Financial Analysis

Contingencies Indemnifications In conjunction with certain acquisition and divestiture transactions, the Company may agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events (e.g., breaches of contract obligations or retention of previously existing environmental, tax or employee liabilities) whose terms range in duration and often are not explicitly defined. Where appropriate, the obligation for such indemnifications is recorded as a liability. Because the amount of these types of indemnifications generally is not specifically stated, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Further, the Company indemnifies its directors and officers for claims against them in connection with their positions with the Company. Historically, any such costs incurred to settle claims related to these indemnifications have been minimal for the Company. The Company believes that future payments, if any, under all existing indemnification agreements would not have a material impact on its consolidated results of operations, financial position or cash flows. 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. I …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Long-term debt, net consisted of the following at December 31: 2025 2024 (In thousands) U.S. dollar 3.91% senior notes due June 2025 $ $ 50,000 U.S. dollar 3.96% senior notes due August 2025 100,000 U.S. dollar 4.18% senior notes due December 2025 275,000 U.S. dollar 3.83% senior notes due September 2026 100,000 100,000 U.S. dollar 4.32% senior notes due December 2027 250,000 250,000 U.S. dollar 4.37% senior notes due December 2028 50,000 50,000 U.S. dollar 3.98% senior notes due September 2029 100,000 100,000 U.S. dollar 4.45% senior notes due August 2035 50,000 50,000 British pound 2.59% senior note due November 2028 201,665 187,803 British pound 2.70% senior note due November 2031 100,847 93,917 Euro 1.34% senior notes due October 2026 352,017 310,514 Euro 1.71% senior notes due December 2027 88,008 77,628 Euro 1.53% senior notes due October 2028 234,701 207,011 Revolving credit facility borrowings 18,775 230,000 Commercial paper borrowings 740,000 Other, principally foreign 1,906 Less: Debt issuance costs (2,704) (4,058) Total debt, net 2,283,309 2,079,721 Less: Current portion, net (1,208,975) (654,346) Total long-term debt, net $ 1,074,334 $ 1,425,375 Maturities of long-term debt borrowings outstanding at December 31, 2025 were as follows: $338.0 million in 2027; $486.4 million in 2028; $100.0 million in 2029; none in 2030; $100.8 million in 2031; and $49.1 million in 2032 and thereafter. The weighted average interest rate on total debt borrowings outstanding at De …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Companys timing of revenue recognition was as follows for the year ended December 31: 2025 EIG EMG Total (In thousands) Products transferred at a point in time $ 3,894,773 $ 2,239,338 $ 6,134,111 Products and services transferred over time 1,024,327 242,678 1,267,005 Consolidated net sales $ 4,919,100 $ 2,482,016 $ 7,401,116 2024 EIG EMG Total (In thousands) Products transferred at a point in time $ 3,739,209 $ 2,052,862 $ 5,792,071 Products and services transferred over time 920,706 228,403 1,149,109 Consolidated net sales $ 4,659,915 $ 2,281,265 $ 6,941,180 2023 EIG EMG Total (In thousands) Products transferred at a point in time $ 3,831,321 $ 1,772,329 $ 5,603,650 Products and services transferred over time 792,929 200,371 993,300 Consolidated net sales $ 4,624,250 $ 1,972,700 $ 6,596,950 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Compensation Under the terms of the Companys stockholder-approved share-based plans, performance restricted stock units (PRSUs), incentive and non-qualified stock options and restricted stock have been, and may be, issued to the Companys officers, management-level employees and members of its Board of Directors. Stock options granted generally vest at a rate of one-third on each of the first three anniversaries of the grant date and have a maximum contractual term of ten years. Restricted stock granted to employees generally vests one-third on each of the first three anniversaries of the grant date. 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 Companys common stock as of the close of business during any five consecutive trading days. Share Based Compensation Expense The Company measures and records compensation expense related to all stock awards by recognizing the grant date fair value of the awards over their requisite service periods in the financial statements. For grants under any of the Companys plans that are subject to graded vesting based on a service condition, the Company recognizes expense on a straight-line basis over the requisite service period for the entire award. Total share-based compensation expense was as follows for the years ended December 31: 2025 2024 2023 (In thousan …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company utilizes a hierarchy for disclosure of the inputs to the valuations used to measure fair value. The hierarchy prioritizes the inputs into three broad levels as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 - 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 - 