XML 59 R40.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Retirement Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Net Projected Benefit Obligation and Fair Value of Plan Assets for Funded and Unfunded Defined Benefit Plans | The following tables set forth the changes in net projected benefit obligation and the fair value of plan assets for the funded and unfunded defined benefit plans for the years ended December 31: U.S. Defined Benefit Pension Plans:
| 2023 |  | 2022
| (In thousands)
Change in projected benefit obligation: |  |  |
Net projected benefit obligation at the beginning of the year | $ | 383,143 |  |  | $ | 504,773 |
Service cost | 1,205 |  |  | 2,067 |
Interest cost | 20,840 |  |  | 14,889 |
Actuarial losses (gains) | 10,229 |  |  | (106,159) |
Gross benefits paid | (49,169) |  |  | (32,090) |
Settlements | — |  |  | (337) |
Net projected benefit obligation at the end of the year | $ | 366,248 |  |  | $ | 383,143 |
Change in plan assets: |  |  |
Fair value of plan assets at the beginning of the year | $ | 569,049 |  |  | $ | 701,627 |
Actual return on plan assets | 79,366 |  |  | (101,381) |
Employer contributions | 640 |  |  | 1,230 |
Gross benefits paid | (49,169) |  |  | (32,090) |
Settlements | — |  |  | (337) |
Fair value of plan assets at the end of the year | $ | 599,886 |  |  | $ | 569,049 |
Foreign Defined Benefit Pension Plans:
| 2023 |  | 2022
| (In thousands)
Change in projected benefit obligation: |  |  |
Net projected benefit obligation at the beginning of the year | $ | 198,744 |  |  | $ | 332,422 |
Service cost | 1,615 |  |  | 2,852 |
Interest cost | 9,369 |  |  | 5,235 |
Foreign currency translation adjustments | 10,312 |  |  | (31,367) |
Actuarial losses (gains) | 7,575 |  |  | (100,201) |
Expenses paid from assets | (552) |  |  | (686) |
Gross benefits paid | (11,581) |  |  | (9,409) |
Settlements | — |  |  | (102) |
Net projected benefit obligation at the end of the year | $ | 215,482 |  |  | $ | 198,744 |
Change in plan assets: |  |  |
Fair value of plan assets at the beginning of the year | $ | 159,592 |  |  | $ | 266,288 |
Actual return on plan assets | 10,132 |  |  | (77,643) |
Employer contributions | 8,031 |  |  | 7,729 |
Foreign currency translation adjustments | 8,821 |  |  | (26,585) |
Expenses paid from assets | (552) |  |  | (686) |
Settlements | — |  |  | (102) |
Gross benefits paid | (11,581) |  |  | (9,409) |
Fair value of plan assets at the end of the year | $ | 174,443 |  |  | $ | 159,592 |
Accumulated Benefit Obligation ("ABO") | The accumulated benefit obligation consisted of the following at December 31: U.S. Defined Benefit Pension Plans:
| 2023 |  | 2022
| (In thousands)
Funded plans | $ | 357,498 |  |  | $ | 374,979 |
Unfunded plans | 2,558 |  |  | 2,869 |
Total | $ | 360,056 |  |  | $ | 377,848 |
Foreign Defined Benefit Pension Plans:
| 2023 |  | 2022
| (In thousands)
Funded plans | $ | 178,854 |  |  | $ | 167,495 |
Unfunded plans | 36,360 |  |  | 30,924 |
Total | $ | 215,214 |  |  | $ | 198,419 |
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations at December 31:
| 2023 |  | 2022
U.S. Defined Benefit Pension Plans: |  |  |
Discount rate | 5.38 | % |  | 5.65 | %
Rate of compensation increase (where applicable) | 3.75 | % |  | 3.75 | %
Foreign Defined Benefit Pension Plans: |  |  |
Discount rate | 4.36 | % |  | 4.73 | %
Rate of compensation increase (where applicable) | 3.00 | % |  | 2.50 | %
The following weighted average assumptions were used to determine the above net periodic pension benefit income for the years ended December 31:
| 2023 |  | 2022 |  | 2021
U.S. Defined Benefit Pension Plans: |  |  |  |  |
Discount rate | 5.65 | % |  | 3.02 | % |  | 2.69 | %
Expected return on plan assets | 7.59 | % |  | 6.75 | % |  | 6.75 | %
Rate of compensation increase (where applicable) | 3.75 | % |  | 3.75 | % |  | 3.75 | %
Foreign Defined Benefit Pension Plans: |  |  |  |  |
Discount rate | 4.73 | % |  | 1.78 | % |  | 1.27 | %
Expected return on plan assets | 6.41 | % |  | 5.85 | % |  | 5.47 | %
Rate of compensation increase (where applicable) | 2.50 | % |  | 2.50 | % |  | 2.50 | %
Fair Value of Plan Assets | The following is a summary of the fair value of plan assets for U.S. plans at December 31:
| 2023 |  | 2022
Asset Class | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
| (In thousands)
Corporate debt instruments | $ | 5,295 |  |  | $ | — |  |  | $ | 5,295 |  |  | $ | 6,192 |  |  | $ | — |  |  | $ | 6,192 |
Corporate debt instruments – Preferred | 16,004 |  |  | — |  |  | 16,004 |  |  | 13,425 |  |  | — |  |  | 13,425 |
Corporate stocks – Common | 43,287 |  |  | 43,287 |  |  | — |  |  | 53,629 |  |  | 53,629 |  |  | — |
Municipal bonds | 1,253 |  |  | — |  |  | 1,253 |  |  | 711 |  |  | — |  |  | 711 |
Registered investment companies | 169,794 |  |  | 169,794 |  |  | — |  |  | 155,541 |  |  | 155,541 |  |  | — |
U.S. Government securities | 1,262 |  |  | — |  |  | 1,262 |  |  | 1,253 |  |  | — |  |  | 1,253 |
Total investments | 236,895 |  |  | 213,081 |  |  | 23,814 |  |  | 230,751 |  |  | 209,170 |  |  | 21,581 |
Investments measured at net asset value | 362,991 |  |  | — |  |  | — |  |  | 338,298 |  |  | — |  |  | — |
Total investments | $ | 599,886 |  |  | $ | 213,081 |  |  | $ | 23,814 |  |  | $ | 569,049 |  |  | $ | 209,170 |  |  | $ | 21,581 |
The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31:
| 2023 |  | 2022
Asset Class | Total |  | Level 3 |  | Total |  | Level 3
| (In thousands)
Life insurance | $ | 12,619 |  |  | $ | 12,619 |  |  | $ | 13,043 |  |  | $ | 13,043 |
Total investments | 12,619 |  |  | 12,619 |  |  | 13,043 |  |  | 13,043 |
Investments measured at net asset value | 161,824 |  |  | — |  |  | 146,549 |  |  | — |
Total investments | $ | 174,443 |  |  | $ | 12,619 |  |  | $ | 159,592 |  |  | $ | 13,043 |
Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs | The following is a summary of the changes in the fair value of the foreign plans’ level 3 investments (fair value determined using significant unobservable inputs):
| Life Insurance
| (In thousands)
Balance, December 31, 2021 | $ | 18,806 |
Actual return on assets: |
Unrealized losses relating to instruments still held at the end of the year | $ | (5,763) |
Realized gains (losses) relating to assets sold during the year | $ | — |
Purchases, sales, issuances and settlements, net | $ | — |
Balance, December 31, 2022 | $ | 13,043 |
Actual return on assets: |
Unrealized gains (losses) relating to instruments still held at the end of the year | $ | (424) |
Realized gains (losses) relating to assets sold during the year | $ | — |
Purchases, sales, issuances and settlements, net | $ | — |
Balance, December 31, 2023 | $ | 12,619 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and pension plans with an accumulated benefit obligation in excess of plan assets were as follows at December 31: U.S. Defined Benefit Pension Plans:
| Projected Benefit Obligation Exceeds Fair Value of Assets |  | Accumulated Benefit Obligation Exceeds Fair Value of Assets
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Benefit obligation | $ | 2,558 |  |  | $ | 4,043 |  |  | $ | 2,558 |  |  | $ | 4,043 |
Fair value of plan assets | — |  |  | 707 |  |  | — |  |  | 707 |
Foreign Defined Benefit Pension Plans:
| Projected Benefit Obligation Exceeds Fair Value of Assets |  | Accumulated Benefit Obligation Exceeds Fair Value of Assets
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In thousands)
Benefit obligation | $ | 132,796 |  |  | $ | 162,105 |  |  | $ | 132,527 |  |  | $ | 161,780 |
Fair value of plan assets | 88,028 |  |  | 120,056 |  |  | 88,028 |  |  | 120,056 |
Funded Status of Plan and Amounts Recognized in Balance Sheet | The following table provides the amounts recognized in the consolidated balance sheet at December 31:
| 2023 |  | 2022
| (In thousands)
Funded status asset (liability): |  |  |
Fair value of plan assets | $ | 774,329 |  |  | $ | 728,641 |
Projected benefit obligation | (581,730) |  |  | (581,887) |
Funded status at the end of the year | $ | 192,599 |  |  | $ | 146,754 |
Amounts recognized in the consolidated balance sheet consisted of: |  |  |
Non-current asset for pension benefits (other assets) | $ | 239,925 |  |  | $ | 192,140 |
Current liabilities for pension benefits | (2,816) |  |  | (2,700) |
Non-current liability for pension benefits | (44,510) |  |  | (42,686) |
Net amount recognized at the end of the year | $ | 192,599 |  |  | $ | 146,754 |
Amounts Recognized in Accumulated Other Comprehensive Income, Net of Taxes | The following table provides the amounts recognized in accumulated other comprehensive income, net of taxes, at December 31:
Net amounts recognized: | 2023 |  | 2022
| (In thousands)
Net actuarial loss | $ | 184,489 |  |  | $ | 205,193 |
Prior service costs | 1,616 |  |  | 1,625 |
Transition asset | 2 |  |  | 3 |
Total recognized | $ | 186,107 |  |  | $ | 206,821 |
Components of Net Periodic Pension Benefit Expense (Income) | The following table provides the components of net periodic pension benefit expense (income) for the years ended December 31:
| 2023 |  | 2022 |  | 2021
| (In thousands)
Defined benefit plans: |  |  |  |  |
Service cost | $ | 2,820 |  |  | $ | 4,919 |  |  | $ | 6,985 |
Interest cost | 30,209 |  |  | 20,124 |  |  | 18,532 |
Expected return on plan assets | (52,289) |  |  | (60,104) |  |  | (56,752) |
Curtailment | — |  |  | — |  |  | 3,151 |
Settlement | — |  |  | (58) |  |  | — |
Amortization of: |  |  |  |  |
Net actuarial loss | 11,569 |  |  | 8,531 |  |  | 16,353 |
Prior service costs | 101 |  |  | 100 |  |  | 456 |
Transition asset | 1 |  |  | 1 |  |  | 1 |
Total net periodic benefit income | (7,589) |  |  | (26,487) |  |  | (11,274) |
Other plans: |  |  |  |  |
Defined contribution plans | 43,044 |  |  | 39,326 |  |  | 31,149 |
Foreign plans and other | 9,015 |  |  | 8,373 |  |  | 8,454 |
Total other plans | 52,059 |  |  | 47,699 |  |  | 39,603 |
Total net pension expense | $ | 44,470 |  |  | $ | 21,212 |  |  | $ | 28,329 |

X
- Definition Accumulated benefit obligation. + References No definition available. + Details
Name: | ame_AccumulatedBenefitObligationTableTextBlock
Namespace Prefix: | ame_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration