$ |
133,385 |
|
|
$ |
85,177 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
After elimination of intra- and intersegment sales, which are not significant in amount. |
|
(2) |
|
Segment operating income represents sales less all direct costs and expenses (including
certain administrative and other expenses) applicable to each segment, but does not include
interest expense. |
Results of operations for the first quarter of 2011 compared with the first quarter of 2010
For the quarter ended March 31, 2011, the Company established records for orders, sales,
operating income, operating income margins, net income and diluted earnings per share. The Company
achieved these results from strong internal growth in both the Electronic Instruments Group (EIG)
and Electromechanical Group (EMG), as well as contributions from the acquisitions of Technical
Services for Electronics (TSE) in June 2010, Haydon Enterprises in July 2010 and Atlas Material
Testing Technology LLC in November 2010, as well as the small acquisitions of Imago Scientific
Instruments in April 2010 and American Reliances Power Division in August 2010. As a result of the
first quarter of 2011 records, in particular orders, the Company expects operating results
throughout the remainder of 2011 to show continued strength compared to 2010.
Net sales for the first quarter of 2011 were $717.8 million, an increase of $161.1 million or
28.9% when compared with net sales of $556.7 million for the first quarter of 2010. The increase
in net sales was primarily attributable to higher order rates, as well as the impact of the
acquisitions mentioned above. The net sales increase for the first quarter of 2011 was driven by
strong internal sales growth of approximately 18%, with no impact from foreign currency
translation. The acquisitions mentioned above contributed the remainder of the net sales increase.
Total international sales for the first quarter of 2011 were $361.4 million or 50.3% of
consolidated net sales, an increase of $75.5 million or 26.4% when compared with international
sales of $285.9 million or 51.4% of consolidated net sales for the first quarter of 2010. The $75.5
million increase in international sales resulted from higher sales growth noted above, as well as
continued expansion into Asia, and includes the effect of foreign currency translation. Both
reportable segments of the Company maintain a strong international sales presence in Europe and
Asia.
14
Results of Operations (continued)
New orders for the first quarter of 2011 were $798.7 million, an increase of $216.4 million or
37.2% when compared with $582.3 million for the first quarter of 2010. For the first quarter of
2011, internal growth was approximately 22%, excluding a 3% favorable effect of foreign currency
translation, driven by the differentiated businesses of both EIG and EMG, with the acquisitions
mentioned above accounting for the remainder of the increase. As a result, the Companys backlog of
unfilled orders at March 31, 2011 was a record at $909.7 million, an increase of $80.9 million or
9.8% when compared with $828.8 million at December 31, 2010.
Segment operating income for the first quarter of 2011 was $162.9 million, an increase of
$50.5 million or 44.9% when compared with segment operating income of $112.4 million for the first
quarter of 2010. Segment operating income, as a percentage of sales, increased to 22.7% for the
first quarter of 2011 from 20.2% for the first quarter of 2010. The increase in segment operating
income and segment operating margins resulted primarily from the leveraged impact of the Companys
sales increase noted above, as well as the benefits of the Companys lower cost structure through
Operational Excellence initiatives.
Selling, general and administrative (SG&A) expenses for the first quarter of 2011 were $81.5
million, an increase of $14.0 million or 20.7% when compared with $67.5 million for the first
quarter of 2010. As a percentage of sales, SG&A expenses were 11.4% for the first quarter of 2011,
compared with 12.1% for the first quarter of 2010. Selling expense increased $13.1 million or
22.7% for the first quarter of 2011 driven by the increase in sales noted above. Selling expenses,
as a percentage of sales, decreased to 9.9% for the first quarter of 2011, compared with 10.4% for
the first quarter of 2010. Base business selling expense increased approximately 12.5% for the
first quarter of 2011, which was well below the first quarter of 2011 internal sales growth of 18%.
Corporate administrative expenses for the first quarter of 2011 were $10.8 million, an
increase of $0.9 million or 9.1% when compared with $9.9 million for the first quarter of 2010.
The increase in corporate administrative expenses was primarily driven by higher
compensation-related expenses. As a percentage of sales, corporate administrative expenses were
1.5% for the first quarter of 2011, compared with 1.8% for the first quarter of 2010.
Consolidated operating income was $152.0 million or 21.2% of sales for the first quarter of
2011, an increase of $49.6 million or 48.4% when compared with $102.4 million or 18.4% of sales for
the first quarter of 2010.
Interest expense was $17.2 million for the first quarter of 2011, an increase of $0.4 million
or 2.4% when compared with $16.8 million for the first quarter of 2010. The increase was primarily
due to the impact of the issuance of an 80 million British pound senior note in the third quarter
of 2010, partially offset by the repayment of a 50 million British pound senior note in the third
quarter of 2010.
Net income for the first quarter of 2011 was $90.4 million, an increase of $32.5 million or
56.1% when compared with $57.9 million for the first quarter of 2010. Diluted earnings per share
for the first quarter of 2011 was $0.56, an increase of $0.20 or 55.6% when compared with $0.36 per
diluted share for the first quarter of 2010.
15
Results of Operations (continued)
Segment Results
EIGs sales totaled $388.8 million for the first quarter of 2011, an increase of $90.1 million
or 30.2% when compared with $298.7 million for the first quarter of 2010. The sales increase was
due to internal growth of approximately 22%, with no impact from foreign currency translation, and
was driven primarily by increases in EIGs process, power and industrial businesses. The
acquisition of Atlas primarily accounted for the remainder of the sales increase.
EIGs operating income was $100.0 million for the first quarter of 2011, an increase of $30.9
million or 44.7% when compared with $69.1 million for the first quarter of 2010. EIGs operating
margins were 25.7% of sales for the first quarter of 2011 compared with 23.1% of sales for the
first quarter of 2010. The increase in segment operating income and operating margins was driven
by the leveraged impact of the Groups increase in sales noted above, as well as the benefit of the
Groups lower cost structure through Operational Excellence initiatives.
EMGs sales totaled $328.9 million for the first quarter of 2011, an increase of $70.9 million
or 27.5% from $258.0 million for the first quarter of 2010. The sales increase was due to internal
growth of approximately 13%, with no impact from foreign currency translation, and was driven by
increases in EMGs differentiated businesses. The acquisitions of TSE and Haydon Enterprises
accounted for the remainder of the sales increase.
EMGs operating income was $62.9 million for the first quarter of 2011, an increase of $19.5
million or 44.9% when compared with $43.4 million for the first quarter of 2010. EMGs operating
margins were 19.1% of sales for the first quarter of 2011 compared with 16.8% of sales for the
first quarter of 2010. EMGs increase in operating income and operating margins was primarily due
to the leveraged impact of the Groups increase in sales noted above, as well as the benefit of the
Groups lower cost structure through Operational Excellence initiatives.
16
Financial Condition
Liquidity and Capital Resources
Cash provided by operating activities totaled $103.6 million for the first quarter of 2011, an
increase of $11.7 million or 12.7% when compared with $91.9 million for the first quarter of 2010.
The increase in cash provided by operating activities was primarily due to the $32.5
million increase in net income, partially offset by higher overall operating working capital levels
necessary to grow the Companys businesses. Free cash flow (cash flow provided by operating
activities less capital expenditures) was $93.3 million for the first quarter of 2011, compared to
$86.1 million for the first quarter of 2010. EBITDA (earnings before interest, income taxes,
depreciation and amortization) was $170.2 million for the first quarter of 2011, compared with
$118.5 million for the first quarter of 2010. Free cash flow and EBITDA are presented because the
Company is aware that they are measures used by third parties in evaluating the Company.
Cash used for investing activities totaled $13.5 million for the first quarter of 2011,
compared with $9.0 million for the first quarter of 2010. Additions to property, plant and
equipment totaled $10.4 million for the first quarter of 2011, compared with $5.8 million for the
first quarter of 2010. For the first quarter of 2010, the Company paid $3.1 million for one small
business acquisition, net of cash received.
Cash used for financing activities totaled $101.4 million for the first quarter of 2011,
compared with $70.4 million for the first quarter of 2010. The change in financing cash flow was
primarily the result of the net total borrowings decrease of $95.1 million for the first quarter of
2011, compared with a net total borrowings decrease of $0.8 million for the first quarter of 2010.
In the first quarter of 2010, the Company repurchased 2.7 million shares of the Companys common
stock for $67.3 million. No shares were repurchased for the first three months of 2011.
At March 31, 2011, total debt outstanding was $1,083.3 million, compared with $1,168.5 million
at December 31, 2010, with no significant maturities until 2012. The debt-to-capital ratio was
36.5% at March 31, 2011, compared with 39.7% at December 31, 2010. The net debt-to-capital ratio
(total debt less cash and cash equivalents divided by the sum of net debt and stockholders equity)
was 33.0% at March 31, 2011, compared with 36.2% at December 31, 2010. The net debt-to-capital
ratio is presented because the Company is aware that this measure is used by third parties in
evaluating the Company.
As a result of all of the Companys cash flow activities for the first quarter of 2011, cash
and cash equivalents at March 31, 2011 totaled $155.0 million, compared with $163.2 million at
December 31, 2010. The Company is in compliance with all covenants, including financial covenants,
for all of its debt agreements. The Company believes it has sufficient cash-generating
capabilities from domestic and unrestricted foreign sources, available credit facilities and access
to long-term capital funds to enable it to meet its operating needs and contractual obligations in
the foreseeable future.
17
Forward-Looking Information
Information contained in this discussion, other than historical information, is considered
forward-looking statements and is subject to various factors and uncertainties that may cause
actual results to differ significantly from expectations. These factors and uncertainties include
general economic conditions affecting the industries the Company serves; changes in the competitive
environment or the effects of competition in the Companys markets; risks associated with
international sales and operations; the Companys ability to consummate and successfully integrate
future acquisitions; the Companys ability to successfully develop new products, open new
facilities or transfer product lines; the price and availability of raw materials; compliance with
government regulations, including environmental regulations; and the ability to maintain adequate
liquidity and financing sources. A detailed discussion of these and other factors that may affect
the Companys future results is contained in AMETEKs filings with the Securities and Exchange
Commission, including its most recent reports on Form 10-K, 10-Q and 8-K. AMETEK disclaims any
intention or obligation to update or revise any forward-looking statements, unless required by the
securities laws to do so.
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Item 4. |
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Controls and Procedures |
The Company maintains a system of disclosure controls and procedures that is designed to
provide reasonable assurance that information, which is required to be disclosed, is accumulated
and communicated to management in a timely manner. The Companys principal executive officer and
principal financial officer evaluated the effectiveness of the system of disclosure controls and
procedures as of March 31, 2011. Based on that evaluation, the Companys principal executive
officer and principal financial officer concluded that the Companys disclosure controls and
procedures are effective in all material respects as of March 31, 2011.
Such evaluation did not identify any change in the Companys internal control over financial
reporting during the quarter ended March 31, 2011 that has materially affected, or is reasonably
likely to materially affect, the Companys internal control over financial reporting.
18
PART II. OTHER INFORMATION
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Exhibit |
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Number |
|
Description |
31.1
|
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Certification of Chief Executive Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
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31.2
|
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Certification of Chief Financial Officer, Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
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32.1
|
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Certification of Chief Executive Officer, Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
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32.2
|
|
Certification of Chief Financial Officer, Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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101.INS
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XBRL Instance Document. |
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101.SCH
|
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XBRL Taxonomy Extension Schema Document. |
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document. |
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|
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document. |
|
|
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document. |
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|
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document. |
19
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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AMETEK, Inc.
(Registrant)
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By: |
/s/ Robert R. Mandos, Jr.
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Robert R. Mandos, Jr. |
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Senior Vice President and Comptroller
(Principal Accounting Officer) |
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May 5, 2011
20