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. The following tables provide the Companys assets and liabilities that are measured at fair value on a recurring basis at December 31: 2025 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 8,199 $ 8,199 $ $ 2024 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 9,124 $ 9,124 $ $ The fair value of mutual fund investments is based on quoted market prices. The mutual fund investments are shown as a component of long-term assets i …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets The changes in the carrying amounts of goodwill by segment were as follows: EIG EMG Total (In millions) Balance at December 31, 2023 $ 4,365.0 $ 2,082.6 $ 6,447.6 Goodwill acquired 70.7 70.7 Purchase price allocation adjustments and other 30.7 61.7 92.4 Foreign currency translation adjustments (41.5) (13.3) (54.8) Balance at December 31, 2024 4,424.9 2,131.0 6,555.9 Goodwill acquired 513.1 513.1 Purchase price allocation adjustments and other 4.5 4.5 Foreign currency translation adjustments 65.7 31.6 97.3 Balance at December 31, 2025 $ 5,008.2 $ 2,162.6 $ 7,170.8 Other intangible assets were as follows at December 31: 2025 2024 (In thousands) Definite-lived intangible assets (subject to amortization): Patents $ 48,540 $ 46,043 Purchased technology 929,646 815,088 Customer lists 4,149,003 3,823,907 5,127,189 4,685,038 Accumulated amortization: Patents (39,661) (37,977) Purchased technology (444,707) (378,102) Customer lists (1,617,739) (1,377,094) (2,102,107) (1,793,173) Net intangible assets subject to amortization 3,025,082 2,891,865 Indefinite-lived intangible assets (not subject to amortization): Trademarks and trade names 1,103,312 1,023,308 $ 4,128,394 $ 3,915,173 Amortization expense was $277.3 million, $247.7 million, and $215.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization expense for each of the next five years is expected to approximate $277 million per year, not considering the impact o …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes The components of income before income taxes and the details of the provision for income taxes were as follows for the years ended December 31: 2025 2024 2023 (In thousands) Income before income taxes: Domestic $ 1,062,732 $ 991,681 $ 1,026,113 Foreign 735,607 669,858 580,299 Total $ 1,798,339 $ 1,661,539 $ 1,606,412 Provision for income taxes: Current: Federal $ 167,392 $ 120,367 $ 206,477 Foreign 197,051 155,055 144,476 State 24,470 22,936 34,173 Total current 388,913 298,358 385,126 Deferred: Federal (32,883) (437) (69,956) Foreign (26,329) (14,317) (15,113) State (11,504) 1,811 (6,833) Total deferred (70,716) (12,943) (91,902) Total provision $ 318,197 $ 285,415 $ 293,224 Significant components of the deferred tax (asset) liability were as follows at December 31: 2025 2024 (In thousands) Non-current deferred tax (asset) liability: Differences in basis of property and accelerated depreciation (1) $ 44,913 $ 49,513 Reserves not currently deductible (127,953) (117,420) Pensions 102,992 89,508 Differences in basis of intangible assets and accelerated amortization 838,916 849,768 Net operating loss carryforwards (159,047) (116,611) Share-based compensation (14,973) (14,614) Foreign Tax Credit Carryforwards (9,375) (2,840) Unremitted earnings 20,127 13,906 Other (54,295) (19,626) 641,305 731,584 Less: Valuation allowance 33,547 21,305 674,852 752,889 Portion included in non-current assets 114,063 78,141 Gross non-current deferred tax liability $ 788,915 $ 831,030 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases and Other Commitments Leases The Company has commitments under operating leases for certain facilities, vehicles and equipment used in its operations. Cash used in operations for operating leases was not materially different from operating lease expense for the years ended December 31, 2025 and 2024. Our leases have initial lease terms ranging from 1 month to 15 years. The components of lease expense were as follows: 2025 2024 2023 (In thousands) Operating lease cost $ 78,596 $ 76,315 $ 63,049 Variable lease cost 14,296 11,730 11,384 Total lease cost $ 92,892 $ 88,045 $ 74,433 Supplemental balance sheet information related to leases was as follows: December 31, 2025 2024 (In thousands) Right of use assets, net $ 273,142 $ 235,666 Lease liabilities included in Accrued liabilities and other 61,133 54,736 Lease liabilities included in Other long-term liabilities 227,066 190,017 Total lease liabilities $ 288,199 $ 244,753 Supplemental cash flow information and other information related to leases was as follows for the year ended December 31,: 2025 2024 (In thousands) Right-of-use assets obtained in exchange for new operating liabilities $ 45,953 $ 44,079 Weighted-average remaining lease terms operating leases (years) 6.58 6.49 Weighted-average discount rate operating leases 4.88 % 4.74 % Maturities of lease liabilities as of December 31, 2025 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) 2026 $ 71,442 2027 60,150 2028 48,078 2029 40,037 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Pronouncement In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (""ASU 2023-09""), which improves income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The Company retrospectively adopted ASU 2023-09, effective December 31, 2025, and the adoption resulted in additional disclosures in the Income Taxes footnote. Recent Accounting Pronouncements In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815) - Hedge Accounting Improvements (ASU 2025-09). The amendments in this update aim to better align financial reporting with an entity's risk management strategies. It makes improvements in five key areas to help entities achieve and maintain hedge accounting for highly effective economic hedges. Improvements include changes to similar risk assessment for cash flow hedges, a new model for Choose-Your-Rate debt instruments, a principles-based approach for nonfinancial forecasted transactions, clarification on net written options, and addressing the mismatch in dual-hedge accounting ASU 2025-09 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Retirement Plans and Other Postretirement Benefits Retirement and Pension Plans The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The plans generally provide benefits based on participants years of service and/or compensation. The following is a brief description of the Companys retirement and pension plans. The Company maintains contributory and non-contributory defined benefit pension plans. Benefits for eligible salaried and hourly employees under all defined benefit plans are funded through trusts established in conjunction with the plans. The Companys funding policy with respect to its defined benefit plans is to contribute amounts that provide for benefits based on actuarial calculations and the applicable requirements of U.S. federal and local foreign laws. The Company estimates that it will make both required and discretionary cash contributions of approximately $6.5 million to $8.5 million to its worldwide defined benefit pension plans in 2026. The Company uses a measurement date of December 31 (its fiscal year end) for its U.S. and foreign defined benefit pension plans. The Company sponsors a 401(k) retirement and savings plan for eligible U.S. employees. Participants in the retirement and savings plan may contribute a specified portion of their compensation on a pre-tax basis, Roth basis, or after-tax basis, which varies by location. The Company matches employee contributions ranging from 33% to 100%, up to a …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenues The outstanding contract asset and liability accounts were as follows: 2025 2024 (In thousands) Contract assets January 1 $ 136,432 $ 140,826 Contract assets December 31 159,896 136,432 Change in contract assets (decrease) increase 23,464 (4,394) Contract liabilities January 1 400,689 432,830 Contract liabilities December 31 448,849 400,689 Change in contract liabilities decrease (increase) (48,160) 32,141 Net change $ (24,696) $ 27,747 The net change in 2025 was primarily driven by customer advance payments from acquired businesses. The net change in 2024 was primarily driven by lower advance payments from customers on long term contracts. For the years ended December 31, 2025 and 2024, the Company recognized revenue of $328 million and $359 million, respectively, that was previously included in the beginning balance of contract liabilities. Contract assets are reported as a component of Other current assets in the consolidated balance sheet. At December 31, 2025 and 2024, $52.7 million and $37.1 million, respectively, of Customer advanced payments (contract liabilities) were recorded in Other long-term liabilities in the consolidated balance sheet. The remaining performance obligations exceeding one year as of December 31, 2025 and 2024 were $627.4 million and $541.8 million, respectively. Remaining performance obligations represent the transaction price of firm, non-cancelable orders, with expected delivery dates to customers greater than one year from the balance …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Reportable Segments and Geographic Areas Information Descriptive Information about Reportable Segments The Company has two reportable segments, EIG and EMG. The Companys operating segments are determined based on information utilized by the Chief Executive Officer, its chief operating decision maker (""CODM""). Certain of the Companys 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. 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, ultra-precision 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 and defense industry with aircraft and engine sensors, embedded computing systems, monitoring systems, power supplies, fuel and fluid measurement systems, and data acquisition systems. EMG designs and …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements reflect the results of operations, financial position and cash flows of AMETEK, Inc. (the Company), and include the accounts of the Company and subsidiaries, after elimination of all intercompany transactions in the consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions. Cash Equivalents, Securities and Other Investments All highly liquid investments with maturities of three months or less when purchased are considered cash equivalents. Accounts Receivable The Company maintains allowances for estimated credit losses resulting from the inability of customers to meet their financial obligations to the Company. The Company recognizes an allowance for credit losses, on all accounts receivable and contract assets, which considers risk of future credit losses based on factors such as historical experience, contract terms, as well as general and market business conditions, country, and political risk. Balances are written off when considered uncollectible. The following table provides a roll forward of the allowance for estimated credit losses: 2025 2024 (in thousands) Balance at January 1 $ 13 …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders Equity In 2024, the Company repurchased approximately 1.3 million shares of its common stock for $223.1 million in cash under its share repurchase authorization. Effective February 7, 2025, the Company's Board of Directors approved a $1.25 billion share repurchase authorization. This new authorization replaces the previous $1 billion share repurchase authorization approved in May 2022. In 2025, the Company repurchased approximately 2.3 million shares of its common stock for $443.0 million in cash under its share repurchase authorization. At December 31, 2025, $807.0 million was available under the Companys Board of Directors authorization for future share repurchases. Effective February 7, 2025, the Company's Board of Directors approved an 11% increase in the quarterly cash dividend on its common stock to $0.31 per share from $0.28 per share. At December 31, 2025, the Company held 41.4 million shares in its treasury at a cost of $2,544.5 million, compared with 39.4 million shares at a cost of $2,114.0 million at December 31, 2024. The number of shares outstanding at December 31, 2025 was 229.0 million shares, compared with 230.7 million shares at December 31, 2024. Subsequent Event Effective February 12, 2026, the Company's Board of Directors approved a 10% increase in the quarterly cash dividend on its common stock to $0.34 per share from $0.31 per share. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"Acquisitions The Company spent $209.6 million in cash, net of cash acquired, to acquire LKC Technologies (""LKC"") in January 2026. LKC is a leading provider of innovative technologies to enable the effective diagnosis and management of ophthalmic conditions. LKC is part of EIG. The following table represents the allocation of the purchase price for the net assets of the LKC acquisition based on the estimated fair values at acquisition (in millions): Property, plant and equipment $ 0.5 Goodwill 117.3 Other intangible assets 115.5 Deferred income taxes (25.7) Net working capital and other (1) 10.2 Total purchase price $ 217.8 Less: Acquisition date fair value of cash acquired (8.2) Total cash paid $ 209.6 ________________ (1) Includes $1.3 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 acquisitions. LKC's design and engineering capabilities complement the Company's existing ultra precision technologies business. At March 31, 2026, the purchase price allocated to other intangible assets of $115.5 million consists of $21.0 million of indefinite-lived intangible trade names, which are not subject to amortization. The remaining $94.5 million of other intangible assets consists of $73.5 million of customer relationships, which are being amortized over a period of 15 years, and $21.0 million of purchased te …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies Asbestos Litigation The Company (including its subsidiaries) has been named as a defendant in a number of asbestos-related lawsuits. Certain of these lawsuits relate to a business which was acquired by the Company and do not involve products which were manufactured or sold by the Company. In connection with these lawsuits, the seller of such business has agreed to indemnify the Company against these claims (the Indemnified Claims). The Indemnified Claims have been tendered to, and are being defended by, such seller. The seller has met its obligations, in all respects, and the Company does not have any reason to believe such party would fail to fulfill its obligations in the future. To date, no judgments have been rendered against the Company as a result of any asbestos-related lawsuit. The Company believes that it has good and valid defenses to each of these claims and intends to defend them vigorously. Environmental Matters Certain historic processes in the manufacture of products have resulted in environmentally hazardous waste by-products as defined by federal and state laws and regulations. At March 31, 2026, the Company is named a Potentially Responsible Party (PRP) at 13 non-AMETEK-owned former waste disposal or treatment sites (the non-owned sites). The Company is identified as a de minimis party in a majority of these sites based on the low volume of waste attributed to the Company relative to the amounts attributed to other named PRPs. The Company is pa …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Three months ended March 31, 2026 EIG EMG Total (In thousands) Products transferred at a point in time $ 1,001,212 $ 589,065 $ 1,590,277 Products and services transferred over time 263,324 74,836 338,160 Consolidated net sales $ 1,264,536 $ 663,901 $ 1,928,437 Three months ended March 31, 2025 EIG EMG Total (In thousands) Products transferred at a point in time $ 906,887 $ 533,408 $ 1,440,295 Products and services transferred over time 236,786 54,890 291,676 Consolidated net sales $ 1,143,673 $ 588,298 $ 1,731,971

DisaggregationOfRevenueTableTextBlock

Share-Based Compensation The Company's share-based compensation plans are described in Note 11, Share-Based Compensation, to the consolidated financial statements in Part II, Item 8, filed on the Companys Annual Report on Form 10-K for the year ended December 31, 2025. Share Based Compensation Expense Total share-based compensation expense was as follows: Three Months Ended March 31, 2026 2025 (In thousands) Stock option expense $ 2,822 $ 3,263 Restricted stock expense 5,262 5,055 Performance restricted stock unit expense 1,624 1,146 Total pre-tax expense $ 9,708 $ 9,464 Pre-tax share-based compensation expense is included in the consolidated statement of income in either Cost of sales or Selling, general and administrative expenses, depending on where the recipients cash compensation is reported. Stock Options The fair value of each stock option grant is estimated on the grant date using a Black-Scholes-Merton option pricing model. The following weighted average assumptions were used in the Black-Scholes-Merton model to estimate the fair values of stock options granted during the periods indicated: Three Months Ended March 31, 2026 Year Ended December 31, 2025 Expected volatility 20.1 % 22.7 % Expected term (years) 5.0 5.0 Risk-free interest rate 3.87 % 4.07 % Expected dividend yield 0.64 % 0.70 % Black-Scholes-Merton fair value per stock option granted $ 51.29 $ 46.21 The following is a summary of the Companys stock option activity and related information: Shares Weighted A …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the 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. The following table provides the Companys assets that are measured at fair value on a recurring basis, consistent with the fair value hierarchy, at March 31, 2026 and December 31, 2025: March 31, 2026 Total Level 1 Level 2 Level 3 (In thousands) Mutual fund investments $ 8,244 $ 8,244 $ $ December 31, 2025 Total Level 1 Level 2 Level 3 (In t …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The effective tax rate for the three months ended March 31, 2026 and 2025 was 19.0%. At March 31, 2026, the Company had gross uncertain tax benefits of $239.5 million, of which $190.8 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, 2025 $ 229.3 Additions for tax positions 10.2 Reductions for tax positions Balance at March 31, 2026 $ 239.5 The additions above primarily reflect the tax positions for foreign tax planning initiatives. The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. The amounts recognized in income tax expense for interest and penalties during the three months ended March 31, 2026 and 2025 were not significant. The Organization for Economic Cooperation and Developments (OECD) Pillar Two initiative set a 15% global minimum tax for certain multinationals, effective January 1, 2024, in most countries where the Company operates. In January 2026, new OECD guidance proposed a Side-by-Side (SbS) framework to limit Pillar Two taxes for U.S.-parented groups. Relief is contingent upon the implementation of the SbS framework within each respective jurisdiction's domestic legislation. For the three months ended March 31, 2026, the Company has recorded any incremental top-up tax in its income tax expense, based on the currently enacted Pillar Two framework, in jurisdiction …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases and Other Commitments The Company has commitments under operating leases for certain facilities, vehicles and equipment used in its operations. Cash used in operations for operating leases was not materially different from operating lease expense for the three months ended March 31, 2026 and 2025. The Company's leases have a weighted average remaining lease term of approximately seven years. The components of lease expense were as follows: Three Months Ended March 31, 2026 2025 (In thousands) Operating lease cost $ 21,200 $ 20,275 Variable lease cost 3,696 3,345 Total lease cost $ 24,896 $ 23,620 Supplemental balance sheet information related to leases was as follows: March 31, 2026 December 31, 2025 (In thousands) Right of use assets, net $ 263,167 $ 273,142 Lease liabilities included in Accrued Liabilities and other 61,031 61,133 Lease liabilities included in Other long-term liabilities 217,054 227,066 Total lease liabilities $ 278,085 $ 288,199 Maturities of lease liabilities as of March 31, 2026 were as follows: Lease Liability Maturity Analysis Operating Leases (In thousands) Remaining 2026 $ 54,080 2027 62,473 2028 50,002 2029 41,905 2030 34,662 Thereafter 84,759 Total lease payments 327,881 Less: imputed interest 49,796 $ 278,085 The Company does not have any significant leases that have not yet commenced. Other Commitments In the ordinary course of its business, the Company issues guarantees, stand-by letters of credit and surety bonds to provide financial or p …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815) - Hedge Accounting Improvements (""ASU 2025-09""). The amendments in this update aim to better align financial reporting with an entity's risk management strategies. It makes improvements in five key areas to help entities achieve and maintain hedge accounting for highly effective economic hedges. Improvements include changes to similar risk assessment for cash flow hedges, a new model for Choose-Your-Rate debt instruments, a principles-based approach for nonfinancial forecasted transactions, clarification on net written options, and addressing the mismatch in dual-hedge accounting. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is evaluating the impact ASU 2025-09 may have on the Company's financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) updating guidance on accounting for internal-use software. The amendments modernize guidance to consider different methods of software development, updating the requirements for capitalization of software costs. ASU 2025-06 is effective for annual and interim reporting periods beginning after December 15, 2027. Prospective, modifie …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Retirement and Pension Plans The components of net periodic pension benefit expense (income) were as follows: Three Months Ended March 31, 2026 2025 (In thousands) Defined benefit plans: Service cost $ 506 $ 572 Interest cost 7,132 7,175 Expected return on plan assets (14,453) (13,094) Amortization of net actuarial loss and other 1,472 2,019 Pension income (5,343) (3,328) Other plans: Defined contribution plans 13,479 12,504 Foreign plans and other 1,744 1,804 Total other plans 15,223 14,308 Total net pension expense $ 9,880 $ 10,980 For defined benefit plans, the net periodic benefit income, other than the service cost component, is included in Other (expense) income, net in the consolidated statement of income. For the three months ended March 31, 2026 and 2025, contributions to the Companys defined benefit pension plans were $1.4 million and $1.5 million, respectively. The Companys current estimate of 2026 contributions to its worldwide defined benefit pension plans is in line with the range disclosed in Note 12 of the Companys Annual Report on Form 10-K for the year ended December 31, 2025. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenues The outstanding contract asset and liability accounts were as follows: 2026 2025 (In thousands) Contract assetsJanuary 1 $ 159,896 $ 136,432 Contract assets March 31 178,306 157,815 Change in contract assets increase (decrease) 18,410 21,383 Contract liabilities January 1 448,849 400,689 Contract liabilities March 31 505,507 426,235 Change in contract liabilities (increase) decrease (56,658) (25,546) Net change $ (38,248) $ (4,163) The net change for the three months ended March 31, 2026 was primarily driven by an increase in customer advance payments. For the three months ended March 31, 2026 and 2025, the Company recognized revenue of $261.5 million and $182.5 million, respectively, that was previously included in the beginning balance of contract liabilities. Contract assets are reported as a component of Other current assets in the consolidated balance sheet. At March 31, 2026 and December 31, 2025, $41.8 million and $52.7 million of Customer advanced payments (contract liabilities), respectively, were recorded in Other long-term liabilities in the consolidated balance sheets. The remaining performance obligations not expected to be completed within one year as of March 31, 2026 and December 31, 2025 were $684.7 million and $627.4 million, respectively. Remaining performance obligations represent the transaction price of firm, non-cancelable orders, with expected delivery dates to customers greater than one year from the balance sheet date, for which the performa …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Reportable Segments The Company has two reportable segments, Electronic Instruments Group and Electromechanical Group. The Company identifies its operating segments for segment reporting purposes primarily on the basis of product type, production processes, distribution methods and management organizations. Reportable Segment Financial Information (in thousands): Three Months Ended March 31, 2026 EMG EIG Corporate Total Consolidated Net Sales $ 663,901 $ 1,264,536 $ $ 1,928,437 Cost of sales (1) 470,092 740,786 1,210,878 Selling expense 23,043 149,812 172,855 Segment Operating Income 170,766 373,938 544,704 Corporate G&A 29,768 29,768 Operating Income 170,766 373,938 (29,768) 514,936 Interest expense (20,909) (20,909) Other (expense) income, net (1,047) (1,047) Income before Income Taxes $ 170,766 $ 373,938 $ (51,724) $ 492,980 Depreciation 15,446 19,178 1,637 36,261 Amortization 18,403 50,826 69,229 Total depreciation and amortization $ 33,849 $ 70,004 $ 1,637 $ 105,490 Research, Development & Engineering costs (2) $ 22,531 $ 89,045 $ $ 111,576 Assets $ 4,871,662 $ 10,738,867 $ 699,006 $ 16,309,535 Capital Expenditures $ 9,344 $ 12,841 $ 3,283 $ 25,468 (1) Includes $1.6 million of acquisition-related costs. (2) Included in cost of sales. Three Months Ended March 31, 2025 EMG EIG Corporate Total Consolidated Net Sales $ 588,298 $ 1,143,673 $ $ 1,731,971 Cost of sales 437,788 669,183 1,106,971 Selling expense 21,792 120,440 142,232 Segment Operating Income 128,718 354, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing